Investors have been bidding the Bellevue Gold Ltd (ASX: BGL) share price higher again on Tuesday.
At the time of writing, the gold developer's shares are up 12% to a decade high of $1.62.
Why is the Bellevue Gold share price rocketing higher?
Investors have been buying this ASX gold share on Tuesday despite there being no news out of it.
However, it is worth highlighting that its shares have been on fire in recent sessions despite the market volatility.
In fact, since the start of the month, the Bellevue Gold share price has raced almost 28% higher.
This means its shares are now up more than 140% over the last 12 months, as you can see on the chart below.
What's driving this gold share higher?
The key driver of this month's gain appears to have been the announcement of a toll treating agreement with Genesis Minerals Limited (ASX: GMD).
That agreement will see Genesis Minerals process material from the Bellevue Gold Mine, predominantly from the Vanguard open pit, at its Gwalia processing facility.
This is great news for the company because it will enable Bellevue to generate early cash flow in the current quarter ahead of scheduled processing at the Bellevue Gold Mine plant in the December quarter.
Speaking of which, management also revealed that the construction of the Bellevue processing facility continues on schedule and on budget. In addition, its underground mine development remains firmly on track with the fourth and final jumbo rig now on site and being commissioned.
This news went down well with analysts at Macquarie. In response, the broker has retained its outperform rating and increased its price target to $1.80.
This suggests that the Bellevue Gold share price may not have peaked yet despite its impressive gains.
