S&P/ASX 200 Index (ASX: XJO) gold stock Bellevue Gold Ltd (ASX: BGL) is sliding today.
The Bellevue Gold share price closed on Friday trading at $1.26. In morning trade on Monday, shares are changing hands for $1.225 apiece, down 3.2%.
For some context, the ASX 200 is down 0.5% at this same time.
This underperformance follows the release of Bellevue's full-year financial results for the year to 30 June (FY 2024). And Bellevue isn't being helped by a retrace in the gold price to US$2,504 an ounce over the weekend.
Read on for the highlights.
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Bellevue Gold share price slides on results
- Maiden net profit after tax (NPAT) of $75 million
- Free cash flow of $41 million in the June quarter
- Gold production of 42,705 ounces in the June quarter
- Proforma liquidity of $102 million and bank debt of $99 million as at 30 June
What else happened with the ASX 200 gold stock in FY 2024?
Investors are pressuring the ASX 200 gold stock today despite Bellevue Gold reporting its maiden NPAT for FY 2024.
This came during a year in which the miner commissioned its Bellevue Gold Mine in Western Australia. Commercial production at the mine was declared in May 2024. This, in turn, drove the $41 million free cash flow, which management noted highlights "the cash flow potential of the project as production continues to grow."
Indeed, the miner forecasts that cash flows generated from the Bellevue Gold Mine, along with the company's revised capital structure, can self-fund investment in the accelerated underground development, in-mine exploration and infrastructure upgrades contained in Bellevue's five-year growth plan.
What did management say?
Commenting on the results that have yet to lift the ASX 200 gold stock today, Bellevue managing director Darren Stralow said, "We achieved many major milestones during the year as we made the transition to gold producer."
Stralow added:
Production commenced in October 2023, and we are pleased to report profit of $75 million for FY 2024 over the subsequent eight-month production period.
This demonstrates the substantial cash flow generating capacity of the project as we grow production and reduce unit costs in the process.
With the recent successful capital raising enabling us to reduce debt significantly, freeing up cash flow to help fund growth, we are very well-positioned to increase production, cash flow and mine life.
What's next for the ASX 200 gold stock?
Looking at what might impact the ASX 200 gold stock in the years ahead, Bellevue forecasts production to increase to 250,000 ounces a year by FY 2028. All-in sustaining costs (AISC) are forecast to fall to AU$1,500 to AU$1,600 per ounce in FY 2029.
FY 2025 guidance is for 165,000 to 180,000 ounces of gold at an AISC of AU$1,750 to AU$1,850 per ounce.
Bellevue has budgeted exploration expenditure of $30 million for each of FY 2025 and FY 2026.
Bellevue Gold share price snapshot
With today's intraday Bellevue share price losses factored in, the ASX 200 gold stock is down 26% in 12 months.
