Golden production update from Bellevue

22 August, 2023

Bellevue Gold is making significant strides toward commencing gold production at the Bellevue processing plant in Western Australia during the upcoming quarter.

The commencement of stoping marks a key milestone.

The upper Armand mining area witnessing the firing of the first stope last week.

During the pre-production phase, stoping activities will extend to the Marcelline and Bellevue South mining areas. This approach will stockpile ore for seamless processing plant commissioning.

Bellevue’s development team is also on course to access the Deacon production area this quarter. Ongoing grade control drilling is underway to ensure efficient operations in this sector.

The processing and commissioning team has arrived on-site. They are collaborating with the construction team to expedite the completion and start-up of the processing plant.

“The project ramp-up is proceeding to plan as we continue to meet key project milestones such as first stoping and the start of commissioning,” Bellevue chief executive officer Darren Stralow said.

Bellevue has secured an additional $25 million debt facility limit from Macquarie Bank.

This augmentation adds to their financial flexibility and can serve as a source of contingency funds.

Bellevue acknowledges the ongoing support from Macquarie Bank, showcasing their confidence in the project’s strength. The facility offers an extra layer of liquidity and balance sheet flexibility.

“We are also pleased to have the ongoing support from our bankers Macquarie, which reflects the strength of the project. While we don’t currently intend to draw down the facility, it provides us with a further liquidity buffer and balance sheet flexibility,” Stralow said.

Bellevue has also seen a successful start to toll treating, with the first gold bar being poured. This was achieved through Bellevue’s toll treating agreement with Genesis Minerals.

Additional campaigns are scheduled for September and October 2023.