The Bellevue Gold Project in the Goldfields region of Western Australia is on track to be a leading 200,0000-ounce-a-year gold producer by the second half of next year.
Bellevue said the project was ”proceeding comfortably in line with all its key financial and technical forecasts”.
Pre-production costs are set to meet previous forecasts, with more than 90 per cent of these expenses either committed or locked in via tenders.
The Project is set to boast some of the lowest operating costs among ASX-listed gold producers, with AISC forecast to be in the range of $1000-$1100 per ounce over the first five years.
Bellevue’s outlook has also been further strengthened by a 29 per cent increase in reserves to 1.34Moz at 6.1g/t gold, underpinning a 10-year mine life.
Bellevue managing director Steve Parsons said the company was rapidly executing the project in line with all the key forecasts contained in its extensive financial and technical analysis.
“By locking in 90 per cent of our pre-production costs and underpinning our 10-year mine life with 1.34 million ounces in reserves, we have significantly de-risked the project and put us on a path to realising the immense value of this exceptional asset”.
First development ore from the northern decline is expected in the September 2022 quarter, with only 70 metres of further development required before the first high-grade ore is encountered at the Armand lode.
More than 53 per cent of the camp construction is completed. The remaining camp construction is expected to be completed in the September 2022 quarter.