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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Bullabulling | LSE:BGL | London | Ordinary Share | AU000000BAB9 | ORD NPV (DI) |
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| 0.00 | 0.00% | 4.25 | 0.00 | 00:00:00 |
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Bullabulling (BGL) Share Charts1 Year Bullabulling Chart |
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1 Month Bullabulling Chart |
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| Date | Time | Title | Posts |
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| 21/10/2024 | 20:01 | Bellevue Gold (ASX) | 9 |
| 22/7/2015 | 13:33 | Bullabulling Gold - We've seen the lows | 7,007 |
| 21/7/2013 | 19:35 | BGL - Value just a mirage? | - |
| 21/6/2013 | 13:25 | Bullabulling Gold Limited | 4,971 |
| 28/11/2012 | 07:23 | What Next ? | 11 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 21/10/2024 20:01 by stu31 Successful infrastructure expansion puts Bellevue on track to meet FY25 guidance and 5 year growth planCompletion of key ventilation, pumping and power upgrades enables increases in underground development, paving way for ramp up to 200,000oz1 pa by Q4 FY25 and 250,000oz2 pa by 2028 Highlights • Gold production of 35,993oz and gold sold of 39,405oz at an average realised gold price of A$3,420/oz and a project all-in sustaining cost (AISC) of A$1,892/oz • Free cash flow21 of $11M, after investing $37.6M in growth and exploration Mining • Strong progress in infrastructure upgrades to support increases in underground ore movement, including major ventilation upgrade, which was fully commissioned in September 2024 • Benefits of infrastructure upgrades seen in increased monthly underground development rate averaging >300m per jumbo during September 2024 in the main Bellevue mine • Processing throughput rate of 1Mtpa achieved with underground ore movement increased to 222Kt, including 168Kt of stope material, an increase of 10% from the June 2024 quarter • Stoping and development ore grade performed in line with the Resource model and the 5 year growth plan3 • Access to the sixth independent mining area complete with establishment of the Tribune Portal, currently advancing towards first development ore drive. Additional fifth jumbo fully operational at Tribune FY25 Production Guidance 4 : • FY25 guidance maintained at production of 165,000oz-180,000oz and a project AISC of A$1,750-1,850/oz • FY25 production weighted to the second half of FY25, reaching a rate of >200,000oz 5 pa from Q4 FY25 1 Refer to page 17 for the cautionary statement regarding production targets. 2 Refer to page 17 for the cautionary statement regarding production targets. 3 Refer to the Company’s ASX announcement dated 25 July 2024 titled “5 Year Growth Plan and Equity Raising Technical Document”. 4 Forward-looking All-In-Sustaining Cost estimates have been prepared on a real basis at a project level. 5 Refer to page 17 for the cautionary statement regarding production targets. • Investment in growth underway with establishment of the Tribune Portal ahead of the start of the Southern drill drive and completion of additional drill platforms at the Bellevue underground Balance Sheet positioned to deliver growth plan • Completion of $146M capital raising (net of costs); funds earmarked to pay down debt and unlock project free cash flow to self-fund expansion in line with the 5 year growth plan • Balance sheet well positioned to deliver growth plan with net cash of $9M and $222M total liquidity • The Company expects to conclude the proposed debt amendment with Macquarie Bank Limited by the end of October 2024, as per the original timeline. Following this debt repayment, the Company is expected to have proforma liquidity of $109M and debt of $100M with no repayments due until CY27 Geology • Exploration drilling started, with a dedicated diamond rig following up high priority targets; An additional underground rig is scheduled to be added later in FY25 as drill platforms become available • Grade control drilling ongoing with three rigs operating; a total of 30,857m of underground drilling was completed during the quarter • Infill drilling at Deacon Main continues to deliver very high-grade, high pyrrhotite intersections from below the recently announced high-grade ore shoot and in the area of the FY25 mine schedule; recently announced results include (refer to ASX announcement dated 15 July 2024): o 10.8m @ 66.8 g/t gold o 14.0m @ 49.4 g/t gold o 8.9m @ 71.1 g/t gold o 8.4m @ 50.1 g/t gold o 7.5m @ 49.8 g/t gold o 9.5m @ 35.4 g/t gold o 0.3m @ 3,501.0 g/t gold o 5.3m @ 96.7 g/t gold • Infill results from Bellevue South reported during the quarter have returned semi-massive pyrrhotite shoots and high-grade drill results of similar style to the Deacon Main shoots. Bellevue South is another important contributor to the FY25 mine schedule (refer to ASX announcement dated 25 July 2024): o 4.5m @ 52.1 g/t gold o 13.5m @ 11.1 g/t gold o 5.1m @ 29.2 g/t gold o 1.7m @ 45.3 g/t gold o 12m @ 6.0 g/t gold o 7.7m @ 9.0 g/t gold Reserve and Resource • Updated Resource/Reserve statement released6 ; Probable Ore Reserves increased 13% net of depletion7 to 1.51 Moz @ 5.0 g/t gold, including a high-grade underground component of 1.34 Moz @ 6.1 g/t gold • Indicated Resource grew 18% to 2.0 Moz @ 10.1 g/t gold • Indicated and Inferred Resource at 3.2 Moz @ 9.0 g/t gold Renewable energy initiatives • Final 7MW of solar capacity (27 MW solar farm) and the 15 MW / 29 MWh Battery Energy Storage Solution (BESS) has been installed and fully commissioned • Major milestone achieved with site able to run “engines off” with use of 100% instantaneous renewable energy during periods of strong solar generation • Subject to the prevailing weather, solar is now regularly providing the majority of the mine site’s daytime power with the BESS facilitating transition to gas-fired power when required • The daily renewable energy penetration is now averaging ~40% renewable energy across a 24hr period • Civil works for the 4 x 6MW wind turbines are largely completed, with construction and commissioning of turbines progressing to schedule for the first half of CY25 • The Company is on track to achieve its aspirational goal of net zero (Scope 1 and Scope 2) greenhouse gas emissions for the Bellevue Gold Project by CY26 Bellevue Managing Director Darren Stralow said: “It was a pivotal quarter for Bellevue as we took the first steps in our 5 year growth plan. “As part of our strategy, we completed several key infrastructure projects, providing ample ventilation, pumping and power upgrades. These were important achievements because they are already underpinning increases in mine development and ore movement rates. “This means we are on track to meet our FY25 guidance, including an annualised production rate of 200,000oz 8 by the June 2025 quarter. “Successful implementation of the growth plan also saw us start the Tribune portal, which provides an additional mining front and haulage decline as well as the jump-off point for the Southern Belle decline, a key platform for exploration and mine life extension.” 6 Refer to the Company’s ASX announcement dated 25 July 2024 titled “5 Year Growth Plan and Equity Raising Technical Document”. 7 Depletion to 1 March 2024. 8 Refer to page 17 for the cautionary statement regarding production targets. Overview Bellevue Gold Limited (Bellevue or Company) (ASX: BGL) had zero LTIs recorded for the reporting period. Gold production for the quarter of 36.0koz (June 2024 quarter: 42.7koz) was achieved. Stoping and development ore grade was lower than the June 2024 quarter but performed in line with the Resource model and the 5 year growth plan. The FY25 production guidance of 165,000-180,000 ounces and AISC of A$1,750-1,850oz is maintained with production weighted to H2 FY25. Q1 FY25 gold sales were 39.4koz at an average realised gold price of A$3,420/oz at an AISC of A$1,892/oz. 14.5koz of gold delivered into the hedge book during the quarter. Net cash remained broadly neutral for the quarter (excluding equity raise proceeds), despite $11M of debt interest and principal payments and growth capital expenditure of $37.6 million. Total liquidity at the end of the September 2024 quarter was A$222 million, with ~$113 million earmarked for debt repayment (inclusive of $50 million held in restricted cash). Net cash is $9 million (total liquidity $222 million less outstanding bank debt of $213 million). The completion of significant upgrades to the underground infrastructure included construction and commissioning of the Life-of-Mine ventilation system and the establishment of a second portal and an independent mining area at Tribune. By the end of the quarter, the infrastructure upgrades had started to yield positive results, as evidenced by increasing lateral development rates and underground ore movement. The Company also released its 5 year growth plan, which outlines a progressive ramp up in operations over the next three financial years to a steady state production rate of ~250,000oz 9 pa in FY28 and FY29. This is also forecast to result in reduced unit rates to AISC of ~A$1500-1,600/oz 10. Production is forecast to reach a ~200,000oz 11 pa run rate by Q4 FY25. The Ore Reserve has increased 13% to 1.51 Moz @ 5.0 g/t gold including a high-grade underground component of 1.34Moz @ 6.1g/t gold through the inclusion of drilling completed during the project development period. Indicated Resources have increased 18% to 2.0Moz @ 10.1g/t gold with Indicated and Inferred Resources remaining largely neutral despite mining depletion to March 2024. |
Posted at 15/7/2024 22:05 by stu31 ASX Announcement15 July 2024 June 2024 Quarterly Report Bellevue meets guidance and generates $41m of free cash flow Ramp-up on track with quarterly production of 42,705oz; Total liquidity of $76m as at 30 June 2024; More strong drilling results at Deacon lode point to growth in high-grade shoots Operations • Production ramp up continues on track with total production of 42,705 ounces and gold sold of 44,418 ounces during the quarter; Production for the six months to 30 June 2024 of 80,043 ounces was above the midpoint of guidance range of 75,000-85,000 ounces for H2 FY24 • Strong processing plant performance, with 241kt milled at a head grade of 6.1 g/t gold during the quarter • Underground mining continues to deliver increasing stope tonnages with total underground movement of 200kt during the quarter, including 167kt of stope material • Expansion study underway, targeting an increase in the current 1Mtpa nameplate capacity of the processing plant to >1.5Mtpa; Strong emphasis on achieving low capital intensity growth • Multi-year production and cost guidance expected to be released later this month Corporate • Commercial production declared on 7 May 2024 • Free cash1 generation of $41 million in the June 2024 quarter from gold produced of 42,705oz at an average realised gold price of $3,393/oz • Total liquidity of $76m at the end of the June 2024 quarter ($40M at 31 March 2024) after paying $5.1m in debt servicing Geology • Further Deacon Main infill results received from down plunge of previously reported high-grade shoot (refer to ASX announcement dated 19 March 2024) with assays up to 3,501 g/t gold; recent drilling has now extended this zone from the previously reported 90m to 260m down plunge, further drilling planned in H1 FY25 on another six potential high-grade shoots in 1.4Moz Deacon ore body • New drill hole intersections include: o 0.3m @ 3,501.0 g/t gold o 5.3m @ 96.7 g/t gold o 1.9m @ 88.5 g/t gold o 5.2m @ 30.5 g/t gold o 5.4m @ 24.7g/t gold o 0.6m @ 153.0 g/t gold o 1.2m @ 50.6 g/t gold o 2.6m @ 44.8g/t gold o 4.6m @ 24.7 g/t gold o 7.2m @ 15.4 g/t gold o 3.5m @ 29.5 g/t gold o 5m @ 19.2 g/t gold o 3.3m @ 28.9 g/t gold o 4.4m @ 21.8 g/t gold • Total of 35,708m of underground diamond drilling completed during the quarter Renewable energy initiatives • Thermal power station construction completed, with site running at up to 55% solar energy for instantaneous periods following commissioning of the first 20MW of installed solar. A further 7MW of solar capacity is forecast to be completed in Q1 FY25 • The 15MW/33MWh battery energy storage solution has been installed and will be operational within Q1 FY25, allowing for increased renewable energy penetration rates • Construction of 4 x 6MW wind turbines has commenced with earthworks underway to deliver 24MW of wind energy • The Company is on track to achieve its aspirational goal of net-zero greenhouse gas emissions for the Bellevue Gold Project by 2026 Bellevue Managing Director Darren Stralow said: “It was a successful quarter in which we ramped up production in line with our plan, met guidance and generated strong free cash flow. “Underground tonnes increased in line with the plan and the processing plant is performing strongly. “We are now well into the expansion study, which is aimed at leveraging the infrastructure we now have in place and enabling us to unlock the full value of the Bellevue asset. We look forward to providing multi-year guidance later this month”. Overview The Bellevue Gold Project has delivered a solid quarter of gold production with 42,705 ounces produced (March 2024 quarter: 37,338 ounces) and H2 FY24 gold production of 80,043 ounces sold was above the midpoint of guidance of 75,000-85,000 ounces. Production has delivered $41 million of free cash flow1. During the reporting period commercial production was declared from the operation. |
Posted at 07/5/2024 20:57 by stu31 ASX Announcement7 May 2024 Commercial production declared as plant expansion studies commence As ramp-up gains momentum, focus turns to low capital intensive organic growth Bellevue Gold Limited (Bellevue or Company) (ASX: BGL) is pleased to advise that commercial production has been declared at the Bellevue Gold Project in WA. The declaration follows the highly successful commissioning process, which has seen Bellevue ramp up production and cashflow. Positive free cash flow1 has been delivered over the three months to 30 April 2024. Production totalled 37,338 ounces in the March 2024 quarter, putting the Company on track to achieve guidance of 75,000 to 85,000 ounces for the six months to 30 June 2024. Bellevue will publish FY25 production and cost guidance as part of its maiden multi-year outlook, which is expected to be released in July 2024 following completion of budget and life of mine planning activities. Expansion studies underway As a part of this multi-year outlook, studies are underway on maximising the potential of the Bellevue Gold Project by expanding the plant beyond its current nameplate operating rate of 1Mtpa. The plant was designed to enable throughput capacity to be increased from 1Mtpa to 1.2Mtpa with no material capital expenditure required. To confirm this, the plant was operated at an annualised throughput rate of 1.2Mt for a week during February 2024 with no material issues arising, providing confidence that this rate can be achieved on a consistent basis. Bellevue has commenced a scoping level study on a plant expansion to 1.5Mtpa. This study will investigate capital requirements for the expansion and include non-processing infrastructure. This study is expected to be completed in H1 FY25. Optimisation and design studies are focussed on maximising the value of the Bellevue Gold Project through the delivery of low capital intensive, organic production growth. Power station update As part of Bellevue’s strategy to achieve its aspirational goal of being a net-zero gold producer by 2026, change over to the thermal and renewable power solution has begun, switching from the diesel power plant used during the commissioning period. The thermal LNG components of the power plant have been fully completed and commissioned and are now providing base load power. Installation of the initial 20MW solar array has been completed with the first 7MW being now commissioned. Earthworks begin this week on the 24MW wind power turbines with completion and commissioning expected in Q1 CY25. Bellevue Managing Director Darren Stralow said: “We are now really hitting our straps, with the commissioning and production ramp up proceeding well and free cash flow growing. “In parallel with the ramp up, we are accelerating the next leg of our organic growth strategy, which centres on increasing throughput by 50% to 1.5Mtpa. “As well as increasing production and cashflow, this would enable us to leverage existing infrastructure, drive further economies of scale and unlock greater value from our exceptional high-grade orebody. “Low capital intensity organic growth of this nature is at the heart of our strategy to maximise the financial and overall returns for all our stakeholders” |
Posted at 24/4/2024 18:18 by stu31 ASX Announcement18 April 2024 March 2024 Quarterly Report Bellevue makes strong start to free cash generation as production ramps up to plan Normalised free cashflow1 of $20m for the quarter highlights the project’s capacity to generate significant free cashflow as it moves towards steady-state production Operations • Production ramp up firmly on track with total production of 37,338oz in March 2024 quarter; Guidance maintained at 75,000-85,000oz for six months to 30 June 2024 • Strong performance across all key metrics, with production growth driven by higher ore grade as underground mining continues to deliver increasing stope tonnages to the mill • In March 2024, processing head grade was 5.8 g/t gold with 56.3kt stope tonnes mined; Importantly, the development head grade was 9.2 g/t gold in the month, highlighting the outlook for further higher-grade stoping production in the June 2024 quarter • Plant throughput maintained at 1Mtpa nameplate capacity in the quarter with an average of 86k tonnes of ore milled per month • On track to declare commercial production in the June 2024 quarter with full-year FY25 production and cost guidance expected to be published soon after • Gold poured was 36,881oz and gold sold totalled 32,893oz, with 13,721oz poured in March 2024 • All five independent mining areas accessed from the Paris Portal are currently being mined, with stoping underway at Upper & Lower Armand, Marceline, Deacon Main and Bellevue South Corporate • Free cash generated in February and March, setting up Bellevue for declaration of commercial production during the June 2024 quarter (see Figure 1) • Production of 37koz generated normalised free cashflow1 of ~$20m for the quarter; continued production ramp up sets platform for significant growth in free cash flow in June 2024 quarter • Creditor payments up to date and in accordance with payment terms, after payment of ~$18m early in the March 2024 quarter relating to 2H CY23 ramp up (including ~$4m of pre-production infrastructure costs) 1 Free cash flow calculated as the sum of operating and investing cash flows, plus or minus the movement in opening and closing gold dore and bullion value (at closing quarter end gold price). March 2024 quarter normalised for amounts paid in January and February 2024 that related to H1 FY24 (~$18m, including ~$4m of pre-production infrastructure costs), such adjustments not expected in subsequent quarters. Refer to Figure 1 on page 6. • Total liquidity of $40m at the end of the March 2024 quarter, after paying ~$12m of nonrecurring pre-production infrastructure costs (inclusive of the ~$4m related to 2H CY23) and $10.4m of debt servicing ($4.8m interest and first debt principal repayment of $5.6m) • Non-recurring pre-production infrastructure costs paid for in the March 2024 quarter included ~$2m for the Tribune box cut/open pit and ~$10m of construction capital, including payments for 2 primary vent fans ($4m) • The Bellevue Gold mine was officially opened on 13 March 2024 by the Western Australia Minister for Mines and Petroleum Hon. David Michael Geology • Exceptionally high-grade ore shoot defined at 1.4Moz Deacon Main lode with assays significantly higher than those in the Resource estimates used for mine planning; Stoping of this area is expected to commence this quarter • This shoot is similar to the high pyrrhotite ore shoots mined historically at Bellevue and is characterised by exceptional grade and continuity and remains open down plunge. Results include2: o 10.8m @ 66.8 g/t gold o 14.0m @ 49.4 g/t gold o 8.9m @ 71.1 g/t gold o 8.4m @ 50.1 g/t gold o 7.5m @ 49.8 g/t gold o 9.5m @ 35.4 g/t gold • Drilling also highlighted potential for another six high-grade shoots in the greater Deacon Main area with the broad-spaced high pyrrhotite drill intersections containing similar characteristics to the newly identified shoot. Results include2 : o 30.2m @ 11.33 g/t gold (including 2.7m @ 61.6 g/t gold and 6.9m @ 21.5 g/t gold) o 8.7m @ 34.4 g/t gold o 8.1m @ 16.0 g/t gold o 4.8m @ 55.7 g/t gold o 3.6m @ 53.1 g/t gold o 4.1m @ 24.2 g/t gold o 3.0m @ 28.0 g/t gold • Another underground rig is being mobilised to expedite Deacon Main infill drilling Renewable energy initiatives • Thermal power station construction is well advanced and modules for the first 20MW solar farm are now installed, with commissioning expected to be completed during the June 2024 quarter, a further 7MW of solar capacity is forecast to be completed in Q1 FY25 • Construction of wind power turbines expected to begin mid-CY24 in line with the Company’s aspirational goal to achieve net-zero emissions by 2026 2 For drilling results refer to ASX announcement dated 19 March 2024. Bellevue Managing Director Darren Stralow said: “Our highly successful mining and production ramp up has enabled us to make a very strong transition to free cash generation. “The production ramp up is proceeding to plan, with tonnages and mill throughput rates well on budget. And now we can see that the grade is hitting the mark too. “The free cash we generated as production ramped up over the course of the March quarter highlights the huge cashflow generating capacity of this project as we move towards steady-state production and unit costs come down accordingly. “We are comfortably on track to meet our production guidance of 75,000-85,000oz for the six months to June 30, generating increased free cashflow in the process and paving the way for the declaration of commercial production in the coming quarter”. Operations Safety Bellevue Gold Limited (Bellevue or Company) (ASX: BGL) had zero LTIs recorded for the reporting period. Gold production continues to build month on month With the process plant maintaining steady state throughput; month on month gold production continued to increase throughout the reporting period driven by increasing grade. Underground mining has started to see the benefits of the multiple work areas and access to higher grade areas with the mined grade increasing ~50% relative to the December 2023 quarter to 6.0 g/t gold. Total underground ore tonnes have also continued to increase 17% quarter on quarter with further improvement in underground ore tonnes forecast into the June 2024 quarter. |
Posted at 18/3/2024 23:07 by stu31 ASX Announcement19 March 2024 Discovery of extremely high-grade shoot bolsters early production plan Assays of up to 374 g/t gold show the grade of this new shoot will significantly exceed the Resource estimate in the area; Drilling also highlights potential for six more similar shoots Key Points • Exceptionally high-grade ore shoot defined at 1.4Moz Deacon ore body with assays significantly higher than those in the Resource estimates used for mine planning (see Figure 4) • This shoot is similar to the high pyrrhotite ore shoots mined historically at the nearby Bellevue lode and is characterised by exceptional grade and continuity and remains open down plunge • The recent results, which are close to true width (~80%), include: o 10.8m @ 66.8 g/t gold o 14.0m @ 49.4 g/t gold o 8.9m @ 71.1 g/t gold o 8.4m @ 50.1 g/t gold o 7.5m @ 49.8 g/t gold o 9.5m @ 35.4 g/t gold o 7.8m @ 33.7 g/t gold o 10.6m @ 24.7 g/t gold o 8.4m @ 29.9 g/t gold o 5.6m @ 39.1 g/t gold o 3.2m @ 59.4 g/t gold o 0.5m @ 374.0 g/t gold o 6.9m @ 25.4 g/t gold o 2.2m @ 72.4 g/t gold o 7.3m @ 21.1 g/t gold o 4.1m @ 35.1 g/t gold o 4.5m @ 26.2 g/t gold • Drilling has also highlighted potential for another six high-grade shoots in the greater Deacon Main area (see Figure 7), with recent broad-spaced high pyrrhotite drill intersections containing similar characteristics to this newly-identified shoot. Results include: o 30.2m @ 11.33 g/t gold (including 2.7m @ 61.6g/t gold and 6.9m @ 21.5 g/t gold) o 8.7m @ 34.4 g/t gold o 8.1m @ 16.0 g/t gold o 4.8m @ 55.7 g/t gold o 3.6m @ 53.1 g/t gold o 4.1m @ 24.2 g/t gold o 3.0m @ 28.0 g/t gold • In light of these results, another underground drill rig is being mobilised to expedite Deacon Main infill drilling Bellevue Gold Limited (Bellevue or Company) (ASX: BGL) is pleased to report that recent infill drilling at Deacon Main has delineated a major high-grade ore shoot in the near-mine schedule. Bellevue Managing Director Darren Stralow said: “These results replicate what the Bellevue Mine was historically known for: very high-grade gold contained in short strike structures. “With infill results significantly out-performing the Resource estimate in the area, this high-grade ore will supplement the early mine plan and ensure that we continue to see strong grade and solid production results as we ramp up to full-scale production. “While this area has the potential to provide upside to the near-term mine plan, we’re also excited about the multiple analogous targets along the Deacon Shear which we can target with further underground drilling as drill platforms become available”. |
Posted at 13/3/2024 16:54 by stu31 ASX Announcement 12 March 2024Ramp-up on schedule with 13,364oz produced in February 2024 Head grade and processing throughput ensure Bellevue is on track to meet guidance of 75,000-85,000oz for June half of FY24 Key Points • Gold production continues to ramp up; Production totalled 13,364 ounces in February 2024 at a head grade of 5.2g/t gold • Strong processing performance across the crushing and milling circuit; Nameplate throughput achieved again in February 2024 for the third consecutive month • Stoping grade continues to reconcile well with the modelled project assumptions • The benefits of increased active work areas and further development levels for underground production are expected to be realised for the remainder of FY24, with stoping ore as a percentage of mill feed forecast to increase to steady-state during the June 2024 quarter • Production guidance for the six months to 30 June 2024 is maintained at 75,000-85,000oz. Achieving this guidance is forecast to continue to generate positive free cash flow (with cost guidance to be announced following declaration of commercial production) Bellevue Gold Limited (Bellevue or Company) (ASX: BGL) is pleased to announce that its gold production continues to rise, underpinned by underground stoping ore and higher grades. Bellevue Managing Director Darren Stralow said: “Our production ramp up continues to improve month on month. “It is very pleasing to see milling nameplate throughput achieved for a third straight month as we progress towards steady state operations. This resulted in production of 13,364oz in the month of February 2024 and ensures we are well on track to meet our guidance for the six months to 30 June 2024 and generate free cash flow. Production Update Mining and gold production in February 2024 has continued to increase. Gold production totalled 13,364 ounces at an average head grade of 5.2 g/t gold. February’s production figure represents a 28% increase in gold production from January 2024. Underground development and stoping rates continues to ramp up. Mine to mill reconciliation remains on target with the Mineral Resource Estimate (MRE), with stope performance including dilution and overbreak performing to expectations. The focus remains on increasing the stoping rate to steady-state which is expected to deliver further increases in grade to the mill as the underground mining rate matches the plant throughput. The Company expects to see the benefits from the establishment of multiple mining areas and development levels for underground mining production during the remainder of the FY24. All five underground mining areas are now actively in ore development or stoping with the first stoping ore delivered from Deacon Main during the month. Mill performance has continued to achieve or exceed the nameplate 1.0Mtpa processing rate for the third consecutive month. The Company released guidance in January 2024 targeting production of 75,000-85,000 ounces for the six months to 30 June 2024 and remains on track to achieve this. Achieving this guidance is forecast to continue to generate positive free cash flow (with cost guidance to be announced following declaration of commercial production, which is expected to occur during the June 2024 quarter) |
Posted at 23/3/2023 15:04 by stu31 1.28bn shares in issue (10/24). Market Cap A$1.92bn (£1000m) at 150cLiquidity A$109m (10/24) Debt A$100m website: Probable Ore Reserves increased 13% net of depletion to 1.51 Moz @ 5.0 g/t gold, including a high-grade underground component of 1.34 Moz @ 6.1 g/t gold • Indicated Resource grew 18% to 2.0 Moz @ 10.1 g/t gold • Indicated and Inferred Resource at 3.2 Moz @ 9.0 g/t gold Our recent Project Update forecasts that the project will generate $2.1 billion of free cashflow (pre-tax) (assuming gold price of A$2,500/oz) over a 10 year life of mine. For the first 5 years of the operation production is forecast to average 201,000 oz per annum at an AISC of A$1000 - $1,100/oz. The projected cashflow underpins an outstanding internal rate of return of 68% (pre-tax) and a payback period of 1.4 years (post-tax). First Gold poured 25 October 2023 on time and on budget FY25 guidance maintained at production of 165,000oz-180,000oz and a project AISC of A$1,750-1,850/oz ramp up to 200,000oz pa by Q4 FY25 and 250,000oz2 pa by 2028 |
Posted at 03/7/2014 06:30 by croxie Bullabulling Gold Limited03 July 2014 3 July 2014 ASX Code: BAB, AIM Code: BGL THIRD SUPPLEMENTARY TARGET'S STATEMENT This document is a supplementary target's statement under section 644 of the Corporations Act 2001 (Cth). It is the third supplementary target's statement (Third Supplementary Target's Statement) issued by Bullabulling Gold Limited ABN 50 153 234 532 (Bullabulling) in relation to the off-market takeover bid for all the ordinary shares in the capital of Bullabulling on issue as at 5.00pm (AWST) on 18 April 2014 by Norton Gold Fields Limited ABN 23 112 287 797 (Norton). This Third Supplementary Target's Statement supplements, and should be read together with, Bullabulling's target's statement dated 14 May 2014 (Original Target's Statement), first supplementary target's statement dated 5 June 2014 (First Supplementary Target's Statement) and second supplementary target's statement dated 6 June 2014 (Second Supplementary Target's Statement). Words and phrases defined in the Original Target's Statement have the same meaning in this Third Supplementary Target's Statement (unless otherwise defined). 3 July 2014 RECOMMENDATION TO ACCEPT NORTON'S INCREASED OFFER -- As at 3 July 2014, Norton has a relevant interest in more than 41% of the Bullabulling Shares -- As Norton now has a relevant interest in more than 30% of the Bullabulling Shares, Norton has increased the Offer price from $0.07 per Bullabulling Share to $0.08 per Bullabulling Share -- The directors remain of the unanimous view that the Increased Offer undervalues Bullabulling, but, in the current circumstances, they recommend that you accept the Offer (in the absence of a superior proposal) for the reasons set out below On 16 June 2014, at the time of announcing that the Offer price would be increased to $0.08 per Bullabulling Share if Norton had a relevant interest in more than 30% of Bullabulling Shares by 5.00pm (AWST) 30 June 2014, Norton had a relevant interest in approximately 17% of the Bullabulling Shares. Norton has since received a number of acceptances, including from Bullabulling's two major shareholders, and as at 3 July 2014 Norton has a relevant interest in 41.35% of Bullabulling Shares. Norton has announced that the Offer price has increased to $0.08 per Bullabulling Share ("Increased Offer"). Directors' recommendation and intentions The directors remain of the view that Norton's Increased Offer of $0.08 per Bullabulling Share materially undervalues Bullabulling. However, after carefully considering the implications of Norton's current relevant interest in Bullabulling Shares, which has resulted in an effective change in control of the company, the directors have reached the inevitable conclusion that they should amend their recommendation to shareholders, and therefore have unanimously resolved to recommend that Bullabulling shareholders accept Norton's Increased Offer of $0.08 per Bullabulling Share (in the absence of a superior proposal) for the reasons set out below. The Bullabulling directors will consider accepting the Increased Offer in respect of the Bullabulling Shares that they hold or control and that are capable of being accepted into the Increased Offer.[i] Between now and the date upon which the Increased Offer closes, the directors will monitor the level of acceptances that Norton receives and the composition of Bullabulling's board under Norton's control. Reasons for the recommendation The directors now believe it is reasonable to accept the Increased Offer (in the absence of a superior proposal) for the following reasons: a) As Norton has voting power in Bullabulling of 41.35%, and there are no other substantial shareholders, it is highly unlikely that any resolutions could be passed at a meeting of shareholders without Norton's support or that any resolutions proposed by Norton could be defeated. Effectively control of the company has passed. b) Norton's effective control of Bullabulling means that it will be in a position to largely control: i. the management and board composition of Bullabulling ii. the timing of any future development of the Bullabulling Gold Project iii. the method and source of funding for the further advancement of the Bullabulling Gold Project, which may result in Norton further increasing its shareholding. c) Norton has declared that the Increased Offer consideration of $0.08 per Bullabulling share is final and under Australian takeovers law the Offer price cannot be increased further under the current offer. d) Despite Bullabulling's very best efforts, there have been no alternative or better offers presented for Bullabulling and with Norton's relevant interest increasing to 41.35%, the prospects for progressing an alternative transaction are materially diminished. Closing date The Increased Offer is scheduled to close at 5.00pm AWST / 10.00am BST on Wednesday 16 July 2014 (unless extended).[ii] The directors note that Norton has not made a "last and final statement" as to whether it intends to extend the Increased Offer beyond this date, and as such Norton can further extend the Increased Offer period at any time prior to the scheduled close. Other factors to consider Despite the directors recommending that Bullabulling shareholders accept the Increased Offer, the directors recognise that certain Bullabulling shareholders may have a different investment strategy and criteria and may consider the following as reasons for not accepting the Increased Offer and remaining a Bullabulling shareholder: a) the directors remain of the view that Norton's Increased Offer of $0.08 per Bullabulling Share does not reflect the value of your Bullabulling Shares; b) the value of the Bullabulling Gold Project could increase with positive movements in the equities market and/or in the gold price - if you accept the Increased Offer, you will be denied the opportunity to participate in any value accretion that may occur in the future; c) Norton has the capacity to contribute the funding required to realise potential enhancements to the value and economics of the Bullabulling Gold Project. Bullabulling shareholders should, however, note that Norton has not made any commitment or indicated any intention to participate in any future funding proposals at this point in time; and d) if you do accept the Increased Offer, you will not be able to benefit from any separate takeover offers that Norton or a third party may make in the future. Bullabulling shareholders should note that the directors are not aware of any specific intention on the part of Norton to make any follow-on offer should it not acquire 100% (or sufficient relevant interests in Bullabulling Shares to allow it to proceed to compulsory acquisition) under the Increased Offer, or the existence of any alternative proposal from a third party. Alternatively, shareholders can elect to sell their Bullabulling Shares on market on ASX or AIM (unless you have previously accepted the Offer or the Increased Offer). There are several implications in relation to each of the above choices. A summary of these implications is set out in section 5 of the Original Target's Statement. NO ACCOUNT OF PERSONAL CIRCUMSTANCES The information in this Third Supplementary Target's Statement does not constitute financial product advice and this Third Supplementary Target's Statement does not take account of your individual investment objectives and financial situation or particular needs. Accordingly, in deciding whether to remain a shareholder in Bullabulling or accept the Increased Offer, you should consider your own investment objectives and seek independent financial and taxation advice. OTHER NOTICES This Third Supplementary Target's Statement prevails to the extent of any inconsistency with the Original Target's Statement, the First Supplementary Target's Statement and the Second Supplementary Target's Statement. A copy of this Third Supplementary Target's Statement has been lodged with ASIC. Neither ASIC nor any of its officers takes any responsibility for the contents. Signed for and on behalf of Bullabulling Gold Limited following a resolution of the directors of Bullabulling Gold Limited. Brett Lambert Managing Director 3 July 2014 [i] The terms of the Increased Offer extend to all of the fully paid ordinary shares in Bullabulling on issue at 5.00pm (AWST) on 18 April 2014 and all shares that come to be in the bid class during the Offer period due to the conversion of or exercise of rights attached to other securities on issue at 5.00pm (AWST) on 18 April 2014 ("Bid Class Securities"). Bullabulling issued Shares on 11 June 2014 and 2 July 2014 ("New Shares"), including some New Shares to directors, following the receipt of shareholder approval at Bullabulling's annual general meeting held on 27 May 2014. As set out in Bullabulling's ASX announcements dated 11 June 2014 and 2 July 2014, the New Shares are quoted with the ASX code "BABN" and are not Bid Class Securities. [ii] In accordance with section 624(2) of the Corporations Act 2001 (Cth), if Norton's voting power increases to more than 50% within the last 7 days of the offer period, the offer period will automatically be extended so that it ends 14 days after that event. |
Posted at 01/7/2014 07:17 by corrientes Great shame. Bad timing ?Don't want to imagine what the BGL share price might have been when gold recovers, which it always does. Funding would be no problem. Expecting Norton price to do the same is wishful thinking. |
Posted at 17/6/2014 20:12 by temujiin Just some musing while I watch the Brazil match. Here's how I see the next month. Zijn/Norton will imo totally fail to secure anything like 30%of BGL. I'm sure they know this as well, they may get to 20%(?). The offer may or may not be extended on 16th July but it makes no odds then as BGL can and will have a 15% dilution /placing at possibly 3.5p(?) bringing in maybe £1.83m/A$3.25m. SP may drop between to 3.5p - 3.9p but Zijn will support share price as they try to acquire cheap stock on the open market. BGL will continue to prove the viability and desirability of it's 2.5m 3m oz gold Reserve. share price will imo rise way above Zijn's 3.9p offer price as cash costs come down and the DFS get's closer. Further out is harder to guess but BGL and Zijn may co-operate, another bidder may make a seriously decent offer for BGL, or BGL may support a friendly merger. |
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