Bellevue Gold (ASX: BGL) has confirmed its shares will remain in voluntary suspension, as the company is not yet ready to release its anticipated Updated Production Guidance Announcement. This follows a tougher-than-expected March 2025 quarter, which saw lower gold production and operational headwinds at the Bellevue Gold Project.
What Happened?
Bellevue’s production for the March quarter came in at approximately 25.7koz, well below expectations. According to the company, this shortfall was largely due to:
- Three underperforming stopes mined in March, located on the edges of the ore body, producing lower-than-expected grades.
- Rapid ramp-up mining rates contributing to ore dilution.
- Processing capacity lagging behind mining output, leading to a ROM (Run of Mine) stockpile of over 35kt at quarter-end and lower average head grades being processed.
This operational hiccup has prompted a reassessment of FY25 production guidance, which was originally due to be released by 4 April 2025. However, management has said they’re not yet in a position to provide updated guidance with sufficient certainty.
Financial Position
As of 31 March 2025, Bellevue estimates it held around A$49 million in cash and gold, down from a pro-forma A$81 million in the December quarter. The company has A$100 million in debt, though importantly, no principal repayments are due until CY27.
Suspension Continues
Bellevue has flagged that any interim update before the revised guidance is finalised would risk creating a false or disorderly market due to the incomplete nature of current information. As such, trading in BGL shares will remain suspended under ASX Listing Rule 17.3 until the company is confident in the accuracy of its revised production outlook.
What’s Next?
The market now awaits the Updated Production Guidance Announcement, which Bellevue says it will release as soon as it is in a reasonable position to do so.
