Bellevue Gold (ASX:BGL) has hit an operational milestone, reporting a record underlying free cash flow of $158 million for the March quarter.
The surge—up from $62 million in the previous period—comes as the miner successfully scales production while simultaneously driving down expenditure.
The company’s quarterly gold output climbed to 40,745 ounces, a substantial lift from the 32,031 ounces recorded in the prior quarter.
The performance was bolstered by a sharp reduction in all-in sustaining costs, which fell to $2578 per ounce from a previous $2989, reflecting the growing efficiencies of the project as it transitions out of the initial ramp-up phase.
Central to this financial windfall was the access to higher-grade ore within the Deacon mining area. By sourcing material from multiple levels, the company has managed to stabilise its production profile and significantly de-risk the mine's daily operations.
The improved consistency in the mill feed has allowed the Western Australian producer to bolster its balance sheet, ending the quarter with $181 million in cash and gold bullion.
Despite the inherent volatility of the mining sector, the company remains confident in its trajectory, maintaining its full-year guidance of 130,000 to 150,000 ounces at a projected cost of $2600 to $2900 per ounce.