# BGL - Belleview Gold



## System (14 December 2011)

Draig Resources Limited (DRG) was formerly known as C @ Limited (CEO).

Previous discussion of this company can be found in the CEO thread: https://www.aussiestockforums.com/forums/showthread.php?t=2450


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## noirua (28 December 2011)

System said:


> Draig Resources Limited (DRG) was formerly known as C @ Limited (CEO).
> 
> Previous discussion of this company can be found in the CEO thread: https://www.aussiestockforums.com/forums/showthread.php?t=2450




Due to return from suspension in early January 2012 for us following this stock. The small cap coal sector has been slammed and DRG with it. The cash raising fell into the problems of a decline in coal stocks with a fall in the amount raised in the placing.

Highly prospective with high grade coal in very thick seams, but like others before them needs to raise a lot of cash and a long way from being a producer.


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## springhill (31 July 2012)

*DRAIG REPORTS MAIDEN JORC COAL RESOURCE FOR TEEG LICENCE, MONGOLIA*
Highlights
• Maiden JORC reportable coal resource for Teeg licence of 75 million tonnes
• Teeg exploration target of up to a further 25 to 100 million tonnes1
• Evidence for a significant deposit of high grade coal with metallurgical potential
• Resource defined following initial exploration drilling program
• Target drill areas identified to further explore licence area
• New exploration program to focus on Draig’s South Gobi licences

*Further Exploration Work*
The JORC report identified at least 4 coal target areas to drill systematically in order to confirm the structural model proposed in the report. Draig intends carry out further exploration work on the Teeg and nearby Nariin Teeg licences in the future with the aim of increasing its coal resources in this area.

The Company is also looking to undertake a coal quality bench marking study on the Teeg coal quality to help understand its position it in the coal market.
However, the Company will now focus on its parcel of licences within the South Gobi region in order to gain a better understanding of the Company’s overall coal portfolio logistical integration and due to the better climatic and logistical access to the South Gobi in the Mongolian summer months. Draig is finalising its South Gobi exploration plans and will provide an update to the market in due course.

*DRAIG COMPLETES TEEG DRILL PROGRAM WITH THICKEST COAL SEAM INTERCEPTS TO DATE*
Highlights
• Coal seam intersected with *apparent seam thickness of 86.28m* (BT_37)
• Seam was continually intersected over range of 27m to 146m depth
• Twin cored angle hole with 30m selected intercepts at < 82m (BT_37C)
• Coal quality testing underway
• Phase 1 drill program complete with over 6000m, Phase 2 planning underway
• Mongolian Office established ‐ General Manager appointed


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## greggles (20 November 2017)

Draig Resources have found gold at their Belleview Gold Project in Western Australia, propelling the share price north this morning. At present DRG is trading at 23c, a 100% increase on Friday's close.

Here are the highlights from today's announcement:



> Significant drill result of extremely high grade gold mineralization intersected in first drill hole targeting mineralization west of the Highway Fault.
> 5m @ 37.5g/t gold intersected within a broader zone of 7m @ 27.4 g/t gold from only 92 metres down hole.
> Step out hole 80 metres to the south has intersected 7m of quartz, sulphides & visible gold from 18 metres down hole (results pending).
> Mineralisation appears similar in style & nature to the previously mined Bellevue Lode (800,000oz @ 15g/t historically mined).
> ...


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## System (25 July 2018)

On July 25th, 2018, Draig Resources Limited (DRG) changed its name and ASX code to Belleview Gold Limited (BGL).


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## greggles (22 October 2018)

It's been a fantastic October so far for Belleview Gold.

It all started back on 26 September when the company announced that diamond drilling had intersected high-grade gold at the Tribune & Viago Lode discoveries at the Bellevue Gold Project.






Another similar announcement was released on 9 October in which the company reported further high-grade intersects from the Viago Lode.






Finally, today the company updated the independent Inferred resource estimate for the Bellevue Gold Project to 2.6 Mt @ 12.3 g/t gold for 1,040,000 ounces. That announcement has lifted the BGL share price 13.2% to 38.5c so far today.

The news flow in the last month has been very kind to Bellevue Gold and the share price has reflected that. I wish I had been on it.


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## Wyatt (30 December 2018)

Hopefully drilling can lead to many more high grade intercepts for BGL to continue it's recent momentum and increase the current inferred resource of 2.6mt @12.3 g/t for 1.04Moz.


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## The Triangle (26 July 2019)

What a good looking prospect they have.  And close to existing infrastructure as well.    Very respectable grades (11g/t, 1.8moz), good tonnes.  Directors selling shares to buy options, so there is confidence still with the upper ranks.    Market cap is sitting at a reasonable level - certainly I wouldn't call this one undervalued.   But with 6 rigs drilling and cashed up I see there being a very good prospect for more high grade hits in the future.

I generally won't buy above the placement price.   I think given a few weeks this will drift below 57 cents and hover around the mid 50cent range until the next lot of news.  However since they should have 35+ million in the bank now and are drilling as we speak i think its reasonable to buy in today.    Took quite a while to execute the trades!


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## Padowan (2 March 2020)

I’ve picked BGL for the March stock picking competition 
The company announced a large increase to high to high grade gold resources recently which was followed with buying from the largest shareholder 1832 asset management 

caught up in the recent Coronavirus market meltdown I’m hoping the recent pullback is a short pause and momentum returns in March


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## Padowan (23 March 2020)

Padowan said:


> I’ve picked BGL for the March stock picking competition
> The company announced a large increase to high to high grade gold resources recently which was followed with buying from the largest shareholder 1832 asset management
> 
> caught up in the recent Coronavirus market meltdown I’m hoping the recent pullback is a short pause and momentum returns in March
> ...



Hopefully this is the worse pick I make in the monthly competition.

 I see now in a trading halt pending a capital raise. I don’t understand if there is an ulterior  motive but why would you raise cash in this market if you don’t need it? Am I overly optimistic about surviving CV19 and BGL isn’t?

it will be interesting to see how much BGL go for in this market I’m sure we will be flooded with capital raising from all listed entities that have had their revenue stream destroyed by CV19 and legislated controls in coming weeks


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## finicky (24 March 2020)

Well by good fortune the M.D doesn't have to worry about dilution from yet another capital raising, having just exercised 20 million freely acquired options @ 4c. He's tripled his holding to enter the top five for a  measly $775,000.

If you have a look at the latest appendix 3B you'll see a  long ribbon of options and performance shares they've awarded themselves. Every time I come back to look at BGL because I've forgotten why I rejected them the answer is right there, quickly found.

The other thing is a geologist running a company with mining plans, usually a disaster, the most recent being DCN.

How many shares have they issued over their existence? Unless they started off at $2.50, then I assume there's been a 1 for 10 share consolidation in its history. If so, their real share issuance is now over 5 billion in terms of the original shares. But then, that needn't bother management. Definitely not a turn- off.


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## Padowan (25 March 2020)

Have stuck with BGL for April competition.

company has raised 26 million in a tough market at 8% discount to last close

now funded to mid 2021

time to deliver at A$2716/oz gold


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## The Triangle (25 April 2020)

Padowan said:


> Have stuck with BGL for April competition.
> 
> company has raised 26 million in a tough market at 8% discount to last close
> 
> ...



Been a surprising up and down and up again period.   A lot of buzz now with Blackrock being promoted as having 10%.  More cash injected, more drilling, more ounces added.    

In the recent quarterly it does not look like they are drilling that deep.  I would like to see some deep drilling results.  At this stage surely only a WA gold miner would be interested in BGL assets, but if they show the potential at depth for this to be 5 million+ ounces then the larger players get interested.    I'm only holding because I'm banking on a takeover offer.


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## The Triangle (27 May 2020)

Only regret I have is not buying more!   BGL is the gift that keeps giving.   New announcement shows continued excellent results.  2-4 meters here and there with 20-60 g/t.   They are de-watering the underground workings - which hopefully should lead to some deeper drilling and finding larger better grades.   Maiden resource expected very shortly.  

The best part of BGL is that being high grade and reasonably near surface they can start mining on their own for early cash-flow and limit dilution.  If this was a massive low grade deposit they would probably be looking for a partner to help fund development.   Certainly not a cheap undervalued gold stock at the moment, but very promising.


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## The Triangle (1 June 2020)

The Triangle said:


> Only regret I have is not buying more!   BGL is the gift that keeps giving.   New announcement shows continued excellent results.  2-4 meters here and there with 20-60 g/t.   They are de-watering the underground workings - which hopefully should lead to some deeper drilling and finding larger better grades.   Maiden resource expected very shortly.
> 
> The best part of BGL is that being high grade and reasonably near surface they can start mining on their own for early cash-flow and limit dilution.  If this was a massive low grade deposit they would probably be looking for a partner to help fund development.   Certainly not a cheap undervalued gold stock at the moment, but very promising.




How things change.  I think BGL was about 72 cents when I wrote this.  I sold out this morning first thing at 93.5.  Probably a caffeinated impulse sell, but I told myself this morning that if It reached over 10% today that I would dump.   I didn't actually think it would reach this high.  

At a market cap of $520M and limited way to take advantage of the current gold price, BGL has jumped up too quickly for my comfort vs. producers.   Would rather hold more cash at the moment.


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## qldfrog (2 August 2020)

@Joe Blow  was going to add this as my entry for the august competition, but too late?
BGL is going this month to distribute its SPP once this is over (7/08) and early exit after, I expect this gold miner to jump toward the end of the month, maybe a bit early but who knows if gold soars


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## Linus van Pelt (27 August 2020)

BGL has been trending downward over the last month.  Can anyone speculate why?  Dilution after the SPP, or something more fundamental?  

I'm in at average price $1.031.  I'm happy to take a long term view as long as the fundamentals are still solid.


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## frugal.rock (7 November 2020)

Linus van Pelt said:


> BGL has been trending downward over the last month.  Can anyone speculate why?  Dilution after the SPP, or something more fundamental?
> 
> I'm in at average price $1.031.  I'm happy to take a long term view as long as the fundamentals are still solid.







BGLChart above shows it was trading in a range from late June to recently.
Currently seems to be breaking out of consolidation range to new highs.
It may provide an exit and re-entry trade, if one is still happy with FA.

XGD indicie chart below (which did drop over August) shows BGL was fairly stable during August period. Indicie also showing similar ranging characteristics and a breakout from current ranges to the upside could be expected after recent sell off.




Am considering an entry for a short term trade. 
Cheers & regards.


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## wabullfrog (9 November 2020)

Along with the rest of the market another good day for BGL. Maybe the last few days are in anticipation of a resource update or other news?


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## Linus van Pelt (9 November 2020)

Yeah I'm glad I've been patient and held on to BGL, and didn't act on my previous mini-panic 

I thought I was seeing a pennant pattern, but it's broken out from that pattern.  The pink line is my entry point.

My broker usually lists announcements, and singles out price sensitive announcements.  It doesn't list any public announcements for BGL.  Could this be insider trading?

Regardless, here's hoping the breakout continues! 

P.S.:  I'm an amateur at chart patterns, so if you see anything stupid in this limited snapshot please educate me!  The two newest bars weren't part of my pattern analysis.


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## frugal.rock (9 November 2020)

Linus van Pelt said:


> Yeah I'm glad I've been patient and held on to BGL, and didn't act on my previous mini-panic



Gold indicie XGD is showing a bullish surge, Friday was over 5% today 2%
It looks like it's trying to breakout.
BGL and most Goldie's are showing the same traits, obviously some better than others.
To my amateur eye, BGL is set to benefit from TA angle.

Reiterated, and timing will be key, and may or may not be worth it based off pos size & brokerage.


frugal.rock said:


> It may provide an exit and re-entry trade, if one is still happy with FA.




The current surge could well indicate a potential pending announcement, however am not following this on FA to know if anything could be expected. 

(Am considering I have missed the boat for now. If a position is available and a pullback does play out, I'm in)
Cheers.
(Can't post charts ATM, phone memory full...have cleared it but hasn't registered, restart hopefully will fix?)


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## tinhat (9 November 2020)

frugal.rock said:


> Gold indicie XGD is showing a bullish surge, Friday was over 5% today 2%
> It looks like it's trying to breakout.
> BGL and most Goldie's are showing the same traits, obviously some better than others.
> To my amateur eye, BGL is set to benefit from TA angle.
> ...



My observation on Gold (not BGL specific, although it has been on my watchlist - you can only invest in so many companies...) is that the recent pullback was going to exhaust itself for the next leg up on the overall bull run. Printing press goes brrr.


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## Linus van Pelt (9 November 2020)

tinhat said:


> My observation on Gold (not BGL specific, although it has been on my watchlist - you can only invest in so many companies...) is that the recent pullback was going to exhaust itself for the next leg up on the overall bull run. Printing press goes brrr.



I haven't been following the gold index itself - perhaps I should?  I'm just following BGL because I'm still in it.

Could you have predicted such a strong breakout from the recent pullback?  My view was it was moving sideways, with several mini pullbacks, and only a slight upward trend.  I couldn't have predicted the strong breakout that's occurred.  I'm just glad it's happening.

Are the other gold stocks having a similar run (assuming you've looked).  Yeah, I'm being lazy - I could Do My Own Research ;-)  I could be tempted to look at other gold stocks, but I think the smart thing would be adding more diversity to my portfolio.

I didn't get the "Printing press goes brrr" comment...


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## wabullfrog (10 November 2020)

@Linus van Pelt  "Printing press goes brrr" is in reference to quantitative easing I believe

@frugal.rock today an entry point?


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## frugal.rock (10 November 2020)

wabullfrog said:


> today an entry point?



I would like to see it bounce off $1.20 (support) and start heading north again, entering around 1.25

The rotation of gold, oil and financials has come to foray today.
(NAB up 7.5%) XGD down 8.3% which is the biggest one day fall I personally have seen (not a big watcher on intraday movement with gold though )
 The rabbits are out of the Warren (gold) and grazing again.
This rotation, apart from financials,  also has oilers, energy and travel up.
POG over the next few weeks will tell a story, my breakout theory (short term) could well  be a breakdown.
Now a gold fence sitter, waiting for clear directions.
Had considered this rotation scenario over the weekend, but expected it to be weeks/months away...perhaps not?


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## Miner (10 November 2020)

frugal.rock said:


> I would like to see it bounce off $1.20 (support) and start heading north again, entering around 1.25
> 
> The rotation of gold, oil and financials has come to foray today.
> (NAB up 7.5%) XGD down 8.3% which is the biggest one day fall I personally have seen (not a big watcher on intraday movement with gold though )
> ...




Last Price (AUD)$1.320
Today's ChangeDown$0.170 (11.41%)
Could target price of $1.2 be a ambitious as gold has gone through correction but will be returning to normal level soon. So would be BGL. Today however all gold stocks have crashed with rise of oil shares.


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## tinhat (12 November 2020)

frugal.rock said:


> I would like to see it bounce off $1.20 (support) and start heading north again, entering around 1.25
> 
> The rotation of gold, oil and financials has come to foray today.
> (NAB up 7.5%) XGD down 8.3% which is the biggest one day fall I personally have seen (not a big watcher on intraday movement with gold though )
> ...



With regard to gold, my sentiment isn't towards a rotation yet. The chat looks poised for a breakdown in price but I'm smelling continuation.

I was at dinner with a few people last night and no-one understood the electoral collage system of selecting president under the USA constitution. Just like few people understand how, constitutionally, a government is formed in Australia. I love how in the Australian media they talk about the government back-bench. No such thing. The only bench of government in the parliament is the front bench.

Rupd Murdoch. For the sake of democracy. Off with that American's head.

[edit]. Research what happens in the USA constitutionally if the electoral college fails to elect a President by XX Jan. Hint, Donald Trump has already stated  a month or so ago that this is his aim. For the electoral college not to be legally able to select a president.


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## Miner (12 November 2020)

tinhat said:


> With regard to gold, my sentiment isn't towards a rotation yet. The chat looks poised for a breakdown in price but I'm smelling continuation.
> 
> I was at dinner with a few people last night and no-one understood the electoral collage system of selecting president under the USA constitution. Just like few people understand how, constitutionally, a government is formed in Australia. I love how in the Australian media they talk about the government back-bench. No such thing. The only bench of government in the parliament is the front bench.
> 
> Rupd Murdoch. For the sake of democracy. Off with that American's head.



Great Tinhat
We in Australia are never politically  savvy. That's how same person votes two different parties for State and Parliament.  We love weather and sports .
But how that's related to BGL ?
Regards


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## tinhat (12 November 2020)

Miner said:


> Great Tinhat
> We in Australia are never politically  savvy. That's how same person votes two different parties for State and Parliament.  We love weather and sports .
> But how that's related to BGL ?
> Regards




I don't own BGL. It's on my short list. I only put buy/sell orders into market a couple of times a week. It's obviously doing very well and currently out-performing. Congratulations to all holders. There is a lot of discussion above about the price of gold, naturally. I'm bullish gold. I've quickly outlined some of my reasons in recent posts. I'm interested in owning BGL. Good luck to all.


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## frugal.rock (12 November 2020)

tinhat said:


> With regard to gold, my sentiment isn't towards a rotation yet. The chat looks poised for a breakdown in price but I'm smelling continuation.



Thanks Tinhat.
I will take yours and P2 bullish stance onboard, considering your long teeth and all.


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## tinhat (12 November 2020)

frugal.rock said:


> Thanks Tinhat.
> I will take yours and P2 bullish stance onboard, considering your long teeth and all.



Your observations and opinions are just as [in]valid as mine, so I repay the compliment.


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## tinhat (12 November 2020)

wabullfrog said:


> @Linus van Pelt  "Printing press goes brrr" is in reference to quantitative easing I believe
> 
> @frugal.rock today an entry point?



wabullfrog, I think we are now seeing the prediction that many monetary policy commentators made some time ago, that; monetary policy is now basically being used as a currency debasing tool as the last weapon in the arsonary. This I why I subscribe to the gold bull happy clappy.

This is stuff that was never contemplated when I minored in economics some almost forty years ago.

PS: If you really want to know where global inflation is headed, then look at the global population growth rate. Everything you need to know is in demographics, except the really important stuff which is in nature and can only learnt by being in nature.


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## frugal.rock (27 November 2020)

wabullfrog said:


> @frugal.rock today an entry point?



G'day wabullfrog, see below.


frugal.rock said:


> I would like to see it bounce off $1.20 (support) and start heading north again, entering around 1.25



 All charts shown below are 3 months.






As you can see, BGL is highly correlated to its sector indicie.





Spot gold. Investing.com chart.





If I'm not mistaken, BGL is held in @Skate s current Daily Panda  system having been purchased on 10th NOV and still held, so more than likely a safe bet.


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## frugal.rock (29 November 2020)

@wabullfrog 
It should be noted that the POG has now well breached $1800.
Crypto has recovered half its very recent  pullback whilst gold has continued its immediate falling trend.
My previous assessment of a buy condition has now failed for the time being as it was conditional (unstated) on immediated gold bull trend. 
If I was holding BGL and in profit, I would probably consider selling based off bearish trends continuing early this week and if bullish crypto continues. 
(Money leaving gold and going into crypto) 
A note that crypto will dump much faster than gold...


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## frugal.rock (23 December 2020)

Despite the XGD and POG, BlackRock and Van Eck have increased their substantial holdings as announced yesterday and today, respectively. A positive sign?

There's very mixed opinions amongst pundits about the pog future next year. 
Am personally sitting in the bears pit in the imbecile carriage.


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## The Triangle (18 February 2021)

BGL justifiably smashed by 20% today.  Feasibility study released showing the post tax NPV (at 5% - Who uses 5%?)

$0.6 Billion NPV
$0.8 Billion Market Cap (as of yesterday)

Gold price = 2300,
Recovery = 97%  
PPCapex = $255M  
Payback = 1.7y
IRR = 35%

It's surprising they released this version of the feasibility to the market.   I presume they were under enormous pressure to get something out there and this is the best they could come up with and bet we'll see the customary 'Revised, Optimised' update in a few months where management and executives take out all the things they can to make it look better.  

Grades look good - lots of upside (well, maybe not at that gold price) - obviously the mine/project is going to be valuable and profit making and I think their initial 7-9 year life will probably extend many many more years.  I think the only way of extracting more value out of this mine would be to increase the production rates - but that does not look possible given the size and dimensions.   Unfortunately BGL holds a hefty valuation, and I don't believe they own any other assets to give the company justification for a value 30% more than the NPV of their only project.    

For comparison, CAI has a market cap of $150 million, and a NPV(8) of $220 million at a 2300 gold price for their mine.  They have a higher AISC and thus higher risk, but payback and IRR are better.    They also have other prospects.


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## Miner (18 February 2021)

The Triangle said:


> BGL justifiably smashed by 20% today.  Feasibility study released showing the post tax NPV (at 5% - Who uses 5%?)
> 
> $0.6 Billion NPV
> $0.8 Billion Market Cap (as of yesterday)
> ...



Hi @The Triangle
Good update. I was tied to dive down today  after seeing the flogging  but your note helped to get the summary.
Thankfully and regretfully i have quitted some weeks back.
But for holders and rampers like Port Publishing it is a bad news.
Hypothetically who bought cob today to find to morrow that there was a serious typo and the price will catapult then.
If banks can make error of $550 m cheque, BGL is only a small company

My dream.
Not holding.


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## finicky (18 February 2021)

I've been very wary of this company, looks to me management over reward themselves, to put it mildly. That's turned out to be a useful red flag for me before. Take a second look at BGL's ribbon of unlisted options/performance shares in Appendix 2a announcements. Just had a look at Auteco Minerals (AUT) very big non-exec director interest there for such short tenure, Blackstone Minerals (BSX), options exercised at .001 at exit for around 50c shares. Cost to shareholders' equity. High grade isnt everything, shape and depth of orebody for u/g mine can trump high grade as I discovered from Doray Minerals which virtually went broke until salvaged by Leigh Junk (sic). Another example of why you don't want a geologist heading a company that is developing a mine. And the company still isn't cheap by traditional metrics - compare BGL's price/book value of other gold companies (I just did: DCN, RRL, NST) and very high rate of share inflation over the decade - in addition to the unlisted stuff. Good luck, deeply unattracted.


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## Miner (18 February 2021)

finicky said:


> I've been very wary of this company, looks to me management over reward themselves, to put it mildly. That's turned out to be a useful red flag for me before. Take a second look at BGL's ribbon of unlisted options/performance shares in Appendix 2a announcements. Just had a look at Auteco Minerals (AUT) very big non-exec director interest there for such short tenure, Blackstone Minerals (BSX), options exercised at .001 at exit for around 50c shares. Cost to shareholders' equity. High grade isnt everything, shape and depth of orebody for u/g mine can trump high grade as I discovered from Doray Minerals which virtually went broke until salvaged by Leigh Junk (sic). Another example of why you don't want a geologist heading a company that is developing a mine. And the company still isn't cheap by traditional metrics - compare BGL's price/book value of other gold companies (I just did: DCN, RRL, NST) and very high rate of share inflation over the decade - in addition to the unlisted stuff. Good luck, deeply unattracted.



@finicky  - good points.
On the comparison did you notice the grades BGL reported and funny enough the recovery 97 percent - a dream to have even 93 pc recovery for many gold plants.
Is RRL doing at all good ?
So there could be some dodgy bullets though I would be watching from speculative interest. I am following the intent of @peter2 's recommended strategy to draw a line between booking profits, making a small parcel for speculations and keep the major investment not to gamble.


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## finicky (18 February 2021)

@Miner , RRL's operating cost is up but still making profits and paying a now excellent dividend yield (at today's price) Can't know yet whether the switch to u/g for some of Rosemont and other mines will work out - but great management, high ROE historically, modest share issuance inflation, cashed up, consistent dividends - chalk and cneese I would say but market is unappreciative for sure, I paid more than this for shares back 5 years ago. Also, with RRL, can't be confident yet as to how their McPhillamys development project in NSW will go.


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## Miner (18 February 2021)

finicky said:


> @Miner , RRL's operating cost is up but still making profits and paying a now excellent dividend yield (at today's price) Can't know yet whether the switch to u/g for some of Rosemont and other mines will work out - but great management, high ROE historically, modest share issuance inflation, cashed up, consistent dividends - chalk and cneese I would say but market is unappreciative for sure, I paid more than this for shares back 5 years ago. Also, with RRL, can't be confident yet as to how their McPhillamys development project in NSW will go.



@finicky  I wish your observation could be right as the prices are just turning up.
However AISC is reasonably high. Directors bought only 4 to 5000 shares which is peanut if they rely on themselves.
However 24th Feb is only a week way to open the box - goodies or otherwise.
Next few days stock travel will give us more understanding.
Having said - #220 M cash in hand and no borrowings - can not be ignored ever.


			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02339592-025IC2K01HKBMBTTSSD6SF99V9/pdf?access_token=0007mg1giHGIEWEZ01820KNf0NPi
		

APOLOGY TO all being digressed from BGL to RRL . Sorry


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## greggles (8 March 2021)

BGL may have hit a low of 66c on Friday last week, well off its highs of $1.50 in November last year. From here, BGL's direction will largely depend on the gold price, which will affect the project economics of the company's Bellevue Gold Project.

BGL bounced back nicely today and finished the day at 77c, up 16.7%. I suspect 66c may have been the bottom for now.

Worth taking a look at for gold bugs interested in a lower cost (LOM AISC of A$1,079/oz) high grade WA based gold mining operation.

See below for details.


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## Sean K (9 March 2021)

greggles said:


> BGL may have hit a low of 66c on Friday last week, well off its highs of $1.50 in November last year. From here, BGL's direction will largely depend on the gold price, which will affect the project economics of the company's Bellevue Gold Project.
> 
> BGL bounced back nicely today and finished the day at 77c, up 16.7%. I suspect 66c may have been the bottom for now.
> 
> ...



Is this expensive for the ounces in the ground? $650m for 2.4m oz... I'm not sure what the benchmarks are these days. Pretty impressive grades and open in all directions. Perhaps plenty of upside factored in. 

What's the go with the ESG vision? Why are they wasting their time worried about CO2, or that a thing now?


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## greggles (9 March 2021)

kennas said:


> Is this expensive for the ounces in the ground? $650m for 2.4m oz... I'm not sure what the benchmarks are these days. Pretty impressive grades and open in all directions. Perhaps plenty of upside factored in.




This is where the company says it's positioned compared to its peers in Australia.








kennas said:


> What's the go with the ESG vision? Why are they wasting their time worried about CO2, or that a thing now?




I'm not sure about this but will look into it.


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## Sean K (9 March 2021)

greggles said:


> This is where the company says it's positioned compared to its peers in Australia.
> 
> View attachment 121098
> 
> ...



Yes, costs per ounce look pretty good by comparison. And outstanding grades. I used to divide the market cap by the JORC resources to get an indication of value / comparison. This looks very high, but that was a long time ago. I need to crunch some other for a comparison. Or, maybe that's not relevant anymore.


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## finicky (9 March 2021)

greggles said:


> This is where the company says it's positioned compared to its peers in Australia.




I don't give much credence to that bar chart nor other guidance by the management of this company. They remind me of the projections touted by the failed previous management of Dacian Gold. They can say whatever thay like when it's just a projection, there are no repercussions for them if proven wrong by actual production. Failed managers, like DCN's previous ones, get off scot free when they destroy shareholders' capital. Draw to your attention that BGL has situated their name amidst provenly profitable miners on that graph. They have proven *nothing*. They've just drilled out a resource under an old mine. They haven't got the capital yet to build the plant. Grade isn't everything, or even a lot when other factors are not conducive to profitable mining, e.g depth or geometry of an orebody; Doray Minerals had a high grade orebody that the geologist M.D (BGL is led by a geologist) could never get mined because it was too skinny and deep and would have cost too much digging decline and drives to develop.


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## Sean K (9 March 2021)

finicky said:


> I don't give much credence to that bar chart nor other guidance by the management of this company. They remind me of the projections touted by the failed previous management of Dacian Gold. They can say whatever thay like when it's just a projection, there are no repercussions for them if proven wrong by actual production. Failed managers, like DCN's previous ones, get off scot free when they destroy shareholders' capital. Draw to your attention that BGL has situated their name amidst provenly profitable miners on that graph. They have proven *nothing*. They've just drilled out a resource under an old mine. They haven't got the capital yet to build the plant. Grade isn't everything, or even a lot when other factors are not conducive to profitable mining, e.g depth or geometry of an orebody; Doray Minerals had a high grade orebody that the geologist M.D (BGL is led by a geologist) could never get mined because it was too skinny and deep and would have cost too much digging decline and drives to develop.



I am skeptical of all projections too, but it is a JORC resource and AISC costing. I'm not sure what sort of auditing goes on to prove that. 

You don't like the management, finicky? Have they cocked something else up?


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## finicky (9 March 2021)

You might like to look at the number of unlisted 'performance' shares and options in the latest Appendix 2A. Tells me  something about the management, specially as it's been done elsewhere. The more so, considering the M.D has already exercised a huge tranche for peanuts. As said, this operation reminds me of the first iteration of DCN (not the current one) and of Doray Minerals, both failed enterprises. Also the price is high for what they've got, I think some punters have been dazzled by the grade and bid it up on that basis. Better value out there, already 'derisked' if you can say that about a gold miner and with their mills already built.


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## Miner (9 March 2021)

greggles said:


> This is where the company says it's positioned compared to its peers in Australia.
> 
> View attachment 121098
> 
> ...











						The world's lowest cost gold mines in Q1 2020 - Mining News and Intelligence
					

Kirkland Lake's Fosterville mine in Australia was the lowest cost gold operation worldwide in Q1 2020. Three most cost effective mines represent Australia & New Zealand.




					www.minesandmetals.com
				



KLL is the lowest, Wahi Gold OGC is the second and Sarcan is the third lowest in world.
Now if I single out then CADIA mines will come as a very low AISC and Freeport's gold in Indonesia would be negative after allowing copper cost as primary.


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## Miner (17 June 2021)

https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02363707-1V7V3EPQ3B6E0QR2EEALQNFQ85/pdf?access_token=0007zImRwrVjn7kUSm44ZfaYaYpZ
		

Just listening to a presentation today at the RRS conference. Had a confirmed free luncheon invite at Parmelia but at last, the moment decided to listen to Webex than mingling with the crowd some might have come from the wise east and Webex allows me to move in my own space than confined into a chair... Good presentation and solid cash. There is a Phase 2 meaning some capital raise ultimately. 
Probably many would return to the market on Friday after attending and listening presentation.
Ironically the presentation was not posted on ASX. Maybe tomorrow morning. But I am still trying to believe the story unfolded. Too good to believe.
Watching and do not hold.
Anyone who wants to share please step in.



			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02384959-3KID3IG1352KGIEVMU1JN53TEG/pdf?access_token=0007zImRwrVjn7kUSm44ZfaYaYpZ


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## explod (29 August 2021)

Belview Gold seems a solid investment, which I am into. Not expecting a rise to win the comp but if gold suddenly jumps who knows.

They expect to be producing 4 million ounces in the next 12 months.  They had a good present at the recent Diggers @ Dealers recently so we'll see:- 






An update on their progress is expected in September.


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## Country Lad (29 August 2021)

Oops, this is still under the BigAir thread.  looks like there hasn't been a thread for Draig  Resources (DRG) which changed its name to Belview in July 2018. 
Another job for @Joe Blow


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## Dona Ferentes (2 September 2021)

Bellevue Gold is seeking to raise $106 million in an institutional placement underwritten by Canaccord, Goldman Sachs and Macquarie . They were offering shares at 85¢ each, which was a 10 per cent discount to the last close.  As well, there will be a* share purchase plan *to raise another $25 million.

Funds raised would help Bellevue Gold get into production. The equity raising coincided with a new $200 million loan and release of its* Stage Two DFS*. The study found that Bellevue was sitting on an 8.1 year mine, with life of mine EBITDA worth $2.4 billion and a “sector leading” EBITDA margin at 66 per cent.


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## Sean K (3 September 2021)

Dona Ferentes said:


> Bellevue Gold is seeking to raise $106 million in an institutional placement underwritten by Canaccord, Goldman Sachs and Macquarie . They were offering shares at 85¢ each, which was a 10 per cent discount to the last close.  As well, there will be a* share purchase plan *to raise another $25 million.
> 
> Funds raised would help Bellevue Gold get into production. The equity raising coincided with a new $200 million loan and release of its* Stage Two DFS*. The study found that Bellevue was sitting on an 8.1 year mine, with life of mine EBITDA worth $2.4 billion and a “sector leading” EBITDA margin at 66 per cent.




I thought this would have been factored into the sp prior to FS2 being released. And, it looked pretty OK to me. Not sure why punters are selling into that ann. Just going down to the spp price I guess.


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## finicky (3 September 2021)

BtL Finance
@BtLFin
·Sep 2

So if I have it right $BGL post capital raising and debt draw down should have an *EV of ~A$1B *(at 85 cents). Project *NPV = A$943M*.


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## The Triangle (29 January 2022)

The December quarterly report is a cracker of an awful piece of garbage.   There is almost no information regarding what is happening on site - that is concerning - and all they stated was that "*Planned development activities for the March quarter 2022 include camp construction and progressing the major development contracts for underground mining, power and processing infrastructure*"   No pictures, no charts, no section views.    Still big $$$ going to exploration.  

I am wondering when (if) we will see a cost blowout at BGL.   Their grade is such that no matter what they'll surely turn a profit, but they are building a mine at an awful time - labour shortages and inflation jumping up costs will probably lead to tenders for work coming back significantly higher than originally forecast in their feasibility studies (as we saw with GPR) I also noticed that the resource to reserve dropped the grade by nearly 40%.  I don't recall small miners usually producing metal at a grade higher than their reserve either...


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## finicky (29 January 2022)

Rest assured, the  m.d is at the cutting edge of remuneration - owns 34m shares and pay is $1,367,010


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## MovingAverage (30 November 2022)

I'm on this for the Dec stock picking comp. 
Like the recent momentum on BGL and has recently popped its head above a longer-term resistance level of approx. $1.02.


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## rcw1 (2 December 2022)

MovingAverage said:


> I'm on this for the Dec stock picking comp.
> Like the recent momentum on BGL and has recently popped its head above a longer-term resistance level of approx. $1.02.



Good afternoon MovingAverage,
Had a read through this thread and conducted some due diligence.  rcw1 took the bait yesterday, in and out for a joy ride. Tidy amount of coin resulted in the rcw1 piggy bank.  Nothing special or anything, but a profit anyways.  Thanks for that.  

Let rcw1 know where you want the bottle of Grange sent ha ha ha ha ha

If you don't mind rcw1 asking, do you trade this stock or keep for investment purposes... or a watching at the moment.  You also may be able to assist with a query, when are they pouring their first bar of yellow, is it planned for back-end of 2023??  thinking read that somewhere... 

Like the numbers moving with it.  Was away today, otherwise may well have gone in again.

Have a great weekend.

Kind regards
rcw1


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## MovingAverage (3 December 2022)

rcw1 said:


> Good afternoon MovingAverage,
> Had a read through this thread and conducted some due diligence.  rcw1 took the bait yesterday, in and out for a joy ride. Tidy amount of coin resulted in the rcw1 piggy bank.  Nothing special or anything, but a profit anyways.  Thanks for that.
> 
> Let rcw1 know where you want the bottle of Grange sent ha ha ha ha ha
> ...



G'day RCW,

Hahaha...I'll look forward to that Grange.

Yes I'm holding this stock in my portfolio...entered at open on Tue so happy with its performance this week.

To be honest I'm a systematic breakout trader so beyond Amibroker telling me to buy I generally don't look too much into the company so I have no idea when they're planning to pour their first yellow brick.

Aside from my system flagging BGL as a buy, the reason I like this stock is purely based on the chart....it's recently broken thru a longer term resistance level of about $1.02 and could well move up to the prior high of $1.40--enough of a gain to get me in the top 3 for this month's tipping comp.

As for my system, I suspect it will trigger my profit exit in a few weeks if current moment continues.

As always...DYOR and happy to hear you bagged a profit. It held up well yesterday despite the broader market sell off.

MA


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## rcw1 (3 December 2022)

MovingAverage said:


> ... To be honest I'm a systematic breakout trader so beyond Amibroker telling me to buy I generally don't look too much into the company so I have no idea when they're planning to pour their first yellow brick.
> 
> ...
> 
> MA



Good evening MovingAverage,
For mine honesty is right at the top of the food chain for traders, number one ...  An attribute traders must possess.
If one cannot be honest with oneself may as well give the game away. True that.

A big like from rcw1.

Have a very nice Sunday.

Kind regards
rcw1


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## Sean K (6 December 2022)

BGL 29 Nov:







BGL 6 Dec:


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## rcw1 (6 December 2022)

Sean K said:


> BGL 29 Nov:
> 
> View attachment 150145
> 
> ...



Good morning
Looks like a new trading range will be born .... ha ha ha ha

Have a very nice day, today.

Edit:  Not holding 

Kind regards
rcw1


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## finicky (6 December 2022)

M.D doesn't have to worry about dilution, he recently dipped his cup in for more. Performance shares of course, not options.

Emphatically *Not Held*


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## qldfrog (6 December 2022)

finicky said:


> M.D doesn't have to worry about dilution, he recently dipped his cup in for more. Performance shares of course, not options.
> 
> Emphatically *Not Held*



very happy to have sold a decent parcel yesterday with a 24 % profit in a week..I caught the rampup wave for a change!!!
not so lucky with ARU


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## Miner (6 December 2022)

qldfrog said:


> very happy to have sold a decent parcel yesterday with a 24 % profit in a week..I caught the rampup wave for a change!!!
> not so lucky with ARU



Lucky and smart action.
Commsec already suggesting price to be -12%.
Prices were jacked up to get the CR right.


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## qldfrog (6 December 2022)

Miner said:


> Prices were jacked up to get the CR right.



Yes classic legal scam and i am usually the loser on these but not this time 
Should blacklist as well....


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## Miner (6 December 2022)

qldfrog said:


> Yes classic legal scam and i am usually the loser on these but not this time
> Should blacklist as well....



Yes @qldfrog - my spy camera has spotted you dining with the CEO of  Timbuktoo Gold last weekend 😀 😄 👌 😉.


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## peter2 (6 December 2022)

Miner said:


> Yes @qldfrog - my spy camera has spotted you dining with the CEO of Timbuktoo Gold last weekend



Were they eating frog's legs? 

These cap raises at huge discounts are becoming a frequent hazard for short term traders. Most prices gap down and drift lower to the SPP price but the few that don't are worthy of buying. Keep an eye on it.


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## Miner (7 December 2022)

peter2 said:


> Were they eating frog's legs?
> 
> These cap raises at huge discounts are becoming a frequent hazard for short term traders. Most prices gap down and drift lower to the SPP price but the few that don't are worthy of buying. Keep an eye on it.



We will see tomorrow 😃 😊


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## qldfrog (7 December 2022)

Miner said:


> We will see tomorrow 😃 😊



Whatever happens, i am very happy with the take profit part of that system code😁


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## qldfrog (19 December 2022)

even better I think I qualify to get the SPP so might follow up and buy for a quick profit in january... or not...no rush


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## Sean K (Tuesday at 2:03 PM)

qldfrog said:


> even better I think I qualify to get the SPP so might follow up and buy for a quick profit in january... or not...no rush




Hope you did Frogster.

What a run.

Last upward phase of the Lassonde Curve I think.


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## qldfrog (Tuesday at 2:08 PM)

Sean K said:


> Hope you did Frogster.
> 
> What a run.
> 
> ...



I sent max subscription amount ...crossing fingers


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