BGL - Belleview Gold

[Miner]

@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

 

[greggles]

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.

 

[Sean K]

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.

View attachment 121065

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?

 

[greggles]

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.

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.

 

[Sean K]

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

View attachment 121098



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

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.

 

[finicky]

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.

 

[Sean K]

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?

 

[finicky]

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.

 

[Miner]

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

View attachment 121098



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

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.

 

[Miner]

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

 

[explod]

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.

 

[Country Lad]

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

 

[Dona Ferentes]

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.

 

[Sean K]

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.

 

[finicky]

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.

 

[The Triangle]

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...

 

[finicky]

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

 

[MovingAverage]

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.

 

[rcw1]

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

 

[MovingAverage]

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

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