Bellevue Gold Reports $52M Operating Outflow, Cuts Loan Principal to $100M

Quarterly Cash Flow Overview

Bellevue Gold Limited has released its Appendix 5B quarterly cash flow report for the period ending 31 December 2024, revealing a net cash outflow from operating activities of $52.1 million. This figure reflects ongoing expenditures related to exploration, evaluation, and mine development as the company advances its Bellevue Gold Project.

Despite the operating cash outflow, the company demonstrated strong financial discipline by making a voluntary early principal repayment of $112.6 million on its Project Loan Facility with Macquarie Bank. This repayment reduces the outstanding principal to $100 million, reflecting a significant deleveraging move.

Debt Facility and Financing Position

The Project Loan Facility, originally established at $200 million in November 2021 and supplemented by an additional $25 million facility in August 2023, is now partially repaid with $100 million remaining. The loan carries an interest rate of BBSY plus 3.5% per annum and is secured by a first-ranking general security over Bellevue Gold Limited’s assets and subsidiaries.

Scheduled mandatory repayments of $25 million per quarter are set to commence in March 2027, providing the company with a clear timeline for debt reduction. The facility allows for early repayments without penalties, a flexibility Bellevue has already leveraged.

Liquidity and Funding Outlook

At quarter end, Bellevue Gold held $79.45 million in cash and cash equivalents, including $50 million in call deposits and $160,000 in restricted cash. When combined with the absence of unused financing facilities, this positions the company with a total available funding pool of $79.45 million.

Based on current cash flow trends, factoring in operating outflows and capitalised exploration and evaluation expenditures, the company estimates it has sufficient funding to sustain operations for approximately 51 quarters. This extended runway provides a strong buffer for ongoing project development and operational needs.

Operational and Governance Notes

Payments to related parties during the quarter amounted to $442,000, covering directors’ fees, executive salaries, and superannuation. The company has also reclassified certain cash flows in line with accounting standards to better reflect lease payments and asset transfers, ensuring transparency and compliance with ASX Listing Rules.

While the report does not provide detailed commentary on operational milestones or production guidance, the financial data underscores Bellevue Gold’s focus on managing its capital structure prudently while advancing its gold project development.