Canaccord Genuity expects Australia's Bellevue Gold resources and reserves to grow

Bellevue Gold

22/06/2023 24:42

** Bellevue Gold's  BGL.AX  total resources and reserves
expected to continue growing, with an update likely later this
year - Canaccord Genuity 
    ** Brokerage says co remains on track to become Australia's
newest gold producer, with first gold expected in DecQ’23
    ** BGL's mining contractor Develop is maintaining its
impressive development rates ahead of schedule, and is set to
accelerate further - Canaccord 
    ** Brokerage expects grade-control drilling to gain
momentum, with two underground diamond rigs on site targeting
key short/medium mining areas, owing to co's advanced
development positions 
    ** Canaccord more conservative on pre-commercial production
and assumes 24 kilo ounces of gold produced in the DecQ'23 for
revenue of A$69 mln ($46.93 mln)
    ** Brokerage cuts PT to A$1.70 from A$1.75, maintains "buy"
rating 
    ** Four of five analysts rate the stock "buy" or higher, one
"hold"; their median PT is A$1.50 – Refinitiv data
    ** Stock had risen 9.3% this year, as of last close

($1 = 1.4704 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))