공시 • Dec 22
Bellevue Gold Limited Provides an Update on Recent Activities Aimed at Accelerating Development of its Bellevue Gold Project
Bellevue Gold Limited provided an update on recent activities aimed at accelerating development of its Bellevue Gold Project. The first draw down of $35 million from the Project Loan Facility (PLF) with Macquarie Bank Limited (Macquarie) was completed on 21 December 2022 in line with first draw down requirements. The proceeds from the initial drawdown will be used to meet budgeted project expenditure requirements. The project remains fully funded with pro forma cash at bank of $142 million as at 30 November 2022 and total liquidity of $307 million. Recent works include further acceleration of the underground development with a third underground jumbo rig mobilised to site by contractor Develop Global Limited (Develop). The jumbo, which is being commissioned and is due to commence work at the start of January 2023, will be used to develop additional access in the Marceline area. Underground development rates are expected to continue increasing with the ramp up of ore drives starting in the new year. Single heading development at the Viago decline is also now switching to twin headings with the bifurcation of the Deacon decline reached. Overall development rates continue to exceed the project schedule, putting the project well on track to meet commercial production in the second half of calendar year 2023. Detailed design for the Tribune box cut, which has been brought forward in the schedule, is underway and works have been included in the open pit tender, which is on schedule to be awarded in January 2023. An additional underground diamond drill rig has been secured and will be mobilised to site in late January 2023. The additional diamond drilling will be conducting step out exploration and Resource definition drilling to grow the project Reserve base. Site works at the processing plant are progressing well with key infrastructure bulk earthworks and civils complete, including CIL, ball mill, crushers and thickeners. Over 1,100m of structural concrete has been poured over a five-week period, which more than half of the concrete required for the project. Tank construction has commenced and is progressing ahead of schedule, with tank floor and strake assembly and welding ongoing. Long lead items continue to arrive on site and into Perth, along with structural steel, grid mesh and platework. Having ordered long lead items as part of the initial early works agreement with GR Engineering Services Limited. Bellevue and Energy Developments Pty Ltd. (EDL) are continuing to progress negotiations in relation to a Power Purchase Agreement (PPA) for the project, which is a key step in Bellevue's strategy to be powered by a forecast average of 80% renewable energy each year using a wind, solar and battery hybrid power solution. The successful completion of the $60 million placement was announced on 6 December 2022 which will be used to fund the increased and accelerated underground mining plan and further growth drilling. Bellevue is offering eligible shareholders in Australia and New Zealand the opportunity to participate in a share purchase plan of up to $10 million which is open until 5.00pm (ASWT) on 13 January 2023. Recent works include further acceleration of the underground development with a third underground jumbo rig mobilised to site by contractor Develop. The jumbo, which is being commissioned and is due to commence work at the start of January 2023, will be used to bring forward access in the Marceline area and fast track development in the Deacon Main decline and access. Underground development rates are expected to continue increasing with the ramp up of ore drives starting in the new year. Single heading development at the Viago decline is also now switching to twin headings with the bifurcation of the Deacon decline reached. Two raisebore rigs have now been mobilised to site, with drilling continuing for escapeway access to the Northern mining district and an additional raisebore commissioned and drilling to develop a ventilation rise to the surface for the Southern mining district. Overall development rates continue to exceed the project schedule, putting the project well on track for commercial production in the second half of calendar year 2023. Development will focus on high-confidence, high-grade, sub-vertical mining areas to de-risk the production schedule. The additional development fast-tracks Marceline and Deacon, and opens additional mining areas earlier in the mine sequence. Detailed design for the Tribune box cut, which has been brought forward in the schedule, is underway and works have been included in the open pit tender, which is on schedule to be awarded in January 2023. An additional underground diamond drill rig has been secured and will be mobilised to site in late January 2023. The additional diamond drilling will be conducting step out exploration and Resource definition drilling to grow the project Reserve base. The additional drilling will fast-track grade control drilling at Marceline to support the accelerated mine plan, target Resource growth, and Reserve conversion from underground drilling platforms, and continue testing down hole conductive electromagnetic (DHEM) targets outside the current Resource. Site works at the processing plant are progressing well with key infrastructure bulk earthworks and civils complete, including CIL, ball mill, crushers and thickeners. Over 1,100m3 of structural concrete has been poured over a five-week period, which is more than half the concrete required for the project. Tank construction has commenced and is progressing ahead of schedule, with tank floor and strake assembly and welding ongoing. Long lead items continue to arrive on site and into Perth, along with structural steel, grid mesh and platework. Having ordered long lead items as part of the initial early works agreement with GRES, procurement is well ahead of construction schedule, allowing on site teams to continue unabated.