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BGL - Belleview Gold

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Wow, that is a terrible book, an I am now surprised its even trading at these levels

 
countrylad said:
Wow, that is a terrible book, an I am now surprised its even trading at these levels

View attachment 209983
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I think the reason it's broken out is that all the other ounces they're (maybe) producing with spot POG going nuts will make these hedged ounces almost insignificant.

They must have been pretty desperate, or incompetent, in getting finance to build the mine which has left them with this legacy. My strong recommendation to current management is to pay off the hedge book immediately, if they can. Even if it takes a CR to do so. I'm sure there's some fine print that will not allow them to do something so obvious.
 
Macquarie probably required them to hedge some of their future production in order to lend the huge amount of capital to get started. The cap raise in July24 allowed them to pay of some of this debt leaving $100M. Gold production hit a few snags soon after and they raised more capital in Apr 25 to pay off most their hedges until EOY25. This allowed them to sell ongoing production in the spot market as @Sean K mentioned earning them a little extra free cash as the gold price went higher.

Annual prod guidance of 130K (cy25) and 150K in cy26 cover the whole hedge book of 152K to Mar28. This realisation has investors willing to pay more for the BGL shares now.

Price has to go much higher in order to offset the dilution caused by these two cap raises. I won't be happy until BGL shares get back to 2.00/s.
 
countrylad said:
Take over target?
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I don't suspect so @countrylad ... just pretty good performance fairly much in line with the gold sector (XGD) since May, optimised to best overall performance since the beginning of August (see chart below) compared to the gold spot price and All Ordinaries.

 
BGL ? No stress, just sit back, relax and watch. as of now he is overbought and slightly loosing momentum





Happy weekend and don't drink too much
 
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