0105 GMT - Bellevue Gold's 2Q operational update is significantly weaker than expected due to low grades, Moelis Australia analyst Paul Hissey says in a note. Access to higher grade ore--to support an uplift in production rates--has been delayed, resulting in an even stronger 2H weighting to production forecasts for the year, he says. There is "some abstruse disclosure in the result which a skeptic may choose to infer additional underperformance for the quarter," says Hissey. The update provides 2Q sales numbers but then refers to FY production guidance, which could mean that 2Q production was even lower than sales, he says. Bellevue is down 9.4% at A$1.0375/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
January 05, 2025 20:06 ET (01:06 GMT)
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