First and foremost, to call this a Bellevue Gold (ASX:BGL) led raise would perhaps be a distortion of the truth. Really, this is a raise by Macquarie – an investor in Bellevue apparently now feeling it’s had enough.

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In late March, Bellevue called a halt ahead of declaring downwardly revised FY25 gold production guidance. The company went into voluntary suspension not long after.

The reason this is such a big problem is that gold is currently at record highs, and the company could be making more by selling gold into the stock market. That is what Macquarie has likely determined after the bank was “prompt” in reaching out to Bellevue following recent grief.

A $156.6 million placement is now on Bellevue’s cards.

Some $40M of that will go towards the balance sheet while the remainder, by the wording of Monday’s announcement, will be used to close out hedging positions.

Then, as far as Macquarie sees it, the gold mining company will be exposed to profit off record high spot gold prices in the current market.

As for a series of production disruptions in March, for its part, Bellevue was keen to highlight those issues were a one-off.

At any rate, with US 10Y bond yields still around 4.5% and Wall Street not really sure what it’s doing, it’s not hard to see why analysts (Macquarie’s or otherwise) are putting weight behind the idea gold remains a safe haven through CY2025. The entire market is expecting that – especially if the USD continues to see downside.

The fact Bellevue hasn’t been able to do so is largely how we’ve come to this point. Worth noting: Bellevue is a $1B+ market cap company with serious insto weight behind it.

A downsizing operation is also on the cards. Bellevue is ditching a planned plant expansion, and whittling away at jobs on-site, in order to just keep making gold at the current rate, given how high prices have climbed.

As of the latest calculation, Bellevue anticipates FY25 production of 129K-134Koz, downgrades from a prior 150K-165Koz forecast. For the year, AISC is an expected $2.42K-$2.52K.

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For FY26, Bellevue has pointed at a figure “~150,000 ounces” – tilde included – but didn’t cite an AISC. For the next three years after that, the company wants to target “~190,000 ounces” a year.

BGL last traded at $1.14cps; shares are suspended.

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