Bellevue Gold (ASX:BGL) has bumped down production guidance for FY25 and removed reference to a revised all-in cost (AISC) until later in January.

But the news isn’t all bad – at least in the Western Australian company’s eyes.

Bellevue’s production in the second half of FY25 – January to July this year – is set for 90Koz, which if you double it, equals 180Koz, the original upper ceiling for FY25 production.

That wasn’t enough to convince investors though, many of whom headed for the door after the guidance report. Bellevue shares took a -13% hit in the first half hour of trade, falling to $1/sh from $1.15/sh at open.

Guidance was bumped down by 25Koz, meaning Bellevue’s updated FY25 production now sits at 150Koz – 165Koz; the former minimum is now the upper ceiling.

Likely further souring sentiment is that the downgrade was coupled with the information Bellevue’s Q4 CY24 production was hit by lower grades from ore.

Bellevue’s diagnosis: The result of extracting from the outer regions of a target orebody on the way to a higher grade zone.

“Increased geological variability was encountered,” Bellevue wrote, but noted the Deacon asset of interest, flush with a high-grade stope, remains the priority target.

“Grade improvements are expected in the second half of FY25.”

BGL last traded at $1.00/sh.

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