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Highlights

  • Bellevue Gold shares edge higher today, slightly outperforming the broader S&P/ASX 200 Index.
  • Macquarie maintains an outperform rating, lowering its price target to AUD 1.20.
  • FY26 guidance and cost discipline seen as key for investor confidence.

Bellevue Gold Ltd (ASX: BGL), an S&P/ASX 200 Index constituent, traded modestly higher in Friday afternoon dealings. Shares changed hands at 87.2 cents, up 0.2% from yesterday’s close of 87.0 cents. This compares with a 0.1% decline in the benchmark S&P/ASX 200 Index (ASX: XJO) at the same time.

The uptick offers some respite to investors who have seen Bellevue’s share price fall 31% over the past 12 months, sharply underperforming the 54% gain recorded by the S&P/ASX All Ordinaries Gold Index (ASX: XGD). This sector-wide rally has been supported by a 35% rise in the gold price, now sitting at approximately AUD 5,220 per ounce.

Analyst Perspective

Despite Bellevue’s lagging share performance, analysts at Macquarie Group Ltd (ASX: MQG) remain constructive. The firm reiterated its outperform rating following Bellevue’s FY25 results, though it trimmed its 12-month price target by 4% to AUD 1.20.

Bellevue’s underlying EBITDA exceeded consensus by 17%, aligning closely with Macquarie’s own forecasts, despite higher-than-expected operating costs. However, a net loss after tax of AUD 46 million fell short of estimates. This was driven by a significant AUD 111 million loss from the partial closure of its hedge book earlier in the year, alongside AUD 10 million in additional interest charges on borrowings and leases.

Outlook for FY26 and Beyond

Looking ahead, Bellevue is guiding gold production of 130,000–150,000 ounces in FY26 at an all-in sustaining cost (AISC) of AUD 2,600–2,900 per ounce. Management indicated that production volumes should ramp up progressively through the year, supported by AUD 80–90 million in growth capital and exploration expenditure.

From FY27, the company is targeting annual gold output of 175,000–195,000 ounces, which would represent a step-change in scale. Macquarie’s analysts emphasised that Bellevue’s ability to deliver on FY26 guidance will be pivotal for restoring investor confidence and narrowing the gap with peers in the gold sector.