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Highlights:

  • BGL reports record Q4 free cash flow of AUD 67 million, reversing prior outflow
  • Bellevue Gold quarterly production up 55% QoQ to 38,900 oz, with lower AISC of AUD 2,253/oz
  • BGL sets FY25 output at 126,139 oz; FY26 guidance expected in early August

Bellevue Gold Ltd (ASX:BGL) shares climbed on Monday after the company released its June quarter results, highlighting improvements in production, cost efficiency, and cash generation. Shares were up 4.1% in morning trade, changing hands at AUD 0.89, after closing the previous session at AUD 0.855. Despite the intraday gain, the stock remains down approximately 21.9% year-to-date, reflecting prior investor concerns over capital expenditure and project development risks.

The June quarter marked a notable operational turnaround for the ASX 200-listed gold miner. Gold production rose 55% quarter-on-quarter to 38,900 ounces, with gold sales up 50.4% to 38,800 ounces. The company achieved an average realised price of AUD 5,147 per ounce and recorded an all-in sustaining cost (AISC) of AUD 2,253 per ounce, down from AUD 3,124 per ounce in the March quarter. Ore mined during the period totalled 290,000 tonnes at an average grade of 4.7 g/t for 43,500 contained ounces. Processed ore reached a new quarterly high of 287,000 tonnes at 4.5 g/t gold, with metallurgical recovery averaging 94.4%. The company noted June recoveries reached 95% following improvements made during a plant upgrade.

Bellevue ended the quarter with approximately 4,000 ounces on its run-of-mine stockpile and crushed ore inventory. The quarter also saw the company generate record free cash flow of AUD 67 million, compared to an outflow of AUD 30 million in the previous quarter. Gross debt remained steady at AUD 100 million, with no scheduled repayments until 2027. In terms of sustainability, Bellevue reported progress toward its net-zero (Scope 1 and 2) emissions target by 2026, completing the installation of four wind turbines. The operation recently ran for 58 consecutive hours entirely on renewable energy, according to the update.

For the full financial year 2025, Bellevue delivered gold production of 126,139 ounces, selling 130,164 ounces over the year. The full-year AISC averaged AUD 2,422 per ounce, and the company reported growth capital expenditure of AUD 148 million. Management attributed some quarterly production impact to a delay accessing a key stope at the Deacon deposit and unplanned plant maintenance earlier in the quarter. The miner plans to release its FY26 production and cost guidance in early August, which will provide additional insight into the expected trajectory of the Bellevue Gold Project as it continues its ramp-up.

Bellevue Gold is an Australian gold exploration and development company focused on the high-grade Bellevue Gold Project in Western Australia. The company is targeting development of a long-life underground operation supported by renewable power integration. Bellevue was added to the S&P/ASX 200 index in 2023. Monday’s update marked a rebound in investor sentiment as the market reacted to improving operational data and cost control. 

Looking ahead, the market will likely assess the upcoming FY26 guidance to determine whether cost improvements can be sustained and whether the production ramp-up will continue without disruption.