Highlights

  • Bellevue produced 35,585 ounces of gold in the September quarter and sold 35,979 ounces.
  • Average realised gold price was AUD 4,980 per ounce, with project all-in sustaining costs of AUD 3,096 per ounce.
  • The mineral resource stood at 9.8Mt grading 8.6g/t gold, containing 2.7Moz.
  • The company retained FY27 production guidance of 150,000–170,000 ounces.

Bellevue Gold Limited (ASX:BGL) is progressing its latest operating and corporate priorities following developments during 2026. Its shares closed at AUD 1.315 on 3 November 2026, a daily change of -2.23%, with Market Capitalisation of approximately AUD 1.96B. The session ranged from AUD 1.315 to AUD 1.388. The operating developments and financial figures below relate to the reporting periods identified, rather than establishing a cause for the share-price movement.

Quarterly Output Reflects Contractor Transition

Bellevue produced 35,585 ounces of gold during the September quarter, compared with 41,643 ounces in the preceding quarter. The transition to Mining contractor Barminco was completed on 1 August, although the subsequent ramp-up was slower than expected. The company identified deferred production that it intended to recover in later quarters. This distinction matters: a completed contractor transition is an achieved milestone, whereas the recovery of production remains a future operating objective. Gold sales totalled 35,979 ounces for the quarter.

Grades and Costs Provide Operational Detail

The mine processed 250,702 tonnes of ore grading 4.6 grams per tonne gold, with metallurgical recovery averaging 94.9%. Ore mined totalled 203,013 tonnes at 4.7 grams per tonne. Average realised gold price was AUD 4,980 per ounce, while project all-in sustaining costs were AUD 3,096 per ounce. These measures cover mining, processing, sales pricing and costs, each describing a different stage of the business. The company maintained FY27 production guidance of 150,000–170,000 ounces and project cost guidance of AUD 2,800–AUD 3,100 per ounce.

Resource Statement Supports Mine Planning

Bellevue’s reported mineral resource totals 9.8Mt grading 8.6 grams per tonne gold, containing approximately 2.7Moz. The indicated component is 5.5Mt at 9.3 grams per tonne, containing 1.6Moz. Probable ore reserves total 6.8Mt grading 4.5 grams per tonne, containing about 1.0Moz. Resources and reserves are different technical categories and should not be added together. The figures provide a foundation for underground mine planning but are not equivalent to gold already mined, recovered or sold.

Hedge Reduction and Plant Works Remain in Focus

Bellevue reduced forward gold sales commitments by 11,150 ounces through voluntary pre-deliveries and targeted full extinguishment of its hedge book during FY27. It also reported cash and gold on hand of AUD 213.2M at the end of September. Construction of the paste plant remained on schedule, with commissioning targeted for mid-FY27. The next reporting periods will therefore cover several separate measures: production recovery, cost performance, hedge reduction and paste-plant delivery. Each target depends on further execution and should not be treated as already achieved.