Highlights

  • Bellevue Gold shares fell 8.22% on 2 February, despite gains of more than 108% over the past year.
  • Macquarie and Moelis Australia issued outperform and buy ratings with target prices above current levels.
  • December 2025 quarter production rose to over 32,000 ounces, with costs declining.

Bellevue Gold Ltd (ASX:BGL) shares moved lower in Monday’s session, declining more than 8% despite recent broker upgrades and positive quartely updates. The pullback followed the broader sector sell off as the ASX mining sector closed 3.09% lower.

Bellevue Gold Shares Decline on the Day

Bellevue Gold closed at AUD 1.73 on 2 February, down AUD 0.15 or 8.22% for the session. Despite the daily decline, the stock remains up 108.43% over the past six months.

Broker Ratings and Target Prices Remain Above Market Levels

As per Refinitiv data, Bellevue Gold continues to carry positive broker coverage. Macquarie Research has issued an outperform rating on the stock with a target price of AUD 2.00. Moelis Australia Securities has maintained a buy rating, assigning a higher target price of AUD 2.25.

These targets sit above the current market price, likely to be supported by Bellevue’s recent production growth, cost performance, and balance sheet position, as outlined in the company’s December 2025 quarterly report.

Production Increases as Grades Trend Higher

According to Bellevue Gold’s December 2025 quarterly update, gold production increased quarter-on-quarter to 32,031 ounces, with gold poured of 31,656 ounces. Gold sales totalled 31,905 ounces at an average realised price of AUD 4,292 per ounce. The company reported a project all-in sustaining cost (AISC) of AUD 2,989 per ounce, with guidance for further reductions in the second half of FY26.

Mined and processed grades rose during the quarter as higher-grade stopes were accessed in line with the mine schedule. Record ore tonnes of 307,000 tonnes at 3.8 grams per tonne gold were mined, while 281,000 tonnes were processed at an average grade of 3.7 grams per tonne. Gold recovery averaged 96.1 percent during the quarter.

Bellevue stated that a temporary production interruption occurred due to a 10-day suspension in underground development and delays accessing a high-grade stope, with these tonnes accessed in January 2026.

Cash Flow, Hedging, and Balance Sheet Update

Bellevue reported free cash flow before voluntary hedge pre-deliveries of AUD 62 million for the quarter, compared with AUD 33 million in the September 2025 quarter. This cash generation supported further reductions in forward gold sales commitments, with total hedged ounces reduced by 18,345 ounces.

As of 31 December 2025, cash and gold on hand increased to AUD 165 million, while debt remained unchanged at AUD 100 million. There are no mandatory principal repayments until calendar year 2027.

Bellevue remains on track to meet FY26 production guidance of 130,000 to 150,000 ounces and AISC guidance of AUD 2,600 to AUD 2,900 per ounce.