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Highlights:

  • Macquarie Research has assigned an “Outperform” (BUY) rating to Bellevue Gold with a price target of AUD 1.30, indicating a 41.3% upside from the current price.

  • The company is progressing toward full-scale production with underground mining nearing completion and mill expansion successfully delivered.

  • Despite a softer March quarter, Bellevue remains confident in its resource model and expects a positive finish to FY25 with projected annual production of up to 134koz.

Bellevue Gold Ltd (ASX:BGL), a high-grade gold developer based in Western Australia, has received an endorsement from Macquarie Research, which has issued an “Outperform” recommendation with a price target of AUD 1.30. This represents a significant 41.3% premium over its current market price of AUD 0.935 as of 3 July 2025. The BUY rating reflects growing investor confidence in Bellevue’s near-term production capabilities and long-life resource potential.

The analyst behind the recommendation, Andrew Bowler, revised the target price after assessing the company’s ramp-up activities and progress across key development milestones. The recommendation was last updated on 2 July 2025 and is based on data validated as of August 2024. 

Operational Momentum Strengthens Investment Case

Bellevue is nearing the completion of its underground mining ramp-up and has finalized a mill expansion that has increased throughput capacity to 1.35 million tonnes per annum (Mtpa). This positions the company well for enhanced production in FY25, as gold output is expected to rise steadily. Bellevue has also aligned its operations with renewable energy targets, striving for net-zero emissions across Scope 1 and 2 by 2026—an ESG-positive stance increasingly favored by investors.

The company’s balance sheet also shows notable improvement, with a cash reserve of approximately AUD 83 million following a pro forma post-equity raise. 

March Quarter Miss Explained, Not Alarming

The March 2025 quarter, while operationally active, delivered lower-than-expected gold production at 25,146 ounces, primarily due to geological complexities, dilution during aggressive ramp-up mining, and delays in accessing high-grade zones. However, the company stressed that April head grades returned to expected levels, and reconciliation data from the past year shows approximately 100% consistency with resource models.

Importantly, the company's mined and processed ore volumes reached record levels during the quarter.

FY25 Outlook Encouraging

Looking ahead, Bellevue forecasts FY25 gold production in the range of 129–134 thousand ounces, with an all-in sustaining cost (AISC) between AUD 2,425 and AUD 2,525 per ounce.