Highlights

  • Bellevue Gold has received a Buy rating from Moelis Australia Securities with a target price of AUD 2.
  • Bellevue remains firmly on track to achieve FY26 production guidance.
  • Free cash flow generation and hedge book management continue to enhance balance sheet.

Bellevue Gold Limited (ASX:BGL) has received a positive endorsement from Moelis Australia Securities, which has issued a Buy rating on the company alongside a target price of AUD 2. The rating places Bellevue Gold in focus as it continues to advance operationally and financially, supported by steady production outcomes.

The analyst rating comes at a time when the company has reaffirmed its ability to meet full-year guidance for FY26. Bellevue’s December 2025 quarterly update demonstrates underlying performance that aligns with expectations.

Quarterly Performance Maintains Momentum

During the December 2025 quarter, the company reported favourable production results from its flagship Bellevue Gold Project in Western Australia. The company mined approximately 307,000 tonnes of ore at an average grade of 3.8 grams per tonne, delivering around 37,000 ounces of gold. Ore processed totalled 281,000 tonnes at an average grade of 3.7 grams per tonne, resulting in gold production of approximately 32,000 ounces.

Grades improved progressively through the quarter as mining activities increasingly accessed higher-grade zones in line with the mine schedule. Metallurgical recovery averaged 96.1 per cent, continuing to exceed the assumptions applied in FY26 guidance.

While production was temporarily constrained late in the quarter by isolated operational interruptions, these were resolved early in January 2026. Development activities have since resumed, restoring access to high-grade areas that are expected to contribute to production in subsequent months.

FY26 Guidance Remains Intact

Despite the short-term delays experienced toward the end of December, Bellevue Gold remains on track to meet its FY26 production guidance of between 130,000 and 150,000 ounces of gold. The company’s mine development rates continued to exceed plan, even with the temporary suspension, supporting confidence in forward production scheduling.

Surface stockpiles increased during the quarter, providing additional flexibility for processing and helping to smooth production profiles into the new calendar year.

Cash Flow Generation 

Financially, the company delivered encouraging outcome, generating underlying free cash flow of approximately AUD 62 million during the December 2025 quarter, boosting its balance sheet. This compares with AUD 33 million in the prior quarter, reflecting improved operating performance and disciplined cost control.

The company also continued to proactively manage its hedge book, reducing forward gold sales commitments through a combination of contracted deliveries and voluntary pre-deliveries.