Key Highlights

  • Gold production fell to 35,585 ounces in the September 2026 quarter from 41,643 ounces in the June quarter.
  • The contractor transition was completed as planned but ramped up more slowly than expected.
  • The realised gold price averaged A$4,980 per ounce, and forward sales commitments were reduced by 11,150 ounces.
  • FY27 guidance was kept, and management expects to recover deferred production in later quarters.

What does it mean for a gold miner when a planned change of Mining contractor takes longer to bed in than expected? Bellevue Gold (ASX:BGL) faced that question in its September 2026 quarterly report, released on 20 October 2026. Gold production fell to 35,585 ounces from 41,643 ounces in the June quarter, and management said the transition to a new contractor was completed as planned but ramped up more slowly than hoped. The company kept its FY27 guidance and said it expects to recover the deferred production in later quarters. The quarter is a reminder that, for a single-asset producer, operational execution matters as much as the gold price. The period-specific figures provide context for the company’s operating performance and execution priorities.

The September 2026 quarter

The company also reduced its forward gold sales commitments by 11,150 ounces through voluntary pre-deliveries, and said it aims to extinguish the hedge book fully in FY27.

The company's disclosures cover the ASX release for those.

That is why management's decision to deliver into the hedge book early and to remove it altogether matters for earnings.

The FY26 position

FY26 gold output was 143,539 ounces, against guidance of 130,000 to 150,000 ounces, and All-In Sustaining Cost (AISC) was A$2,827 per ounce, within guidance of A$2,600 to A$2,900. AISC is a measure of the total cost of sustaining production per ounce, including sustaining Capital and administration.

At 30 June 2026 the company held A$206 million of cash and gold, against underlying bank Debt of A$100 million, which was unchanged, with no minimum repayments until calendar 2027. June quarter free Cash Flow was A$27.8 million after hedge pre-deliveries. Forward sales commitments fell by 83.4 thousand ounces to 68.7 thousand ounces over FY26.

If correct, they show a return to profit, but a thin one relative to revenue.

FY27 guidance

At the midpoint, that is roughly 11% more gold than FY26, with costs per ounce also higher at the midpoint than the FY26 result. Management said costs should fall in the second half as the contractor transition finishes and a paste plant is delivered. Exploration spending will rise to A$25 million to A$30 million.

Having produced 35,585 ounces in the first quarter, the company needs around 114,000 to 134,000 ounces over the remaining three quarters to reach the guidance range, an average of about 38,000 to 45,000 ounces per quarter. That is above the level of the September quarter, though near the 41,643 ounces achieved in the June quarter. The guidance therefore depends on the contractor ramp-up improving and on the deferred ounces being recovered, as management expects.

The business

Bellevue owns a high-grade underground gold mine in Western Australia, which it brought into production recently. A paste plant is under construction and on schedule.

Revenue depends on ounces sold and dollar gold price, less the drag of hedging until it is gone. Costs are dominated by underground mining, processing, power and labour.

Sector and competitive position

Bellevue's distinguishing feature is grade, which supports margins when production runs smoothly.

Risks

Contractor ramp-up and production shortfalls against a rising FY27 guidance range.

Gold price and Exchange Rate movements, plus residual hedging effects.

Single-asset concentration in Western Australia.

Cost Inflation and the timing of paste plant delivery.

Debt of A$100 million and the start of repayments in calendar 2027.

What to watch

The December 2026 quarter will show whether production recovers toward the 38,000 to 45,000 ounce average required, whether the hedge book falls further and whether costs begin to decline as management expects. Paste plant completion and exploration results from Tribune South are other milestones to follow.

Bellevue's quarter does not change its guidance, but it raises the bar for the rest of the year.