Image source: © 2025 Krish Capital Pty. Ltd.

Highlights 

  • In FY25, BGL’s revenue increased by 69.5% to AUD 505.8 million, driven by higher gold sales and prices. 
  • The company sets FY26 gold production guidance of 130,000–150,000 ounces at an AISC of AUD 2,600–2,900/oz.  
  • BGL’s focus is on high-grade mining areas, including Deacon North and Tribune, with expected operational efficiency gains 

Bellevue Gold Limited (ASX:BGL) is an ASX-listed gold exploration and development company focused on the high-grade Bellevue Gold Project in Western Australia. BGL is transitioning into production, with modern infrastructure and growing output. 

The company reported AUD 505.8 million in gold sales revenue for financial year 2025 (FY25), compared to AUD 298.4 million in FY2024, up 69.5% YoY. Revenue for the period was driven by higher gold sales (130,164 oz) and higher realised prices. Loss after tax reached AUD 45.9 million in FY25, compared to AUD 75.4 million profit in FY24. The losses resulted from AUD 118.1 million in one-off costs, including an AUD 110.9 million hedge close-out. Furthermore, increased depreciation, high capital investment, and lower-than-expected production impacted profitability. Cash and cash equivalents stood at AUD 151.6 million in FY25, compared to AUD 48.7 million in FY24, reflecting 211.4% increase. 

Business Updates 

Through an ASX update dated 16 September 2025, BGL announced the conversion of 130,772 unquoted performance rights into fully paid ordinary shares, including 60,000 shares issued to KMP Guy Moore. Total quoted shares are 1,480,748,913. 

Key Positive and Negative 

The company’s current ratio increased to 2.73x in FY25 from 0.86x in FY24. The debt-to-equity ratio declined to 0.42x in FY25 from 0.55x in FY24.  Return on equity was negative at -6.7% in FY25 compared to the industry median of 17.1% and gross margin was also negative at -0.8% in FY25 versus the industry median of 46.5%. 

Business Outlook  

The company targets gold production of 130,000–150,000 ounces in FY26, with an all-in sustaining cost of AUD 2,600–2,900 per ounce. Growth capital and exploration expenditure for FY26 is expected to reach AUD 80–90 million, supporting the FY27 production target of 175,000–195,000 ounces per annum. 

In FY26, the company will focus on higher-grade mining areas, including Deacon North and Tribune. The company expects to benefit from grade control drilling completed ahead of schedule and improvements in processing throughput and recoveries. 

Share Performance 

BGL shares closed at AUD 1.090 per share on 23 September 2025. Over the past year, the stock has declined 12.10%, while year-to-date it is down 3.11%. In the shorter term, BGL has gained 7.92% over the past week, 23.86% over the past month, and 23.16% over the past three months. The company’s 52-week high stands at AUD 1.660, reached on 30 October 2024, while its 52-week low of AUD 0.775 was recorded on 1 August 2025. 

Support and Resistance Summary 

 

Note 1: Past performance is neither an Indicator nor a guarantee of future performance. 

Note 2: The reference date for all price data, and currency, is 23 September 2025. The reference data in this report has been partly sourced from EODHD/Others. 

  

Technical Indicators Defined:  

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.