Highlights

  • Bellevue Gold achieved record FY2026 production of 143,539 ounces, within the upper half of its annual guidance range.
  • The company ended FY2026 with A$206.4 million in cash and bullion and a net cash position of A$106.4 million.
  • Underground Mining commenced at the Bellevue Gold Project under a new 48-month mining services agreement with Perenti.
  • FY2027 production guidance increased to 150,000–170,000 ounces with targeted AISC of A$2,800–A$3,100/oz.

Bellevue Gold Limited (ASX:BGL) continues to advance its position as a growing Australian gold producer, supported by strong operational performance at its 100%-owned Bellevue Gold Project in Western Australia’s northern Goldfields. The company delivered record gold production during FY2026, improved operating performance during the final quarter and entered the next phase of growth with the commencement of underground mining activities.

The Bellevue Gold Project is supported by a 1.0 Mtpa conventional gravity and carbon-in-leach processing facility, alongside an off-grid hybrid renewable energy station designed to provide a more efficient and reliable power solution for operations. The project remains a key asset within Bellevue’s strategy to establish a long-life production profile in Western Australia’s gold sector.

Record Production

Bellevue delivered FY2026 gold production of 143,539 ounces, achieving a result within the upper half of its 130,000–150,000 ounce guidance range. The production performance reflected continued operational progress at the Bellevue Gold Project and highlighted the company’s ability to maintain production momentum through the year.

During the June 2026 quarter, Bellevue produced 41,643 ounces of gold, while All-In Sustaining Costs (AISC) improved to A$2,604/oz compared with the full-year average of A$2,827/oz. The quarterly improvement reflected increased operational efficiency and progress in mining activities.

The company’s ability to deliver production near the top end of guidance provides a stronger foundation for its next stage of growth, particularly as underground mining activities begin to contribute further to the operation.

Balance Sheet Strength

Bellevue closed FY2026 with a strengthened financial position, reporting cash and bullion holdings of A$206.4 million as at 30 June 2026. Against bank Debt of A$100.0 million, the company maintained a net cash position of A$106.4 million.

The improved Balance Sheet provides financial flexibility to support ongoing development activities, underground expansion and operational initiatives at the Bellevue Gold Project. A stronger Liquidity position also gives Bellevue greater capacity to manage future Capital requirements while continuing to focus on production growth.

With gold prices remaining supportive, maintaining financial discipline remains an important Factor for the company as it moves into a higher production phase.

Underground Growth

A major milestone for Bellevue came on 1 August 2026, when the company commenced underground operations under a newly awarded 48-month mining services contract with Perenti’s Barminco business.

The approximately A$850 million contract represents a significant step in advancing underground mining at Bellevue. The transition is expected to support access to higher-grade underground resources and provide a pathway for increased production capacity over time.

The initial phase of underground operations will be closely monitored by investors, with productivity metrics, mining rates and stope performance expected to provide important indicators of operational execution.

FY2027 Outlook

Following its strong FY2026 performance, Bellevue upgraded its FY2027 production guidance to 150,000–170,000 ounces of gold, with forecast AISC between A$2,800/oz and A$3,100/oz.

The guidance reflects expectations of continued operational improvement, supported by underground mining activities and ongoing optimisation of the Bellevue Gold Project. The company’s focus remains on achieving sustainable production growth while maintaining cost control.

Key upcoming catalysts include the release of the updated Bellevue Mineral Resource and Ore Reserve Statement, the audited FY2026 Annual Report and statutory financial statements, and early underground stope productivity data from the new Perenti operating contract.

These developments are expected to provide further visibility into the project’s long-term production potential, resource base and operational performance.

Growth Drivers

Bellevue’s Investment case remains centred on the scale and quality of the Bellevue Gold Project, its expanding production profile and its strengthened financial position. The combination of a modern processing facility, underground development strategy and increased production guidance provides a pathway for future growth.

The company’s hybrid renewable energy infrastructure may also support operational efficiency by improving energy reliability and potentially reducing exposure to traditional power costs over the longer term.

As underground operations progress, execution will remain a key focus area. The company’s ability to deliver targeted production levels, manage costs and successfully integrate underground mining activities will influence future market expectations.

Risks Ahead

Bellevue faces risks associated with underground mining execution, including potential delays, productivity challenges and variations in ore grades. Cost inflation, changes in gold prices and operational disruptions could also affect profitability and cash generation.

The company’s growth strategy depends on successfully expanding underground production while maintaining costs within guidance ranges. Any challenges during the ramp-up phase could impact production forecasts and investor sentiment.

Conclusion

Bellevue Gold (ASX:BGL) enters FY2027 with strong operational momentum after achieving record FY2026 production, strengthening its balance sheet and commencing underground mining operations at the Bellevue Gold Project. The upgraded production outlook and upcoming resource updates provide important milestones for investors assessing the company’s future growth potential. Successful execution of underground operations and continued cost management will remain central to Bellevue’s ability to deliver sustainable value.