Bellevue Gold Limited outlines a robust FY26 production outlook with potential to exceed guidance, supported by an updated 3.1 million ounce resource and 1.3 million ounce reserve. The company advances feasibility on a paste plant to enhance long-term economics.
- FY26 gold production guidance – 130,000-150,000 ounces at A$2,600-A$2,900/oz AISC
- FY27 production target raised to 175,000-195,000 ounces
- Updated Mineral Resource estimate at 3.1 million ounces (Indicated and Inferred)
- Ore Reserves adjusted to 1.3 million ounces reflecting depletion and grade control
- Growth capital and exploration budget set at $80-90 million including paste plant feasibility
Bellevue Gold's FY26 Production and Cost Outlook
Bellevue Gold Limited has released its FY26 production guidance, forecasting gold output between 130,000 and 150,000 ounces at an all-in sustaining cost (AISC) ranging from A$2,600 to A$2,900 per ounce. Notably, recent underground development rates have exceeded expectations, averaging over 300 meters per jumbo per month, surpassing the conservative planning assumption of 270 meters. This operational momentum suggests the potential for Bellevue to outperform its FY26 production and cost targets.
The company anticipates a progressive ramp-up in quarterly production throughout FY26, driven by multiple active mining fronts and the establishment of stoping access to higher-grade orebodies such as Viago and Deacon North. These areas complement existing production from Deacon, Tribune, Marceline, and Armand, setting the stage for increased output.
Resource and Reserve Updates Reflect Operational Realities
Alongside production guidance, Bellevue updated its Mineral Resource and Ore Reserve statements. The combined Indicated and Inferred Mineral Resource stands at 3.1 million ounces of gold at an average grade of 8.9 grams per tonne, a slight refinement from the previous 3.2 million ounces. The Ore Reserve estimate has been adjusted to 1.3 million ounces at 4.7 grams per tonne, reflecting approximately 135,000 ounces of depletion and a reduction primarily due to updated grade control drilling in the Marceline area.
The resource update incorporates extensive underground grade control drilling, with over 148,000 meters completed since March 2024. This drilling underpins the confidence in the mine plan and supports the ongoing development of underground platforms, including access to a significant exploration target south of Lake Miranda, estimated between 1.5 and 2.5 million ounces.
Capital Investment and Strategic Initiatives
Bellevue has allocated $80-90 million for growth capital and exploration in FY26. A key focus is the ongoing feasibility study for a paste plant, which aims to improve long-term economic returns by enhancing underground backfill capabilities. A final investment decision is expected within the fiscal year, contingent on robust operational and economic outcomes from the study.
Additional capital expenditures include $5-10 million earmarked for processing plant productivity and safety enhancements, building on the 1.35 million tonnes per annum plant upgrade completed in FY25. The company’s infrastructure benefits from a hybrid power mix of LNG/diesel, solar, and wind, supporting its ambition to achieve net-zero greenhouse gas emissions by 2026.
Mining Methods and Operational Confidence
The Bellevue Gold Project employs well-established underground mining methods tailored to orebody geometry, including top-down longhole stoping with paste fill for sub-vertical lodes and longhole stoping with footwall dilution for sub-horizontal zones. Mining recoveries are strong, with 97% recovery applied for most stoping methods based on FY25 performance.
Processing recovery is estimated at 94%, supported by metallurgical test work and operational data. The mine plan and economic model confirm the technical and financial viability of the project under current assumptions, including a gold price of A$2,750 per ounce for reserve calculations.
Outlook and Market Implications
With a clear path to ramp up production and a solid resource base, Bellevue Gold is positioned to enhance its contribution to the Australian gold sector. The company’s disciplined approach to capital allocation, operational execution, and environmental stewardship will be critical as it navigates the feasibility outcomes for the paste plant and pursues resource expansion opportunities.
Bottom Line?
Bellevue’s FY26 guidance and resource updates set the stage for potential operational outperformance and strategic growth, but the paste plant feasibility and exploration results will be pivotal next milestones.
Questions in the middle?
- Will Bellevue sustain or exceed the current underground development rates to outperform FY26 guidance?
- What are the economic implications and timeline for the paste plant investment decision?
- How will ongoing grade control drilling and exploration impact resource and reserve growth beyond FY26?