Bellevue Gold Surpasses Production Targets, Cuts Hedge Book, and Hits Net Zero Emissions

Strong Operational Performance Sets Stage for FY26 Growth

Bellevue Gold Limited (ASX – BGL) delivered a strong September 2025 quarter, with gold production reaching 29,120 ounces and sales of 29,670 ounces, both surpassing internal budgets. The company’s underground development advanced at a record pace, averaging 322 metres per jumbo per month, well above the FY26 guidance assumption of approximately 270 metres. This accelerated development is laying the groundwork for increased production as mining shifts into higher-grade stoping zones such as Deacon, Viago, and Deacon North throughout FY26.

Ore processed hit a record 296,000 tonnes at 3.2 grams per tonne gold, with metallurgical recoveries reaching 95.6%, outperforming previous guidance. These gains follow recent plant upgrades, including the addition of a fourth Knelson concentrator and enhanced oxygen delivery, which have improved gravity circuit efficiency and reduced reagent consumption.

Financial Discipline and Hedge Book Reduction

Financially, Bellevue generated $33 million in free cash flow before hedge pre-deliveries, which was used to proactively reduce near-term hedge commitments by 9,500 ounces. This strategic move increases the company’s exposure to future spot gold prices and de-risks short-term production. After these pre-deliveries, free cash flow remained positive at $7 million for the quarter, with cash and gold on hand rising slightly to A$156 million. Debt remains steady at $100 million, with no mandatory repayments until 2027, providing flexibility for voluntary early repayments without penalties.

Leadership Strengthened Amid Strategic Review Conclusion

Bellevue’s Board has been bolstered by the appointment of Leigh Junk, an experienced mining engineer, as an independent Non-Executive Director. Additionally, Peter Ganza will join as Chief Operating Officer in January 2026, bringing extensive operational expertise from his previous roles at Ramelius Resources and other leading mining companies. These leadership enhancements, combined with operational improvements and a robust gold price environment, have enabled the company to formally conclude its Strategic Review process, signaling confidence in its growth trajectory and operational excellence.

Pioneering Sustainability Achievement

In a world-first for gold mining, Bellevue has achieved net zero greenhouse gas emissions (Scope 1 and Scope 2) for the first half of calendar year 2025. This milestone is primarily driven by high renewable energy usage at the Bellevue Gold Project, with wind turbines and solar farms contributing to an 86% renewable energy rate during the quarter. The company also recorded an 88-hour streak of 100% instantaneous renewable energy. Bellevue’s sustainability efforts have earned it a shortlist nomination for the Environmental Sustainability Excellence Award at the AIM WA Pinnacle Awards.

Outlook and Growth Opportunities

Looking ahead, Bellevue remains on track to meet its FY26 production guidance of 130,000 to 150,000 ounces at an all-in sustaining cost of A$2,600 to A$2,900 per ounce. Grade control drilling continues to deliver promising high-grade results across multiple mining areas, underpinning expectations for increased production and margins. The company plans to ramp up exploration and resource development drilling from underground platforms later in FY26 and into FY27, including testing near-mine targets with a surface diamond rig scheduled for the December quarter.

With infrastructure largely in place and operational efficiencies improving, Bellevue is well positioned to capitalise on its strong platform for growth, balancing disciplined capital management with strategic investments in mine development and sustainability.