Bellevue Gold Limited reported a strong December quarter with rising grades and record ore mined, alongside a strategic reduction in its hedge book ahead of schedule. The company also achieved net zero emissions at its flagship project, underscoring its operational and sustainability credentials.
- December quarter gold production increased to 32,031 ounces
- All-in sustaining costs (AISC) fell to A$2,989/oz, with further reductions expected
- Hedge book reduced by 18,345 ounces ahead of schedule, boosting spot price exposure
- Bellevue Gold Project achieved net zero Scope 1 and 2 emissions for 2025
- Founding directors step down as new leadership appointments strengthen management
Production Momentum Builds
Bellevue Gold Limited has delivered a robust December 2025 quarter, with gold production rising to 32,031 ounces, up from 29,120 ounces in the previous quarter. This increase was driven by higher mined and processed grades, reflecting a strategic shift to richer zones within the Deacon, Viago, and Deacon North mining areas. Record ore tonnes mined at 307,000 tonnes at 3.8 grams per tonne gold underscore the company’s operational progress.
Despite a 10-day suspension in underground development late in the quarter due to a safety incident, Bellevue maintained development rates above budgeted levels. The temporary delay impacted access to some high-grade stopes, but these were successfully mined in early January 2026, setting the stage for stronger second-half production.
Cost Efficiency and Financial Strength
The company’s all-in sustaining cost (AISC) dropped to A$2,989 per ounce, down from A$3,293 in the prior quarter, with further reductions anticipated as higher-grade mining continues. Free cash flow before hedge pre-deliveries surged to $62 million, enabling Bellevue to accelerate voluntary pre-deliveries against its hedge book commitments. This strategy reduced forward gold sales commitments by 18,345 ounces, enhancing exposure to rising spot gold prices.
Cash and gold on hand increased to $165 million, while debt remained steady at $100 million with no mandatory repayments until 2027. This strong balance sheet provides flexibility for ongoing growth capital expenditure, budgeted at $80-90 million for FY26.
Sustainability Milestone Achieved
In a world-first achievement, Bellevue’s flagship gold project attained net zero greenhouse gas emissions (Scope 1 and Scope 2) for calendar year 2025. This milestone was supported by high renewable energy usage; averaging nearly 88% during the quarter; and the strategic purchase and surrender of carbon offsets for hard-to-abate emissions. The company’s power station even recorded a record 101 consecutive hours of 100% instantaneous renewable energy, reinforcing its leadership in sustainable mining.
Leadership Transitions and Exploration Outlook
Bellevue strengthened its geological expertise with the appointment of Shaun Hackett as Chief Geologist, bringing over 30 years of industry experience. Concurrently, founding directors Steve Parsons and Michael Naylor stepped down, marking a new chapter for the company’s governance. The board has already added underground mining expert Leigh Junk and is recruiting an additional director to support its growth trajectory.
Exploration activities continue apace, with a surface diamond rig now testing near-mine targets, including a promising corridor east of the Bellevue mine. This exploration, combined with advanced grade control drilling, positions Bellevue well to extend its resource base and underpin future production growth.
Bottom Line?
Bellevue’s blend of operational excellence, financial discipline, and sustainability leadership sets a strong foundation for FY26, but investors will watch closely how the company navigates upcoming exploration results and hedge book adjustments.
Questions in the middle?
- How will the recent leadership changes influence Bellevue’s strategic direction?
- What impact will further hedge book reductions have on Bellevue’s earnings volatility?
- Can ongoing exploration near the Bellevue mine unlock significant new resources?