Bellevue Gold Hits Record 144koz in FY26, Boosts FY27 Guidance with Paste Plant Progress

Record FY26 Production Surpasses Guidance Midpoint

Bellevue Gold Limited (ASX:BGL) capped off FY26 with a record annual gold production of 143,539 ounces, comfortably above the midpoint of its 130,000-150,000 ounce guidance range. The June 2026 quarter alone saw output rise to 41,643 ounces at a project all-in sustaining cost (AISC) of A$2,604 per ounce, maintaining operational consistency quarter on quarter. This steady performance reflects the mine’s establishment across five key mining areas, including the newly operational Deacon North.

FY27 Guidance Raised Amid Operational Momentum

Building on this momentum, Bellevue has lifted its FY27 production guidance to between 150,000 and 170,000 ounces, with AISC forecast to range from A$2,800 to A$3,100 per ounce. The guidance factors in a ramp-up in mining contractor performance following the transition to Barminco Limited, and the integration of a new paste plant expected to boost recovery rates. Costs are anticipated to decline in the second half of FY27 as capital expenditure on growth projects winds down.

Paste Plant Construction Advances on Schedule

Construction of the paste plant, designed to improve ore recovery by approximately 7%, is well underway with GR Engineering Services Limited on site. Initial foundations and the base of the 2,000 cubic metre tailings holding tank are in place, targeting commissioning by mid-FY27. This infrastructure is expected to enhance mine productivity by enabling paste fill backfill in underground stopes, supporting higher mining rates and grade control.

Exploration Expands Underground and Surface Targets

Bellevue is intensifying its exploration efforts with an increased FY27 budget of A$25-30 million. Underground extensional drilling has commenced at Tribune South, targeting down-plunge extensions of the known ore body, with promising early intercepts including 3.5 metres at 44.96 g/t gold. Additional underground drill rigs have been secured to accelerate resource definition and expansion, complemented by ongoing surface drilling and downhole EM surveys to identify new sulphide-rich high-grade zones.

Financial Position Strengthened by Hedge Book Reduction and Cash Build

Free cash flow before hedge pre-deliveries was A$110 million for the quarter, despite increased capital spend on the paste plant and exploration. Bellevue has aggressively reduced its forward gold sales commitments by 23,000 ounces this quarter, bringing total hedge commitments down to 68,700 ounces and eliminating mandatory hedge deliveries until June 2027. This strategy enhances exposure to spot gold prices and de-risks the balance sheet. Cash and gold on hand rose to A$206 million, with debt stable at A$100 million and no mandatory principal repayments until 2027.

Sustainability Credentials Maintain Industry Leadership

Maintaining its position as the world’s first net zero Scope 1 and 2 emissions gold mine, Bellevue continues to operate with high renewable energy penetration averaging 75.4% during the quarter, despite seasonal dips. The company’s hybrid renewable power station and carbon offset strategy underpin its sustainability credentials, which remain a key differentiator in the sector.