S&P/ASX 200 Index (ASX: XJO) gold stock Bellevue Gold Ltd (ASX: BGL) has smashed the benchmark returns over the past year. Yet the gold miner has still underperformed many of its peers.
In early afternoon trade today, Bellevue Gold shares are up 1.5%, changing hands for $1.70 apiece. That sees the Bellevue Gold share price up an impressive 59.9% since this time last year, racing ahead of the 4.2% gains posted by the ASX 200 over this same time.
But with the gold price having rocketed 68% over 12 months, currently trading for US$4,454 per ounce, investors in the Aussie gold miner have watched many of Bellevue's rivals post far juicier gains.
Indeed, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains some smaller miners outside of ASX 200 gold stocks – is up a blistering 114.7% over the past full year.
However, 2026 could prove to be a different story for Bellevue Gold.
Why 2026 could see Bellevue Gold shares outshine
According to Acorn Capital's Rick Squire, 2026 is shaping up to potentially be a much more profitable year for shareholders in the ASX 200 gold stock (courtesy of The Australian Financial Review).
"Bellevue Gold is an emerging gold producer but struggled in 2025 during the start-up of its high-grade underground operation," Squire said.
"Now they have raised more money and lowered guidance, Bellevue has the potential to be hedge and debt free by late 2026," Squire added. "If this is achieved, the company could experience a major re-rate."
What's the latest from the ASX 200 gold stock?
Bellevue Gold released its preliminary December quarterly update yesterday.
Shares in the ASX 200 gold stock closed down 6.4% on the day, after the miner reported delays in access to high-grade headings in production at its Deacon and Viago mine areas in the last week of December. This followed a safety incident at the site.
Underground development resumed on 4 January, and Bellevue Gold reported the high-grade tonnes will now be processed in January.
On the cash flow front, Bellevue Gold reported free quarterly cash flow (before voluntary future hedge book pre-deliveries but including the 4,700 ounces of gold of December 2025 quarter contracted hedge book deliveries) of $62 million. That's up from $33 million in the September 2025 quarter.
As for the hedge-free potential Acorn Capital's Squire mentioned above, the ASX 200 gold stock noted, "Bellevue continued pre-delivering gold and reducing near term hedge book commitments, which will increase future spot gold price exposure."
