The Bellevue Gold Ltd (ASX: BGL) share price is in focus today after the company posted record FY26 gold production of 143,539 ounces, exceeding guidance midpoints, and reported strong free cash flow and cash reserves.
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What did Bellevue Gold report?
- June quarter gold production rose to 41,643oz (March quarter: 40,745oz)
- FY26 annual gold production hit 143,539oz at average all-in sustaining cost (AISC) of A$2,827/oz
- Free cash flow for the quarter (after hedge pre-deliveries) was $27.8 million; cash and gold on hand reached $206 million at 30 June 2026
- Project delivered to the top half of FY26 production guidance (130,000–150,000oz); AISC within guided range (A$2,600–2,900/oz)
- FY27 production guidance upgraded to 150,000–170,000oz at AISC of A$2,800–3,100/oz
- Underlying bank debt unchanged at $100 million, with no minimum repayments until CY27
What else do investors need to know?
The company achieved record mined and processed ore tonnes for the June quarter, maintaining consistent grades and strong metallurgical recovery at 96%. Development rates improved, and stockpiles of high-grade ore increased, giving flexibility heading into FY27.
Bellevue also progressed its contractor transition, with Barminco now mobilised and maintaining solid operational performance. Construction of the new paste plant is underway and on schedule, aimed at supporting mining in key areas.
Exploration remains a bright spot, with expanded underground and surface drilling. Early results at Tribune South returned notable gold intercepts, potentially opening new extensions for future growth.
What did Bellevue Gold management say?
Bellevue Managing Director and CEO, Darren Stralow, said:
Our results are strong and we are hitting our targets. This has resulted in us delivering FY26 in line with our schedules and budgets.
The performance was underpinned by consistent mine grades, with the steady production quarter on quarter reflecting the fact that the mine is now established and operating in five long-term mining areas.
With the resumption of underground and surface exploration at the mine, we are already delivering encouraging results and identifying opportunities for future production growth as additional mining areas are defined.
We continued to reduce the hedge book well ahead of schedule, with forward sales commitments reduced by 83.4koz to 68.7koz in FY26, resulting in us being free of mandatory hedging until the end of FY27. We anticipate further reductions in advance of the schedule.
What's next for Bellevue Gold?
Bellevue has lifted its FY27 production forecast, expecting to produce 150,000–170,000 ounces at an AISC of A$2,800–A$3,100 per ounce. The company expects costs to decrease in the second half as the contractor transition completes and key capital projects, like the paste plant, are delivered.
Exploration investment will rise to $25–30 million to support resource growth, with further drilling at Tribune South and other targets underway. Bellevue remains committed to sustainability, operating Australia's first net-zero (Scope 1 and 2) gold mine, and continues to focus on profitable, resilient operations supported by strong cash flow.
Bellevue Gold share price snapshot
The Bellevue Gold share price is outperforming the S&P/ASX 200 Index (ASX: XJO) on a 12-month basis with a stunning 62% gain. This has been driven by a strong operational performance and a gold price above US$4,000 an ounce.
