S&P/ASX 200 Index (ASX: XJO) gold stock Bellevue Gold Ltd (ASX: BGL) is slipping today despite reporting some strong Q4 FY 2026 results.
Bellevue Gold shares closed yesterday trading for $1.38. In morning trade on Tuesday, shares are changing hands for $1.35 apiece, down 2.2%.
For some context, the ASX 200 is down 0.2% at this same time. And in a better comparison of golden apples to golden apples, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down 1.8%, with the gold price remaining in a downward trend.
Longer term, the Bellevue Gold share price remains up 59% over the past 12 months.
Here's what the miner just reported.
Image source: Getty Images
ASX 200 gold stock notches record production
Over the June quarter, Bellevue gold produced 41,643 ounces of gold, up 2.2% quarter on quarter.
That helped lift full-year FY 2026 gold production to 143,539 ounces. That's up 13.8% from FY 2025, and it represents a new record annual production for the ASX 200 gold stock. It also came in at the higher end of the company's full-year production guidance of 130,000 ounces to 150,000 ounces.
Bellevue produced the gold at an average all-in sustaining cost (AISC) of $2,827 per ounce over the year. That's at the lower end of FY 2026 AISC guidance of $2,800 to $3,100 per ounce.
The miner sold 142,000 ounces of the yellow metal over the year for an average realised price of $4,058 per ounce. FY 2026 revenue from gold sales reached $576.3 million.
Looking to the year ahead, the ASX 200 gold stock upgraded it FY 2027 production guidance to between 150,000 ounces and 170,000 ounces of gold. Management forecasts an FY 2027 AISC in the range of $2,800 to $3,100 per ounce.
Turning to the balance sheet, as at 30 June, Bellevue reported cash and gold on hand of $206 million.
What did management say?
Commenting on the results that have yet to lift the ASX 200 gold stock today, Bellevue Gold 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."
Stralow added:
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.
Looking ahead, Stralow concluded:
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 83,400 ounces to 68,700 ounces in FY26, resulting in us being free of mandatory hedging until the end of FY27.
We anticipate further reductions in advance of the schedule.
