Bellevue’s record-breaking quarter

Bellevue Gold (ASX: BGL) has delivered strong Q1 FY26 results, surpassing gold production and development expectations across its gold project in WA. 

The company achieved a record production volume of 296kt processed at 3.2 g/t gold, following 259kt of ore mined at 3.2 g/t gold, with grades expected to rise throughout FY26 as the mining sequence progressively moves to higher-grade stoping areas in the Deacon, Viago and Deacon North mining areas.  

Development rates for the quarter averaged 322m per jumbo operator per month, well ahead of the FY26 guidance of 270m per month. 

Following the successful completion of planned plant upgrades during the quarter, metallurgical recovery averaged 95.6%, outperforming the guidance. 

The strong performance was showcased by strong financial results, with free cash flow of about $33m despite the significant development. 

The company is moving to reduce its hedge exposure, pre-delivering 9500oz of gold to cut hedge commitment by almost 50% for Q3 and 17% for Q2. 

Spot-priced gold was sold at an average of $5320oz, underpinning Bellevue’s balance sheet of $156m in cash and gold on hand. 

Bellevue expects to continue to utilise free cash flow from a growing production profile throughout FY26 to further reduce its gold forward sales commitments, whilst also maintaining a strong cash and gold balance.