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2026-11-06
◂ Monitor BGL ASX

BELLEVUE GOLD LIMITED

Producer · Gold · Australia Rating locked: sign in to view v8 · bgl-20261024t204952-full
Last 2026-11-06
A$1.41
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$2.1B
EV
A$1.9B
Cash
A$195.4M
Debt
A$100M
5 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$195.4M Self Funding
Debt A$100M Net cash A$95.4M
Basic shares 1.5B 2026-10-12
Runway Self Funding Positive FY26 operating cash generation; latest audited cash covers debt face principal. No finite burn runway is meaningful for a cash-generating producer.

Liquidity

Financial position

June 30 reported cash AUD195.434m; separate analyst cutoff cash estimate AUD256.570m. AUD100m secured debt repays quarterly across CY2027, with AUD25m restricted in DSRA from December 2026. The complete model retains lease and service maturities through FY2040; no new financing is assumed in positive payoffs.

Inventory composition2

Operating inventory is part of mine cash conversion; no extra equity addition on top of forecast sales. Consumables A$10.509m complete total inventory A$32.249m.

ROM stockpiles
A$12M carrying · 47,000 t
Gold in circuit and dore
A$9.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.5B
Fully diluted
1.5B

October 12 Appendix 3G reports 1,491,502,384 quoted ordinary shares and 18,885,821 performance rights. The 43,634 conversion was a transfer of existing employee-trust shares. Gross inclusion of all remaining rights is the modelling denominator; no exercise proceeds are credited.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paidOrdinary Share1.5B——
Unquoted performance rights; conservative gross inclusionPerformance Right18.9M——

KPI history

Operating metrics · Bellevue Gold Project

Bellevue production shown
011,66023,32034,98046,640Quarter ended 2024-09-30: 35,993 ozQuarter ended 2024-09-30Quarter ended 2024-12-31: 26,059 ozQuarter ended 2024-12-31Quarter ended 2025-03-31: 25,146 ozQuarter ended 2025-03-31Quarter ended 2025-06-30: 38,941 ozQuarter ended 2025-06-30Quarter ended 2025-09-30: 29,120 ozQuarter ended 2025-09-30Quarter ended 2025-12-31: 32,031 ozQuarter ended 2025-12-31Quarter ended 2026-03-31: 40,745 ozQuarter ended 2026-03-31Quarter ended 2026-06-30: 41,643 ozQuarter ended 2026-06-30
MetricUnitTrendQuarter ended 2024-09-30Quarter ended 2024-12-31Quarter ended 2025-03-31Quarter ended 2025-06-30Quarter ended 2025-09-30Quarter ended 2025-12-31Quarter ended 2026-03-31Quarter ended 2026-06-30
Bellevue productionozQuarter ended 2024-09-30: 35,993 ozQuarter ended 2024-12-31: 26,059 ozQuarter ended 2025-03-31: 25,146 ozQuarter ended 2025-06-30: 38,941 ozQuarter ended 2025-09-30: 29,120 ozQuarter ended 2025-12-31: 32,031 ozQuarter ended 2026-03-31: 40,745 ozQuarter ended 2026-06-30: 41,643 oz35,99326,05925,14638,94129,12032,03140,74541,643
Bellevue aiscAUD/ozQuarter ended 2024-09-30: 1,892 AUD/ozQuarter ended 2024-12-31: 2,765 AUD/ozQuarter ended 2025-03-31: 3,124 AUD/ozQuarter ended 2025-06-30: 2,253 AUD/ozQuarter ended 2025-09-30: 3,291 AUD/ozQuarter ended 2025-12-31: 2,989 AUD/ozQuarter ended 2026-03-31: 2,578 AUD/ozQuarter ended 2026-06-30: 2,604 AUD/oz1,8922,7653,1242,2533,2912,9892,5782,604
Bellevue throughputtQuarter ended 2024-09-30: 257,436 tQuarter ended 2024-12-31: 276,787 tQuarter ended 2025-03-31: 267,483 tQuarter ended 2025-06-30: 286,735 tQuarter ended 2025-09-30: 295,588 tQuarter ended 2025-12-31: 280,671 tQuarter ended 2026-03-31: 282,927 tQuarter ended 2026-06-30: 298,772 t257,436276,787267,483286,735295,588280,671282,927298,772
Bellevue gradeg/tQuarter ended 2024-09-30: 4.80 g/tQuarter ended 2024-12-31: 3.10 g/tQuarter ended 2025-03-31: 3.10 g/tQuarter ended 2025-06-30: 4.50 g/tQuarter ended 2025-09-30: 3.20 g/tQuarter ended 2025-12-31: 3.70 g/tQuarter ended 2026-03-31: 4.70 g/tQuarter ended 2026-06-30: 4.50 g/t4.83.13.14.53.23.74.74.5
Bellevue recovery%Quarter ended 2024-09-30: 92.00 %Quarter ended 2024-12-31: 94.00 %Quarter ended 2025-03-31: 94.00 %Quarter ended 2025-06-30: 94.00 %Quarter ended 2025-09-30: 95.60 %Quarter ended 2025-12-31: 96.10 %Quarter ended 2026-03-31: 94.60 %Quarter ended 2026-06-30: 96.00 %92.094.094.094.095.696.194.696.0
Operating metric source table40
MetricProjectPeriodPeriod typeValueStatus
Bellevue productionBellevue Gold ProjectQuarter ended 2024-09-30Quarter35,993 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2024-09-30Quarter1,892 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2024-09-30Quarter257,436 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2024-09-30Quarter4.8 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2024-09-30Quarter92 %Reported
Bellevue productionBellevue Gold ProjectQuarter ended 2024-12-31Quarter26,059 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2024-12-31Quarter2,765 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2024-12-31Quarter276,787 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2024-12-31Quarter3.1 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2024-12-31Quarter94 %Reported
Bellevue productionBellevue Gold ProjectQuarter ended 2025-03-31Quarter25,146 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2025-03-31Quarter3,124 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2025-03-31Quarter267,483 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2025-03-31Quarter3.1 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2025-03-31Quarter94 %Reported
Bellevue productionBellevue Gold ProjectQuarter ended 2025-06-30Quarter38,941 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2025-06-30Quarter2,253 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2025-06-30Quarter286,735 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2025-06-30Quarter4.5 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2025-06-30Quarter94 %Reported
Bellevue productionBellevue Gold ProjectQuarter ended 2025-09-30Quarter29,120 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2025-09-30Quarter3,291 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2025-09-30Quarter295,588 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2025-09-30Quarter3.2 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2025-09-30Quarter95.6 %Reported
Bellevue productionBellevue Gold ProjectQuarter ended 2025-12-31Quarter32,031 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2025-12-31Quarter2,989 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2025-12-31Quarter280,671 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2025-12-31Quarter3.7 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2025-12-31Quarter96.1 %Reported
Bellevue productionBellevue Gold ProjectQuarter ended 2026-03-31Quarter40,745 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2026-03-31Quarter2,578 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2026-03-31Quarter282,927 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2026-03-31Quarter4.7 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2026-03-31Quarter94.6 %Reported
Bellevue productionBellevue Gold ProjectQuarter ended 2026-06-30Quarter41,643 ozReported
Bellevue aiscBellevue Gold ProjectQuarter ended 2026-06-30Quarter2,604 AUD/ozReported
Bellevue throughputBellevue Gold ProjectQuarter ended 2026-06-30Quarter298,772 tReported
Bellevue gradeBellevue Gold ProjectQuarter ended 2026-06-30Quarter4.5 g/tReported
Bellevue recoveryBellevue Gold ProjectQuarter ended 2026-06-30Quarter96 %Reported
Company guidance5
MetricProjectPeriodLowHighStatus
Gold Productionbellevue-gold-projectFY27150,000170,000 ozCurrent
AISC At A$5700 Gold Assumptionbellevue-gold-projectFY272,8003,100 AUD/ozCurrent
Non Sustaining Capitalbellevue-gold-projectFY2790,000,000100,000,000 AUDCurrent
Explorationbellevue-gold-projectFY2725,000,00030,000,000 AUDCurrent
Corporate Cash CostsCompanyFY2720,000,00022,000,000 AUDCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2027-03-31Ann. 2026-09-22DebtA$100M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Audited hedge, power PPA and aggregate royalty obligations plus primary Royal Gold royalty terms reconciled with latest investor presentation; individual royalty contractual formulas are not all disclosed.

68,650 oz outstanding; mandatory deliveries resume June 2027. Earlier voluntary pre-delivery remains possible and changes cash timing.

Commodity Hedge · Active
Counterparties
Macquarie Bank
Applies to
Bellevue Gold Project · Gold
Economic direction
Burden
Period
Through 2028-03-31; start date not stated
Key terms
June 2027: 9,525 oz
September 2027: 20,625 oz
December 2027: 20,625 oz
March 2028: 17,875 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Power service and lease cash costs are included once in the operating model, including disclosed remaining nominal amounts after modeled mining ends. The accounting lease principal is not separately deducted in the equity bridge.

Other · Active
Counterparties
Zenith Energy Operations Pty Ltd
Applies to
Bellevue Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Lease liabilities: 237,623,000 AUD
Guarantee facility: 15,100,000 AUD
Initial term: 15 years
How it affects our valuation

No valuation treatment is available for this arrangement.

2% NSR within aggregate project royalty cash costs; not charged in addition.

Royalty · Active
Counterparties
Royal Gold Inc.
Applies to
Bellevue Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Gold NSR: 2 %
How it affects our valuation

No valuation treatment is available for this arrangement.

FY26 aggregate reported royalty expense is retained as fact. The valuation separately estimates an effective 5.25% price-linked total after reconstructing unhedged realization; individual private royalty formulas remain incomplete.

Royalty · Active
Counterparties
Western Australian government · Other private and native title royalty recipients
Applies to
Bellevue Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
FY26 aggregate royalties: 45,400,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate refining enables traceability and potential premium. No unverified premium is assumed; refining costs remain within calibrated operating costs.

Tolling Or Processing · Active
Counterparties
ABC Refinery (Australia) Pty Ltd
Applies to
Bellevue Gold Project · Gold
Economic direction
Mixed
Period
From 2023-05-25; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.