Bellevue Gold (ASX: BGL) has capped off the 2026 financial year with a strong operational performance at its flagship Bellevue project in Western Australia. The company achieved record annual production of 143,539 ounces of gold, placing it in the top half of its guidance range while successfully hitting cost targets. For the June quarter, the project produced 41,643 ounces at an all-in sustaining cost (AISC) of A$2,604 per ounce.

The operation has benefited from a smooth transition between mining contractors, which maintained consistent development and ore haulage rates throughout the period. Mined grades held steady as the company sourced ore from five long-term mining areas. With the mine now well-established, management has upgraded production guidance for FY27, forecasting an output between 150,000 and 170,000 ounces. Part of this growth strategy involves a scheduled increase in mining rates at the high-grade Deacon North zone, which is expected to ramp up through the upcoming year.

"Our results are strong and we are hitting our targets. This has resulted in us delivering FY26 in line with our schedules and budgets."

"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."

— Darren Stralow, Managing Director and Chief Executive Officer

Financially, the company strengthened its position by ending the quarter with A$206 million in cash and gold on hand. This liquidity has supported the company’s efforts to simplify its balance sheet by voluntarily pre-delivering gold into its hedge book. By reducing forward sales commitments ahead of maturity dates, the explorer has successfully cleared its mandatory hedging obligations until June 2027. Management intends to maintain this momentum, noting that they expect to continue the accelerated pre-delivery of gold to further de-risk the balance sheet while maintaining the flexibility to invest in ongoing exploration programs.

Developmental progress remains a key focus, with underground drilling already underway at the Tribune South area. The project continues to operate with industry-leading renewable energy rates, maintaining its status as a net-zero Scope 1 and Scope 2 emission mine. As the company moves into the next fiscal year, the emphasis remains on operational compliance and maintaining the high-grade mining sequence across its core mining areas to support the increased production targets.

Read the full announcement: Quarterly Activities Report