Bellevue Gold Shares Jump Over 8% as Miner Posts Record FY26 Gold Production and Cash Build This Week

PERTH — Shares of Bellevue Gold Ltd rose 8.08% on Wednesday to close at $1.405, as the Western Australian gold producer continued to benefit from investor enthusiasm following record annual production results and an upgraded outlook for the coming financial year.

The gain adds to strength in Bellevue shares that has built since the company reported its full-year production results in late July, with the miner delivering record output and exceeding the midpoint of its annual guidance range despite a challenging cost environment across the broader mining sector.

Record Annual Production

Bellevue reported record fiscal 2026 gold production of 143,539 ounces, landing in the top half of its guidance range of 130,000 to 150,000 ounces, with all-in sustaining costs of $2,827 per ounce falling within the company's guided range of $2,600 to $2,900 per ounce. The result capped a year in which the company said it delivered its FY26 targets in line with its schedules and budgets, reflecting consistent operational execution across its mining and processing operations.

For the June quarter specifically, Bellevue produced 41,643 ounces of gold at an average head grade of 4.5 grams per tonne, achieving a metallurgical recovery rate of 96%. Free cash flow for the quarter, after voluntary hedge book pre-deliveries, reached $27.8 million, while cash and gold on hand climbed to $206.4 million by the end of the quarter, an increase of $25.7 million from the prior three-month period.

A Cleaner Balance Sheet

A key theme of Bellevue's recent results has been the company's effort to reduce its hedge book, a set of forward sales commitments that lock in gold prices for future production. Across fiscal 2026, the miner cut forward sales commitments by 83,000 ounces, or 55%, leaving Bellevue free of contractual hedge deliveries until the end of June 2027. That reduction gives the company greater exposure to prevailing spot gold prices, a dynamic that has proven favorable given the elevated bullion price environment through much of 2026.

Underlying bank debt remained unchanged at $100 million, with no minimum repayments required until calendar year 2027, providing the company with financial flexibility as it continues to invest in growth initiatives, including construction of a paste plant approved earlier in the year.

Upgraded Outlook for FY27

Alongside its record annual results, Bellevue upgraded its production guidance for fiscal 2027 to a range of 150,000 to 170,000 ounces, at an all-in sustaining cost of $2,800 to $3,100 per ounce. The upgrade reflects the company's growing confidence in the underlying resource base at its flagship Bellevue Gold Project in the Goldfields region of Western Australia, where the mine is now operating across five established long-term mining areas.

The company noted that the resumption of both underground and surface exploration at the site has already delivered encouraging results, identifying opportunities for future production growth as additional mining areas are defined and brought into the operational plan.

Riding a Broader Sector Rally

Bellevue's gains this week have also come against a backdrop of a broader rally across Australian gold equities, with elevated gold prices continuing to support margins for producers across the sector. The company's exposure to spot gold pricing, following its significant hedge book reduction, has positioned it to capture a greater share of the upside from any further strength in bullion prices relative to peers that retain larger hedging commitments.

With record production, a strengthening balance sheet and an upgraded outlook for the year ahead, Bellevue Gold's operational trajectory has increasingly aligned with the broader bullish sentiment surrounding Australian gold producers in 2026. Investors are likely to continue watching the company's exploration results and progress on its paste plant construction as key indicators of its ability to sustain production growth into fiscal 2027 and beyond.