Bellevue Gold (BGL) H2 2025 earnings summary

Executive summary

• Completed first full year of production, selling 130,164oz of gold at an average realised price of $3,886/oz, generating $505.8m in revenue and $22.2m in free cash flow, despite not meeting original production guidance due to ramp-up challenges.

• Declared commercial production in May 2024; ended FY25 with $151.6m in cash and equivalents, and net cash (after bank debt) of $51.6m.

• Achieved net zero (Scope 1 and 2) greenhouse gas emissions for H1 CY25, becoming the world's first net zero gold mine, with renewable energy penetration reaching 64% by June 2025.

• Maintained strong safety performance (LTIFR of zero in Q4 FY25), with women comprising 31.3% and Indigenous employees 6.4% of the workforce, both above industry averages.

Financial highlights

• FY25 revenue: $505.8m (up from $298.4m in FY24); gold sold: 130,164oz at $3,886/oz (FY24: 93,577oz at $3,189/oz).

• Project AISC: $2,422/oz; net profit after tax (excluding one-off items): $39.0m; reported loss after tax: $45.9m due to $110.9m forward contract close out loss and $7.2m credit fee.

• Free cash flow: $22.2m after $148.4m in growth and exploration capital; record $67m free cash flow in June 2025 quarter.

• Total assets: $1,245.0m; total liabilities: $424.9m; equity: $820.1m.

• Bank debt reduced to $100m after $112.6m voluntary repayment; no mandatory repayments until 2027.

Outlook and guidance

• FY26 gold production guidance: 130,000–150,000oz at AISC of A$2,600–A$2,900/oz; targeting 175,000–195,000oz in FY27.

• Production expected to ramp up through FY26 as higher-grade ore from Viago and Deacon North comes online; September 2025 quarter expected to be the lowest due to development focus.

• Sustained higher development rates may allow outperformance of production and cost guidance.

• Significant exploration upside remains, with a 1.5–2.5Moz exploration target to the south.