Bellevue Gold (BGL) Q1 2026 TU earnings summary

Executive summary

• Achieved quarterly gold production of 29,120oz and gold sales of 29,670oz at an average realised price of A$4,443/oz, both ahead of internal budgets.

• Underground development rates averaged 322m per jumbo per month, exceeding FY26 guidance assumptions.

• Operations are positioned for increased production in FY26 as mining shifts to higher-grade stoping areas.

• Free cash flow before hedge book pre-deliveries was $33M, with $7M after pre-deliveries; cash and gold on hand rose to A$156M.

• Achieved net zero (Scope 1 and 2) greenhouse gas emissions for H1 2025, a world first for a gold mine.

Financial highlights

• Gold revenue for the quarter was A$131.8M, with an AISC of A$3,293/oz (up from A$2,253/oz in the previous quarter).

• Net mine cash flow was A$11M; free cash flow after hedge pre-deliveries was A$7M.

• Growth and exploration capital expenditure totaled A$25.2M, including mine development and plant upgrades.

• Debt remains at A$100M, with no mandatory repayments until CY27.

Outlook and guidance

• FY26 production guidance maintained at 130-150koz at AISC of A$2,600-2,900/oz and growth capex of A$80-90M.

• Mined grades expected to increase in the December 2025 quarter as stoping in higher-grade areas ramps up.

• Ongoing pre-delivery into hedge book to reduce forward sales commitments and increase spot price exposure.