Bellevue Gold (BGL) Q3 2026 TU earnings summary

Executive summary

• March 2026 quarter gold production rose to 40,745oz, up from 32,031oz in the previous quarter, with gold sales at 39,754oz at an average price of A$3,459/oz and AISC dropping to A$2,578/oz.

• Year-to-date production reached 101,896oz, with sales of 101,329oz at an average AISC of A$2,916/oz; FY26 guidance of 130-150koz production and AISC of A$2,600-2,900/oz reaffirmed.

• Record underlying free cash flow before hedge pre-deliveries was A$158 million, with A$18 million after pre-deliveries; cash and gold on hand increased to A$181 million.

• No Lost Time Injuries reported for the quarter; LTIFR at 1.3 for the last 12 months.

Financial highlights

• Gold revenue for the quarter was A$137.5 million, with realised gold price at A$3,459/oz.

• Project AISC reduced to A$2,578/oz from A$2,989/oz in the prior quarter.

• Net mine cash flow for the quarter was A$9 million; free cash flow after hedge pre-deliveries was A$18 million.

• Cash and gold on hand at quarter-end was A$180.7 million; debt remained at A$100 million.

Outlook and guidance

• FY26 production guidance maintained at 130-150koz, AISC guidance at A$2,600-2,900/oz, and growth capex at A$105-115 million.

• Paste plant construction to begin in June 2026, with completion targeted for mid-FY27.

• Further reductions in hedge book commitments expected, increasing future spot gold price exposure.