Image: Bellevue Gold
Bellevue Gold finishes FY25 in great form. It posted all-time record gold throughput, strong underground mine development and handsome A$67 million free cash flow, and is well set for FY26 as operational improvement gains momentum.
Key Facts First
Bellevue was operating at its 1.35 Mt per year (stage 1 expansion) capacity in the latter part of the year, following improved plant performance and consistent delivery of underground ore.
The operation set a quarterly record in June of 19,400 ounces, taking quarterly gold production to 38,900 ounces, up about 55% from the March quarter but below June-quarter guidance (40–45 koz). Free cash flow reversed to A$67 million and cash and bullion reserve reserves by A$65 million to A$152 million.
Upgrades to Processing Plant Drive Fuel Throughput
Significant processing plant facility upgrade facilitated Bellevue to maintain a 1.35Mtpa milling rate by late FY25, a milestone against stage 1 upgrade commissioning. Planning for future 1.6Mtpa stage 2 expansion is progressing. Improved recovery and greater underground ore throughput are facilitated through this upgrade to infrastructure.
Underground Mine Development Steps Up a Gear
Source: Stockhead
Sub-level workings were extended and stopping increased following this at Bellevue. The average monthly advance of 311m per jumbo was achieved in H2 FY25 and total underground ore movement of >1Mtpa. Higher grade feed from new mining fronts and new stope locations (predominantly at Deacon, Armand and Bellevue South) is now being accessed, replacing lower grade open-pit feed and thus a significantly enhanced payability/tonne.
Real-Time Human Story: Changing Focus to Quality and Faster Books
Credit: The WA Australian
Hidden in the statistics is a human tale of precise delivery. Teams on site dialled in underground logistics so stope tonnes came at pace without compromising quality. The plant processed that ore uninterrupted, while finance fine-tuned its cash strategy, moving from hedged contracts to taking on more exposure to spot prices. Ending the June quarter on a strong note, it was the spadework of months meeting the moment.
Financial Health and Strategic Reboot
Bellevue’s debt is good, having a face value of A$100million with no maturity payments until calendar2027. A strategic review commenced in FY25 led to an equity raise of around A$156–157M. That funding closed near-term hedges and solidified liquidity, allowing more production to benefit from record gold prices.
Direction to production decreased in FY25 to 129,000–134,000 ounces from previous estimates of 150,000–165,000 oz as a result of geological variability and reporting delays at Deacon stopes. The stope ramp-up and improved control over dilution waste now indicate that the business is well-positioned to achieve FY26 targets of ~150,000 oz and further-term goals of ~190,000 oz pa by FY2027–29 .
Why the Current Trends Matter
Record gold production and steady development progress validate upgrades aren’t theoretical—they’re taking effect.
Transition to lower-grade underground ore from open-pit heralds more uniform grades (and margins), particularly with better stope planning.
Bellevue is steadily reducing its carbon footprint by integrating wind, solar, and battery systems into its operations. The company is working toward achieving net-zero emissions for Scope 1 and 2 by the end of 2026, setting a new sustainability benchmark for Australia’s gold sector.
FY26 Guidance and Next Steps
Bellevue is gearing up to unveil its FY26 production targets in early August, building on the strong momentum it carried into the end of FY25. Investors and analysts alike are watching closely:
- Will stage 2 of the processing plant receive final approval and proceed to implementation, taking mill capacity towards 1.6Mtpa?
- Will underground development be able to hold or improve metre rates, reveal richer stopes and improve delivery?
- How will the margins respond to gold prices and hedge strategy now that additional ounces are unhedged and vulnerable to the A$5,000+/oz spot price world?
Does the company still retain its cash-rich position as it goes after growth—or could it use earmarked dividends or buybacks?
Bottom Line
Bellevue Gold starts FY25 in stronger form than it finishes it. Milestones in the upgrade of the processing plant, development of the underground mine, and cash generation now underpin a better FY26. With small misses and revised guidance, the company has shown strategic agility, positioning itself to leverage high-grade mining, capital expenditure on infrastructure, and lower legacy constraints. It’s a strong story of a gold miner changing in real time.
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