Bellevue Gold holds firm on production outlook - Australian Mining

AI desk brief

Bellevue Gold held FY27 guidance at 150,000-170,000oz and AISC of A$2,800-A$3,100/oz despite a softer September quarter, with output falling to 35,585oz from 41,643oz as the new contractor Barminco ramped up. AISC rose to A$3,096/oz from A$2,604/oz, but management said the disruption should be largely confined to Q3 and expects production recovery in coming quarters as workforce and equipment issues ease.

The more market-relevant point is hedge-book reduction: Bellevue cut forward gold sales commitments by 11,150oz to 57,500oz through early deliveries and remains on track to eliminate the hedge book in FY27, increasing its exposure to spot gold. Underlying free cash flow before those deliveries was $47.6m, cash and gold holdings rose to $213.2m, and high-grade drilling at Deacon North continues to support mine planning.