Bellevue Gold’s September quarter exceeded internal targets as it poured almost 30,000 ounces of gold, with momentum building for stronger production in the 2026 financial year.
The period’s gold production was 29,120 ounces, with the amount of gold sold hitting 29,670 ounces at an average realised price of $4443 per ounce, and a project all-in sustaining cost (AISC) of $3293 per ounce.
Ore processed was a record 296,000 tonnes with a grade of 3.2 grams per tonne (g/t) of gold (Au), with mineral recovery during the quarter at an average of 95.6 per cent after a plant upgrade.
The company also saw significant underground development, with rates averaging 322 metres per jumbo per month during the quarter, above the 270-metre rate assumed in the FY26 guidance.
Bellevue Gold managing director Darren Stralow said the results continue to reflect the “benefits of the changes” the company has recently implemented.
“Having ramped up through FY25, the September 2025 quarter prioritised decline development and development advance,” he said.
“Development advance is ahead of schedule, setting the platform for increasing production through FY26 as the operation progressively moved to new and higher-grade stoping areas.”
Bellevue’s FY26 guidance was maintained, and remains unchanged at 130,000–150,000 ounces, at AISC of $2600–$2900 per ounce.
Further on site developments and higher-grade stoping areas in Deacon and Viago are projected to drive output growth, with the Armand site’s contribution set to decrease through the year. Bellevue said Armand will be progressively replaced by newer mining areas in Deacon and Viago, as well as Deacon North.
The installation of a third and final ventilation fan at Deacon during the quarter marked the completion of all life-of-mine (LOM) infrastructure, with the company adding that it is “positioned favourably” to deliver production growth through FY26.
Strong progress on grade control drilling has also allowed underground drill rigs to be deployed for resource conversion and resource growth drilling later in FY26, with a surface diamond rig scheduled for the December 2025 quarter.
Five underground rigs are also ahead of schedule, with Deacon North to deliver first ore shipments in late FY26; drill hits including 3.2 metres at 137 g/t Au and 4.9 metres at24.9 g/t Au reinforce the current mine plan and Bellevue’s production outlook.
Bellevue recorded $33 million in free cash flow before hedge deliveries, with cash and gold on hand in the period increasing to $156 million, up from $152 million in the June quarter.
Debt remained unchanged at $100 million with no mandatory repayments until the 2027 calendar year.
The Bellevue Gold Project also achieved net zero in Scope 1 and Scope 2 greenhouse gas emissions for the first half of 2025, making it the “world’s first” net zero emissions gold mine.
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