Bellevue Gold has delivered a strong September quarter, pouring 29,950 ounces of gold and outperforming key operational metrics as the company transitions from development to higher-grade production across its Western Australia operations.
The company processed a record 296,000 tonnes of ore at an average grade of 3.2 grams per tonne (g/t) during the quarter, with grades expected to rise further in the December period as mining advances into higher-grade stopes at the Deacon, Viago, and Deacon North mining areas.
At the same time, development rates averaged 322 metres per jumbo operator per month, which is comfortably ahead of the company’s FY26 guidance of 270 metres.
Metallurgical recoveries also exceeded expectations, hitting 95.6 per cent following recent plant upgrades.
Bellevue said that the results position the company well for its FY26 production guidance of 130,000 to 150,000 ounces.
“Operations are now well set up for increasing production through FY26 as the mining sequence progressively moves to higher-grade stoping areas,” the company said.
The strong performance translated into robust financial results, with free cash flow of around $33 million despite the development-heavy nature of the quarter.
Bellevue also moved to reduce its hedge exposure, pre-delivering 9500 ounces of gold to cut hedge commitment by almost 50 per cent for the March 2026 quarter and 17 per cent for the December 2025 quarter.
Furthermore, the company sold its spot-priced gold at an average of $5320 per ounce, strengthening its balance sheet to $156 million in cash and gold on hand.
Looking ahead, Bellevue intends to continue to use free cash flow to progressively reduce its hedge book, giving the company greater exposure to favourable spot market conditions while maintaining strong liquidity.
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