Bellevue Gold Ltd. is on track to meet its fiscal 2026 production and cost guidance on the back of solid operational consistency and highly encouraging exploration results.
The Western Australian gold miner reported a strong start to the June quarter, with April and May production yielding 28,100 ounces of gold at an estimated head grade of 4.6 grams per tonne.
This takes Bellevue’s total production for the 11 months to May 31 to approximately 130,000 ounces, aligning perfectly with its full-year guidance of 130,000 to 150,000 ounces.
The company expects its all-in sustaining costs (AISC) to meet the guided range of AU$2,600 to AU$2,900 per ounce.
Bellevue attributes its resilience against economy-wide inflation to a successful renewable energy strategy, which has given it one of the lowest direct exposures to diesel costs in the resources sector.
On the exploration front, the company has kicked off its first underground extensional drilling program at Tribune South.
Enabled by the advancement of the Southern Belle Decline, the program has already intersected visible gold mineralisation.
Initial results include an impressive 3.5-metre intercept grading at 44.96 grams per tonne of gold. This drilling is designed to convert inferred resources into ore reserves and potentially unlock an entirely new, independent mining area.
Construction of the paste plant has commenced and is on schedule for commissioning in the March 2027 quarter.
Financially, Bellevue is leveraging its positive free cash flow to de-risk its balance sheet by pre-delivering into its hedge book.
The company intends to reduce its forward gold sale contracts to between 65,000 and 70,000 ounces by the end of June, down from over 91,000 ounces in March.
Bellevue Managing Director Darren Stralow said: “Progress through FY26 is in line with Bellevue’s stated goals of continued delivery against guidance, continued de-risking through hedge book pre-delivery and growth through the progressive unlocking of the excellent exploration opportunity we have at Bellevue.”
