Bellevue Gold (BGL) Diggers & Dealers Mining Forum 2026 summary

Operational performance and production

• Achieved steady mining and processing volumes, with FY26 production of 144koz at an AISC of A$2,827/oz, exceeding FY 2026 guidance and maintaining a reserve grade of 4.7 g/ton in the second half of the year.

• Five core mining areas—Marceline, Deacon North, Deacon Main, Viago, and Tribune—are fully operational, supporting a 10-year mine life out to the mid-2030s.

• Transitioned mining contractor from Develop to Barminco with a seamless changeover, maintaining safety and operational guidance and establishing a long-term partnership.

• Processing plant, operational for under three years, averages 95–96% gold recovery, among the highest in Western Australia, with throughput near capacity.

• All-in sustaining costs and growth CapEx are among the lowest in the sector, with FY27 guidance of 150–170koz at AISC A$2,800–3,100/oz and growth capex of A$90–100M.

Financial position and balance sheet

• Cash and gold holdings reached A$206M as of June 2026, with bank debt at A$100M and no mandatory repayments until 2027.

• Hedge book reduced by over 50% during FY26, down to 68,000 from over 200,000, targeting a hedge-free position in FY27 to maximize cash flow flexibility.

• Expectation to be hedge-free and fully exposed to spot gold prices within the next 12 months, supporting a free cash flow inflection point.

• Increasing cash position and reduced liabilities position the company for further growth and investment.

• Strong free cash flow and disciplined capital management underpin ongoing investment in exploration and debt reduction.

Growth strategy and exploration

• Exploration budget for FY27 set at A$25–30M, with drilling programs ongoing and high-grade mineralization intersected near existing mining areas.

• Focus shifting from grade control to exploration, targeting extensions of existing lodes (Tribune, Bellevue, Deacon) and new parallel lodes, with multiple lodes remaining open down plunge.

• Recent exploration success includes high-grade intercepts, such as 3.5 m at 18 g/tonne and 3.5 m at 45 g/tonne, indicating significant upside.

• Planned infrastructure, including the Southern Belle decline and paste fill plant (targeting completion by end 2026), will open up multiple kilometers of strike and unlock ~100koz of high-grade ore.

• Expansion opportunities under evaluation, including plant and underground mining capacity increases, with a disciplined approach to scaling up.