Bellevue Gold Limited

Founded in 2004 as Draig Resources Limited, the company initially explored projects in Mongolia and Western Australia. It adopted the Bellevue Gold name in 2018 after pivoting to gold mining and development in Australia and experiencing success there. Bellevue’s mine, produced more than 800 000 ounces between 1986 and 1997 at an average grade of ~11 g/t, but was closed in 1997 with the view being that it had run out of life. It was picked up after it had spent 15 years in the hands of Barrick that did little work on the project. Bellevue began a drilling campaign in the last quarter of 2017 and has never looked back, eventually entering production in 2023. The company forecasted a 10 year mine life and for $2.1bn of free cash flow – and that was ata gold price of A$2,500/oz, only half of what it is now. Despite rising gold prices, 2025 was difficult because grades encountered had been lower than expected. It downgraded production guidance twice and was hit by its hedging contracts which had estimated lower gold prices. After guiding to 165-180,000oz eventually, it cut it down to 129-134,000/oz. The company undertook a $150 capital raising just to close out unfavourable hedging contracts. Things improved in the latter months of 2025 and it appears that the company will be on track in another couple of years. it guided to 130,000-150,000/oz in FY26, at an AISC of A$2,600-2,900/oz; and 175,000-195,000/oz in FY27. As of February 2026, the company confirmed its FY26 guidance was on track.