Bellevue Gold Limited (ASX: BGL)Share Price and News

About Bellevue Gold

Bellevue Gold is an Australian gold miner focused on the Bellevue Gold Project in the Goldfields region of Western Australia. Bellevue hosts a global Mineral Resource of 3.1 million ounces at 9.9 g/t gold, including an Indicated Resource of 1.7 million ounces at 11.2 g/t.

Bellevue Gold's Company History

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.

Bellevue Gold's Future Outlook

Bellevue Gold should have a good outlook as a gold miner and as a company that has got itself back on track. The key will be not to 'go offtrack' again and deliver its FY26 and FY27 guidance.

The gold price backdrop is the company's greatest advantage. With bullion trading above US$2,900 per ounce at the time of writing (near record highs) Bellevue's strategy of pre-delivering into shorter-dated forward contracts is designed to progressively de-risk the hedge book while preserving increasing exposure to spot prices, with optionality for future cash build and debt reduction

Is BGL a Good Stock to Buy?

For patient investors, the combination of operational recovery, a record gold price, a receding hedge book, and unresolved M&A interest makes BGL one of the more nuanced turnaround propositions on the ASX.