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Bellevue Gold Limited
(Sydney:BGL)
Bellevue Gold Limited (BGL) vs. iShares MSCI Australia ETF (EWA)
Bellevue Gold Limited Business Overview & Revenue Model
Bellevue Gold Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 505.84M | 505.84M | 298.41M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 103.92M | 144.97M | 109.22M | -1.57M | -1.07M | -841.00K |
| EBITDA | 59.17M | -405.00K | 111.19M | -22.99M | -16.52M | -11.40M |
| Net Income | -45.89M | -45.89M | 75.42M | -24.79M | -17.77M | -12.24M |
Balance Sheet | ||||||
| Total Assets | 1.25B | 1.25B | 934.75M | 629.65M | 369.62M | 242.00M |
| Cash, Cash Equivalents and Short-Term Investments | 151.59M | 151.59M | 48.69M | 64.72M | 117.47M | 94.09M |
| Total Debt | 342.29M | 342.29M | 307.76M | 130.23M | 1.01M | 1.11M |
| Total Liabilities | 424.93M | 424.93M | 375.11M | 202.11M | 19.09M | 21.33M |
| Stockholders Equity | 820.08M | 820.08M | 559.64M | 427.55M | 350.52M | 220.68M |
Cash Flow | ||||||
| Free Cash Flow | -55.92M | -52.91M | -96.63M | -262.99M | -111.49M | -67.80M |
| Operating Cash Flow | 135.44M | 139.14M | 113.96M | -13.28M | -8.86M | -5.55M |
| Investing Cash Flow | -192.05M | -185.30M | -217.34M | -249.72M | -102.71M | -57.37M |
| Financing Cash Flow | 160.29M | 149.07M | 87.34M | 210.22M | 137.36M | 133.14M |
Bellevue Gold Limited Technical Analysis
Bellevue Gold Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$2.24B | 11.94 | 97.13% | ― | 88.71% | 541.56% | |
67 Neutral | AU$2.07B | 17.05 | 27.46% | ― | 14.01% | 331.24% | |
62 Neutral | AU$1.88B | 33.40 | 12.22% | ― | 55.73% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | AU$2.75B | 155.88 | 1.55% | ― | 42.75% | -5.56% | |
57 Neutral | AU$2.16B | -150.94 | -6.52% | ― | ― | -29.27% | |
52 Neutral | AU$2.56B | -49.71 | -6.65% | ― | 69.51% | -153.68% |
Bellevue Gold Limited Corporate Events
Bellevue Gold Limited has announced that Michael Naylor ceased to be a director of the company on 20 January 2026, triggering a final director’s interest notice under ASX rules. At the time of his departure, Naylor held no securities as a registered holder but had indirect interests via a superannuation fund and a company controlled by his spouse, collectively covering fully paid ordinary shares and performance rights, and he held no interests in any contracts with the company; the change marks a governance shift but does not, on the face of the disclosure, signal alterations to the company’s capital structure or operational strategy.
The most recent analyst rating on (AU:BGL) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited reported strong operating cash flow for the quarter ended 31 December 2025, with net cash from operating activities of A$62.6 million driven by A$138.7 million in customer receipts, offset by production, staff, and corporate costs. After investing A$42.7 million primarily into mine properties in development and property, plant and equipment, and incurring A$7.7 million in net financing outflows largely related to interest and lease payments, the company ended the quarter with a cash balance of A$165.1 million, underscoring its solid liquidity position to support ongoing mine development and production activities.
The most recent analyst rating on (AU:BGL) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold reported a strong December 2025 quarter, with gold production rising to 32,031 ounces, record ore tonnes mined and processed at higher grades, and all-in sustaining costs falling to A$2,989/oz, with further cost reductions expected as mining progressively moves into higher-grade zones. The company generated $62 million in free cash flow before voluntary hedge pre-deliveries, reduced its forward gold sales commitments ahead of schedule to increase exposure to spot prices, lifted cash and gold on hand to $165 million while keeping debt steady at $100 million, strengthened its executive team with a new Chief Geologist, initiated a board transition, and continued to demonstrate its net zero leadership with record periods of 100% instantaneous renewable power, all while reaffirming FY26 production and cost guidance.
The most recent analyst rating on (AU:BGL) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has issued 14,365 new ordinary fully paid shares following the conversion of previously unquoted options or other unquoted convertible securities. The small-scale equity issuance reflects routine capital management as the company continues to convert unquoted instruments into listed equity, incrementally expanding its share base and potentially aligning incentives for holders of those securities without materially altering its capital structure.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.95 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has notified the market of the lapse of 834,280 performance rights, which have ceased because the conditions attached to those rights were not met or can no longer be satisfied. The change modestly reduces the company’s pool of potential equity-based incentives, signalling an adjustment in its issued capital structure but does not directly affect its existing share capital or operating activities.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$2.25 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has issued 9,732 new ordinary fully paid shares following the exercise or conversion of previously unquoted options or other unquoted convertible securities. The modest equity issuance slightly increases the company’s share capital and reflects ongoing conversion of incentive or financing-related securities, with limited immediate dilution for existing shareholders but incremental progress in crystallising previously unquoted equity into listed stock.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold reported preliminary December 2025 quarter results showing solid operational performance, with 307,000 tonnes of ore mined at 3.8 g/t for 37,000 ounces of gold and 281,000 tonnes processed at 3.7 g/t for 32,000 ounces, while surface stockpiles grew to an estimated 41,000 tonnes. Higher mined and processed grades, together with strong metallurgical recovery of 96.1% that exceeded assumptions used in FY26 guidance, helped offset the impact of one-off disruptions late in the quarter, including a temporary suspension of underground development following a safety incident and delays in accessing high-grade areas at the Deacon and Viago zones; despite these issues, development rates remained ahead of plan and Bellevue reaffirmed it is on track to meet its FY26 production target of 130,000–150,000 ounces. Financially, the company generated underlying free cash flow of about $62 million before voluntary hedge pre-deliveries, up from $33 million in the prior quarter, and continued to strengthen its balance sheet by pre-delivering gold into forward sales contracts to reduce near-term hedge commitments and increase future exposure to spot gold prices, ending December 2025 with $165 million in cash and gold on hand, an increase from $156 million in the September quarter.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has announced that Fourth Sail Capital US LP has ceased to be a substantial holder in the company as of August 12, 2025. This change in substantial holding reflects a reduction in Fourth Sail Capital’s voting power to 4.31%, which may impact Bellevue Gold’s shareholder dynamics and influence within the market.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.80 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited announced a change in the director’s interest, with Darren Stralow acquiring 1,365,160 Class AU performance rights as part of an employee incentive scheme. This issuance, approved at the company’s annual general meeting, reflects Bellevue Gold’s commitment to aligning management incentives with shareholder interests, potentially impacting the company’s operational strategies and stakeholder engagement.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.55 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has released its Modern Slavery Statement for 2025, highlighting its commitment to addressing modern slavery risks within its operations and supply chain. The company outlines its efforts in human rights policy, ethics, and integrity, and details its collaboration with industry peers to mitigate these risks. This announcement underscores Bellevue Gold’s dedication to ethical practices and its proactive approach in safeguarding human rights, which may enhance its reputation and stakeholder trust.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.55 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has announced the resumption of development at its high-grade Deacon North area, which is expected to significantly enhance production from FY27 onwards. The company is on track to meet its forecasted ore grade increases, with the Deacon North area set to become a key source of high-grade material. Additionally, Bellevue has appointed Shaun Hackett as Chief Geologist, bringing extensive experience to support the company’s production and exploration strategies.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.55 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited announced that all resolutions presented at its Annual General Meeting were successfully passed. This includes the re-election and election of directors, approval of the Employee Securities Incentive Plan, and ratification of prior share issues, which collectively strengthen the company’s governance and operational framework, potentially enhancing its market position and stakeholder confidence.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.55 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has announced the development of a new, modern mine with increasing production capabilities. This strategic move is expected to enhance the company’s operational capacity and strengthen its position in the gold mining sector, potentially benefiting stakeholders through increased output and efficiency.
The most recent analyst rating on (AU:BGL) stock is a Hold with a A$1.40 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited announced the issuance of 28,837 fully paid ordinary securities as part of their unquoted equity securities conversion. This move is part of the company’s ongoing efforts to manage its capital structure and optimize its financial operations, potentially impacting its market positioning and shareholder value.
The most recent analyst rating on (AU:BGL) stock is a Hold with a A$1.40 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has announced the issuance and conversion of unquoted equity securities, resulting in the transfer of 201,318 fully paid ordinary shares. This move is part of the company’s ongoing efforts to manage its equity structure and enhance its financial flexibility, potentially impacting its market positioning and shareholder value.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.40 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has extended its mining contract with Develop Global Limited for the Bellevue Gold Mine until July 2026, ensuring continued operational stability and increased production. The company plans to conduct a competitive tender process for future contracts to maintain strong production performance and cost efficiency.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.40 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited has announced that Fourth Sail Capital US LP has ceased to be a substantial holder in the company as of October 20, 2025. This change in substantial holding could impact Bellevue Gold’s shareholder composition and voting power dynamics, potentially influencing future strategic decisions and stakeholder interests.
The most recent analyst rating on (AU:BGL) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.
Bellevue Gold Limited reported a strong September 2025 quarter, exceeding internal production and financial targets. The company produced 29,120 ounces of gold, with sales totaling 29,670 ounces at an average price of A$4,443 per ounce. The company’s operations are well-positioned for increased production through FY26, supported by strong underground development rates and grade control drilling results. Bellevue has also strengthened its financial position by reducing hedge book commitments and increasing cash reserves. Additionally, the company has made strategic leadership appointments to enhance its operational capabilities.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$1.70 price target. To see the full list of analyst forecasts on Bellevue Gold Limited stock, see the AU:BGL Stock Forecast page.