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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 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 505.84M | 298.41M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 144.97M | 109.22M | -1.57M | -1.07M | -841.00K |
| EBITDA | -405.00K | 111.19M | -22.99M | -16.52M | -11.40M |
| Net Income | -45.89M | 75.42M | -24.79M | -17.77M | -12.24M |
Balance Sheet | |||||
| Total Assets | 1.25B | 934.75M | 629.65M | 369.62M | 242.00M |
| Cash, Cash Equivalents and Short-Term Investments | 151.59M | 48.69M | 64.72M | 117.47M | 94.09M |
| Total Debt | 342.29M | 307.76M | 130.23M | 1.01M | 1.11M |
| Total Liabilities | 424.93M | 375.11M | 202.11M | 19.09M | 21.33M |
| Stockholders Equity | 820.08M | 559.64M | 427.55M | 350.52M | 220.68M |
Cash Flow | |||||
| Free Cash Flow | -52.91M | -96.63M | -262.99M | -111.49M | -67.80M |
| Operating Cash Flow | 139.14M | 113.96M | -13.28M | -8.86M | -5.55M |
| Investing Cash Flow | -185.30M | -217.34M | -249.72M | -102.71M | -57.37M |
| Financing Cash Flow | 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$2.61B | 15.30 | 17.03% | ― | 42.75% | -5.56% | |
70 Outperform | AU$2.02B | 7.63 | 97.13% | ― | 88.71% | 541.56% | |
63 Neutral | AU$1.47B | 7.86 | 27.46% | ― | 14.01% | 331.24% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | €1.22B | 8.53 | 12.22% | ― | 55.73% | ― | |
54 Neutral | AU$1.90B | -37.45 | -8.15% | ― | ― | -29.27% | |
52 Neutral | AU$1.87B | 240.15 | -6.70% | ― | 69.51% | -153.68% |
Bellevue Gold Limited Corporate Events
Bellevue Gold has disclosed a change in the indirect shareholding of managing director Darren Stralow, following the conversion of performance rights linked to the company’s emissions targets. Stralow’s investment vehicle received 1,108,521 fully paid ordinary shares at nil cash consideration, in exchange for an equivalent number of Class AF performance rights that vested when the Bellevue Gold Project achieved net zero carbon emissions for calendar year 2025.
Following the transaction, Stralow’s indirect holding increased to 3,557,141 fully paid shares, while his remaining performance rights now consist of several other classes tied to additional performance hurdles. The conversion underscores Bellevue Gold’s use of sustainability-linked incentives in executive remuneration, aligning leadership rewards with the company’s climate objectives and potentially reinforcing its ESG positioning with investors.
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 1,130,190 new fully paid ordinary shares following the exercise or conversion of previously unquoted options or other convertible securities. The move modestly increases the company’s share capital and reflects the crystallisation of incentives or funding arrangements, slightly diluting existing shareholders while potentially strengthening the balance sheet and aligning stakeholders with the company’s long-term 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 has notified the market of the conversion of unquoted securities into 22,827 ordinary fully paid shares, effective 19 March 2026. The modest issuance reflects the exercise or conversion of existing unquoted options or other convertible instruments, incrementally increasing the company’s listed share capital and potentially broadening its investor base without signaling a major capital-raising or strategic shift.
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 applied for quotation on the ASX of 9,906,705 fully paid ordinary shares issued to CPU Share Plans Pty Limited, acting as trustee for the Bellevue Gold Limited Employee Share Trust. The shares were issued under the company’s employee incentive scheme to satisfy obligations arising from the exercise of vested performance rights, indicating ongoing use of equity-based remuneration to retain and reward staff.
The new shares, dated 18 March 2026, are ordinary fully paid securities to be traded under the existing ASX ticker BGL. While the issuance does not represent a capital raising, it modestly increases the company’s quoted share base and reflects Bellevue Gold’s continued reliance on share-based incentives as part of its compensation strategy, with dilution implications for existing shareholders being incremental.
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 12,979 new fully paid ordinary shares following the exercise or conversion of previously unquoted securities. The issuance, formally notified to the ASX via an Appendix 3G filing dated 4 March 2026, results from the conversion of unquoted options or other convertible instruments, marginally increasing the company’s share capital and reflecting ongoing utilisation of its equity-based instruments.
While small in absolute terms, the additional shares represent incremental dilution for existing shareholders as part of routine capital management. The move underscores Bellevue Gold’s continued use of unquoted equity and options in its financing and incentive structures, a common practice among Australian resource companies to align stakeholders and support project development.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$2.10 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 a Northern Hemisphere roadshow presentation outlining its current status as a producer that is delivering on its plans, de‑risking its operations and seeking to unlock further upside. The materials emphasise that the presentation is for informational purposes only, is not an offer of securities, and relies on a mix of company and third‑party data.
The company reiterates that the document contains only summary information and should be read alongside its formal ASX disclosures, with recipients urged to make independent assessments. It also stresses that the presentation does not constitute investment or financial product advice, encouraging prospective investors to consider their own objectives and seek professional guidance before making any investment decisions.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$2.10 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 half-year financial report for the period ended 31 December 2025, which is intended to be read alongside its June 2025 annual report and prior market announcements. The document outlines the company’s operating and financial review, safety and sustainability performance, and key developments at the Bellevue Gold Project, providing stakeholders with an overview of its financial position and operational progress during the half-year.
The report also details significant changes in the state of affairs, events occurring after the reporting date, and includes an auditor’s review, reflecting ongoing compliance with Australian corporate and continuous disclosure requirements. Together, these disclosures offer investors and regulators insight into Bellevue Gold’s mid-year performance, risk profile and governance, helping to frame expectations for the company’s future operational and financial trajectory.
The most recent analyst rating on (AU:BGL) stock is a Buy with a A$2.10 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 the issuance of 12,103 new fully paid ordinary shares on February 4, 2026 following the conversion of previously unquoted securities, slightly expanding its equity base without detailing broader operational changes. The small equity issuance appears routine, indicating incremental dilution but signaling ongoing employee or incentive plan participation rather than a major shift in capital strategy.
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 16,481 new ordinary fully paid shares following the exercise or conversion of previously unquoted options or other convertible securities, effective 27 January 2026. The modest increase in issued capital reflects ongoing conversion of incentive or performance-related securities into listed equity, slightly expanding the company’s share base and potentially broadening alignment between stakeholders and shareholders without materially altering its capital structure.
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 notified the market of the issue of 4,526 new ordinary fully paid shares on 21 January 2026 following the exercise or conversion of unquoted options or other unquoted convertible securities. The modest increase in issued capital reflects ongoing equity-based incentives or financing arrangements and results in a small dilution for existing shareholders, while signalling continued progression of the company’s capital management and employee or stakeholder incentive programs.
The most recent analyst rating on (AU:BGL) stock is a Hold 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 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.