Bellevue Gold Limited (AU:BGL)
ASX:BGL
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Bellevue Gold Limited
(Sydney:BGL)
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Rating:52Neutral
Price Target:
AU$1.50
▼(-13.79% Downside)
Action:ReiteratedDate:01/06/26
The score is held back primarily by weak fundamentals—ongoing losses and negative free cash flow—despite moderate leverage. Technicals are supportive with a strong uptrend and positive MACD, but overbought RSI/Stoch readings raise near-term risk. Valuation is also constrained by negative earnings and no dividend yield.
Positive Factors
Improved leverage (debt-to-equity 0.42)
A lower, moderate debt-to-equity ratio (0.42) reduces near-term refinancing pressure and preserves capacity to add project financing. For a development-stage miner this durable capital structure improvement supports negotiating project finance on better terms and limits solvency risk over the next few months.
Negative Factors
Negative free cash flow
Sustained negative free cash flow constrains the company's ability to fund development internally and increases reliance on external capital. Over a multi-month horizon this elevates financing, dilution and execution risk for the Bellevue project and limits flexibility to respond to cost or schedule overruns.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage (debt-to-equity 0.42)
A lower, moderate debt-to-equity ratio (0.42) reduces near-term refinancing pressure and preserves capacity to add project financing. For a development-stage miner this durable capital structure improvement supports negotiating project finance on better terms and limits solvency risk over the next few months.
Read all positive factors
Bellevue Gold Limited (BGL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.70B
Dividend YieldN/A
Average Volume (3M)19.89M
Price to Earnings (P/E)240.2
Beta (1Y)1.48
Revenue Growth69.51%
EPS Growth-153.68%
CountryAU
Employees210
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,490,655,600
10 Day Avg. Volume16,896,083
30 Day Avg. Volume19,892,541
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.44
Price to Sales (P/S)2.33
P/FCF Ratio-22.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.03Price Target Upside16.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.05
Revenue Forecast (FY)AU$706.21M
Bellevue Gold Limited Business Overview & Revenue Model
Company Description
Bellevue Gold Limited, together with its subsidiaries, engages in the exploration and evaluation of gold properties in Australia. It holds a 100% interest in the Bellevue gold project covering an area of approximately 2,700 km2 located to north-we...
How the Company Makes Money
As of publicly available information up to the company’s pre-production/development stage, Bellevue Gold Limited’s primary source of funds is not operating revenue from gold sales but external financing used to advance the Bellevue Gold Project. T...
Bellevue Gold Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
40
Negative
| 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
Positive
1.74
Price Trends
1.67
Positive
1.61
Positive
1.31
Positive
Market Momentum
0.03
Negative
56.49
Neutral
82.35
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BGL, the sentiment is Positive. The current price of 1.74 is above the 20-day moving average (MA) of 1.54, above the 50-day MA of 1.67, and above the 200-day MA of 1.31, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 56.49 is Neutral, neither overbought nor oversold. The STOCH value of 82.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BGL.
Bellevue Gold Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$2.58B | 7.63 | 68.49% | ― | 88.71% | 541.56% | |
64 Neutral | AU$3.21B | 22.93 | 17.47% | ― | 42.75% | -5.56% | |
63 Neutral | AU$1.78B | 7.86 | 22.55% | ― | 14.01% | 331.24% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | AU$1.52B | 8.53 | 12.22% | ― | 55.73% | ― | |
54 Neutral | AU$2.45B | -37.45 | -8.15% | ― | ― | -29.27% | |
52 Neutral | AU$2.70B | 240.15 | -6.70% | ― | 69.51% | -153.68% |
* Basic Materials Sector Average
AU:BGL
Bellevue Gold Limited
1.74
0.59
51.53%
AU:RSG
Resolute Mining
1.45
0.99
214.13%
AU:CYL
Catalyst Metals Limited
6.59
0.10
1.54%
AU:OBM
Ora Banda Mining
1.22
0.00
0.00%
AU:PNR
Pantoro Gold Limited
3.72
1.06
39.85%
AU:PDI
Predictive Discovery Limited
0.93
0.55
143.42%
Bellevue Gold Limited Corporate Events
Yarra Capital Exits Substantial Holder Position in Bellevue Gold
Apr 10, 2026
Yarra Capital Management and related entities have notified Bellevue Gold that they have ceased to be substantial shareholders in the company as of 8 April 2026. Between 17 January and 8 April 2026, the group recorded both acquisitions and signifi...
Bellevue Gold Issues 918,566 New Shares on Conversion of Unquoted Securities
Apr 9, 2026
Bellevue Gold Limited has issued 918,566 new ordinary fully paid shares following the conversion or exercise of previously unquoted options or other unquoted convertible securities. The issuance, dated 9 April 2026, modestly increases the company&...
Bellevue Gold posts record cash flow as grades rise and hedge book cut
Apr 7, 2026
Bellevue Gold reported March quarter production of 40,745 ounces of gold at an improved head grade of 4.7 grams per tonne, with metallurgical recoveries averaging 94.6%, keeping the company on track to meet its FY26 production and cost guidance. T...
Bellevue Gold Reports Lapse of Over 2.1 Million Performance Rights
Apr 7, 2026
Bellevue Gold Limited has announced the lapse of 2,136,132 performance rights, identified under the ASX security code BGLAB, following the failure or incapacity to satisfy the conditions attached to those rights. The cessation of these conditional...
Bellevue Gold Issues New Shares on Conversion of Unquoted Securities
Apr 1, 2026
Bellevue Gold Limited has notified the ASX of the issue of 330,794 ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The additional equity reflects the ongoing transition of unquoted options or conv...
Bellevue Gold Expands Share Base as Unquoted Securities Convert to Equity
Mar 27, 2026
Bellevue Gold Limited has issued 4,835,449 new fully paid ordinary shares following the exercise or conversion of previously unquoted securities. The issuance, effective 26 March 2026, slightly expands the company’s share base and reflects t...
Bellevue Gold boosts CEO stake after net zero-linked performance rights vest
Mar 20, 2026
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 1,10...
Bellevue Gold Issues Over 1.1 Million New Shares on Option Conversions
Mar 20, 2026
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 reflec...
Bellevue Gold Issues New Shares Following Conversion of Unquoted Securities
Mar 19, 2026
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 c...
Bellevue Gold Seeks ASX Quotation for Nearly 9.9 Million Employee Trust Shares
Mar 19, 2026
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 compan...
Bellevue Gold issues new shares following conversion of unquoted securities
Mar 4, 2026
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 th...
Bellevue Gold Outlines De‑Risked Growth in Investor Roadshow
Feb 22, 2026
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 emphasis...
Bellevue Gold Releases Half-Year Financial Report for December 2025
Feb 22, 2026
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 o...
Bellevue Gold Issues 12,103 New Shares via Option Conversion
Feb 4, 2026
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. ...
Bellevue Gold Issues New Shares Following Conversion of Unquoted Securities
Jan 28, 2026
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 o...
Bellevue Gold Issues New Shares Following Conversion of Unquoted Securities
Jan 21, 2026
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 ...
Bellevue Gold Announces Final Director’s Interest Notice for Departing Board Member
Jan 19, 2026
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 re...
Bellevue Gold Posts Strong Operating Cash Flow and Builds Cash Reserves in December Quarter
Jan 19, 2026
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 ...
Bellevue Gold lifts output, cuts hedge book and boosts cash as grades and renewables rise
Jan 19, 2026
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 a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.