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Bellevue Gold Limited
(Sydney:BGL)
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Rating:45Neutral
Price Target:
AU$1.50
▼(-11.76% Downside)
Action:Reiterated
Date:06/12/26
Overall score is weighed down primarily by weak financial performance—loss-making margins and negative free cash flow—despite some revenue growth and moderate leverage. Technicals add further pressure as the stock trades below major moving averages with bearish momentum. Valuation is also constrained by negative earnings and no stated dividend yield.
Positive Factors
High‑grade Project Focus
Bellevue concentrates on developing the Bellevue Gold Project, a focused high‑grade asset in a tier‑one gold jurisdiction. This concentrated project development strategy creates a durable path to asset de‑risking, reserve conversion and eventual cash‑generating production if milestones are met.
Negative Factors
Weak Profitability
Persistent negative profit and EBIT margins indicate the company cannot currently convert revenue into earnings. Over the medium term this undermines the ability to self‑fund capital needs, reduces internal reinvestment capacity and raises reliance on external capital to reach production.
Read all positive and negative factors
Positive Factors
Negative Factors
High‑grade Project Focus
Bellevue concentrates on developing the Bellevue Gold Project, a focused high‑grade asset in a tier‑one gold jurisdiction. This concentrated project development strategy creates a durable path to asset de‑risking, reserve conversion and eventual cash‑generating production if milestones are met.
Read all positive factors
Bellevue Gold Limited (BGL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.96B
Dividend YieldN/A
Average Volume (3M)19.89M
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue Growth17.08%
EPS Growth-158.79%
CountryAU
Employees210
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.04
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$1.89Price Target Upside10.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.16
Revenue Forecast (FY)AU$907.84M
Bellevue Gold Limited Business Overview & Revenue Model
Company Description
Bellevue Gold Limited, along with its associated companies, is actively involved in the exploration and evaluation of gold deposits across Australia. The firm holds a 100% interest in several prominent projects, including the Bellevue gold project...
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 | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 552.23M | 505.84M | 298.41M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 90.14M | 144.97M | 109.22M | -1.57M | -1.07M | -841.00K |
| EBITDA | 129.56M | -405.00K | 111.19M | -22.99M | -16.52M | -11.40M |
| Net Income | -55.32M | -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 | 165.06M | 151.59M | 48.69M | 64.72M | 117.47M | 94.09M |
| Total Debt | 339.68M | 342.29M | 307.76M | 130.23M | 1.01M | 1.11M |
| Total Liabilities | 421.67M | 424.93M | 375.11M | 202.11M | 19.09M | 21.33M |
| Stockholders Equity | 830.95M | 820.08M | 559.64M | 427.55M | 350.52M | 220.68M |
Cash Flow | ||||||
| Free Cash Flow | -38.20M | -52.91M | -96.63M | -262.99M | -111.49M | -67.80M |
| Operating Cash Flow | 145.58M | 139.14M | 113.96M | -13.28M | -8.86M | -5.55M |
| Investing Cash Flow | -191.22M | -185.30M | -217.34M | -249.72M | -102.71M | -57.37M |
| Financing Cash Flow | 124.50M | 149.07M | 87.34M | 210.22M | 137.36M | 133.14M |
Bellevue Gold Limited Technical Analysis
Negative
1.70
Price Trends
1.45
Negative
1.55
Negative
1.50
Negative
Market Momentum
-0.05
Negative
43.15
Neutral
44.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BGL, the sentiment is Negative. The current price of 1.7 is above the 20-day moving average (MA) of 1.36, above the 50-day MA of 1.45, and above the 200-day MA of 1.50, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 43.15 is Neutral, neither overbought nor oversold. The STOCH value of 44.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | AU$2.16B | 8.64 | 68.49% | ― | 82.10% | 237.67% | |
66 Neutral | AU$5.74B | 17.90 | 9.94% | 1.92% | 13.34% | -15.96% | |
64 Neutral | AU$2.03B | 11.47 | 17.01% | ― | 10.67% | ― | |
62 Neutral | AU$1.93B | 15.76 | 9.92% | ― | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | AU$692.43M | 40.63 | 6.29% | ― | ― | ― | |
45 Neutral | AU$1.96B | -29.27 | -6.70% | ― | 17.08% | -158.79% |
* Basic Materials Sector Average
AU:BGL
Bellevue Gold Limited
1.29
0.38
41.99%
AU:RSG
Resolute Mining
0.92
0.25
36.57%
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Alkane Resources Ltd
1.39
0.71
103.68%
AU:OBM
Ora Banda Mining
1.12
0.42
59.29%
AU:RMS
Ramelius Resources Limited
2.95
0.56
23.53%
AU:BC8
Black Cat Syndicate Ltd.
0.91
0.09
10.98%
Bellevue Gold Limited Corporate Events
Bellevue Gold Issues New Shares on Conversion of Unquoted Securities
Jun 17, 2026
Bellevue Gold Limited has issued 5,404 new ordinary fully paid shares following the conversion of previously unquoted options or other unquoted convertible securities. The modest equity issuance marginally increases the company’s share capit...
Bellevue Gold on Track to Beat FY26 Output Midpoint as Tribune South Drilling Hits High Grades
Jun 16, 2026
Bellevue Gold says production for the 11 months to 31 May 2026 reached about 130,000 ounces at an estimated head grade of 4.6 grams per tonne, putting it on track to beat the midpoint of its full-year output guidance while keeping all-in sustainin...
Bellevue Gold Issues New Shares on Exercise of Unquoted Securities
Jun 10, 2026
Bellevue Gold Limited has notified the market of the issue of 49,821 ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The new shares, issued on 5 June 2026, represent a small expansion of the compa...
Bellevue Gold awards A$850m underground mining contract to Barminco
May 12, 2026
Bellevue Gold has awarded a four-year underground mining contract for its Bellevue Gold Mine in Western Australia to Barminco Limited, valued at about A$850 million and commencing on 1 August 2026, with an option to extend by up to 12 months. The ...
Bellevue Gold outlines progress and risk management at Macquarie Australia Conference
May 6, 2026
Bellevue Gold used its presentation at the Macquarie Australia Conference 2026 to outline its current status as a company that is delivering on plans, de-risking its operations and seeking to unlock further upside. The materials emphasise that the...
Bellevue Gold Issues New Shares on Conversion of Unquoted Securities
Apr 22, 2026
Bellevue Gold Limited has notified the ASX of the issue of 34,263 new fully paid ordinary shares following the conversion of previously unquoted securities. The additional equity, issued on 22 April 2026, represents a minor dilution for existing s...
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...
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.