Bellevue Gold (ASX:BGL) reported a solid operational and financial performance for the December 2025 quarter, underpinning confidence in meeting its FY26 production guidance of 130–150koz.
The company mined 307kt of ore at 3.8 g/t for 37koz of gold and processed 281kt at 3.7 g/t for 32koz, while surface stockpiles increased to an estimated 41kt at ~2.6 g/t, equivalent to ~3.5koz.
Mined and processed grades rose through the quarter as development and stope tonnes accessed higher-grade zones in line with the mine plan.
Metallurgical recovery averaged 96.1%, exceeding the assumptions used for FY26 guidance.
Production was temporarily restricted by a safety-related suspension of underground development in the last week of December and delayed access to a high-grade stope at Deacon; both issues have since been resolved, with high-grade ore scheduled for processing in January 2026.
Despite these delays, quarterly development advance rates remained above the planned 270m per jumbo per month.
On the financial side, underlying free cash flow reached approximately $62 million, up from $33 million in the September quarter, supported by ongoing pre-delivery of forward-sold gold and reduced near-term hedge commitments.
These measures have lowered total forward sales obligations by 18,345 ounces, increasing future exposure to spot gold prices.