Bellevue Gold (ASX:BGL) has delivered a standout preliminary update for the March quarter, headlined by a record underlying free cash flow of approximately $158 million.
The financial performance, a leap from the $62 million reported in the December 2025 quarter, was primarily driven by increasing ore grades and disciplined operational execution.
The company's liquidity remains strong, with cash and gold bullion on hand rising by $16 million to a total of $181 million.
Operationally, Bellevue produced 40,745 ounces of gold during the period, supported by an average processed head grade that rose to 4.7g/t gold.
The performance ensures the company remains firmly on track to meet its full-year FY26 production guidance of 130,000 to 150,000 ounces.
Higher-grade material sourced from the Deacon Main mining area was a key contributor to the quarter's success, with further development into the Deacon North area scheduled for the June quarter.
Environmental and cost efficiencies also took centre stage, as Bellevue reported that roughly 90% of its electricity demand was met by renewable energy during March.
The high adoption rate has minimised the firm's exposure to volatile diesel prices, which accounted for only 1.3% of total project costs in the year to date.
The company reduced its forward gold sales commitments by 32,500 ounces, bringing the remaining hedge book down to 91,700 ounces.
At the time of reporting, Bellevue Gold’s share price was $1.82.