Bellevue Gold, AU0000019374

Bellevue Gold stock reports revenue growth as hedges unwind

Published on 10/07/2026 at 00:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Bellevue Gold stock posted FY26 revenue of AUD 576.3 million, up AUD 181.3 million, on September 22, 2026. FY27 output guidance is 150,000-170,000 ounces as 68,700 hedge ounces remain.

Bellevue Gold, AU0000019374, Illustration mit AI erstellt.

Bellevue Gold stock (ISIN AU0000019374) was last quoted at AUD 1.58 on the ASX on October 2, 2026. The latest company results showed FY26 revenue of AUD 576.3 million, up AUD 181.3 million year over year, according to Quartr on September 21, 2026.

Revenue rises as hedges weigh

Bellevue produced 143,500 ounces of gold and sold 142,000 ounces in FY26, while production stayed inside the 130,000-150,000-ounce guidance range. Free cash flow reached AUD 62.6 million, and EBITDA was AUD 237.5 million with a 41 percent margin, the earnings summary said.

The statutory result was weaker than the operating cash generation. Net profit after tax was AUD 7.1 million after 83,400 ounces were delivered into the hedge book at prices below spot, while operating cash flow reached AUD 252.9 million.

FY27 guidance points higher

For FY27, Bellevue guides to production of 150,000-170,000 ounces and project all-in sustaining costs of AUD 2,800-3,100 per ounce. Non-sustaining capital expenditure is guided at AUD 90 million-100 million, with exploration spending of AUD 25 million-30 million, according to Kapitales Research on September 22, 2026.

The key earnings comparison is the shift from hedged sales toward spot exposure. The outstanding hedge balance stood at 68,700 ounces on June 30, 2026, and Bellevue intends to eliminate the remaining book during FY27. That change could improve realized pricing, but it also leaves earnings more exposed to gold prices and production consistency.

Analysts weigh cash flow upside

Moelis lifted its Bellevue target price to AUD 2.10 from AUD 1.90 while retaining a Buy rating, as reported by FNArena on September 25, 2026. The broker linked the higher target to delayed cash tax payments and faster hedge closure expectations.

A separate analyst review identified a structural counterweight: Bellevue is a single-asset producer, and its FY26 all-in sustaining cost was AUD 2,827 per ounce. The investment case therefore depends on converting higher spot exposure into cash flow while maintaining production and replacing reserves through exploration.

Stock stays below yearly high

Bellevue Gold stock was last quoted at AUD 1.58 on the ASX on October 2, 2026. The price remains below the AUD 2.10 Moelis target, while the company's FY27 production range provides the next measurable test for the hedge-unwind strategy.