BELLEVUE GOLD LIMITED (BGL)
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BGL

BGL - BELLEVUE GOLD LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.42
Index: ASX200 | ASX300 | ALL-ORDS

Bellevue Gold is an Australian gold producer operating the Bellevue Gold Mine in Western Australia, one of Australia’s high-grade gold mines. It listed on the ASX in 2005.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.385

22 Oct
2026

0.005

OPEN

$1.40

0.36%

HIGH

$1.42

8,270,822

LOW

$1.38

TARGET
$1.90 37.2% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
BGL: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 0.5 12.8 xxx
DPS (cps) xxx 0.0 1.3 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 10.2 xxx
Dividend Yield xxx N/A 1.0% xxx
Div Pay Ratio(%) xxx N/A 10.4% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/08 - (franking Ex-Div. 1c )

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx0.5
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx576.3 M
Book Value Per Share xxxxxxxxxxxxxxx56.2
Net Operating Cash Flow xxxxxxxxxxxxxxx245.6 M
Net Profit Margin xxxxxxxxxxxxxxx1.23 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx0.86 %
Return on Invested Capital xxxxxxxxxxxxxxx0.62 %
Return on Assets xxxxxxxxxxxxxxx0.48 %
Return on Equity xxxxxxxxxxxxxxx0.86 %
Return on Total Capital xxxxxxxxxxxxxxx2.69 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx70.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx57 M
Long Term Debt xxxxxxxxxxxxxxx280 M
Total Debt xxxxxxxxxxxxxxx337 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx195 M
Price To Book Value xxxxxxxxxxxxxxx2.16

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx176.4 M
Capex % of Sales xxxxxxxxxxxxxxx30.62 %
Cost of Goods Sold xxxxxxxxxxxxxxx523 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx22 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

21/10/2026

1

Outperform

$1.80

29.96%

Bellevue Gold delivered 35,600 ozs of gold in the first quarter, slightly lower than Macquarie expected. Higher grades offset the lower mine output. The broker highlights that, in what is likely to be the weakest quarter of the year, costs were inside FY27 guidance.

The changeover of mining contractor has been completed but the ramp-up was slower than expected. The broker assesses that, if the company is unhedged, by FY28 it will be trading on a prospective EV/EBITDA of 3.9x and a FCF yield of 16%.

Outperform rating and $1.80 target.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.50 cents.
Macquarie forecasts a full year FY28 dividend of 4.00 cents and EPS of 15.80 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

22/10/2026

1

Buy

$1.90

37.18%

Canaccord Genuity maintains a Buy rating for Bellevue Gold with its target price at $1.90 following a September quarter 2026 update featuring gold production of 35.6koz, down -15% quarter-on-quarter due to a mining contractor transition.

Group AISC increased 19% quarter-on-quarter to $3,096/oz on lower sales volume and elevated sustaining capital expenditure, sitting 2% below Canaccord Genuity's estimates.

Cash and bullion grew $7m quarter-on-quarter to $213m after absorbing growth capital expenditure of -$39m, while the company delivered an -11.2koz reduction in its hedge book with full extinguishment targeted in FY27.

Management maintained FY27 guidance of 150koz-170koz at an AISC of $2,800-3,100/oz, expecting production recovery across subsequent quarters as new contractor Barminco transfers labour and the paste plant completes commissioning in mid-FY27.

The analyst lifts FY27 production estimates slightly to 159koz at an AISC of $2,920/oz, noting a price-to-net asset value multiple of 0.74x underpins the rating.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.00 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 0.00 cents and EPS of 21.00 cents.

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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BGL STOCK CHART

FNArena News on BGL

1
Australian Broker Call *Extra* Edition – Oct 23, 2026

Oct 23 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Oct 22, 2026

Oct 22 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Oct 21, 2026

Oct 21 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Oct 19, 2026

Oct 19 2026 - Daily Market Reports
5
In Brief: L1 Group, Storage King & Bellevue Gold

Sep 25 2026 - Weekly Reports

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