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: 1.54
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

$1.30

04 Aug
2026

0.035

OPEN

$1.28

2.77%

HIGH

$1.31

4,170,415

LOW

$1.25

TARGET
$1.767 35.9% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
BGL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 3.5 - 0.4 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A 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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-3.5
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx505.8 M
Book Value Per Share xxxxxxxxxxxxxxx55.6
Net Operating Cash Flow xxxxxxxxxxxxxxx127.9 M
Net Profit Margin xxxxxxxxxxxxxxx-9.07 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-6.65 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.67 %
Return on Assets xxxxxxxxxxxxxxx-3.73 %
Return on Equity xxxxxxxxxxxxxxx-6.65 %
Return on Total Capital xxxxxxxxxxxxxxx7.81 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-62.8 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx6 M
Long Term Debt xxxxxxxxxxxxxxx336 M
Total Debt xxxxxxxxxxxxxxx342 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx152 M
Price To Book Value xxxxxxxxxxxxxxx1.62

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx192.1 M
Capex % of Sales xxxxxxxxxxxxxxx37.97 %
Cost of Goods Sold xxxxxxxxxxxxxxx407 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx20 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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

29/07/2026

1

Buy

$1.60

23.08%

Bellevue Gold pre-released a robust June quarter production update of 41.6koz, bringing FY26 at 144koz, above the mid-point of guidance, UBS explains.

The latest update showed AISC for the quarter at $2,604/oz and growth capex of $20m which were basically aligned with forecasts. Management has continued to shrink the hedge book which could now be "extinguished" by FY27, according to the analyst.

FY27 production guidance of 150koz-170koz missed the broker's prior forecasts and AISC of $2,800/oz-$3,100/oz was indicated. Production guidance also missed the gold producer's prior guidance.

EPS forecasts are downgraded by -8% for FY27 and -11% for FY28. A free cash flow yield of 15% for FY27 makes the stock attractive.

Buy rating maintained with a lower target of $1.60 from $1.80.

FORECAST
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.00 cents.
UBS forecasts a full year FY27 dividend of 0.00 cents and EPS of 25.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

30/07/2026

2

Upgrade to Overweight from Neutral

$1.35

3.85%

Jarden upgrades to an Overweight rating for Bellevue Gold with a $1.35 target price following preliminary expectations for FY26 operational results.

Full-year FY26 metrics project revenue of $576m, EBITDA of $238m, and net profit after tax of $6m, alongside an estimated net debt position of -$135m when including lease liabilities.

Management's FY27 production guidance of 160koz to 170koz appears conservative to the analyst relative to house estimates of 170koz and market consensus of 165koz.

All-in sustaining cost guidance for FY27 ranges between $2,800/oz and $3,100/oz, representing a 4% increase year-on-year towards the lower end of sector guidance.

The analyst highlights compelling free cash flow yields of 7%-19% across FY27 through FY30, supported by an enterprise value to EBITDA multiple below 4.5x, strong exploration potential, and corporate appeal.

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 – Aug 03, 2026

Aug 03 2026 - Daily Market Reports
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 31-07-26

Jul 31 2026 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Jul 30, 2026

Jul 30 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Jul 29, 2026

Jul 29 2026 - Daily Market Reports
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