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

$1.265

29 Jul
2026

-0.080

OPEN

$1.35

-5.95%

HIGH

$1.35

8,486,937

LOW

$1.26

TARGET
$1.767 39.7% 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

26.48%

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

Jarden

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Moelis

29/07/2026

1

Buy

$1.95

54.15%

Moelis maintains a Buy rating for Bellevue Gold with its target price reduced to $1.95 from $2.10 following the release of the June quarter activities report.

Fourth-quarter production reached 41.6koz of gold to beat estimates, while all-in sustaining costs of $2,604/oz aligned with forecasts.

Closing cash of $195.4m exceeded expectations on the back of higher volumes and realised gold prices.

Management issued FY27 guidance targeting 150koz to 170koz of gold at an all-in sustaining cost between $2,800/oz and $3,100/oz.

The analyst notes recent spot price moderation has slightly slowed the pace of the accelerated hedge close-out strategy to preserve liquidity, pushing the expected completion date to the March quarter of 2027 rather than the end of 2026.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.30 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.90 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

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BGL STOCK CHART

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