Bellevue Gold Raises FY27 Production Forecast to 150,000-170,000 Ounces Following Record FY26 Output

Record FY26 Production Supports Elevated FY27 Guidance

Bellevue Gold achieved record annual gold production of 143,539 ounces in FY26, exceeding the midpoint of its initial 130,000–150,000 ounce guidance. This robust operational performance underpins the company’s decision to raise FY27 production guidance to between 150,000 and 170,000 ounces. Quarterly production in June 2026 increased to 41,643 ounces from 40,745 ounces in the March quarter, demonstrating steady quarter-over-quarter growth as operations mature.

The company reported an FY26 all-in sustaining cost (AISC) of A$2,827 per ounce, consistent with its guidance range of A$2,600–2,900 per ounce. For FY27, Bellevue projects AISC between A$2,800 and A$3,100 per ounce, with management anticipating cost reductions in the latter half of the year. The June quarter AISC of A$2,604 per ounce highlights operational efficiency, while gold sales during the quarter totaled 40,671 ounces at an average realized price of A$4,180 per ounce, including voluntary early deliveries against forward sales contracts.

Deacon North Mining Area Achieves Full Production, Establishing Five Long-Term Mining Centers

First ore development at the higher-grade Deacon North mining area was completed as scheduled during the June quarter, marking a key operational milestone. This expansion reflects the project’s maturation and supports the production guidance upgrade. Record ore mined during the quarter reached 315,300 tonnes at a grade of 4.6 grams per tonne gold, producing 46.5 kiloounces. Mine development rates improved quarter-over-quarter as Deacon North became fully operational, with mined grades remaining consistent as ore sourcing shifted to higher-grade zones.

Processing also hit record levels, with 298,800 tonnes processed at 4.5 grams per tonne gold. Gold recovery improved quarter-over-quarter to near-record highs of 96.0% for the quarter. Management noted the mine now operates across five long-term mining areas, enhancing production diversification and resilience. Surface stockpiles increased to 47,000 tonnes at 4.2 grams per tonne gold by quarter-end, up from 37,000 tonnes at 3.4 grams per tonne in the prior quarter, providing additional operational flexibility heading into FY27.

Mining Contractor Transition Progresses on Track While Production Surpasses Expectations

The mining contractor transition advanced as planned during the June quarter, with strong production performance and contract mobilisation ahead of schedule. Key mining metrics, including development and ore haulage, finished the year ahead of budget and forecast, creating operational contingency entering the September 2026 quarter. This ahead-of-schedule progress reflects management’s confidence in sustaining operational delivery and meeting or exceeding FY27 production targets.

This successful transition is notable given the scale of Bellevue’s operations, as the company manages mining handover while maintaining production momentum and cost controls. Development in all key mining areas for FY27 remains on schedule, reinforcing the credibility of the upgraded production guidance. Finishing ahead of budget and forecast indicates operational flexibility built into planning, positioning the company to manage potential challenges in the upcoming year.

Robust Cash Generation and Strategic Deleveraging Lower Hedge Book Below 69 Kiloounces

Bellevue reported underlying free cash flow of A$110 million for the June quarter, prior to voluntary early deliveries against forward hedge commitments. This was lower than the March quarter’s A$158 million due to reduced average spot gold prices and increased non-sustaining and exploration capital expenditure. Nonetheless, the company used strong cash flow to pre-deliver 23 kiloounces, reducing total forward sales commitments to 68.7 kiloounces as of 30 June 2026, down from 91.7 kiloounces at 31 March 2026.

As a result, Bellevue has no mandatory hedge deliveries until the end of June 2027, granting greater flexibility to benefit from favorable gold price movements. Management plans to continue accelerating pre-deliveries to further de-risk the balance sheet while preserving flexibility to build cash reserves, fund exploration, and pursue growth opportunities. Cash and gold on hand increased to A$206 million as of 30 June 2026, up from A$181 million in the prior quarter, reflecting operational cash flow and strategic gold pre-deliveries.

World’s First Net Zero Gold Mine Maintains Leading Renewable Energy Usage

The Bellevue Gold Project is recognised as the world’s first net zero Scope 1 and Scope 2 emissions gold mine, maintaining industry-leading renewable energy integration. This environmental leadership provides a sustainable competitive edge amid growing ESG investment trends and customer preferences in the gold sector. The company’s low direct diesel exposure enhances cost resilience amid volatile energy markets.

This sustainable profile aligns with global resource sector decarbonisation trends and may attract ESG-focused capital. Bellevue’s renewable energy infrastructure supports operational cost stability and reduces petroleum price exposure, helping maintain AISC within guidance despite commodity price fluctuations.

Underground Drilling at Tribune South Discovers Extensional Mineralisation Beyond Current Ore Reserve

An underground drilling program at Tribune South has commenced, marking the first such program south of the current ore reserve. Initial results include mineralisation intersections of 3.5 metres at 44.96 grams per tonne gold and 1.7 metres at 7.80 grams per tonne gold. Drilling accessed via the Southern Belle Decline advancement demonstrates the company’s methodical approach to exploring ore body extensions.

This program targets mineralisation beyond the current reserve, potentially extending mine life and adding new production sources. Early positive results affirm geological continuity south of existing mining areas and underscore management’s commitment to exploration-driven growth. The resumption of underground and surface exploration supports the identification of future production opportunities as additional mining zones are defined.

Strong Balance Sheet with A$206 Million Cash and Gold and Deferred Debt Repayments

Bellevue’s balance sheet strengthened in the June quarter, with cash and gold holdings rising to A$206 million as of 30 June 2026, up from A$181 million in March. Debt remains steady at A$100 million, with no mandatory principal repayments until calendar year 2027, providing financial flexibility to support organic growth and navigate commodity cycles. Strong liquidity reflects operational cash generation and strategic gold pre-deliveries that reduce future hedging obligations and enhance spot price exposure.

The absence of mandatory debt repayments until CY27 enables management to prioritise exploration, support the mining contractor transition, and maintain balance sheet strength during FY27’s production ramp-up. With FY27 non-sustaining capital expenditure guided at A$90–100 million and exploration at A$25–30 million, the company can fund its capital program from operating cash flow while preserving cash reserves. This financial strength underpins confidence in the upgraded production guidance and buffers against market or operational volatility.

FY27 Capital Expenditure Shift Reflects Mine Maturation and Deacon North Completion

A key aspect of FY27 guidance is the expected increase in sustaining capital expenditure as a proportion of mine development costs, reflecting the transition from development to steady-state operations with Deacon North fully operational. FY26 non-sustaining capital expenditure totaled A$113.3 million, within guidance of A$105–115 million, while FY27 guidance is reduced to A$90–100 million due to lower development needs once new mining areas are established.

This capital reallocation affects AISC comparability between years. FY27’s AISC guidance of A$2,800–3,100 per ounce includes a higher share of development costs classified as sustaining capital compared to FY26. Management has highlighted this accounting change to ensure transparency, clarifying that any AISC increase reflects mine maturation and project completion rather than cost escalation.

Safety Performance and Operational Stability Support Continued Growth

During the June 2026 quarter, Bellevue recorded one Lost Time Injury (LTI), resulting in a 12-month rolling Lost Time Injury Frequency Rate (LTIFR) of 2.1. While any LTI requires attention, the company’s safety record demonstrates ongoing commitment to maintaining safe work environments across the Bellevue Gold Project. Safety culture remains critical as production scales across five mining areas amid the mining contractor transition.

Bellevue’s ability to sustain production momentum while managing a major contractor transition and expanding operations highlights strong operational discipline and risk management. Delivering ahead of budget on key mining metrics without production disruptions underscores management’s execution quality. As FY27 progresses with increased production targets and Deacon North ramp-up, maintaining rigorous safety protocols and operational focus will be essential to achieving the upgraded guidance.