BGL: 2026 Annual Report

Original announcement by asx on

Company
Bellevue Gold
Ticker
BGL
Exchange
ASX
Region
Western Australia
Primary commodity
Gold
Secondary commodities
None reported
Document categories
Resource update, Production, Metallurgy
Extracted
2026-09-21 23:10:50 UTC

Analysis by Minestarters Atlas

Atlas analysis published:

Minestarters Atlas analysis

Summary

Bellevue Gold reported a strong operational year in FY26, achieving record annual gold production of 143,539 ounces, exceeding the midpoint of its guidance, with an All-in Sustaining Cost (AISC) of A$2,827/oz, within guidance. The company also achieved record mill throughput and maintained high metallurgical recoveries of 95.5%, contributing to significant free cash flow generation and a strengthened balance sheet. However, the annual Mineral Resource and Ore Reserve update, effective 1 March 2026, showed a decline in total tonnage, grade, and contained ounces across all categories, primarily attributed to mining depletion, with the Ore Reserve decline occurring despite an increased gold price assumption.

Reasoning: Bellevue Gold delivered a strong operational and financial performance in FY26 with record gold production, high recoveries, and good cost control, leading to significant free cash flow and a strengthened balance sheet. However, the annual resource and reserve update shows a material decline in both tonnage and contained metal across all categories, primarily due to mining depletion, which partially offsets the operational success. The increase in the gold price used for reserve calculation makes the reserve decline more notable. Recommenced exploration provides future upside but current inventory is reduced.

Positive factors

  • Record annual gold production exceeding guidance midpoint
  • Strong metallurgical recovery of 95.5% maintained after plant upgrades
  • All-in Sustaining Costs (AISC) within guidance, indicating cost control
  • Significant free cash flow generation and balance sheet strengthening
  • Exploration recommenced with early success, indicating future growth potential

Negative factors

  • Overall decline in Mineral Resource tonnage, grade, and contained ounces due to depletion
  • Overall decline in Ore Reserve tonnage, grade, and contained ounces due to depletion
  • Ore Reserve decline occurred despite an increase in the gold price used for cut-off grade calculations, suggesting a more significant underlying reduction

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 7

Classification and evidence

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document provides an annual update to the Mineral Resource and Ore Reserve for the Bellevue Gold Project, including detailed tables of current and historical estimates.

Evidence · text

“Mineral Resource & Ore Reserve - Bellevue Gold Project”

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: The Mineral Resource and Ore Reserve have been classified and reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

Evidence · text

“The Mineral Resource and Ore Reserve has been classified and reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The Mineral Resources and Ore Reserves Statement has been approved by Mr Shaun Hackett, a full-time employee of Bellevue Gold Limited and a Competent Person for reporting estimates.

Evidence · text

“The Mineral Resources and Ore Reserves Statement as a whole has been approved by Mr Shaun Hackett. Mr Hackett is a full-time employee of Bellevue Gold Limited and a competent person for the reporting of Ore Reserve estimates and Mineral Resource estimates.”

Tonnage Declinenegative

Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: The total Mineral Resource tonnage decreased from 10.7 Mt in 2025 to 9.8 Mt in 2026, and the total Ore Reserve tonnage decreased from 8.6 Mt in 2025 to 6.8 Mt in 2026.

Evidence · table

“9.8”

Context: Total Mineral Resource

Grade Declinenegative

Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.

Why it applies: The total Mineral Resource grade decreased from 8.9 g/t in 2025 to 8.6 g/t in 2026, and the total Ore Reserve grade decreased from 4.7 g/t in 2025 to 4.5 g/t in 2026.

Evidence · table

“8.6”

Context: Total Mineral Resource

Contained Metal Declinenegative

Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: The total Mineral Resource contained ounces decreased from 3.1 Moz in 2025 to 2.7 Moz in 2026, and the total Ore Reserve contained ounces decreased from 1.3 Moz in 2025 to 1.0 Moz in 2026.

Evidence · table

“2.7”

Context: Total Mineral Resource

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: A significant portion of the total Mineral Resource, 4.3 Mt at 7.8 g/t Au for 1.1 Moz, is classified as Inferred.

Evidence · table

“4.3”

Context: Inferred Mineral Resource

Cut-off Lowerednegative

Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation.

Why it applies: The Ore Reserve cut-off grades and economic evaluation have been prepared using a gold price of A$3,250/oz (up from A$2,750/oz previously), which typically allows for lower grade material to be included, yet the reserve still declined.

Evidence · text

“The Ore Reserve cut-off grades and economic evaluation have been prepared using a gold price of A$3,250/oz (up from A$2,750/oz previously)”

Production Increasepositive · Story-specific tag

No canonical definition is currently available.

Why it applies: FY26 annual production of 143.5Koz was achieved, which was above the mid-point of guidance.

Evidence · text

“FY26 annual production of 143.5Koz at an average AISC of A$2,827/oz. Bellevue delivered to the top half of FY26 production guidance of 130-150Koz”

Cost Controlpositive · Story-specific tag

No canonical definition is currently available.

Why it applies: The Project AISC of A$2,827/oz was within the guidance range of A$2,600-2,900/oz.

Evidence · text

“Bellevue delivered to the top half of FY26 production guidance of 130-150Koz and met AISC guidance of A$2,600-2,900/oz.”

High Recoverypositive · Story-specific tag

Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: The processing plant maintained high metallurgical recoveries of ~96% throughout FY26, with an average of 95.5% for the year.

Evidence · text

“Plant upgrades supported record annual mill throughput while maintaining recoveries of ~96%.”

Mill Routeneutral · Story-specific tag

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: The processing performance was supported by mill improvements, including a fourth Knelson concentrator and improvements to the gravity circuit.

Evidence · text

“made possible by investment in mill improvements completed in late FY25, including the addition of a fourth Knelson concentrator, increased oxygen delivery capacity and improvements to the gravity circuit.”

Gravity Routeneutral · Story-specific tag

Gravity separation forms a material part of the flowsheet.

Why it applies: The processing performance was supported by improvements to the gravity circuit, including the addition of a fourth Knelson concentrator.

Evidence · text

“made possible by investment in mill improvements completed in late FY25, including the addition of a fourth Knelson concentrator, increased oxygen delivery capacity and improvements to the gravity circuit.”

Extracted facts

Stored fact records: 7. Some facts used in scoring do not have a stored record.

Resource Estimates (6)

indicatedBellevue Gold Project · goldTonnes: 5500000Grade: 9.3Grade Unit: g/tContained Metal: 1600000Contained Unit: ozView all details
Link to this fact

Identity

Project
Bellevue Gold Project
Commodity
gold
Region
australia_wa
Reported Region
Western Australia
Ticker
BGL

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Shaun Hackett
Resource group id
resource:fdebf8f093de08817c2d
Mining method
underground

Resource Data

Category
indicated
Tonnes
5500000
Grade
9.3
Grade Unit
g/t
Contained Metal
1600000
Contained Unit
oz
Cutoff Grade
2.5
Cutoff Unit
g/t Au

Prior Estimate

Resource Date
2026-03-01
Prior Tonnes
6300000
Prior Grade
9.7
Prior Contained Metal
2000000
Prior Cutoff Grade
2.5

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-21T00:00:00.000Z

Reasoning: The Indicated Mineral Resource shows a decline in tonnage, grade, and contained ounces compared to the previous year, primarily due to mining depletion, indicating a reduction in the higher-confidence portion of the resource.

Negative factors

  • Indicated Mineral Resource tonnage decreased by 12.7% compared to prior estimate
  • Indicated Mineral Resource grade decreased by 4.1% compared to prior estimate
  • Indicated Mineral Resource contained ounces decreased by 20% compared to prior estimate

Evidence · table

“5.5”

Context: Indicated Mineral Resource

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

Tonnage Declinenegative

Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 5500000 against 6300000 previously

Contained Metal Declinenegative

Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 1600000 against 2000000 previously

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

inferredBellevue Gold Project · goldTonnes: 4300000Grade: 7.8Grade Unit: g/tContained Metal: 1100000Contained Unit: ozView all details
Link to this fact

Identity

Project
Bellevue Gold Project
Commodity
gold
Region
australia_wa
Reported Region
Western Australia
Ticker
BGL

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Shaun Hackett
Resource group id
resource:bfa4dea4c800d280331c
Mining method
underground

Resource Data

Category
inferred
Tonnes
4300000
Grade
7.8
Grade Unit
g/t
Contained Metal
1100000
Contained Unit
oz
Cutoff Grade
2.5
Cutoff Unit
g/t Au

Prior Estimate

Resource Date
2026-03-01
Prior Tonnes
4400000
Prior Grade
7.9
Prior Contained Metal
1100000
Prior Cutoff Grade
2.5

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-21T00:00:00.000Z

Reasoning: The Inferred Mineral Resource shows a minor decline in tonnage and grade, with contained ounces remaining flat, indicating a slight reduction in the lower-confidence portion of the resource, likely due to depletion.

Negative factors

  • Inferred Mineral Resource tonnage decreased by 2.3% compared to prior estimate
  • Inferred Mineral Resource grade decreased by 1.3% compared to prior estimate
  • Inferred Mineral Resource contained ounces remained flat compared to prior estimate

Evidence · table

“4.3”

Context: Inferred Mineral Resource

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

Tonnage Declinenegative

Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 4300000 against 4400000 previously

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

Fact 3Bellevue Gold Project · goldTonnes: 9800000Grade: 8.6Grade Unit: g/tContained Metal: 2700000Contained Unit: ozView all details
Link to this fact

Identity

Project
Bellevue Gold Project
Commodity
gold
Region
australia_wa
Reported Region
Western Australia
Ticker
BGL

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Shaun Hackett
Resource group id
resource:bf891be1d71ac64c9b51
Mining method
underground

Resource Data

Tonnes
9800000
Grade
8.6
Grade Unit
g/t
Contained Metal
2700000
Contained Unit
oz
Cutoff Grade
2.5
Cutoff Unit
g/t Au

Prior Estimate

Resource Date
2026-03-01
Prior Tonnes
10700000
Prior Grade
8.9
Prior Contained Metal
3100000
Prior Cutoff Grade
2.5

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-21T00:00:00.000Z

Reasoning: The total Mineral Resource shows a significant decline in tonnage, grade, and contained ounces, primarily due to mining depletion, indicating a reduction in the overall mineral inventory.

Negative factors

  • Total Mineral Resource tonnage decreased by 8.4% compared to prior estimate
  • Total Mineral Resource grade decreased by 3.4% compared to prior estimate
  • Total Mineral Resource contained ounces decreased by 12.9% compared to prior estimate

Evidence · table

“9.8”

Context: Total Mineral Resource

Tags used in scoring

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

Tonnage Declinenegative

Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 9800000 against 10700000 previously

Contained Metal Declinenegative

Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 2700000 against 3100000 previously

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

probableBellevue Gold Project · goldTonnes: 6800000Grade: 4.5Grade Unit: g/tContained Metal: 1000000Contained Unit: ozView all details
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Identity

Project
Bellevue Gold Project
Commodity
gold
Region
australia_wa
Reported Region
Western Australia
Ticker
BGL

Resource scope

Estimate type
reserve
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Shaun Hackett
Resource group id
resource:ccf812d7fb5b909c61c1
Mining method
underground

Resource Data

Category
probable
Tonnes
6800000
Grade
4.5
Grade Unit
g/t
Contained Metal
1000000
Contained Unit
oz

Prior Estimate

Resource Date
2026-03-01
Prior Tonnes
8600000
Prior Grade
4.7
Prior Contained Metal
1300000

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-21T00:00:00.000Z

Reasoning: The Probable Ore Reserve shows a substantial decline in tonnage, grade, and contained ounces, primarily due to mining depletion. This reduction is particularly concerning given that the gold price assumption used for cut-off grade calculations increased significantly, which would typically allow for more material to be included.

Negative factors

  • Probable Ore Reserve tonnage decreased by 20.9% compared to prior estimate
  • Probable Ore Reserve grade decreased by 4.3% compared to prior estimate
  • Probable Ore Reserve contained ounces decreased by 23.1% compared to prior estimate
  • Ore Reserve gold price assumption increased from A$2,750/oz to A$3,250/oz, making the decline more significant

Evidence · table

“6.8”

Context: Probable Ore Reserve

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

Tonnage Declinenegative

Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 6800000 against 8600000 previously

Contained Metal Declinenegative

Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 1000000 against 1300000 previously

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

Fact 5Bellevue Gold Project · goldTonnes: 6800000Grade: 4.5Grade Unit: g/tContained Metal: 1000000Contained Unit: ozView all details
Link to this fact

Identity

Project
Bellevue Gold Project
Commodity
gold
Region
australia_wa
Reported Region
Western Australia
Ticker
BGL

Resource scope

Estimate type
reserve
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Shaun Hackett
Resource group id
resource:ac2e4bbdfbfd99f7cae0
Mining method
underground

Resource Data

Tonnes
6800000
Grade
4.5
Grade Unit
g/t
Contained Metal
1000000
Contained Unit
oz

Prior Estimate

Resource Date
2026-03-01
Prior Tonnes
8600000
Prior Grade
4.7
Prior Contained Metal
1300000

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-21T00:00:00.000Z

Reasoning: The total Ore Reserve shows a substantial decline in tonnage, grade, and contained ounces, primarily due to mining depletion. This reduction is particularly concerning given that the gold price assumption used for cut-off grade calculations increased significantly, which would typically allow for more material to be included.

Negative factors

  • Total Ore Reserve tonnage decreased by 20.9% compared to prior estimate
  • Total Ore Reserve grade decreased by 4.3% compared to prior estimate
  • Total Ore Reserve contained ounces decreased by 23.1% compared to prior estimate
  • Ore Reserve gold price assumption increased from A$2,750/oz to A$3,250/oz, making the decline more significant

Evidence · table

“6.8”

Context: Total Ore Reserve

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

Tonnage Declinenegative

Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 6800000 against 8600000 previously

Contained Metal Declinenegative

Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 1000000 against 1300000 previously

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

Fact 6Bellevue Gold Project · goldView all details
Link to this fact

Identity

Project
Bellevue Gold Project
Commodity
gold
Region
australia_wa
Reported Region
Western Australia
Ticker
BGL

Resource scope

Reporting standards
jorc
Resource group id
resource:863bc19733f050cfdd96
Mining method
underground

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-21T00:00:00.000Z

Reasoning: The company delivered a record operational performance in FY26, with gold production exceeding guidance, high processing throughput and recovery, and cost control within guidance, indicating strong execution and profitability.

Positive factors

  • Record gold production of 143,539 ounces, exceeding guidance midpoint
  • Processed ore tonnes reached a record 1.16Mt
  • High metallurgical recovery of 95.5% maintained
  • All-in Sustaining Costs (AISC) of A$2,827/oz were within guidance
  • Strong realised gold price of A$4,058/oz

Evidence · table

“143,539”

Context: Gold produced Oz

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

Metallurgical Results (1)

millBellevue Gold Project · goldRecovery: 95.5 %Head Grade: 4Head Grade Unit: g/tView all details
Link to this fact

Identity

Project
Bellevue Gold Project
Commodity
gold
Region
australia_wa
Reported Region
Western Australia
Ticker
BGL

Test Work

Program Status
detailed
Test Type
mill
Processing Route
mill, gravity

Recovery

Recovery
95.5 %
Recovery Basis
actual_test
Head Grade
4
Head Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-21T00:00:00.000Z

Reasoning: The processing plant achieved and maintained high metallurgical recoveries of 95.5% for gold throughout FY26, supported by mill and gravity circuit upgrades, indicating efficient processing and maximizing revenue.

Positive factors

  • High metallurgical recovery of 95.5% achieved for gold
  • Consistent strong performance throughout FY26
  • Improvements made to mill and gravity circuit contributed to performance
  • Recoveries exceeded those assumed in setting FY26 guidance

Evidence · text

“Processing performance improved throughout FY26, with the plant processing 1.16Mt of ore at an average grade of 4.0g/t gold and recovery of 95.5% to produce a record 143,539 ounces of gold.”

Tags used in scoring

Gravity Routeneutral

Gravity separation forms a material part of the flowsheet.

Why it applies: processing_route matches the gravity signal

High Recoverypositive

Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95.5% is at or above the exceptional band (95%)

How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.