# BGL: 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03141906 Publisher: asx Original announcement: 2026-09-21T22:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T23:10:49.972Z Atlas analysis updated: 2026-09-21T23:10:49.972Z - 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 Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas 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 factor: Record annual gold production exceeding guidance midpoint - Positive factor: Strong metallurgical recovery of 95.5% maintained after plant upgrades - Positive factor: All-in Sustaining Costs \(AISC\) within guidance, indicating cost control - Positive factor: Significant free cash flow generation and balance sheet strengthening - Positive factor: Exploration recommenced with early success, indicating future growth potential - Negative factor: Overall decline in Mineral Resource tonnage, grade, and contained ounces due to depletion - Negative factor: Overall decline in Ore Reserve tonnage, grade, and contained ounces due to depletion - Negative factor: 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 Update** Polarity: neutral Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: 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 Resource** Polarity: negative Definition: 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 Lowered** Polarity: negative Definition: 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 Increase** Polarity: positive Story-specific tag Definition: 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 Control** Polarity: positive Story-specific tag Definition: 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 Recovery** Polarity: positive Story-specific tag Definition: 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 Route** Polarity: neutral Story-specific tag Definition: 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 Route** Polarity: neutral Story-specific tag Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f#fact-resource-facts-0) Bellevue Gold Project · gold #### 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 factor: Indicated Mineral Resource tonnage decreased by 12.7% compared to prior estimate - Negative factor: Indicated Mineral Resource grade decreased by 4.1% compared to prior estimate - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1600000 against 2000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f#fact-resource-facts-1) Bellevue Gold Project · gold #### 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 factor: Inferred Mineral Resource tonnage decreased by 2.3% compared to prior estimate - Negative factor: Inferred Mineral Resource grade decreased by 1.3% compared to prior estimate - Negative factor: Inferred Mineral Resource contained ounces remained flat compared to prior estimate Evidence · table > 4.3 Context: Inferred Mineral Resource #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 4300000 against 4400000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f#fact-resource-facts-2) Bellevue Gold Project · gold #### 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 factor: Total Mineral Resource tonnage decreased by 8.4% compared to prior estimate - Negative factor: Total Mineral Resource grade decreased by 3.4% compared to prior estimate - Negative factor: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2700000 against 3100000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f#fact-resource-facts-3) Bellevue Gold Project · gold #### 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 factor: Probable Ore Reserve tonnage decreased by 20.9% compared to prior estimate - Negative factor: Probable Ore Reserve grade decreased by 4.3% compared to prior estimate - Negative factor: Probable Ore Reserve contained ounces decreased by 23.1% compared to prior estimate - Negative factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1000000 against 1300000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f#fact-resource-facts-4) Bellevue Gold Project · gold #### 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 factor: Total Ore Reserve tonnage decreased by 20.9% compared to prior estimate - Negative factor: Total Ore Reserve grade decreased by 4.3% compared to prior estimate - Negative factor: Total Ore Reserve contained ounces decreased by 23.1% compared to prior estimate - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1000000 against 1300000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f#fact-resource-facts-5) Bellevue Gold Project · gold #### 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 factor: Record gold production of 143,539 ounces, exceeding guidance midpoint - Positive factor: Processed ore tonnes reached a record 1.16Mt - Positive factor: High metallurgical recovery of 95.5% maintained - Positive factor: All-in Sustaining Costs \(AISC\) of A$2,827/oz were within guidance - Positive factor: Strong realised gold price of A$4,058/oz Evidence · table > 143,539 Context: Gold produced Oz #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: 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) ### mill [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-2026-annual-report--060cc69b-b711-44e3-b52a-d48b2ee67e2f#fact-metallurgical-facts-6) Bellevue Gold Project · gold #### 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 factor: High metallurgical recovery of 95.5% achieved for gold - Positive factor: Consistent strong performance throughout FY26 - Positive factor: Improvements made to mill and gravity circuit contributed to performance - Positive factor: 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 Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **High Recovery** Polarity: positive Definition: 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.