The 2026 edition of the Canaccord Genuity Annual Global Metals & Mining Conference is taking place from May 19 to May 21, 2026, in Nevada. Today is the first day of the conference, and this is the 5th edition of it. Bellevue Gold (ASX: BGL) is a regular participant in this.
At this year’s Canaccord Global Mining Conference 2026, Bellevue Gold (ASX: BGL) is presenting some clear messages through its presentation: the company is delivering, is de-risked, and is unlocking serious upside. Also, the Bellevue Gold mining update released on 19 May 2026 confirmed that the miner achieved the first ore from the high-grade Deacon North zone right on schedule, while grade control drilling results came in well above initial expectations.
In this article, we are going to discuss about what the updates are from Bellvue Gold for the investors and what the company is going to present at the conference.
Figure 1: Project locations of Bellevue Gold as presented in the 2026 Mining Conference [Source: Bellevue Gold Limited]
First Ore from Deacon North: On Schedule and Ahead of Expectations
Bellevue Gold announced it successfully mined its first development ore from the Deacon North area in May 2026. This is a significant operational milestone that the company has been building towards throughout FY26.
Development work will continue at the initial level through to the end of FY26, with stoping operations scheduled to kick off in the first quarter of FY27. From there, both development and stoping production will ramp up steadily across the financial year.
What makes this particularly encouraging is the grade performance. Sampling across the first 13 production faces showed the average development grade performing better than initially anticipated.
Figure 2: Development progress at Deacon North as of May 2026. [Source: Bellevue Gold Limited]
What the Grade Control Drilling Revealed
The main structure of the Deacon North orebody has closely aligned with geological expectations, exhibiting a flatter dip and high quartz content at the initial mining level. As the mine moves into subsequent levels, the structure becomes steeper with higher sulphide content and increasing ore grades.
The most notable results from the grade control drilling programme confirmed these trends:
- 6m @ 32 g/t gold
- 2.5m @ 59.1 g/t gold
- 8.1m @ 16.9 g/t gold
- 4.6m @ 29.6 g/t gold
- 4.5m @ 29.2 g/t gold
- 7.4m @ 14.2 g/t gold
These intercepts match resource definition grades and widths, giving the team strong confidence heading into full stoping operations.
Figure 3: Grade control drilling results in the Deacon North mining area. [Source: Bellevue Gold Limited]
Also Read: Bellevue Gold March 2026 Quarterly Production Update
Deacon North and Deacon Main: A Combined Production Engine for FY27
The growing output from Deacon North sits right alongside the established Deacon Main mining area, which lies immediately to the south along the strike. Together, the two zones are expected to form a reliable and consistent ore supply pipeline for the company, not just through FY27 but beyond.
This is a critical part of the Bellevue Gold mining update story at the conference. Rather than relying on a single ore source, Bellevue is engineering production stability by operating multiple complementary high-grade areas in concert.
All major mining areas across the Bellevue Gold Mine are now in production. Deacon Main and the Viago zone are well established and tracking in line with FY26 guidance. The progressive increase in production through FY26 and into FY27 is being driven by the combined contribution from Deacon Main, Viago, and now Deacon North.
FY26 Guidance Remains Firmly on Track
The company reaffirmed it remains on track to meet its FY26 guidance at the conference:
- Production: 130,000–150,000 oz
- AISC: A$2,600–2,900/oz (US$1,845–2,060/oz)
- Growth capex: A$105–115M (US$75–82M)
The major operational metrics are running ahead of plan. The processing plant is currently achieving gold recoveries of approximately 95%, which is well ahead of budget. A four-year mining contract was recently awarded to Tier One contractor Barminco, and this will provide operational certainty and a stable cost base for the years ahead.
The paste fill plant, targeting completion by the end of 2026, will unlock approximately 100,000 oz of high-grade Ore Reserve previously left in pillars at Deacon Main and Deacon North, adding a meaningful long-term value lever to the business.
Figure 4: Progress of Bellevue Gold towards meeting FY26 guidance. [Source: Bellevue Gold Limited]
Balance Sheet Strength Gives Bellevue Room to Move
As at 31 March 2026, Bellevue held total liquidity of A$180.7 million (cash, bullion, and equivalents), with bank debt of A$100 million and no mandatory repayments until 2027.
The hedge book is also shrinking fast. Forward contracts were reduced by 60,400 oz year-to-date in FY26, with no contractual delivery commitments until 31 December 2026. Management’s ongoing confidence in production has allowed the company to pre-deliver forward sale commitments while building cash, increasing its exposure to spot gold prices at a time when gold is performing strongly.
The company’s market capitalisation is approximately A$2.51 billion (as per the mining conference presentation), and it reflects the company’s growing stature as one of Australia’s premium high-grade gold producers.
Exploration Upside: What the Investors May Be Missing
Not only did the Bellevue Gold update at the conference highlight near-term production, but it also revealed a compelling exploration story that many investors may still be underappreciating. How? Let us explore.
Surface Drilling Delivering Early Results
Exploration at Bellevue recommenced after approximately a four-year hiatus. The first surface drilling programme is now complete, with a Phase 2 programme underway and set to continue through the June quarter and into FY27.
Encouragingly, high-grade mineralisation was intersected in the fifth hole of the programme, 3.44m at 18.45 g/t gold from 391m, located approximately 140m north-east of the Marceline Mining Area. Geological interpretation is ongoing with additional assays pending.
The 1.5–2.5 Moz Exploration Target
Downhole electromagnetic (DHEM) surveys are commencing to refine targeting. A sixth underground diamond rig is also scheduled to arrive in the June 2026 quarter, commencing underground exploration drilling in FY27.
The company is targeting an exploration potential of 1.5–2.5 Moz down plunge from known mineralisation, a zone that remains entirely untested and is expected to be accessed via the Southern drill drive extension.
This exploration optionality, layered on top of a 3.1 Moz Mineral Resource Estimate and 1.29 Moz Ore Reserve, paints a long-life picture for the asset.
Also Read: Bellevue Gold Strikes Spectacular High-Grade Results as Production Ramps Into Higher-Grade Zones
World’s First Net Zero Gold Mine
And the point of differentiation that makes Bellevue Gold stand out in the global mining industry is its environmental credentials. In an October 14, 2025 report, Colitco reported that the Bellevue Gold Project achieved net zero Scope 1 and Scope 2 greenhouse gas emissions for CY25. This achievement earned it the distinction of being the world’s first net-zero gold mine.
The site is forecast to be the most renewably powered off-grid mine in Australia, running primarily on solar and wind energy. The company is also working with ABC Refinery and Single Mine Origin (SMO) to sell sustainably certified gold to ethical jewellery buyers, a growing market segment that now accounts for roughly 33% of global gold demand.
Investor Outlook: Share Price and Market Performance
Despite the strong operational news flow from the Bellevue Gold mining update at the 2026 conference, the company’s share price has faced near-term headwinds.
ASX Share Price Activity (as at 19 May 2026)
Performance Summary
The short-term softness in the share price, down around 9% year-to-date in 2026, contrasts sharply with the company’s strong 12-month performance of nearly 76%. However, the fundamentals driving that 12-month outperformance are:
- increasing production,
- improving grades,
- a strengthening balance sheet, and
- a world-class exploration pipeline.
The near-term dip may well represent an attractive entry point for those with conviction in the Bellevue Gold mining story as it progresses through FY27 and beyond.
FY27 guidance, including production, AISC, and growth capital, is expected to be released early in FY27, and that announcement will be a very important one for the investors to watch.
Sources
- https://wcsecure.weblink.com.au/pdf/BGL/03091265.pdf
- https://wcsecure.weblink.com.au/pdf/BGL/03091264.pdf
- https://www.bellevuegold.com.au/
- https://www.canaccordgenuity.com/capital-markets/events-and-conferences/2026-metals-and-mining/
- https://www.cleanenergyregulator.gov.au/
Disclaimer
The information contained in this article is for general informational and editorial purposes only. It does not constitute financial product advice, investment advice, or a recommendation to buy, hold, or sell any securities, including shares in Bellevue Gold Limited (ASX: BGL).
This article has been prepared using publicly available information, including ASX announcements and investor presentations released by Bellevue Gold Limited. While every effort has been made to ensure accuracy at the time of writing, we make no representations or warranties regarding the completeness, accuracy, or currency of the information presented.
Before making any investment decision, readers should conduct their own independent research and seek professional financial advice from a licensed adviser who takes into account their individual financial circumstances, objectives, and needs.
Colitco is not affiliated with Bellevue Gold Limited and has received no compensation for publishing this article.
