Bellevue Gold Limited (ASX: BGL) (“Bellevue Gold” or “the Company”) has released exceptional grade control drilling results that underscore the Company’s transition into higher-grade mining zones. The latest results include standout intercepts of 3.2m @ 137.8 g/t gold and 4.9m @ 24.9 g/t gold, providing strong validation for the Company’s FY26 production guidance of 130-150koz.
The announcement marks a turning point for the Western Australian gold producer. After earlier operational challenges, the Company is now well-positioned for a significant production uplift as mining advances into the Deacon, Viago, and Deacon North high-grade stoping areas.
Drilling Results Exceed Expectations Across Multiple Mining Areas
Recent grade control drilling has delivered exceptional results across all active mining fronts at the Bellevue Gold Project, located 40km north-west of Leinster.
Standout intercepts include:
Deacon mining area:
- 3.2m @ 137.8 g/t gold
- 4.9m @ 24.9 g/t gold
- 7.3m @ 21.4 g/t gold
Marceline mining area:
- 1.6m @ 116.4 g/t gold
- 0.6m @ 212.3 g/t gold
- 4.6m @ 30.2 g/t gold
Viago mining area:
- 3.5m @ 28.9 g/t gold
- 1.7m @ 33.3 g/t gold
- 1.6m @ 56.4 g/t gold
The drilling program has progressed rapidly, with grade control coverage now approximately nine months ahead of production fronts. This provides exceptional visibility for mine planning and significantly de-risks the mining schedule.
Figure 1: Image of a Recent drill core from drill hole DDUG3564
FY26 Production on Track With Strong Grade Profile
Bellevue maintains its FY26 production guidance of 130-150koz as operations transition from development-intensive mining to stope production. This transition is expected to deliver substantial improvements in both grade and margins through the financial year.
The September 2025 quarter saw significant advancement of underground development. This rapid progress enabled the establishment of new drill platforms, allowing grade control activities to leap ahead of mining fronts.
The Company targets 12-18 months of grade control coverage ahead of production by the end of FY26. This ambitious target will provide the best possible platform for mine planning, design optimisation, and production predictability.
Deacon North: The Game-Changer Set for Late FY26
Deacon North represents the largest high-grade mining area within the Bellevue Gold Project. First ore production is scheduled for late FY26, with the area expected to become a major production contributor over the next five years.
Historical drilling at Deacon North has returned spectacular results:
- 5.6m @ 62.7 g/t gold
- 2.7m @ 113.2 g/t gold
- 1.6m @ 80.4 g/t gold
Underground decline development into Deacon North is well advanced, with the 1067 Drill Drive nearing completion. This drive will provide the platform for grade control drilling scheduled to commence in the December 2025 quarter.
Managing Director Darren Stralow noted the significance: “With Deacon now fully operational and recent grade control results supporting expectations, production is now established in Viago with stoping to commence in the December 2025 quarter.”
Figure 2: Map of Deacon Main Mining Area showing previously released grade control results (black) and new grade control results (red), along with the FY26 schedule shown in green, with previously mined voids in grey.
Exploration to Resume After Mine Ramp-Up Success
With the mine now substantially ramped up and grade control well advanced, Bellevue is positioned to recommence exploration and resource development drilling from underground platforms later in FY26 and into FY27.
A surface diamond rig is scheduled for December 2025 quarter deployment. The 8,000-metre program will test near-mine drill targets, including the major corridor east of the Bellevue mine.
Exploration upside has always been strong at Bellevue, but drilling has been limited since FY22 due to mine construction and ramp-up priorities. The return to systematic exploration could unlock significant resource growth from extensions to existing mining areas.
Record Gold Prices Amplify Project Economics
The timing of Bellevue’s production ramp couldn’t be better. Gold prices have surged to record highs in Australian dollar terms, with spot prices touching $6,150 per ounce in October 2025.
This represents a 38% increase year-on-year, driven by:
- Safe-haven demand amid geopolitical tensions
- Expected interest rate cuts by major central banks
- Weakening US dollar
- Strong physical demand from Asian markets
At current gold prices, Bellevue’s high-grade mineralisation delivers exceptional margins. The Company’s focus on renewable energy and “green gold” certification provides additional premium opportunities in an increasingly ESG-conscious market.
Investor’s Outlook: Recovery Gaining Momentum
Bellevue Gold shares closed at $1.232, up 2.07% on the day. The stock trades within a 52-week range of $0.775 to $1.66, with a market capitalisation of approximately $1.82 billion.
The recent drilling results arrive at a critical juncture for investor confidence. After production challenges in the March 2025 quarter, the Company has demonstrated clear operational recovery. Strong grade control results, combined with record gold prices, position Bellevue for a significant re-rating as production grows through FY26.
Analyst consensus target price sits at $1.17, though this may require updating following the latest drilling results and improved operational performance.
Project Fundamentals Remain World-Class
The Bellevue Gold Project hosts a global Mineral Resource of 9.8Mt @ 9.9 g/t gold for 3.1 million ounces. This includes a Probable Ore Reserve of 6.8Mt @ 6.1 g/t gold for 1.34 million ounces.
These grades position Bellevue as one of the highest-grade gold discoveries globally and the highest-grade gold development project in Australia. The project’s location in the prolific Goldfields region places it alongside major producers, including Northern Star’s Jundee and Thunderbox operations.
The Company operates a state-of-the-art processing facility with renewable energy providing 80-90% of power requirements. This positions Bellevue as Australia’s first “green gold” producer – a valuable market differentiator.
Also Read: Far East Gold Commences Drilling at High-Grade Sua Prospect in Papua
Management Confidence in Growth Trajectory
The Company’s leadership has demonstrated clear confidence in the production outlook. Five underground drill rigs currently operate across mining areas, with strong reconciliation between production and grade-control drilling continuing through the September 2025 quarter.
Chief Corporate Development Officer Duncan Hughes emphasised: “The remaining FY26 mining schedule is now effectively drilled out, with only minor areas within Deacon North and Viago requiring additional definition drilling.”
This level of drill coverage provides exceptional confidence in near-term production forecasts and positions the Company to surprise on the upside if grades outperform expectations.
Final Thoughts
Bellevue Gold’s latest drilling results demonstrate the exceptional quality of its high-grade gold system in Western Australia. With strong grade control coverage, clear production visibility, and record gold prices providing a favourable backdrop, the Company appears well-positioned for a significant production uplift through FY26 and beyond.
