Bellevue Gold Limited (ASX: BGL) has released its preliminary production and financial update for the March 2026 quarter, reporting record underlying free cash flow of approximately A$158 million before voluntary future hedge book pre-deliveries. The Bellevue Gold March 2026 update was released on 8 Apr 2026.
Figure 1: Bellevue Gold Limited logo representing the Australian gold producer [Courtesy: Bellevue Gold]
The result marks a significant step forward from the December 2025 quarter, when the Company recorded A$62 million in underlying free cash flow. Rising ore grades and consistent output from the Bellevue Gold Mine in Western Australia drove the improvement.
Production Performance Puts Bellevue Gold on Track for FY26 Guidance
The BGL quarterly production report confirms that Bellevue Gold mined 293kt of ore at 4.6 grams per tonne for 44,000 ounces of gold during the quarter. Ore processed totalled 283kt at 4.7 grams per tonne, delivering 40,745 ounces of gold.
Bellevue Gold remains on track to meet its FY26 production guidance of 130,000 to 150,000 ounces, alongside All-In Sustaining Cost guidance of A$2,600 to A$2,900 per ounce.
Higher Grades from Deacon Main Delivered Through the Quarter
Mined and processed grades increased steadily through the March 2026 quarter as ore was sourced from higher-grade parts of the mine. Several production levels are now established in the higher-grade Deacon Main mining area, which contributed consistently throughout the quarter.
First development in ore at the higher-grade Deacon North mining area is scheduled for the June 2026 quarter. Mined and processed tonnes are also forecast to increase in the June 2026 quarter.
Metallurgical Recovery and Renewable Energy Performance
Metallurgical recovery averaged 94.6% for the quarter, continuing to outperform the recovery rates used in setting FY26 guidance. Surface stockpiles stood at 37kt at the end of the quarter, down from 41kt in the December 2025 quarter.
Bellevue Gold’s power station operated at approximately 90% renewable energy during March 2026. Diesel purchases represented approximately 1.3% of Total Project Costs for the financial year to 28 Feb 2026, with no diesel supply issues reported.
A Stronger Balance Sheet as the Hedge Book Gets Trimmed
The Bellevue Gold March 2026 update highlights significant progress in reducing the Company’s near-term hedge book commitments. Forward gold sales commitments were reduced by 32,505 ounces, or 26%, to 91,650 ounces during the quarter, down from 124,200 ounces in the December 2025 quarter.
Figure 2: Bellevue Gold hedge book profile showing reduced forward sales commitments and future exposure [Courtesy: Bellevue Gold]
Pre-deliveries were made against contracts with maturities in the June 2026, September 2026, and December 2026 quarters. As a result, Bellevue Gold is now free of contractual hedge book deliveries until the end of December 2026.
Cash and Gold on Hand Rises to A$181 Million
Following gold pre-deliveries into forward sales contracts, cash and gold on hand as on 31 Mar 2026 increased by A$16 million to A$181 million. This compares to A$165 million as on 31 Dec 2025.
Figure 3: Bellevue Gold March 2026 quarter cash and gold movement highlighting A$158M free cash flow [Courtesy: Bellevue Gold]
Bellevue Gold has indicated it expects to continue accelerating pre-deliveries into forward gold sale commitments. The strategy aims to further de-risk the balance sheet while maintaining flexibility to build cash and support exploration investment.
BGL Share Price
Bellevue Gold Limited (ASX: BGL) is currently trading at A$1.822 per share, with a market capitalisation of A$2.33 billion. The 52-week range stands at A$0.775 to A$2.000 per share.
Figure 4: Bellevue Gold Limited (ASX: BGL) one-year share price performance chart [Courtesy: ASX]
Industry Outlook
The Australian gold mining sector is experiencing strong tailwinds as elevated gold prices drive renewed focus on production efficiency and balance sheet discipline. Producers with low-cost, high-grade operations are attracting increased investor attention across the ASX.
The shift toward renewable energy in mining operations is also gaining momentum, with companies like Bellevue Gold demonstrating that diesel dependency can be materially reduced without compromising output. The BGL quarterly production report reflects these broader sectoral trends in action.
Future Direction and Impact on BGL Investors
For investors following the Bellevue Gold March 2026 update, the key catalysts ahead are the June 2026 quarter results and the first ore development at the Deacon North mining area. Both are expected to support further grade improvements and volume increases.
The continued reduction of the hedge book is a meaningful development for investors tracking the BGL quarterly production report. As forward commitments shrink, Bellevue Gold’s exposure to spot gold prices increases, which is a direct benefit in the current elevated gold price environment.
Bellevue Gold mining news around the full quarterly report, due later in April 2026, will provide complete financial statements and additional operational detail beyond this preliminary update.
Frequently Asked Questions
Q1. What did the Bellevue Gold March 2026 update report?
Ans. Bellevue Gold reported record underlying free cash flow of approximately A$158 million and production of 40,745 ounces of gold for the March 2026 quarter.
Q2. Is Bellevue Gold on track for FY26 guidance?
Ans. Yes. The BGL quarterly production report confirms the Company remains on track for FY26 production guidance of 130,000 to 150,000 ounces.
Q3. What happened to Bellevue Gold’s hedge book during the quarter?
Ans. Forward gold sales commitments were reduced by 32,505 ounces to 91,650 ounces. Bellevue Gold is now free of contractual hedge book deliveries until the end of December 2026.
Q4. What is Bellevue Gold’s cash position as of 31 Mar 2026?
Ans. Cash and gold on hand stood at A$181 million as on 31 Mar 2026, up A$16 million from A$165 million as on 31 Dec 2025.
Q5. When will the full quarterly report be released?
Ans. Bellevue Gold has indicated the full quarterly report will be released later in April 2026.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on the ASX announcement released by Bellevue Gold Limited on 8 Apr 2026 and supplementary publicly available sources. Share price and market capitalisation data reflect figures provided at the time of publication. Investing in securities involves risk. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
https://www.asx.com.au/markets/company/BGL
https://www.bellevuegold.com.au
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03075248-6A1319541
Tags: ASX: BGL, Bellevue Gold, March 20 Last modified: April 9, 2026
