Bellevue Gold's April-May production hit 28.1K oz at 4.6 g/t, supporting a guidance beat. Underground drilling at Tribune South found visible gold in three holes.
Alpha Score of 46 reflects weak overall profile with moderate momentum, poor value, weak quality, weak sentiment.
Bellevue Gold (ASX:BGL) is on track to beat the mid-point of its FY26 production guidance after reporting 28,100 ounces of gold produced in April and May at an estimated head grade of 4.6 grams per tonne.
Production for the eleven months through May reached 130,000 ounces. The company expects to finish the year within its guidance range of 130,000 to 150,000 ounces. All-in sustaining costs are expected to land between A$2,600 and A$2,900 per ounce, in line with the range.
Managing Director Darren Stralow pointed to cost controls as a key focus. "Cost performance has been a key focus for the business through FY26," he told shareholders. "AISC for FY26 is expected to align with guidance despite economy-wide inflation and the increase in royalty costs."
Stralow said Bellevue is now consistently producing 40,000 ounces per quarter across all five mining areas: Deacon, Deacon North, Marceline, Viago, and Tribune. He noted the company's renewable energy strategy helps keep diesel costs among the lowest in the sector.
The longer-term story got a lift from the start of underground extensional drilling at Tribune South. The first series of holes targeted southern extensions to the Tribune line of lode, and three of them hit visible gold mineralisation. This is the first drilling campaign from underground that far south of the current ore reserve, using platforms established through the Southern Belle Decline.
Growth and exploration spending came to $96 million for the 11 months through May, expected to finish within the stated guidance range of $105 million to $115 million. Stralow said the mine's performance is consistent as it prepares to transition its mining contractor in the September quarter.
BGL shares rose 3.6% to A$1.58, giving the company a market cap of A$2.26 billion. The next catalysts are the completion of the contractor transition and further drill results from Tribune South.
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