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Bellevue Gold Limited
(Sydney:BGL)
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Rating:56Neutral
Price Target:
AU$1.50
â–¼(-12.79% Downside)
Action:Reiterated
Date:09/23/26
The score is driven primarily by improving financial momentum (revenue ramp, stronger operating cash flow and positive free cash flow) and a reasonably leveraged balance sheet, but is held back by sharply compressed margins and low returns, plus a very high P/E that offers little valuation support. Technicals are mildly constructive but not strong enough to offset the fundamental valuation and profitability risks.
Positive Factors
Revenue scale-up
The transition to substantial annual revenue demonstrates that Bellevue Gold has moved beyond development into meaningful commercial production. A larger operating base can support further resource development, improve fixed-cost absorption, and provide a platform for sustained growth over coming quarters.
Negative Factors
Sharp margin compression
The steep decline in gross margin shows that revenue growth has not translated into durable unit profitability. Thin gross margins leave less protection against operating-cost increases, weaker grades, or changes in realized gold prices, making earnings more vulnerable across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale-up
The transition to substantial annual revenue demonstrates that Bellevue Gold has moved beyond development into meaningful commercial production. A larger operating base can support further resource development, improve fixed-cost absorption, and provide a platform for sustained growth over coming quarters.
Read all positive factors
Bellevue Gold Limited (BGL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.21B
Dividend YieldN/A
Average Volume (3M)6.83M
Price to Earnings (P/E)309.4
Beta (1Y)1.51
Revenue Growth13.92%
EPS GrowthN/A
CountryAU
Employees210
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,491,502,400
10 Day Avg. Volume5,655,841
30 Day Avg. Volume6,832,979
Financial Highlights & Ratios
PEG Ratio-2.24
Price to Book (P/B)2.16
Price to Sales (P/S)3.13
P/FCF Ratio25.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.86Price Target Upside8.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.13
Revenue Forecast (FY)AU$874.85M
Bellevue Gold Limited Business Overview & Revenue Model
Company Description
Bellevue Gold Limited, along with its associated companies, is actively involved in the exploration and evaluation of gold deposits across Australia. The firm holds a 100% interest in several prominent projects, including the Bellevue gold project...
How the Company Makes Money
BGL makes money primarily by producing and selling gold. Its main revenue stream is the sale of refined gold (and/or gold doré) generated from mining gold-bearing ore, processing it through a plant to recover gold, and then selling the resulting g...
Bellevue Gold Limited Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 576.26M | 505.84M | 298.41M | 0.00 | 0.00 |
| Gross Profit | 53.63M | 144.97M | 109.22M | -1.57M | -1.07M |
| EBITDA | 237.46M | 105.20M | 111.19M | -22.99M | -16.52M |
| Net Income | 7.08M | -45.89M | 75.42M | -24.79M | -17.77M |
Balance Sheet | |||||
| Total Assets | 1.48B | 1.25B | 934.75M | 629.65M | 369.62M |
| Cash, Cash Equivalents and Short-Term Investments | 195.43M | 151.59M | 48.69M | 64.72M | 117.47M |
| Total Debt | 336.83M | 342.29M | 307.76M | 130.23M | 1.01M |
| Total Liabilities | 641.41M | 424.93M | 375.11M | 202.11M | 19.09M |
| Stockholders Equity | 835.86M | 820.08M | 559.64M | 427.55M | 350.52M |
Cash Flow | |||||
| Free Cash Flow | 70.24M | -52.91M | -96.63M | -262.99M | -111.49M |
| Operating Cash Flow | 245.56M | 139.14M | 113.96M | -13.28M | -8.86M |
| Investing Cash Flow | -176.44M | -185.30M | -217.34M | -249.72M | -102.71M |
| Financing Cash Flow | -25.28M | 149.07M | 87.34M | 210.22M | 137.36M |
Bellevue Gold Limited Technical Analysis
Negative
1.72
Price Trends
1.57
Negative
1.47
Positive
1.57
Negative
Market Momentum
-0.02
Positive
42.31
Neutral
14.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BGL, the sentiment is Negative. The current price of 1.72 is above the 20-day moving average (MA) of 1.56, above the 50-day MA of 1.57, and above the 200-day MA of 1.57, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.31 is Neutral, neither overbought nor oversold. The STOCH value of 14.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BGL.
Bellevue Gold Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$2.42B | 10.22 | 21.80% | 1.13% | ― | ― | |
77 Outperform | AU$7.13B | 60.38 | 3.01% | 1.59% | -14.16% | -84.78% | |
72 Outperform | AU$2.83B | 13.00 | 46.66% | ― | 100.85% | 13.66% | |
68 Neutral | AU$524.87M | 6.04 | 25.37% | ― | 909.33% | ― | |
66 Neutral | AU$2.39B | 9.32 | 23.30% | 1.59% | 4.98% | 1498.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$2.21B | 309.38 | 0.85% | ― | 13.92% | ― |
* Basic Materials Sector Average
AU:BGL
Bellevue Gold Limited
1.49
0.25
20.65%
AU:RSG
Resolute Mining
1.15
0.02
1.33%
AU:ALK
Alkane Resources Ltd
1.81
0.69
61.90%
AU:OBM
Ora Banda Mining
1.44
0.18
14.29%
AU:RMS
Ramelius Resources Limited
3.77
-0.06
-1.57%
AU:BC8
Black Cat Syndicate Ltd.
0.72
-0.67
-48.20%
Bellevue Gold Limited Corporate Events
Bellevue Gold Files 2026 Corporate Governance Statement with ASX
Sep 21, 2026
Bellevue Gold Limited has lodged its annual corporate governance statement for the year ended 30 June 2026, confirming it is published on the company’s website and current as of 21 September 2026. The statement sets out how Bellevue has appl...
Bellevue Gold Posts Record Free Cash Flow as It Moves Toward Full Spot Price Exposure
Sep 21, 2026
Bellevue Gold has reported FY26 production of 143,500 ounces and all-in sustaining costs within guidance, while delivering record free cash flow of $62.6 million and maintaining a broadly neutral net profit after tax of $7.1 million. Cash and gold...
Bellevue Gold Releases 2026 Annual Report Detailing Operations and Outlook
Sep 21, 2026
Bellevue Gold has released its 2026 Annual Report, providing a comprehensive review of its operations, financial performance and governance over the year. The report outlines the company’s operating and financial review, mineral resources an...
Bellevue Gold Lifts Exploration Spend as Contractor Transition Temporarily Hits Output
Sep 20, 2026
Bellevue Gold has ramped up its exploration efforts at the Bellevue Gold Project, boosting its annual exploration budget to $25–30 million and adding underground drilling capacity to shift from purely grade control to extensional drilling. I...
Bellevue Gold issues 63,068 new shares on conversion of unquoted securities
Sep 14, 2026
Bellevue Gold Limited has notified the market of the issue of 63,068 ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The new shares, issued on 11 September 2026, modestly increase the company̵...
Bellevue Gold Reshapes Board as It Positions for Next Growth Phase
Aug 25, 2026
Bellevue Gold Limited has announced the appointment of two new Independent Non-Executive Directors, Debra Counsell and Tanya Rybarczyk, effective 23 September 2026, as part of its broader board succession strategy. Counsell brings more than three ...
Bellevue Gold sets 2026 AGM date and director nomination deadline
Aug 21, 2026
Bellevue Gold has scheduled its Annual General Meeting for 19 November 2026, with full details of the venue and resolutions to be circulated to shareholders in a forthcoming notice and explanatory memorandum. The company has also set 1 October 202...
Bellevue Gold Issues New Shares Following Conversion of Unquoted Securities
Aug 21, 2026
Bellevue Gold Limited has issued 646,315 new ordinary fully paid shares following the conversion or exercise of previously unquoted equity securities. The issuance, notified to the ASX on August 21, 2026 and dated August 20, 2026, modestly increas...
Bellevue Gold Seeks ASX Quotation for New Employee Incentive Shares
Aug 17, 2026
Bellevue Gold Limited has applied to the ASX for the quotation of 846,766 fully paid ordinary shares issued to CPU Share Plans Pty Ltd, acting as trustee for the Bellevue Gold Limited Employee Share Trust. The new shares have been created under th...
Bellevue Gold Issues 39,026 New Ordinary Shares Following Option Conversion
Aug 14, 2026
Bellevue Gold Limited has notified the ASX of the conversion of unquoted options or other convertible securities into 39,026 ordinary fully paid shares. The newly issued shares, dated August 13, 2026, modestly expand the company’s equity bas...
Bellevue Gold Issues New Shares Following Conversion of Unquoted Securities
Aug 4, 2026
Bellevue Gold Limited has notified the market of the issue of 244,830 new ordinary fully paid shares following the conversion or exercise of previously unquoted securities. The issuance of these shares modestly increases the company’s equity...
Bellevue Gold Cuts 3.6 Million Lapsed Performance Rights
Aug 4, 2026
Bellevue Gold Limited has notified the market of the cessation of 3,617,183 performance rights, following the lapse of conditional rights that could not be satisfied by the end of July 2026. The move reduces the company’s pool of outstanding...
Bellevue Gold Expands Share Base With Conversion of Unquoted Securities
Jul 29, 2026
Bellevue Gold Limited has issued 716,963 new ordinary fully paid shares following the conversion or exercise of previously unquoted options or other convertible securities. The issuance, notified to the ASX on 29 July 2026 with an issue date of 27...
Bellevue Gold Lifts Cash Balance on Strong Quarterly Operating Flows
Jul 27, 2026
Bellevue Gold Limited reported strong operating cash generation for the quarter ended 30 June 2026, with receipts from customers of A$174.4 million and net operating cash flow of A$87.4 million. The company continued to invest in its asset base, s...
Bellevue Gold lifts FY27 guidance after record year and hedge book reduction
Jul 27, 2026
Bellevue Gold reported record annual production of 143,539 ounces of gold in FY26, delivering above the midpoint of its guidance and within cost and capital expenditure targets. June quarter output rose to 41,643 ounces with strong recoveries and ...
Bellevue Gold Announces Lapse of 382,238 Performance Rights
Jul 10, 2026
Bellevue Gold Limited has notified the market of the lapse of 382,238 performance rights, which ceased because the vesting conditions were not met or can no longer be satisfied. The cessation of these securities slightly adjusts the company’...
Bellevue Gold Expands Share Base Through Conversion of Unquoted Securities
Jul 8, 2026
Bellevue Gold Limited has reported the issue of 78,382 new ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The additional shares marginally expand the company’s equity base and reflect ongoi...
Bellevue Gold Beats Guidance as Cash Rises and Hedge Book Shrinks
Jul 6, 2026
Bellevue Gold reported a strong June 2026 quarter, producing 41,643 ounces of gold at an average head grade of 4.5 grams per tonne and lifting FY26 output to about 144,000 ounces, above the midpoint of its 130,000 to 150,000 ounce guidance range. ...
Bellevue Gold issues new shares following conversion of unquoted securities
Jul 6, 2026
Bellevue Gold Limited has notified the market of the issue of 147,584 ordinary fully paid shares on 2 July 2026, following the exercise or conversion of previously unquoted securities. The move modestly increases the company’s equity base an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.