Bellevue Gold Surges with Record A$67M Free Cash Flow in June Quarter

Strong Financial Performance Amid Operational Challenges

Bellevue Gold Limited has closed the June 2025 quarter with a standout financial performance, posting a record free cash flow of A$67 million. This marks a significant turnaround from the previous quarter's A$30 million outflow, reflecting the company’s improved operational efficiency and robust gold production.

The company processed a record 287,000 tonnes of ore at an average grade of 4.5 grams per tonne, achieving a recovery rate of 94.4%. Notably, plant upgrades implemented during the quarter pushed recovery rates to approximately 95% in June, underscoring the effectiveness of recent operational enhancements.

Production Highlights and Operational Insights

Gold production for the quarter reached 38,941 ounces, slightly below the lower end of the company’s guidance range of 40,000 to 45,000 ounces. This shortfall was primarily due to a brief delay in accessing a key stope at the Deacon mine and some unplanned plant maintenance early in the quarter. Despite these setbacks, the company mined 290,000 tonnes at 4.7 grams per tonne, delivering 43,500 ounces in line with expectations.

June saw record monthly mining and processing rates, with 130,000 tonnes mined at 4.6 grams per tonne and 111,000 tonnes processed at an impressive 5.3 grams per tonne, achieving around 95% recovery. Development rates also hit a high for the fiscal year, averaging 311 metres per jumbo per month, signaling strong operational momentum heading into FY26.

Financial Position and Outlook

Cash and gold on hand increased by A$65 million during the quarter, reaching A$152 million, bolstered by a prior equity raise. The company’s debt remains steady at A$100 million, with no mandatory principal repayments due until calendar year 2027, providing financial flexibility.

While the quarter’s production was slightly below guidance, the strong finish and record operational metrics position Bellevue well for the upcoming fiscal year. The company’s ability to convert operational improvements into tangible financial gains will be closely watched by investors.