Bellevue Gold has early underground drilling success at Tribune South

• First underground extensional drilling hits mineralisation at Tribune South.
• On track to pass annual production guidance.
• Paste plant construction underway and progressing on schedule.
• Continuing strategy of pre-delivering into hedge book.

Bellevue Gold (ASX:BGL) reports it is now on target to beat the mid-point of its FY26 annual production guidance after making a solid start to the June quarter in its Western Australia mining activities.

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With April CY26 and May CY26 production of 28.1 thousand ounces at an estimated head grade of 4.6 grams per tonne (g/t), the company says it is expected to be able to meet its guidance of A$2,600-A$2,900 per ounce.

Production for the last eleven months to May 31 was 130,000 ounces compared with the FY26 guidance range of 130,000 to 150,000 ounces.

Bellevue MD, Darren Stralow, said progress through FY26 is in line with the company’s stated goals of continued delivery against guidance, continued de-risking through hedge book pre-delivery and growth through the progressive unlocking of the excellent exploration opportunity we have at Bellevue.”

He said Bellevue is consistently producing 40K ounces per quarter now all five of the key areas of Deacon, Deacon North, Marceline, Viago, and Tribune are established.

“Cost performance has been a key focus for the business through FY26. AISC for FY26 is expected to align with guidance despite economy-wide inflation and the increase in royalty costs stemming from the higher spot gold price seen through the financial year,” he told Bellevue shareholders today.

“Bellevue’s direct exposure to diesel costs continues to be one of the lowest in the sector thanks to its successful renewable energy strategy.”

Growth and exploration capital totalled $96 million for the 11 months to May 31, and this is expected to finish the year within the stated guidance range of $105M to $115M.

“The ongoing performance underlines the operational consistency being maintained at Bellevue and provides increased operational resilience as the mine transitions mining contractor in the September quarter 2026.”

Bellevue noted that underground extensional drilling has now commenced after a period of focused grade control drilling to de-risk operations.

This extensional drilling program is the first to be drilled from underground this far south of the current ore reserve. The program uses new drill platforms established through the advancement of the Southern Belle Decline.

Mr Stralow said further development of underground infrastructure and the availability of underground drill rigs will enable extensional and exploration drilling to continue to target areas south of the Bellevue Mine through FY27 and beyond.

Notably, the first series has been drilled targeting southern extensions to the Tribune line of lode, three of which have intersected visible gold mineralisation at Tribune South.

BGL is up +3.62%, to $1.58. Mkt cap $2.262B.

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