Bellevue Gold shares (ASX: BGL) added 4.84% on Tuesday after releasing full-year results that confirmed a return to profitability, helping bulls push back above a key level for the stock in the process. The BGL share price ended the session at A$1.62, after finding support willing to drive holders back above the 200-day Simple Moving Average at A$1.57.
For non technical traders, the 200 day SMA is a closely watched level by trend-followers and momentum traders as a dividing line between trend. Above the line is bullish, whilst trading below is seen as bearish. Added to the 200, BGL shares also trade comfortably above the 50-day SMA at A$1.48, adding further weight to the technical picture, as a sign of near term momentum leaning to the bull side.
Financials Drive BGL Shares Higher
Bellevue Gold recorded a Net Profit After Tax of A$7.1 million for FY26, a meaningful reversal from the A$45.9 million statutory loss posted in FY25. While the absolute profit figure remains modest relative to the scale of the operation, the directional shift carries significant weight. It confirms that the Bellevue Gold Project in Western Australia has cleared the capital-intensive development phase and is now generating positive returns at the bottom line.
Production for the full year came in at 143,500 ounces, placing output in the upper half of the company’s guidance range of 130,000 to 150,000 ounces. All-In Sustaining Costs were reported at A$2,827 per ounce, comfortably within the guided range of A$2,600 to A$2,900 per ounce. Taken together, the dual delivery on both volume and cost metrics speaks to an operational consistency that had not always been assumed by the market following the mine’s earlier teething phases.
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At the revenue line, the business generated A$576.3 million for the year, supporting an EBITDA of A$237.5 million, which translates to an EBITDA margin of approximately 41%. Record free cash flow of A$62.6 million pushed the company’s combined cash and gold holdings to A$206.4 million. Bank debt stood at A$100 million, with no mandatory principal repayments required until FY27 or calendar year 2027, providing a meaningful buffer against near-term capital pressures.
The Hedge Book
Perhaps the most significant element of Tuesday’s results was not the profit figure itself, but the context surrounding it. Bellevue’s statutory earnings were materially constrained by legacy gold hedging commitments entered into during the project’s development financing phase. Management disclosed that hedge deliveries reduced FY26 earnings by approximately A$200 million and suppressed potential revenue by A$285 million relative to prevailing spot gold prices.
During FY26, the company delivered 83,400 ounces into lower-priced forward contracts. As of June 30, the remaining hedge book stood at 68,700 ounces, and management has indicated its intention to complete the roll-off of all remaining hedges during FY27. That transition would shift Bellevue to 100% unhedged, spot price exposure at a time when gold continues to trade near historically elevated levels.
The implication for forward earnings is substantial. If spot gold prices remain at current levels and the hedge book is retired as planned, the earnings uplift flowing into FY27 and beyond could be transformative relative to what FY26 results suggest on face value.
FY27 Guidance
Looking ahead, Bellevue guided FY27 production of 150,000 to 170,000 ounces, representing a meaningful step-up from FY26 at the midpoint. AISC guidance for the coming year was set at A$2,800 to A$3,100 per ounce, a range that reflects both operational confidence and an honest acknowledgement of persistent cost inflation across Western Australian mining operations, where labour and consumables remain elevated.
The company also announced an exploration budget of A$25 million to A$30 million for FY27, targeting high-grade drill programs at Deacon North, Tribune South, and Westralia. These programs are designed to extend the mine’s reserve base and support production sustainability beyond the current mine plan, addressing one of the structural concerns that single-asset gold producers typically face as they mature.
What Lay Ahead
Reclaiming the 200-day SMA is a meaningful signal for systematic and trend-following participants, and a sustained close above A$1.57 would likely attract incremental buying interest. The next technical area of interest to the upside sits around the A$1.80 to A$1.90 range, where BGL encountered resistance earlier in the year.
From a fundamental standpoint, the investment thesis for Bellevue is increasingly anchored around the hedge roll-off story. The FY26 results have demonstrated that the underlying mine can operate consistently within guidance, generate meaningful free cash flow, and maintain a solid balance sheet. The question markets will now focus on is how quickly and cleanly the remaining 68,700 ounces of hedges can be retired, and whether the spot gold price environment remains supportive when that transition is complete.
Whilst momentum is shifting in the stock, it is worth noting that despite a 50% gain over the past 12 months, BGL remains 4.41% lower YTD, with a large portion of buyers from the first 1/3rd of 2026 likely to be under water. This dynamic could see some look to exit once positions are back in the black, so we would be looking for clearance above A$1.70, and confirmation before considering decks cleared.
