BGL
Live News • May 15
Barminco Secures Four Year Bellevue Gold Mining Contract With A$75m Capital Required By 2027 Barminco, the underground mining division of Perenti, has secured a four-year contract from Bellevue Gold for work at the Bellevue Gold Project in Western Australia.
The contract includes an option to extend for an additional year, providing potential continuity of underground mining services for the project.
Around A$75m in growth capital is expected to be required by fiscal year 2027 to support this contract.
This contract indicates that Bellevue Gold is locking in a key operational partner for the underground phase of its Bellevue Gold Project, which can help provide more clarity around future mine development activities and timelines.
For investors, a key consideration is how the required A$75m in growth capital by FY 2027 may be funded and what that might mean for the company’s balance sheet, ownership dilution, or project economics. Reported Earnings • Feb 24
First half 2026 earnings released: EPS: AU$0.002 (vs AU$0.01 in 1H 2025) First half 2026 results: EPS: AU$0.002 (down from AU$0.01 in 1H 2025). Revenue: AU$268.7m (up 21% from 1H 2025). Net income: AU$2.63m (down 78% from 1H 2025). Profit margin: 1.0% (down from 5.4% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 17
Bellevue Gold Limited Completes an Updated Pre-Feasibility Study and Approves the Construction of A New 120m3/hr Wet Posting Plant for Post Fill in the High-Grade Deacon and Deacon North Mining Areas At the Bellevue Gold Project Bellevue Gold Limited has completed an updated pre-feasibility study and approved the construction of a new 120m3/hr wet paste plant for paste fill in the high-grade Deacon and Deacon North mining areas at the Bellevue Gold Project. Construction will commence in fiscal year26 with completion estimated by mid fiscal year27, with paste filling to commence immediately thereafter.aste fill provides long term value, greater production consistency, and increased safety. A wet paste plant involves taking tailings directly from the processing plant tailings thickener discharge, dewatering them via a filter and then mixing the tailings with binder (cement) before depositing the resulting paste into the underground voids. The estimated capital cost of construction of the paste plant is $35-40 million (including 10% contingency) to be spent during CY26 and will be funded from operational cash flows. GR Engineering Services Limited are expected to be appointed to construct the plant, with long-lead items such as disc filters, paste mixer and cement silo already on order. Two previously drilled bore holes will be used to deliver the paste underground. Construction of the paste plant will not impact FY26 production or AISC guidance. The current remaining hedge book commitment stands at 112,675 ounces of future gold sales at an average hedge price of AUD 2,886/oz, representing a 26% year-to-date reduction of 39,325 ounces. Bellevue expects to continue using positive free cash flow generated from operations to continue accelerating forward gold sale contract pre-deliveries throughout the remainder of H2 fiscal year26. The combination of balance sheet strength and increasing financial flexibility provide an excellent derisked platform for future growth activities. The business holds increasing optionality to build cash, pre-deliver hedges, invest in near-mine exploration activities and/or reduce debt. Exploration Program. With a strengthened balance sheet, the Company is entering a position of significant strategic flexibility, allowing a renewed focus on value-adding near-mine exploration. A detailed review of the CY26 exploration program is underway, targeting increased drilling capacity, accelerated drill drive development and the rapid advancement of high- confidence targets. The Bellevue mineralised system presents a growing opportunity, with the next phase of exploration expected to support the discovery of additional ounces and enhance long-term shareholder value. 
