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Australian gold miner operating the high-grade Bellevue underground gold mine in Western Australia.
Australian gold miner operating the high-grade Bellevue underground gold mine in Western Australia.
A single-mine producer: all earnings come from selling the gold from the Bellevue underground mine at the market price, so the pace of ramp-up to full production and underground mining costs decide results. It moved from developer to producer within the past few years.
In one line: A high-grade Western Australian gold producer.
Moat: none. Commodity gold producer; high grade helps costs but is not a durable structural moat.
Headquarters: Perth, Australia · Founded: 2013 · Employees: 223
Size Bellevue Gold (BGL.AX) is an Australia Materials company (Precious Metals) with a market value of $1.46B, the 146th largest of 316 Australia companies the cockpit tracks. Shares closed at A$1.41 on 6 Nov 2026.
Performance Over six months the shares fell 15.8%, against -8.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th lowest of 18 in its peer set.
Growth Revenue grew 13.9% over the last twelve months (peer median +48.3%); the operating margin is 5.5% (peer median 27.2%).
Valuation It trades at 13.3× forward earnings against a peer median of 10.3× (2nd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 41% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.2 points below its cost of capital (11.5% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$576M | A$576M | A$506M | A$298M | A$0 |
| Revenue growth | — | +14% | +70% | — | — |
| Gross profit | A$53.6M | A$53.6M | A$98.8M | A$98.0M | -A$1.57M |
| EBITDA | A$237M | A$237M | A$223M | A$113M | -A$25.1M |
| Net income | A$7.08M | A$7.08M | -A$45.9M | A$75.4M | -A$24.8M |
| Free cash flow | A$70.2M | A$70.2M | -A$62.8M | -A$95.6M | -A$262M |
| Capital expenditure | A$176M | A$176M | A$192M | A$211M | A$250M |
| Total debt | n/a | A$337M | A$342M | A$308M | A$130M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bellevue Gold BGL.AX | $1.46B | -16% | +14% | 5% | 13.3× | 41.2% |
| Vault Minerals VAU.AX | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% |
| Westgold Resources WGX.AX | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% |
| Ramelius Resources RMS.AX | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BGL.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.0% | -4.6% | 9th lowest of 21 |
| 6-month return | -15.8% | -8.2% | 5th lowest of 18 |
| Distance from 52-week high | -29.5% | -35.2% | 7th highest of 21 |
| Revenue growth (TTM) | +13.9% | +48.3% | 3rd lowest of 12 |
| Operating margin | 5.5% | 27.2% | 5th lowest of 12 |
| Forward P/E | 13.3× | 10.3× | 2nd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 41.2% | -4.2% | most demanding of 9 |
| Growth delivered (Del g) | +13.9% | +38.3% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | +27.3 pp | -34.9 pp | most demanding of 9 |
| ROIC minus cost of capital | -9.2 pp | -4.7 pp | 8th lowest of 17 |
| EV / EBITDA | 9.4× | 4.4× | most expensive of 7 |
| Net debt / EBITDA | 0.6× | -0.1× | most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bellevue Gold BGL.AX | Australia | $1.46B | -16% | +14% | 5% | 13.3× | 41.2% | +13.9% |
| Orezone Gold ORE.TO | Canada | $1.46B | +31% | +93% | 40% | 6.9× | -8.0% | +110.4% |
| Perenti PRN.AX | Australia | $1.31B | -8% | -4% | 9% | 10.3× | -9.8% | +9.8% |
| AbraSilver Resource ABRA.TO | Canada | $1.30B | -37% | n/a | n/a | n/a | n/a | n/a |
| Alkane Resources ALK.AX | Australia | $1.63B | +11% | +403% | 34% | 11.9× | -1.2% | +48.9% |
| Beijing Xiaocheng Technology Stock 300139.SZ | China | $1.64B | -25% | +39% | 27% | n/a | 33.6% | +27.8% |
| Minerals 260 MI6.AX | Australia | $1.29B | +1% | n/a | n/a | n/a | n/a | n/a |
| Southern Cross Gold Consolidated SXGC.TO | Canada | $1.65B | -9% | n/a | n/a | n/a | n/a | n/a |
| i-80 Gold IAU.TO | Canada | $1.24B | -2% | +38% | -103% | n/a | n/a | n/a |
| Tongguan Gold 0340.HK | Hong Kong | $1.73B | -14% | +65% | 52% | 8.2× | -9.9% | +48.9% |
| EACON 7687.HK | Hong Kong | $1.23B | n/a | +46% | -22% | n/a | n/a | n/a |
| Hycroft Mining HYMC | United States | $1.75B | -51% | n/a | n/a | n/a | n/a | n/a |
| Vizsla Silver VZLA.TO | Canada | $1.18B | -1% | n/a | n/a | n/a | n/a | n/a |
| Resolute Mining RSG.AX | Australia | $1.81B | -12% | +5% | 35% | 10.0× | -7.2% | +8.9% |
| Henan Yuguang Gold & Lead 600531.SS | China | $1.83B | -32% | +48% | 2% | n/a | 7.9% | +19.6% |
| Benz Mining BZ.V | Canada | $1.15B | +120% | n/a | n/a | n/a | n/a | n/a |
| Sunshine Silver Mining & Refining SSMR | United States | $1.91B | n/a | +422% | -3,022% | n/a | n/a | n/a |
| Snowline Gold SGD.TO | Canada | $1.93B | -6% | n/a | n/a | n/a | n/a | n/a |
| Ora Banda Mining OBM.AX | Australia | $1.93B | +4% | +101% | 39% | 16.6× | 1.1% | +101.1% |
| Hemlo Mining HMMC.TO | Canada | $1.09B | -9% | n/a | n/a | 10.8× | n/a | n/a |
| Sinda SIND | United States | $1.95B | n/a | n/a | n/a | n/a | n/a | n/a |