FY2021
Underground drilling established
Underground diamond drilling commenced following the December2020 drilling-contractor appointment, supporting the project’s development-stage work.
ASX: BGL · Five-year financial review
(ASX: BGL) Bellevue Gold Financial Review - FY2021~25
Bellevue crossed from mine construction into a full year of gold sales, but FY2025 earnings were dominated by a costly hedge reset and a fuller depreciation charge. Strong operating cash coexisted with substantial investment, equity funding and power-related lease obligations.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 gold sold
130,164oz
Sales volume, not inferred production.
Gold sales before close-out
A$505.837m
Statutory customer revenue was lower.
FY2025 statutory loss
A$45.889m
After hedge close-out and tax effects.
Closing cash
A$151.592m
Bank and lease debt shown separately.
Five years in context
Construction-heavy cash outflows preceded first gold. Commercial production for accounting purposes began on1April2024, so FY2024 and FY2025 have different depreciation and cost-capitalisation profiles.
FY2025 gold volumes and realised prices rose, but a forward-contract close-out reduced statutory revenue. The company also repaid bank debt while recognising more power-related leases; that is a change in funding composition, not an elimination of obligations.
Events behind the numbers
FY2022
Project finance and early construction
The A$200m project loan facility was executed, with initial drawdown still anticipated later in2022. An early-works processing-plant contract was signed in May. Undrawn debt was not cash.
FY2023
Plant and infrastructure build
The camp was commissioned in October2022 and plant construction reached its final stages. Commissioning was targeted for the December2023 quarter, after this financial year.
FY2024
Commercial-production accounting began
Gold revenues and related costs entered the income statement, with mine and plant depreciation starting from1April2024. Start-up capitalisation makes this a transition year.
FY2025
Hedge reset and debt repayment
An April equity placement funded the A$110.9m near-term forward close-out and working capital. Bank debt repayments accompanied further development and power-infrastructure commissioning.
FINANCIAL REVIEW / 01
Operating inflows did not remove financing needs
The operating cash line turned positive with gold sales. FY2025 investing outflows still exceeded statutory operating cash, and financing inflows rebuilt the closing balance. Undrawn facilities from earlier years are excluded from the cash chart.
Operating and investing cash
A$ million
Operating cash flowInvesting cash flow
AI-generated presentation · values from From development outflows to gold operating cash; no missing values plotted as zero.
Cash at each year-end
A$ million
Closing cash
AI-generated presentation · values from From development outflows to gold operating cash; no missing values plotted as zero.
From development outflows to gold operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | (12.243) | (17.770) | (24.790) | 75.416 | (45.889) |
| Operating cash flow | (5.923) | (11.181) | (11.969) | 130.767 | 139.141 |
| Investing cash flow | (57.367) | (102.711) | (249.715) | (217.335) | (185.302) |
| Financing cash flow | 133.138 | 137.277 | 208.934 | 70.532 | 149.066 |
| Closing cash | 94.088 | 117.473 | 64.723 | 48.687 | 151.592 |
June year-ends; A$000 converted to millions.
FY2022 cash-flow classifications follow the FY2023 comparative: an A$0.080m shift between operating and financing leaves total cash unchanged.
Commercial-production accounting began 1 April2024; FY2024 is not a full-year mature operating baseline.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Read the hedge close-out before comparing margins
The company treated the forward close-out as consideration paid to a customer, reducing revenue. The cost is already reflected in the statutory loss; adding it again as a separate expense would double count it.
Depreciation and amortisation through cost of sales rose from aboutA$31.1m toA$142.1m. FY2025 includes a full commercial year and more right-of-use assets; this is not simply a cash unit-cost increase. Wind-asset depreciation starts in July2025.
Statutory earnings across five years
A$ million
Profit / (loss) after tax
AI-generated presentation · values from From development outflows to gold operating cash; no missing values plotted as zero.
Gold revenue before and after close-out
A$ million
Gold sale revenue before close-out deductionRevenue from customers after deduction
AI-generated presentation · values from Gold sales are not the final statutory revenue line; no missing values plotted as zero.
Gold sales are not the final statutory revenue line
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Gold sale revenue before close-out deduction | 298.406 | 505.837 |
| Forward-contract close-out deduction | 0.000 | (110.870) |
| Revenue from customers after deduction | 298.406 | 394.967 |
| Cost of sales | (189.190) | (398.106) |
| Gross profit / (loss) | 109.216 | (3.139) |
| Finance costs | (9.003) | (31.054) |
| Tax benefit | 3.258 | 13.008 |
| Profit / (loss) after tax | 75.416 | (45.889) |
The A$110.870m close-out cost reduces revenue under the stated AASB15 treatment; it is not deducted a second time from net profit.
FY2024 cost of sales includes mine/plant depreciation only from April; FY2025 contains a full year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Volume, price and costs need different measures
Gold sold rose and the average realised price improved. AISC of A$2,422/oz is issuer-defined non-IFRS reporting, with lease cash payments treated differently from depreciation and notional interest. It must not be compared directly with an IFRS cost-of-sales-per-ounce calculation without a bridge.
Gold sold: operating context
Ounces and A$/oz, as labelled
| Metric | FY2024 | FY2025 |
|---|---|---|
| Gold sold (ounces) | 93,577 | 130,164 |
| Average realised price (A$/oz) | 3,189 | 3,886 |
Units differ by row. Ounces sold are not necessarily ounces produced.
FY2025 AISC was A$2,422/oz, a non-IFRS measure with a different lease/cash basis from statutory cost of sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Bank debt fell, but power leases grew
Cash less face-value bank debt was approximatelyA$51.6m at June2025. That statement excludes substantial lease liabilities and therefore is not a claim of total net cash after all financial obligations.
The company reported A$22.2m of free cash flow on its own operating-reporting basis after growth and exploration outflows. That non-IFRS figure is not simply statutory operating cash plus investing cash. The two are retained separately rather than forced into an unsupported equality.
At year-end,152,000ounces remained sold forward at an averageA$2,843/oz. The April close-out changed near-term spot exposure but did not eliminate all future hedging.
Bank carrying debt and lease liabilities
A$ million
Bank borrowings: carrying amountLease liabilities: current + non-current
AI-generated presentation · values from Cash investment and borrowing balances; no missing values plotted as zero.
Mine and plant investment
A$ million
Mine-property cash investmentNet property, plant and equipment cash
AI-generated presentation · values from Cash investment and borrowing balances; no missing values plotted as zero.
Cash investment and borrowing balances
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Capitalised exploration cash | (1.066) | (1.313) |
| Mine-property cash investment | (140.015) | (147.975) |
| Net property, plant and equipment cash | (69.504) | (42.764) |
| Restricted-cash transfers: inflow / (outflow) | (6.750) | 6.750 |
| Bank borrowings: carrying amount | 216.899 | 98.452 |
| Lease liabilities: current + non-current | 90.857 | 243.839 |
Bank borrowings are net of issuance costs; FY2025 face-value bank debt is A$100m, not A$98.452m.
Lease liabilities include power arrangements and are not erased by quoting cash net of bank debt.
Restricted-cash transfers explain part of the difference between capital expenditure components and investing cash total.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extraction packets only; no original PDF, DB, parsed-body or financial-web retrieval.
- FY2024 production accounting is a transition; no like-for-like cost or margin claim is imposed.
- Non-IFRS free cash flow and AISC are attributed to the issuer and are not substituted for statutory totals.
- No tax-loss carryforward is assumed to be immediate cash.
- Published primary-author review, not an independent audit.
Annual-report source registry
- Bellevue Gold - Annual Report to shareholdersFrozen annual extraction; production timing, funding and accounting bases preserved.
- Bellevue Gold - 2022 Annual ReportFrozen annual extraction; production timing, funding and accounting bases preserved.
- Bellevue Gold - 2023 Annual ReportFrozen annual extraction; production timing, funding and accounting bases preserved.
- Bellevue Gold - 2024 Annual ReportFrozen annual extraction; production timing, funding and accounting bases preserved.
- Bellevue Gold - 2025 Annual ReportFrozen annual extraction; production timing, funding and accounting bases preserved.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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