Bellevue Gold: 4Q26 costs disappoint and hedgebook delivery continued; FY27 costs guided higher; retain Overweight

研报英文原文证据摘录

Bellevue Gold: 4Q26 costs disappoint and hedgebook delivery continued; FY27 costs guided higher; retain Overweight

J P M O R G A N Asia Pacific Equity Research

29 July 2026

Bellevue Gold Overweight

BGL.AX, BGL AU

4Q26 costs disappoint and hedgebook delivery Price (28 Jul 26):A$1.35

continued; FY27 costs guided higher; retain Overweight ▲Price Target (Jun-27):A$1.60 Prior (Jun-27):A$1.55

Key takeaways: 1) 4Q26 AISC of A$2,604/oz was 12% above JPMe on higher

mining costs and royalties, interrupting the sequential cost improvement trend seen Australia

through 1Q–3Q26; production of 42koz was pre-reported. 2) FY27 production Metals & Mining

guidance of 150–170koz was in line with JPMe but AISC of $2,800-3,100/oz was AC Jonathon Sharp

higher than we expected, reflecting WA cost inflation and the reclassification of (61 2) 9003-8312

development capex into sustaining. 3) The hedge book was reduced by a further jonathon.sharp@jpmorgan.com

23koz to 68.7koz with no mandatory deliveries until end-June 2027, though early J.P. Morgan Securities Australia Limited

delivery into contracts weighed on FY26 reported earnings. Paste plant Lyndon Fagan

construction is underway with commissioning on track for mid-FY27. Our FY26 (61-2) 9003-8648

earnings falls $30m to $9m loss on earlier hedge delivery and our FY27 NPAT lyndon.fagan@jpmorgan.com

moves 3% lower on higher costs. The stock trades at 0.86x P/NAV and we retain J.P. Morgan Securities Australia Limited

Overweight with a revised price target of $1.6ps. Devwrat Vegad

(91-22) 6157-3608

• Result. 4Q26 production of 41.6koz was pre-reported, with record ore mined devwrat.vegad@jpmchase.comJ.P. Morgan Securities Australia Limited/ J.P.

of 315kt and record plant throughput of 299kt at 96% recovery. AISC of A Morgan India Private Limited