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Listen "Bellevue Gold up and Away With Strong Operational Results - Darren Stralow (ASX:BGL)"
Episode Synopsis
Bellevue Gold (ASX: BGL) has bounced back with a vengeance. The company's latest operational results are strong showing it's on track to meet guidance. MD Darren Stralow tells us about the changes that were made at an operational level, why they've been so effective and what the next twelve months holds.
Darren Stralow is the CEO and Managing Director of Bellevue Gold, leading the company through its transition from development to production at the high-grade Bellevue Gold Project in Western Australia. A mining engineer and WA School of Mines graduate, Darren brings more than 20 years of underground mining experience, including senior leadership roles at Northern Star Resources. Known for his strong operational and commercial focus, he’s driving Bellevue’s vision to produce some of the world’s most sustainable gold.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://bellevuegold.com.au
Key Insights:
1. Bellevue Gold delivers a strong September quarter, beating production guidance
Bellevue Gold produced around 29,000 ounces of gold in the September 2025 quarter, ahead of budget and on track to meet its FY25 guidance of ~140,000 ounces. Darren Stralow notes that the company is achieving or exceeding internal targets, with increasing grades expected to drive stronger production and cash flow in the second half of the year.
2. Operational turnaround driven by improved development rates and mine planning
Following a strategic operational review, Bellevue Gold has dramatically improved its underground development rates, achieving over 320 metres per jumbo compared to a budget of 270 metres. This has allowed the team to get ahead of production fronts, install all primary infrastructure, and move the operation into a steady-state phase with improved resilience and reduced risk.
3. Cash flow strengthens as grades rise and capital costs taper off
With plant upgrades and ventilation installations now complete, Bellevue Gold expects to generate higher grades from the Deacon mining area while maintaining a stable cost base. Stralow says the mine will see rising free cash flow as higher-grade ore and stable operating costs combine to lift margins and provide optionality for balance-sheet management.
4. Pathway to becoming a debt-free, unhedged gold producer by end-2026
Bellevue Gold has begun closing out hedge positions ahead of schedule and proactively managing its hedge book to take advantage of strong spot prices. The company holds A$150–160 million in cash — equivalent to roughly four months of operating costs — and aims to be completely debt-free and hedge-free by the end of 2026, positioning it among Australia’s lowest-risk mid-tier gold producers.
5. Growth focus shifts back to exploration and long-term discovery
After several years focused on construction and ramp-up, Bellevue Gold is now ready to reignite exploration across its 1,900 km² landholding. With underground drill platforms established and cash flow funding new programs, Stralow says the company is excited to “hit exploration hard again” to grow the resource base and extend mine life — marking the next chapter in Bellevue’s growth story.
Darren Stralow is the CEO and Managing Director of Bellevue Gold, leading the company through its transition from development to production at the high-grade Bellevue Gold Project in Western Australia. A mining engineer and WA School of Mines graduate, Darren brings more than 20 years of underground mining experience, including senior leadership roles at Northern Star Resources. Known for his strong operational and commercial focus, he’s driving Bellevue’s vision to produce some of the world’s most sustainable gold.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://bellevuegold.com.au
Key Insights:
1. Bellevue Gold delivers a strong September quarter, beating production guidance
Bellevue Gold produced around 29,000 ounces of gold in the September 2025 quarter, ahead of budget and on track to meet its FY25 guidance of ~140,000 ounces. Darren Stralow notes that the company is achieving or exceeding internal targets, with increasing grades expected to drive stronger production and cash flow in the second half of the year.
2. Operational turnaround driven by improved development rates and mine planning
Following a strategic operational review, Bellevue Gold has dramatically improved its underground development rates, achieving over 320 metres per jumbo compared to a budget of 270 metres. This has allowed the team to get ahead of production fronts, install all primary infrastructure, and move the operation into a steady-state phase with improved resilience and reduced risk.
3. Cash flow strengthens as grades rise and capital costs taper off
With plant upgrades and ventilation installations now complete, Bellevue Gold expects to generate higher grades from the Deacon mining area while maintaining a stable cost base. Stralow says the mine will see rising free cash flow as higher-grade ore and stable operating costs combine to lift margins and provide optionality for balance-sheet management.
4. Pathway to becoming a debt-free, unhedged gold producer by end-2026
Bellevue Gold has begun closing out hedge positions ahead of schedule and proactively managing its hedge book to take advantage of strong spot prices. The company holds A$150–160 million in cash — equivalent to roughly four months of operating costs — and aims to be completely debt-free and hedge-free by the end of 2026, positioning it among Australia’s lowest-risk mid-tier gold producers.
5. Growth focus shifts back to exploration and long-term discovery
After several years focused on construction and ramp-up, Bellevue Gold is now ready to reignite exploration across its 1,900 km² landholding. With underground drill platforms established and cash flow funding new programs, Stralow says the company is excited to “hit exploration hard again” to grow the resource base and extend mine life — marking the next chapter in Bellevue’s growth story.
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