Bellevue Gold (ASX: BGL) has successfully wrapped up a $156.5 million institutional placement, drawing strong demand from both existing and new investors in Australia and overseas. The raise gives Bellevue the firepower to shut down its near-term gold hedges and ramp up exposure to what could be a record-breaking run for the gold price.
With this new capital in hand, Bellevue plans to close out all hedged production through the rest of calendar year 2025. That move will effectively unshackle the miner from fixed-price gold sales and let it ride the spot price for the rest of the year—an enticing prospect with bullion hovering near all-time highs.
The funding will also bolster working capital, giving the company breathing room to execute its newly revised mine plan. CEO Darren Stralow said the raise marks a pivotal step in Bellevue’s shift towards a leaner, more cash-focused operational strategy.
“We’re now in a position to deliver a more robust, less capital-intensive and lower-risk mining plan,” Stralow said. “This means stronger cash flow, less reliance on debt, and full upside to gold prices through 2025.”
The placement was fully underwritten by Canaccord Genuity, UBS, and Argonaut PCF, and received commitments well in excess of the $156.5 million target. Shares were issued under Bellevue’s existing placement capacity, with settlement expected on April 17 and ASX trading to begin on April 22.
The raise comes at a time of renewed momentum for Bellevue, following a comprehensive operations review and support from its project lender. With a high-grade orebody, a fresh mine plan, and a strengthened balance sheet, Bellevue is aiming to hit its stride as a top-tier gold producer heading into FY26.
