Sydney, January 30, 2026, 17:21 AEDT — Market closed
- Bellevue Gold dropped after gold prices tumbled, dragging basic materials down on the ASX.
- Midweek saw a modest employee equity conversion filing, but Friday brought no new operational updates.
Bellevue Gold Limited (ASX:BGL) closed 5.3% lower on Friday at A$1.885, slipping from a session high of A$1.983 and a low of A$1.86. The share price has traded between A$0.775 and A$2.000 over the past 52 weeks. 1
Gold prices tumbled sharply from record highs amid concerns over who will lead the U.S. Federal Reserve next. Spot gold slipped 3% to $5,232.57 an ounce, having plunged over 5% earlier in the session. KCM chief trade analyst Tim Waterer cited fears of a “less dovish” Fed chair, a stronger dollar, and an overbought market as key drivers behind the selloff. 2
This matters for Bellevue since its stock has been acting like a leveraged play on gold. Mid-cap miners often react sharply when gold prices shift, even without any fresh company news to drive the move.
Australia’s broader market slipped into risk-off mode by the close. The ASX 200 dropped 0.6%, with basic materials tumbling over 4% amid a selloff in gold and other metals. Miners led the laggards, according to the ABC. 3
Bellevue’s latest disclosure was purely administrative. On Wednesday, 16,481 ordinary shares moved following the conversion of vested performance rights via the company’s employee share trust. This brought the total ordinary shares on issue to 1,480,748,913. 4
Bellevue, in its December-quarter update released earlier this month, confirmed it’s on track to hit FY26 production targets of 130,000 to 150,000 ounces. The firm also expects all-in sustaining costs (AISC) between A$2,600 and A$2,900 per ounce — a metric covering more than just daily mining expenses. The company projected free cash flow before hedge pre-deliveries at around A$62 million and reported cash and equivalents of A$165.1 million at quarter-end, with A$100 million already drawn from loan facilities. 5
The real threat now is the gold pullback, not the paperwork. If bullion continues to slide, margins will shrink and cash flow assumptions face immediate pressure—especially for miners still fine-tuning underground schedules and processing efficiency.
The coming sessions will likely depend on whether the metals sell-off steadies and if expectations for rates and the dollar shift once more. Fresh volatility could quickly ripple through local gold equities.
Market Index’s calendar points to April 28 for Bellevue’s upcoming quarterly report. 6
