The Australian Stock Exchange (ASX)-listed miner disclosed the renewable energy milestone in its March 2026 quarterly production update, noting that the achievement positions Bellevue’s direct diesel exposure among the lowest in the Australian gold mining sector.
Diesel purchases accounted for approximately 1.3% of total project costs during the financial year to 28 February 2026, with the company confirming it remains unaffected by diesel supply issues affecting other mining operations.
Bellevue’s shares jumped 20.5% on the ASX following the announcement, opening at AU$1.88 on Wednesday, up from Tuesday’s close of AU$1.56.
The March performance represents an increase from the December 2025 quarter, when Bellevue’s hybrid power station delivered renewable energy penetration rates averaging 87.8% across the three-month period.
Indeed, during the December 2025 quarter, the company achieved 101 consecutive hours of 100% instantaneous renewable energy, representing what the company described as the longest period of continuous renewable energy operation recorded at any off-grid mining facility of comparable scale.
The system had achieved 88.1% renewable energy penetration in both October and November 2025, and 87.2% in December 2025, demonstrating consistent performance before the March acceleration.
Bellevue noted that the wind turbines commenced production in May 2025, contributing to monthly renewable energy penetration rates exceeding 90% thereafter.
5B’s prefabricated ‘Maverick’ solar arrays support renewables goals
The renewable energy system supporting Bellevue’s operations combines 27MW of solar PV and 24MW of wind generation with a 15MW/30MWh battery energy storage system.
The installation is backed by 9MW of diesel capacity and 15MW of gas capacity, serving an average load of 12MW from mining and processing operations at the site. The hybrid power station is owned and operated by off-grid power specialist Zenith Energy under a long-term power purchase agreement.
The solar component features 528 of 5B’s prefabricated ‘Maverick’ solar arrays, which utilise modular, relocatable technology designed specifically for remote mining applications.
Last year, 5B became the first recipient of the Australian government’s AU$1 billion (US$670 million) Solar Sunshot Program for its Maverick technology.
The Maverick system consists of ground-mounted solar arrays of up to 90 PV modules mounted on specially designed frames that can be unfolded and installed with minimal human labour.
The modules are oriented in a concertina shape at a 10-degree tilt and are electrically configured for rapid installation, allowing the solar PV power plant to be constructed with minimal ground disturbance compared to conventional tracking systems.
The renewable energy infrastructure has enabled Bellevue Gold to achieve net zero Scope 1 and Scope 2 greenhouse gas emissions for the 2025 calendar year, with the organisation claiming that this makes it the first gold mine globally to reach this milestone.
Bellevue’s carbon mitigation strategy combines on-site renewable energy generation with emissions reduction measures, supplemented by renewable energy credits and high-quality carbon offsets for hard-to-abate emissions.
As previously reported by PV Tech, the project utilises Large-scale Generation Certificates and Australian Carbon Credit Units employing Savanna fire management methodologies certified by Australia’s Clean Energy Regulator.
Bellevue expects to meet the upper end of its forecasted 80-90% renewable energy target for FY26, supported by the power station’s consistent performance and seasonal generation patterns.
Strong production and financial performance
Beyond the renewable energy milestone, Bellevue’s March quarter results demonstrated strengthening operational and financial performance driven by increasing ore grades.
The company produced 40,745 ounces of gold during the quarter, with average head grade lifting to 4.7 grams per tonne. Ore mined totalled 293,000 tonnes at 4.6 grams per tonne for 44,000 ounces, while ore processed reached 283,000 tonnes at 4.7 grams per tonne for 41,000 ounces.
Metallurgical recovery averaged 94.6% for the quarter, continuing to outperform the recoveries used in setting FY26 guidance.
Mined grades and processed grades increased through the March quarter as ore was sourced from higher-grade parts of the mine in line with the mine schedule. Several production levels are now established in the higher-grade Deacon Main mining area, which contributed consistently throughout the quarter.
The first development of ore at the higher-grade Deacon North mining area is scheduled for the June 2026 quarter, with mined and processed tonnes forecast to increase in the coming months.
Bellevue remains on track to meet FY26 production guidance of 130,000 to 150,000 ounces and all-in sustaining cost guidance of AU$2,600 to AU$2,900 per ounce.
The record underlying free cash flow of AU$158 million, calculated before voluntary future hedge book pre-deliveries, represented a substantial increase from AU$62 million in the December 2025 quarter.
This strong cash generation enabled Bellevue to accelerate the reduction of its forward gold sales commitments, with the company reducing forward gold sales by 32,505 ounces during the quarter to 91,650 ounces, down 26% from 124,200 ounces at the end of December 2025.
The pre-deliveries were made against contracts with maturities in the June, September, and December 2026 quarters, leaving Bellevue free of contractual hedge-book deliveries until the end of December 2026.
Following the pre-delivery of gold into forward sales contracts, cash and gold on hand as of 31 March 2026 increased by AU$16 million to AU$181 million, compared to AU$165 million at the end of the December quarter.
Bellevue indicated it expects to continue accelerating pre-deliveries into forward gold sale commitments to further de-risk its balance sheet whilst maintaining flexibility to build cash, support investment in exploration, and pursue other opportunities as they arise.
