Bellevue Gold Limited
Bellevue Gold explores, develops, and operates the underground Bellevue gold mine north-west of Leinster in the Goldfields region of Western Australia. The company returned to production in 2023 after redeveloping a historic high-grade underground mine and closed FY26 in the upper half of production guidance.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · WA DMIRS approved Bellevue's Mining Proposal and Mine Closure Plan in January 2023, with DWER tailings/water-storage permits following shortly after -- the final permits enabling commissioning. Exact day within January 2023 not disclosed. · Source
- Sep 2021 · Bellevue released its Stage Two development Feasibility Study on the underground restart, confirming a positive investment decision on the ~A$300M project. · Source
- Reached — date not disclosed · GR Engineering was engaged under an EPC agreement for the 1Mtpa processing plant, with fabrication of long-lead items and early works underway through 2022. No single construction-commenced release with an exact date was found. · Source
- Oct 2023 · Bellevue and JV partner poured first gold (an 8.3kg bar) at the Bellevue Gold Project. · Source
- Reached — date not disclosed · Genuinely reached with a clean, single-asset story, but only month-level precision was found in available sourcing (no specific day): Bellevue Gold's namesake Bellevue Gold Mine (Western Australia) declared commercial production in May 2024, following first gold poured in October 2023 -- the company delivered the project from discovery to production in under 6 years. Rather than guess a specific day, achievedDate is left null. The company remains a single-mine producer (no second currently-producing asset). This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Mining executive with 40+ years across major discoveries, exploration, resource growth, mine development, and financing, including leadership in numerous M&A deals across Canada, Australia, Africa, and the UK. Prior to Cardinal Resources, was Managing Director of Investment Banking at Westwind Partners and Stifel Nicolaus from 2006-2012. As Chairman of Cardinal Resources, led the board's recommendation to accept Shandong Gold's takeover bid, completing a ~C$587 million sale, before resigning from the board in February 2021. Has also served as a Non-Executive Director of Centamin plc (Sukari gold mine, Egypt).
Mining engineer with 20+ years in the resource industry focused on underground gold operations. Spent over a decade at Northern Star Resources, rising to Chief Development Officer and GM of Operations, where he led integration of the company's Australian business units. Joined Bellevue Gold as Chief Executive in December 2021 and was appointed Managing Director & CEO in 2023. Also currently serves as President of the WA School of Mines Alumni.
Holds a Master's degree in Mineral Economics from Curtin University and has over 30 years of experience in the mining industry, including senior positions at WMC Resources, Mincor Operations, and Pilbara Manganese. Served as Managing Director of Doray Minerals until its 2019 merger with Silver Lake Resources, then as Managing Director of Dacian Gold prior to its 2022 takeover by Genesis Minerals, and subsequently as Managing Director, Australia for Karora Resources. Co-founded Donegal Resources, a private company that acquired and recommissioned nickel operations near Kambalda, Western Australia before its sale to Brilliant Mining Corp. Currently an Independent Non-Executive Director of Bellevue Gold Limited and Westgold Resources Ltd.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Bellevue's specialist backing is real but small and, in our records, very old: Van Eck's actively managed International Investors Gold Fund at 4.74%, Invesco Oppenheimer Gold & Special Minerals at 2.52%, Sprott across two vehicles at 1.29% and Wells Fargo Precious Metals at 0.47% -- all dated 2020-2021, before Bellevue became a producer, so treat the sizes as indicative rather than current. Managing Director Darren Stralow last bought shares on the open market in August 2024 and has never sold. Institutional ownership is 60%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
The only filed technical-report-level economics found for Bellevue is the Stage Two Feasibility Study (2 Sep 2021, pre-production): post-tax NPV5% A$943M, post-tax IRR 62%, 8.1-year mine life, at a A$2,400/oz gold price and A$922/oz first-five-years AISC assumption. Not used here as the current headline figure: (1) it is pre-production-vintage and the mine has since been in production since 2023, so the real remaining mine life is materially shorter than 8.1 years today; (2) actual FY27 AISC guidance (A$2,800-3,100/oz) is roughly 3x the FS's A$922/oz assumption -- gold price and cost inputs have moved far enough that the 2021 NPV/IRR no longer represents the current economics, the same shape as the stale-study precedent (ORV, Batch M). No updated post-production technical-report DCF study was found this pass. Left dcfNpvUsd/irrPct/mineLifeYears null rather than present a 5-year-stale pre-production figure as current.
Bellevue Gold's FY26 Guidance and Annual Resource & Reserve Statement (1 Aug 2025): total Mineral Resource of 10.9 Mt at 8.9 g/t gold for 3.1 Moz (2.5 g/t lower cut-off), and total Probable Ore Reserve of 8.57 Mt at 4.7 g/t gold for 1.29 Moz (at an A$2,750/oz gold price basis) at the Bellevue Gold Project, one of the highest-grade underground gold mines in the world.