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 · Source
- Sep 2021 · Source
- Reached — date not disclosed · Source
- Oct 2023 · Source
- Reached — date not disclosed · 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.
Not in place: grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia is a top-tier, politically stable mining jurisdiction comparable to Canada, with established tenure law and mining infrastructure.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Bellevue Gold Project, Western Australia.
Nearby producing mine (20%)10/10
Kathleen Valley (Liontown Resources Limited) is 17 km away -- within shared-mill trucking range.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:8.3/10
Nearest producing mine: Kathleen Valley (Liontown Resources Limited), 17 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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.
Non-Executive Independent Director of Bellevue Gold Limited. 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
Bellevue Gold owns and operates the 100%-owned Bellevue underground gold mine north-west of Leinster in Western Australia's Goldfields, a redeveloped historic high-grade mine that poured first gold in October 2023. Its resource as at 1 March 2026 is 1,600,000 oz of indicated gold at 9.3 g/t, with no measured category, plus 1,100,000 oz inferred; after a year of depletion the ore reserve stands at 1.0 Moz. FY2026 production was a record 143,539 oz at an all-in sustaining cost of US$1,979/oz (AUD 2,827/oz), and FY2027 guidance is 150,000-170,000 oz at A$2,800-3,100/oz. Bellevue has not published an economic study since its 2021 pre-production feasibility study, which no longer reflects current costs.
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.