The Bellevue Gold Mine is a high-grade underground gold operation located in the Agnew-Wiluna Greenstone Belt in the Sir Samuel region of Western Australia, approximately 430km north of Kalgoorlie and 40km north of Leinster, developed by Bellevue Gold Limited through its subsidiary Golden Spur Resources over a 1-million-tonne-per-annum carbon-in-leach processing plant. With probable ore reserves of 1.04 million ounces at an average grade of ~5.7 g/t Au — one of the highest-grade open-cut/underground gold projects in Australia — and a pre-tax NPV of A$1.31 billion, the mine targets a long-term steady-state production rate of 200,000+ oz/year. First gold was poured in October 2023 and commercial production was declared in May 2024, though the subsequent ramp-up proved challenging; FY26 production guidance stands at 130,000–150,000 oz at an AISC of A$2,600–2,900/oz, with development advance running ahead of schedule as the operation moves into higher-grade Deacon and Viago stoping areas. Bellevue’s production advances form part of a broader Western Australian resources investment cycle that is simultaneously driving major port infrastructure upgrades, most notably BHP’s A$1.4 billion Port Debottlenecking Project 2 at Nelson Point in Port Hedland — where construction of a sixth car dumper has now commenced to sustain 305 Mtpa of iron ore exports and provide resilience headroom ahead of a major renewal programme beginning in FY2029.

Project Overview

Type: Underground high-grade gold mine with on-site processing plant

Location: Sir Samuel region, Western Australia (~430km north of Kalgoorlie, ~40km north of Leinster)

Geology: Agnew-Wiluna Greenstone Belt, Norseman-Wiluna sector

Owner: Bellevue Gold Limited (ASX: BGL) via Golden Spur Resources Pty Ltd

Total development cost: ~A$375–400 million

Ore reserves: 1.04 million oz Au at ~5.7 g/t (as of 2023 feasibility study)

Processing plant capacity: 1.0 Mtpa (nameplate); successfully tested at 1.25 Mtpa

Mining method: Conventional mechanised underground long-hole open stoping; paste fill

Pre-tax NPV (at A$2,400/oz): A$1.31 billion; IRR: 72%; payback: 1.4 years

Mine life: ~8 years (current reserves); upside from ongoing resource growth drilling

First gold pour: October 2023; commercial production declared: May 2024

FY24 production (H2): 80,043 oz (met guidance)

FY25 actual production: ~129,000–134,000 oz (twice downgraded from initial 165,000–180,000 oz guidance due to lower-than-expected ore grades)

FY26 production guidance: 130,000–150,000 oz at AISC A$2,600–2,900/oz; Q1 FY26 production: 29,950 oz (ahead of plan)

FY27 production target: 175,000–195,000 oz

Long-term target: 250,000 oz/year (by FY28)

December 2025 quarter: 37,000 oz produced; brief underground development suspension in final week due to safety incident; FY26 guidance reaffirmed

April 2025 capital raise: A$156.5 million placement to close near-term gold hedges and bolster working capital; strategic review launched simultaneously

Power station: World-leading hybrid facility targeting ~80% renewable energy penetration; 20MW solar (commissioned); 24MW wind turbines (construction finalised 2025); LNG thermal base load (commissioned)

Net-zero target: Aspiring to be Australia’s first net-zero gold producer by 2026

Financial backing: A$200 million Macquarie Bank project finance facility (now reduced to ~A$100 million)

Royalty: 2% NSR royalty held by Royal Gold Inc.

Project Team

Owner/Operator: Bellevue Gold Limited (ASX: BGL)

Managing Director & CEO: Darren Stralow

COO: (departed April 2025 — role under review as part of strategic review)

Financing: Macquarie Bank (A$200 million project finance facility)

Underground mining contractor: RUC Cementation Mining Contractors

Development contractor: Develop Global

Civil/surface works: NRW Holdings

Native title agreement: Tjiwarl RNTCB (signed September 2022)

Government approval: Department of Mines, Industry Regulation and Safety (Western Australia) — mining proposal approved January 2023

Royalty holder: Royal Gold Inc. (2% NSR)

Published 21 September 2023: The Bellevue gold project, nestled in the Sir Samuel region of Western Australia, represents an exciting venture in the world of underground mining. Owned by Bellevue Gold, through its subsidiary Golden Spur Resources, this project has made significant progress.

Situated about 430 kilometers north of Kalgoorlie and 40 kilometers north of Leinster in Western Australia, the Bellevue Gold Project boasts a strategic location. Furthermore, it is adjacent to the sealed Goldfields Highway, which traverses the western tenements of the site. In terms of geology, the Bellevue mine is situated in the Agnew-Wiluna sector of the Norseman-Wiluna Greenstone belt. This geological setting encompasses a wide array of features, such as volcanic sequences, meta-sediments, komatiite flows, conglomerates, and meta-basalts.

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Unveiling the Promising Bellevue Gold Project in Australia

The project began with stage one of the feasibility study in February 2021, followed by stage two in September. The estimated mine life of the project stands at an impressive eight years.

In a significant development, Bellevue gold signed a native title agreement with Tjiwarl RNTCB in September 2022. Laying the foundation for project development. Subsequently, the Department of Mines, Industry Regulation, and Safety, another Indigenous Australian-owned company, granted approval for the mining proposal in January 2023.

 

The project boasts probable ore reserves estimated at 6.8 tonnes. Grading 6.1 grams of gold per tonne (g/t Au), containing 1.34 million ounces of gold, as of June 2022. To extract these reserves, the Bellevue gold Mine will use both conventional underground long hole-stopping mining methods and open-pit methods for shallower areas.

The Bellevue Gold Project’s processing plant, with a one-million-tonne annual capacity, will employ a conventional carbon-in-leach (CIL) and gravity system. This facility comprises a three-stage crushing circuit, ball mill circuit, centrifugal gravity concentration, and processes for leaching and electrowinning.

Bellevue Gold secured a A$200 million loan from Macquarie Bank in December 2021 to support project development. Several reputable contractors, including Develop Global, NRW, and RUC Cementation Mining Contractors, contribute expertise to various project facets.

This comprehensive approach to mining, backed by solid financial support, positions the Bellevue Gold Project as a promising addition to Australia’s mining landscape. The project’s commitment to sustainability through renewable energy sources further underscores its significance in the industry.