The executives building fortunes from gold’s dazzling run – The Australian Financial Review

For former Young Rich Lister Tolga Kumova, who is now too old to qualify for the list, the gold price rally certainly improved his week. Locked down in his Melbourne hometown, Mr Kumova is building a fresh fortune through Bellevue Gold.

“In the middle of COVID, all the share prices were getting demolished and I was thinking how did this happen? Why wasn’t I prepared?”

What a difference just a few months can make. Bellevue has rallied from 28.5¢ to a high last month of $1.22. Mr Kumova took to Twitter to congratule the management team: “I hope everyone gets to experience this feeling in their investing lives. When your spec explorer becomes a real company!”

Mr Kumova, who made his initial fortune with Syrah Resources, has turned about $1.5 million into about $45 million, as well as crystallising some profit along the way. Combined with other investments, he has paper holdings worth about $70 million.

He argues Bellevue has struck the decade’s second-best gold discovery in Australia. The find has meant Bellevue managing director Stephen Parsons is also in the money. His 30 million shares were about $35 million at their peak. Along with other investments, including gold explorer Auteco Minerals, he has a paper fortune north of $55 million.

Gandel gains

Mr Kumova isn’t the only Melbourne businessman to make a tidy fortune in a WA gold stock. Ian Gandel, son of shopping centre mogul and Rich Lister John Gandel, is chairman at Burswood gold producer Alkane Resources and his stake in the miner has soared by almost $100 million since March to $180 million. He also has a stake in gold explorer Alliance Resources worth about $20 million.


Joining the gold boom is Chalice Gold Mines founder and largest shareholder Timothy Goyder, cousin of Qantas and Woodside chairman Richard Goyder.

Shares in Chalice raced from 16¢ in mid-March to $1.37 about a month later, valuing Timothy Goyder’s 17 per cent stake at $51 million. Together with a number of other listed holdings, including lithium play Liontown Resources, his portfolio is worth more than $50 million.

The rally in Evolution Mining has helped push the value of its executive chairman Jake Klein to close to $100 million. Mr Klein also owns shares in Lynas Corporation.

Saracen Mineral Holdings managing director Raleigh Finlayson pocketed $2.74 million in May, taking profit off the table as shares in his gold miner climbed higher. The 40-year-old’s remaining stake is worth about $20 million.

Spare a thought for West Australian treasurer Ben Wyatt who, early in his tenure, attempted to secure a gold mining tax, only for the howls of the industry to send it to the dust heap.