The shares were purchased on-market at an average share price of 53.39 cents, valuing the transaction at about $2.9 million.
Canadian multinational Bank of Novia Scotia first became a holder in Bellevue last October, after acquiring a 5.25% stake.
Bellevue recently raised $20 million through the issue of 37 million shares as part of a share placement.
The capital raising receiving strong support from institutional and sophisticated investors based in Australia, as well as continued support from its North American institutional investors.
The company is fully-funded to undertake drilling at its flagship Bellevue Gold Project throughout 2019, where it has defined a JORC resource of 1.53 million ounces grading 11.8 g/t gold.