The Eloise deposit was discovered by BHP in 1987. The deposit was then acquired by Amalg Resources from BHP in 1995. The portal was commenced in 1995 with the first ore mined in April 1996. In February 2003 Amalg Resources merged with Breakaway Resources to form the new company Breakaway Resources Limited.

In May 2004 Barminco Pty Ltd ( now FMR Investments Pty Ltd) purchased the mine from Breakaway Resources and operated the mine and mill until it was placed under a care and maintenance programme in November 2008 owing to the fall in commodity prices. The Board of Directors at FMR Investments has recently approved the recommencement of mining operations at the mine. The mine is currently operational.