Abstract <p>Detailed mineralogical studies on ores of the Namovskoe deposit revealed their different mineral compositions. Two stages of ore formation were identified at the Namovskoe deposit, which are characterized by different composition of bismuth and tellurium minerals. In total, eight groups of bismuth and tellurium minerals were identified and studied. Native bismuth, gold intermetallic compound (maldonite Au₂Bi), compositionally different bismuth tellurides and sulfotellurides (hedleyite Bi₂Te, pilsenite Bi₄Te₃, tetradymite Bi₂Te₂S, joseite-A Bi₄TeS₂, joseite-B Bi₄Te₂S) were detected at the first stage of ore formation. Pb–Bi sulfosalts of variable composition (ashamalmite Pb₆Bi₂S₉, vikingite Ag₅Pb₈Bi₁₃S₃₀, galenobismuthite PbBi₂S₄, cannizzarite Pb₈Bi₁₀S₂₃, cosalite Pb₂Bi₂S₅, lillianite Pb₃Bi₂S₆, nuffieldite Pb₂Cu(Pb, Bi)Bi₂S₇), bismuth sulfides (bismuthinite Bi₂S₃, ikunolite Bi₄S₃), sulfobismuthite Ag (matildite AgBiS₂), and silver telluride–hessite Ag₂Te crystallized at the second stage. Constant impurity elemental Pb, Ag, and Se have been established in bismuth sulfotellurides, and Ag is a typomorphic impurity in Pb–Bi sulfosalts. The first ore-forming stage occurred at high temperatures of 530–270°C with low sulfur fugacity fS₂ and high fTe. The second-stage ore formation occurred within a temperature range of 350–150°C.</p>