Sometime after 1914 the Canadian Northern Ontario Railway (CNOR) established Beardmore as a flag station. A flag station is a place where trains had to be flagged down before they stopped and small settlement developed around this site. The community got a real boost during the Sturgeon River gold rush in 1934 and 1935.
On July 6 1936, Beardmore received a post office. After several producing mines closed in the 1950s and 1960s, commercial fishing, charter boat operations, and tourism helped sustain the local economy.