Evolution Mining supplied the gold to make the trophy for the past four years, but this year's trophy was made using gold from Kirkland Lake Gold's Fosterville mine in Victoria.

The iconic trophy visited the mine, near Bendigo, last week.

"This year's Cup is particularly significant as we recognise the importance of ensuring the legacy of the Cup continues in the face of the disruption and challenges posed by the COVID-19 pandemic," Kirkland Lake said.

"‘Going for gold in everything we do' is a key motivator and driver of success for both our company and for the Fosterville gold mine.

"The same competitive spirit that drives us is captured perfectly in the celebration that is the Lexus Melbourne Cup, truly the greatest horse race on earth. It is especially gratifying that during this challenging year, it is Victorian gold that has been used to produce the Cup."

The trophy was produced by ABC Bullion for the fifth consecutive year.

The trophy was produced locally and took over 250 hours to complete

The Melbourne Cup contains 1.65kg of 18ct gold estimated to be worth over A$250,000.