Highlights

  • Minerals 260 shares rose 4.12% on 14 May 2026 following a project expansion update
  • The company entered binding agreements to secure joint venture interests across around 350km² of prospective tenure near Bullabulling
  • Bullabulling Gold Project area has expanded from the original 130km² acquired in 2025 to approximately 1,160km².
  • Transaction consideration totals AUD 7 million, comprising cash and shares.
  • New exploration targets have been identified near the Kraken and Dickson deposits.
  • Bullabulling currently hosts a JORC Mineral Resource Estimate of 4.5Moz of gold

Minerals 260 Ltd (ASX:MI6) shares moved higher during the afternoon session on 14 May 2026, with the stock rising 4.12% to AUD 0.88 after the company announced a new transaction aimed at expanding the footprint of its Bullabulling Gold Project in Western Australia.

The company’s shares have also recorded a substantial gain of more than 532% over the past year, with investors continuing to monitor developments surrounding the Bullabulling asset and the broader exploration strategy being pursued across the region.

Today’s share price movement followed the release of a company update confirming Minerals 260 had entered into binding agreements with Geko Explore Pty Ltd to secure joint venture interests across approximately 350km² of prospective tenure located adjacent to the Bullabulling Gold Project.

The transaction materially increases the scale of the company’s landholding surrounding Bullabulling and adds additional exploration opportunities near existing gold deposits and mineralised trends.

Company Overview

Minerals 260 Ltd is an ASX-listed mineral exploration company focused primarily on gold exploration and development opportunities in Western Australia.

The company’s flagship asset is the Bullabulling Gold Project, located within the Eastern Goldfields region near Coolgardie.

Since acquiring Bullabulling in 2025, Minerals 260 has continued expanding its tenure position and advancing exploration activities aimed at increasing the scale and development potential of the broader project area.

The company’s strategy remains centred on resource growth, regional consolidation and exploration targeting across prospective gold systems associated with the Bullabulling fault corridor.

Bullabulling Continues to Anchor Growth Strategy

Bullabulling has increasingly become the central asset within Minerals 260’s portfolio following the company’s Acquisition of the project in April 2025. Since then, the company has expanded the project area significantly, with the latest transaction taking the total project footprint to around 1,160km².

The project is located roughly 25 kilometres southwest of Coolgardie in the Eastern Goldfields region of Western Australia, a region historically associated with large-scale gold production and exploration activity.

According to the company, Bullabulling currently hosts a JORC 2012 Mineral Resource Estimate of 130 million tonnes grading 1.0g/t gold for 4.5 million ounces of contained gold.

The resource is spread across multiple deposits, including Phoenix, Bacchus, Dicksons, Kraken and Gibraltar.

Among these, the Phoenix deposit represents the largest portion of the resource base, containing approximately 1.8 million ounces of gold, while Bacchus contributes approximately 1.6 million ounces. Dicksons contains approximately 610,000 ounces, Kraken hosts around 340,000 ounces and Gibraltar contains approximately 180,000 ounces.

The company noted that the enlarged tenure package now provides Minerals 260 with control over what it describes as the largest and most prospective area for gold mineralisation along the Bullabulling fault.

Acquisition Expands Exploration Opportunities

A key focus of the announcement was the exploration potential associated with the newly secured tenure.

Minerals 260 stated that the transaction consolidates highly prospective exploration ground surrounding Bullabulling that was not already under company ownership and introduces additional targets for future drilling and exploration activity.

Management identified several areas for immediate exploration attention, with high-priority targets located adjacent to the Kraken and Dickson deposits.

The company also highlighted the opportunity to test strike extensions both north and south of the existing Bullabulling mineralisation trends later this year.

In addition to exploration upside, the expanded tenure package includes areas considered prospective for process water sources, which may support future project development and operational requirements.

This aspect is considered relevant given the scale of the Bullabulling project and the importance of infrastructure and water access in large-scale gold operations across Western Australia.

Details of the Transaction

The agreements have been executed through Minerals 260’s Wholly Owned Subsidiary, Bullabulling Operations No. 2 Pty Ltd.

Under the transaction structure, Minerals 260 will secure varying ownership interests across different tenement areas.

The company will acquire a 60% interest in a portion of the tenements and an 80% interest in others, while also acting as manager of the joint ventures.

Importantly, Minerals 260 will sole fund all joint venture expenditure until a decision to mine is made.

Following any future decision to mine, expenditure contributions will then be shared by participants according to their respective ownership interests.

Total consideration for the transaction is AUD 7 million.

This includes AUD 3.5 million in cash alongside 4,521,963 fully paid ordinary shares in Minerals 260 valued at AUD 3.5 million.

The share component was priced at 77.4 cents per share, based on the company’s 10-day Volume weighted average price calculated up to, but excluding, the agreement execution date.

Completion of the transaction is expected within two Business days, subject to standard conditions.

Management Commentary Highlights Expansion Focus

Minerals 260 Managing Director Luke McFadyen described the agreements as another step in advancing the growth potential of the Bullabulling Gold Project.

According to management, the acquisition strengthens the company’s position around Bullabulling by consolidating prospective exploration tenure and adding new opportunities for exploration activity beyond the current known resource areas.

The company also indicated that the additional landholding would complement ongoing exploration work while supporting evaluation of nearby greenfield targets across the broader tenement package.

Future exploration programs are expected to focus on strike extensions around known mineralised zones as well as other prospective targets identified within the newly acquired areas.

Resource Base Remains a Key Focus for Investors

The Bullabulling Mineral Resource Estimate remains one of the larger undeveloped gold resources within the region.

As of December 2025, the project’s total resource stood at 130 million tonnes at an average grade of 1.0g/t gold for 4.5 million ounces.

Of this, indicated resources accounted for approximately 93 million tonnes grading 1.0g/t for 3 million ounces, while inferred resources totalled 42 million tonnes grading 1.1g/t for 1.5 million ounces.

The resource estimate includes oxide, transitional and fresh material domains.

Fresh material represents the largest component, accounting for approximately 104 million tonnes grading 1.1g/t gold for around 3.6 million ounces.

The company noted that the Mineral Resource Estimate is reported above a cut-off grade of 0.4g/t gold inside an A$4,500 pit shell.

Why the Market Reacted Positively

Today’s market reaction appears linked to the strategic significance of the transaction rather than immediate production outcomes.

The expansion materially increases Minerals 260’s control over prospective exploration ground surrounding Bullabulling while also adding new exploration targets near existing deposits.

Investors also appeared to respond favourably to the scale increase in the project footprint, which has expanded from the original 130km² acquired in April 2025 to approximately 1,160km² following the latest agreements.

The transaction additionally provides the company with greater exposure to potential future discoveries along the Bullabulling fault corridor, which remains a key exploration focus.

The inclusion of potential process water sources within the enlarged tenure package may also support long-term development planning at the project.

What Investors May Watch Next

Following completion of the transaction, investors are likely to monitor exploration activity across the newly secured tenure package, particularly around the Kraken and Dickson target areas.

Future drilling programs targeting strike extensions and greenfield opportunities may remain key areas of market attention over the coming months.

The market may also continue tracking how the expanded landholding contributes to the broader development outlook for the Bullabulling Gold Project.