Highlights

  • Minerals 260 (ASX:MI6) is progressing the large-scale Bullabulling Gold Project near Kalgoorlie in Western Australia.
  • Bullabulling hosts a mineral resource of about 6.2 million ounces of gold and a maiden ore reserve of around 2.5 million ounces.
  • Franco-Nevada funding forms an important part of the project's broader financing strategy as development work advances.
  • Minerals 260 (ASX:MI6) is targeting a definitive feasibility study in early 2027 and first gold in the second half of 2028.

Minerals 260 (ASX:MI6) is moving from resource expansion towards development planning at its flagship Bullabulling Gold Project in Western Australia. A larger resource, maiden ore reserve and external funding support have shifted attention towards how the company intends to fund construction and progress the project towards production.

Bullabulling is now a substantially more advanced asset than when Minerals 260 acquired it, with project studies defining a long-life development pathway and significant Capital requirements. Funding structure, dilution and execution therefore remain central considerations as the company advances towards a final Investment decision.

Recent Development

In mid-September 2026, further financing plans linked to Bullabulling brought renewed attention to the project's development funding strategy. The proposed arrangements include additional Royalty funding from Franco-Nevada alongside support for a future Minerals 260 Equity raising.

The financing follows earlier Franco-Nevada backing for Bullabulling and is intended to provide additional capital as Minerals 260 moves through development studies, early works and preparations for construction.

The company is also expected to require substantial equity funding as it progresses Bullabulling. How Minerals 260 (ASX:MI6) structures that capital alongside royalty proceeds and potential Debt will be important in determining the eventual financing profile of the project.

Company Overview

Bullabulling is located near Coolgardie, approximately 65 kilometres from Kalgoorlie in Western Australia's Eastern Goldfields. Minerals 260 describes it as one of Australia's larger undeveloped gold projects.

Minerals 260 was spun out of Liontown Resources and listed on the ASX in 2021. Since acquiring Bullabulling, the company has moved rapidly from exploration and resource expansion towards project development.

The project now hosts a mineral resource of about 6.2 million ounces of gold. Development work has also established a maiden ore reserve of approximately 2.5 million ounces.

Recent Developments

In July 2026, Minerals 260 upgraded the Bullabulling mineral resource to approximately 6.2 million ounces and released a pre-feasibility study alongside a maiden ore reserve of around 2.5 million ounces.

The pre-feasibility study outlined a mine life of close to 19 years, providing a long-term development framework for the project. Minerals 260 is targeting first gold production in the second half of 2028.

The company is now progressing the work required to move from the pre-feasibility stage towards a definitive feasibility study and eventual final investment decision.

Financial and Operational Position

Developing Bullabulling will require substantial capital before first production. The pre-feasibility study identified approximately A$180 million of early-works capital, followed by roughly A$560 million of additional plant and infrastructure expenditure after a final investment decision.

External funding support reduces part of the financing requirement, but Minerals 260 is still expected to rely on a combination of equity, royalty funding and potentially debt to advance the project.

For Minerals 260 (ASX:MI6), the balance between those funding sources will influence Shareholder dilution, future financial obligations and the proportion of project Economics retained by shareholders.

What Investors May Watch Next

The size, pricing and structure of any equity raising are among the key near-term considerations.

The definitive feasibility study, targeted for early 2027, should provide more detailed information on project design, capital requirements, operating assumptions and development economics.

Beyond financing, investors may monitor permitting, construction readiness and whether the company remains on track for first gold in the second half of 2028.

Progress towards a final investment decision will be another major step in determining when Bullabulling moves from development planning into full construction.

Risks

Mine development remains capital intensive, and issuing a substantial number of new shares could dilute existing shareholders.

Royalty financing can reduce immediate funding pressure but creates a long-term claim against future project revenue. Debt financing, if used, would introduce repayment and interest obligations before and during production.

Bullabulling is also effectively a single major development project, increasing exposure to construction delays, cost escalation, permitting outcomes and operational execution. Gold prices and broader capital market conditions could also influence the project's economics and financing options.

Key Takeaways

Minerals 260 (ASX:MI6) has moved Bullabulling substantially along the development pathway, with a 6.2 million ounce mineral resource, a maiden ore reserve of around 2.5 million ounces and a pre-feasibility study outlining a long-life operation.

Attention is now shifting from resource definition towards financing and execution. The structure of future equity funding, progression of the definitive feasibility study and movement towards a final investment decision will help determine whether Bullabulling remains on schedule for first gold in the second half of 2028.