Australia's Minerals 260 plans to raise A$250 million to advance the Bullabulling gold project

en.Wedoany.com Reported - On September 16, Australia's Minerals 260 announced that it has secured investor commitments to raise A$250 million, equivalent to approximately US$178 million, through a two-tranche placement to advance the subsequent development of the Bullabulling gold project in Western Australia. The placement is priced at A$0.88 per share, with plans to issue approximately 284 million new shares.

In this round of financing, Franco-Nevada will subscribe for A$30 million as a cornerstone investor. In addition to the placement, Minerals 260 also plans to implement a share purchase plan of up to A$30 million for eligible existing shareholders, with the subscription price also at A$0.88 per share. If this plan is fully completed, the company's available funding for Bullabulling development is expected to reach approximately A$633 million.

Bullabulling is located approximately 65 kilometers west of Kalgoorlie in Western Australia and is planned to use open-pit mining. The company's latest announced mineral resource is approximately 190 million tonnes at an average gold grade of 1.0 g/t, containing approximately 6.2 million ounces of gold. The project's pre-feasibility study estimates pre-production capital requirements of approximately A$855 million, with a final investment decision planned for the first quarter of 2027.

This financing will be used to accelerate early-stage mine engineering, construction preparation, and further exploration. The company has previously determined to advance the construction of a 400-person camp, procurement of long-lead equipment, early site works, a detailed feasibility study, and an expanded drilling program.

The Bullabulling project's resource at the end of 2025 had reached approximately 4.5 million ounces, at which time the company had completed more than 117,000 meters of drilling and initiated processing plant design, metallurgical testing, hydrogeological studies, and project construction preparation. Since then, the resource has continued to expand, providing the project basis for this large-scale financing.

Minerals 260 previously also signed a A$220 million strategic financing package with Franco-Nevada in February 2026, of which A$170 million was obtained through royalty financing and another A$50 million through equity investment. Following the additional A$250 million placement in September, the development funding for the Bullabulling project has been further supplemented.