Minerals 260 Raises $250m for Bullabulling

Minerals 260 (ASX:MI6) has received firm commitments for a $250 million institutional placement to fund development of its 6.2Moz Bullabulling Gold Project, 65km west of Kalgoorlie.

It will issue 284,090,910 new shares at $0.88, matching the 11 September 2026 close and a 3.5% premium to the 10-day VWAP of $0.85. Franco-Nevada has committed $30 million as cornerstone. Tranche 1 raises $178.9 million via 203,291,499 shares under Listing Rule 7.1 capacity. Tranche 2 raises $71.1 million via 80,799,411 shares, subject to shareholder approval at a General Meeting expected in late October 2026. An SPP of up to a further $30 million at the same price will be offered to eligible shareholders. With cash of about $183 million as at 14 September 2026 and $170 million Franco-Nevada royalty funding, pro-forma cash is about $633 million if the placement and maximum SPP complete. Remaining funding is expected via traditional project finance debt, with multiple indicative non-binding term sheets said to exceed the requirement. Tranche 1 settlement is expected on 22 September 2026, with allotment and trading from 23 September 2026.

Tranche 2 remains subject to shareholder approval. The SPP is not underwritten and may be scaled. A Final Investment Decision is targeted for early 2027 and is not assured.