Minerals 260 to raise $178m for Bullabulling Gold Project in WA

Minerals 260 has successfully raised A$250 million (US$178.2 million) to fund further development of its Bullabulling Gold Project in Western Australia. The funds, obtained through a two-stage share offering at A$0.88 per share, will support construction and exploration activities at the site, 65 kilometres west of Kalgoorlie. Franco-Nevada Corporation contributed a A$30 million cornerstone investment.

The share price matched the company's closing value on September 11, 2026, and represented a 3.5% premium compared to the ten-day average price. Existing shareholders, as well as new domestic and international investors, participated in the offering. Minerals 260 will also provide a share purchase plan to raise up to A$30 million at the same price.

The company anticipates having approximately A$633 million available to develop the Bullabulling Gold Project, pre-tax, after accounting for transaction costs. This total includes proceeds from the share offering, expected results from the share purchase plan, A$170 million in royalty funding from Franco-Nevada, and the company's cash balance of approximately A$183 million as of September 14, 2026.

The Bullabulling Gold Project is an open-pit mining operation with a mineral resource estimate of 190 million tonnes grading 1 gram per tonne, totaling 6.2 million ounces of gold. Argonaut Securities, Euroz Hartleys, and Bell Potter served as the joint lead managers, while Canaccord Genuity and Morgans Corporate acted as co-lead managers.