How Minerals 260’s $220M Raise Fuels Bullabulling’s Gold Potential
Minerals 260 Limited has completed its acquisition of the Bullabulling Gold Project, backed by a $220 million capital raise, and is advancing an extensive drilling program that confirms promising gold mineralisation extensions.
- Acquisition of Bullabulling Gold Project finalized for A$166.5 million
- Successful $220 million public offer funds acquisition and development
- ~80,000m drilling program underway targeting resource extensions and upgrades
- Pre-Feasibility Study progressing with first production targeted for 2028
- Company holds ~$54 million cash, fully funded for planned activities
Acquisition and Capital Raise
In a significant move for its growth strategy, Minerals 260 Limited (ASX – MI6) completed the acquisition of the Bullabulling Gold Project from Norton Gold Fields Pty Ltd, a subsidiary of Zijin Mining Group, for a total consideration of A$166.5 million. This was funded through a successful $220 million public offer, which also supports advancing the project towards development.
The acquisition marks a major milestone for Minerals 260, reinstating its ASX quotation in April 2025 and positioning the company to leverage Bullabulling’s substantial gold resources in Western Australia’s Eastern Goldfields region.
Drilling Program and Exploration Progress
Immediately following the acquisition, Minerals 260 launched an ambitious ~80,000-metre drilling campaign focused on both resource extension and infill drilling to upgrade resource classifications. The program targets multiple deposits, including Bacchus, Phoenix, Kraken, and the Gibraltar prospect, with six drill rigs operating on site.
Early assay results have been encouraging, confirming multiple stacked lodes and new mineralised lenses beyond existing resource boundaries. Notable intersections include 62 metres at 1.1 grams per tonne gold from 158 metres at Phoenix, and 22 metres at 3.25 grams per tonne from 162 metres at Bacchus, among others. These results reinforce the potential to increase the Mineral Resource beyond the current 2.3 million ounces of gold.
Advancing Towards Production
Alongside exploration, Minerals 260 is progressing a comprehensive Pre-Feasibility Study (PFS) that encompasses metallurgical testing, hydrogeological assessments, mining studies, environmental permitting, and infrastructure planning. The PFS is scheduled for completion by mid-2026, with a Definitive Feasibility Study (DFS) targeted for early 2027. The company aims for first production in 2028, a timeline that reflects both the scale of the project and the strategic use of historical data and prior studies.
Financial Position and Corporate Developments
Minerals 260 ended the quarter with approximately $54 million in cash, fully funding the current drilling and study programs. The company also secured an option agreement over adjacent tenements from Belararox Limited, expanding its exploration footprint by about 50 square kilometres. Meanwhile, the sale of the Aston Lithium, Uranium & Rare Earth Element Project to Delta Lithium Limited for $450,000 cash and a royalty stream reflects a focus on core assets.
Operationally, the company reported no significant health, safety, or environmental incidents during the quarter, maintaining a clean record as it advances its development agenda.
Looking Ahead
With drilling ongoing and a steady flow of assay results expected, Minerals 260 is well positioned to update its Mineral Resource Estimate by December 2025. The coming months will be critical in confirming the scale and quality of the resource extensions and underpinning the feasibility studies that will shape the project’s path to production.
Bottom Line?
Minerals 260’s Bullabulling project is gaining momentum, but upcoming drilling results and feasibility outcomes will be key to unlocking its full value.
Questions in the middle?
- Will the updated Mineral Resource Estimate materially increase the current 2.3 million ounces?
- How will the Pre-Feasibility and Definitive Feasibility Studies address potential project risks and costs?
- What are the implications of the adjacent tenement option for future exploration upside?
