Delay Risks Lifted: Bullabulling’s $95M Final Royalty Payment Approved
Minerals 260 secures Foreign Investment Review Board approval, enabling Franco-Nevada to complete a $220 million funding package that accelerates development of the Bullabulling Gold Project.
- FIRB approval granted for Franco-Nevada’s mortgage over Bullabulling tenements
- Final $95 million tranche of $220 million royalty funding to be paid by 27 March
- Funding package aims to accelerate and de-risk Bullabulling’s development
- Bullabulling hosts a 4.5 million ounce gold resource across granted mining leases
- No material changes to previously disclosed mineral resource estimates
Strategic Funding Milestone Achieved
Minerals 260 Limited (ASX:MI6) has reached a pivotal milestone in its Bullabulling Gold Project development with the Foreign Investment Review Board (FIRB) granting approval for Franco-Nevada Australia Pty Ltd’s mortgage arrangements over key project tenements. This regulatory green light clears the way for Franco-Nevada to make the final $95 million payment under a $220 million royalty funding agreement, due by 27 March 2026.
The funding package, announced in February, is designed to accelerate the advancement of the Bullabulling Gold Project, located 65 kilometres from Kalgoorlie in Western Australia’s Eastern Goldfields. The injection of capital not only supports development but also mitigates financial risks, providing Minerals 260 with a stronger platform to progress towards production.
Project Scale and Resource Confidence
Bullabulling is a substantial open-pit gold project boasting a JORC 2012 Mineral Resource Estimate of 130 million tonnes at 1.0 grams per tonne gold, equating to approximately 4.5 million ounces of gold. The resource is spread across multiple deposits including Dicksons, Phoenix, Bacchus, Kraken, and Gibraltar, all situated on granted mining leases within a contiguous 600 square kilometre tenement package.
Importantly, Minerals 260 confirmed that there have been no material changes to the resource estimates since the last update in December 2025, providing continuity and confidence for investors and stakeholders. The project’s scale and quality underpin the strategic funding arrangement with Franco-Nevada, a globally recognised gold royalty company.
Management Perspective and Future Outlook
Minerals 260’s Managing Director, Luke McFadyen, expressed satisfaction with the swift FIRB approval, highlighting it as a significant endorsement from a leading royalty partner. He emphasised that the funding package not only accelerates project development but also expands exploration efforts and strengthens the company’s financial footing.
Looking ahead, the completion of this funding tranche sets the stage for Minerals 260 to advance permitting, construction, and ultimately production at Bullabulling. The partnership with Franco-Nevada also signals confidence in the project’s long-term value and potential to contribute meaningfully to the gold sector in Western Australia.
Bottom Line?
With FIRB approval secured, Minerals 260 is poised to fast-track Bullabulling’s journey from resource to revenue.
Questions in the middle?
- What are the next key milestones for Bullabulling’s development and permitting?
- How will Franco-Nevada’s involvement influence future funding or royalty arrangements?
- When might Minerals 260 provide updated production guidance or capital expenditure plans?
