Minerals 260 has secured an expanded mining lease and acquired additional tenements, significantly enlarging its Bullabulling Gold Project footprint and advancing towards a final investment decision in early 2027.
- Expanded mining lease now covers full pre-feasibility mining and processing area
- Acquisition adds 367km2 of contiguous tenements for $1.25 million consideration
- Total project area grows from 130km2 to 1,527km2, controlling key Bullabulling fault zones
- Final Investment Decision remains targeted for Q1 2027 with first production planned in 2028
- Project hosts a 6.2 million ounce JORC gold resource across multiple deposits
Mining Lease Expansion Completes Development Footprint
Minerals 260 Limited (ASX:MI6) has taken a major step in de-risking its Bullabulling Gold Project by securing an expanded mining lease that now fully encompasses the mining and processing areas defined in its Pre-Feasibility Study. This expanded lease, combined with existing tenements, consolidates the company’s control over the core project infrastructure and resource zones, clearing a critical hurdle ahead of its planned Final Investment Decision (FID) targeted for the first quarter of 2027.
Strategic Tenement Acquisition Boosts Project Scale
In a complementary move, Minerals 260 has entered a binding agreement to acquire approximately 367 square kilometres of regional tenements from Kalgoorlie Mining Associates Pty Ltd. These tenements lie largely contiguous to the Bullabulling Gold Project and significantly increase the overall project area to 1,527 square kilometres; a more than tenfold expansion from the initial 130 square kilometres acquired just over a year ago in April 2025.
The acquisition consideration totals $1.25 million, comprising $250,000 in cash and $1 million in fully paid ordinary shares priced at 75.7 cents each, based on a 20-day volume-weighted average price. Completion is expected within two business days, subject to standard conditions.
Controlling the Bullabulling Fault Corridor
This expanded landholding positions Minerals 260 as the dominant holder of the most prospective gold mineralisation along the Bullabulling fault, a key structural feature underpinning the project’s multi-million ounce resource. The company’s Managing Director, Luke McFadyen, emphasised the strategic value of the tenure additions, highlighting the potential to add new exploration targets to the ongoing regional program, which is central to driving long-term shareholder value.
Robust Resource Base Underpins Development Plans
The Bullabulling Gold Project boasts a JORC 2012 Mineral Resource Estimate of 190 million tonnes at 1.0 grams per tonne gold, equating to 6.2 million ounces of gold across several deposits including Dicksons, Phoenix, Bacchus, Kraken, and Gibraltar. The resource is supported by a recent Pre-Feasibility Study that outlined a high-margin, long-life open pit operation with a targeted first production date in 2028.
Approvals for the project remain on track, and the expanded mining lease aligns with the company’s pathway to production, which includes ongoing exploration, development permitting, and capital investment decisions.
Next Steps Focus on Approvals and Exploration
With the expanded lease granted and the tenement acquisition imminent, Minerals 260 is positioned to accelerate its exploration efforts across the enlarged land package. The company’s focus will be on advancing regulatory approvals and refining the project’s development plan ahead of the anticipated FID in early 2027. The expanded footprint also offers fresh opportunities to extend the resource base beyond the current 6.2 million ounces, which could enhance project economics and longevity.
Bottom Line?
Minerals 260’s expanded lease and tenement acquisition strengthen its grip on Bullabulling’s gold potential, setting the stage for a pivotal investment decision early next year.
Questions in the middle?
- How will the expanded tenements influence future resource upgrades or discoveries?
- What impact might the acquisition have on the company’s capital requirements ahead of production?
- Can Minerals 260 maintain its approvals timeline to meet the Q1 2027 Final Investment Decision target?