Minerals 260 Secures A$178m for Bullabulling Gold Project in Western Australia
Minerals 260 (MI6.AX) has secured commitments to raise $178.2 million (A$250 million) through a two-tranche share placement, aimed at funding the next phase of development at its Bullabulling Gold Project in Western Australia. The funds will be used for construction and exploration activities on granted mining leases located 65 km west of Kalgoorlie. A cornerstone investment of $30 million has been provided by Franco-Nevada Corporation (FNV). The placement involves issuing approximately 284 million shares at a price matching the company's closing share price, offering a slight premium to recent trading averages. The capital raise is expected to bolster Minerals 260’s balance sheet and support an accelerated development timeline for the project. Additional funding of up to A$30 million may come from a shareholder purchase plan. The Bullabulling Gold Project holds estimated resources of 190 million tonnes at one gram per tonne gold, totaling 6.2 million ounces. The company expects final investment decisions in early 2027 and has secured further funding through royalty agreements with Franco-Nevada.
Tickers: $FNV
Topics: capital raising gold project development share placement