Minerals 260 Accelerates Bullabulling Development Following Transformational FY26

Highlights

• FY26 swung to profit as Franco-Nevada funding transformed the financial position.
• Bullabulling’s gold resource expanded to 6.2 million ounces after extensive drilling.
• A targeted Q1 CY2027 investment decision puts upcoming milestones firmly in focus.

FY26 Financial Turnaround

Minerals 260 Limited (ASX: MI6) released its FY26 results and 2026 Annual Report on 30 September 2026, highlighting a major shift in its financial position and continued advancement of the Bullabulling Gold Project in Western Australia. The company reported net profit after tax of AU$83.5 million for the year ended 30 June 2026, reversing a net loss of AU$11.5 million in FY25. The improvement largely reflected AU$170.0 million of royalty consideration income received from Franco-Nevada.

FY26 Result Reflects Major Financial Shift

Minerals 260 is still progressing through the development phase and has yet to begin commercial gold production. Consequently, the FY26 financial statements did not report operating revenue or EBITDA as separate financial measures. Instead, AU$170.0 million of Franco-Nevada royalty consideration was recognised as income.

Profit before tax reached AU$108.7 million, compared with an AU$11.5 million loss in FY25. After an AU$25.2 million income tax expense, net profit after tax stood at AU$83.5 million. Exploration and evaluation expenditure increased substantially to AU$57.4 million from AU$7.2 million, reflecting intensified drilling, technical studies and project-development activity. Net finance income also increased to AU$4.4 million from AU$0.8 million.

Bullabulling Resource Growth Strengthens Development Case

The Bullabulling Gold Project remained the central operational focus. Minerals 260 increased its Mineral Resource Estimate to 190 million tonnes at 1.0g/t gold for 6.2 million ounces, including 4.4 million ounces classified as Indicated.

Its maiden Ore Reserve totals 90 million tonnes at 0.86g/t gold for 2.5 million ounces. The Pre-Feasibility Study outlined a 19-year operation capable of producing approximately 2.3 million ounces over its operating life, including average annual production of around 150,000 ounces during the first decade.

Using a US$3,800-per-ounce gold assumption, the study estimated a post-tax NPV5 of AU$2.3 billion and a post-tax internal rate of return of 43%.

Stronger Funding Supports Next Phase

Cash and short-term deposits reached AU$211.3 million at 30 June 2026, up from AU$54.4 million a year earlier. Further Franco-Nevada funding and the September equity raising have strengthened the company's financing pathway as development activity increases.

Outlook: DFS and Corporate Governance in Focus

Minerals 260 is targeting completion of the Definitive Feasibility Study and a Final Investment Decision in Q1 CY2027. Subject to financing, approvals, study outcomes and Board approval, first gold production is targeted for Q4 CY2028.

Corporate governance will also become increasingly important as Minerals 260 transitions toward project development. The company strengthened its Board, committee structure, executive capability and risk oversight during FY26, supporting greater accountability as Bullabulling moves toward a potential construction phase.

Note- All data presented is based on information available at the time of writing.

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