Minerals 260 has secured commitments to raise $178.2m (A$250m) before costs via a two-tranche share placement to fund the next stage of development at its Bullabulling Gold Project in Western Australia (WA).
The company said the funds, raised at A$0.88 per share, will allow it to advance construction and exploration activities at the site, which is located 65km west of Kalgoorlie.
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The placement, involving the issuance of 284,090,910 fully paid ordinary shares, includes a A$30m cornerstone investment from the Franco-Nevada Corporation.
According to Minerals 260, the issue price matches the company’s closing share price on 11 September 2026 and represents a 3.5% premium to the ten-day volume-weighted average price of A$0.85.
Existing institutional shareholders participated in the placement alongside new domestic and international investors.
Minerals 260 will also offer a share purchase plan (SPP) for eligible shareholders, aiming to raise additional funds of up to A$30m at the same price.
The company expects to have roughly A$633m available to fund development of the Bullabulling Gold Project, before transaction costs.
This figure includes proceeds from the placement, the expected outcome of the share purchase plan, A$170m in previously secured royalty funding from Franco-Nevada and the company’s cash balance of approximately A$183m as of 14 September 2026.
The total estimated pre-production capital requirement for Bullabulling stands at A$855m, according to a recent pre-feasibility study.
Final investment decisions are expected in the first quarter of 2027.
Minerals 260 managing director Luke McFadyen said: “On behalf of the Board, I thank all our shareholders, both existing and new, who continue to support Minerals 260 through participation in this capital raising.
“This capital raising, in conjunction with the additional Franco-Nevada royalty funding announced earlier this week, has significantly strengthened and de-risked the company’s balance sheet so that development activities can continue on the accelerated timeline.”
The Bullabulling Gold Project is designed as an open-pit mining operation. Its mineral resource estimate stands at 190 million tonnes grading one gram per tonne (g/t) gold, totalling 6.2 million ounces (moz), on granted mining leases.
Argonaut Securities, Euroz Hartleys and Bell Potter acted as joint lead managers for the placement, with Canaccord Genuity and Morgans Corporate as co-lead managers.
