Minerals 260

What Minerals 260 does

Minerals 260 Limited (ASX:MI6) is an Australian gold developer founded in 2021 and headquartered in West Perth, Western Australia. The company is advancing two 100%-owned projects: the flagship Bullabulling Gold Project in the Eastern Goldfields of Western Australia, approximately 25-65km from Kalgoorlie, which contains around 2.3 million ounces of gold and sits on granted mining leases with existing site infrastructure; and the Moora Copper-Gold-PGE exploration project in the Julimar Mineral Province, ~150km north-east of Perth. Minerals 260 is pre-revenue and is targeting first gold production at Bullabulling in H2 2028, with a pre-feasibility study scheduled for mid-2026.

The core technology is conventional gold mining: open-pit or underground resource definition, metallurgical processing and doré production at site, with subsequent sale into the global gold market. The Bullabulling asset was acquired from B2Gold in January 2025 for approximately A$60 million and benefits from substantial prior drilling, metallurgical test work and a granted Native Title Land Use Agreement, materially de-risking development relative to greenfield peers. The Moora project adds exploration optionality across copper, gold, PGE, cobalt and zinc.

The business model is pre-revenue. Future revenue will be generated through direct sales of gold doré to gold refineries and commodity traders once Bullabulling reaches production, with pricing exposed to global gold spot prices. Development is currently funded by a A$220 million financing package from Franco-Nevada Corporation (the largest royalty acquisition Franco-Nevada has completed in Australia), comprising a A$170 million royalty acquisition that lifts Franco-Nevada's gross royalty to 2.45% and a A$50 million equity subscription giving Franco-Nevada approximately 4.9% of Minerals 260. The company is led by Managing Director Luke McFadyen with a board and management team drawn from BHP, Newcrest, OZ Minerals, Liontown Resources and Barrick Gold, and is covered by Australian brokers including Argonaut, Bell Potter, Bridge Street Capital Partners, Euroz Hartleys and Morgans.

Name

Minerals 260

Legal name

Minerals 260 Limited

Website

https://minerals260.com.au

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Minerals 260 (ASX:MI6) is a Perth-based, pre-revenue Australian gold developer advancing the 100%-owned, ~2.3Moz Bullabulling Gold Project in Western Australia's Eastern Goldfields toward first gold production in H2 2028, funded by a A$220M Franco-Nevada financing package.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industry

Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Gold exploration
• Gold mining
• Mineral exploration
• Gold production
• Base metals exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Gold Production Revenue: The company is pre-revenue and currently in the development phase. Once the Bullabulling Gold Project reaches production (targeted H2 2028), revenue will be generated through the sale of gold produced from the mine. The project has a Mineral Resource estimate with significant gold ounces.
2. Royalty and Equity Investment from Franco-Nevada: A$220 million financing package from Franco-Nevada comprising A$170 million royalty acquisition and A$50 million equity subscription. This represents capital injection rather than revenue from operations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Minerals 260 is an Australian gold developer advancing two 100%-owned mineral projects: the flagship Bullabulling Gold Project (~2.3Moz resource) in Western Australia's Eastern Goldfields, targeting first gold production in H2 2028, and the Moora Copper-Gold-PGE exploration project in the Julimar Mineral Province. The company's revenue model is the sale of produced gold to refineries and global commodity markets once Bullabulling enters production.

Product overview

Minerals 260 is a gold mining and exploration company operating two principal projects: the Bullabulling Gold Project (100%-owned, the company's flagship near-term production asset in the Eastern Goldfields of Western Australia) and the Moora Copper-Gold-PGE Project (100%-owned exploration asset in the Julimar Mineral Province). The company is advancing the Bullabulling project toward gold production targeted for H2 2028, while continuing exploration activities at Moora.

Differentiator

Problem solved

Functional benefit

Products and services

• Bullabulling Gold Project One of Australia's largest near-term gold projects, located approximately 25km south-west of Kalgoorlie in Western Australia's Eastern Goldfields. The project sits on granted mining leases with substantial prior drilling and metallurgical work completed and a granted Native Title Land Use Agreement; it is targeting first gold production in H2 2028 and will form the basis of Minerals 260's product sales to global refineries and commodity markets.
• Moora Copper-Gold-PGE Project 100%-owned exploration project located approximately 150 km north-east of Perth in the Julimar Mineral Province, covering a 371km² landholding. The project has discovered multiple zones of bedrock mineralisation including copper, gold, PGE, cobalt and zinc intersections and is held as Minerals 260's secondary exploration asset alongside the flagship Bullabulling Gold Project.

Quantifiable outcome

• First gold production targeted for H2 2028
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Kalamazoo Resources: ASX-listed exploration and development company with gold projects in Western Australia. Comparable as a junior WA-focused gold explorer-developer at a similar stage to Minerals 260.
• Antipa Minerals: ASX-listed junior explorer-developer with gold-copper projects in Western Australia's Paterson region. Comparable as an early-stage Australian precious/base-metals developer with similar funding pathways.

Direct peers

• Calidus Resources: ASX-listed gold developer with the Warrawoona project in the Pilbara, WA. Comparable as an Australian junior gold developer targeting near-term production through construction and ramp-up.
• Capricorn Metals: ASX-listed gold developer/producer with the Karlawinda gold project in Western Australia. Directly comparable as a mid-tier Australian gold company progressing from development toward production in a WA jurisdiction.
• Saturn Metals: ASX-listed gold developer advancing the Apollo Hill project in Western Australia. Comparable as a single-asset WA gold developer working toward feasibility and development decisions.
• Genesis Minerals: ASX-listed gold developer focused on the Leonora region of Western Australia. Highly comparable as a single-jurisdiction Australian gold developer transitioning toward mid-tier production.

Broad incumbents

• Ramelius Resources: ASX-listed mid-tier gold producer with multiple operating mines in Western Australia. Relevant as a comparator for both production profile and the WA-focused operating model Minerals 260 aspires to reach.
• B2Gold: TSX-listed global mid-tier gold producer that sold the Bullabulling Gold Project to Minerals 260 in January 2025. Relevant as a direct counterparty that exited the asset and as a broader gold producer with prior WA exposure.
• Westgold Resources: ASX-listed mid-tier gold producer operating multiple mines in Western Australia. Comparable as a benchmark for the production scale and operating jurisdiction Minerals 260 targets as a mid-tier producer.

Regional players

• Beacon Minerals: ASX-listed gold producer with operations in the Eastern Goldfields region of Western Australia. Comparable as a regional gold operator in the same Kalgoorlie area where Minerals 260's flagship is located.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@minerals260
• Xx.com/minerals260
• LinkedInlinkedin.com/company/minerals-260-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Minerals 260