Franco-Nevada Corporation has agreed to acquire an additional A$170 million gross royalty and subscribe for A$30 million in ordinary shares of Minerals 260 Limited to further support the development of the Bullabulling Gold Project in Western Australia.

The transaction lifts Franco-Nevada's gross royalty interest over the project from 2.45% to 3.90%. It also expands the royalty's area of interest from 2.5 kilometres to 10 kilometres, covering approximately 650 square kilometres, and raises the production threshold for the royalty step-down from 4 million ounces to 6 million ounces of gold.

The new agreement brings Franco-Nevada's aggregate financial support for the project to A$420 million, following an initial A$220 million financing package provided in February 2026. Franco-Nevada intends to fund the latest transaction using cash on hand, backed by $1.0 billion in cash and $4.3 billion in available capital as of June 30, 2026.

The funding provides Minerals 260 with the capital required to maintain development momentum through to a definitive feasibility study and a final investment decision, both expected in early 2027. First gold production at Bullabulling is potentially scheduled as soon as the second half of 2028.

Both the team at Minerals 260 and the Bullabulling orebody continue to surpass our expectations. Minerals 260 is ahead of schedule on project development and financing and has rapidly grown its resource endowment. We are delighted to take this next step in building our partnership with the company and firmly believe that our financial backing can play a lynchpin role in generating value for Minerals 260 shareholders.

We are thrilled with the partnership we have established with Franco-Nevada and Franco-Nevada's decision to invest an additional A$200 million supports what both parties believe Bullabulling will become - a near-term, large scale, long-life, expandable gold asset in one of the world's best mining jurisdictions. This is a partnership built on focus and determination to bring Bullabulling into production and supports mutually beneficial outcomes for each company. This additional funding materially strengthens our balance sheet and our path to final investment decision in early 2027.

— Paul Brink, President & CEO of Franco-Nevada, and Luke McFadyen, Managing Director of Minerals 260

Read the full announcement: Franco-Nevada Announces A$200 Million Follow-on Financing Package with Minerals 260 for the Bullabulling Gold Project