Minerals 260 Limited has secured firm commitments for a $250 million two-tranche placement to fund ongoing development and construction activities at the Bullabulling Gold Project in Western Australia.

The capital raising involves issuing 284,090,910 new ordinary shares at an issue price of $0.88 per share. This issue price represents a nil discount to the closing share price on 11 September 2026 and a 3.5% premium to the 10-day volume-weighted average price. The placement includes a $30 million cornerstone commitment from Franco-Nevada Corporation.

The placement is structured in two parts. Tranche 1 will raise $178.9 million unconditionally using the company's existing placement capacity, with settlement expected on 22 September 2026. Tranche 2 will raise $71.1 million and remains conditional on shareholder approval at a general meeting expected in late October 2026.

In addition to the institutional placement, Minerals 260 will offer eligible shareholders in Australia and New Zealand the opportunity to participate in a share purchase plan to raise up to a further $30 million at the same issue price, with directors intending to participate. The share purchase plan opens on 28 September 2026 and is scheduled to close on 19 October 2026.

These equity proceeds, combined with an existing cash balance of approximately $183 million and $170 million in royalty funding secured from Franco-Nevada, lift total pro-forma available cash to approximately $633 million. This funding will support development and construction work, including long-lead items, early works, engineering design, water infrastructure, and the owner's team.

The company expects remaining pre-production capital requirements to be covered through traditional project finance debt. Multiple non-binding indicative term sheets have been received that exceed the required funding amount, with the financing process aligning with the board's final investment decision targeted for the first quarter of calendar 2027.

Commenting on the financing position, 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. Together with the indicative project financing terms we've received, we are targeting to be fully funded ahead of the planned Final Investment Decision in early 2027.”

The ongoing work programs aim to maintain development momentum as the company approaches its milestone decision point.

Read the full announcement: $250m Placement Funds Bullabulling Gold Project Development