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    Minerals 260 (ASX:MI6) announces full year results

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    Minerals 260 (ASX:MI6) announced financial results for the full-year ended 30 June 2022.

    The principal activities of the Company during the course of the financial year were mineral exploration and evaluation.

    The Moora Project, which is in south-west Western Australia approximately 150km north-east of Perth comprises wholly owned tenure applied for in 2018 and 2019 and is considered prospective for precious and battery-related metals.

    The Koojan Project adjoins the western boundary of the Moora Project and is considered prospective for mafic/ultramafic meneralisation similar to that being targeted at Moora.

    The Dingo Rocks Project is in SE Western Australia, approximately 600km south-east of Perth and 100km south of Norseman, proximal to the southern margin of Eastern Goldfields Superterrane of the Archaean Yilgarn Block.

    The Yalwest Project comprises two adjoining Exploration License located ~400km north of Perth in the Murchison Gold Province of the Archaean Yilgarn Block.

    In October 2021, the Company successfully listed on the Australian Securities Exchange after completing an oversubscribed Initial Public Offering raising $30.0 million (before costs) from issuing 60,000,000 shares at $0.50 per share.

    The Group reported an inaugural net loss from continuing operations of $88.6 million of the year.

    Cash and cash equivalents as at 30 June 2022 were $23.5 million.

    At balance date the group had net assets of $23.2 million and an excess of current assets over current liabilities of $23.1 million.

    No dividends were declared or paid during the period and the Directors recommend that no dividend to be paid.

    On 4 July 2022 the Company announced the issue of 150,000 unlisted options exercisable at $0.355 and expiring on 30 June 2025 subject to certain vesting conditions relating period of service.

    On 11 July 2022 the Company announced it had intersected 13m at 3.3gpt gold from RC drilling at the Zest prospect, part of the 100%-owned Moora Project in WA.

    There are no likely developments that will impact on the Company other than as disclosed elsewhere in this report.

    During the financial year, the Company paid a premium under a contract insuring all Directors and Officers of the Company against liability incurred in that capacity.

    Following the announcement the company?s share price fell 7.692%.

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