Minerals 260 raises $250M for Bullabulling Project

• Minerals 260 secured $250 million in firm commitments via a two-tranche institutional placement.
• The placement issue price was set at $0.88 per share for 284,090,910 new ordinary shares.
• Proceeds will directly fund the development of the 6.2Moz Bullabulling Gold Project in Western Australia.

Minerals 260 (ASX:MI6) has secured $250 million in firm capital commitments to fund the development of its flagship Bullabulling Gold Project.

The new equity raise follows earlier development studies on the site as the company transitions from exploration into active project development.

Minerals 260 Managing Director, Luke McFadyen, said, “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 capital injection was executed via a two-tranche placement of 284,090,910 new fully paid ordinary shares offered at an issue price of $0.88 per share.

Proceeds from the capital raise will support ongoing operational setup and long-lead infrastructure at the site located 65km west of Kalgoorlie.

The company stated that the placement fully underpins the capital requirements needed to progress construction at the 6.2Moz deposit.

Following the announcement, the Minerals 260 share price was unchanged at $0.84.

The Bullabulling Gold Project represents the central growth asset in Western Australia for Minerals 260.