Minerals 260 Expands Bullabulling to 1,527km² With Lease Grant and $1.25M Deal
Key Takeaways
- Minerals 260 has expanded the Bullabulling Gold Project to 1,527km² — up from 130km² in April 2025 — through the grant of Mining Lease M15/1939 and a binding $1.25M acquisition of 367km² from Kalgoorlie Mining Associates.
- The expanded mining lease now covers the entire mining and processing footprint defined in the Pre-Feasibility Study, removing a key permitting bottleneck ahead of the Final Investment Decision targeted for Q1 CY2027.
- Five approvals milestones have been secured, including a Native Title Land Use Agreement and Works Approval 1, with MDCP 2 and Works Approval 2 still under assessment.
- The project is anchored by a JORC 2012 Mineral Resource of 190Mt at 1.0 g/t Au for 6.2Moz across five deposits, with Phoenix and Bacchus contributing 4.7Moz of the total.
- The KMA acquisition is structured as $250,000 cash plus $1 million in MI6 shares priced at 75.7 cents, with completion expected within two business days.
Minerals 260 expands Bullabulling Gold Project to 1,527km² with mining lease grant and regional acquisition
Minerals 260 has announced two major land acquisitions that push the Bullabulling Gold Project footprint to 1,527km², up from the 130km² package the company secured in April 2025. The expanded Mining Lease M15/1939 has been granted, and the company has entered a binding agreement to acquire approximately 367km² of tenure from Kalgoorlie Mining Associates (KMA). The new mining lease, combined with existing leases, now covers the entire mining and processing area defined in the Pre-Feasibility Study. This consolidation de-risks the approvals pathway ahead of the Final Investment Decision targeted for Q1 CY2027 and the company’s first production target in 2028. The moves position Minerals 260 to control the largest and most prospective areas for gold mineralisation along the Bullabulling fault, anchored by a 6.2Moz resource base.
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Expanded mining lease covers the full development footprint
The grant of the expanded Mining Lease M15/1939 brings the company’s tenement package into alignment with the development case outlined in the Pre-Feasibility Study. The new lease, together with existing mining leases, now covers the entire mining and processing footprint defined in the PFS. This simplifies the tenement structure and streamlines the approvals assessment process, reducing a layer of development risk ahead of the Final Investment Decision.
Minerals 260 has now received the following key approvals milestones:
- Native Title Land Use Agreement
- Mine Development & Closure Proposal (MDCP) 1
- Works Approval 1
- Expanded Mining Lease
- Native Vegetation Clearance Permit
Two critical approvals remain Under Assessment: MDCP 2 (which enables infrastructure development and mining activities) and Works Approval 2 (covering facilities including processing, power, and the tailings storage facility).
The expanded lease grant is a procedural milestone, but it matters because it removes a potential bottleneck in the approvals sequence. When the company reaches a Final Investment Decision, the development footprint is now covered by granted tenure, which tells you construction and operations can proceed without renegotiating land access or waiting on additional mining lease approvals.
Inside the $1.25M KMA tenement acquisition
Minerals 260, through wholly owned subsidiary Bullabulling Operations Pty Ltd (BOPL), has entered a binding Agreement with Kalgoorlie Mining Associates Pty Ltd (KMA) to acquire approximately 367km² of tenure largely contiguous with the Bullabulling Gold Project. The acquisition consolidates ground largely contiguous with the existing Bullabulling Gold Project tenure.
| Component | Detail |
|---|---|
| Cash consideration | $250,000 |
| Share consideration | $1,000,000 in MI6 fully paid ordinary shares |
| Issue price | 75.7 cents per share |
| Pricing basis | 20-day VWAP up to (but excluding) 26 August 2026 |
| Completion | Within two business days, subject to standard conditions |
The transaction structure is straightforward: $250,000 cash and $1 million in scrip. The share consideration is priced at the 20-day volume-weighted average price, which means KMA receives shares at market value rather than a negotiated premium. Completion is expected within two business days, subject to standard conditions for a transaction of this nature.
The strategic value is in consolidating tenure along the fault structure. Controlling the ground laterally from the existing resource increases the probability that exploration defines extensions or parallel zones without having to negotiate access or pay acquisition premiums later.
Understanding why land position matters in gold development
A Mining Lease is a formal grant from the state government that gives a company the legal right to mine, process, and operate on a defined parcel of land. Before a mining lease is granted, a company holds exploration licences, which allow drilling and geological work but not production. The mining lease is the approval that enables the company to build a mine and extract ore. Securing a mining lease over the full development footprint before making a Final Investment Decision removes a major permitting risk — you cannot build a mine on ground you do not control.
Contiguous tenure means the company now controls a continuous land package without gaps or third-party holdings interrupting the tenure. When a gold deposit sits along a geological structure like the Bullabulling fault, controlling the ground along that structure creates exploration optionality. You can drill along strike or test parallel structures without negotiating access with other landholders. This is particularly relevant for open pit developments, where haul road placement, waste rock storage, and processing infrastructure require large, continuous parcels of land.
For you as an investor, consolidated, granted tenure de-risks the permitting pathway and reduces the chance that a third-party landholder blocks development or demands a premium for access later. A larger prospective footprint also provides organic growth targets — the company can explore for resource extensions or new zones on ground it already controls, without paying acquisition premiums.
A 6.2Moz resource anchoring the investment case
The Bullabulling Gold Project is a potential open pit mining operation located 25km west of Coolgardie in the Eastern Goldfields region of Western Australia. The project hosts a JORC 2012 Mineral Resource Estimate of 190Mt @ 1.0g/t Au for 6.2Moz of gold, effective 8 July 2026, on granted mining leases. The resource includes the project’s maiden Ore Reserves.
| Deposit | Total Tonnes (Mt) | Grade (g/t Au) | Contained Au (koz) |
|---|---|---|---|
| Dicksons | 22 | 0.93 | 660 |
| Phoenix | 74 | 0.95 | 2,300 |
| Bacchus | 72 | 1.0 | 2,400 |
| Kraken | 16 | 1.1 | 540 |
| Gibraltar | 8.5 | 1.1 | 290 |
| Total | 190 | 1.0 | 6,200 |
The resource is reported above a cut-off grade of 0.35 g/t Au inside an A$5,250/oz pit shell. This means the mineralisation meets the economic threshold for open pit extraction at the assumed gold price. The resource is spread across five deposits, with Phoenix and Bacchus contributing 4.7Moz of the total 6.2Moz. The grade sits at 1.0 g/t Au, which is in line with bulk-tonnage open pit targets in the Eastern Goldfields.
The resource base is the foundation of the development case. The company is advancing toward a Final Investment Decision in Q1 CY2027, and the newly consolidated tenure provides the platform for future exploration aimed at extending the resource or defining new zones.
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What’s next — the road to a Final Investment Decision
Approvals remain on track and are expected to support the Board’s Final Investment Decision targeted for Q1 CY2027. The company’s first production target is 2028. The newly acquired tenure feeds the ongoing regional exploration program, which management has flagged as a focus for driving longer-term shareholder value.
Luke McFadyen, Managing Director
“The granting of the expanded Mining Lease for Bullabulling is a significant step for the Project and reflects the continued de-risking activities the Company is focussed on to achieve our first production target in 2028. The newly acquired tenure enables Minerals 260 to add further potential targets to its ongoing regional exploration program, which is a focus for the Company to drive longer term value for shareholders.”
Three key forward catalysts to track:
- Completion of the KMA acquisition (expected within two business days)
- MDCP 2 and Works Approval 2 assessments (both under assessment)
- Final Investment Decision — Q1 CY2027
The expanded land position consolidates control over the Bullabulling fault, de-risks the approvals pathway, and sets the company up to explore for resource extensions on ground it already holds. For you as an investor, the moves reduce development risk and create exploration optionality without the need for future acquisitions at a premium.
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