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2026-11-06
◂ Monitor MI6 ASX

Minerals 260 Limited

PFS Developer · Gold · Australia Rating locked: sign in to view v8 · mi6-20261024t213814-full
Last 2026-11-06
A$0.75
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.9B
EV
A$1.5B
Cash
A$183M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

Bullabulling Gold Project

Australia

PFS Developer100% ownedGold

PFS developer; early village and water construction started. Main mine DFS, primary approvals, debt financing and FID pending. Resource/reserve100%; regional Geko interests recorded separately.

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
A$2.3bd
NPV restated at our deck (attributable)
Locked
IRR
43%s
Initial capex (100%)
A$855.0m
Capital intensity
A$6,840/(oz/yr)d
LoM AISC
A$2,520/ozs
Mine life
19.0 yrss
Published study economicsIssuer or study metrics
NPVA$2.3B5% discount
IRR43%Published return
Initial capexA$855MPublished capital estimate
Operating cost2,520AUD/oz

Reported study:180m pre-FID+560m post-FID+115m preproduction operations. AISC includes existing royalties, sustaining and other costs. Revised royalty excluded fromJulyNPV; analyst restatement separate.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated140M t0.98g/t AuGold2026-07-08
Mineral ResourceInferred51M t1.0g/t AuGold2026-07-08
Mineral ResourceTotal190M t1.0g/t AuGold2026-07-08
Ore ReserveProbable90M t0.86g/t AuGold2026-07-08
Tenements4
bullabulling-m15-503Granted— None · No expiry supplied
bullabulling-m15-1414Granted— None · No expiry supplied
bullabulling-m15-483Granted— None · No expiry supplied
bullabulling-m15-529Granted— None · No expiry supplied
Milestones1
  1. FirstgoldQ4CY2028companytarget

    Pending · High materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Village MDCP and works approvalWestern AustraliaGranted—No
Main development MDCP and works approvalWestern AustraliaPending—Yes
Native Vegetation Clearing PermitWestern AustraliaPending—Yes
Economic studies1
StudyStageStatusDateSummary
Bullabulling stage one PFSPFSCurrent2026-07-085Mtpa CIL;19years;2.3Moz recovered;~125koz/yearLOM and~150koz/year first10years. NPV5 A$2.3bn at1April2027;US$3800/oz/0.69FX; older2.45%Franco royalty.

Other

Moora Copper-Gold-Nickel-PGE Project

Australia

Discovery Drill Stage100% ownedCopperGoldNickelPlatinum Group Metals

No field activity in FY26; mineralised prospects without a current resource or economic study.

Exploration · Discovery drill stage
Ownership
100%
Commodity
Cur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements3
moora-e70-5217Granted— None · No expiry supplied
moora-e70-5286Granted— None · No expiry supplied
moora-e70-6621Granted— None · No expiry supplied

Other

Geko regional tenements 80% joint venture

Australia

Early Explorer80% ownedGold

Regional JV interest; sole funding to decision to mine; no separate resource or economic plan valued.

Exploration · Early explorer
Ownership
80%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Geko regional tenements 60% joint venture

Australia

Early Explorer60% ownedGold

Regional JV interest; sole funding to decision to mine; no separate resource or economic plan valued.

Exploration · Early explorer
Ownership
60%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Aston lithium net smelter royalty

Australia

Early Explorer100% ownedLithium

Royalty interest retained after sale to Delta Lithium.1.5%NSR; no supported production timetable or disclosed resource cash flow; explicit zero speculative value.

Royalty / stream · Pre production
Royalty type
NSR
Rate
1.5%
Underlying asset and operator
Aston, Delta Lithium Limited
Operator's stage
Preproduction explorationd
Attrib. royalty units per year
—
Royalty receipts (12M)
—
Our attributable value
Locked

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)