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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-14
Cash A$183M2024-12-31: 9,171,000 A$2025-03-31: 6,011,000 A$2025-06-30: 54,382,000 A$2025-09-30: 42,551,000 A$2025-12-31: 31,170,000 A$2026-03-31: 185,121,000 A$2026-06-30: 96,281,000 A$2026-09-14: 183,000,000 A$ Not Meaningful
Debt A$0 Net cash A$183M
Basic shares 2.5B 2026-09-23
Runway Not Meaningful June formal cash use includes A$50m transferred to deposits and A$9.5m GST. Construction spending will change, so a fixed historic runway is not useful.

Liquidity

Financial position

Reported A$183m including deposits at 14 September. Completed tranche one is a later addition. The valuation estimates subsequent spending and fees; pending tranche two/SPP, future royalty receipt and nonbinding debt are separate future financing. June lease liabilities A$2.880m are serviced within continuing occupancy costs.

Capital structure

Ownership and dilution

Ordinary shares
2.5B
Fully diluted
2.5B

2,270,603,587 shares at 30 June plus 1,321,003 August consideration shares plus 203,291,499 completed September tranche-one shares equals 2,475,216,089. Another 37,375,000 options and 7,592,540 rights are contingent. Unapproved tranche two and the non-underwritten SPP are excluded from issued cash/shares and replaced, in the valuation funding calendar, by a capacity-tested residual equity backstop.

Security classes14
ClassTypeQuantityStrikeExpiry
Issued ASX ordinary shares at23SeptemberOrdinary Share2.5B——
Unlisted ESIP mi6aiOption3.5MA$0.72026-11-23
Unlisted ESIP mi6ajOption50KA$0.472026-11-23
Unlisted ESIP mi6akOption575KA$0.1952027-09-24
Unlisted ESIP mi6alOption3.2MA$0.1952027-11-21
Unlisted ESIP mi6amOption250KA$0.192027-12-31
Unlisted ESIP mi6anOption21MA$0.182028-04-03
Unlisted ESIP mi6aoOption750KA$0.192028-04-03
Unlisted ESIP mi6aqOption2MA$0.182028-09-02
Unlisted ESIP mi6arOption3MA$0.182028-11-01
Unlisted ESIP mi6atOption1.5MA$0.352028-11-03
Unlisted ESIP mi6auOption1.5MA$0.412028-11-03
Unlisted ESIP mi6-stiPerformance Right2.7M—2029-06-30
Unlisted ESIP mi6-ltiPerformance Right4.9M—2030-06-30

KPI history

Operating metrics

Comparable series use a shared scale

Cash equivalents excludes deposits over3months · Company · Point In Time

AUD

7 periods
  1. Balance 2024-12-319,171,000 AUD
    Reported
  2. Balance 2025-03-316,011,000 AUD
    Reported
  3. Balance 2025-06-3054,382,000 AUD
    Reported
  4. Balance 2025-09-3042,551,000 AUD
    Reported
  5. Balance 2025-12-3131,170,000 AUD
    Reported
  6. Balance 2026-03-31185,121,000 AUD
    Reported
  7. Balance 2026-06-3096,281,000 AUD
    Reported
Operating metric source table7
MetricProjectPeriodPeriod typeValueStatus
Cash equivalents excludes deposits over3monthsCompanyBalance 2024-12-31Point In Time9,171,000 AUDReported
Cash equivalents excludes deposits over3monthsCompanyBalance 2025-03-31Point In Time6,011,000 AUDReported
Cash equivalents excludes deposits over3monthsCompanyBalance 2025-06-30Point In Time54,382,000 AUDReported
Cash equivalents excludes deposits over3monthsCompanyBalance 2025-09-30Point In Time42,551,000 AUDReported
Cash equivalents excludes deposits over3monthsCompanyBalance 2025-12-31Point In Time31,170,000 AUDReported
Cash equivalents excludes deposits over3monthsCompanyBalance 2026-03-31Point In Time185,121,000 AUDReported
Cash equivalents excludes deposits over3monthsCompanyBalance 2026-06-30Point In Time96,281,000 AUDReported
Company guidance1
MetricProjectPeriodLowHighStatus
Pfsstudyannualgoldfirst10YearsbullabullingFirst10operatingyearsfromQ4CY2028150,000150,000 oz/yearCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-23Ann. 2026-09-16RaisingA$178.9M203.3M—Completed—
2026-09-16RaisingA$71.1M80.8M—Announced—
2026-09-16RaisingA$30M34.1M—Announced—
2026-02-26Ann. 2026-02-23RaisingA$50M111.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual notes, September royalty amendment, PFS and earlier divestments checked. Native-title benefits and conditional option financial terms remain incomplete and are not invented.

One consolidated royalty: 3.90% before cumulative 6Moz and 2.75% thereafter. New A$170m consideration is a financing benefit; all current model production remains below the step-down.

Royalty · Active
Counterparties
Franco-Nevada Australia Pty Ltd
Applies to
Bullabulling Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Current aggregate gross royalty: 3.9 %
September incremental rate: 1.45 %
How it affects our valuation

No valuation treatment is available for this arrangement.

A$10 per ounce on specified tenements after first100,000 ounces; geographic split unavailable, so all forecast output is used as the conservative scope proxy.

Royalty · Active
Counterparties
Vox Royalty Australia Pty Ltd
Applies to
Bullabulling Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Production royalty: 10 AUD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Land-use agreements require benefits; monetary terms not disclosed inannual. PFS social allowance inclusion not separately quantified; risk and evidence gaps retained.

Other · Active
Counterparties
Marlinyu Ghoorlie Native Title Claim Applicants
Applies to
Bullabulling Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Regional exploration interest with sole funding until decision to mine; no resource, operating plan or independent economic benchmark disclosed.

Joint Venture · Active
Counterparties
Geko Explore Pty Ltd
Applies to
Geko regional tenements 80% joint venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Current interest: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Regional exploration interest with sole funding until decision to mine; no resource, operating plan or independent economic benchmark disclosed.

Joint Venture · Active
Counterparties
Geko Explore Pty Ltd
Applies to
Geko regional tenements 60% joint venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Current interest: 60 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Construction contract withinPFS preFID budget, not a separate duplicate obligation;49.936m remainingcommitmentatJune30.

Other · Active
Counterparties
ATCO Structures & Logistics Pty Ltd
Applies to
Bullabulling Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Fixed price contract: 59,100,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Fibre and4G/5G infrastructure agreement; insideenablinginfrastructure, no separate disclosed price.

Other · Active
Counterparties
Telstra
Applies to
Bullabulling Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained 1.5% lithium NSR after A$450,000 historic disposal. No disclosed production or royalty receipts schedule.

Royalty · Active
Counterparties
Delta Lithium Limited
Applies to
Aston lithium net smelter royalty · Lithium
Economic direction
Benefit
Period
Dates not stated
Key terms
RetainedNSR: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Selectedprospectinglicencesremain0%subjecttooptionagreementatannualtenementschedule. No ownership orresource assumed; unknown term gap.

Other · Conditional
Counterparties
Belararox Limited
Applies to
Bullabulling Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.