OREMAVEN
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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
—
Fair value
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Upside
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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

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

The team brings issuer-reported project development, geology and financing experience. Acquisition and financing milestones are delivered, while Bullabulling remains in development and safety oversight, construction and funding execution are material. Independent histories and outcome attribution are limited.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Luke Charles McFadyen

Managing Director

Current
Full background report for Luke Charles McFadyen
Company SuccessDocumented · Medium materiality

Bullabulling acquisition and development financing

Minerals 260 completed the acquisition of Bullabulling in April 2025 following a A$220 million capital raise. The 30 October 2026 general meeting approved the second tranche of the later placement; financing and operating delivery remain separate.

Role overlaps event; causation unproven · McFadyen was managing director; acquisition and financing involved the board and advisers.

Bullabulling acquisition completed · PDF p1; transaction completed
Results of general meeting · PDF pp1–2; placement resolution
SafetyIssuer Reported · Medium materiality

Reported injuries during transition to development

Minerals 260 reported four recordable injuries during FY2026 and said it implemented investigation actions. The September 2026 quarterly reports one reportable minor finger injury and no lost-time injuries for that quarter.

Role overlaps event; causation unproven · Managing director had company oversight; sources do not establish personal involvement in any incident.

2026 annual report · PDF p13; safety performance
September 2026 quarterly activities report · PDF p1; health and safety
Evidence gaps · 4
  • Independent credentials, full prior-employer dates and contributions remain unverified.
  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.
  • Matthew Blake was exploration manager in 2025 and a full-time employee in March 2026, but his role at the cutoff could not be confirmed.
  • Courtney Morgan-Evans was appointed chief people and communications officer in early 2026; a 15 October 2026 appointment at another employer was announced, but her exact departure date and any continuing role at Minerals 260 remain unconfirmed.

Full background report

Luke Charles McFadyen

Managing Director

Career chronology

Education and qualifications

Reported qualifications

Qualification dates not established · issuer reported · low materiality

Issuer reports Curtin MBA and MSc and Notre Dame commerce/science degrees; independently unverified.

Attribution: Responsibility not applicable. Education claims remain unverified by credential issuer.

Relevance: Relevant to professional background.

Luke McFadyen appointed managing director (PDF p1; About Luke McFadyen)

Contributions and company outcomes

Bullabulling acquisition and development financing

2025–2026 · documented · medium materiality

Minerals 260 completed the acquisition of Bullabulling in April 2025 following a A$220 million capital raise. The 30 October 2026 general meeting approved the second tranche of the later placement; financing and operating delivery remain separate.

Attribution: Role overlaps event; causation unproven. McFadyen was managing director; acquisition and financing involved the board and advisers.

Relevance: Shows completed transaction while the mine remains in development.

Bullabulling acquisition completed (PDF p1; transaction completed); Results of general meeting (PDF pp1–2; placement resolution)

Industrial safety

Reported injuries during transition to development

FY2026 and September quarter 2026 · issuer reported · medium materiality

Minerals 260 reported four recordable injuries during FY2026 and said it implemented investigation actions. The September 2026 quarterly reports one reportable minor finger injury and no lost-time injuries for that quarter.

Attribution: Role overlaps event; causation unproven. Managing director had company oversight; sources do not establish personal involvement in any incident.

Relevance: Safety matters as construction activity grows.

2026 annual report (PDF p13; safety performance); September 2026 quarterly activities report (PDF p1; health and safety)

Suitability for the current role

Experience relevant to role

Career and current role as disclosed · analyst inference · low materiality

Mineral economist; issuer reports OZ Minerals portfolio-strategy leadership and prior Syrah, South32, BHP and KPMG roles. This provides relevant experience for the stated role but does not establish individual causation of employer outcomes.

Attribution: Responsibility not applicable. Inference based on disclosed roles; dates and contribution remain incompletely verified.

Relevance: Relevance to project development and current responsibilities.

2026 annual report (PDF p17; director biography); West Musgrave 2022 resource and reserve statement (PDF pp58–59; economics contributor)

Evidence gaps

  • Independent credentials, full prior-employer dates and contributions remain unverified.

  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

  • Matthew Blake was exploration manager in 2025 and a full-time employee in March 2026, but his role at the cutoff could not be confirmed.

  • Courtney Morgan-Evans was appointed chief people and communications officer in early 2026; a 15 October 2026 appointment at another employer was announced, but her exact departure date and any continuing role at Minerals 260 remain unconfirmed.

Jamie Michael Armes

Chief Financial Officer and Company Secretary

Current
Full background report for Jamie Michael Armes

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 2
  • Independent credentials, full prior-employer dates and contributions remain unverified.
  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

Full background report

Jamie Michael Armes

Chief Financial Officer and Company Secretary

Career chronology

  • Role disclosed in 2025–2026; exact appointment or prior role dates where absent remain unverified.: Minerals 260 Limited — Chief Financial Officer and Company Secretary. 2026 annual report (PDF p20; company secretary); 2025 annual report (company secretary section)

Education and qualifications

Reported qualifications

Qualification dates not established · issuer reported · low materiality

Issuer reports Bachelor of Business and chartered-accountant qualification; independent verification not obtained.

Attribution: Responsibility not applicable. Education claims remain unverified by credential issuer.

Relevance: Relevant to professional background.

2026 annual report (PDF p20; company secretary); 2025 annual report (company secretary section)

Suitability for the current role

Experience relevant to role

Career and current role as disclosed · analyst inference · low materiality

Issuer identifies prior finance and secretary roles at Chalice and Alta Zinc. This provides relevant experience for the stated role but does not establish individual causation of employer outcomes.

Attribution: Responsibility not applicable. Inference based on disclosed roles; dates and contribution remain incompletely verified.

Relevance: Relevance to project development and current responsibilities.

2026 annual report (PDF p20; company secretary); 2025 annual report (company secretary section)

Evidence gaps

  • Independent credentials, full prior-employer dates and contributions remain unverified.

  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

Russell Brooks

Chief Development Officer

Current
Full background report for Russell Brooks
Personal SuccessDocumented · Medium materiality

Named contributor to West Musgrave technical work

The 2022 OZ Minerals resource and reserve statement named Brooks as marketing contributor; it also names McFadyen for economic assumptions. This establishes participation in the reported work, not sole delivery of the project.

Individual involvement documented · The signed technical statement names Brooks as marketing contributor, but does not quantify his personal contribution.

Evidence gaps · 3
  • Independent credentials, full prior-employer dates and contributions remain unverified.
  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.
  • FY2026 report states appointment on 6 August 2025, while October 2025 quarterly states commencement on 2 September; both reported, distinction between appointment and commencement unresolved.

Full background report

Russell Brooks

Chief Development Officer

Career chronology

Education and qualifications

Reported qualifications

Qualification dates not established · issuer reported · low materiality

2022 OZ document lists mining engineering and accounting/finance qualifications and MAusIMM; independent confirmation not obtained.

Attribution: Responsibility not applicable. Education claims remain unverified by credential issuer.

Relevance: Relevant to professional background.

West Musgrave 2022 resource and reserve statement (PDF p59; contributor qualifications)

Personal achievements

Named contributor to West Musgrave technical work

2022 · documented · medium materiality

The 2022 OZ Minerals resource and reserve statement named Brooks as marketing contributor; it also names McFadyen for economic assumptions. This establishes participation in the reported work, not sole delivery of the project.

Attribution: Individual involvement documented. The signed technical statement names Brooks as marketing contributor, but does not quantify his personal contribution.

Relevance: Relevant to development and financing studies.

West Musgrave 2022 resource and reserve statement (PDF p59; contributors)

Suitability for the current role

Experience relevant to role

Career and current role as disclosed · analyst inference · low materiality

Issuer reports BHP/OZ Minerals development and strategy roles; 2022 OZ statement names him as marketing contributor. This provides relevant experience for the stated role but does not establish individual causation of employer outcomes.

Attribution: Responsibility not applicable. Inference based on disclosed roles; dates and contribution remain incompletely verified.

Relevance: Relevance to project development and current responsibilities.

COO and CDO appointments (PDF p1–2; CDO role); West Musgrave 2022 resource and reserve statement (PDF p59; marketing contributor); 2026 annual report (PDF pp16,28; appointment)

Evidence gaps

  • Independent credentials, full prior-employer dates and contributions remain unverified.

  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

  • FY2026 report states appointment on 6 August 2025, while October 2025 quarterly states commencement on 2 September; both reported, distinction between appointment and commencement unresolved.

Jack Dermody

Chief Operating Officer

Current
Full background report for Jack Dermody
Company SuccessDocumented · Medium materiality

Carrapateena ramp-up and leadership

A June 2021 Kokatha–OZ committee report identified Dermody as acting general manager and stated Carrapateena achieved its 4.25 Mtpa nameplate production rate at the end of 2020. The source does not establish his role at the precise 2020 milestone.

Employer context; no individual link established · Acting GM role is evidenced in June 2021; the earlier ramp-up reflects the operating team and his role then is not established.

Carrapateena Partnering Management Committee June 2021 · PDF p1; attendees and project update
Evidence gaps · 2
  • Independent credentials, full prior-employer dates and contributions remain unverified.
  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

Full background report

Jack Dermody

Chief Operating Officer

Career chronology

Education and qualifications

Reported qualifications

Qualification dates not established · issuer reported · low materiality

Issuer reports dual mining engineering and applied geology qualification; independent confirmation not obtained.

Attribution: Responsibility not applicable. Education claims remain unverified by credential issuer.

Relevance: Relevant to professional background.

COO and CDO appointments (PDF p1; COO qualifications)

Contributions and company outcomes

Carrapateena ramp-up and leadership

2020–2021 · documented · medium materiality

A June 2021 Kokatha–OZ committee report identified Dermody as acting general manager and stated Carrapateena achieved its 4.25 Mtpa nameplate production rate at the end of 2020. The source does not establish his role at the precise 2020 milestone.

Attribution: Employer context; no individual link established. Acting GM role is evidenced in June 2021; the earlier ramp-up reflects the operating team and his role then is not established.

Relevance: Context for operating readiness experience.

Carrapateena Partnering Management Committee June 2021 (PDF p1; attendees and project update)

Suitability for the current role

Experience relevant to role

Career and current role as disclosed · analyst inference · low materiality

Issuer identifies Jack as John Dermody and reports previous Carrapateena, Cadia and Prominent Hill roles; June 2021 committee minutes name him acting GM. This provides relevant experience for the stated role but does not establish individual causation of employer outcomes.

Attribution: Responsibility not applicable. Inference based on disclosed roles; dates and contribution remain incompletely verified.

Relevance: Relevance to project development and current responsibilities.

COO and CDO appointments (PDF p1; COO role and career); Carrapateena Partnering Management Committee June 2021 (PDF p1; June 2021 acting general manager); 2026 annual report (PDF pp16,28)

Evidence gaps

  • Independent credentials, full prior-employer dates and contributions remain unverified.

  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

Mark Muller

General Manager – Geology

Current
Full background report for Mark Muller
Personal SuccessDocumented · Medium materiality

Cassini discovery team award

AMEC named Muller among the joint 2020 Prospector Award winners for the Cassini nickel discovery; the association recognises the discovery team.

Individual involvement documented · Independent professional association names Muller as a joint award recipient.

2020 AMEC awards · Award announcement, first page
FailureDocumented · Medium materiality

Mincor off-specification ore and guidance withdrawal

In 2023 Mincor reported off-specification nickel ore during the ramp-up, inability to amend its BHP specification agreement, and withdrawal of guidance. Muller previously held senior Mincor geology roles, but his specific position and tenure at the 2023 event are not independently established; no personal responsibility is inferred.

Employer context; no individual link established · Issuer biography confirms a prior Mincor role but not his exact tenure or responsibility at the time.

Mincor target statement · Section 5.1; ore specifications and guidance
Appointment of GM geology · PDF p1; prior Mincor career
Evidence gaps · 2
  • Independent credentials, full prior-employer dates and contributions remain unverified.
  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

Full background report

Mark Muller

General Manager – Geology

Career chronology

  • Role disclosed in 2025–2026; exact appointment or prior role dates where absent remain unverified.: Minerals 260 Limited — General Manager – Geology. Appointment of GM geology (PDF p1; appointment and prior career); 2020 AMEC awards (2020 award announcement)

Education and qualifications

Reported qualifications

Qualification dates not established · issuer reported · low materiality

Issuer reports UWA MSc, environmental geochemistry honours and UNE geology degree; independent confirmation not obtained.

Attribution: Responsibility not applicable. Education claims remain unverified by credential issuer.

Relevance: Relevant to professional background.

Appointment of GM geology (PDF p1; appointment and qualifications)

Personal achievements

Cassini discovery team award

2020 · documented · medium materiality

AMEC named Muller among the joint 2020 Prospector Award winners for the Cassini nickel discovery; the association recognises the discovery team.

Attribution: Individual involvement documented. Independent professional association names Muller as a joint award recipient.

Relevance: Directly documented exploration achievement.

2020 AMEC awards (Award announcement, first page)

Business failures and setbacks

Mincor off-specification ore and guidance withdrawal

2023 · documented · medium materiality

In 2023 Mincor reported off-specification nickel ore during the ramp-up, inability to amend its BHP specification agreement, and withdrawal of guidance. Muller previously held senior Mincor geology roles, but his specific position and tenure at the 2023 event are not independently established; no personal responsibility is inferred.

Attribution: Employer context; no individual link established. Issuer biography confirms a prior Mincor role but not his exact tenure or responsibility at the time.

Relevance: Context for earlier project outcomes, with substantial attribution limits.

Mincor target statement (Section 5.1; ore specifications and guidance); Appointment of GM geology (PDF p1; prior Mincor career)

Suitability for the current role

Experience relevant to role

Career and current role as disclosed · analyst inference · low materiality

Issuer identifies geologist previously at Mincor, Barrick, Homestake and Sons of Gwalia; AMEC independently lists his Cassini award. This provides relevant experience for the stated role but does not establish individual causation of employer outcomes.

Attribution: Responsibility not applicable. Inference based on disclosed roles; dates and contribution remain incompletely verified.

Relevance: Relevance to project development and current responsibilities.

Appointment of GM geology (PDF p1; appointment and prior career); 2020 AMEC awards (2020 award announcement)

Evidence gaps

  • Independent credentials, full prior-employer dates and contributions remain unverified.

  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

Josh Hain

General Manager Investor Relations

Current
Full background report for Josh Hain

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 3
  • Independent credentials, full prior-employer dates and contributions remain unverified.
  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.
  • Earlier career, qualifications and appointment date were not established.

Full background report

Josh Hain

General Manager Investor Relations

Career chronology

Education and qualifications

Reported qualifications

Qualification dates not established · issuer reported · low materiality

The cited issuer materials do not state formal qualifications. Independent education and credential verification was not obtained.

Attribution: Responsibility not applicable. Education claims remain unverified by credential issuer.

Relevance: Relevant to professional background.

September 2026 corporate presentation (PDF p7; leadership panel); Results of general meeting (PDF p1; investor relations contact)

Suitability for the current role

Experience relevant to role

Career and current role as disclosed · analyst inference · low materiality

The issuer’s September presentation names Joshua Hain, and the October general meeting release identifies him as investor relations GM. This provides relevant experience for the stated role but does not establish individual causation of employer outcomes.

Attribution: Responsibility not applicable. Inference based on disclosed roles; dates and contribution remain incompletely verified.

Relevance: Relevance to project development and current responsibilities.

September 2026 corporate presentation (PDF p7; leadership panel); Results of general meeting (PDF p1; investor relations contact)

Evidence gaps

  • Independent credentials, full prior-employer dates and contributions remain unverified.

  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

  • Earlier career, qualifications and appointment date were not established.

Bruce Kendall

Technical adviser – geology

Current
Full background report for Bruce Kendall

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 3
  • Independent credentials, full prior-employer dates and contributions remain unverified.
  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.
  • Formal advisory engagement terms and exact start date were not established.

Full background report

Bruce Kendall

Technical adviser – geology

Career chronology

Education and qualifications

Reported qualifications

Qualification dates not established · issuer reported · low materiality

The cited issuer materials do not state formal qualifications. Independent education and credential verification was not obtained.

Attribution: Responsibility not applicable. Education claims remain unverified by credential issuer.

Relevance: Relevant to professional background.

September 2026 corporate presentation (PDF p7; technical advisor); Investor presentation September 2025 (PDF p1; advisor biography); Bullabulling resource-estimation discussion (podcast description, 29 April 2026)

Suitability for the current role

Experience relevant to role

Career and current role as disclosed · analyst inference · low materiality

Issuer’s September 2026 presentation identifies Kendall as technical geology adviser; a 2025 issuer profile describes Tropicana, Julimar and Coyote work. This provides relevant experience for the stated role but does not establish individual causation of employer outcomes.

Attribution: Responsibility not applicable. Inference based on disclosed roles; dates and contribution remain incompletely verified.

Relevance: Relevance to project development and current responsibilities.

September 2026 corporate presentation (PDF p7; technical advisor); Investor presentation September 2025 (PDF p1; advisor biography); Bullabulling resource-estimation discussion (podcast description, 29 April 2026)

Evidence gaps

  • Independent credentials, full prior-employer dates and contributions remain unverified.

  • Targeted public-source search does not exhaust court, regulator, environmental or safety records.

  • Formal advisory engagement terms and exact start date were not established.