Minerals 260 has raised capital before costs of $220m for the acquisition and development of the Bullabulling Gold Project in Western Australia (WA).
The Bullabulling Gold Project is situated 25km south-west of Coolgardie in WA’s Eastern Goldfields region.
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The capital was raised by offering 1.83 billion new shares at $0.12 each, marking the maximum subscription amount allowed under the public offer.
The offering drew strong interest from institutional funds across Asia, North America and Europe, as well as support from domestic institutions and existing shareholders.
The capital raise was backed by new and existing investors. Directors and key management participated, contributing $12.7m, with chairman Tim Goyder and his nominees investing $12m.
The funds will cover the $156.4m cash component of acquiring the Bullabulling Gold Project from Norton Gold Fields, a Zijin Mining subsidiary.
The deal related to the acquisition was signed in January 2025.
Minerals 260 chairman Tim Goyder said: “The successful completion of this capital raising is a significant achievement for the company. The raising was strongly supported by both global and domestic institutions and our existing shareholders.
“Minerals 260 is now in a position to complete the acquisition of the Bullabulling Gold Project, re-commence trading on the ASX [Australian Securities Exchange] and begin our aggressive drilling campaign. We look forward to updating the market regularly about our progress at the project, including the commencement of drilling, soon.”
The Bullabulling Gold Project has a JORC 2012 mineral resource estimate of 60 million tonnes (mt) at 1.2 grams per tonne of gold, translating to 2.3 million ounces of gold across granted mining leases within a 293km² tenement package.
The project presents considerable exploration potential, with several highly prospective targets identified at depth and along strike.
Minerals 260 plans to focus on exploration drilling to expand the mineral resource further.
