Minerals 260's Bullabulling Project Wins Franco-Nevada's Validation

A near-doubling of the gold resource and a landmark royalty deal have fund managers calling Bullabulling one of Australia's largest undeveloped gold projects.

31 Aug 2026 · 3 min read

Minerals 260 rallied more than four-fold from around 21 cents to 82 cents as its Bullabulling Gold Project resource estimate nearly doubled, a Franco-Nevada royalty deal validated its jurisdiction and scale, and ongoing drilling continued to expand what fund managers now call one of Australia's largest undeveloped gold projects.

A consolidating acquisition sets up the growth story

First Samuel said Minerals 260 completed the acquisition of the Bullabulling Gold Project near Kalgoorlie in April 2025, consolidating a 2.3 million ounce resource base and resetting the company around a clear development pathway, funded via a $220 million equity raise at 12 cents a share to advance drilling. Seneca Financial Solutions initiated a position as shares rallied 71 percent, as the market came to grips with the significant relative value on offer at Bullabulling, 25 kilometres south-west of Coolgardie, seeing potential for around 150,000 ounces a year of simple, low-risk production given the gold price environment.

A resource upgrade nearly doubles the project

First Samuel said Minerals 260 announced a substantial upgrade to the Mineral Resource Estimate for Bullabulling, taking it to 4.5 million ounces at around 1.0 grams per tonne, almost doubling contained ounces and increasing ore tonnes by 124 percent, allowing the company to materially expand its development case, even though it remains a company not yet producing any gold but with significant projected future profits from resources being advanced through drilling and feasibility work.

The resource now stands at 4.5Moz at ~1.0g/t, almost doubling contained ounces and increasing ore tonnes by 124%.

— First Samuel, Article, December 2025

A Franco-Nevada deal validates the project

ALC Capital said Minerals 260 owns one of the most attractive undeveloped gold projects in Western Australia, and that a landmark royalty funding deal with Franco-Nevada led to a significant re-rating of the stock. Seneca Financial Solutions said Franco-Nevada, a company with an A$62 billion market cap, struck an A$220 million royalty deal with Minerals 260, signalling the appetite major royalty companies have for deals in premier mining jurisdictions.

Franco Nevada (A$62 billion market cap) struck a A$220 million royalty deal with gold developer Minerals 260, signalling the appetite for these types of deals in premier mining jurisdictions.

— Seneca Financial Solutions, Article, May 2026

Continued drilling confirms scale and grade

Fairview Equity Partners said it remains bullish on Minerals 260, with shares popping nearly 10 percent on positive drill results, arguing gold could become the hottest trade again if Australia slumps into stagflation. Firetrail Investments said the stock rose 21 percent as updated drill results confirmed Bullabulling is emerging as one of the largest undeveloped gold projects in Australia, with increased confidence in grade and continuity. SG Hiscock and Company said it visited the project and came away with great confidence the relatively short development timeline can be met, with up to 10 drill rigs on site and extension drilling likely supporting further resource growth. Firetrail Investments later said the stock underperformed alongside a weaker gold price, but two further drilling updates suggest newly disclosed high-grade zones at depth could support a high-grade underground operation alongside the existing lower-grade open pit, boosting overall production.

What fund managers say they are watching next is continued drilling toward converting the 4.5 million ounce resource into a formal mine plan, delivery on the relatively short development timeline, potential for a combined underground and open-pit operation, and whether gold prices stay supportive of the current development-stage valuation.