Franco-Nevada Corporation has agreed to provide a A$200 million financing package to Minerals 260 Limited to accelerate the development of the Bullabulling Gold Project in Western Australia. According to company disclosures, the transaction includes a A$170 million gross royalty acquisition and a A$30 million share subscription, raising Franco-Nevada’s total financial backing for the project to A$420 million.
Bullabulling Financing Package Structure
According to Franco-Nevada, the newly announced package builds on an earlier A$220 million agreement established in February 2026. The latest transaction comprises two primary components executed through a wholly-owned Australian subsidiary. First, the subsidiary is acquiring a A$170 million gross royalty from Minerals 260, which increases Franco-Nevada’s existing 2.45% gross royalty interest on the project to a 3.90% gross royalty. Second, Franco-Nevada has agreed to subscribe for A$30 million in ordinary shares of Minerals 260 as a lead order in an upcoming equity raise.
Paul Brink, President & CEO of Franco-Nevada, stated that the mining team and the orebody have surpassed expectations, noting that Minerals 260 is ahead of schedule on project development and resource growth. Luke McFadyen, Managing Director of Minerals 260, stated that the additional funding strengthens the company’s balance sheet ahead of a final investment decision expected in early 2027.
Project Timeline and Production Targets
Located approximately 65 kilometers from Kalgoorlie in the Eastern Goldfields of Western Australia, the Bullabulling Gold Project is positioned as a near-term gold development asset. According to Minerals 260, the project holds an upgraded July 2026 resource estimate of 4.4 Moz Indicated Resources (140 Mt at 0.98 g/t) and 1.7 Moz Inferred Resources (51 Mt at 1.0 g/t).
A pre-feasibility study completed in July 2026 outlines a Stage 1 throughput of 5 Mtpa, with design provisions allowing for a future expansion to 7.5 Mtpa. The study projects an annual average gold production of approximately 150 koz per annum. Following the pre-feasibility study, Minerals 260 is advancing toward a definitive feasibility study and a final investment decision in early 2027, with potential first gold production targeted for the second half of 2028.
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