Franco-Nevada Funds Bullabulling Gold Project with $220 Million Package
Toronto, ON – February 22, 2026 – Franco-Nevada Corporation (TSX: FNV)(NYSE: FNV) has committed a A$220 million (approximately $147 million USD as of February 22, 2026) financing package to Minerals 260 Limited to advance the Bullabulling Gold Project in Western Australia. The deal, announced today, combines a A$170 million (approximately $120 million USD) royalty acquisition with a A$50 million (approximately $35 million USD) equity investment.
Transaction Details
The financing package will enable Minerals 260 to accelerate development of the Bullabulling Gold Project, located approximately 65 km from Kalgoorlie in the Eastern Goldfields of Western Australia. The project boasts a current resource of 3.0 million ounces (Moz) in the Indicated category (93 million tonnes at 1.0 g/t gold) and 1.5 Moz in the Inferred category (42 million tonnes at 1.1 g/t gold).1
Royalty Acquisition
Franco-Nevada will acquire a 2.45% gross royalty over the Bullabulling land package. This includes an additional 1.45% royalty on existing tenements where Franco-Nevada already holds a 1.00% royalty, and a new 2.45% royalty on tenements where it previously had no royalty interest.1 The royalty will step down to 1.63% after 4 Moz of gold production.
The A$170 million royalty acquisition will be paid in two installments: A$75 million upfront and A$95 million upon receiving Foreign Investment Review Board (FIRB) approval for security interests over the project tenements.2
Equity Investment
Franco-Nevada will purchase 111,111,111 ordinary shares of Minerals 260 at a price of A$0.45 per share, representing a 4.9% equity stake in the company.2
Project Timeline and Potential
Minerals 260 is targeting completion of a pre-feasibility study by mid-2026, with a final investment decision expected in early 2027. First gold production is potentially achievable by the second half of 2028.2 The company intends to incrementally develop and expand Bullabulling, potentially increasing throughput to 7-8 million tonnes per annum (Mtpa).2
Strategic Rationale
Paul Brink, President & CEO of Franco-Nevada, stated that Bullabulling is “one of the most attractive gold development projects in Australia.”1 The investment represents Franco-Nevada’s largest royalty acquisition in Australia and expands its existing royalty coverage in the country. Luke McFadyen, Managing Director of Minerals 260, highlighted that the funding package “substantially de-risks our development funding pathway.”1
Franco-Nevada Overview
Franco-Nevada Corporation is a leading gold-focused royalty and streaming company with a diversified portfolio of assets. The company is debt-free and uses its cash flow to expand its portfolio and pay dividends.1
Disclaimer: This article is based on publicly available information as of February 22, 2026.