Minerals 260 (MI6) Mining Forum Americas 2026 summary

Operational achievements and milestones

• Bullabulling resource increased from 2.3 to 6.2 million ounces, with a maiden reserve of 2.5 million ounces since April 2025.

• Completed PFS, commenced DFS, and started early construction activities, including a 600-room village and water infrastructure.

• Market cap grew from AUD 300 million to over AUD 2 billion in 12 months, with daily liquidity rising to AUD 12 million.

• Major milestones achieved include resource growth, project de-risking, and significant funding secured.

• Now an ASX 200 company, with long-lead item orders underway.

Financial position and funding

• Pro forma cash balance of AUD 630–633 million after a AUD 250 million capital raise and AUD 170 million Franco-Nevada investment.

• Franco-Nevada's total investment reached AUD 420 million, increasing royalty to 3.9% and shareholding to 5.7%.

• Deals with Franco-Nevada have substantially funded capital requirements and de-risked the pathway to production.

• Debt financing process advancing, with term sheets exceeding remaining capital needs; FID expected early next year.

• AUD 70 million contingency included in the AUD 855 million CapEx estimate, which covers expansion capital.

Resource growth and exploration

• Over 180,000 meters drilled in the past year, with 1,000 holes and 12 rigs at peak activity.

• Tenure expanded to 1,527–1,400 sq km, extending potential strike length to 20 km.

• Discovery costs reduced to AUD 12–14 per ounce; 70% of resource now in indicated category.

• Drilling focused on depth and strike extensions, with regional targets identified along the Bullabulling shear.

• Focus on higher-grade, shallower ounces in new tenements, especially along the Mount Ida Fault.