Minerals 260 is a $2,2bn WA-focused gold developer whose flagship Bullabulling project near Kalgoorlie positions it as a potential future mid-tier gold producer, with significant exploration and development upside. The Bullabulling project is one of Australia’s largest undeveloped gold deposits, hosting 4.5Moz and offering a clear pathway to production. Confidence in the project received a major boost earlier this year when royalty giant Franco-Nevada committed $220m in funding, helping propel MI6 into the ASX 200 in June.
MI6’s balance sheet has been transformed by the Franco-Nevada package: The initial $75 million royalty tranche was paid in February 2026, with a further $95 million upon FIRB approval, plus a $50 million equity investment. The total inflow of up to A$220 million transforms the balance sheet significantly, though importantly, the $170 million royalty component is essentially prepaid revenue against future gold production, not pure equity. MI6’s $31m cash balance and minimal debt should comfortably fund development through to financial investment decision (FID), although project debt is likely to be required to take Bullabulling into production.
First gold production is targeted for 2H28, not too far away for a developer and assuming there are no hiccups, the stock rating could go much further considering its deposit.
- We like MI6 but wouldn’t be surprised to see another ~20% pullback in the 2H.
