Minerals 260 (MI6) H2 2025 earnings summary

Executive summary

• Completed transformative acquisition of Bullabulling Gold Project for $166.5 million, adding a 2.3Moz gold resource at an attractive cost per ounce.

• Raised $220 million in equity to fund the acquisition and development, ending FY25 with $54.3 million in cash.

• Initiated a 110,000m drilling program and commenced a Pre-Feasibility Study targeting first production in late CY2028.

• Strengthened board and executive team with key appointments to support project delivery and growth.

Financial highlights

• Net loss from continuing operations was $11.5 million, up from $7.7 million in FY24, mainly due to increased exploration expenditure.

• Exploration expenditure totaled $7.2 million, with $6.4 million attributable to Bullabulling.

• Corporate and administration expenses rose to $4.0 million, reflecting higher compliance and re-listing costs.

• Cash and cash equivalents at 30 June 2025 were $54.4 million, up from $11.1 million in 2024.

• Net assets increased to $221.8 million from $10.9 million, driven by the equity raising and Bullabulling acquisition.

Outlook and guidance

• Updated Mineral Resource Estimate and further drill results expected in the next financial year.

• Pre-Feasibility Study for Bullabulling targeting completion by mid-CY2026, with first production aimed for late CY2028.

• Focus on advancing Bullabulling towards development and maintaining strong financial flexibility.