Minerals 260 (MI6) H2 2026 earnings summary

Executive summary

• Achieved a transformational year with the Bullabulling Gold Project, including a 170% increase in contained gold ounces since acquisition and a new Mineral Resource Estimate of 190Mt at 1.0g/t Au for 6.2Moz as of July 2026.

• Completed a Pre-Feasibility Study (PFS) outlining a 19-year mine life, 2.3Moz total gold production, post-tax NPV5 of $2.3B, IRR of 43%, and a two-year capital payback.

• Secured $420M in strategic funding from Franco-Nevada via royalty and equity transactions, plus a $250M equity placement, significantly strengthening the balance sheet.

• Ended FY26 with $211.3M in cash and short-term deposits, supporting ongoing project development and the DFS.

Financial highlights

• Net profit after tax of $83.5M for FY26, compared to a net loss of $11.5M in FY25, primarily due to $170M royalty income.

• Exploration and evaluation expenditure rose to $57.4M (FY25: $7.2M), reflecting increased drilling and project development.

• Corporate and admin expenses increased to $6.6M (FY25: $4.0M), mainly from higher personnel and transaction costs.

• Cash and short-term deposits at 30 June 2026 totaled $211.3M (FY25: $54.4M).

• Market capitalisation grew from ~$258M to ~$1.66B, with share price up 508% year-over-year.

Outlook and guidance

• Definitive Feasibility Study (DFS) underway, targeting completion in Q1 CY27 and a final investment decision soon after.

• First gold production targeted for Q4 CY28, subject to DFS, approvals, and financing.

• Ongoing expansion of project area and resource base, with further drilling and exploration planned.