Minerals 260 (MI6) Q1 2026 TU earnings summary

Executive summary

• Bullabulling Gold Project drilling program expanded to 110,000m after strong results, with seven rigs active and multiple high-grade intercepts reported at Bacchus, Phoenix, Dicksons, and Kraken deposits.

• Updated Mineral Resource Estimate (MRE) of 60 Mt @ 1.2 g/t Au for 2.3Moz, with first production targeted for late 2028.

• Pre-Feasibility Study (PFS) workstreams advanced, including metallurgy, hydrogeology, mining, environmental, and infrastructure studies, with PFS completion targeted for mid-2026.

• Executive team strengthened with appointments of Chief Operating and Chief Development Officers, bringing significant Tier-1 mining experience.

Financial highlights

• Cash balance at 30 September 2025 was ~$43 million, supporting ongoing drilling and studies.

• Net cash outflows from operating activities for the quarter were $11.5 million, mainly due to increased exploration and evaluation costs.

• Cash outflows from investing activities totaled $0.3 million, including tenement and equipment purchases.

• Estimated quarters of funding available is 3.7, indicating strong liquidity.

Outlook and guidance

• Updated MRE on track for early December 2025, with further drilling to be incorporated into a 2026 update.

• PFS completion targeted for mid-2026, with first production planned for late 2028.

• Ongoing drilling and studies expected to further de-risk and enhance project economics.