Minerals 260 (MI6) Q1 2027 earnings summary

Executive summary

• Bullabulling advanced toward a Q1 CY2027 Definitive Feasibility Study (DFS) and Final Investment Decision (FID), with village and water infrastructure progressing.

• ~AUD 600m pro forma cash and AUD 420m of Franco-Nevada investment support development funding ahead of FID.

• The 6.2Moz Mineral Resource Estimate is supported by initial grade-control results consistent with resource drilling.

Financial highlights

• Cash and short-term deposits were $530m at 30 September 2026; pro forma cash was ~AUD 600m following funding and placement proceeds.

• Secured AUD 170m in additional royalty funding and AUD 30m in Franco-Nevada equity, alongside a $250m two-tranche placement; Tranche 2 is subject to shareholder approval.

• Quarter operating cash outflow was $3.8m, investing cash inflow was $33.1m and financing cash inflow was $342.1m.

• Exploration and evaluation payments were $20.3m; property, plant and equipment payments were $19.1m, primarily for village construction.

• The AUD 30m Share Purchase Plan was unsuccessful after its offer price moved above the share price; the shortfall does not affect the funding strategy.

Outlook and guidance

• DFS and FID remain targeted for Q1 CY2027; traditional project financing is expected to be completed in time for FID.

• Indicative plans target Stage 1 production of 150kozpa and a later Stage 2 at 7.5Mtpa and 200kozpa; expansion beyond 5Mtpa is conceptual and requires a positive expansion study.

• Village facilities are expected to be operational in Q1 CY2027; an additional 200 rooms will take planned capacity to 600 by March 2027.

• A second grade-control program is due to commence shortly to support DFS work and Resource-to-Reserve evaluation.