Minerals 260 (MI6) Q3 2026 TU earnings summary

Executive summary

• Secured a $220 million funding package with Franco-Nevada, including $170 million royalty funding and $50 million equity, to accelerate Bullabulling Gold Project development and de-risk future activities.

• Drilling intersected high-grade mineralisation outside the current resource, supporting resource growth potential.

• Pre-Feasibility Study (PFS) and maiden Ore Reserve on track for July 2026, with updated Mineral Resource Estimate (MRE) in August 2026.

• Strengthened leadership with new board and executive appointments.

• Included in the ASX300 index and ended the quarter with ~$250 million in cash and term deposits.

Financial highlights

• Cash and term deposits totaled ~$250 million at 31 March 2026, with $185 million in cash and $65 million in term deposits.

• Net cash inflow from operating activities was $0.01 million for the quarter.

• Cash outflows from investing activities were $65.2 million, mainly due to term deposits.

• Cash inflows from financing activities totaled $219.1 million, primarily from Franco-Nevada funding.

• Actual use of funds since ASX readmission was $207.8 million, under the $229.2 million estimate.

Outlook and guidance

• PFS and maiden Ore Reserve expected in July 2026; updated MRE in August 2026.

• Definitive Feasibility Study (DFS) scheduled for early 2027.

• Targeting first production by end of 2028.