Minerals 260 (MI6) Q4 2026 TU earnings summary

Executive summary

• Pre-Feasibility Study (PFS) completed, confirming Bullabulling as a high-margin, large-scale, long-life gold project with a post-tax NPV5 of A$2.3 billion and IRR of 43%.

• Maiden Ore Reserve declared at 90Mt @ 0.86g/t Au for 2.5Moz, based on the December 2025 Mineral Resource Estimate (MRE) of 4.5Moz.

• Updated MRE increased 38% to 190Mt @ 1.0g/t Au for 6.2Moz, with 4.4Moz classified as Indicated.

• Early construction and development activities commenced, including village and water infrastructure, and grade control drilling.

• Project area expanded to 1,160km² after acquiring additional tenure from Geko Explore.

Financial highlights

• Strong financial position with approximately A$211 million in cash and deposits at 30 June 2026.

• Net cash outflows from operating activities of A$28.7 million for the quarter, mainly due to increased exploration and PFS activity.

• Cash outflows from investing activities totaled A$60.0 million, including tenement acquisitions and village construction.

• Net cash outflows from financing activities were A$0.2 million.

Outlook and guidance

• Definitive Feasibility Study (DFS) targeted for completion in Q1 CY2027, with Final Investment Decision (FID) and full-scale construction to follow.

• First gold production expected in Q4 CY2028.

• Debt funding process underway, with multiple indicative term sheets received and finalisation of debt terms planned to support FID.