Minerals 260 Increases Mineral Resource Estimate, Completes Pre-Feasibility Study for Western Australia Gold Project; Shares Down 6%

Minerals 260 (ASX:MI6) reported an updated mineral resource estimate for its Bullabulling gold project in Western Australia of 190 million tonnes at 1 gram per tonne grade of gold for 6.2 million ounces, an increase of 38% from the December 2025 estimate of 4.5 million ounces, according to a Wednesday filing with the Australian bourse. The updated estimate, which incorporates 345 new drill holes, will be incorporated into a revised ore reserve estimate planned for completion alongside a definitive feasibility study scheduled for the first quarter of calendar 2027, per the filing. The company said 71% of the updated mineral resource estimate is classified as indicated, a 47% increase from the previous estimate. In a separate same-day filing, Minerals 260 said it completed a pre-feasibility study and a maiden ore reserve for the Bullabulling project. The pre-feasibility study shows "compelling economic outcomes" with a net present value of AU$2.3 billion, an internal rate of return of 43%, average annual free cash flow of AU$330 million, and earnings before interest, taxes, depreciation, and amortization of AU$510 million. The pre-feasibility study also describes the.