MI6 - Minerals 260

[System]

Minerals 260 Limited was incorporated as an Australian public company on 4 June 2021 for the purpose of spinning out the Moora Project and the Koojan JV Project, as well as other minor projects including the Dingo Rocks Project and Yalwest tenement applications from Liontown Resources Limited (ASX: LTR) (Liontown).

Liontown currently owns 100% of the Moora Project and is party to a farm-in and joint venture agreement, pursuant to which it has the right to acquire a 51% interest in the Koojan JV Project through its wholly-owned subsidiary, ERL (Aust) Pty Ltd (ERL) (Koojan JVA).

The Company has entered into a Share Sale Agreement with Liontown under which it will acquire 100% of the share capital in ERL from Liontown in conjunction with the Demerger, subject to satisfaction or waiver of certain conditions precedent, including satisfaction of the conditions precedent under the Demerger Implementation Agreement. It is a condition of the Demerger that the Liontown Shareholders approve the In-specie Distribution by way of the pro-rata Capital Reduction and Demerger Dividend. Therefore, the acquisition of ERL will not proceed unless shareholders of Liontown approve the Demerger.

Assuming that the Demerger is implemented, the Company proposes to undertake exploration across the Projects, with the intention of following up a number of targets identified by previous sampling and drilling programs completed by Liontown.

It is anticipated that MI6 will list on the ASX during October 2021.

Minerals 260 • ASX:MI6

Minerals 260 Limited (ASX:MI6) listed on the Australian Securities Exchange in October 2021 following a demerger from Liontown Resources Limited (ASX:LTR).

minerals260.com.au

 

[Dona Ferentes]

Listing date	11 October 2021 #
Company contact details	https://minerals260.com.au/ Ph: (08) 6556 6020
Principal Activities	Minerals 260's main business activity is mineral exploration and development.
GICS industry group	TBA
Issue Price	AUD 0.50
Issue Type	Ordinary Fully Paid Shares
Security code	MI6
Capital to be Raised	$15,000,000
Expected offer close date	22 September 2021
Underwriter	Not underwritten. Bell Potter Securities Limited (Lead Manager)

 

[Dona Ferentes]

not too bad a start for those that did a bit of security intelligence and sleuthing pre-IPO for MI6 .

The 50c shares opened at 75c but quickly settled around 60c to 62c range for the rest of the day. ,

 

[TechnoCap]

MI6 - Angepena gold prospect drill results due this month so I'm expecting a good start to 2022

 

[frugal.rock]

A newbie eh?
One for the watchlist...imo.

 

[Dona Ferentes]

With OZL taken over by BHP, the old management are finding roles outside.

“It has been very gratifying watching so many people move onto fantastic and more senior roles. It’s a credit to the people who made up OZ Minerals,” former CEO Andrew Cole says. Five members of Cole’s senior leadership team have been appointed chief executives elsewhere since the close of the $9.6 billion deal in May..



.
...the new chief executives say Cole was notable for his willingness to delegate decision-making responsibilities to his senior executives.

Luke McFadyen reckons that was an admirable trait that ensured the organisation didn’t grind to a halt every time approval was required from the top boss, and he hopes to install a similar culture at Minerals 260.

“I think that is why OZ was able to move so quickly on so many things because we understood who was going to make the decisions,” he says.

“You just had smart people making smart decisions, and when they stuffed up, like everyone does, there wasn’t a culture of criticising the hell out of you and moving you on.

“It was a case of ‘What did you learn? Let’s do something better next time’.”

McFadyen says he also wants to carry on the OZ culture of treating risk as an opportunity. “Miners are notoriously conservative and over-engineer everything, but looking at everything through a lens of opportunity rather than a lens of risk means you see things differently, and you are willing to back yourself and back your teams,” he adds.
.
since listing:

 

[embryo]

MI6 hopefully will relist at a healthy premium.
I see Tim Goyder has elected to take up shares in the placement so I'm following him.

 

[rcw1]

Good afternoon

MI6 was suspended from trading on 6 January 2025. This was lifted from the commencement of trading on Thursday, 10 April 2025.

Plenty of reading there in accouncements.

Last Quartey - March 2025 see attached ... of note subsequent to quarter end, the Company successfully:

## completed the acquisition of the Bullabulling Gold Project from Norton Gold Fields Pty Ltd, a whollyowned subsidiary of Zijin Mining Group Co., Ltd.; ## raised $220 million (before costs) to support completion of the acquisition and to fund an 80,000 metre drilling campaign and studies at Bullabulling; and
## completed the ASX re-compliance process with its securities being reinstated to trading on the ASX.

• Mineral Resource Estimate (MRE) of 60Mt @ 1.2g/t Au for 2.3Moz, Bullabulling is one of Australia’s largest open-pittable and potentially near-term production gold resources, located 65km south-west of Kalgoorlie in the world-class Eastern Goldfields region of Western Australia;
• At quarter-end, the Company’s cash balance was approximately $6m, which is prior to completion of the $220m capital raising, which occurred on 3 April; and
• The Company is fully funded for all currently planned drilling and studies at Bullabulling.

Chart update:
Daily

Not holding.
Having real good look at this one. 2.3Moz of gold not something to look the other way at!!!

Kind regards
rcw1

 

[embryo]

MI6 has the legend Tim Goyder on board and drilling results should be released in the near future.
Fingers crossed

 

[Dona Ferentes]

MI6 has the legend Tim Goyder on board and drilling results should be released in the near future.
Fingers crossed

I thought MI6 just tracks the SPI?

 

[Barnouste]

They're basically a new company. I'd suggest anyone interested should watch the Gather round video on 10 April 25... Currently 2.3M/ozs and this one has 4M/ozs written all over it and even that might be conservative when you listen to the potential upside based on the ratio of vertical metres to additional ozs. The current resources are based on shallow drilling which was eventually stopped because the gold price was ~US$500/oz at the time. They going deeper. Tim Goyder says 150k/ozs per annum production and that's good enough for me. Exploration and infil upcoming is going to be >80,000mtrs and they've got $50mil in the bank.

Production H2 2028 and if you're in any doubt about that call then Tim Goyder's timelines were achieved at Liontown.

 

[rcw1]

Good evening
rcw1 has selected MI6 in the August ASF monthly competition.

Plenty coin in the kitty ... plenty drilling for gold ... Quarterly attached.
Have posted previously.

Kind regards
rcw1

 

[Barnouste]

Minerals 260 eyes 2028 gold output at Bullabulling

Kristie Batten | May 13, 2025



Minerals 260 (ASX: MI6) is starting its own studies at the newly acquired Bullabulling project in Western Australia’s Goldfields, targeting a final investment decision next year and first production in 2028.



The company, a 2021 spin-out of lithium producer Liontown Resources (ASX: LTR), last month closed the A$166.5 million ($106 million) acquisition of the 2.3-million oz. brownfield project outside Coolgardie, a small town founded off the back of the state’s late 1800s gold rush.



Within nine days of taking ownership of Bullabulling, Minerals 260 completed a heritage study and kicked off an 80,000-metre drilling program – the first meaningful exploration program at the project since 2011. Managing director Luke McFadyen says it may cost A$70 million to A$80 million to reproduce the previous exploration and study work on the project.



“We’re building off that,” McFadyen said during a site visit in May. “That’s why we can have a 15-month study period, because we’re not starting from scratch.”

About 40% of the drilling program will be infill around the five existing pits, while the remainder will focus on strike and depth extensions. The results are to feed into a resource update at the end of the year.



Minerals 260 paid more than five times its market capitalization at the time, requiring the company to raise A$220 million. “I think some people were surprised when we announced it, because at that time, we were only capitalized at A$30 million and they thought that it was beyond audacious,” Minerals 260 chairman Tim Goyder said. “But once they started looking at the project and saw the opportunity like we did, they became interested, and ultimately we raised the A$220 million as we said we would.”

Bullabulling has a current pit-constrained resource of 60 million tonnes at 1.2 grams per tonne gold for 2.3 million oz. of gold over an 8.5-kilometre strike, which the company is confident of growing. “An underexplored asset starting at 2.3 million oz. is rare,” McFadyen said. “And when you put someone like Tim, who will say he’s got exploration in his DNA, that’s why we’re drilling 80,000 metres, because there’s a lot more gold to be found with the ownership of the asset in a company like this.”



Bullabulling was acquired from Chinese major Zijin Mining, which owns the nearby Paddington gold operation but had carried out little work on Bullabulling in the past decade. Junior Bullabulling Gold had delineated a resource of 3.9 million oz. and completed a feasibility study before being Zijin bought it in 2014. The site was briefly in production in the late 1990s, producing 179,000 oz. of gold under Resolute Mining (ASX/LSE: RSG), but it was suspended due to the weak gold price at the time.



Tim Goyder described Bullabulling as the “jewel in the crown of Coolgardie.” Its acquisition was the result of a process that assessed 60 projects.



The well-known Australian mining entrepreneur, who founded and also chairs Liontown, subscribed for A$12 million of shares in the placement and holds just under 7.3% of the company. Minerals 260’s share register now comprises 37% institutions, including North American long-only gold funds. Sydney-based boutique investment fund Samuel Terry Asset Management has been buying shares in recent weeks and is now the company’s largest shareholder with 7.4%.



After finalizing the acquisition last month, Minerals 260 still has A$50 million cash on hand to advance Bullabulling. While Resolute operated Bullabulling as a heap leach, Minerals 260 is contemplating a carbon-in-leach plant. The metallurgy is well understood, with 20 metallurgical reports completed up until 2021 and Minerals 260 has already identified an opportunity to lift recoveries to 94-95% by decreasing the grind size. More than 530,000 metres of drilling had previously been completed at the site.



Located less than an hour’s drive from Kalgoorlie, Bullabulling has existing access to power, water and an experienced workforce. Onsite infrastructure includes an exploration camp, offices and storage. The Great Eastern Highway, the main road from Perth to Kalgoorlie, runs through the project. The entire resource already sits on granted mining leases. A Native Title Land Use Agreement is in place with the Marlinyu Ghoorlie People, the same group that has the claim over Northern Star Resources’ (ASX: NST) nearby KCGM operation. “They’ve been good to work with,” Goyder said. “We speak to them every week.”



“Clearly, this is the most exciting period for gold for the last 70-80 years,” Goyder said.

“The gold price has risen since we’ve done the deal by about A$700 an oz. in a matter of three months, so it is exciting.” McFadyen described Bullabulling as a great project held by the wrong owner, given Zijin’s lack of work over the past decade. Despite the period of inactivity, he said the project’s technical merits were well understood. “What’s not understood is, what does it look like in today’s gold price environment? So again, recutting everything in a different setting, in a different context, means you would assume it’s going to be upside,” McFadyen said. Even so, Minerals 260 sees the opportunity with Bullabulling as more than a gold price story.



“You build a plant, spend your A$450 million for a 15-year operation. You’re going to go through some cycles, so you need a project which can handle those cycles,” Goyder said. “We won’t be using A$5,000 an oz. for our studies – we’ll be using something more realistic or long term. We’ve really got to do the work so that we can then set up the sizing of the plant, and what’s best suited for the project, but our aim would be producing in the order of 150,000 oz. per annum.”



The original acquisition comprised 127 sq. km, but with an option secured last week over Belararox’s (ASX: BRX) neighbouring Bullabulling project and recent tenement applications, Minerals 260 has already increased its tenure to 577 square kilometres.

“A lot of the region is not well-tested,” McFadyen said. “Unless you owned Bullabulling, everything else was too hard. You need Bullabulling to make those satellite pits work.”

Minerals 260 has identified further opportunities for regional consolidation which McFadyen said the company would “continue to chip away at”.



“You don’t often see two-plus million oz. one hour’s drive away from Kalgoorlie Airport, so we see Bullabulling as the foundation of a big, fantastic company that Tim and I are trying to build.”

 

[Barnouste]

State Street has their hooks into the stock

 

[rcw1]

Good evening
rcw1 has selected MI6 in the August ASF monthly competition ... woopy do the cows went moooooooooooooooooooooooooooooo ha ha ha ha ha ha

Some particulars about this stock .... reminder

Bullabulling Gold Project Highlights:

1Bullabulling Mineral Resource Estimate, refer to MI6 ASX Announcement 14 January 2025 for further information.

 

[Garpal Gumnut]

Good evening
rcw1 has selected MI6 in the August ASF monthly competition ... woopy do the cows went moooooooooooooooooooooooooooooo ha ha ha ha ha ha

@finicky has won. I know that for a fact.

gg

 

[rcw1]

@finicky has won. I know that for a fact.

gg

Thankyou @Garpal Gumnut, most careless of rcw1 ...

EDIT: delete the word August and substitute the word September ...
Much better.

Good evening
rcw1 has selected MI6 in the August ASF monthly competition ... woopy do the cows went moooooooooooooooooooooooooooooo ha ha ha ha ha ha

Some particulars about this stock .... reminder
View attachment 207359

Bullabulling Gold Project Highlights:
View attachment 207360

1Bullabulling Mineral Resource Estimate, refer to MI6 ASX Announcement 14 January 2025 for further information.