Wedoany.com Report-Apr. 7, Minerals 260 has successfully raised $220 million to fund the acquisition of the Bullabulling Gold Project in Western Australia. This was achieved by issuing 1.83 billion new shares at $0.12 each, exceeding the maximum subscription limit. The project, located 25km south-west of Coolgardie, offers a promising JORC 2012 resource estimate of 60 million tonnes at 1.2 grams per tonne of gold, translating to 2.3 million ounces of gold across the tenement.
The offering of 1.83 billion new shares at $0.12 each marks the maximum subscription amount allowed under the public offer.
Investors from across Asia, North America, and Europe, along with domestic institutions and existing shareholders, showed strong support. Key management, including chairman Tim Goyder, contributed $12.7 million, with Goyder and his nominees investing $12 million. The funds will cover the $156.4 million cash component of the acquisition from Norton Gold Fields, a subsidiary of Zijin Mining.
The deal, signed in January 2025, paves the way for Minerals 260 to begin trading on the ASX and launch an aggressive exploration campaign. Tim Goyder is pleased with the progress and looks forward to updating the market on the project's developments, including the commencement of drilling.
The Bullabulling Gold Project presents significant exploration potential, with multiple high-potential targets identified. Minerals 260 plans to focus on exploration drilling to expand the mineral resource further, ensuring the project's continued success and growth.
