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Highlights
- In FY25, MI6’s exploration expenditure rose to AUD 7.19 million, driven by Bullabulling acquisition and equity raise.
- Drilling at Bacchus, Phoenix, and Kraken deposits showed high-grade, continuous gold mineralisation.
- Resource update expected December 2025, maiden Ore Reserve targeted mid-2026, first production late 2028.
Minerals 260 Limited (ASX:MI6) is an Australian mineral exploration and development company. The company focuses on exploring gold, platinum, palladium, nickel, copper, lithium, and rare earth elements, with gold as a primary target. MI6 holds full ownership of several projects, including the Bulla bulling Gold Project in Western Australia, and the Aston, Moore, and Dingo Rocks projects.
Financial Update
In the financial year 2025 (FY25), exploration and evaluation expenditure increased 100.65% YoY to AUD 7.19 million, up from AUD 3.59 million in FY24. FY25 performance was driven by the Bullabulling acquisition of AUD 166.5 million, an AUD 220 million equity raise for project development, and ongoing exploration activities.
The company held cash of AUD 54.3 million at June 2025. Net assets increased to AUD 221.8 million. Net finance income rose to AUD 0.81 million from AUD 0.59 million, while loss before income tax increased to AUD 11.52 million from AUD 7.71 million, mainly due to higher exploration expenditure. Meanwhile, total current liabilities reached AUD 12.7 million, up from AUD 6.57 million in previous corresponding period.
Business Updates
On 7 October 2025, Minerals 260 announced drilling results from the Bullabulling Gold Project in Western Australia. The results show multiple thick, shallow, and high-grade gold intercepts at the Bacchus, Phoenix, and Kraken deposits. The findings indicate continuous mineralisation and could support an update to the 2.3Moz Mineral Resource Estimate. The company is continuing project studies and expects a resource update in December 2025 while advancing mine development plans.
Business Outlook
MI6 plans to update the Mineral Resource Estimate for the Bullabulling Gold Project by December 2025, based on new drilling and assay results. By early 2026, over 110,000m of infill and extensional drilling is expected to support resource conversion and a further MRE update.
Pre-feasibility study work, including metallurgical and geotechnical drilling, is ongoing, with a maiden Ore Reserve targeted for mid-2026. Management aims for a Final Investment Decision by early 2027 and first gold production by late 2028, subject to feasibility outcomes. Exploration will continue to extend mineralisation and identify additional zones. The company’s funding is sufficient to support planned studies, resource growth, and project development.
Share Performance of MI6
On 07 October 2025, MI6 shares traded at AUD 0.275 per share. Over the past year, the MI6 has increased by 96.42%, while in the last six months it has up by 111.53%. In the past three months, the stock has gained 129.16%. The 52-week high for M16 as AUD 0.285, recorded on 07 October 25, and the 52-week low was AUD 0.100, reached on 02 August 2025.
Support and Resistance Summary
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 07 October 2025. The reference data in this report has been partly sourced from EODHD/Others.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Disclaimer
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