Minerals 260 Limited (ASX: MI6) has announced that Franco-Nevada Australia Pty Ltd has received approval from Australia’s Foreign Investment Review Board (FIRB) for its mortgage arrangements over certain Bullabulling Gold Project tenements. The MI6 FIRB approval explained in this release removes the last condition precedent standing between the Company and the completion of its A$220 million strategic funding package.
Figure 1: Minerals 260 logo representing the Australian gold exploration and development company [Courtesy: Minerals 260]
Minerals 260 confirmed the development on 23 Mar 2026, following its earlier announcement on 23 Feb 2026 regarding the broader funding agreement. The final Royalty Funding payment of A$95 million, referred to as the Second Tranche under the Royalty Deed, is payable by no later than 27 Mar 2026.
FIRB Approval Clears Path for Second Tranche Payment
MI6 FIRB Approval Explained Against the Broader Funding Timeline
What is FIRB approval Australia requires in this context is a straightforward question. FIRB is the Federal Government body that reviews foreign investment proposals to ensure they are consistent with Australia’s national interest. Franco-Nevada, as a foreign entity acquiring mortgage arrangements over Australian mining tenements, was required to obtain this clearance before making its final payment.
Figure 2: Australian Government Foreign Investment Review Board (FIRB) logo [Courtesy: FIRB]
Minerals 260 confirmed that FIRB approval was a condition precedent to the Second Tranche being released. With approval now granted, the A$95 million payment completes the full A$220 million strategic funding package committed by Franco-Nevada.
The Bullabulling Gold Project at the Centre of the Deal
A 4.5Moz Resource Driving the MI6 Royalty Deal Update Summary
The Bullabulling Gold Project is a potential open-pit mining operation located 65km from Kalgoorlie, or 25km southwest of Coolgardie, in the Eastern Goldfields region of Western Australia. The Project sits within a largely contiguous tenement package of approximately 600 square kilometres on granted mining leases.
Figure 3: Bullabulling Gold Project location map [Courtesy: Minerals 260]
The MI6 royalty deal update summary centres on a Project that carries significant resource weight. The Bullabulling Gold Project hosts a JORC 2012 Mineral Resource Estimate of 130 million metric tons (Mt) at 1.0g/t Au for 4.5 million ounces (Moz) of gold as of December 2025.
The resource spans five deposits:
- Dicksons: 18Mt at 1.0g/t Au for 610 thousand ounces (koz)
- Phoenix: 57Mt at 1.0g/t Au for 1,800koz
- Bacchus: 46Mt at 1.1g/t Au for 1,600koz
- Kraken: 8.8Mt at 1.2g/t Au for 340koz
- Gibraltar: 5.4Mt at 1.0g/t Au for 180koz
Figure 4: Bullabulling Gold Project resource breakdown by deposit showing indicated and inferred gold resources [Courtesy: Minerals 260]
Figure 5: Bullabulling Gold Project resource classification by domain including oxide, transitional and fresh material [Courtesy: Minerals 260]
Franco-Nevada’s Role and What It Means for Project Acceleration
A World-Leading Royalty Partner Endorses Bullabulling at an Early Stage
Franco-Nevada is recognised globally as the world’s leading gold royalty company. Its commitment of A$220 million at this early stage of the Bullabulling Gold Project’s development represents a meaningful endorsement of the Project’s scale and potential.
Commenting on the MI6 FIRB approval explained outcome, Managing Director Luke McFadyen said: “We are pleased that Franco-Nevada has been able to obtain FIRB approval so quickly, enabling finalisation of the $220 million funding package, which has been positively received since being announced in late February.”
Mr McFadyen added: “Expanding our relationship with the world’s leading gold royalty company at this early stage of Bullabulling’s development has been a major endorsement of the project and a milestone that allows us to accelerate the Project towards production, expand our exploration strategy and de-risk our funding pathway.”
Industry Outlook
Gold continues to attract strong institutional interest globally, with the metal’s role as a safe-haven asset reinforcing demand from both investors and royalty companies seeking long-term exposure. Western Australia’s Eastern Goldfields region remains one of the world’s most established and investment-friendly gold mining jurisdictions, consistently attracting major royalty and streaming capital. Projects of the scale of Bullabulling, with multi-million-ounce resources on granted mining leases, are increasingly rare and attract premium funding partnerships.
Minerals 260 Share Price
Minerals 260 Limited (ASX: MI6) is currently trading at A$0.605 per share. The Company carries a market capitalisation of A$1.39 billion. The 52-week range stands at A$0.100 to A$0.735 per share.
Figure 6: Minerals 260 (ASX: MI6) share price performance over the past year showing a strong upward trend [Courtesy: ASX]
Future Direction and Impact on Bullabulling’s Path to Production
Minerals 260 is now positioned to advance the Bullabulling Gold Project toward production with a fully funded A$220 million package behind it. The MI6 royalty deal update summary points to a Company that has de-risked its near-term funding pathway and expanded its exploration capacity at a critical stage of development.
For those seeking to understand what is FIRB approval Australia demands of foreign investors in mining assets, this announcement demonstrates how efficiently the process can move when deal structures are well prepared. The completion of the Second Tranche payment by 27 Mar 2026 marks a clean close on a landmark funding milestone for the Company.
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Frequently Asked Questions
Q1. What is MI6 FIRB approval explained in simple terms?
Ans. FIRB approval allowed Franco-Nevada, as a foreign entity, to register mortgage arrangements over Bullabulling tenements, which was a required step before releasing the final A$95 million payment.
Q2. How much is the total Franco-Nevada funding package?
Ans. A$220 million, structured as a royalty funding arrangement under the Royalty Deed, with the Second Tranche of A$95 million due by 27 Mar 2026.
Q3. Where is the Bullabulling Gold Project located?
Ans. It is located 65km from Kalgoorlie in Western Australia’s Eastern Goldfields region, within a tenement package of approximately 600 square kilometres.
Q4. What is the resource size at Bullabulling?
Ans. The Project hosts a JORC 2012 Mineral Resource Estimate of 130Mt at 1.0g/t Au for 4.5Moz of gold as of December 2025.
Q5. What does this mean for the MI6 royalty deal update summary?
Ans. The Second Tranche payment completes the full funding package, allowing Minerals 260 to accelerate project development and expand its exploration strategy.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on the ASX release issued by Minerals 260 Limited (ASX: MI6) on 23 Mar 2026, authorised for release by the Board of Minerals 260 Limited. The Mineral Resource Estimate referenced is extracted from the Minerals 260 ASX announcement dated 1 Dec 2025. Share price and market capitalisation data reflects figures provided at the time of publication. Investing in securities involves risk. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
https://www.asx.com.au/markets/company/MI6
