Franco-Nevada Invests A$200 Million in Bullabulling Gold Project

Franco-Nevada Corporation has announced a significant investment in Minerals 260 Limited, a company developing the Bullabulling Gold Project in Western Australia. The investment includes the acquisition of a 1.45% gross royalty interest, valued at A$170 million (approximately $122 million), bringing Franco-Nevada's total interest in the project to 3.90%. Additionally, Franco-Nevada has committed to subscribe for A$30 million (approximately $22 million) of Minerals 260's ordinary shares as a lead order in a future equity raise.

The Bullabulling Gold Project, located approximately 65 kilometers from Kalgoorlie, is one of Australia's largest near-term gold projects. The project boasts a recently upgraded resource of 4.4 million ounces (Indicated) and 1.7 million ounces (Inferred) of gold. The pre-feasibility study completed in July 2026 indicates a straightforward pathway to meaningful near-term production, with first gold production potentially as early as the second half of 2028.

Franco-Nevada's investment is part of a larger A$420 million (approximately $300 million) financing package, which includes a previous A$220 million (approximately $155 million) investment provided in February 2026. This funding has already supported significant resource growth and development progress at Bullabulling, contributing to a substantial appreciation in Minerals 260's share price.

Paul Brink, President and CEO of Franco-Nevada, expressed enthusiasm about the partnership, stating, "Both the team at Minerals 260 and the Bullabulling orebody continue to surpass our expectations. Minerals 260 is ahead of schedule on project development and financing and has rapidly grown its resource endowment. We are delighted to take this next step in building our partnership with the company and firmly believe that our financial backing can play a lynchpin role in generating value for Minerals 260 shareholders."

Luke McFadyen, Managing Director of Minerals 260, echoed the sentiment, saying, "We are thrilled with the partnership we have established with Franco-Nevada and Franco-Nevada's decision to invest an additional A$200 million supports what both parties believe Bullabulling will become - a near-term, large scale, long-life, expandable gold asset in one of the world's best mining jurisdictions. This additional funding materially strengthens our balance sheet and our path to final investment decision in early 2027."

The project's resource base includes the Phoenix, Bacchus, Dicksons, and Kraken deposits, covering a 8.5-kilometer strike length on the Bullabulling trend, and the Gibraltar deposit, spanning 1 kilometer on a sub-parallel trend. Since acquiring the project in 2025, Minerals 260 has successfully grown the resource through the first significant drilling campaign since 2011, nearly tripling mineral resources. The company plans to continue expanding the resource base through both exploration and infill drilling.

The financing package is expected to fully fund the equity component required to bring Bullabulling into production, enabling Minerals 260 to maintain project development momentum through to a definitive feasibility study and a final investment decision expected in early 2027. The project is expected to have a planned annual average gold production of approximately 150,000 ounces for the first 10 years and a total mine life of 19 years.

Franco-Nevada Corporation, a leading gold-focused royalty and streaming company, has the largest and most diversified portfolio of cash-flow producing assets. The company's business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends.