Name of the Project
Bullabulling gold project (BGP).

Location
About 25 km south-west of Coolgardie and 65 km south-west of Kalgoorlie, in the Eastern Goldfields region of Western Australia.

Project Owner/s
ASX-listed mineral exploration and development company Minerals 260 (100%).

Project Description
BGP is one of Australia’s largest undeveloped gold projects. The July 2026 prefeasibility study (PFS) outlines the staged development of a conventional openpit gold mine and a five-million-tonne-a-year crushing, semiautogenous and ball milling, and carbon-in-leach processing operation.

The project includes an updated mineral resource of 190-million tonnes grading 1 g/t gold for 6.2-million ounces, which is expected to support an updated reserve during the definitive feasibility study.

It is expected to produce an average of about 150 000 oz/y of gold during its first ten years and about 
125 000 oz/y over a 19-year operating life for total production of about 2.3-million ounces. The development is underpinned by a maiden probable ore reserve of 90-million tonnes grading 0.86 g/t gold for 2.5-million ounces. Supporting infrastructure will include a tailings storage facility, borefield water supply, a hybrid diesel, solar PV and battery power station, upgraded access roads, communications infrastructure and an accommodation 
village. 

The plant design includes allowances that could support a potential future expansion to 7.5-million tonnes a year, including additional crushing and materials handling capacity, as well as space allowances for a second ball mill, secondary crusher and additional leach tank. However, such an expansion has not been demonstrated as technically or economically viable.

Potential Job Creation
Local employment and supplier opportunities are planned, with the workforce supplemented by fly-in, fly-out personnel. Early works include a 400-person accommodation village.

Net Present Value/Internal Rate of Return
The PFS estimates an after-tax net present value, at a 5% discount rate, of A$2.3-billion and an internal rate of return of 43%. The payback period is estimated at two years from first production.

Capital Expenditure
Pre-final-investment-decision capital for the definitive feasibility study and early works is estimated at A$180-million and is expected to be funded from existing cash reserves.

Post-investment-decision plant and infrastructure capital is estimated at A$560-million, with a further A$115-million for preproduction mining and commissioning.

Planned Start/End Date
The definitive feasibility study is targeted for completion in the first quarter of 2027, with a final investment decision targeted for the first half of 2027. Construction is expected to take about 20 months after the investment decision, with first production targeted for the fourth quarter of 2028.

Latest Developments
Definitive feasibility work started in May 2026, while early works include a 400-person accommodation village, production water bores, grade-control drilling, detailed engineering and long-lead-item procurement.

Key Contracts, Suppliers and Consultants
Snowden Optiro (mineral resource, ore reserve and mine-planning work); GR Engineering Services (processing-plant and site-infrastructure engineering and cost estimates); Entech Mining Consultants (geotechnical studies); WSP (tailings storage facility design) and ATCO Structures & Logistics (accommodation-village design-and-construct contract); ALS Laboratories and Black Swan Metallurgy (metallurgical work); and Western Groundwater (water supply assessment).

Contact Details for Project Information
Minerals 260, tel +61 8 6556 6020 or email info@minerals260.com.au.