Published: February 24, 2026 |

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Franco-Nevada has entered into an agreement to acquire a $120 million (A$170 million) gross royalty from Minerals 260 Limited to support its development of the Bullabulling Gold Project located in Western Australia. Additionally, Franco-Nevada has agreed to subscribe for $35 million (A$50 million) of Minerals 260’s ordinary shares.

“Bullabulling is a large and growing resource and one of the most attractive gold development projects in Australia,” said Paul Brink, president and CEO of Franco-Nevada.

“After a full review by our team of the rapid and impressive progress made by Minerals 260, we are excited to increase our exposure to the project. This represents Franco-Nevada’s largest ever royalty acquisition in Australia and adds to the extensive royalty coverage we have in the country. Our equity investment demonstrates our confidence in the Minerals 260 team’s ability to deliver the project. We look forward to a long-term partnership with Minerals 260 for the development of Bullabulling and beyond,” added Brink.

“Securing a $155 million (A$220 million) funding package with the world’s leading gold royalty company at this stage of Bullabulling’s development is a major milestone that will allow us to rapidly accelerate the Project towards production, while also substantially de-risking our development funding pathway. Franco-Nevada’s extensive due diligence across all areas of the project validates Bullabulling as one of the leading gold development projects in Australia,” said Luke McFadyen, managing director of Minerals 260.

Bullabulling is one of Australia’s largest near-term gold projects, located approximately 65 km from Kalgoorlie, Western Australia in the Eastern Goldfields. Minerals 260’s intended strategy is to incrementally develop and expand Bullabulling to accelerate and optimize production. Financing proceeds will enable Minerals 260 to accelerate the development of Bullabulling through the expansion of resource drilling and growth, bringing forward camp construction and other infrastructure to fast-track development, and facilitate the ordering of long lead items.

Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation.

Minerals 260 is building an Australian gold company by developing the Bullabulling Gold Project, located approximately 65 km from Kalgoorlie, Western Australia in the Eastern Goldfields.

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