Earnings release
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28 January 2026 4.5Moz Mineral Resource positions Bullabulling as one of the leading gold development projects in Australia DECEMBER 2025 QUARTERLY ACTIVITIES REPORT Highlights • Updated Mineral Resource Estimate ( “MRE”) reported for Bullabulling of 130Mt at 1.0g/t Au for 4.5Moz, representing a 2.2Moz increase to the previous Mineral Resource Estimate. • 117,561m of drilling completed at Bullabulling to the end of the December quarter with 90,650m of drilling utilised for the MRE. • Drilling consistently returned thick and high-grade mineralisation along the Bacchus footwall shear zone, with an intercept of 7m @ 38.8g/t Au representing the highest gram x metr e result by Minerals 260. • Results confirmed the continuity of mineralisation at depth along the entire ~8.5km strike length and extended thick, high- grade mineralisation down- plunge at Gibraltar , highlighting the potential for MRE growth at depth and along strike. MRE update is planned for mid-CY2026. • Pre-Feasibility Study on track for completion in mid -CY2026 with GR Engineering (ASX :GNG) appointed to complete the processing plant design and engineering. • Metallurgical test work program is demonstrating 9 0-95% gold recover ies at multiple, industry - typical grind sizes. • Successful r edevelopment of five historical water production bores completed. Project-wide hydrogeological assessments and exploration is ongoing. • Recruitment of key project personnel such as construction, engineering and approvals managers. • Opportunities identified for early works to support de- risking and acceleration of the project schedule. • Company ended the quarter with ~$31 million cash. Health, Safety and Environment There were no Lost Time Injuries or reportable health, safety or environmental incidents during the quarter. Management Comment Minerals 260 Managing Director, Luke McFadyen, said: “The December quarter was a significant period for the Company, headlined by the announcement of a 4.5Moz Mineral Resource Estimate and firmly establishing Bullabulling as one of the leading gold development projects in Australia. The MRE provides a strong foundation for the C ompany to deliver further shareholder value as we advance studies, de- risk the Project and continue to grow the resource through 2026. During the quarter, we also recruited several high- calibre personnel into key roles within the Projec t team as we transition from exploration to development, supporting our ultimate goal of turning Bullabulling into an operating mine. 2025 was a transformational year for the Company and I expect 2026 will be even more exciting”. For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 2 Bullabulling Gold Project, Western Australia (Minerals 260: 100%) Project Overview The Bullabulling Gold Project (“Bullabulling” or “Project”) is a large scale, open-pit gold development project located 65km west of Kalgoorlie in the Eastern Goldfields region of Western Australia. The Project hosts a MRE of 130Mt @ 1.0g/t Au for 4.5Moz of gold, located on granted Mining Leases within a largely contiguous 58 8sq km tenement package (Figure 9). Updated Mineral Resource Estimate During the quarter, the Company reported an updated MRE for Bullabulling of 130Mt at 1.0g/t Au for 4.5Moz Au. Since acquiring Bullabulling in April 2025, the Company has undertaken an extensive infill and extensional drilling program with a total of 434 new drill holes for 90,650m included in the MRE. This drilling resulted in a 2.2Moz or 96% increase in gold and validated the previous December 2024 MRE (refer ASX announcement 14 January 2025). A maiden Mineral Resource Estimate for the Gibraltar deposit of 5.4Mt at 1.0g/t Au for 180koz wa s included in the MRE. Gibraltar lies approximately 3km east of the Kraken deposit (Figure 1). The MRE is reported within a pit shell using a gold price of A$4,500/oz Au and is reported above a 0.4g/t Au cut -off grade. The block model continues beyond the limit of the MRE pit shell, however this material is not included in the MRE. The MRE is reported by deposit as well as geological confidence level (Indicated and Inferred) and geological domain (oxide, transitional and fresh) (see Tables 1 and 2). Deposit Indicated Inferred Total Resource Tonnes (Mt) Grade Au (g/t) Metal Au (koz) Tonnes (Mt) Grade Au (g/t) Metal Au (koz) Tonnes (Mt) Grade Au (g/t) Metal Au (koz) Dicksons 12 1.0 390 6.5 1.0 220 18 1.0 610 Phoenix 45 0.98 1,400 12 1.1 400 57 1.0 1,800 Bacchus 32 1.0 1,100 14 1.2 530 46 1.1 1,600 Kraken 2.9 1.2 120 5.9 1.2 220 8.8 1.2 340 Gibraltar 1.7 0.85 47 3.7 1.1 130 5.4 1.0 180 Total 93 1.0 3,000 42 1.1 1,500 130 1.0 4,500 Table 1 - Bullabulling Mineral Resource Estimate as of December 2025 by deposit Domain Indicated Inferred Total Resource Tonnes (Mt) Grade Au (g/t) Metal Au (koz) Tonnes (Mt) Grade Au (g/t) Metal Au (koz) Tonnes (Mt) Grade Au (g/t) Metal Au (koz) Oxide 3.1 0.95 96 1.5 0.93 44 4.6 0.94 140 Transitional 23 0.99 720 3.2 1.1 110 26 1.0 830 Fresh 67 1.0 2,200 37 1.1 1,300 104 1.1 3,600 Total 93 1.0 3,000 42 1.1 1,500 130 1.0 4,500 Table 2 - Bullabulling Mineral Resource Estimate as of December 2025 by domain For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 3 Figure 1 – 4.5Moz Bullabulling Gold Project MRE showing resource classification For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 4 Infill and Extensional Drilling During the quarter, a total of 116 holes for 26,552m were drilled , comprising 103 RC holes for 22,813 m, and 1 3 RC/DD holes for 3,739m. A total of 553 holes for 117,561m have been drilled by Minerals 260 since April 2025, comprising 53 DD holes for 10,623m, 483 RC holes for 101,943m, and 17 RC/DD holes for 4,995m ( Table 3). Table 3 – Drilling Summary Holes (RC & DD) Metres (RC & DD) Drilled by MI61 553 117,561 Total assays reported 520 109,121 Assays pending 33 8,440 1Two diamond holes were drilled by Norton Goldfields prior to the completion of the transaction. Since the cut-off for the inclusion in the MRE, results have been received for 81 drill holes totalling 16, 053m. This drilling focused on i nfilling the Dicksons, Phoenix, Bacchus and Kraken deposits, and targets beneath and along strike of the MRE, specifically high-grade areas in the Bacchus deposit. Announced highlights from drilling during the quarter were: • Bacchus (Mineral Resource Estimate: 46Mt @ 1.1g/t Au for 1,600koz) – Infill and extensional drilling continued to intersect thick and higher than resource grade mineralisation, along the footwall lode. Better intersections included: o 7m @ 38.8g/t Au from 251m in BBRC0452. o 6m @ 10.0g/t Au from 101m in BBRC0414. o 8m @ 3.0g/t Au from 175m and 6m @ 6.5g/t Au from 322m in BBRC0357. • Phoenix (Mineral Resource Estimate: 57Mt @ 1.0g/t Au for 1,800koz) – Down-dip extensions and deeper lodes beneath the pit shell were targeted, extending mineralisation by ~50m. Better intersections included: o 19m @ 1.3g/t Au from 42m in BBRC0462. o 12m @ 1.5g/t Au from 102m and 10m @ 1.6g/t Au from 192m in BBRC0430. • Dicksons ( Mineral Resource Estimate: 18Mt @ 1.0g/t Au for 610koz) – Infill and extensional drilling focussed on depth extensions beneath the pit shell. Better intersections included: o 12m @ 1.2g/t Au from 83m and 4m @ 3.4g/t Au from 152m in BBRC0384. o 11m @ 1.3g/t Au from 205m in BBRC0433. • Kraken ( Mineral Resource Estimate: 8.8Mt @ 1.2g/t Au for 340koz) – Thicker-than-expected mineralisation near the base of the pit shell and encouraging results on the pit shell margins. Better intersections included: o 14m @ 1.7g/t Au from 189m in BBRC0442. o 2m @ 25.5g/t Au from 164m in BBRC0472. • Gibraltar (Mineral Resource Estimate: 5.4Mt @ 1.0g/t Au for 180koz) – Drilling targeted the down-plunge extension of the mineralised system. Results indicate that mineralisation may be increasing in both thickness and grade at depth. Results included in the MRE: o 10 m @ 2.2g/t Au from 197m in BBRD0177. o 10m @ 2.6g/t Au from 239m in BBRD0274. Drilling focused on testing extensions of high- grade areas beneath and along strike of the MRE, particularly at Bacchus and in the corridor between Bacchus and Kraken, improving the understanding of the structural controls on high-grade mineralisation. Drilling at the southern end of Bacchus returned an outstanding high-grade result from hole BBRC0452, intersecting 7m @ 38.8g/t Au from 251m, including 4m @ 64.3g/t Au from 251m and 1m @ 196g/t Au from 252m (Figure 2). This represents the highest gram x metre intercept received at Bullabulling by Minerals 260 and reinforces the continuity of higher-grade mineralisation along the Bacchus footwall lode and supports the potential for the MRE to grow further. For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 5 Drilling at Gibraltar targeted down- plunge extensions, with BBRD0177 returning 10m at 2.2g/t Au from 197m, and BBRD0274 returning 10m at 2.6g/t Au from 239m ( Figure 3). These results were incorporated i n the MRE and indicate that mineralisation increases in both thickness and grade at depth. Future drilling will focus on further defining these thicker and higher-grade zones. Figure 2 - Section 6566880N showing high-grade mineralisation at Bacchus in drill hole BBRC0452. Latest results shown with yellow borders. Figure 3 - Section 305020E showing thick, high-grade mineralisation in BBRD0274 extending the depth of the Gibraltar pit. Latest results shown with yellow borders. For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 6 Figure 4 - Bullabulling Gold Project MRE showing key intercepts For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 7 Project Development PFS workstreams continue to be progressed and remains on track for completion in mid-CY2026 (Figure 5). Technical workstreams either completed or underway include: Initial mine design and scheduling, using the MRE and incorporating learnings from preliminary analysis and early engagement of mining contractors; Geotechnical test work completed, with preliminary results incorporated in mine designs; and Metallurgical test work expanding on historical processing data to optimise recoveries, reagent consumption, grind size, and plant design specifications. Project development workstreams underway include: Appointment of GR Engineering (ASX:GRG) to commence initial processing plant design and engineering; Heritage surveys across the planned infrastructure footprint (Figure 6); Geotechnical investigations, including diamond drilling and test pits, completed to inform Tailings Storage Facility (“TSF”) design and engineering (Figure 7); Successful redevelopment of five historical water production bores completed. Hydrogeological assessments are ongoing (Figure 8); Site-based environmental assessments, including flora and fauna surveys; Development of an accommodation facility design; Recruitment of key personnel such as construction, engineering and approvals managers ; Environmental studies and permitting work to support approvals; and Infrastructure studies, including options relating to access and roads, accommodation, communications, power, water and TSF. Figure 5 - Indicative Development Plan 1 Timing shown (in calendar years) in the Indicative D evelopment Plan is indicative only and may vary subject to outcomes of study outcomes , permitting / approvals and financing. For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 8 Figure 6 - Representatives from Minerals 260 and Marlinyu Ghoorlie Traditional Owners at Bullabulling For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 9 Figure 7 – Diamond drilling to support the tailings storage facility design Figure 8 – Five historical water bores were successfully redeveloped during the quarter For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 10 Figure 9 - Bullabulling regional geology map and project tenements For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 11 Moora Copper-Gold-PGE Project, Western Australia (Minerals 260: 100%) No activities were completed during the quarter. Tenement Schedules In accordance with ASX Listing Rule 5.3, refer to Appendix 1 for a listing of tenements. Corporate Cash and Expenditure The Company’s cash balance at 31 December 2025 was ~$31m. Cash expenditure in key segments for the quarter was as follows: Operating Activities Net cash outflows from operating activities for the quarter of $11.1m, comprised: • Exploration and evaluation costs of $10.7m (previous quarter $11.7m). The decrease reflects a reduction in drill rigs towards the end of the quarter; • Administration, corporate, and staff costs of $0.9m (previous quarter ~$1.1m); and • Interest received of $0.5m. Investing Activities Cash outflows from investing activities for the quarter totalled $0.4m, comprising: • Acquisition of tenements adjacent to Bullabulling for $0.3m; and • Property, plant and equipment purchases of $0.1m. Financing Activities Cash inflows from financing activities for the quarter totalled $0.1m, comprising; • Proceeds from the exercise of options of $0.2m; and • Lease payments for the Company’s office premises and the payment of a security deposit ($0.1m). For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 12 Additional Information – ASX Listing Rule 5.3.4 A comparison of the use of funds as per the Minerals 260 Prospectus dated 28 February 2025 and actual expenditure since re-admission to the ASX on 10 April 2025 is provided below: Use of Funds Estimated Use of Funds as per Prospectus ($m) Actual Use Since Readmission to 31/12/25 ($m) Variance Under/(Over) ($m) Acquisition - Cash Consideration 156.4 154.4 2.0 Exploration expenditure - Bullabulling Project 33.5 25.9 7.6 Exploration expenditure - Other Projects 1.5 0.2 1.3 Costs of the Acquisition 3.0 2.7 0.3 Stamp Duty costs of the Acquisition 8.6 - 8.6 Costs of the Public Offer 9.7 9.3 0.4 Working Capital and General Corporate Purposes 16.5 4.0 12.5 Total 229.2 196.5 32.7 Use of funds material variances are attributed to: • The cash consideration paid on completion of the Bullabulling Gold Project acquisition (“Acquisition”) is $2.0m less than disclosed in the Prospectus due to the completion payment at settlement being reduced by the $2.0m deposit paid in the March 2025 quarter; • The final stamp duty assessment for the Acquisition is yet to be received. The stamp duty payable is estimated to be approximately $8.6m; and • The favourable variance for Exploration Expenditure and Working Capital and General Corporate Purposes is due to the Company relisting in April 2025, resulting in less than 9 months activity against the 24-month use of funds estimate. Payments to Related Parties of the Entity Payments during the quarter to related parties and their associates of the Company, as disclosed in the attached Appendix 5B (Section 6.1 and 6.2) totalled $199k, which consisted of the remuneration paid to the Managing Director and Non-Executive Director fees (including superannuation). All related party transactions were agreed on an arms’ length basis. Share Capital Fully Paid Ordinary Shares During the quarter, 850,000 unlisted options were exercised at $0.195 per fully paid ordinary share. At 31 December 2025, the Company had 2,151,516,666 fully paid ordinary shares (“Shares”) on issue, including 83,333,333 Shares subject to a disposal restriction until 3 April 2026 pursuant to the ASX Listing Rules. Unlisted Options During the quarter the following unlisted options were issued: Date of Issue No. Exercise Price Expiry Date Vesting Date 4 November 2025 3,000,000 $0.18 1 November 2028 50% on 1 November 2026, 50% on 1 November 2027 26 November 2025 1,500,000 $0.35 3 November 2028 3 November 2026 26 November 2025 1,500,000 $0.41 3 November 2028 3 November 2026 During the quarter, 4 million unlisted options exercisable at $0.475 expired and 850,000 unlisted options were exercised at $0.195 per fully paid ordinary share For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 13 As at 3 1 December 2025, the Company had 45 million unlisted options on issue including 21.75 million unlisted options subject to restriction until 10 April 2027 pursuant to the ASX Listing Rules Performance Rights On 4 November 2025, 1,834,228 performance rights as part of the FY26 STI program and 3,348,822 performance rights as part of the FY26 LTI program were issued to employees under the ESIP. On 21 November 2025, following approval by shareholders at the Company’s Annual General Meeting, 690,629 performance rights as part of the Company’s FY2026 short term incentive (“FY26 STI”) program and 1,381,259 performance rights as part of the Company’s FY2026 long term incentive (“FY26 LTI”) program were issued to a nominee of Managing Director, Mr Luke McFadyen under the Employee Securities Incentive Plan (“ESIP”). As at 31 December 2025, the Company had 2,524,857 FY2026 STI Performance Rights and 4,730,081 FY2026 LTI Performance Rights on issue. This announcement has been authorised for release by the Board. Luke McFadyen Managing Director For More Information: Luke McFadyen Managing Director T: +61 8 6556 6020 info@minerals260.com.au Media/Investor Relations: Nicholas Read Read Corporate T: +61 8 9388 1474 For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 14 Competent Person Statements The information in this Report that relates to the Mineral Resource Estimate for the Bullabulling Gold Project is extracted from the Minerals 260 Limited ASX announcement titled “Bullabulling Gold Project Mineral Resource Doubles to 4.5Moz” dated 1 December 2025. This announcement is available on www.minerals260.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcement. The information in this Report that relates to previously reported Exploration Results for the Bullabulling Gold Project is extracted from the following Minerals 260 Limited ASX announcements: • “Bullabulling Gold Project Study Update” – 14 July 2025. • “High-Grade Results to Support Bullabulling Resource Upgrade” – 7 October 2025. • “Bullabulling Test Work Achieves Over 95% Gold Recovery” – 13 October 2025. • “Drilling Extends Mineralisation at Depth & Along Strike” – 5 November 2025. • “Bullabulling Gold Project Mineral Resource Doubles to 4.5Moz” – 1 December 2025. • “High-Grade Gold Continues to be Intersected at Bullabulling” – 15 December 2025. These announcements are available to view on the Company’s website at www.minerals260.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information that relates to the Exploration Results included in the original market announcement The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Forward Looking Statements This Report may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate (Forward Statements). Forward Statements can generally be identified by the use of forward- looking words such as "anticipates", "estimates", "will", "should", "could", “going”, "may", "expects", "plans", "forecast", "target" or similar expressions. Forward Statements including references to updating or upgrading mineral resource estimates, future or near-term production and the general prospectivity of the deposits at the Bullabulling Gold Project (Project), likelihood of permitting the Project and taking a financial investment decision, among other indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. In addition, these Forward Statements are based upon certain assumptions and other important factors that, if untrue, could materially affect the future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward- looking information is based include, without limitation, assumptions regarding the exploration and development activities, receipt of timely approvals and permits, ability to obtain timely finance on reasonable terms when required in the future and contracting for development, construction and commissioning of any future mining operation on terms favourable to the Company, the current and future social, economic and political conditions and any other assumpt ion generally associated with the mining industry. To the extent that certain statements contained in this announcement may constitute 'Forward Statements' or statements about forward looking matters, then the information reflects the Company's (and no other party's) intent, belief or expectations as at the date of this announcement. No independent third party has reviewed the reasonableness of any such statements or assumptions. None of the Company, its relat ed bodies corporate and their respective officer s, directors, employees, advisers, partners, affiliates and agents (together, the MI6 Parties) represent or warrant that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this announcement. Forward Statements are not guarantees of future performance and involve known and unknown risk, uncertainties and other factors, many of which are beyond the control of the Company, and their respective officers, employees, agents and advisors, that may cause actual results to differ materially from those expressed or implied in such statements. Except as required by law or regulation, the Company assumes no obligation to release updates or revisions to Forward Statements to reflect any changes. Recipients should form their own views as to these matters and any assumptions on which any of the Forward Statements are based and not place reliance on such statements. For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 15 APPENDIX 1 The following information is provided in accordance with ASX Listing Rule 5.3 for the December 2025 Quarter. 1. Listing of tenements held (directly or beneficially): Western Australia – Bullabulling Gold Project Tenement No. Registered Holder Nature of Interest E15/2111 Minerals 260 Holdings Pty Ltd 100% E15/2112 Minerals 260 Holdings Pty Ltd 0% - Pending application E15/2113 Minerals 260 Holdings Pty Ltd 100% E15/2114 Minerals 260 Holdings Pty Ltd 100% E15/2117 Minerals 260 Holdings Pty Ltd 100% E15/2118 Minerals 260 Holdings Pty Ltd 100% E15/2150 Bullabulling Operations Pty Ltd 0% - Pending application E15/2156 Bullabulling Operations Pty Ltd 0% - Pending application P15/6971 Minerals 260 Holdings Pty Ltd 0% - Pending application P15/6972 Minerals 260 Holdings Pty Ltd 0% - Pending application P15/6973 Minerals 260 Holdings Pty Ltd 0% - Pending application E15/1392 Bullabulling Operations Pty Ltd 100% E15/1485 Bullabulling Operations Pty Ltd 100% G15/30 Bullabulling Operations Pty Ltd 100% G15/31 Bullabulling Operations Pty Ltd 100% G15/32 Bullabulling Operations Pty Ltd 100% G15/33 Bullabulling Operations Pty Ltd 100% G15/34 Bullabulling Operations Pty Ltd 100% G15/35 Bullabulling Operations Pty Ltd 100% G15/36 Bullabulling Operations Pty Ltd 100% G15/37 Bullabulling Operations Pty Ltd 100% G15/38 Bullabulling Operations Pty Ltd 100% G15/39 Bullabulling Operations Pty Ltd 100% G15/40 Bullabulling Operations Pty Ltd 100% G15/41 Bullabulling Operations Pty Ltd 100% G15/42 Bullabulling Operations Pty Ltd 100% G15/44 Bullabulling Operations Pty Ltd 100% G15/45 Bullabulling Operations Pty Ltd 100% G15/47 Bullabulling Operations Pty Ltd 100% G15/49 Bullabulling Operations Pty Ltd 100% L15/156 Bullabulling Operations Pty Ltd 100% L15/157 Bullabulling Operations Pty Ltd 100% L15/158 Bullabulling Operations Pty Ltd 100% L15/196 Bullabulling Operations Pty Ltd 100% L15/206 Bullabulling Operations Pty Ltd 100% L15/218 Bullabulling Operations Pty Ltd 100% L15/222 Bullabulling Operations Pty Ltd 100% L15/328 Bullabulling Operations Pty Ltd 100% L15/330 Bullabulling Operations Pty Ltd 100% L15/331 Bullabulling Operations Pty Ltd 100% L15/332 Bullabulling Operations Pty Ltd 100% L15/333 Bullabulling Operations Pty Ltd 100% L15/334 Bullabulling Operations Pty Ltd 100% L15/335 Bullabulling Operations Pty Ltd 100% L15/336 Bullabulling Operations Pty Ltd 100% L15/339 Bullabulling Operations Pty Ltd 100% L15/357 Bullabulling Operations Pty Ltd 100% L15/358 Bullabulling Operations Pty Ltd 100% L15/359 Bullabulling Operations Pty Ltd 100% L15/499 Bullabulling Operations Pty Ltd 0% - Pending application L15/503 Bullabulling Operations Pty Ltd 0% - Pending application L15/505 Bullabulling Operations Pty Ltd 0% - Pending application L15/507 Bullabulling Operations Pty Ltd 0% - Pending application M15/282 Bullabulling Operations Pty Ltd 100% M15/483 Bullabulling Operations Pty Ltd 100% M15/503 Bullabulling Operations Pty Ltd 100% M15/529 Bullabulling Operations Pty Ltd 100% For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 16 Western Australia – Bullabulling Gold Project Tenement No. Registered Holder Nature of Interest M15/552 Bullabulling Operations Pty Ltd 100% M15/554 Bullabulling Operations Pty Ltd 100% M15/1414 Bullabulling Operations Pty Ltd 100% M15/1878 Bullabulling Operations Pty Ltd 100% M15/1879 Bullabulling Operations Pty Ltd 100% M15/1880 Bullabulling Operations Pty Ltd 100% M15/1881 Bullabulling Operations Pty Ltd 100% M15/1939 Bullabulling Operations Pty Ltd 0% - Pending application P15/6208 Bullabulling Operations Pty Ltd 100% P15/6209 Bullabulling Operations Pty Ltd 100% P15/6210 Bullabulling Operations Pty Ltd 100% P15/6211 Bullabulling Operations Pty Ltd 100% P15/6212 Bullabulling Operations Pty Ltd 100% P15/6213 Bullabulling Operations Pty Ltd 100% P15/6618 Bullabulling Operations Pty Ltd 100% P15/6762 Bullabulling Operations Pty Ltd 100% P15/6763 Bullabulling Operations Pty Ltd 100% P15/6764 Bullabulling Operations Pty Ltd 100% P15/6788 Bullabulling Operations Pty Ltd 100% P15/6789 Bullabulling Operations Pty Ltd 100% P15/6993 Bullabulling Operations Pty Ltd 0% - Pending application P15/7010 Bullabulling Operations Pty Ltd 0% - Pending application P15/7011 Bullabulling Operations Pty Ltd 0% - Pending application P15/7012 Bullabulling Operations Pty Ltd 0% - Pending application P15/6427 Belararox Limited 0% (Subject to an Option Agreement) P15/6474 Belararox Limited 0% (Subject to an Option Agreement) P15/6475 Belararox Limited 0% (Subject to an Option Agreement) P15/6476 Belararox Limited 0% (Subject to an Option Agreement) P15/6477 Belararox Limited 0% (Subject to an Option Agreement) P15/6478 Belararox Limited 0% (Subject to an Option Agreement) P15/6479 Belararox Limited 0% (Subject to an Option Agreement) P15/6480 Belararox Limited 0% (Subject to an Option Agreement) P15/6481 Belararox Limited 0% (Subject to an Option Agreement) P15/6482 Belararox Limited 0% (Subject to an Option Agreement) P15/6483 Belararox Limited 0% (Subject to an Option Agreement) P15/6484 Belararox Limited 0% (Subject to an Option Agreement) P15/6485 Belararox Limited 0% (Subject to an Option Agreement) P15/6486 Belararox Limited 0% (Subject to an Option Agreement) P15/6487 Belararox Limited 0% (Subject to an Option Agreement) P15/6488 Belararox Limited 0% (Subject to an Option Agreement) P15/6489 Belararox Limited 0% (Subject to an Option Agreement) P15/6490 Belararox Limited 0% (Subject to an Option Agreement) P15/6491 Belararox Limited 0% (Subject to an Option Agreement) P15/6492 Belararox Limited 0% (Subject to an Option Agreement) P15/6559 Belararox Limited 0% (Subject to an Option Agreement) P15/6560 Belararox Limited 0% (Subject to an Option Agreement) P15/6561 Belararox Limited 0% (Subject to an Option Agreement) P15/6562 Belararox Limited 0% (Subject to an Option Agreement) P15/6563 Belararox Limited 0% (Subject to an Option Agreement) P15/6564 Belararox Limited 0% (Subject to an Option Agreement) Western Australia – Moora Project Tenement No. Registered Holder Nature of Interest E70/5217 ERL (Aust) Pty Ltd 100% E70/5286 ERL (Aust) Pty Ltd 100% E70/6621 ERL (Aust) Pty Ltd 100% E70/6670 ERL (Aust) Pty Ltd 0% - Pending application For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 17 2. Listing of tenements acquired (directly or beneficially) during the quarter: Western Australia – Bullabulling Gold Project Tenement No. Registered Holder Nature of Interest P15/6762 Bullabulling Operations Pty Ltd 100% P15/6763 Bullabulling Operations Pty Ltd 100% P15/6764 Bullabulling Operations Pty Ltd 100% P15/6788 Bullabulling Operations Pty Ltd 100% P15/6789 Bullabulling Operations Pty Ltd 100% 3. Tenements relinquished, reduced or lapsed (directly or beneficially) during the quarter: Western Australia – Bullabulling Gold Project Tenement No. Registered Holder Nature of Interest P15/6062 Bullabulling Operations Pty Ltd 0% 4. Listing of tenements applied for (directly or beneficially) during the quarter: Western Australia – Bullabulling Gold Project Tenement No. Registered Holder Nature of Interest P15/7010 Bullabulling Operations Pty Ltd 0% - Pending application P15/7011 Bullabulling Operations Pty Ltd 0% - Pending application P15/7012 Bullabulling Operations Pty Ltd 0% - Pending application M15/1939 Bullabulling Operations Pty Ltd 0% - Pending application L15/499 Bullabulling Operations Pty Ltd 0% - Pending application L15/503 Bullabulling Operations Pty Ltd 0% - Pending application L15/505 Bullabulling Operations Pty Ltd 0% - Pending application L15/507 Bullabulling Operations Pty Ltd 0% - Pending application E15/2150 Bullabulling Operations Pty Ltd 0% - Pending application E15/2156 Bullabulling Operations Pty Ltd 0% - Pending application For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 18 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity MINERALS 260 LIMITED ABN Quarter ended (“current quarter”) 34 650 766 911 31 DECEMBER 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities 44 44 1.1 Receipts from customers 1.2 Payments for (10,703) (22,369) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (493) (1,015) (e) administration and corporate costs (392) (1,005) 1.3 Dividends received (see note 3) - - 1.4 Interest received 461 917 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other – GST related to investing and financing activities - 842 1.9 Net cash from / (used in) operating activities (11,083) (22,586) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements (300) (500) (c) property, plant and equipment (65) (147) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 19 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (365) (647) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 166 166 3.4 Transaction costs related to issues of equity securities or convertible debt securities (2) (2) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (97) (143) 3.10 Net cash from / (used in) financing activities 67 21 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 42,551 54,382 4.2 Net cash from / (used in) operating activities (item 1.9 above) (11,083) (22,586) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (365) (647) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 67 21 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 31,170 31,170 For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 20 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 14,170 4,551 5.2 Call deposits 17,000 38,000 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 31,170 42,551 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 (199) 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A. For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 21 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (11,083) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (11,083) 8.4 Cash and cash equivalents at quarter end (item 4.6) 31,170 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 31,170 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.8 Note: if the entity has reported positive relevant outgoings ( i.e. a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 January 2026 Authorised by: Board of Minerals 260 Limited Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – e.g. Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. For personal use only
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MINERALS 260 LIMITED (ASX: MI6) | PAGE 22 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only