Minerals 260 now fully funded to bring Bullabulling gold project into production
ASX-listed Minerals 260 has received credit approved commitments for $410-million in debt facilities to fund the development of its wholly-owned 6.2-million-ounce Bullabulling gold project, in Western Australia.
The company secured a term sheet and commitment letter with a syndicate of banks for a seven-year $335-million project finance facility and a four-year $75-million working capital facility, which, combined with royalty funding by Canadian streaming company Franco-Nevada and proceeds from a recent equity raising, funds Bullabulling to first production.
The syndicate includes Australia and New Zealand Banking Group, National Australia Bank and France's Société Générale.
Minerals 260 is working to complete a definitive feasibility study (DFS) on the project by the first quarter of next year, which will be followed shortly by a final investment decision.
MD Luke McFadyen says the debt funding represents another major milestone for Minerals 260 and is a key pillar of the company's funding strategy to bring Bullabulling into production.
"Obtaining credit approved terms before the completion of the DFS and the highly competitive debt funding process reflects the high quality, high margin and long-life aspects of Bullabulling. With Bullabulling now fully funded through to first production, we look forward to completing the DFS during the first quarter of 2027," he adds.
Of the Bullabulling project's total resource of 6.2-million ounces, 4.4-million ounces (contained) are in the indicated category and 1.7-million ounces are in the inferred category.
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