Franco-Nevada Announces A$220 Million Financing Package with Minerals 260 for the Bullabulling Gold Project

Toronto, February 22, 2026 – Franco-Nevada Corporation has entered into an agreement to acquire a A$170 million (approximately $120 million) royalty from Minerals 260 Limited to support the development of the Bullabulling Gold Project in Western Australia. In addition to the royalty acquisition, Franco-Nevada will also purchase A$50 million (approximately $35 million) worth of Minerals 260’s ordinary shares.

Expanding Gold Holdings in Australia

This deal will increase Franco-Nevada’s existing royalty interest in the Bullabulling project. The company currently holds a 1.00% gross royalty over certain areas of the project, which will be expanded to a 2.45% gross royalty covering the entire Bullabulling land package, including all Mineral Resources and an area of interest. Paul Brink, President & CEO of Franco-Nevada, stated that Bullabulling is “a large and growing Resource and one of the most attractive gold development projects in Australia.”

A Significant Funding Package

Minerals 260 will receive a total funding package of A$220 million (approximately $156 million) from Franco-Nevada. Luke McFadyen, Managing Director of Minerals 260, commented that securing this funding is “a major milestone that will allow us to rapidly accelerate the Project towards production.” The funds will be used to accelerate development through expanded resource drilling, infrastructure improvements, and ordering long-lead items.

Did You Know? The Bullabulling Gold Project is located approximately 65 km from Kalgoorlie, Western Australia, in the Eastern Goldfields.

The Bullabulling project currently has an existing resource of 3.0 Moz Indicated Resources (93 Mt at 1.0 g/t) and 1.5 Moz Inferred Resources (42 Mt at 1.1 g/t). Minerals 260 is targeting completion of a pre-feasibility study by mid-2026, with a final investment decision expected in early 2027, and potential first gold production as early as the second half of 2028.

Franco-Nevada’s Investment Strategy

Franco-Nevada’s investment includes the purchase of 111,111,111 shares of Minerals 260, giving Franco-Nevada approximately 4.9% ownership in the company. Franco-Nevada intends to finance these transactions from its existing cash reserves, which totaled $0.9 billion in cash and cash equivalents and marketable securities as of September 30, 2025. The company describes itself as the “leading gold-focused royalty and streaming company.”

Expert Insight: This transaction demonstrates a strategic move by Franco-Nevada to increase its exposure to a promising gold development project, leveraging its strong financial position to secure a significant royalty and equity stake.

Frequently Asked Questions

What is the total value of the transaction?

The total value of the transaction is A$220 million (approximately $156 million), comprised of a A$170 million royalty acquisition and a A$50 million equity investment.

What is the expected timeline for the Bullabulling project?

Minerals 260 is targeting completion of a pre-feasibility study by mid-2026, a final investment decision in early 2027, and potential first gold production as soon as the second half of 2028.

What is Franco-Nevada’s existing interest in the Bullabulling project?

Franco-Nevada currently holds a 1.00% gross royalty over certain tenements within the Bullabulling project, which will increase to 2.45% with this acquisition.

As the Bullabulling project moves toward potential production, how might this investment impact the broader Australian gold market?