Charts & TA, page-243

Crown jewel

Goyder described Bullabulling as the “jewel in the crown of Coolgardie.” Its acquisition was the result of a process that assessed 60 projects.

The well-known Australian mining entrepreneur, who founded and also chairs Liontown, subscribed for A$12 million of shares in the placement and holds just under 7.3% of the company.

Minerals 260’s share register now comprises 37% institutions, including North American long-only gold funds. Sydney-based boutique investment fund Samuel Terry Asset Management has been buying shares in recent weeks and is now the company’s largest shareholder with 7.4%.

After finalizing the acquisition last month, Minerals 260 still has A$50 million cash on hand to advance Bullabulling.

While Resolute operated Bullabulling as a heap leach, Minerals 260 is contemplating a carbon-in-leach plant.

The metallurgy is well understood, with 20 metallurgical reports completed up until 2021 and Minerals 260 has already identified an opportunity to lift recoveries to 94-95% by decreasing the grind size.

More than 530,000 metres of drilling had previously been completed at the site.