Slide 1: Bullabulling Gold Project
Bullabulling Gold Project Pre-Feasibility Study and Mineral Resource Update 8 July 2026 1
Slide 2: Important Notes and Disclaimer
Important Notes and Disclaimer Overview Production Targets ■ This Presentation contains summary information about Minerals 260 Limited (ACN 650 766 911) (Company) and is current as of the This Presentation includes production targets and forecast financial information derived from production targe
Slide 3: Important Notes and Disclaimer
Important Notes and Disclaimer Competent Person Statements ■ Not comparable: The Non-IFRS Measures used in this Presentation may not be comparable to, or calculated in the same manner as, similarly labelled measures used by other companies, and accordingly should not be used as a basis Ore Reserves
Slide 4: Overview
= 2 Overv inerals ASX: MI6
Slide 5: (ASX: MI6) Corporate Overview
(ASX: MI6) Corporate Overview Corporate Summary1 Major Shareholders Shareholder Profile Shares on Issue 2.27B Samuel Terry Asset Management Unlisted Options & Performance 8% ~45M Rights Tim Goyder – Chairman Share Price 76c Franklin Templeton Market Capitalisation $1.7B 32% BlackRock Cash & Deposits
Slide 6: Experienced Leadership with Strong Execution Capability
Experienced Leadership with Strong Execution Capability Board of Directors Tim Goyder Luke McFadyen Stacey Apostolou David Richards Emma Scotney Adam Smits Non-Executive Chairman CEO & Managing Director Lead Independent Director Non-Executive Director Non-Executive Director Non-Executive Director Ma
Slide 7: Pre-Feasibility Study and updated Mineral Resource represent significant milestones
Pre-Feasibility Study and updated Mineral Resource represent significant milestones for Minerals 260 1 Pre-Feasibility Summary1 2 Mineral Resource Update 2.5Moz 2 ~150koz 3 A$510M 4 6.2Moz 5 Ore Reserve @ 0.86 g/t Au Stage 1 production, per annum Average Annual EBITDA 190Mt @ 1.0 g/t Au 19 Years Ope
Slide 8: Pre-Feasibility Study
1) Pre-Feasibility Study Minerals ASX: MI6
Slide 9: Pre-Feasibility Study completed on the first stage of development strategy
Pre-Feasibility Study completed on the first stage of Bullabulling’s development strategy Pre-Feasibility Study Summary Long Life High Margin Large Scale Compelling Value 2.5 Moz Reserve A$2,520/oz AISC ~150koz pa1 A$2.3B NPV5 19 years of production A$510M average annual 5Mtpa throughput 43% IRR EBI
Slide 10: Compelling Standalone Stage 1 Metrics
Compelling Standalone Stage 1 Metrics PFS demonstrates Bullabulling will be a High-Margin, Large-Scale and Long-Life asset NPV5 of A$2.3B (post tax)2 | 2 Year Payback Period IRR of 43% AISC A$2,520/oz Au | US$1,740/oz3 Au A$330M Average Annual Free Cash Flow4 Pre FID Capital A$180M A$510M Average An
Slide 11: Bullabulling is located 65km from Kalgoorlie, Western Australia
Bullabulling is located 65km from Kalgoorlie, Western Australia; accessible via a major highway and airport Location Highlights Low Risk Jurisdiction ■ Established gold mining region ■ Strong exploration and mining history ■ WA has 134 operating mines, 49 are gold mines producing ~70% of Australia’s
Slide 12: 2.5Moz Maiden Ore Reserve underpins a multi-decade mine life
2.5Moz Maiden Ore Reserve underpins a multi-decade mine life Probable Ore Reserve of 90Mt @ 0.86g/t Au for 2.5Moz Bullabulling Maiden Ore Reserve Estimate Deposit Tonnes Grade Contained Mt g/t Au koz Au Phoenix 50 0.84 1,300 Bacchus 26 0.89 750 Dicksons 12 0.87 330 Kraken 2.4 1.1 88 Total 90 0.86 2,
Slide 13: Significant Resources and Reserves support long-term growth objective
Significant Resources and Reserves support long-term growth objective Pre Feasibility Study Inputs Definitive Feasibility Study Inputs 4.5Moz Mineral Resource 6.2Moz Mineral Resource ■ Published December 2025 ■ Published July 2026 ■ 0.4 g/t Au cut-off grade, A$4,500/oz pit shell ■ 0.35 g/t Au cut-of
Slide 14: A Long-Life Open Pit Gold Operation
A Long-Life Open Pit Gold Operation PFS demonstrates a long-life, high-margin gold project Stage 1 Production Profile (5Mtpa) Production metrics 180 Production Life 19 years Recovered Gold (Probable Ore Reserves) 160 Recovered Gold (Inferred Mineral Resources) Ore tonnes mined 93 Mt Recovered Gold (
Slide 15: Large Scale and Simple Open Pit Mining Method
Large Scale and Simple Open Pit Mining Method Open Pit Mining Method ■ Conventional open pit mining ■ Three general mining areas planned (Phoenix/Bacchus, Kraken, Dicksons) ■ 100% of first nine years’ mining activity in central Phoenix/Bacchus pit ■ Economics of each staged pit design targeting mini
Slide 16: Conventional and Robust Processing Flowsheet
Conventional and Robust Processing Flowsheet Supported by extensive metallurgical test work Processing Plant Flowsheet Key Information ■ Gyratory crusher selected to provide greater reliability and potential for future expansion 1 2 ■ 5Mtpa overall nameplate capacity ■ 92% Recovery1 1 ■ Key metallur
Slide 17: Incorporating 7.5Mtpa Capacity into Stage 1 Design
Incorporating 7.5Mtpa Capacity into Stage 1 Design Capital invested in Stage 1 to enable a potential future expansion1 Processing Plant Designed to Support Potential Future Expansion1 Key Information 7.5Mtpa capacity in Stage 1 Design 1■ Crushing and materials handling ■ SAG discharge screen & cyclo
Slide 18: Infrastructure
Infrastructure Infrastructure layout provides capacity and optionality Infrastructure Layout Tailings Storage Facility ■ TSF designed for 100 Mt capacity, supporting life of mine (including potential expanded processing capacity) deposition ■ Starter embankment provides ~18 months initial storage ■
Slide 19: Project funding to first production
Project funding to first production A$560M construction capital underpins the initial 5Mtpa operation Post-FID – Construction Capital A$M Post-FID Construction Capital (A$560M) Processing Plant 285 11% Tailings Storage Facility 60 Infrastructure (Workshops and Warehouses) 40 Processing Bulk Earthwor
Slide 20: Franco Nevada is a strategic funding partner, having committed A$220M
Franco Nevada is a strategic funding partner, having committed A$220M, its largest ever Australian investment WHO IS FRANCO-NEVADA A$220M INVESTMENT IN FEB 2026 Paul Brink, President & CEO, Franco-Nevada — February 20262 #1 Gold royalty US$30B+ Market cap A$170M ROYALTY “ Bullabulling is a large and
Slide 21: Competitive Operating Cost Profile
Competitive Operating Cost Profile Positioned competitively amongst Australian gold operations Life of Mine Costs1 AISC vs. Australian Producers2,3 3,612 Mining A$1,100/oz 3,338 3,204 Processing A$960/oz 2,901 2,807 2,685 2,578 G&A A$90/oz 2,520 2,211 2,220 LOM C1 Cost A$2,130/oz 1,617 LOM C1 Cost (
Slide 22: Community & Stakeholder Engagement Supports a Strong Social Licence to Operate
Community & Stakeholder Engagement Supports a Strong Social Licence to Operate Strong stakeholder foundations Native Title Land Use Agreement in place Strong and positive relationship with Traditional Owners Collaborative & transparent engagement Long-standing mining district with strong commu
Slide 23: Approvals are progressing to plan
Approvals are progressing to plan Key Milestones Approvals Information Mine Development & Closure Proposal (MDCP) 1 ■ Minerals 260 is progressing primary approvals under the Granted May ■ Enables development of the 400 person Western Australia State pathway, namely the Mining Act 2026 Bullabulling V
Slide 24: Early Construction Activities Commenced
Early Construction Activities Commenced ■ In April 2026, Minerals 260 executed a $59.1 million fixed-price contract with ATCO for the design and construction of an initial 400-person village. ■ The village will support both construction and future operations. ■ Site preparation, bulk earthworks and
Slide 25: Multiple water source options, installation of bores commenced
Multiple water source options, installation of bores commenced ■ Water exploration activities have identified multiple potential sources, including palaeochannel and fractured rock, to support development and operations. ■ Drilling and installation of water bores for construction and operational wat
Slide 26: Clear development timetable to accelerate into production
Clear development timetable to accelerate into production MRE Update Stage 1 2 Stage22 Stage Stage 2 – 7.5Mtpa Studies2 Commencement of Mining 2. Any potential future expansion of the Project's production capability is theoretical or conceptual only. The Company has not undertaken or completed suffi
Slide 27: 2.5Moz Ore Reserve is one of Australia's largest undeveloped gold reserves
2.5Moz Ore Reserve is one of Australia’s largest undeveloped gold reserves and the largest not owned by an existing producer Reserve and Grade of Undeveloped Australian Gold Projects1 Producer Company Project 0 1 2 3 4 5 6 12.5 Hemi 1.2 5.5 Havieron2 3.0 3.7 10.5 Mt Gibson 0.9 2.7 Bullabulling 0.9 2
Slide 28: Pre-Feasibility Consultants
Pre-Feasibility Consultants Resource Mining Process Estimation Engineering Engineering Environmental Ore Path Metallurgical Mine costing Geotechnical Geochemical testwork Market Engagement Hydrogeological Hydrological Tailings Storage Power supply Market Engagement 28
Slide 29: Updated Mineral Resource Estimate
2 Updated Mineral Resource Estimate 29
Slide 30: 6.2Moz Resource Provides Long-Term Growth Platform
6.2Moz Resource Provides Long-Term Growth Platform 190Mt @ 1.0g/t for 6.2Moz, includes 140Mt @ 0.98g/t for 4.4Moz classified as Indicated Bullabulling Mineral Resource Estimate (July 2026) July 2026 Bullabulling Mineral Resource Estimate Category Tonnes Grade Contained Mt g/t Au Moz Au Indicated 140
Slide 31: Bullabulling reinforced as one of Australia's leading gold development projects
Bullabulling reinforced as one of Australia’s leading gold development projects • Mineral Resource Estimate increased 38% to 190Mt at 1.0g/t Au for 6.2Moz, an additional 1.7Moz from the MRE of 4.5Moz announced in December 2025. • 4.4Moz (71%) of the MRE is classified as Indicated, a 1.4Moz (47%) inc
Slide 32: Bullabulling has grown from 2.3Moz to 6.2Moz since acquisition
Bullabulling has grown from 2.3Moz to 6.2Moz since Minerals 260 acquired the Project in April 2025 April 2025 December 2025 July 2026 MRE 2.3Moz 4.5Moz 6.2Moz Indicated Classification 1.4Moz 3.0Moz 4.4Moz MI6 Controlled Tenure 130km2 580km2 1,160km2 MI6 Drilling Completed Nil 90,000m 170,000m See Mi
Slide 33: Resource growth potential from depth and strike extensions
Resource growth potential from depth and strike extensions Mineralisation open along strike north of Dicksons, SE of Kraken, west of Gibraltar Bullabulling Exploration Targets 33
Slide 34: 6.2Moz Mineral Resource is one of Australia's largest undeveloped gold resources
6.2Moz Mineral Resource is one of Australia’s largest undeveloped gold resources Resource and Grade of Undeveloped Australian Gold Projects1 Producer Company Project 0 2 4 6 8 10 12 14 16.5 Hemi 1.4 13.2 Havieron2 1.9 8.0 14.5 Bullabulling 1.0 6.2 Mt Gibson 1.0 4.7 12.5 Minyari3 1.8 3.3 Bardoc 1.8 2
Slide 35: Value Proposition
Value Proposition Long-Life, Large- Clear Pathway to Compelling Stage 1 Growth Objectives Scale Gold Asset Production 2.5Moz Reserve1 ~150koz pa3 Early construction of Stage 1 crusher, village and water has conveyers, plant layout 6.2Moz Resource2 A$2.3B4 NPV5, 43% IRR commenced and TSF
Slide 36: Contact Us
Contact Us +61 8 6556 6020 Level 1, 2 Kings Park Road, West Perth WA 6005 https://x.com/minerals260 https://www.linkedin.com/company/minerals-260-limited/ https://minerals260.com.au 36
Slide 37: Bullabulling Mineral Resource July 2026
Bullabulling Mineral Resource July 2026 Bullabulling Mineral Resource Estimate by Deposit as of July 20261 Indicated Inferred Total Resource Deposit Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) Dicksons 17 0.93 500 5.5
Slide 38: Bullabulling Mineral Resource December 2025
Bullabulling Mineral Resource December 2025 Bullabulling Mineral Resource Estimate Deposit as of December 20251 Indicated Inferred Total Resource Deposit Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) Dicksons 12 1.0 390
Slide 39: Appendix: March quarter 2026 data for Australian producers
Appendix: March quarter 2026 data for Australian producers Australian Gold AISC, March 2026 Quarter Mine / Operations Company Project status AISC (A$/oz) Source Bullabulling Gold Project Minerals 260 Limited Development 2,520 ASX Announcement, 8 July 2026, "Bullabulling PFS Confirms High-Margin, Lar
Slide 40: Appendix: Ore Reserve Estimates for Australian developers
Appendix: Ore Reserve Estimates for Australian developers Total Ore Reserve Project Company Stage of study Proven Probable Source Estimate Tonnage Grade Grade Tonnage Grade Grade Total Grade Total ORE (Mt) (g/t Au) (% Cu) (Mt) (g/t Au) (% Cu) (g/t AuEq) (Moz AuEq) Pre-Feasibility ASX Announcement, 8
Slide 41: Appendix: Mineral Resource Estimates for Australian developers
Appendix: Mineral Resource Estimates for Australian developers Total Mineral Project Company Stage of study Measured Indicated Inferred Source Resource Estimate Total Total MRE Tonnage Grade Grade Tonnage Grade Grade Tonnage Grade Grade Grade (Moz (Mt) (g/t Au) (% Cu) (Mt) (g/t Au) (% Cu) (Mt) (g/t