Minerals 260 managing director Luke McFadyen says his company hopes to replicate the success of Genesis Minerals, by becoming a regional hub for ore in Coolgardie.
Tim-Goyder chaired Minerals 260 made a $160 million pre-final investment decision commitment to early works at its Bullabulling asset in the historical town last month, as it marches towards a return to production at the brownfield project.
Since listing last year, the company has been focused on growing the asset base at Bullabulling and has expanded the project’s mineral resource to 6.2 million ounces.
The company mapped its next phase of exploration to the market this morning, planning a three-pronged approach which will include resource growth, regional expansion and production readiness.
Minerals 260 acquired 130 square kilometres of land when it snapped up Bullabulling but has expanded that to more than 1,200sqkm in the last 12 months.
Speaking on the sidelines of the Diggers & Dealers Mining Forum this morning, Mr McFadyen said he had grand plans for the Coolgardie region.
“We’ve now got the biggest land package in Coolgardie, and we’ll have the largest mill in Coolgardie,” he said.
“When you’ve got the largest landholding and the largest mill, then you will ultimately become the centre of roading for everything around you.
"We will be the one that sucks in all those ounces, like the Genesises of the world have been successful in doing in other parts of Western Australia.”
Minerals 260 hopes to produce first gold from a revitalised Bullabulling in late 2028.
Mr McFadyen said that milestone would open it up to climb the ranks of WA gold producers.
“If somebody’s got smaller but higher grade deposits within trucking distance, it makes complete sense to bring it into Coolgardie and bring it to us in exactly the same way as Northern Star do it, Evolution do it, and Genesis do it,” he said.
“When you’ve got that mill and that longevity of your own resource, you’ve got a lot of optionality with what you bring in.”
Raleigh Finlayson-led Genesis recently locked in its $5.6 billion deal to merge with Vault Minerals, in a move which will give it the additional milling power it needs to become the nation’s third-largest gold producer.
Mr Finlayson told an investor event last week that he aspired for Genesis to take the mantle as the nation’s gold leader.
Backed by gold royalty firm Franco-Nevada, Minerals 260’s Bullabulling project sat on the books of Norton Gold Fields when it was bought out by Zijin Mining Group in 2014.
The project cost $156.5 million when it changed hands in April 2025.
Mr McFadyen also acknowledged murmurs of takeover interest in Minerals 260, labeling it a "complement".
"You take it as a complement that you've got a good project and others may or may not want it," he said.
Minerals 260 shares were 6.4 per cent higher at 12.55pm at 62.7c.
