Gilbert + Tobin has advised Franco-Nevada Corporation on a further $200 million financing package with Minerals 260 Limited to support the development of the Bullabulling Gold Project in Western Australia.
The follow-on financing comprises $170 million in additional royalty funding and a commitment by Franco-Nevada to subscribe for $30 million of Minerals 260 shares as a lead order in a future equity raising. The additional royalty funding will increase Franco-Nevada Australia’s effective gross royalty interest over Bullabulling from 2.45% to 3.90%.
The transaction builds on Franco-Nevada’s initial $220 million investment in Minerals 260 announced in February 2026 and further strengthens its investment in Bullabulling as the project progresses towards development.
Partner Trish Chapman led the G+T team advising Franco-Nevada on the transaction, with Partner Mark McAleer and David Stokes advising on the royalty component. Madeline Ardon is assisting on the equity component.
Partner, Trish Chapman said:
Trish ChapmanWe’re delighted to continue supporting Franco-Nevada as it expands its investment in Bullabulling. Its total $420 million commitment is a significant milestone, representing Franco-Nevada’s largest ever commitment to a project in Australia and demonstrating the scale of its backing for Bullabulling as it progresses towards development.
The follow-on investment also reflects the important role that royalty funding can play in supporting the development of large-scale Australian resources projects, while providing long-term alignment between investors and project owners.
