MI6.AX Minerals 260 (ASX) up 41.67% at close 24 Feb 2026: Franco‑Nevada backing signals catalyst
MI6.AX stock led ASX gainers on 24 Feb 2026 after a financing package with Franco‑Nevada drove a sharp re‑rating. The Minerals 260 Limited (ASX: MI6) share price closed at A$0.595, up 41.67%, on volume of 14,118,933 shares compared with an average daily volume of 6,856,497. The move follows a A$220.00 million funding agreement and a A$50.00 million equity commitment from Franco‑Nevada that materially reduces project funding risk for the Bullabulling gold project.
MI6.AX stock: deal that moved the market
The single driver behind the rally was Franco‑Nevada’s A$220.00 million package: a A$170.00 million royalty purchase plus a A$50.00 million equity placement at A$0.45 per share. Franco‑Nevada will hold about 4.9% of Minerals 260 after the placement and increase its royalty exposure on Bullabulling, creating a clear near‑term funding pathway and validating the project for investors (PR Newswire).
Market and sector context for MI6.AX stock
Minerals 260 sits in the Basic Materials sector on the ASX, which has outperformed over 1 year with sector gains near 59.49%; gold and miners remain a focus for capital. Bullabulling’s scale — a combined 4.5 Moz reported Resource base (3.0 Moz Indicated, 1.5 Moz Inferred) — and proximity to Kalgoorlie make MI6.AX attractive to strategic royalty and equity investors. Sector appetite for assets with de‑risked funding and clear development pathways supported today’s trading strength.
Technical picture and trading flow for MI6.AX stock
Technicals show strong short‑term momentum: RSI 66.03, CCI 256.44 (overbought), and a one‑day relative volume spike to 4.37x average. Price range was A$0.525–A$0.61 with the 50‑day average at A$0.4325 and the 200‑day average at A$0.2589, signalling a decisive breakout above near‑term resistance. High on‑balance volume (OBV 32,302,311) confirms heavy buying; risk of short‑term pullback exists given stretched oscillators.
Valuation and fundamentals for Minerals 260 Limited (MI6.AX)
On fundamentals, MI6.AX shows market cap A$1,140,303,833, EPS -0.02, and a reported PE of -26.50 reflecting current losses from exploration and development phases. Book value per share is A$0.316, price/book about 1.68, and cash per share A$0.0775, supporting a current ratio of 4.42. Enterprise value A$1,086,431,903 reflects limited debt exposure and significant equity funding from the Franco‑Nevada transaction.
Meyka grade and MI6.AX stock forecast
Meyka AI rates MI6.AX with a score out of 100: Score 57.83 / Grade C+ — HOLD. This grade factors in S&P 500 benchmark comparison, sector performance, financial growth, key metrics, and analyst consensus. Meyka AI’s forecast model projects a near‑term quarterly target of A$0.61 and a monthly level near A$0.53. Compared with the current price A$0.595, the quarterly projection implies an upside of 2.52%. Forecasts are model‑based projections and not guarantees. For more detail see our MI6.AX page on Meyka: MI6.AX on Meyka.
Key risks and catalysts for MI6.AX stock
Primary catalysts: pre‑feasibility study due mid‑2026, final investment decision early 2027, and possible first production by H2 2028; further resource growth and conversion drilling could re‑rate valuation. Key risks: exploration execution, permitting, commodity price swings, dilution from future equity raises, and royalty step‑down after 4 Moz production which will reduce long‑term royalty percentage. Investors should watch FIRB timing for the second royalty payment and subsequent announcements.
Final Thoughts
MI6.AX stock finished the ASX session on 24 Feb 2026 sharply higher after a strategic A$220.00 million financing package with Franco‑Nevada cut directly into Minerals 260’s funding risk for the Bullabulling project. The immediate market reaction reflects both validation from a global royalty house and fresh funding to accelerate drilling, infrastructure and long‑lead orders. Technically the stock shows momentum, but oscillators are stretched and short‑term volatility is likely. From a valuation perspective, MI6.AX carries development‑stage metrics — EPS -0.02, PE -26.50, PB 1.68 — and a healthy cash buffer after the transaction. Meyka AI’s forecast model projects a near‑term quarterly level of A$0.61, implying modest upside of 2.52% from the close of A$0.595, while longer‑term scenarios depend on resource growth and delivery of the pre‑feasibility study. These outcomes make MI6.AX an event‑driven name where catalysts and execution will determine next moves rather than near‑term multiples. Forecasts are model‑based projections and not guarantees; always combine this with your own research and risk management.
FAQs
Why did MI6.AX stock jump today?
MI6.AX stock jumped after Franco‑Nevada agreed a A$170.00m royalty purchase plus a A$50.00m equity placement, creating a A$220.00m funding package that de‑risks Bullabulling and validates project economics.
What are the near‑term catalysts for MI6.AX stock?
Key near‑term catalysts include a pre‑feasibility study targeted mid‑2026, FIRB approval for the second royalty payment, further resource drilling results and potential construction decisions ahead of a 2027 FID.
What does Meyka AI forecast for MI6.AX stock?
Meyka AI’s forecast model projects a quarterly level of A$0.61, implying about 2.52% upside from the A$0.595 close. Forecasts are model‑based projections and not guarantees.
Disclaimer:
Stock markets involve risks. This content is for informational purposes only. Past performance does not guarantee future results. Meyka AI PTY LTD provides market analysis and data insights, not financial advice. Always conduct your own research and consider consulting a licensed financial advisor.