Key Points
- Broker Bell Potter has lifted its price target on Minerals 260 to A$1.40, implying around 120% upside from recent levels.
- The optimism is based on the company’s 6.2-million-ounce Bullabulling gold project in Western Australia.
- Minerals 260 holds around A$250 million in cash, enough to fund the project to a final investment decision in early 2027.
- The market has been more cautious, with the shares falling after recent project studies were released.
Minerals 260 (ASX:MI6) is back in the spotlight after broker Bell Potter told clients it sees major upside for the gold developer. In a note this morning, Bell Potter lifted its price target to A$1.40 per share and kept its speculative buy rating, pointing to around 120% upside from the stock’s recent levels. With Minerals 260 shares easing to about A$0.60, that A$1.40 target now sits well above the current price. Here is why the broker is so positive, what the company actually owns, and why the wider market has been more cautious.
Why Bell Potter Sees 120% Upside
Bell Potter’s confidence rests on Minerals 260’s flagship asset, the Bullabulling Gold Project in Western Australia, which holds a mineral resource of 6.2 million ounces of gold. The broker believes the project can become a large, high-margin, long-life mine that turns Minerals 260 into a stand-alone mid-tier gold producer.
Two other points support the case. First, the company has been de-risking the project as it moves toward production, hitting key milestones on schedule.
Second, Minerals 260 is well funded, holding around A$250 million in cash, which Bell Potter says is enough to carry the project through to a final investment decision in early 2027 and cover early site works. In simple terms, the broker thinks the market is undervaluing a project that is advancing steadily with the money already in the bank.
What Minerals 260 Actually Owns
Minerals 260 is a Western Australian gold developer that only listed a few years ago but has grown quickly.
Its market value has jumped from around A$30 million to well over A$1 billion in the past year, and the stock is up more than 400% over that time, making it one of the ASX’s standout small-cap stories.
The centrepiece is the 100%-owned Bullabulling project, located in the Goldfields region near Coolgardie. The company has also attracted a major backer, securing a A$220 million funding deal with royalty giant Franco-Nevada, and has already begun early construction work at the site.
The Catch: Why the Market Is More Cautious
Here is the part worth understanding. Despite Bell Potter’s optimism, Minerals 260 shares actually fell after the company recently released its updated resource estimate, a pre-feasibility study, and its first ore reserve estimate. These are normally positive milestones, but the market’s reaction was negative, suggesting some investors were hoping for stronger numbers.
This is the key tension in the story. Bell Potter sees the sell-off as an opportunity and the milestones as proof the project is on track. Other investors are clearly less sure. It is also worth remembering that Minerals 260 is still a developer, not a producer, so it carries the usual risks of building a mine, and a single broker’s target is not a guarantee.
The Bottom Line
Minerals 260 is a clear example of how differently a broker and the wider market can read the same company. Bell Potter sees a well-funded, 6.2-million-ounce gold project on track to production and worth A$1.40 a share.
The market, for now, is more cautious after a lukewarm response to recent studies, with the shares trading around A$0.60. For investors, the story comes down to whether Bullabulling can deliver on its promise as it moves toward a final investment decision in 2027.
This article is general information only and does not constitute financial advice. Always do your own research or consult a licensed adviser.
