As of late trade on Friday, the S&P/ASX 200 Index (ASX: XJO) was up 4.9% in 12 months, but this ASX 200 stock has left those gains in the dust.
The skyrocketing company in question is Aussie gold miner Minerals 260 Ltd (ASX: MI6).
Minerals 260 shares were changing hands for 77 cents apiece on Friday. That sees the share price up an eye-popping 539.2% in just one year.
To put that into some kind of perspective, if you'd invested $5,000 into Minerals 260 shares 12 months ago, you'd be sitting on $31,960 today.
The miner has stoked investor interest as it advances its Bullabulling Gold Project towards production. Located in Western Australia, Bullabulling is reported to be one of Australia's largest undeveloped gold projects.
Minerals 260 got an added boost on 22 June, when its strong share price (and market cap) gains saw it officially become an ASX 200 stock. That was part of the S&P Dow Jones Indices June 2026 quarterly rebalance.
Joining the ASX 200 not only gives the miner a higher profile, it also now sees it included in index tracking funds meant to mimic the ASX 200's performance.
Here's what else has been sending Minerals 260 shares through the roof.
Image source: Getty Images
ASX 200 stock surges on gold mine potential
Bullabulling has the potential to pay off big for the ASX 200 stock and its shareholders.
The project hosts a Mineral Resource Estimate of 190 million tonnes at 1.0 grams of gold per tonne for 6.2 million ounces. The Ore Reserve stands at 90 million tonnes at 0.86 g/t Au for 2.5 million ounces of gold.
At its June quarterly update, released on 30 July, Minerals 260 reported that it had completed the Pre-Feasibility Study for stage 1.
The ASX 200 stock said the PFS confirmed the Bullabulling Gold Project "as a high-margin, large-scale, long-life gold operation". The company expects the project to generate $2.3 billion in value after tax, deliver a 43% return on investment, and produce around 150,000 ounces of gold a year for its first 10 years.
Early construction and development activities commenced at Bullabulling over the quarter.
And following the acquisition of joint venture interests in adjacent tenements, the Bullabulling Project area increased to 1,160 square kilometres.
Turning to the balance sheet, the ASX 200 stock had $211 million in cash and deposits at 30 June.
"The June quarter was a defining period in the development of the Bullabulling Gold Project," Minerals 260 managing director Luke McFadyen said.
McFadyen added, "Minerals 260 is advancing Bullabulling on multiple fronts as we continue working towards our objective of becoming Australia's next mid-tier gold producer."
