Highlights

  • Mamba commenced a maiden 6,000-metre, 50-hole reverse circulation drilling programme at the Meeka East gold project in Western Australia shortly after the September quarter closed.
  • The 140 Foot Well prospect is the first target, following a 1999 intercept of 5 metres at 9.3 grams per tonne gold that was never systematically followed up with modern drilling.
  • A$90,000 of Exploration Incentive Scheme co-funding was received from the Western Australian government for two drill programmes across the company's project areas.
  • Cash at 30 September 2026 was approximately A$1.0 million before close of a A$6 million placement in October 2026 that funds the current campaign.

Decades of historical data, one under-tested high-grade intercept and a funded programme — Mamba Exploration (ASX:M24) moved from preparation to first-hole drilling at Meeka East shortly after the September quarter ended. The maiden 6,000-metre, 50-hole reverse circulation programme targets the 140 Foot Well, Corunna Well South and Giles Creek prospects in the Murchison Goldfield of Western Australia. It is the first systematic modern exploration of a project area containing a historical high-grade result that was drilled once in 1999 and never followed up. A A$6 million placement closed in October 2026, and first assay results are targeted for mid-December 2026.

Meeka East Prospects and Drill Programme Design

The 140 Foot Well prospect is the programme's first target. A single 1999 reverse circulation hole returned 5 metres at 9.3 grams per tonne gold — a narrow but high-grade intercept that was never systematically tested further due to the historical exploration cycle of the period. Phase 1 will drill step-out holes beneath and along strike from the historical result to assess whether 140 Foot Well hosts a more extensive gold system, including at depth where the mineralisation may be better developed. The prospect is interpreted to sit within a shear zone related to regional northwest-trending structural corridors present across the Murchison Goldfield.

Corunna Well South has historical drilling returning low-grade, wide-interval intersections consistent with a potential bulk-tonnage style target. The programme will test it with tighter-spaced holes to build a clearer picture of the mineralised envelope. Giles Creek is a structural target where gold anomalism in soil geochemistry coincides with a northeast-trending structural corridor identified in airborne electromagnetic and aeromagnetic geophysical surveys. All three prospects are within Mamba's contiguous tenement package. The 50-hole programme uses 5-metre composite sample intervals submitted to a NATA-accredited laboratory for multi-element fire assay analysis, with individual one-metre samples retained for follow-up assay on anomalous composites.

Funding and EIS Co-Funding

Cash at 30 September 2026 was approximately A$1.0 million, down from A$1.4 million at the start of the quarter. Net operating and exploration cash outflow of A$422,000 reflected technical, field preparation and corporate costs during the quarter as the company finalised drill targets, contracted a drill rig and arranged logistics for the October start. The Western Australian government's Exploration Incentive Scheme approved A$90,000 of co-funding across two of Mamba's drill programmes, including the Meeka East campaign. EIS co-funding is provided as a grant on completion of the approved programme and reduces the net cost to the company.

The A$6 million placement at A$0.10 per share, completed in October 2026 after the quarter closed, provides the primary funding for the Meeka East programme and planned exploration activities through 2027. A share purchase plan was open alongside the placement to allow eligible retail shareholders to participate. The company has not provided a formal quarters-of-funding estimate post-placement. Mamba is a single-project exploration company with no revenue-generating operations. The ability to pursue follow-up drilling after the current programme depends on future capital raisings, exploration results and market conditions, which cannot be guaranteed.

Project Location and Geological Context

The Meeka East project is located in the Murchison Goldfield of Western Australia, approximately 750 kilometres north of Perth. The Murchison is one of Western Australia's historically productive gold fields, hosting past producers and current operations across several hundred kilometres of Archaean greenstone terrane. Mamba's tenements sit within the same crustal architecture as nearby projects, though geological proximity to operating mines is context only and provides no assurance of equivalent mineralisation on Mamba's ground.

The Meeka East project area was explored intermittently through the 1990s and early 2000s, a period when resource thresholds and economic gold prices favoured large bulk-tonnage targets over narrow-vein systems. The 1999 five-metre intercept at 9.3 grams per tonne at 140 Foot Well was not followed up under that paradigm. Higher gold prices, improved RC drilling techniques and tighter hole spacing make systematic testing of historical narrow-vein prospects more viable today. No Mineral Resource has been defined at Meeka East, and the current programme is fully exploratory. Positive intercepts, if returned, would require further drilling and technical work before any resource could be estimated.