Key Highlights

  • Mamba Exploration shares were up 9.43% at $0.058 at 11:55 am during the 22 October 2026 session, while the S&P/ASX 200 was down 0.64%.
  • An announcement dated 2 October 2026 detailed a $6.0 million Placement at $0.038 per share, including a $500,000 commitment from New Murchison Gold.
  • The company also entered an earn-in over the Poison Hills Project and engaged Peter Cook as Strategic Adviser.

During the Trading session on 22 October 2026, shares in Mamba Exploration Limited (ASX:M24) were up 9.43% at $0.058 at 11:55 am. In the same session the S&P/ASX 200 stood at 8,774.90, down 0.64% (56.40 points), while the All Ordinaries stood at 8,897.80, down 0.66%. Mamba is a Western Australian copper and gold explorer focused on the Murchison region.

About the Company

Mamba Exploration Limited is listed on the ASX under the code M24 and has its office at Suite 1, 295 Rokeby Road, Subiaco, Western Australia. The company describes itself as a Western Australian copper and gold explorer focused on the Murchison. Matt Freedman is Executive Director.

Its announcement dated 2 October 2026 lifted a Trading halt requested on 30 September 2026.

Business Overview

Mamba holds a 70% interest in its flagship Meeka East Gold Project, which includes the Copper Hills Project (E51/1716), where historical drilling has confirmed copper mineralisation in 47 drill holes across a 3 km corridor. A 21 September 2026 announcement reported 165 historical copper intersections at the Copper Hills and Lady Alma prospects, including 26.0 m at 1.0% Cu and 0.33 g/t Au at Copper Hills.

The company also holds 100%-owned projects in the Ashburton/Gascoyne, Kimberley and Great Southern regions of Western Australia, prospective for gold and base metals. The corridor is described as open along strike and at depth.

The $6.0 Million Placement

In its announcement dated 2 October 2026, Mamba reported firm commitments to raise $6.0 million before costs through the issue of about 157.9 million shares at $0.038 each. The price was a 15.6% discount to the $0.045 price on 29 September 2026 and a 9.7% premium to the 15-day Volume weighted average price of $0.035.

Tranche 1 comprises 109,789,473 shares to raise about $4.2 million, using existing placement capacity. Tranche 2 comprises 48,105,264 shares to raise about $1.8 million, including 4,342,105 shares for directors worth $165,000, subject to Shareholder approval at the November 2026 annual general meeting. Canaccord Genuity and Yelverton Capital were joint lead managers.

New Murchison Investment and Advisers

New Murchison Gold, a gold explorer, developer and producer with tenements near Meekatharra, committed $500,000 to the placement. The two companies agreed to negotiate in good faith a technical services arrangement that could cover regional data, camp, logistics and equipment support, though no terms have been agreed.

Mamba also engaged Peter Cook, founder of Metals X and former chairman of Westgold Resources, as Strategic Adviser, alongside Technical Adviser Peter Schwann. Mr Cook will be issued 6.0 million unquoted Options exercisable at $0.06, and Yelverton is to receive 25 million unquoted options at the same price, subject to shareholder approval.

Poison Hills Earn-In

Mamba entered a binding earn-in with Haeremai Gold Pty Ltd and David Johnston over exploration licence E51/1957, about 80 km south-east of Meekatharra. The project adjoins Solstice Minerals' Nanadie Project and is at an early exploration stage, considered prospective for silver, gold, copper and lead.

Stage 1 requires at least $250,000 of exploration spending within 18 months, plus $50,000 cash and $150,000 in shares, to earn 51%. A further $250,000 and $150,000 in shares would lift the interest to 80%. Rock chips at the Scorcher Vein returned up to 2,906 g/t silver, though such samples are selective and not necessarily representative.

Related Sector Context

Copper and gold exploration in the Murchison involves staged work from historical data review to drilling, funded largely through Equity raisings and partnerships with regional operators.

At 11:55 am on 22 October 2026 the S&P/ASX 200 and All Ordinaries were both lower, while Mamba was trading higher.

Risks to Weigh In

Tranche 2 shares, director participation and the adviser options depend on shareholder approval at the AGM. The New Murchison arrangement is a negotiation with no certainty of a binding agreement, and the Poison Hills earn-in is subject to conditions precedent including approvals and the tenement remaining in good standing.

The Copper Hills results are historical, and the Poison Hills sampling was carried out by the vendors; the company notes that mineralisation on neighbouring tenements is not necessarily indicative of its own ground. Systematic exploration is still needed to test the project.

Catalysts on Watch

The company stated that a 6,000 m RC program at Meeka East is imminent and that drill targeting at Copper Hills is under way. The Annual General Meeting in November 2026 is to consider Tranche 2 shares, director shares and the corporate adviser options. Mamba and New Murchison are to continue negotiating the technical services arrangement, and Poison Hills conditions precedent must be satisfied before the earn-in proceeds.

Putting It Together

Mamba traded higher during the 22 October 2026 session while the benchmarks eased. The company's announcement of 2 October 2026 outlined new funding, a regional partner, an adviser appointment and a new earn-in, with several approvals and drilling programs still ahead.