Mammoth Minerals Ltd (ASX:M79) Shares Slide Sharply: What’s Spooking Investors?

Sonal Goyal

23 October 2026 02:47 PM AEDT

Mammoth Minerals Ltd (ASX:M79) Shares Slide Sharply: What’s Spooking Investors?

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Key Highlights

Mammoth Minerals Ltd (ASX:M79) was trading at A$0.031, down 13.89%, during the 23 October 2026 trading session.
The company's Annual Report for the year ended 30 June 2026, with directors' declaration dated 29 September 2026, showed a loss of $6,880,579 and cash of $1,986,676.
The S&P/ASX 200 was down 0.37% at 1:16 pm AEDT on 23 October 2026.

Mammoth Minerals Ltd (ASX:M79) was trading at A$0.031, down 13.89%, during the 23 October 2026 trading session, well below the performance of the S&P/ASX 200 (XJO), which was at 8,760.50, down 0.37% (down 32.70 points) at 1:16 pm AEDT. Mammoth describes itself as a gold, silver and critical minerals company with projects in the United States, Canada and Peru, and its primary focus is the Excelsior Springs Project in Nevada. Its latest update is its annual report for the year ended 30 June 2026, which carries a directors' declaration dated 29 September 2026 and reports a loss of $6,880,579. That date pre-dates today's session, and no link between the two is suggested here.

Latest Developments

Annual report for the year ended 30 June 2026 (declaration dated 29 September 2026)

In its annual report, Mammoth reported a loss of $6,880,579 for the year, compared with $4,212,214 in the prior year. The loss included a non-cash Impairment expense of $2,717,286 (2025: $3,593,301). At 30 June 2026 the company had cash of $1,986,676 (2025: $1,418,620) and net Assets of $39,335,634 (2025: $29,928,280). No Dividend was paid or recommended.

The report states that the financial statements were prepared on a Going Concern basis, and discloses conditions, including net cash outflows from operating and investing activities of $11,275,580 and minimum spend exploration commitments of $1,587,578 due within twelve months, that it says indicate a material uncertainty that may cast significant doubt over the group's ability to continue as a going concern. The directors said a Cash Flow forecast indicates sufficient cash flows for the next 12 months and that they consider the going concern basis appropriate.

Excelsior Springs and Nevada portfolio

Mammoth holds an exclusive option to earn up to 80% of the Excelsior Springs Gold-Silver Project from Athena Gold Corporation through US$5 million of expenditure within five years, according to the report. The company said it grew the Excelsior land package by 340% during the year to 135 km², including through an exclusive option, entered in March 2026, to acquire the historic Imperial Gold Mine, about 5 km from Excelsior Springs.

At the Buster Trend, the report states that more than 21,000 m of drilling has been completed, testing around 1.3 km of a total 7 km prospective corridor. The company also reported rock chip results from the Blue Dick trend, with a drilling program there described as the first across the Blue Dick Mine zone.

Corporate and portfolio changes during FY26

The company changed its name from Firetail Resources Limited to Mammoth Minerals Limited and its ASX Code from FTL to M79, effective 14 August 2025. The company divested its Paterson Copper-Gold Project in Western Australia to Cloudbreak Discovery PLC and began a process to divest the Mt Slopeaway Nickel-Cobalt-Manganese Project in Queensland. It also said a third party has expressed interest in a corporate transaction on the Charaque Project in Peru.

About Mammoth Minerals Ltd

Mammoth Minerals Limited (ASX:M79) states that its principal activity is the Acquisition and exploration of resource projects. The report describes a strategy of consolidating into a focused, high-grade USA gold and silver explorer. Its registered office is in Claremont, Western Australia, and its directors include Robert Jewson (Executive Chairman) and Glenn Poole (Managing Director and Chief Executive Officer).

Related Sector Context

Mammoth operates in gold and silver exploration, with critical minerals targets also within its portfolio, a segment of the ASX Mining sector. Mammoth's report describes exploration programs, option agreements and portfolio changes.

On 23 October 2026, the S&P/ASX 200 was down 0.37% at 1:16 pm AEDT, while Mammoth was down 13.89% at A$0.031.

Risks to Weigh In

The report discloses a material uncertainty relating to going concern, alongside exploration commitments of $1,587,578 due within twelve months.
The company reported a loss of $6,880,579 and net cash outflows of $11,275,580 from operating and investing activities in FY26.
Excelsior Springs is held under an option to earn up to 80%, which depends on meeting expenditure requirements of US$5 million within five years.
The company describes its principal activity as acquisition and exploration of resource projects, and the report records an impairment expense of $2,717,286.

Catalysts on Watch

Results from the current drilling program across the Blue Dick Mine zone, which the report describes as the first there.
Further drilling along the Buster Trend, where around 1.3 km of a 7 km corridor has been tested.
Any binding commercial terms for the third-party interest in the Charaque Project and the Mt Slopeaway divestment process.

Where Things Stand

Mammoth Minerals traded lower during the 23 October 2026 trading session, down 13.89% at A$0.031, while the S&P/ASX 200 was down 0.37% at 1:16 pm AEDT. The company's latest document, its annual report for the year ended 30 June 2026, reports a loss of $6,880,579, cash of $1,986,676 and a going concern material uncertainty alongside exploration activity at its Nevada projects.

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