Key Highlights

  • Ultrafine soil sampling at Edjudina identified a 2.3 kilometre eastern anomaly at Yilgangie that coincides with historic drill intersections.
  • At Broken Hill Bore the company outlined a 1.6 kilometre anomaly along banded iron formation, where earlier rock samples returned up to 65.0 g/t gold.
  • Cash was $1.368 million at 30 September after a net operating outflow of $193,000, equal to about 7.09 quarters of funding.
  • The AGM on 19 November 2026 will vote on a 10% Placement Facility and refreshing the employee incentive plan.

M3 Mining (ASX:M3M) is running two tracks at once: preparing its Edjudina gold project near Kalgoorlie for drilling, and looking for another resource project to buy. Its September quarter report says preliminary commercial discussions on potential acquisitions are continuing, while heritage arrangements and drill planning progress at Edjudina.

The company has the cash to keep both Options open for now. According to its Appendix 5B released on 29 October 2026, M3 Mining held $1.368 million at 30 September after a net operating outflow of $193,000, equal to about 7.09 quarters of funding at that rate.

What M3 Mining does

M3 Mining is a Perth-based early-stage explorer with two 100%-owned projects in Western Australia. Edjudina, about 150 kilometres north-east of Kalgoorlie, sits along the Keith-Kilkenny Tectonic Zone and lies near Northern Star's Porphyry and Carosue Dam operations. Victoria Bore, south of Onslow, is a copper project centred on a small historic mine worked in the 1950s. Neither project has a mineral resource, and being close to producing mines does not mean M3's tenements contain similar deposits.

Soil anomalies at Edjudina

On 23 July 2026, the company reported assays from a 479-sample ultrafine soil programme at the Yilgangie and Broken Hill Bore prospects. The technique, developed by CSIRO, is designed to pick up subtle geochemical signals through sand and clay cover.

At Yilgangie, M3 identified a 2.3-kilometre eastern anomaly that coincides with historic drill intersections, including 2 metres at 3.9 g/t gold from 33 metres, and a 1.2-kilometre western anomaly that has not been drilled. At Broken Hill Bore, it outlined a 1.6-kilometre anomaly along banded iron formation, where earlier rock samples returned up to 65.0 g/t gold, and a separate 1.0-kilometre zone. The company notes these targets lie about 6 kilometres along strike from the Neta gold mine.

Soil anomalies and selective rock samples identify where to drill; they do not establish the size or grade of any mineralisation. The company says the results Warrant follow-up work, and it is progressing a heritage agreement so that surveys can be carried out at Yilgangie and El Capitan before drilling. No drilling start date has been announced.

Cash and costs

The September quarter was a low-spending period. Operating outflow of $193,000 included $44,000 in payments to related parties, which the company says were director fees. No Equity was raised and there were no Debt facilities. Cash fell from $1.561 million at 30 June.

The funding estimate reflects a quarter without drilling. A drilling programme, or any acquisition, would increase spending and could require new capital. M3 has about 208.8 million shares on issue.

Risks and upcoming dates

The main risks are exploration risk, possible delays in heritage approvals, and uncertainty over acquisitions. The company has not named any target or terms, and a transaction could change its focus or require share issues. Its board is made up of three non-executive directors, without a managing director, which is common among small explorers but limits in-house executive capacity.

The Annual General Meeting is scheduled for 19 November 2026 in Perth. Resolutions include re-electing director Alan Armstrong, approving a 10% placement facility, renewing proportional Takeover provisions and refreshing the employee incentive plan. The placement facility would allow the board to issue additional shares without further Shareholder approval, within ASX limits.