Mamba Exploration Launches $6M Raise, Gains Westgold Founder as Adviser
Key Takeaways
- Mamba Exploration has raised $6.0 million via a placement at $0.038 per share — a 9.7% premium to the 15-day VWAP of $0.035 — signalling strong investor demand above recent trading levels.
- New Murchison Gold (ASX: NMG) has committed $500,000 to the placement and is in discussions with Mamba over a technical services agreement covering regional data sharing, camp, logistics and equipment support.
- Peter Cook, founder of Westgold Resources and Metals X, joins as Strategic Adviser alongside existing adviser Peter Schwann — giving Mamba two former Westgold directors with direct Murchison operating experience.
- A binding earn-in agreement over the Poison Hills Project (E51/1957) gives Mamba the right to earn up to 80% of a copper-silver-gold prospect where rock chip samples returned up to 2,906 g/t Ag, for a total acquisition cost of $100,000 cash and $300,000 in shares.
- Proceeds will fund an imminent 6,000m RC program at Meeka East, with drill targeting at Copper Hills already underway following confirmation of 165 historical copper intersections across a 3km corridor.
Mamba secures $6M and builds a Murchison powerhouse
Mamba Exploration (ASX: M24) has announced a multi-catalyst moment: a $6.0 million placement at $0.038 per share, a regional gold producer joining the register, the founder of Westgold Resources appointed as Strategic Adviser, and a binding earn-in agreement over a new copper-silver prospect — all in a single announcement dated 2 October 2026.
The placement issues approximately 157.9 million shares in two tranches. Tranche 1 (109,789,473 shares, raising approximately $4.2 million) is expected to settle 8 October 2026 and issue 9 October 2026, using the company’s existing placement capacity. Tranche 2 (48,105,264 shares, raising approximately $1.8 million) requires shareholder approval at the AGM in November 2026, and includes $165,000 in director shares.
The issue price represents a 15.6% discount to Mamba’s last closing price of $0.045 on 29 September 2026, but also a 9.7% premium to the 15-day volume weighted average price of $0.035 — a detail that signals investors were willing to pay above recent trading levels to participate. Canaccord Genuity and Yelverton Capital acted as Joint Lead Managers, receiving a fee of 6% (plus GST) of funds raised.
Matt Freedman, Executive Director
“This is an exciting time for Mamba. In a matter of weeks we have confirmed thick historical copper zones along a 3km corridor at Copper Hills and Lady Alma, secured a strongly supported placement, attracted the support of a regional producer, secured an earn-in right over prospective regional tenure and brought one of the Murchison’s most respected mining figures on board as Strategic Adviser.”
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New Murchison Gold joins the register — and potentially the camp
New Murchison Gold (ASX: NMG) has committed $500,000 to the placement on the same terms as other participants. New Murchison is an ASX-listed gold explorer, developer and ore producer with a substantial package of tenements located near Meekatharra, in the same region as and in close proximity to Mamba’s Meeka East Gold Project.
Beyond the capital, Mamba and New Murchison have agreed to negotiate in good faith toward a formal technical services agreement. The scope under discussion includes regional data sharing, camp, logistics and equipment support. The parties have not yet agreed to specific terms, and there is no certainty that a binding agreement will be entered into. The company has committed to keep the market informed in accordance with its continuous disclosure obligations.
A neighbouring operator investing on the same terms as other participants is a meaningful peer validation signal. If the proposed technical arrangement is ultimately executed, it could reduce Mamba’s exploration costs and provide local operational infrastructure without the company funding it independently.
Peter Cook joins as Strategic Adviser — a Murchison insider with a proven track record
Peter Cook joins as Strategic Adviser with more than 35 years of experience in exploration, project, operational and corporate management of resource companies. He is the founder and former Chairman of Westgold Resources (ASX: WGX) and a founder of Metals X (ASX: MLX), and currently serves as Non-Executive Chairman of Santana Minerals (ASX: SMI) and Titan Minerals (ASX: TTM). He is an existing shareholder of Mamba.
Cook’s industry recognition includes:
- GMJ Mining Executive of the Year (2001)
- Asia Mining Executive of the Year, Mines and Money (2015)
- Mining News CEO of the Year (2017)
- Gavin Thomas Mining Award (2019)
Cook joins alongside existing Technical Adviser Peter Schwann, a former director of Westgold Resources, giving Mamba two advisers with direct experience building a business in the Murchison. Cook will receive 6.0 million unquoted options exercisable at $0.06 each, vesting six months after commencement (subject to his remaining engaged at that date), and expiring three years from the date of issue.
What is an earn-in agreement — and why does Poison Hills add value?
An earn-in agreement is a staged mechanism that lets a company acquire a project interest by committing exploration expenditure rather than paying the full acquisition cost upfront. It limits capital risk by tying ownership to activity milestones rather than locking in a large cash outlay from day one.
At Poison Hills (E51/1957), Mamba can earn 51% by sole-funding heritage costs and a minimum of $250,000 in exploration expenditure, including RC drilling, within 18 months of execution. It can then earn a further 29% (totalling 80%) by committing a minimum additional $250,000 over the following 18 months. If Mamba earns the full 80%, the vendors’ remaining 20% interest is free-carried to completion of a pre-feasibility study (PFS).
| Stage | Interest Earned | Minimum Spend | Cash Payment | Share Payment |
|---|---|---|---|---|
| Initial payment | — | — | $50,000 (reimbursement of historical costs) | — |
| Stage 1 | 51% | $250,000 (incl. RC drilling, within 18 months) | $50,000 | $150,000 in Mamba shares |
| Stage 2 | 80% total (further 29%) | $250,000 (incl. RC drilling, within 18 months of Stage 1) | — | $150,000 in Mamba shares |
| Total (if 80% earned) | 80% | — | $100,000 cash | $300,000 in Mamba shares |
The Poison Hills Project is located approximately 80km south-east of Meekatharra, adjoining Solstice Minerals’ (ASX: SLS) Nanadie Project. The project is prospective for silver, gold, copper and lead, and is at an early stage of exploration.
The main prospect identified to date is the Scorcher Vein, a 1 to 2m wide quartz vein outcropping over approximately 90m. Rock chip samples collected by the vendors between May and September 2025 (analysed by Intertek Genalysis) returned the following results:
- HGR00243: 2,906 g/t Ag, 2.63 g/t Au, 0.63% Cu, 0.73% Pb
- HGR00240: 1,423 g/t Ag, 1.26 g/t Au, 0.34% Cu, 0.99% Pb
- HGR00241: 929 g/t Ag, 1.99 g/t Au, 0.31% Cu, 0.38% Pb
- HGR00245: 694 g/t Ag, 0.22 g/t Au, 0.50% Cu, 1.14% Pb
Of the 13 samples collected, four returned more than 500 g/t Ag. Elevated tellurium (up to 965 ppm) was returned from the higher-grade samples, which may indicate the presence of hessite (Ag₂Te) or a similar silver telluride mineral. Rock chip samples are selective by nature and are not necessarily representative of the overall grade of the mineralisation.
Copper Hills momentum underpins the capital raise
The placement follows Mamba’s 21 September 2026 announcement confirming 165 historical copper intersections across 47 drill holes along a 3km corridor at its Copper Hills and Lady Alma prospects within Meeka East. These are historical exploration results.
Headline intercepts from that announcement include:
- Copper Hills: 26.0m @ 1.0% Cu and 0.33 g/t Au from 24.0m (incl. 8.0m @ 1.7% Cu); and 23.1m @ 1.1% Cu from 39.9m (incl. 9.6m @ 1.8% Cu)
- Lady Alma: 13.4m @ 1.3% Cu from 151.7m (incl. 5.2m @ 2.7% Cu); and 16.4m @ 1.0% Cu from 93.5m (incl. 1.5m @ 5.1% Cu)
Mineralisation is confirmed at both ends of the 3km corridor, which remains open along strike and at depth. Drill targeting at Copper Hills is now underway.
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What’s next — 6,000m RC program and a growing Murchison footprint
Proceeds from the placement are intended to fund growth in Mamba’s technical team and step up exploration activity across Meeka East, Copper Hills and Poison Hills. The most immediate catalyst is an imminent 6,000m RC program at Meeka East.
The Meeka East RC drilling programme was already shaping up as a multi-hole campaign before the current placement, with Mamba’s August 2026 plans outlining a 50-hole design across the gold and copper ground that now sits at the centre of this expanded exploration push.
Settlement and issuance of Tranche 1 shares occurs on 8 and 9 October 2026 respectively. Tranche 2, including the director shares, is subject to shareholder approval at the AGM in November 2026.
With a regional producer on the register, two former Westgold directors advising, a new earn-in project added to the portfolio, and a drill programme imminent, Mamba has assembled a platform in the Murchison in a compressed timeframe. The combination of strategic relationships, exploration tenure and near-term drilling activity gives shareholders several potential catalysts to watch across the coming months.
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