Mamba Exploration Ltd. (M24) AI Stock Analysis

• Market Cap: AU$9.50M
• Dividend Yield: N/A
• Average Volume (3M): 398.68K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: N/A
• EPS Growth: 0.81%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 339,165,620
• 10 Day Avg. Volume: 476,746
• 30 Day Avg. Volume: 398,682
• PEG Ratio: -0.07
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 41.14
• P/FCF Ratio: -2.01
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: AU$0.03 ▲(55.00% Upside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is held back primarily by weak financial performance (ongoing losses and negative cash flow), despite strong top-line growth and a relatively conservative balance sheet. Technicals are the main support, with price above key moving averages and a positive MACD, while valuation remains constrained by loss-making earnings and no dividend support.

Positive Factors

Strong revenue growth

An 81.56% revenue increase indicates robust top-line momentum and expanding project or market traction. Over 2-6 months, a larger revenue base supports scale benefits and more efficient capital allocation, providing runway for reinvestment into exploration and potential margin recovery if costs are managed.

Conservative leverage

Low debt-to-equity and a stable equity ratio provide a conservative capital structure that reduces refinancing and default risk during long exploration cycles. This balance-sheet conservatism preserves strategic optionality to fund projects via equity or internal cash, supporting operational continuity.

Improving free cash flow trend

Notable improvement in free cash flow growth, even from negative levels, suggests progress toward better cash conversion. If sustained, this trend can reduce reliance on external capital, improve liquidity and enable more predictable funding for exploration and development over the medium term.

Negative Factors

Negative profitability

Persistent negative net profit and EBIT margins mean the business is not yet generating operational earnings to self-fund activities. Continued unprofitability increases dependence on external funding, heightens dilution risk, and constrains the company's ability to build sustainable shareholder value until margins improve.

Negative operating cash flow

Negative operating cash flow and poor cash conversion reduce liquidity and operational flexibility. Over several quarters this forces reliance on financing or asset sales, may delay exploration programs, and limits the company's ability to absorb shocks or invest in growth without altering capital structure.

Negative return on equity

A negative ROE signals that shareholder capital is not generating returns and may be eroding value. Over time, persistently negative ROE points to poor capital allocation or unprofitable assets, increasing pressure to restructure operations or seek dilutive financing to sustain exploration activity.

Mamba Exploration Ltd. Business Overview & Revenue Model

Company Description

Mamba Exploration Limited, together with its subsidiaries, operates as an exploration and development company in Australia. It primarily explores for gold, copper, nickel, manganese, cobalt, silver, and base metal deposits. The company holds a 100% interest Darling Range project that covers 26 blocks or approximately 75km2 located north-east of Perth; a 100% interest Calyerup Creek project comprising two granted exploration licences that covers approximately 45km2 located in Western Australia; and 100% in Ashburton comprising three granted exploration licences which covers 204 blocks or approximately 610km2 located in Western Australia; and Kimberley projects comprises of 3 sub-projects located in the Kimberley region of Western Australia. Mamba Exploration Limited was incorporated in 2020 and is based in West Perth, Australia.

How the Company Makes Money

Mamba Exploration Ltd. generates revenue primarily through the exploration and development of mineral resources. The company's revenue model is centered on discovering viable mineral deposits that can be developed into mining operations. Key revenue streams include the sale of mineral rights, joint venture agreements with larger mining companies that provide funding for exploration in exchange for a share of future profits, and potential future revenues from mining operations once viable resources are established. Additionally, Mamba may benefit from partnerships with other exploration firms and financial institutions that can provide capital for exploration activities and infrastructure development.

Mamba Exploration Ltd. Financial Statement Overview

Summary

Strong revenue growth (81.56%) is offset by weak fundamentals: negative profitability (net profit/EBIT margins), negative operating and free cash flow, and negative ROE. The balance sheet is a relative positive with low leverage and a stable equity ratio.

Income Statement

Mamba Exploration Ltd. shows significant revenue growth, with an 81.56% increase in the latest year. However, the company struggles with profitability, as indicated by negative net profit and EBIT margins. The gross profit margin is positive, but the overall financial health is hindered by substantial losses.

Balance Sheet

The company maintains a low debt-to-equity ratio, indicating conservative leverage. However, the return on equity is negative, reflecting ongoing losses and inefficiencies in generating returns from equity. The equity ratio is stable, suggesting a solid asset base relative to liabilities.

Cash Flow

Operating cash flow and free cash flow are negative, although there is a notable improvement in free cash flow growth. The ratios of cash flow to net income indicate a struggle to convert earnings into cash, which could impact liquidity and operational flexibility.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	68.39K	55.11K	37.23K	17.03K	0.00
Gross Profit	68.39K	-32.72K	-42.92K	-41.44K	-21.83K
EBITDA	-1.09M	-1.17M	-2.98M	-1.52M	-838.42K
Net Income	-3.05M	-1.25M	-3.07M	-1.58M	-860.25K
Balance Sheet
Total Assets	5.42M	7.39M	5.53M	8.31M	10.02M
Cash, Cash Equivalents and Short-Term Investments	562.26K	825.97K	747.57K	3.41M	5.68M
Total Debt	66.61K	14.11K	92.28K	82.39K	82.39K
Total Liabilities	217.59K	332.60K	321.24K	247.21K	383.35K
Stockholders Equity	5.20M	7.06M	5.21M	8.06M	9.64M
Cash Flow
Free Cash Flow	-1.40M	-2.52M	-2.63M	-2.27M	-1.29M
Operating Cash Flow	-1.11M	-830.37K	-1.12M	-1.31M	-618.72K
Investing Cash Flow	-239.98K	-1.64M	-1.52M	-965.34K	-671.33K
Financing Cash Flow	1.09M	2.55M	-24.53K	0.00	6.97M

Mamba Exploration Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.02
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:M24, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and above the 200-day MA of 0.02, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.02 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:M24.

Mamba Exploration Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
M24	54 Neutral	AU$9.50M	-2.28	-49.72%	―	―	0.81%
GED	47 Neutral	AU$13.45M	-8.19	-8.73%	―	―	12.20%
M2R	47 Neutral	AU$6.80M	―	-16.88%	―	―	73.55%
ACS	44 Neutral	AU$22.03M	-4.79	-204.45%	―	―	-11.90%
GES	44 Neutral	AU$7.83M	-3.45	-63.22%	―	―	-7.41%
AQX	38 Underperform	AU$19.25M	-2.78	-110.65%	―	―	32.08%

Mamba Exploration Ltd. Corporate Events

Mamba Exploration Secures Majority Stake in Underexplored Meeka East Gold Project

Mamba Exploration Ltd has outlined its acquisition of a 70% interest in the Meeka East Gold Project, positioning itself in a highly prospective but underexplored gold region in Western Australia. The company highlights the exploration potential of Meeka East and its Calyerup Creek Project, noting that reported exploration results are based on existing publicly available geological data and have been prepared in line with the JORC Code, with confirmation that no new information materially changes previous results. Mamba stresses that the information presented is indicative and subject to geological interpretation, and it emphasizes compliance with industry reporting standards through a Competent Person sign-off, reinforcing the technical credibility of its exploration narrative and signaling a strategic step to expand its gold exploration footprint.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Exploration Appoints Matthew Freedman as Director with Significant Indirect Shareholding

Mamba Exploration Limited has announced the appointment of Matthew Freedman as a director, effective 2 February 2026. According to his initial director’s interest notice, Freedman holds no shares directly but has beneficial interests in 3.2 million fully paid ordinary shares held by Rangehill Holdings Pty Ltd, 2 million fully paid ordinary shares held by Karlup Holdings Pty Ltd , and 2.5 million performance rights held by Karlup Holdings Pty Ltd, indicating a significant indirect equity and incentive alignment with the company’s future performance.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Exploration Plans Major Share Placement to Fund Future Activities

Mamba Exploration Limited has lodged an Appendix 3B announcing a proposed placement of up to 59,033,122 ordinary fully paid shares, with an intended issue date of 4 February 2026. The capital raising via this substantial share placement is expected to provide additional funding flexibility for the company’s exploration activities and general corporate purposes, potentially strengthening its balance sheet and positioning it for future project advancement and strategic initiatives in the mineral exploration space.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Exploration Plans Placement of Up to 89.3 Million New Shares

Mamba Exploration Limited has announced a proposed placement of up to 89,333,333 new ordinary fully paid shares, with the issue expected to take place on 4 February 2026. The capital raising, disclosed via an Appendix 3B filing to the ASX, is aimed at expanding the company’s issued capital base, which may enhance its financial flexibility for ongoing exploration activities and strengthen its market positioning, though specific use of proceeds was not detailed in the announcement.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Exploration Plans Placement of Up to 44 Million New Shares

Mamba Exploration Limited has announced a proposed placement of up to 44 million new fully paid ordinary shares, with an intended issue date of 10 February 2026. The capital raising, detailed in an Appendix 3B filing to the ASX, is designed to bolster the company’s funding base and support its ongoing exploration programs, with the enlarged share base potentially affecting existing shareholders’ dilution while strengthening the balance sheet for future project work and corporate development.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Exploration Buys Into Meeka East Gold Project and Raises $2m for WA Exploration Push

Mamba Exploration has agreed to acquire a 70% interest in Meekatharra Minerals East Pty Ltd, which holds the rights to the Meeka East Gold Project in the Murchison Goldfields of Western Australia, expanding Mamba’s gold exploration footprint with a consolidated 152 km² package of largely underexplored tenements. The acquisition, alongside a $2 million share placement backed by new and existing investors and the appointment of experienced industry figures Matt Freedman as Executive Director and Peter Schwann as Technical Advisor, positions Mamba to aggressively explore the Mulga Bill trend extension and associated prospects, potentially enhancing its growth prospects and strategic standing in a highly prospective gold district.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Refocuses on High-Grade Gold Targets at Ashburton Following Strategic Review

Mamba Exploration has completed a strategic review of its exploration priorities and will refocus its Western Australian activities on the Ashburton and Great Southern projects, with the Ashburton Project’s Bettina Prospect chosen as the initial focus of renewed gold exploration. The company plans to build on historically high-grade rock chip and drilling results at Bettina through modern soil geochemistry and structural mapping along the Minga Bar Fault, a key gold-hosting structure in the Capricorn Orogen, positioning Mamba to pursue near-term discovery potential while continuing to assess new project opportunities that could further strengthen its exploration portfolio.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Exploration Halts Trading Ahead of Acquisition and Capital Raising Announcement

Mamba Exploration Limited has requested and received a trading halt on its securities on the ASX, effective from 29 January 2026, pending the release of an announcement related to a proposed acquisition and associated capital raising. The halt will remain in place until the announcement is released or until the start of normal trading on 2 February 2026, signalling that a potentially material transaction and funding initiative is imminent, with possible implications for the company’s capital structure, asset base and strategic positioning in the resources sector.

The most recent analyst rating on (AU:M24) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Mamba Exploration Ltd. stock, see the AU:M24 Stock Forecast page.

Mamba Exploration Announces Director’s Interest Change

Mamba Exploration Limited has announced a change in the director’s interest notice, specifically involving Simon Andrew. The change involves the expiry of 1,000,000 unquoted options without exercise, impacting the holdings of Enfilade Defilade Pty Ltd, an entity associated with Simon Andrew. This adjustment in securities does not involve any acquisition but reflects a disposal due to the expiration of options, which may affect the company’s stock structure and stakeholder interests.

Mamba Exploration Ltd. AGM Resolutions Passed

Mamba Exploration Limited announced that all resolutions at its Annual General Meeting were passed following a poll. The resolutions included the adoption of the remuneration report, re-election of a director, approval of a 7.1A mandate, and ratification of a prior issue of shares. This outcome reflects shareholder support for the company’s current management and strategic direction.

Mamba Exploration Announces Company Secretary Resignation

Mamba Exploration Limited, a company listed on the Australian Securities Exchange (ASX) under the ticker M24, announced the resignation of Ms. Kristi Bryson from her position as joint Company Secretary. The company expressed gratitude for her contributions and confirmed that Mr. James Bahen will continue to handle communications with the ASX regarding listing rule matters.