Mamba Exploration Ltd. (M24) AI Stock Analysis

• Market Cap: AU$9.45M
• Dividend Yield: N/A
• Average Volume (3M): 398.68K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• 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: 295,165,620
• 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: 46 Neutral
• Price Target: AU$0.04 ▲(95.00% Upside)

The score is primarily constrained by weak financial performance (losses and negative cash flow) and limited valuation support (negative P/E and no dividend yield). Technicals are supportive due to the uptrend above moving averages, but very overbought momentum indicators raise near-term risk and temper the overall score.

Positive Factors

Revenue Growth

An 81.56% increase in revenue signals durable top-line momentum and expanding commercial activity or project throughput. Sustained revenue growth improves scope to scale operations, absorb fixed costs, and fund development, strengthening the company’s medium-term growth runway.

Conservative Leverage

A low debt-to-equity profile provides long-term financial flexibility and lower solvency risk, enabling the company to weather commodity cycles and exploration timelines. Conservative leverage reduces interest burden and preserves capacity to raise capital for projects without immediate distress.

Free Cash Flow Improvement

Notable improvement in free cash flow growth indicates operational traction and a pathway toward self-funded activities. If sustained, this structural improvement reduces reliance on external financing, bolsters liquidity, and supports reinvestment into exploration or development over the coming months.

Negative Factors

Negative Profitability

Persistently negative EBIT and net margins mean the business consumes capital to operate, eroding shareholder equity and limiting the ability to reinvest. Over 2–6 months this raises the probability of further dilution or cost cutting if margins don’t improve toward break-even.

Negative Operating and Free Cash Flow

Negative operating and free cash flow constrain liquidity and force dependence on external funding or asset sales. This structural cash shortfall limits sustained exploration programs, increases financing risk, and can lead to dilution or curtailed development unless cash generation reverses.

Negative Return on Equity

A negative ROE signals the company is not generating returns on shareholder capital and reflects persistent losses or inefficient capital allocation. Over months this deters long-term investors, pressures management to alter strategy, and heightens the need for external financing.

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

Revenue growth is strong (+81.56%), and leverage is conservative (low debt-to-equity), but profitability and cash generation are weak with negative net profit/EBIT margins, negative ROE, and negative operating/free cash flow.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	68.39K	68.39K	55.11K	37.23K	17.03K	0.00
Gross Profit	68.39K	68.39K	-32.72K	-42.92K	-41.44K	-21.83K
EBITDA	-1.09M	-1.09M	-1.17M	-2.98M	-1.52M	-838.42K
Net Income	-3.05M	-3.05M	-1.25M	-3.07M	-1.58M	-860.25K
Balance Sheet
Total Assets	5.42M	5.42M	7.39M	5.53M	8.31M	10.02M
Cash, Cash Equivalents and Short-Term Investments	562.26K	562.26K	825.97K	747.57K	3.41M	5.68M
Total Debt	66.61K	66.61K	14.11K	92.28K	82.39K	82.39K
Total Liabilities	217.59K	217.59K	332.60K	321.24K	247.21K	383.35K
Stockholders Equity	5.20M	5.20M	7.06M	5.21M	8.06M	9.64M
Cash Flow
Free Cash Flow	-1.40M	-1.40M	-2.52M	-2.63M	-2.27M	-1.29M
Operating Cash Flow	-1.11M	-1.11M	-830.37K	-1.12M	-1.31M	-618.72K
Investing Cash Flow	-239.98K	-239.98K	-1.64M	-1.52M	-965.34K	-671.33K
Financing Cash Flow	1.09M	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: Negative
• RSI: Negative
• 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 0.02, and above the 200-day MA of 0.02, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 94.80 is Negative, neither overbought nor oversold. The STOCH value of 86.67 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%
GED	47 Neutral	AU$14.82M	-8.33	-8.73%	―	―	12.20%
M2R	47 Neutral	AU$4.53M	―	-16.88%	―	―	73.55%
M24	46 Neutral	AU$9.45M	-3.25	-49.72%	―	―	0.81%
ACS	44 Neutral	AU$23.99M	-5.21	-204.45%	―	―	-11.90%
GES	44 Neutral	AU$4.70M	-3.45	-63.22%	―	―	-7.41%
AQX	38 Underperform	AU$19.59M	-3.61	-110.65%	―	―	32.08%

Mamba Exploration Ltd. Corporate Events

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.

Mamba Exploration Advances Gold Targets and Seeks New Opportunities

Mamba Exploration Limited has made significant progress in refining gold exploration targets at its Ashburton Project, integrating historical data to identify promising areas for upcoming fieldwork. Despite financial constraints limiting field activities, the company is preparing for a detailed mapping and sampling program in the December quarter. Additionally, Mamba is reviewing potential new projects to strategically expand its portfolio, maintaining a cash position of $493K at the end of the September quarter.