Companies / M24

MAMBA EXPLORATION LIMITED

ASX:M24Materials
487.5M shares on issueASX (delayed) · snapshot 11 Sept 2026516.8M fully diluted+6.0% if every option and right converts$0.020price · delayed$9.8Mmarket cap · indicative

Today’s holders own 94.3% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 128% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.1 quarters of funding
Share-count growth (24m)127.8%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)4 cash raises
Options & rights overhang6.0% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

MAMBA EXPLORATION LIMITED reported a share count of 488M as of April 2026. The company raised capital four times in the past 24 months, for total disclosed proceeds of A$5.1M. The most recent raise was a placement in January 2026, which brought in A$2.0M. Options and rights on issue could convert into 29M new shares, representing 6.0% of the current share count, with the nearest expiry in November 2026. None of these options are currently in the money. As of the June 2026 quarter, the company held A$869K in available cash, providing approximately 2.1 quarters of funding coverage. One proposed securities issue (Appendix 3B) is pending, with an expected issue date of July 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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6.0%
Options & rights overhang
0.0%
In-the-money supply
2
Raises · last 12 months
2.1 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 487.5M per ASX (delayed) (snapshot 11 Sept 2026).
200M300M400M500MDec 24Oct 25Sept 26Cash raise · 29 Jan 2026Cash raise · 29 Jan 2026Cash raise · 17 Feb 2025Cash raise · 9 Dec 2024487.5M

Cash runway

2.1 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Dec 2026 at the reported spend rate.
$865k cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $1.2M cash at quarter end (item 4.6), 3.0 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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10 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
15 Apr 20262A · quoted issueM24 : ORDINARY FULLY PAID398.2MAppendix 2A
15 Apr 20262A · quoted issueM24 : ORDINARY FULLY PAID428.5MAppendix 2A
15 Apr 20263G · unquotedM24 : ORDINARY FULLY PAID339.2MAppendix 3G
10 Feb 20262A · quoted issueM24 : ORDINARY FULLY PAID339.2MAppendix 2A
20 Feb 20252A · quoted issueM24 : ORDINARY FULLY PAID273.1MAppendix 2A

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (398.2M) need not equal the current count above (487.5M).

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17 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

4 cash raises in the last 24 months · 2 in the last 12 months

every 6.8 monthsaverage gap between raises
7.4 monthssince the most recent
9 Dec 2024 – 29 Jan 2026first to most recent in this window
$2.0M
Placement
29 Jan 2026 ACTIVE
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9 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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11 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

6.0%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
29.3M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered24.3M · 5.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered5.0M · 1.0% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 24.3M priced, 5.0M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
14.7M29.3M$0.020 now0.25× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.020) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.025) — 6.0M of the priced supply in the money, 1.2% of shares on issue1.5× today ($0.030) — 6.0M of the priced supply in the money, 1.2% of shares on issue2× today ($0.040) — 10.2M of the priced supply in the money, 2.1% of shares on issue3× today ($0.060) — 14.3M of the priced supply in the money, 2.9% of shares on issue5× today ($0.100) — 14.3M of the priced supply in the money, 2.9% of shares on issue10× today ($0.200) — 14.3M of the priced supply in the money, 2.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.020 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 6.0M (1.2% of shares).

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 5.0M (17.1% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
  • 10.0M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
M24AKOptionsPrice-triggered$0.03026 Nov 20262.5MFiling
M24AMOptionsPrice-triggered$0.03030 Jan 2027400kFiling
M24AGOptionsPrice-triggered$7.681 Feb 20274.0MFiling
M24AHOptionsPrice-triggered$8.771 Feb 20273.0MFiling
M24AIOptionsPrice-triggered$10.971 Feb 20273.0MFiling
M24AOOptionsPrice-triggered$0.03020 Feb 20271.3MFiling
M24ALOptionsPrice-triggered$0.05026 Nov 20272.5MFiling
M24ANOptionsPrice-triggered$0.05030 Jan 2028400kFiling
M24AQOptionsPrice-triggered$0.02020 Feb 20286.0MFiling
M24APOptionsPrice-triggered$0.05020 Feb 20281.3MFiling
M24AJPerformance rightsCondition-triggered——5.0MFiling Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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11 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
15 Apr 2026Matthew FreedmanOther64.0M6.0M2.5M—3Y notice
15 Apr 2026Simon AndrewOther12.0M6.0M——3Y notice
15 Apr 2026Vikram KumarOther3.0M6.0M——3Y notice
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7 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

28 July 2026$PCopper Hills Emerges as Priority Copper Target at Meeka East
26 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
2 July 2026Proposed issue of securities - M24
2 July 2026$PMamba Significantly Expands Au and Cu Exploration Potential
7 May 2026$PSOIL SAMPLING IDENTIFIES OVER 20KM OF STRIKE
28 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
16 Apr 2026Becoming a substantial holder
16 Apr 2026Change of Director's Interest Notice - MF - SA - VK
15 Apr 2026Cleansing Statement
15 Apr 2026Completion of Acquisition of the Meeka East Gold Project
15 Apr 2026Notification regarding unquoted securities - M24
15 Apr 2026Application for quotation of securities - M24
15 Apr 2026Application for quotation of securities - M24
31 Mar 2026Results of Meeting
29 Mar 2026$PAirborne EM Survey Validates Gold Anomalies at Meeka East
9 Mar 2026Half Yearly Report and Accounts
27 Feb 2026Letter to Shareholders
27 Feb 2026Notice of General Meeting/Proxy Form
12 Feb 2026Execution of Exploration & Prospecting Agreement
10 Feb 2026Cleansing Notice

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.