Companies / M24

MAMBA EXPLORATION LIMITED

ASX:M24Materials
597.3M shares on issueASX (delayed) · snapshot 28 Oct 2026652.1M fully diluted+9.2% if every option and right converts$0.046price · delayed$27.5MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 91.6% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 218% in 24 months; 4 cash raises in 24 months; options/rights overhang 9% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway12+ quarters of funding
Share-count growth (24m)217.6%
Raise cadence (24m)4 cash raises
Options & rights overhang9.2% of shares
In-the-money supply3.9% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

MAMBA EXPLORATION LIMITED's ordinary share count grew 217.6% between August 2024 and October 2026, its latest share-count filing, reaching 597M shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$9.1M, most recently a A$6.0M placement in October 2026. Options and rights on issue could convert into 55M new shares, equal to 9.2% of current shares, of which 4% are in the money; the nearest expiry falls in November 2026. The company has more than 4 quarters of funding at the recent spend rate. Three proposed securities issues are pending, with the nearest expected in December 2026.

AI-generated summary of this page's cited filings · updated 26 Oct 2026
Quick answers · 6

Why was M24 in a trading halt?

Mamba Exploration requested a trading halt on 30 Sept 2026, giving the reason "Pending announcement on capital raising and earn-in agreement". Trading was expected to resume 2 Oct 2026.

Is M24 raising capital?

Mamba Exploration has 3 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $6.0M on 2 Oct 2026.

How much placement capacity does M24 have left?

About 95% of the 15% placement capacity left, about 5% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.

How much cash does M24 have?

In its quarterly cash report for the quarter ended 30 Sept 2026, Mamba Exploration reported $865k of cash and estimated 2.6 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do M24's options expire?

Unexercised options and rights equal 9.2% of Mamba Exploration's shares on issue; the nearest expiry is Nov 2026.

How much has M24's share count grown?

Mamba Exploration has 597.3M shares on issue as at 28 Oct 2026, up 217.6% over 24 months according to its Appendix 2A filings.

Get told when this changes
Get M24 alerts
Free for up to 2 companies. A daily email when M24 raises money, files a new share issue, drops below 2 quarters of cash or moves risk level.
9.2%
Options & rights overhang
3.9%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
2
Raises · last 12 months
12+ qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 597.3M per ASX (delayed) (snapshot 28 Oct 2026).
200M400M600MDec 24Nov 25Oct 26Cash raise · 2 Oct 2026Cash raise · 2 Feb 2026Cash raise · 19 Feb 2025Cash raise · 9 Dec 2024597.3M

Cash runway

12+ qtrs OURS
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$5.4M cash after burn.
FILED 2.6 qtrs · $865k cash · quarter ended 30 Sept 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.FILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
Free account
11 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 Sept 2026.
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

Issuance timeline

Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
9 Oct 20262A · quoted issueM24 : ORDINARY FULLY PAID597.3MAppendix 2A
2 Oct 20263G · unquotedM24 : ORDINARY FULLY PAID487.5MAppendix 3G
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
Free account
19 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

Securities on issue over time

Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.

Free account
Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

Capital raises

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

every 7.2 monthsaverage gap between raises
0.9 monthssince the most recent
9 Dec 2024 – 2 Oct 2026first to most recent in this window
$6.0M
Placement
At 3.8c, 15.6% below the last close
2 Oct 2026 ACTIVE
Free account
12 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

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.

4.2M of option supply could convert within 12 months — 0.7% of shares on issue
4.2M in the money, expiring in the window
3 proposed issues (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
Free account
17 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.

About 95% of the 15% placement capacity left — about 5% used by Appendix 3B filings in the last 12 months, after the issues holders ratified (estimate, as at 2026-10-28). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may be higher.
Free account
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.
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

Pending proposed issues

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

Options & convertible securities

9.2%
Options & rights overhang · of current shares
3.9%
In-the-money supply · at current price
54.8M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered49.8M · 8.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered5.0M · 0.8% 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: 49.8M priced (of which 23.1M in the money), 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
27.4M54.8M$0.046 now0.25× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.023) — 6.0M of the priced supply in the money, 1.0% of shares on issue0.75× today ($0.035) — 16.6M of the priced supply in the money, 2.8% of shares on issue1× today ($0.046) — 23.1M of the priced supply in the money, 3.9% of shares on issue1.25× today ($0.057) — 33.8M of the priced supply in the money, 5.7% of shares on issue1.5× today ($0.069) — 39.8M of the priced supply in the money, 6.7% of shares on issue2× today ($0.092) — 39.8M of the priced supply in the money, 6.7% of shares on issue3× today ($0.138) — 39.8M of the priced supply in the money, 6.7% of shares on issue5× today ($0.230) — 39.8M of the priced supply in the money, 6.7% of shares on issue10× today ($0.460) — 39.8M of the priced supply in the money, 6.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.046 today, 23.1M securities are in the money (3.9% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 33.8M (5.7% 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 (9.1% 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
M24AROptionsPrice-triggered$0.03031 Mar 20296.5MFiling
M24ASOptionsPrice-triggered$0.04031 Mar 20296.5MFiling
M24ATOptionsPrice-triggered$0.05031 Mar 20296.5MFiling
M24AUOptionsPrice-triggered$0.0602 Oct 20296.0MFiling
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. For what expires soon across other listed companies, see the options expiry calendar.

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.

Free account
15 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.
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

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
Free account
7 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
Free account: 2 full company unlocks every month, no card.
Unlock M24 freeSee plans

Ownership

Free account
Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
Free account: 2 full company unlocks every month, no card.
Create free account

Latest announcements

26 Oct 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
12 Oct 2026Date Of AGM and Closing Date for Director Nominations
9 Oct 2026Cleansing Statement
9 Oct 2026Application for quotation of securities - M24
2 Oct 2026Investor Presentation
2 Oct 2026Notification regarding unquoted securities - M24
2 Oct 2026Proposed issue of securities - M24
2 Oct 2026Proposed issue of securities - M24
2 Oct 2026Proposed issue of securities - M24
2 Oct 2026Proposed issue of securities - M24
2 Oct 2026$P$6M PLACEMENT, EARN-IN, KEY INVESTMENT & STRATEGIC ADVISER
30 Sept 2026$PTrading Halt
30 Sept 2026Ceasing to be a substantial holder
29 Sept 2026Appendix 4G and Corporate Governance Statement 2026
29 Sept 2026Annual Report to shareholders
21 Sept 2026$PMULTIPLE THICK HIGHGRADE COPPER ZONES AT MEEKA EAST
29 July 2026$PCopper Hills Emerges as Priority Copper Target at Meeka East
27 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
3 July 2026Proposed issue of securities - M24
3 July 2026$PMamba Significantly Expands Au and Cu Exploration Potential

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.