# M24: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/m24-annual-report-to-shareholders--511ca736-8ede-462a-9ba2-40a8497fbb9e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145627 Publisher: asx Original announcement: 2026-09-29T09:24:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T13:23:44.869Z Atlas analysis updated: 2026-09-29T13:23:44.869Z - Company: Mamba Exploration Limited - Ticker: M24 - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Capital raise, Agreement transaction, Other, Drill results - Extracted: 2026-09-29 13:23:45 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Mamba Exploration Limited released its annual report for the year ended June 30, 2026, reporting a net loss of $732,190. The company completed a $2 million capital raise and acquired a 70% interest in the Meeka East Gold Project in Western Australia, while withdrawing from the Canary Uranium Project in Canada. Exploration activities are planned for the newly acquired project and the Ashburton Project. Reasoning: The annual report details a strategic shift towards Western Australian gold projects, supported by a capital raise and a significant acquisition. While a loss was reported and a Canadian project was exited, these actions appear to be part of a focused strategy to advance exploration in a key region. - Positive factor: Successful capital raise to fund new acquisition and exploration - Positive factor: Acquisition of a 70% interest in a gold project in a known goldfield - Positive factor: Strategic focus shift to Western Australian gold projects with planned maiden drilling - Negative factor: Withdrawal from the Canary Uranium Project due to financial commitments - Negative factor: Reported a net loss for the year Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **capital\_raise\_completed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company successfully raised $2 million through an unbrokered Placement, indicating completion of the capital raise. Evidence · text > Mamba Exploration raised $2 million \(before costs\) through an unbrokered Placement of 133,333,333 new fully paid ordinary shares in Mamba \(‘Placement Shares’\) at an issue price of $0.015 per share \(‘Issue Price’\) **acquisition\_completed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The acquisition of a 70% interest in Meekatharra Minerals East Pty Ltd was completed on 15 April 2026. Evidence · text > The acquisition completed on 15 April 2026 following satisfaction of all conditions precedent, including receipt of Tranche 2 Placement proceeds \(see ASX announcement dated 15 April 2026\). **project\_withdrawal** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company announced its withdrawal from the earn-in option agreement for the Canary Uranium Project. Evidence · text > During the period, the Company announced the withdrawal \(see ASX announcement 29 November 2024\) from the three-year earn-in option agreement \(the “Option Agreement”\) with Standard Uranium Limited \(“Standard Uranium”\) in respect of the Canary Uranium Project **stale\_data\_re\_release** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The drill intercept of 4m @ 21.5g/t Au is explicitly referenced as historical, from an ASX Announcement dated 27 January 2022. Evidence · text > Historical RC drilling intersected mineralisation including 4m @ 21.5g/t Au highlighting the potential for high-grade mineralisation \(see ASX Announcement dated 27 January 2022\). ## Extracted facts Stored fact records: 1. Some facts used in scoring do not have a stored record. ## Drill Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/m24-annual-report-to-shareholders--511ca736-8ede-462a-9ba2-40a8497fbb9e#fact-drill-facts-3) Ashburton · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Ashburton - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: M24 #### Geometry - Grade: 21.5 - Grade Unit: g/t - Intercept: 4 m #### Classification - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2022-01-27T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A historical high-grade gold intercept at the Ashburton Project is a positive indicator of prospectivity, but its novelty is low as it is a re-release of old data without new assays or interpretation. - Positive factor: High-grade historical intercept indicates potential for future exploration success - Negative factor: Result is historical and not new information from this report - Negative factor: Limited context provided for the historical intercept Evidence · text > Historical RC drilling intersected mineralisation including 4m @ 21.5g/t Au highlighting the potential for high-grade mineralisation \(see ASX Announcement dated 27 January 2022\). #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.