Mamba said the placement comprises about 157.9 million fully paid ordinary shares at $0.038 each to raise $6 million before costs. The company said the price represented a 15.6% discount to its last closing price on 29 September 2026 and a 9.7% premium to its 15-day volume-weighted average price.
The placement includes a first tranche of about 109.8 million shares to raise approximately $4.2 million under available placement capacity, and a second tranche of about 48.1 million shares to raise approximately $1.8 million, subject to shareholder approval at the AGM.
Under Stage 1 of the earn-in, Mamba is to sole fund heritage costs and at least $250,000 of exploration expenditure, including RC drilling, within 18 months of execution. On completion, it would earn a 51% interest and make further cash and share payments.
Mamba described the Poison Hills Project, about 80km south-east of Meekatharra in Western Australia, as being at an early exploration stage and prospective for silver, gold, copper and lead, subject to systematic exploration.
Source: Download M24 official ASX announcement, 2026-10-02.
File image from earlier MES coverage: Mamba Identifies Copper Hills as Priority Copper Target. Not an image of the current announcement.