M3 Mining Reports AUD 840k Cash, New Directors, and Exploration Progress

Exploration Progress at Key Western Australian Projects

M3 Mining Limited (ASX, M3M) has provided its quarterly update for the period ending June 30, 2025, highlighting ongoing exploration efforts at its flagship Edjudina Gold Project and the Victoria Bore Copper Project, both located in Western Australia. The company completed extensive soil sampling and geological mapping, particularly at the Broken Bore, Old Dam Hill, and Plough prospects within Edjudina, where encouraging gold mineralisation signatures reminiscent of the 'Twin Peaks' style were detected.

At Victoria Bore, a historic copper mining area known for high-grade copper production in the 1950s, recent soil sampling and mapping have identified new base metal occurrences and geological contexts that could underpin future exploration targets. A total of 166 rock and soil samples have been collected and submitted for assay, with results awaited, underscoring the early-stage nature of these findings.

Corporate Restructuring and Board Changes

Alongside exploration updates, M3 Mining announced significant corporate developments. Two directors, Simon Eley and Dermot O’Keeffe, resigned during the quarter, prompting the appointment of Alan Armstrong and Tyler Formica as new non-executive directors. Eddie King, previously a non-executive director, has assumed executive duties temporarily until a permanent replacement is found. These changes follow a requisitioned general meeting that was ultimately cancelled after withdrawal of the requisitions.

The board emphasized a renewed focus on strengthening internal controls, risk management, operational transparency, and financial discipline. This strategic reset aims to align the company’s activities with shareholder interests and ensure sustainable value creation.

Divestment of Energy Subsidiary and Financial Position

In a notable move, M3 Mining entered into an agreement to sell its wholly-owned energy subsidiary, M3 Energy Pty Ltd, to UK-based Jerboa Energy Ltd. Under the terms, Jerboa will assume all ongoing funding obligations related to the energy business, with M3 Mining receiving an initial payment of AUD 10,000 and a further AUD 140,000 contingent on the granting of a hydrocarbon permit. Additionally, M3 Mining retains rights to participate in future capital raisings by Jerboa on non-dilutive terms.

Financially, the company reported a cash balance of approximately AUD 840,000 at the end of June 2025. The board acknowledges the need for prudent expenditure management and has indicated that operational outflows will be curtailed in coming quarters to extend the company’s funding runway beyond one quarter. No new capital raising was undertaken during the period, with the focus on internal discipline and strategic review.

Outlook and Strategic Focus

M3 Mining remains committed to advancing its exploration projects within well-established mineralised corridors in Western Australia, with the Edjudina project situated near significant gold mining operations such as Northern Star’s Yilgangi Field. The company’s systematic approach to exploration aims to prioritise high-potential targets and deliver material discoveries.

Corporate governance reforms and financial discipline are central to the company’s strategy as it navigates a challenging market environment. The board’s recent changes and asset divestment reflect a clear intent to sharpen focus and preserve shareholder value while awaiting assay results that could unlock further project potential.