Mamba Exploration Limited has agreed to acquire a 70% interest in the Meeka East Gold Project in Western Australia’s Murchison Goldfield, supported by a $2 million capital raise to fund exploration activities.
- Binding agreement to acquire 70% of Meekatharra Minerals East Pty Ltd
- Meeka East Gold Project covers 152 km² with 39 tenements in a prolific gold region
- Planned extensive soil sampling and drilling in 2026, pending heritage agreements
- $2 million placement raised in two tranches to support exploration and working capital
- Board changes include appointment of Matt Freedman as Executive Director and Peter Schwann as Technical Advisor
Strategic Acquisition Expands Mamba’s Gold Footprint
Mamba Exploration Limited has taken a significant step to bolster its gold exploration portfolio by entering into a binding conditional agreement to acquire a 70% interest in Meekatharra Minerals East Pty Ltd. This entity holds the rights to the Meeka East Gold Project, situated in the highly prospective Murchison Goldfield of Western Australia, a region renowned for its rich gold endowment.
The Meeka East Gold Project encompasses a substantial land package of approximately 152 square kilometres, consolidated into 39 exploration and prospecting licenses. Notably, the tenure is contiguous with Great Boulder Resources Limited’s Side Well Project along the Mulga Bill trend extension, a structural corridor known for gold mineralisation. This geographic adjacency offers Mamba a strategic advantage to explore extensions of known mineralised zones.
Exploration Plans and Early Indicators
Mamba’s immediate exploration focus will be on comprehensive soil sampling across the full strike length of the Mulga Bill trend extension, which currently demonstrates potential for over 6 kilometres of prospective gold-bearing stratigraphy and structure. Recent fine soil sampling has already identified low-level gold anomalies over a 3-kilometre strike at the 140 Foot Well prospect, which lies within the northern portion of the project.
Subject to securing heritage agreements with the Yugunga Nya PBC and positive exploration results, Mamba plans to commence a drilling program in the second quarter of 2026. This phased approach aims to validate and expand on the geochemical anomalies and structural targets identified to date.
Capital Raising and Governance Enhancements
To fund the acquisition and subsequent exploration activities, Mamba has secured firm commitments to raise approximately $2 million through an unbrokered placement of new shares at a 35% discount to the recent volume weighted average price. The placement will be executed in two tranches, with the first tranche expected to settle in early February 2026 and the second tranche subject to shareholder approval at a general meeting anticipated in March 2026.
Alongside the acquisition, Mamba has announced key board and management changes to strengthen its leadership team. Matt Freedman, an experienced resources executive and former managing director of an ASX-listed drilling group, has been appointed Executive Director. Additionally, geologist and former Westgold Resources director Peter Schwann joins as Technical Advisor, bringing valuable expertise and familiarity with the project’s geology.
Transaction Structure and Future Outlook
The acquisition consideration includes a $200,000 cash payment, the issue of over 59 million fully paid ordinary shares subject to a 12-month voluntary escrow and shareholder approval, and a 1.5% net smelter return royalty on minerals extracted from the project. Following completion, Mamba and Meekatharra Minerals Pty Ltd will form a joint venture, with Mamba holding a 70% interest and operational control.
This transaction not only diversifies Mamba’s asset base but also positions the company to leverage exploration upside in one of Western Australia’s prolific gold provinces. The company’s broader portfolio, including the Ashburton Project in the Gascoyne region, will continue to be advanced in parallel.
Bottom Line?
Mamba’s acquisition and capital raise set the stage for a pivotal exploration campaign in 2026, with early results and heritage negotiations critical to watch.
Questions in the middle?
- Will heritage agreements with the Yugunga Nya PBC be secured in time to commence drilling as planned?
- How will initial soil sampling and drilling results influence Mamba’s exploration strategy and capital allocation?
- What impact will the new board appointments have on operational execution and investor confidence?