Mamba Exploration Finalizes 70% Stake in Meeka East Project, Uncovers 20km+ Gold Anomaly Strike

Meeka East Acquisition Completed and Tenement Position Strengthened

On 15 April 2026, Mamba Exploration finalized settlement of its 70% acquisition of Meekatharra Minerals East Pty Ltd (MMEPL), bringing the Meeka East Gold Project under its operational control. This followed the fulfillment of all conditions precedent under the Share Subscription Deed, including a $2.0 million placement and shareholder approval at the General Meeting held on 31 March 2026. This acquisition marks a pivotal step in Mamba’s growth strategy, securing a significant gold exploration asset within Western Australia’s established mining jurisdiction.

Subsequent to quarter-end, Mamba expanded its tenure by entering a Tenement Sale Agreement to acquire 100% interest in three prospecting licence applications totaling 538 hectares (5.38 square kilometers) along the Bella Trend, extending its eastern Meeka East holdings. The consideration involves issuing 2,500,000 fully paid ordinary shares to the vendor at completion, subject to a 12-month voluntary escrow or until tenement grant, whichever is earlier, with no royalties payable. Additionally, the company pegged three further prospecting licence applications covering approximately 5 square kilometers on the New Australian South trend, further extending contiguous tenure along the Mulga Bill ultramafic structure.

Soil Sampling Reveals Over 20km Gold Anomaly, Confirming Geological Model

Fine soil sampling at Meeka East identified more than 20 kilometers of anomalous gold strike, validating Mamba’s "Gold in Sediments" geological concept and defining multiple drill targets. Assay results confirmed anomalous gold values within stratigraphic trends flanking cross-cutting dolerite intrusions. The initial drill target at 140' Well is complemented by three additional major stratigraphic anomalies named New Australian, Lady Maud, and Bella. The mineralized trend at 140' Well extends along strike, representing a southern extension of Great Boulder Resources Limited’s (ASX:GBR) Mulga Bill trend into Mamba’s project area.

The soil sampling dataset underscores the project’s prospectivity and provides a solid framework for drill program design. Anomalous values cluster tightly on the analytical grid, indicating focused mineralization in coherent stratigraphic positions. These results align with Mamba’s exploration model and suggest that geological conditions favorable for gold accumulation persist over a significant lateral extent. The continuity of the Mulga Bill structural and stratigraphic setting across Mamba’s tenure enhances the likelihood of encountering economic gold mineralization at depth.

Historic Airborne Electromagnetic Survey Supports High-Conductivity Gold Zones

Interpretation of a historic Airborne Electromagnetic (AEM) survey confirms high-conductivity zones coinciding with historical geochemical gold anomalies along the Mulga Bill southern extension and over the Bella and New Australian South areas. The integration of geochemical and geophysical data, contextualized with geological and structural information, informs drill planning and supports the Gold in Sediments exploration model. High-conductivity features often correlate with conductive mineral phases and alteration assemblages associated with gold mineralization in sedimentary sequences.

This multidisciplinary approach enhances targeting accuracy by overlaying AEM responses with soil anomalies, field observations, and structural mapping, identifying areas where multiple independent indicators converge. AEM data also constrains conductor geometry and depth, enabling optimized drill hole placement and design for maximum data yield.

Upcoming 50-Hole Reverse Circulation Drilling Program Backed by EIS Funding

Mamba plans a reverse circulation (RC) drilling program of up to 50 holes targeting gold anomalies identified through soil and geophysical surveys. Drilling will be spaced at 50 meters with a depth of 120 meters per hole to test vertical and lateral anomaly extents. The total estimated cost is $180,000, with the Western Australian Government’s Exploration Incentive Scheme providing co-funding of $90,000, a 50% subsidy that reduces Mamba’s capital outlay and validates the exploration program.

Heritage approvals and Program of Work lodgement were underway at quarter-end. The Yugunga-Nya heritage survey was scheduled for late July 2026, with drilling planned to begin promptly following receipt of all necessary approvals. Mamba has demonstrated proactive engagement with heritage processes to accelerate drilling commencement.

Expansion of Regional Exploration at Ashburton Project

Beyond Meeka East, Mamba is advancing regional exploration at its Ashburton Project through a planned geochemical program targeting new gold prospects along major structural corridors. Soil sampling, field reconnaissance, and detailed geological mapping will guide target prioritization for future exploration. This systematic approach aims to identify additional discovery-scale opportunities within Mamba’s broader landholdings.

During the quarter, Mamba rationalized tenure at Ashburton by relinquishing the Granites area, deemed non-prospective, reflecting disciplined capital allocation. The originally scheduled June soil sampling was postponed due to heavy rainfall, with focus maintained on planning the Meeka East drilling program, underscoring management’s prioritization of near-term project advancement.

Strategic Review of Copper Hills and Gabanintha Tenements

Mamba is conducting a strategic review of its Copper Hills and Gabanintha tenements, assessing historical copper exploration data to determine the viability of dedicated copper programs. This evaluation considers whether copper mineralization potential justifies exploration investment or if other assets offer better capital returns.

Any historical results intended for public release will undergo verification by the company’s Competent Person against original source data to ensure compliance with ASX Listing Rules and accurate representation. This review remains ongoing, with further updates anticipated regarding copper exploration priorities.

Financial Status and Capital Structure at Quarter-End

At 30 June 2026, Mamba held $1.2 million in cash following exploration activities and capital raising. Related party payments totaled $106,000 during the quarter, covering director fees and statutory superannuation as detailed in the company’s Appendix 5B section 6.1. Exploration and evaluation expenditure capitalized amounted to $254,000, reflecting active progress at Meeka East and other projects.

The capital structure comprised 487,532,065 fully paid ordinary shares. Additionally, three tranches of unlisted options were on issue: 6,000,000 exercisable at $0.02 until 21 February 2028; 4,000,000 at $0.07677 until 1 February 2027; and 3,000,000 at $0.08774 until 1 February 2027. This structure reflects the $2.0 million placement and prior capital raises supporting acquisitions and exploration.

Upcoming Milestones and Shareholder Focus Areas

Mamba’s immediate focus is completing heritage survey approvals and Program of Work registration to commence the RC drilling program at Meeka East. The Yugunga-Nya heritage survey was planned for late July 2026, with drilling to follow. This program will test the geological model across key targets, including 140' Well and the three major stratigraphic anomalies defined by soil sampling. Successful intersections of primary mineralization would significantly de-risk the project.

Post-drilling, assay results and interpretations will guide follow-up targeting and potential resource development. The regional Ashburton geochemical program is also slated for advancement, potentially generating new exploration targets. The 50-hole drilling program, partially funded by the $90,000 EIS grant, represents a major exploration investment, with results pivotal to the company’s next development phase. Investors should watch for announcements on drilling commencement, assay outcomes, and any subsequent capital or strategic updates.

Regional Context and Exploration Model Validation

Mamba’s Meeka East exploration occurs within Western Australia’s renowned Meekatharra gold district, a premier gold-producing region. The company’s Gold in Sediments model and focus on the Mulga Bill trend’s southern extension align with proven regional exploration frameworks. Great Boulder Resources Limited’s (ASX:GBR) nearby Mulga Bill project validates the mineralization style and economic gold potential in similar settings. Mamba’s soil anomalies represent a clear southern extension of GBR’s trend into its tenure, significantly enhancing project prospectivity.

The Meekatharra district’s rich gold history and recent exploration successes bolster confidence in mineral endowment. The $90,000 EIS co-funding confirms government endorsement of Mamba’s exploration program and tenements. This external validation, combined with geological continuity and systematic exploration, establishes a credible foundation for the upcoming drilling campaign.