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Mt Malcolm Mines NL (ASX:M2M)

ALERT: Price-sensitive ASX Announcement for M2M
Current share price for M2M : $0.006 -0.01 (-62.50%)+
Announcement
Release
30 Oct 2025 12:05PM
Price at Release
$0.016
Full Release
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Summary
Mt Malcolm Mines NL reported productive drilling activities across its Malcolm Gold Project, confirming shallow gold mineralisation at key prospects like Picnic South and Dumbarton. The company is advancing towards resource estimation and potential trial mining operations, with significant expenditures on exploration. Despite tight cash flow projections, a Renounceable Rights Issue aims to secure additional funding. Strategic plans for the next quarter include further drilling and resource evaluations, maintaining efforts to enhance project development and stakeholder engagement.
Key Points
  • Mt Malcolm Mines NL completed 2,010 metres of RC drilling across Sunday Picnic and Picnic South prospects.
  • Continuous shallow gold mineralisation over a 700m strike length was confirmed at Picnic South.
  • Drilling programs at Dumbarton confirmed multiple gold mineralised zones with significant results.
  • The Malcolm Project targets structurally controlled gold systems for early-stage production.
  • A total of $772k was spent on exploration and evaluation during the quarter.
  • The company announced a Renounceable Rights Issue to raise up to $2.3 million.
  • Estimated funding available is 0.31 quarters, with plans to reduce discretionary expenditure.
  • Plans for December quarter include follow-up drilling and JORC-compliant Mineral Resource Estimates.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.