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Macallum New Energy Limited (ASX:MNE)

ALERT: Price-sensitive ASX Announcement for MNE
Current share price for MNE : $0.140 -0.055 (-28.21%)+
Announcement
Release
22 Jul 2026 9:15AM
Price at Release
$0.195
Full Release
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Summary
Macallum New Energy Limited (ASX:MNE) reported a significant quarter ending 30 June 2026, marked by the completion of major seismic acquisition programs in the Perth Basin. The company successfully conducted the Barberton 3D and Condor 2D seismic surveys, enhancing their exploration capabilities. As of the end of the quarter, MNE maintained a strong cash position of $1.82 million, despite substantial exploration expenditure. The company spent $2.74 million on exploration, covering seismic surveys and associated costs. MNE plans further data processing and prospect evaluation to mature potential drilling targets, aiming to reduce Australia's dependence on imported fuels. The company also outlined variances in fund usage compared to initial estimates in their prospectus, due to higher than expected survey and legal costs.
Key Points
  • Completion of Barberton 3D seismic survey in EP-494.
  • Completion of Condor 2D seismic survey in EP-511 and EP-494.
  • Seismic data processing commenced with Velseis Processing Pty Ltd.
  • Strong cash position of $1.82 million at quarter end.
  • Exploration expenditure of $2.74 million during the quarter.
  • Plans to update resource assessments for drilling in 2027.
  • Efforts to reduce Australia's dependence on imported fuels.
  • Variance in use of funds attributed to higher survey and legal costs.
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.