M3 Mining (ASX:M3M) said its board introduced stronger financial controls after its cash balance fell to around AU$500,000 due in part to legacy outgoings and contractual commitments entered by previous management, according to a Wednesday Australian bourse filing.

The board is seeking to conserve capital by streamlining the workforce to "align with current priorities," reducing corporate overheads and non-essential spending, consolidating supplier arrangements, and directing resources to high-impact, strategically aligned activities.

It is also conducting a review of all the licenses underpinning its existing exploration projects at Victoria Bore and Edjudina, and it gave the new geological team a clear mandate to rationalize the portfolio to ensure that it retains only the licenses that are likely to generate shareholder value.