Abstract: The manufacture is carried out in a continuous manner simultaneous to the filling of the shot holes, in a mixer, preferably a rotating mixer, wherein a water-based, non-explosive or low sensitivity matrix, an air bubble stabilizing agent, and optionally, an oxidant in granular form and a combustible material are mixed together. The nature of the water-based matrix, together with the use of an air bubble stabilizing agent, allows the incorporation of air during the mixing, regulating the density of the final product and acting on the variables of the process. On coming out of the mixer, the explosive is totally sensitized and has reached its final density, allowing for quality control before filling the shot hole. The process may be carried out on the explosives pumping truck, with compartments for the transportation of a water-based matrix, an oxidant in granular form, a combustible material and a gas bubble stabilizing agent.