The use of exploding targets has become a popular practice aid in the military, law enforcement and consumer levels. The inventor has conceived and reduced to practice, in a preferred embodiment of the invention, a safe explosive target formulation that is initiated by low-velocity impact. This formulation represents a binary explosive in that the fuel and oxidizer are packaged separately until directly prior to use. Safe, explosive targets for high velocity applications are common. A formulation for low velocity projectile applications which employs an aluminum/magnesium alloy fuel and a potassium perchlorate/ammonium nitrate oxidizer is described.