The present invention relates to a water-based explosive having detonation properties similar to dynamite. It comprises an emulsion explosive formed by blending an emulsion phase with cast particles. The emulsion phase comprises a continuous organic liquid fuel phase, a discontinuous inorganic oxidizer solution phase and an emulsifier. The cast particles comprise a mixture of sodium perchlorate, water and diethylene glycol. The cast particles can be added to the emulsion phase before the particles are completely cured and thus before they reach final sensitivty.