I can tell you a little bit.
The "M" stands for Mussolini and the other feature to the badge is a stylised Rods and Axe of the Fascist Party.
It is a collar dog I think? But I cannot recall the exact organisation.
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This is a ONB "Balilla" badge. The Balilla Organization was the Fascist Youth, divided according to some age stages: this One should be between 11 and 14 y.o. Could be either for cap (fez) or collar, it depends on the size.