MAMBA EXPLORATION LIMITED — Capital/Financing Update 2021

Jul 19, 2021

20 July 2021

ASX Announcement:

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Mamba confirms priority PGE-Ni-Cu Target at Black Hills

• Detailed modelling of airborne EM data over the Darling Range Project has returned:

• Black Hills area: modelling confirms 7 AEM plates coincident with a mapped ultramafic unit

• Batty Bog area: modelling identified 3 AEM plates

• Mistake Creek Area modelling is ongoing with several shallow conductors identified which are yet to be explained

• Black Hills Project Area confirmed as a priority target due to:

• Reprocessing of aeromagnetic data over the Black Hills Area identifying a 6km long magnetic trend, coincident with a mapped ultramafic unit in the eastern portion of the Black Hills tenement.

• Compilation of historical PGE geochemical sampling at Black Hills identifying a 6km long +10ppb 2PGE (Platinum plus Palladium) anomaly

• The +10ppb 2PGE anomaly, the magnetic trend, the ultramafic unit and the 7 AEM modelled plates are coincident, highlighting the potential of the 6km long trend in the eastern portion of the Black Hills tenement

• Land access negotiations are well advanced with three Black Hills landowners to allow follow up exploration

• Mamba has commenced additional geochemical sampling of the ultramafic trend at Black Hills

• Mamba has planned a fixed loop EM (FLEM) survey over the AEM modelled plates, expected to be undertaken either late in Q3 or early Q4.

• FLEM is expected to better define targets for drilling, planned for Q4 CY2021.

Mamba Exploration Limited (ACN 644 571 826) ( “Mamba” , “M24” or the “Company” ) is pleased to report encouraging results from an airborne electromagnetic (AEM) survey completed over its Darling Range PGE, Ni and Cu project, located near the western margin of the Yilgarn Craton (see Figure 6), approximately 30km east of Chalice Mining’s (ASX: CHN) Julimar discovery in Western Australia.

Results from the survey have identified two areas as priority targets. At the Black Hills and Batty Bog tenement areas, AEM has resulted in 10 significant AEM plates being modelled. At Black Hills, seven of these plates are associated with a 6km long ultramafic trend in the eastern portion of the tenement (see Figure 1). This ultramafic trend is of particular significance as it is supported by numerous coincident geochemical and geophysical trends significantly upgrading the potential of the area.

22/589 Stirling Hwy Cottesloe WA 6011 PO Box 4 West Perth WA 6872

info@mambaexploration.com.au www.mambaexploration.com.au

+61 8 9557 6616 ABN: 75 644 571 826

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Figure 1: Mamba Exploration’s Black Hills Area with AEM modelled conductors, 6km long 2PGE anomaly and mapped ultramafic trend over Total Magnetic Intensity magnetic image.

Black Hills Project Area:

The Black Hills Project area is located approximately 30km east of Chalice Mining’s Julimar discovery (see Figure 2), north-east of Perth, WA. This area will remain a priority for the Company.

Geochemical Anomalies:

Compilation of the historical geochemical sampling over the Black Hills area has identified a 6km long +10ppb Platinum plus Palladium (2PGE) geochemical anomaly. This anomaly was defined from historical auger sampling across the tenement with several significant 2PGE samples being collected, including 65, 39, 34 and 26 ppb (see Figure 3 and Table 2).

The anomaly remains open to the north.

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In addition to the 2PGE anomaly, compilation of historical rock chip sampling and digitisation of the geological mapping in the area has identified and confirmed an ultramafic unit that is broadly coincident with the anomaly, which extends through the eastern portion of the tenement. Sampling of this unit identified anomalous Ni results, consistent with an ultramafic signature (see Figure 4).

These two coincident geochemical anomalies significantly upgrade the prospectivity of the area.

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Figure 2: Location of Mamba Exploration’s Black Hills project area in relation to Chalice Mining’s Julimar discovery.

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Figure 3: Mamba Exploration’s Black Hills Tenement with 6km long 2PGE anomaly over aerial photo showing broad acre cropping farmland.

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Figure 4: Mamba Exploration’s Black Hills Tenement with 6km long ultramafic trend, showing Ni rock chip sampling and 2PGE anomaly over 1VD TMI grey scale aerial magnetic image.

Geophysical Anomalies:

Detailed processing of the aeromagnetic data over the area has identified a geophysical anomaly that trends for approximately 6km through the eastern portion of the Black Hills area. This anomaly coincides with the mapped and rock chip sampled ultramafic trend in the eastern portion and the 2PGE anomaly (see Figure 4). The ultramafic trend has been crosscut by two late-stage Proterozoic

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dykes, which has resulted in magnetic destruction of a portion of the magnetic signature, however the fact that the ultramafic unit is coincident with the geochemical trends is encouraging.

In addition to the mapped ultramafic, the 2PGE anomaly and the aeromagnetic data, the eastern trend also hosts the seven discrete AEM conductors identified from the survey completed in March. These conductors have now been modelled (see Figure 1).

The modelled plates are consistent with a bedrock mafic or ultramafic source and have a strike length of between 100 and 500m with a depth extent of between 60 and 300m (see Table 1). As expected with any AEM anomaly, the dip of the conductors is difficult to determine and the conductor coupling is variable. As a result, fixed loop EM has been recommended for each of the modelled conductors to better define their orientation prior to drilling.

Mamba has planned a follow-up fixed loop Electromagnetic survey (FLEM) to cover all AEM modelled conductors. This survey is expected to be completed in late Q3 or early Q4, depending on land access. Once the FLEM has been completed and modelled, drilling is expected to be undertaken in Q4.

Land Access and Compensation Agreements:

After identifying the significance of the eastern ultramafic unit, the 2PGE anomaly and the AEM modelled conductors, Mamba commenced negotiations with the landowners and occupiers. The Company is pleased to advise that it has reached in-principle agreement with one of the three landowners (and occupiers) of the farms that cover the eastern ultramafic trend. This has allowed further geochemical sampling to commence on the northern extensions of the ultramafic trend and 2PGE anomaly.

Negotiations with the other two landowners are progressing well and the Company is confident in being able to finalise the land access and compensation agreements for on-ground exploration in the next month.

Batty Bog Project Area:

Batty Bog is ~15km north of New Norcia and 50km north of Julimar (see Figure 6). The tenement covers a discrete highly magnetic anomaly which has undergone very little exploration.

An AEM survey completed in March resulted in three conductors being identified (see Figure 5). These conductors have been modelled and confirm that the response is from a bedrock source, with the plates having a strike extent of between 65 and 350m and depth extents of between 45 and 250m (see Table 1 for details). These conductors need to be further defined, and Mamba proposes a FLEM survey for the area.

Mamba has also completed detailed processing of the aeromagnetic data over the area which identified several bedrock anomalies which coincide with the AEM conductors and modelled plates (see Figure 5).

In addition to the planned FLEM survey, additional geochemical exploration has been planned to confirm the potential of the area. These AEM targets will be prioritised once this additional exploration has been completed and compensation agreements have been negotiated with the landowners. These negotiations are ongoing.

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Figure 5: Mamba Exploration’s Batty Bog Tenement with AEM modelled conductors, over 1VD TMI grey scale aerial magnetic image.

Table 1: Darling Range Modelled AEM Plate Details.

				Depth to top		Dip		Depth
Project	Plate #	Easting	Northing		Dip		Length (m)
				of plate (m)		Direction		Extent (m)
Black Hills	BH1	451,565	6,539,845	132	15	238	300	300
Black Hills	BH2	451,825	6,539,500	101	15	240	300	150
Black Hills	BH3	450,850	6,539,755	110	10	300	100	60
Black Hills	BH4	450,968	6,540,616	66	60	63	140	80
Black Hills	BH5	451,085	6,540,430	76	60	63	200	150
Black Hills	BH6	450,705	6,541,425	56	50	238	100	100
Black Hills	BH7	449,890	6,543,185	88	65	33	500	300
Batty Bog	BB1	427,915	6,587,075	45	86	245	65	45
Batty Bog	BB2	426,953	6,587,071	143	30	90	150	250
Batty Bog	BB3	427,565	6,590,390	110	60	108	350	200

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Figure 6: Location of Mamba Exploration’s Darling Range Project Tenement Areas in relation of other ASX-listed exploration companies’ recent discoveries.

Mamba’s Managing Director Mike Dunbar commented:

“ While the delay in receiving the final modelled AEM results was frustrating, it has been worth the wait. Identifying seven AEM plates from the detailed modelling at Black Hills is a great result. Just as encouraging is the fact that we have identified a 6km-long 2PGE trend, a coincident ultramafic unit and a magnetic trend which are all coincident with the AEM plates adds significantly to the prospectivity.”

“This approach of de-risking the targets through the use of multiple independent targeting tools which have all highlighted the 6km long trend in the eastern portion of the tenement, adds significantly to the potential of the area.”

“Having identified the trends, we immediately commenced discussions with the landowners and have already received in principle agreement with one of the farmers, which has allowed us to commence additional geochemical sampling to the north where the ultramafic unit is interpreted to either be

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folded on itself or is a large intrusive feature. Negotiations are progressing well with the other farmers in the area, and we are confident that we will be able to finalise the land access and compensation agreements in the next month with all of the farmers, allowing on ground exploration in Q3 and drilling in Q4. ”

The Company looks forward to updating the market of progress as new information and results are received.

This Announcement has been authorised for release by Mr Mike Dunbar, Managing Director and CEO, on behalf of the Board of Mamba Exploration.

For more information on Mamba Exploration Limited, please visit the Company’s website at www.mambaexploration.com.au or contact:

Mike Dunbar Managing Director & CEO info@mambaexploration.com.au

Competent Person Statement

The information in this report that relates to Exploration Targets or Exploration Results is based on information compiled by Mr Mike Dunbar, a “Competent Person” who is a Member of Australasian Institute of Mining and Metallurgy (AusIMM). Mr Dunbar is the Managing Director and CEO of Mamba Exploration Limited. He is a full-time employee of Mamba Exploration Limited and holds shares and options in the company. Mr Dunbar has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to Qualify as a “Competent Person” as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Dunbar consents to the inclusion in this announcement of the matters based on his information and in the form and context in which it appears. Information on historical exploration results for the Darling Range Project, including JORC Table 1 and 2 information, is included in the Mamba Exploration Prospectus dated 14 December 2020.

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Table Two: Significant (+10ppb) 2PGE Auger Sample Results

Sample ID	Easting	Northing	Pd ppb	Pt ppb	2 PGE ppb
2683454	450227	6543302	7.1	3	10.1
2683460	449717	6543042	6.9	3.5	10.4
2683461	449633	6543001	7.7	6.6	14.3
2683463	449457	6542908	6.9	3.8	10.7
2683464	449365	6542858	6.4	6	12.4
2683470	448835	6542596	5.5	7.7	13.2
2683471	448736	6542551	10.3	11.2	21.5
2683472	448643	6542508	5.7	6	11.7
2683473	448557	6542467	14.7	13.4	28.1
2683483	448978	6541883	6.4	3.6	10
2683485	449136	6541996	58	6.5	64.5
2683486	449224	6542064	25.1	13.8	38.9
2683487	449314	6542135	18.7	11.2	29.9
2683512	450488	6542065	10.6	9.1	19.7
2683513	450388	6542039	9.1	6.8	15.9
2683524	449410	6541586	8.2	3.2	11.4
2683535	450712	6541704	14.6	19	33.6
2683536	450612	6541673	8.8	5	13.8
2683537	450524	6541648	9.4	7.7	17.1
2683538	450419	6541615	9.5	16.4	25.9
2683544	449958	6541264	10.5	1.7	12.2
2683545	449885	6541200	13	3.6	16.6
2683561	450753	6540950	13.2	12.5	25.7
2683562	450672	6540900	8.5	10.3	18.8
2683563	450590	6540838	4.4	7.1	11.5
2683564	450503	6540786	6.8	6.1	12.9
2683566	450373	6540616	11.8	3	14.8
2683592	451089	6540525	15.6	2.3	17.9
2683593	451000	6540479	6.8	8.4	15.2
2683598	450552	6540254	9	3.5	12.5
2707561	451949	6538916	5.9	5	10.9
2707574	449952	6539011	4.2	32	36.2
2707575	450041	6539065	16	1.3	17.3
2707588	452052	6538971	4.2	6.9	11.1
2707590	452242	6539067	10.1	8.8	18.9
2707617	451882	6539453	10.5	10.3	20.8
2707618	451982	6539503	8.3	2.7	11

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Background on Mamba Exploration:

Mamba Exploration is a Western Australian focused exploration Company, with four 100% owned geographically diverse projects which provide year-round access. The projects are highly prospective mineral exploration assets in the Ashburton, Kimberley, Darling Range and Great Southern regions of Western Australia (see Figure 5). The projects in the Ashburton and Great Southern are prospective for gold whilst those in the Kimberley and Darling Range are prospective for base metals such as copper, nickel, PGE’s and manganese.

Mamba’s initial focus is to explore the Calyerup Creek and Darling Range Projects. Calyerup Creek contains historical gold workings and several exciting gold targets that the Company plan to systematically test, while the Darling Range project is prospective for nickel, copper and PGE’s and is located nearby Chalice Mining Limited’s (ASX: CHN) recent Julimar discovery. The Darling Range Project is located close to Perth and associated infrastructure.

The exploration focus will shift to the Ashburton and Kimberley projects in the June quarter of 2021, when the field season in northern Western Australia allows and the winter rains limit activity in southern regions of Western Australia. The Ashburton project is prospective for Gold, while the Kimberley Project are prospective for sedimentary hosted copper and silver mineralisation, along with intrusive related nickel and copper deposits.

Mamba’s Board comprises of Directors who have significant experience across sectors including mineral exploration, resource discover, corporate finance, commodities trading and mine development.

The Companies objective is to add significant shareholder wealth through the exploration of its projects and the discovery of economic Mineral Resources.

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Figure 5: Mamba Exploration’s 100% owned Western Australian Project Locations

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JORC Code (2012) Table 1 – Black Hills Project

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	• An airborne electromagnetic surveyVTEM MAXTMTM(VTEM) in regular (long) pulse mode has been acquired over the Black Hills tenement o A total of 83.4 line kilometres. o Flight lines are orientated 090°/270° spaced 200m. o VTEMConfiguration ▪ Transmitter loop diameter = 35 m ▪ Transmitter Frequency = 25 Hz ▪ Transmitter Pulse Width = 7 ms ▪ Transmitter Dipole Moment = 700,000 NIA ▪ EM Receivers measure Z, X and Y components ▪ Magnetic Sensor – Towed Bird ▪ Mean Flying height = 83 m ▪ Mean EM Transmitter and Receiver height = 35 m ▪ Mean Magnetic Sensor height = 73 m o TheVTEMsurvey was completed by UTS Geophysics Pty Ltd operating Geotech Ltd’s Versatile Time-Domain Electromagnetic system (VTEM). o The survey has been supervised by Southern Geoscience Consultants. • Auger sampling was undertaken by CRA exploration in 1995. Sampling was conducted via industry-standard practices utilising an Auger drill rig. • Rock chipsamplingwas conducted byOtter Exploration in 1977.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	• CRA Auger Sample coordinates were recorded on 1:25,000 Aerial photographs, transferred to a 1:25,000 cadastral base plan and then digitised to AMG coordinates and subsequently converted to a UTM grid (GDA94 Zone 50). • Otter Exploration rock chip sample locations were georeferenced from historical maps and converted into UTMgrid(GDA94 Zone 50).
	• Aspects of the determination of mineralisation that are Material to the Public Report.	• CRA Auger Auger samples were collected via a bulk soil sample to a depth of approximately 1 metre. Where Auger sampling failed to penetrate basement, a rock sample was collected. • Otter Exploration rock chipsamplingwas conducted where outcroppingto sub-

cropping basement lithologies were exposed.

		cropping basement lithologies were exposed.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• CRA Auger samples were collected via a bulk soil sample to a depth of approximately 1 metre. Where Auger drilling failed to penetrate basement, a rock sample was collected. o All samples were analysed for a multielement suite by Analabs, Perth. Samples were processed via jaw crushing and a coarse grind to -80µm size. o Assay ledgers are location data is supplied in Wamex report A- Number 44736 • Otter Exploration rock chips were collected via industry standard methods, as inferred from information included in the report o Assay ledgers and location maps is supplied in Wamex report A- Number 8106
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• The sampling completed by CRA exploration was collected using an Auger rig. A total of 172 samples were collected within the Tenement. From the information reviewed, it appears that drilling was conducted using industry-standard techniques.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• CRA Auger Auger samples were collected via a bulk soil sample to a depth of approximately 1 metre. Where Auger sampling failed to penetrate basement, a rock sample was collected. • No bias was recorded or noted between sample recovery and grade.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• CRA Auger samples were analysed geochemically without qualitative logging • Otter Exploration noted the interpreted host lithology of rock samples. These lithologies are referred to in Wamex report A-Number 8106
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the	• Limited data is available for subsampling techniques. • CRA Auger samples were analysed for a multielement suite by Analabs, Perth. Samples were processed via jaw crushing and pulverised to -80µm size. • As per industry standard for rock chip sampling, Otter Exploration collected samples of outcropping/subcropping basement rock at areas noted as anomalous or geologically interesting. Representivity of sampling across outcrops cannot be established.

	in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Historical reports do not report on QA/QC procedures of sampling. • The sample size is considered appropriate for the material being sampled.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• CRA Auger samples were analysed for a multielement suite by Analabs, Perth. Samples were processed via jaw crushing and a pulverised to -80µm size. • An ICP-OES and ICP-MS aqua regia method was used • Detection limits for Pt and Pd were 0.0005ppm • Assay methods utilised for rock chips collected by Otter Exploration are not established in the 1977 report. A base metal suite of Cu, Pb, Zn and Ni (all ppm) results are provided in Wamex report A-Number 8106.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• TheVTEMand magnetic geophysical data has been reviewed by UTS Geophysics for QA/QC purposes, prior to the data being supplied and processed by Southern Geoscience and reviewed by Mamba Exploration. Lines were reflown if an issue was identified (during the QA/QC process) with the data captured. • CRA Exploration original Auger assay data for Pt and Pd in ppm has been converted to ppb. The totals of Pd and Pt (ppb) were combined to produce a 2-PGE (ppb) value reported on in this release. • No adjustments were applied to Otter Exploration results
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• VTEM: real time (WAAS) GPS Navigation System with an in-flight accuracy up to 1.5 m o Data location is recorded in WGS84-UTM Zone 50 south. • CRA Auger Sample coordinates were recorded on 1:25,000 Aerial photographs, transferred to a 1:25,000 cadastral base plan and then digitised to AMG coordinates. Sample locations were subsequently converted to a UTM grid (GDA94 Zone 50). • Otter Exploration rock chip sample locations were georeferenced from historical maps and converted into UTM grid (GDA94 Zone 50). Sample locations are erratic and dictated by the presence of outcropping basement lithologies • No field validation has been undertaken. • Topographic control was not included in historical reports. It is not considered of importance to the early stage of exploration.

Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• VTEMflight line nominal spacing of 200 m o On line data sample spacing approximately 3 m. • CRA Auger Sample coordinates were recorded on 1:25,000 Aerial photographs, transferred to a 1:25,000 cadastral base plan and then digitised to AMG coordinates. Sample locations were subsequently converted to a UTM grid (GDA94 Zone 50). • Otter Exploration rock chip sample locations were georeferenced from historical maps and converted into UTM grid (GDA94 Zone 50). o Sample locations are erratic and dictated by the presence of outcropping basement lithologies
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• VTEMflight orientation is perpendicular to general strike of geological formations. • CRA Exploration Auger sample holes were vertical. o Sample locations were collected on a nominal 100m sample spacing on a ENE-WSW lines spaced nominally 500m apart along fence lines and farm tracks, perpendicular to the regional trend of the Jimperding Metamorphics which host the interpreted host structure of gold mineralization, which formed the target of the CRA work program. o No orientation-based sampling bias is known. • As per industry standard for rock chip sampling, Otter Exploration collected samples of outcropping/subcropping basement rock at areas noted as anomalous or geologically interesting. Representivity of sampling across outcrops cannot be established. o Sample locations are erratic and dictated by the presence of outcropping basement lithologies
Sample security	• The measures taken to ensure sample security.	• N/A in regards toVTEMresults • Details of measures taken for the chain of custody of samples is unknown for the previous explorers' activities.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• VTEMsystem was calibrated prior to commencement of data acquisition. o All data was inspected daily by the UTS site crew and verified daily by UTS in Canada and reviewed by a consulting geophysicist at Southern Geoscience. • No Audits or reviews of sampling techniques and data are reported nor have been undertaken.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Black Hills project is located within a single Exploration License, E 70/5147. The covers 6 graticular blocks for an area of 17.62 km². The project is located 100km and 120km north-east of Perth. The nearby country town of Bolgart is less than 1km to the east. The town of Toodyay is 30km to the south and the closest large regional centre. Access is granted from multiple directions via sealed road. • The project is covered by the Yued (30) native title claim area. • Mamba Exploration owns 100% of the tenement.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Ground covered by E 70/5147 has been covered by exploration leases since the 1960s. o The two most meaningful work programs (in relation to the aims of Mamba Exploration) were completed by Otter Exploration (1977) and CRA Exploration (1995). Results of this work is detailed in this release. • See Section 3.5 of the Mamba Prospectus (dated 14 December 2020) for full details of previous exploration activities on the project.
Geology	• Deposit type, geological setting and style of mineralisation.	• The western margin of the Archean Yilgarn Craton is highly prospective for Platinum Group Elements (“PGE”) and Nickel (Ni) – Copper (Cu) mineralisation associated with intrusive mafic to ultramafic rocks. The discovery of PGE-Ni-Cu mineralisation on the Julimar Project held by Chalice Gold Mines Limited (see Chalice Gold Mines ASX Announcement 23 March 2020) in 2020, is the first significant PGE-Ni- Cu discovery in the region which previously only had early-stage indications of mineralisation (Yarawindah, Bindi- Bindi). The PGE-Ni-Cu mineralisation hosted by the ultramafic-mafic Gonneville intrusion on Chalice’s Julimar Project, has the potential to be the most important deposit of PGE’s in Australia. Increasingly it is becoming apparent that the prospective ultramafic-mafic intrusions are far more widespread than previously thought throughout the western margin of the Yilgarn Craton. The project area is located within the >3Ga age Western Gneiss Terrane of the Archean Yilgarn Block, which comprises a strongly deformed belt of gneisses, schists, quartzites, Banded Iron Formation, intruded by mafic to ultramafic rocks. The terrane is up to 70km wide, and possibly wider, and is bounded to the west of the Darling Fault and younger Archean rocks to the east. The general geological strike in northwest. The bedrock Archean metasedimentary gneisses,migmatites and

Criteria	JORC Code explanation	Commentary
		intrusive mafic and ultramafic rocks occur in structurally complex settings. Dolerite dykes of Proterozoic Age also occur. Outcrops are rare and the basement geology is largely obscured by lateritic ironstones and deep saprolitic weathering.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain _why this is the case. _	• Full assay results of historical sampling detailed in this report are located in Wamex report A-Numbers 8106 (Otter Exploration) and 44736 (CRA exploration)
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• All Ni results are shown for rock chip sampling by Otter Exploration. • CRA Exploration original Auger assay data for Pt and Pd in ppm has been transformed to ppb. The totals of Pd and Pt (ppb) were combined to produce a 2-PGE (ppb) value reported on in this release.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• N/A
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate plans are included in this report.

Criteria	JORC Code explanation	Commentary
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All CRA Auger 2-PGE (ppb) results from within tenement boundaries are detailed in this report • Results of rock chip sampling by Otter Exploration are restricted to those located on the current tenement (Figure 4).
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• N/A
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Follow up fixed loop ground based EM surveys are planned to verify and better define the responses identified by theVTEMsurvey. • Geochemical rock chip sampling will also be undertaken over the defined anomalies prior to any drill testing of the conductive anomalies.