MAMBA EXPLORATION LIMITED — Capital/Financing Update 2021

Mar 16, 2021

17 March 2021

ASX Announcement:

==> picture [209 x 63] intentionally omitted <==

Commencement of VTEM[tm] Survey on Darling Range Project

• VTEM[tm] Max Helicopter based electromagnetic survey over the Darling Range Project has commenced

• The survey is expected to be completed in approximately 10 days

• Preliminary results are expected within two weeks of completion

Mamba Exploration Limited (ACN 644 571 826) ( “Mamba” , “M24” or the “Company” ) is pleased to announce that the Electro Magnetic (EM) survey over the Darling Range Project has commenced.

==> picture [369 x 275] intentionally omitted <==

Photo One: Helicopter survey underway on Mamba’s Darling Range Project.

The survey has started at the Mistake Creek tenement (see Figure 1) that neighbours the Mandrake Resources (ASX: MAN) Jimperding Project, where a recent EM survey identified a number of strong EM conductors, some of which appear to trend into M24’s tenure (See MAN ASX Announcement titled “ Multiple Strong EM Conductors at Jimperding ”, dated 17 February). This portion of the survey is expected to be completed by Friday the 19[th] of March.

The second area to be tested is the Black Hills tenement (see Figure 1), which is located between Chalice Mining’s (ASX: CHN) Julimar Discovery east of Perth and the recent strong EM conductor

==> picture [32 x 29] intentionally omitted <==

==> picture [24 x 24] intentionally omitted <==

==> picture [38 x 29] intentionally omitted <==

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

info@mambaexploration.com.au +61 8 9557 6616 www.mambaexploration.com.au ABN: 75 644 571 826

==> picture [209 x 63] intentionally omitted <==

discovery made by Pursuit Minerals (ASX: PUR) (See PUR: ASX Announcement titled: “ Multiple Strong EM Conductors Detected in Calingiri East PGE-Ni-Cu”, dated 19[th] February).

The third area will test the Batty Bog tenement (see Figure 1), which is located north of New Norcia, between Caspian Resources (ASX: CPN) Yarawindah Brook Project, where there have been significant PGE drill intersections and a number of EM conductors (See CPN ASX Announcement titled: “ Company Presentation - RIU Explorers Conference” , dated 17[th] of February) and the recent significant gold discovery made by Liontown Resources (ASX: LTR) which included 44m @ 1.6 g/t gold including 20m @ 3.2 g/t gold (See LTR Announcement titled: “ Outstanding Intercept of 44m @ 1.6 g/t gold in first Reverse Circulation drill hole at the Moora Project, WA” , dated 17[th] of February).

Subject to weather conditions, the survey is expected to be completed in the next 10 days with preliminary results expected within two weeks of completion of the survey.

Mamba’s Managing Director Mr Mike Dunbar commented:

“ We are pleased to have been able to commence the VTEM survey in such a short timeframe from listing, and in particular, we are very encouraged by the recent exploration success that our neighbouring peer companies have achieved in this extremely under-explored and highly prospective belt of Western Australia. ”

==> picture [364 x 353] intentionally omitted <==

----- Start of picture text -----

Batty Bog Tenement
CPN EM Conductors
PUR EM Conductors
Defence Reserve
Black Hills Tenement
Julimar State Forrest
MAN EM Conductors
CHN Julimar Discovery
Mistake Creek Tenement
----- End of picture text -----

Figure 1: Mamba Exploration’s 100% owned Darling Range Project with location of EM conductors identified by other ASX companies.

==> picture [31 x 29] intentionally omitted <==

==> picture [24 x 24] intentionally omitted <==

==> picture [38 x 29] intentionally omitted <==

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

==> picture [209 x 63] intentionally omitted <==

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.

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 2). 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.

==> picture [31 x 29] intentionally omitted <==

==> picture [24 x 24] intentionally omitted <==

==> picture [38 x 29] intentionally omitted <==

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

info@mambaexploration.com.au +61 8 9557 6616 www.mambaexploration.com.au ABN: 75 644 571 826

==> picture [209 x 63] intentionally omitted <==

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.

==> picture [306 x 373] intentionally omitted <==

Figure 2: Mamba Exploration’s 100% owned Western Australian Project Locations

==> picture [31 x 29] intentionally omitted <==

==> picture [24 x 24] intentionally omitted <==

==> picture [38 x 29] intentionally omitted <==

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