MAMBA EXPLORATION LIMITED — Capital/Financing Update 2021

Feb 4, 2021

ASX Announcement: 5 February 2021

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MAMBA COMMENCES TRADING ON THE ASX

Highlights:

• Trading of Mamba Exploration Limited (ASX: M24) commences today at 10am (AWST)

• Initial Public Offering (IPO) successfully completed, and heavily oversubscribed, with applications well in excess of the maximum target of $7.0 million (before costs)

• Project Acquisitions Completed including:

• Darling Range Nickel, Copper and PGE Project

• Calyerup Creek Gold Project

• Ashburton Gold Project

• Kimberley Copper, Silver, Nickel and Gold Projects

• Exploration to commence immediately on the Darling Range and Calyerup Creek Projects

Mamba Exploration Limited (ACN 644 571 826) ( “Mamba” or the “Company” ) is pleased to advise that following the successful completion of the heavily oversubscribed $7.0 million IPO, shares in Mamba (ASX: M24) will commence trading on the ASX today at 10am (AWST).

As part of the IPO, the acquisition of the 100% owned Western Australian projects has been completed including the Darling Range nickel, copper and PGE project in the Julimar region, the Calyerup Creek gold project in the Great Southern, the Ashburton Gold project in the southern Ashburton, and the Kimberley Projects in the East Kimberley (see Figure 1). These projects will allow year-round exploration activity and news flow.

Exploration is planned to commence immediately on the Darling Range and Carlyerup Creek projects and will continue to be the priority until the commencement of the Kimberley and Ashburton field seasons in the June quarter of 2021. Initial activities will include reprocessing of existing geophysical datasets and airborne geophysical surveys in the Darling Range and geochemical sampling, and followup drilling of historical targets at the Calyerup Creek gold project, as outlined in the Prospectus dated 14 December 2020.

Mamba’s Non-Executive Chairman Justin Boylson commented:

“ On behalf of the Mamba Board, I would like to welcome our new shareholders and thank everyone involved for their support and assistance in completion of the IPO and listing on the ASX, including the Project Vendors, Canaccord Genuity, Mining Corporate and DLA Piper. To complete the IPO and listing in this short timeframe has been a credit to the whole team.

We are now focused on commencing exploration activities on our Darling Range project, approximately 30km east of the Julimar discovery and our Calyerup Creek gold project in the Great Southern Region of Western Australia, before turning our attention to the Kimberley and Ashburton projects in the June quarter. ”

ABN: 75 644 571 826 Registered Address: Level 11, London House, 216 St Georges Terrace, Perth WA 6000 AUSTRALIA P: +61 8 9481 0389 E: info@mambaexploration.com.au W: www.mambaexploration.com.au Non-Executive Chairman: Justin Boylson Managing Director: Michael Dunbar Non-Executive Director: Simon Andrew Company Secretary: Alan Armstrong

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Kimberley
Ashburton
Darling Range
Calyerup Creek
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Figure 1: Mamba Exploration’s 100% owned Western Australian Project Locations

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

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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 base and precious metals exploration assets in the Ashburton, Kimberley, Darling Range and Great Southern regions of Western Australia. 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 plans to systematically test. 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. Additionally, 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 the 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, resources discoveries, corporate finance, commodities trading, and mine development.

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