MAMBA EXPLORATION LIMITED — Capital/Financing Update 2022

Nov 9, 2022

ASX ANNOUNCEMENT 10 November 2022

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RC Drilling Commences on the Calyerup Creek Project

KEY HIGHLIGHTS

• 1,500m RC drilling program has commenced at the Southern Prospect on the Calyerup Creek Gold Project

• Program plans to double the strike length of the Southern Prospect discovery from 500m to 1,000m

• Program will also undertake the first drilling below 50m from surface

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Photo 1: RC Drilling at Calyerup Creek

Mamba Exploration Limited (‘ Mamba ’, ‘ M24 ’ or the ‘ Company ’) is pleased to advise that RC drilling has commenced at the Southern Prospect at the Calyerup Creek Gold Project in the Great Southern of Western Australia (see Figure 1).

The shallow drilling completed in late 2021 and early 2022 on the prospect discovered mineralisation that extends for more than 500m of strike length and only to very shallow depths (~35 metres) (See M24 ASX Announcements dated 17 January 2022, 2 March 2022 and 28 April 2022). Of the 32 holes drilled at the Southern Prospect to date, 27 intersected significant mineralisation including:

• 15m @ 2.20 g/t gold from 1m, including 3m @ 3.53 g/t gold

• 15m @ 2.08 g/t gold from 3m, including 2m @ 9.74 g/t gold

• 16m @ 1.05 g/t gold from 18m, including 3m @ 2.58 g/t gold

• 11m @ 1.38 g/t gold from 7m

• 10m @ 1.34 g/t gold from 20m

• 9m @ 2.5 g/t gold from 6m

• 5m @ 1.1 g/t gold from surface

• 5m @ 1.1 g/t gold from 22m

ABN 75 644 571 826 • L2, 25 Richardson Street West Perth WA 6005 • PO Box 4 West Perth WA 6872 +61 8 9557 6616 • info@mambaexploration.com.au • www.mambaexploration.com.au • ASX: M24

1,500 metres of RC drilling has been commenced with the programme designed to extend the strike length of the known mineralisation from 500 metres to 1,000 metres and to undertake the initial drill testing of the mineralisation below 50 metres from surface.

Additional information will be released as the programme progresses and as new data becomes available.

This announcement has been authorised for release by the Board.

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Figure 1: Calyerup Creek Project Location

CONTACTS

For more information, please visit our website, or contact:

Mr Mike Dunbar Mr Alex Cowie Managing Director Media & Investor Relations info@mambaexploration.com.au alex@nwrcommunications.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 fulltime 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.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that all material assumptions and technical parameters underpinning the original announcements continue to apply and have not materially changed.

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ABN 75 644 571 826 • L2, 25 Richardson Street West Perth WA 6005 • PO Box 4 West Perth WA 6872 +61 8 9557 6616 • info@mambaexploration.com.au • www.mambaexploration.com.au • ASX: M24

ABOUT MAMBA EXPLORATION

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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 / Gascoyne, Kimberley, Darling Range and Great Southern regions of Western Australia. The projects in the Ashburton / Gascoyne and Great Southern are prospective for gold and REE whilst those in the Kimberley and Darling Range are prospective for base metals such as copper, nickel, PGE’s and manganese and REE’s.

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

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

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ABN 75 644 571 826 • L2, 25 Richardson Street West Perth WA 6005 • PO Box 4 West Perth WA 6872 +61 8 9557 6616 • info@mambaexploration.com.au • www.mambaexploration.com.au • ASX: M24