MAMBA EXPLORATION LIMITED — Capital/Financing Update 2022

Jul 28, 2022

29 July 2022

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ASX ANNOUNCEMENT

Airborne EM modelling Identifies Bedrock Conductors at Copper Flats Project

KEY HIGHLIGHTS

• Inversion modelling of regional airborne EM (AEM) data has identified several bedrock conductors

• Conductors are coincident with interpreted basin growth faults and high-grade copper and silver surface sampling

• Stratigraphy and structures are clearly identifiable from the AEM inversion modelling

• Contract signed for a large detailed AEM survey over the eastern portion of the Copper Flats project – Survey scheduled to be flown in October

• The 2022 soil sampling programme progressing as planned - approximately 60% of the 2,600 samples collected to date

• pXRF analysis will be undertaken on the collected samples in the next 2 weeks, significantly speeding up data interpretation and resulting in substantial time and cost savings over traditional laboratory analysis

Mamba Exploration Limited (ACN 644 571 826) (‘ Mamba ’, ‘ M24 ’ or the ‘ Company ’) is pleased to announce that detailed 2.5D inversion modelling of regional (20km spaced) airborne EM data has identified several bedrock conductors at the Copper Flats project in the east Kimberley of Western Australia (see Figure 1).

The conductors are coincident with the interpreted basin growth faults and high-grade copper and silver grades identified in surface sampling (see Figure 2 to 5). In addition to the bedrock conductors, the modelling has clearly identified the regional stratigraphy and recognised a number of structures.

Commenting on the modelling, Managing Director, Mike Dunbar said:

“We are pleased to announce that the detailed inversion modelling of the regional AEM dataset has identified bedrock conductors at Copper Flats. It is very encouraging that the conductors are coincident with the interpreted basin growth faults and the high-grade copper and silver surface sampling that Mamba completed in 2021 and the historical surface data. There are also several strong conductors in areas which have not had any surface sampling undertaken. The AEM has not only identified bedrock conductors but has also clearly mapped out the basin stratigraphy and identified a number of structures which disrupt the EM response in several locations, confirming the Company’s geological interpretations. Given the regional lines are so wide spaced (20km) no interpretation between lines can be undertaken, however it is believed that acquisition of a detailed EM data will be invaluable in targeting high-grade copper and silver mineralisation.

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

We have already planned a large, detailed survey to cover the northeast portion of Copper Flats. A contract for the survey has already been signed, with the survey to be flown in October this year.

The soil sampling programme is also progressing over the Ord Hill prospect with around 60% of the 2,600 samples already collected with XRF analysis of the priority samples expected to be completed in the next two weeks, allowing follow-up sampling to be completed prior to the field team mobilising to our other projects.”

As a result of the modelling and the identification of the bedrock conductors and EM anomalies, a detailed TEMPEST AEM survey has been planned. The survey will cover approximately 1800 line kilometres over the eastern portion of the Copper Flats project with 200m lines spaced over the known geochemical anomalies and 400m spaced over the remaining portion of the survey area (see Figure 6).

A contract has been signed with Xcalibur Multiphysics for the survey, which will be completed in October 2022 and is expected to be completed in around 10 days. While preliminary data will be processed as the survey is flown (allowing infill lines to be flown if warranted), the final detailed data is expected to be received and processed around 5 weeks after the survey has been completed.

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Figure 1: Location of Mamba’s Projects in the East Kimberley of Western Australia

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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

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Figure 2: 2D Inversion modelling on regional AEM lines

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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

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Figure 4
Figure 5
AEM Inversion Cross Section
AEM Inversion Cross Section
Figure 3: 2D Inversion modelling at Copper Flats – Eastern Area
Bedrock Conductors Structure Bedrock Conductors Bedrock Conductors
AEM Inversion Cross Section
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Figure 4: 2D Inversion modelling on Northern EM line at Copper Flats – Eastern Section

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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

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Shale Bedrock
Anomalies within Shale
AEM Inversion Cross Section
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Figure 5: 2D Inversion modelling on Northern EM line at Copper Flats – Central Section

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Figure 6: Planned Copper Flats Project AEM Survey Areas to be Flown in October 2022

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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

The soil sampling programme covering the historical Ord Hill prospect (see Figure 7), which has peak copper grades of 5% and silver grades up to 5 g/t, has progressed as planned. The programme which includes approximately 2,600 sample sites is approximately 60% complete. The high priority samples have been collected and freighted to Perth for analysis. To allow rapid analysis, a portable XRF unit has been secured to analyse the samples. This pXRF analysis is expected to be completed in the next two weeks, allowing interpretation of the data to be completed before the rest of the sampling is completed. This will allow additional sampling to be completed as needed prior to the field team relocating to our other projects. This also will allow interpretation to be undertaken without the delays caused by the current laboratory turnaround times.

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Figure 7: Copper Flats Project Previous Geochemical sampling, 2D AEM Inversion lines and Area of 2022 Soil Sampling

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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

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.

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.

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, 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 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

JORC Code (2012) Table 1 – Copper Flats Project

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.	Copper Flats Area • No new physical sampling is being reported • Rock chip samples were collected via ‘grab sampling’, whereby visually altered, anomalous and/or representative rock specimens were collected for laboratory assay. • Historical soil sampling was undertaken on local and MGA grids at various sample spacing although most of the Ord Hill Prospect was sampled on a 100m x 50m spacing • The limited historical drilling was undertaken on nominal 70m spaced lines and 30m hole spacing
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Copper Flats Area • No new physical sampling is being reported • Grab samples collected from in situ basement outcrop were selected based on their representation of the outcrop. • To ensure representivity, multiple rock samples were collected from each basement exposure. • The sampling methods for the historical drilling is unknown
	• Aspects of the determination of mineralisation that are Material to the Public Report. 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	Copper Flats Area • N/A • Each rock chip sample was dried, crushed and pulverized to 75 microns at Minanalytical laboratories. • Samples were assayed via the Minanalytical ‘MA41’ Ore Grade 4- acid digest method • Historical RC drilling samples were collected on 1m samples and it is assumed industry standard procedures were used.
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.	• Historical drill sample recovery is unknown.

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.	Copper Flats Area • No new physical sampling or logging being reported • A geological description log was provided for each rock sample. Logs are not suitable for Mineral Resource estimation, mining studies or metallurgical studies • Historical drill holes have been geologically logged
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 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.	Copper Flats Area • N/A • All rock chips were dried, crushed and pulverized to 75 microns at Minanalytical laboratories • Grab samples collected from in situ basement outcrop were selected based on their representation of the outcrop. • To ensure representivity, multiple samples were collected from each basement exposure. • Historical drilling sampling techniques are unknown, although it is assumed that they were sampled using industry standard procedures for the time. • The drilling and soil sample size is appropriate for the mineralization style and 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.	Copper Flats Area • N/A • For rock chip samples, the analytical techniques is appropriate for the stage of exploration being conducted. • For the soil and drill samples the assay methods appear to be appropriate. • No standards, blanks or duplicates were inserted into the sample batch, although Lab standards and QA/QC procedures have been followed and check sampling is within the expected ranges, with no assay bias identified.
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.	Copper Flats Area • N/A • Other than converting the copper grades from ppm to percent, no adjustments have been made to original assay data.

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.	Copper Flats Area • N/A • Sample points were collected using UTM grid (GDA94 Z52) by hand- held GPS. • Topographic control is considered adequate for 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.	Copper Flats Area • N/A • Grab sample spacing is highly variable across the project • There has been insufficient sampling and significant results to date to estimate a resource. It is unknown if additional exploration will result in the definition of a Mineral Resource. • Assay compositing has not been applied • Historical soil sample spacing is variable, however most of the Ord Hill Prospect was sampled on a nominal 100m x 50m spacing
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.	Copper Flats Area • AEM flight lines are nominally east west, while structural growth faults and structures being targeted are generally north west / south east. • Grab sample spacing orientation is highly variable and unsystematic across mineralised structures within the project • Soil sampling was oriented roughly perpendicular to strike • Some of the historical drilling appears to be been drilled down dip and may not be representative.
Sample security	• The measures taken to ensure sample security.	Copper Flats Area • No new physical sampling is being reported • Samples were collected, sealed, stored and delivered to the laboratory by Mamba Exploration • historical sample security procedures are unknown
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Sampling techniques are consistent with industry standards, however, there have been no external audits of the sampling technique or database

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation		Commentary	Commentary	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.		Copper Flats • The Copper Flats Sub-Project is comprised of six exploration licence applications (E80/4569, E80/4586, E80/5247, E80/5280, E80/5281 and E80/5708) and one granted exploration licence (E80/5709) covering 715 blocks or approximately 2,320 km2.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.		• Exploration has been undertaken by a number explorers including: Year Operator Wamex A # 1995 Halls Creek Minerals N.L. 46558 2001 Hardman Range Copper PtyLtd 63649 2002 Hardman Range Copper PtyLtd 66062 2005 Nicholson East PtyLtd(ByAnpet Exploration PtyLtd) 71557 2005 Nicholson East PtyLtd(ByAnpet Exploration PtyLtd) 71558 2006 Nicholson East PtyLtd(ByAnpet Exploration PtyLtd) 73982 2006 Nicholson East PtyLtd(ByAnpet Exploration PtyLtd) 74206 2006 Nicholson East PtyLtd(ByAnpet Exploration PtyLtd) 74207 2008 Nicholson East PtyLtd(ByOrd River Resources) 79407 2008 Nicholson East PtyLtd(ByOrd River Resources) 80804 2013 Nicholson East PtyLtd(Mount Isa Mines) 99935
			Year	Operator	Wamex A #
			1995	Halls Creek Minerals N.L.	46558
			2001	Hardman Range Copper PtyLtd	63649
			2002	Hardman Range Copper PtyLtd	66062
			2005	Nicholson East PtyLtd(ByAnpet Exploration PtyLtd)	71557
			2005	Nicholson East PtyLtd(ByAnpet Exploration PtyLtd)	71558
			2006	Nicholson East PtyLtd(ByAnpet Exploration PtyLtd)	73982
			2006	Nicholson East PtyLtd(ByAnpet Exploration PtyLtd)	74206
			2006	Nicholson East PtyLtd(ByAnpet Exploration PtyLtd)	74207
			2008	Nicholson East PtyLtd(ByOrd River Resources)	79407
			2008	Nicholson East PtyLtd(ByOrd River Resources)	80804
			2013	Nicholson East PtyLtd(Mount Isa Mines)	99935
Geology	• Deposit type, geological setting and style of mineralisation.		• There are multiple styles of mineralisation being explored for, however the bulk of the mineralisation is considered to be sedimentary hosted copper silver mineralisation +/- structurally controlled copper and silver mineralisation related to sedimentary basin growth faults.
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		• No new physical sampling is being reported • Not applicable for soil samples. • Historical drill hole information on the new tenement applications is outlined below. It should also be noted that these drill holes are spread over more than 100km of strike length, and most of these holes were drilled for stratigraphy reasons and were not directly targeting mineralisation • Drilling undertaken on the original Copper Flats tenure has been reported in the Mamba Prospectus dated 14 December 2020 and is not reported in this report.

Criteria	JORC Code explanation	Commentary
	_why this is the case. _
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.	Copper Flats Area • No new physical sampling is being reported • Significant intersections (+0.3% copper) have been calculated with no edge dilution and a minimum of 1m downhole length. • No top cuts have been applied. • No metal equivalent values are reported.
Relationship between mineralisatio n 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’).	• Not applicable
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
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 the AEM data over the project are reported within the report..
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.	• The 2.5D AEM Inversion area consists of the Kimberley AusAEM 02 WA/NT 2019-20 TEMPEST® AEM survey data. A total of 6 regional ~20km lines were modelled for a total of 356 line km. • The AEM data has been modelled using the Intrepid Geophysics 2.5D full waveform MOKSHA-EM inversion software (based on the CSIRO/Amira ArjunAir Code). MOKSHA-EM’s core algorithm assumes 2D geology and a 3D source. • 2.5D is accurate for geology that is essential 2D within the AEM system footprint and assumes that the strike is orthogonal to flight direction. • MOKSHA-EM delivers improved resolving power vs CDI and 1D inversions, while being faster than 3D inversion. This enables entire surveys to be inverted rather than a select few flight lines, enhancing coverage and ensuring no flight data is wasted.

Criteria	JORC Code explanation	Commentary
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.	• Future planned exploration activities are outlined in this report