MAMBA EXPLORATION LIMITED — Interim / Quarterly Report 2021

Oct 28, 2021

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QUARTERLY REPORT SEPTEMBER 2021

29 October 2021

ASX code : M24

Hi hli hts g g

• Priority PGE-Ni-Cu targets identified at Black Hills:

Board

• Coincident AEM conductors defined within the

Mike Dunbar Managing Director

Justin Boylson Non-Executive Chairman

Simon Andrew Non-Executive Director

Projects

Darling Range Project Calyerup Creek Gold Project Ashburton Gold Project Kimberley Project

Issued Capital

60.98M shares on issue 11.0M unlisted options

Market Capitalisation

$12.20 million

  - **2PGE and ultramafic trend**

• Land access agreement executed

• Programme of works (PoW) submitted to DMIRS for RC drilling in Q4

• Very High Grade Copper and Silver identified at Copper Flats Project from initial field investigations including:

• Area 5: up to 34.3% Copper and 54.2 g/t Silver,

• Area 4 (Old Workings): up to 22.8 % Copper and 230 g/t Silver

• Forrest Creek up to 1.0% Copper and 7.7 g/t Silver

• Additional tenement applications double the size of the Copper Flats project to ~2,320km2

• Geochemical sampling at Calyerup Creek Project:

• Geochemical sampling at Calyerup Creek identified two gold in soil trends with samples up to 1.9 g/t

• Spring Flora survey completed over the two priority gold trends

• PoW for RC drilling in Q4 submitted to DMIRS

Enterprise Value

$6.96 Million

Cash at Bank (Sept 30)

$5.24 million

• Auger drilling commences at the Ashburton Gold Project:

• Shallow auger drilling over a number of regional structures has commenced on the Osbourne Well and Lyndon tenements, results expected to be received in Q4

Mamba Exploration Limited

ABN 75 644 571 826

L2, 25 Richardson Ave West Perth, WA 6005

PO Box 4 West Perth, WA 6872

T (08) 6557 6616 E info@mambaexploration.com.au W mambaexploration.com.au

Mamba Exploration Limited ( “Mamba” , “M24” or the “Company” ) is pleased to present a summary of activities for the quarter ended 30 September 2021.

Mamba’s key areas of focus were the exploration and permitting activities at the Darling Range Project, northeast of Perth, WA, and the Calyerup Creek Project in the Great Southern region of WA; commencing the field activities on the Ashburton Gold Project; and initial field investigations on the Kimberley projects, primarily focused on the Copper Flats area.

Quarterly Report for period ending 30 September 2021

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Exploration Activities

Following its successful IPO and ASX listing in February, the Company commenced on ground exploration activities on the Darling Range and Calyerup Creek Projects, while also progressing the Kimberley and Ashburton Projects through data compilation and targeting.

Darling Range Nickel, Copper and PGE Project:

(E70/5147, E70/5329, E70/5753, E70/5203 and P70/1757)

The Darling Range Project comprises four granted exploration licences and one granted prospecting licence. The project covers approximately 100km[2] and is located between 100km and 120km north-east of Perth. The nearby towns include Northam, Toodyay, New Norcia, and Gingin (Figure 1).

During the quarter Mamba completed detailed processing of the AEM data collected from the survey over the Darling Range Project completed late in CY21 Q1. The survey 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 (Figure 2). 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.

Black Hills Project Area:

The Black Hills Project area is located approximately 30km east of Chalice Mining’s Julimar discovery (Figure 1), north-east of Perth, WA. This area will remain a priority for the Company.

Compilation of the historical geochemical sampling over the Black Hills area has identified a 6km long +10ppb Platinum plus Palladium (2PGE) geochemical anomaly. The anomaly remains open to the north.

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

Detailed processing of the aeromagnetic data over the area has identified a geophysical trend that extends 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 (Figure 2). 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. The northern portion of the geochemical and geophysical trend is the highest priority target.

A land access agreement has been executed with the landowners of the northern priority target. As a result, a programme of work has recently been submitted with the Department of Mines, Industry Regulation and Safety (DMIRS) to allow RC drilling to be undertaken in the December quarter.

A RC drill rig has been secured for the drilling, which is expected to commence in early December.

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Figure 1: Location of Mamba Exploration’s Darling Range Tenements (LHS) and the Black Hills Project area in relation to Chalice Mining’s Julimar discovery (RHS).

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

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Calyerup Creek Gold Project (E70/4998 & E70/5707)

The Calyerup Creek Project which comprises two exploration licences (E70/4998 and E70/5707) approximately 45km[2] in area It is located approximately 12km east of Jerramungup township in the Great Southern region of Western Australia (Figure 3).

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Figure 3: Calyerup Creek Project Location

As announced on 12[th] of July, Mamba collected 1,253 soil samples over the southern portion of E70/4998 and northern portion of the recently granted E70/5707 during the quarter, to confirm and extend the historical soil anomalies. The sampling identified two significant gold trends that each extend for more than 1,400 metres from west to east in the southern portion of E70/4998 (Figure 4).

The Southern trend extends for 1,400m and covers the historical southern workings, which have historically been drilled to approximately 25m vertical depth over a total strike length of 140m. The new sampling has significantly extended the high-grade core of the anomaly with a +100 ppb soil anomaly extending for over 400m, with a peak soil result of 1,927 ppb (1.9 g/t) gold , identified to the east of the southern workings (Figure 4).

The Northern trend also extends for 1,400m east west and remains open to the east. This trend has no historical drilling or workings. The peak soil sample result from the Northern trend was 1,735 ppb (1.7 g/t) gold . This is a significant result, and this trend warrants further investigation.

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Figure 4: Geochemical Sampling over the Southern Portion of E70/4998.

A detailed flora survey was completed on the project during the quarter. This survey covered both the recently identified gold trends. The survey report concluded that the planned activities will not impact any priority species. As a result, a PoW has been submitted to DMIRS for approval. It is expected that this approval will be received in the next month, allowing RC drilling to be undertaken in the current quarter.

Kimberley Copper, Silver, Nickel and Gold Projects

The Kimberley Project comprises 4 sub-projects in the Kimberley region of Western Australia. The Project includes Copper Flats, Ruby Plains, Spring Creek and Speewah East areas (Figure 5).

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Figure 5: Kimberley Project – Locations

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Copper Flats Area:

The Copper Flats Area is comprised of seven exploration licence applications (ELA 80/4569, 4586, 5247, 5280, 5281,5708 & 5709) covering 715 blocks or approximately 2,320km[2] and is centred approximately 125km east-northeast of Halls Creek, and 215km south of Kununurra. The project area comprises Ord Basin sediments and volcanics within the Hardman Syncline (Figure 6). The Copper Flats area has been explored since the 1970s, with numerous reports of visible copper mineralisation in outcrop.

As reported on the 28[th] of October, recent sampling by Mamba confirmed the very high-grade copper and silver mineralisation at Area 5 and Area 4, with rock chip sampling including (see Figure 6):

• Area 5: up to 34.3% Copper and 54.2 g/t Silver

• Area 4 (Old Workings): up to 22.8 % Copper and 230 g/t Silver

• Forrest Creek: up to 1.0 % Copper and 7.7 g/t Silver – New Prospect

• Area 5 West: up to 0.6% Copper – New Prospect

• Nelson Shale: up to 0.6 % Copper and 16.5 g/t Silver

Following the field investigations and rock chip sample results, a detailed review of the historical exploration was undertaken. This highlighted that the Hardman sedimentary basin that hosts the mineralisation is far shallower than previously interpreted. As a result, a number of the conceptual stratigraphic and structural targets will be considerably shallower than previously interpreted, opening up the potential of the area to the north of the original project tenure. As a result, new tenement applications (E80/5708 & 5709) have been lodged with DMIRS, which more than double the size of the Copper Flats Project (see Figure 7).

Compilation of historical exploration on the new tenements has identified copper soil anomalies of up to 2,000m x 500m in size with peak results of 5% copper at the Ord Hill Prospect, historical auger sampling of up to 1m @ 0.4% copper and extremely high-grade copper rock chips up to 46.5% copper and 161 g/t silver (see Figure 8)

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Figure 6: Copper Flats Project: Significant Copper and Silver Rock Chip Results

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Figure 7: Copper Flats Project: Historical Sampling Results

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Figure 8: Ord Hill Prospect Historical Surface Sampling and Historical Drilling

Geophysical surveys and geochemical programmes for early in the 2022 field season are currently being planned for the Copper Flats Project.

Negotiations with the native title owners of the land for heritage protection agreements have progressed during the quarter and are expected to be executed in the December quarter.

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Ruby Plains and Spring Creek Area

The Ruby Plains Area comprises four granted exploration licences (E80/5079, E80/5232, E80/5409 and E80/5411) and five exploration licence applications (E80/5085, 5086, 5519, 5577 & 5578) covering 306 blocks or approximately 900km[2] . The project is located approximately 50km from Halls Creek. The area is located within the Halls Creek Orogenic Belt, one of the principal tectonic elements of the Kimberley Region. Cobalt (Co)-manganese (Mn) mineralisation is present in the Ruby Plains Group, which is the main stratigraphic unit in the area. Historical exploration across the project area has focussed predominantly on Mn mineralisation (with associated Co mineralisation) with mapping, magnetic surveys, rock chip sampling and drilling.

Activities during the quarter have been restricted to negotiating heritage agreements with the traditional owners to allow the tenement applications to proceed to grant. It is expected that heritage protection agreements with the traditional owners of the land will be executed in the December quarter.

An initial field visit was undertaken on the project during the quarter. Activities were limited to landowner discussions and investigations for access to priority targets and data compilation.

Speewah East Area:

The Speewah East Area is located approximately 50km south-west of Kununurra in the East Kimberley of Western Australia. The Sub-Project comprises one exploration licence and one exploration licence application. The project covers 160 blocks for approximately 480km[2] . The tenements are located on the western and relatively undeformed margin of the Kimberley Block, where they cover an antiformal structure known as the Speewah Dome and a section of the Greenvale Fault that hosts fluorite and barite mineralisation. Limited historical exploration has been completed to date.

Activities during the quarter have been focused on negotiating heritage agreements with the traditional owners to allow the tenement application to proceed to grant. In addition to landowner negotiations, an initial field trip was undertaken to determine the preferred access routes into the magnetic targets and ground truthing of targets.

Ashburton Gold Project

(E08/2913, E09/2332 and ELA 09/3343)

The Ashburton Project comprises two granted exploration licences and one exploration licence application, covering 204 blocks or approximately 610km[2] of the established mineralogical terrain in the eastern part of the Gascoyne Mining District of Western Australia. The project is approximately 190km south of Onslow, 240km west of Paraburdoo and 220km north-east of Carnarvon.

During the quarter auger drilling commenced on a number of large regional structures that run through the Osbourne Well and Lyndon tenements. This drilling is ongoing, with results expected to be received in the December quarter.

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Planned Exploration Activities for Quarter ending 31 December 2021

The following activities have been planned for the current quarter:

Darling Range Project

• Follow up ground EM over the northern Black Hills Priority target

• Pending ground EM results, initial drilling is planned for Q4 2021

Calyerup Creek Project

• An initial RC drill programme has been prepared and is expected to be completed in Q4 2021

Ashburton Gold Project

• Ongoing auger drilling

• Infill surface geochemical sampling

Kimberley Projects

• Compilation of historical exploration data

• Reprocessing of Geophysical datasets for the expanded project

• Planning for Geophysical surveys over the project, surveys tentatively planned for early in the 2022 field season.

Corporate

Financial

Following the exploration activities, Mamba had a cash position of approximately $5.24 million at the end of the quarter.

Related party payments for the quarter, are as outlined in the Appendix 5B at section 6.1, total $107,277 and includes amounts paid to directors including director’s fees and statutory superannuation.

Capital Structure as at 30 September 2021

Description	Number
Fully paid ordinary shares	60,983,338
Unlisted options exercisable at $0.25 on or before 9 October 2023	6,000,000
Unlisted options exercisable at $0.25 on or before 27 January 2024	4,000,000
Unlisted options exercisable at $0.25 on or before 20 July 2024	600,000
Unlisted options exercisable at $0.30 on or before 20 July 2024	400,000

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Use of funds[1]

Mamba provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to date since listing on 5 February 2021 against the ‘use of funds’ statement in its prospectus dated 14 December 2020.

Expenditure	Funds allocated under Prospectus	Actual to 30 September 2021	Variance
Vendor payments	$190,000	$142,481	($47,519)
Exploration	$3,777,000	$431,530	($3,345,470)
Working capital	$1,700,000	$823,244	($876,776)
Costs of offer	$635,000	$732,377	$97,377
Future acquisition costs	$1,020,000	$38,074	($981,926)
Total	$7,322,000	$2,167,686	($5,154,314)

1. The Use of Funds table is a statement of current intentions, investors should note that the allocation of funds set out in the table may change depending on a number of factors including the results of exploration, outcome of development activities, regulatory developments and market and general economic conditions.

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:

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, Exploration Results, Mineral Resources or Ore Reserves 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.

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. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original announcements

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

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Summary of Mining Tenements

Tenement	Status	Project	Location	Ownership	Ownership
				Start	End
E08/2913	Live	Ashburton	Ashburton Region	100	100
E09/2332	Live	Ashburton	Ashburton Region	100	100
E08/3343	Pending	Ashburton	Ashburton Region	100	100
E70/5707	Live	Calyerup Creek	Great Southern Region	100	100
E70/4998	Live	Calyerup Creek	Great Southern Region	100	100
E80/4569	Pending	Copper Flats	East Kimberley Region	100	100
E80/4586	Pending	Copper Flats	East Kimberley Region	100	100
E80/5247	Pending	Copper Flats	East Kimberley Region	100	100
E80/5280	Pending	Copper Flats	East Kimberley Region	100	100
E80/5281	Pending	Copper Flats	East Kimberley Region	100	100
E80/5708*	Pending	Copper Flats	East Kimberley Region	0	0
E80/5709*	Pending	Copper Flats	East Kimberley Region	0	0
E70/5147	Live	Darling Range	Perth Region	100	100
E70/5329	Live	Darling Range	Perth Region	100	100
E70/5403	Live	Darling Range	Perth Region	100	100
E70/5753	Live	Darling Range	Perth Region	100	100
P70/1757	Live	Darling Range	Perth region	0	100
E80/5232	Live	Ruby Plains	East Kimberley Region	100	100
E80/5519	Pending	Ruby Plains	East Kimberley Region	100	100
E80/5577	Pending	Ruby Plains	East Kimberley Region	100	100
E80/5578	Pending	Ruby Plains	East Kimberley Region	100	100
E80/5079	Live	Ruby Plains	East Kimberley Region	100	100
E80/5409	Live	Ruby Plains	East Kimberley Region	100	100
E80/5411	Live	Ruby Plains	East Kimberley Region	100	100
E80/5085	Pending	Ruby Plains	East Kimberley Region	100	100
E80/5086	Pending	RubyPlains	East KimberleyRegion	100	100
E80/5216	Live	Speewah	East KimberleyRegion	100	100
E80/5217	Live	Speewah	East KimberleyRegion	100	100

• Tenement application lodged on the 4[th] of October 2021

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L2 25 Richardson Ave West Perth WA 6005 PO Box 4 West Perth WA 6872

+61 8 9557 6616 ABN: 75 644 571 826

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity
Mamba Exploration Limited
ABN 75 644 571 826	Quarter ended (“current quarter”)
75 644 571 826	30 September 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	(132) (110) 1	(132) (110) 1
	(241)	(241)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- (26) (182) - -	- (26) (182) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Rule 5.5

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities
	(208)	(208)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- -	- -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	5,685 (241) (208) 5,236	5,685 (241) (208) 5,236

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Rule 5.5

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	5,236	5,236
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	621 4,615 - -	570 5,115 - -
	5,236	5,685
1.1.1
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 105 6.2 Aggregate amount of payments to related parties and their associates included in item 2 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		105
		2

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 3

Rule 5.5

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (241) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (182) Total relevant outgoings (item 8.1 + item 8.2) (423) Cash and cash equivalents at quarter end (item 4.6) 5,236 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 5,236 Estimated quarters of funding available (item 8.6 divided by item 8.3) 12 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(241) (182) (423) 5,236 -
		5,236
	Answer:
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer:

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 4

Rule 5.5

• 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 29 October 2021

Authorised by: The Board of Mamba Exploration Limited

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectiv

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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