MAMBA EXPLORATION LIMITED — Investor Presentation 2021

Nov 24, 2021

==> picture [229 x 68] intentionally omitted <==

A Western Australian Focused Gold, Nickel and Copper Explorer

==> picture [485 x 80] intentionally omitted <==

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

Annual General Meeting
----- End of picture text -----

25 November 2021

==> picture [123 x 50] intentionally omitted <==

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

ASX:M24
----- End of picture text -----

100% owned Western Australian Exploration Projects

• Darling Range Project (PGE, Ni & Cu) – 6km long Ultramafic identified, 10 AEM conductors modelled, 6km long PGE anomaly on freehold farmland, only 30km from Julimar – drilling planned for December

• –

• Kimberley Project (Ni, Cu & Ag) Very High-Grade Copper and Silver Results received – up to 34.3% Copper and 230 g/t Silver trench samples up to 15m @ 8% Cu & 18 g/t Ag and 9m @ 7.2% Cu and 174 g/t Ag – Undrilled, +100km long target horizon identified, project recently doubled in size

• Calyerup Creek Project (Au) – historical shallow gold intersections up to 9m @ 4.71 g/t gold, 9m @ 2.63 g/t gold & 5m @ 4.77 g/t gold, recent soil sampling significantly upgrades and extends known mineralized trends, grades up to 1.9g/t – RC drilling scheduled for December

• Ashburton Project (Au) – Intersections up to 4m @ 21.5 g/t gold and rock chip / trench samples up to 46.5 g/t gold – Auger drilling completed, Assays Pending

==> picture [119 x 36] intentionally omitted <==

==> picture [289 x 437] intentionally omitted <==

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

Ashburton
Darling Range
Calyerup Creek
----- End of picture text -----

ASX:M24

2

Capital & Corporate Structure

==> picture [73 x 73] intentionally omitted <==

Board and Key Management

• Managing Director & CEO – Mike Dunbar

• Non – Exec Chairman – Justin Boylson

• Non Exec Director – Simon Andrew

• Company Sec – Alan Armstrong

• Senior Geologist – Garry Dick

Capital Structure

Capital Structure
Board and Management	7.1%
Mining Equities (vendor)	5.4%
Sarag (vendor)	5.3%
Top 30	53.5%
Share on Issue	60.9 million
Quoted and Tradable Shares	37.0 million
Options(3yr, 25c & 30c) Market Cap (@22c)	11.0 million $13.4 million
Cash(30 Sept 2021)	$5.24 million
EV	~$8.1 million

==> picture [119 x 36] intentionally omitted <==

Ownership Structure

==> picture [243 x 288] intentionally omitted <==

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

7.1%
5.4%
5.3%
46.5%
18.2%
17.5%
Mining Equities
Sarag Other Vendors
Other Top 30 Holders Retail
----- End of picture text -----

ASX:M24

3

Projects Details

4

==> picture [293 x 445] intentionally omitted <==

==> picture [119 x 36] intentionally omitted <==

Darling Range

Nickel + Copper + PGE

==> picture [66 x 66] intentionally omitted <==

Exploration Project near the Julimar discovery Four exploration licenses covering ~ 100km[2] , Land Access secured to priority target

Coincident 6km long 2PGE anomaly , 6km long Ultramafic trend and priority conductors identified at Black Hills

==> picture [66 x 67] intentionally omitted <==

Historical rock chip sampling up to 1,720ppm Ni and 1,500ppm Cu and 65ppb 2PGE

==> picture [66 x 66] intentionally omitted <==

Drilling High Priority Target in December

ASX:M24

5

Darling Range – Black Hills

==> picture [119 x 36] intentionally omitted <==

Black Hills Target compared to Julimar – A similar sized intrusive signature

==> picture [369 x 376] intentionally omitted <==

==> picture [564 x 301] intentionally omitted <==

ASX:M24

6

Darling Range – Black Hills Target

==> picture [119 x 36] intentionally omitted <==

All the right ingredients, significantly de-risking the target

==> picture [506 x 14] intentionally omitted <==

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

6km long 2PGE anomaly 6km long Ultramafic trend mapped
----- End of picture text -----

==> picture [625 x 378] intentionally omitted <==

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

Priority Target Priority Target
----- End of picture text -----

High Priority Conductive Targets

==> picture [308 x 378] intentionally omitted <==

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

Priority Target
----- End of picture text -----

ASX:M24

7

Darling Range – Black Hills Target

==> picture [119 x 36] intentionally omitted <==

Three RC Holes Planned to Test the Priority Target – Drilling in December

==> picture [302 x 277] intentionally omitted <==

Conductivity Plan from 225m below surface

==> picture [255 x 340] intentionally omitted <==

==> picture [312 x 129] intentionally omitted <==

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

Section A-A’ from Conductivity Model
----- End of picture text -----

Priority Drill Collar

ASX:M24

8

Kimberley Project

==> picture [289 x 438] intentionally omitted <==

==> picture [119 x 36] intentionally omitted <==

==> picture [321 x 448] intentionally omitted <==

ASX:M24

9

==> picture [345 x 483] intentionally omitted <==

==> picture [119 x 36] intentionally omitted <==

Copper Flats

Copper + Silver

Early Stage Exploration with excellent first pass results

==> picture [66 x 66] intentionally omitted <==

Sedex Copper & Silver Targets

Very large tenement position, which has just doubled in size

==> picture [66 x 67] intentionally omitted <==

Very High-Grade Copper and Silver Mineralisation Identified

Significant soil anomalies poorly tested

==> picture [66 x 66] intentionally omitted <==

Limited Drilling completed to date

ASX:M24

10

Copper Flats

Recent Results

• Very High Grade Copper and Silver Mineralisation Identified including:

• Area 5: up to 34.3% Cu & 54.2 g/t Ag

• Area 4 (Old Workings): up to 22.8 % Cu & 230 g/t Ag

• Forrest Creek: up to 1.0 % Cu & 7.7 g/t Ag – New Prospect

• o Area 5 West: up to 0.6% Cu New Prospect

• Nelson Shale: up to 0.6 % Cu and 16.5 g/t Ag

• Areas 4 & 5 remain undrilled

• Large mineral system

• Multiple New Targets Identified

==> picture [119 x 36] intentionally omitted <==

==> picture [604 x 427] intentionally omitted <==

ASX:M24

11

Copper Flats

Conceptual Exploration Model

• Multiple Styles of Mineralisation

• Sand Volcano Mineralisation (identified from aerial photography)

• Basin Growth Faults

  • (identified from Reprocessed magnetics)

• Stratabound Cu - Ag Mineralisation (EM survey needed)

• Flow Top Breccia Style Mineralisation

• Basin much Shallower than originally interpreted, which opens up search space into the basin

==> picture [119 x 36] intentionally omitted <==

==> picture [596 x 427] intentionally omitted <==

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

Original
Target Zone
Revised
Target Zone
----- End of picture text -----

ASX:M24

12

Copper Flats

Geophysical targets

• Basin growth faults key structural targets for focusing fluid flow and potential mineralisation

• Each of the known prospects located on or proximal to interpreted growth faults

• New targets identified from geophysics and recent field visit

==> picture [478 x 504] intentionally omitted <==

==> picture [119 x 36] intentionally omitted <==

ASX:M24

13

==> picture [401 x 284] intentionally omitted <==

Copper Flats Project Doubles in Size

==> picture [605 x 428] intentionally omitted <==

• Review of historical data shows basin much shallower than previously interpreted

• Area to the North of Original Tenure identified as highly prospective

• • Historical sampling at Ord Hill Prospect identified 2,000m x 500m soil anomaly with up to 5.1% Cu – remains open in all directions

ASX:M24

14

==> picture [293 x 445] intentionally omitted <==

==> picture [119 x 36] intentionally omitted <==

Calyerup Creek

Gold

Early stage Exploration Project in the Albany Frazer tectonic zone.

==> picture [66 x 66] intentionally omitted <==

High Grade Metamorphic setting similar to Tropicanna and Glenburgh

==> picture [66 x 67] intentionally omitted <==

Spring Flora Survey Completed – No priority species identified

4km long gold in soil anomaly – up to 1.9 g/t Au and rock chip results up to 8.09 ppm Au

==> picture [66 x 66] intentionally omitted <==

Limited shallow drilling intersected up to 9m @ 4.71 g/t Au RC drilling (50 holes) scheduled for early December

ASX:M24

15

Calyerup Creek Gold Project

==> picture [936 x 473] intentionally omitted <==

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

Northern Prospect
Central Prospect
Southern Prospect
----- End of picture text -----

ASX:M24

16

Calyerup Creek Southern Geochemical Trends

==> picture [119 x 36] intentionally omitted <==

==> picture [798 x 437] intentionally omitted <==

ASX:M24

17

Calyerup Creek Project – Southern Prospect

==> picture [119 x 36] intentionally omitted <==

==> picture [462 x 317] intentionally omitted <==

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

25m
OPEN
----- End of picture text -----

+ 2.8 km long soil anomaly defined - up to 1.9g/t Au

Southern Prospect (~140m of strike) – Minor historical workings Multiple historical shallow drill results including:

• 9m @ 4.71 g/t gold from 1m inc. 3m @ 12.71g/t gold

• 5m @ 4.77 g/t gold from 15m

• 9m @ 2.63 g/t gold from 10m inc. 2m @ 6.0 g/t gold

• 5m @ 3.62 g/t gold from 24m inc. 2m @ 7.61 g/t gold

• • 7m @ 3.2 g/t gold from 9m

• Not drilled below 25m or along strike RC Drilling of 50 holes scheduled for Early December

ASX:M24

18

==> picture [293 x 445] intentionally omitted <==

==> picture [119 x 36] intentionally omitted <==

Ashburton

Gold

==> picture [66 x 66] intentionally omitted <==

Early Stage Exploration Project – Similar Geological Setting as the +1Moz Glenburgh Gold Project Located on major structural features

==> picture [66 x 67] intentionally omitted <==

Three exploration licenses (two granted exploration licenses and one application)

Rock Chip Sampling up to 46.5 g/t Au

==> picture [66 x 67] intentionally omitted <==

RC Drilling Results up to 4m @ 21.5 g/t Au and 1m @ 9.8 g/t Au

Auger drilling of regional targets completed – Assays Pending

ASX:M24

19

Ashburton Gold Project

==> picture [119 x 36] intentionally omitted <==

==> picture [618 x 440] intentionally omitted <==

ASX:M24

20

Planned Exploration

==> picture [119 x 36] intentionally omitted <==

Recent Activity and News Flow

Darling Range Project

• Land Access Agreement - Signed

• Ground EM surveys - Completed

• Initial RC Drilling of EM target - December

Kimberley Project

• Detailed geophysical reprocessing – Completed

• Field Investigations – High Grade Results Released

• Copper Flats Project - Doubled in Size

• Kimberley Wide Heritage Agreements - Executed

• Airborne EM Survey – March Quarter

Great Southern Project

• Follow up sampling from +1.9g/t soil results – Completed, Assays Pending

• RC Drilling (50 holes) – Early December

Ashburton Project

• Auger Drilling – Completed

==> picture [447 x 336] intentionally omitted <==

• Auger Assays Pending

ASX:M24

21

Disclaimer, Competent Person Statement and Forward Looking statement

==> picture [119 x 36] intentionally omitted <==

This presentation contains only an overview of Mamba Exploration Limited (“Mamba" or the “Company”) and its activities and operations. The contents of this presentation, including matters relating to the geology and exploration potential of the Company’s projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of the Company’s control, may cause the actual results, performance and achievements of the Company to differ materially from those expressed or implied in this presentation.

While all reasonable care has been taken in compiling the information in this presentation, to the maximum extent permitted by law, the Company does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of the Company, and will not be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors should seek independent advice before making any investment decision in regard to the Company or its activities.

The information in this presentation is extracted from information available to view on publicly available websites including the Western Australian Geological Survey (www.DMIRS.wa.gov.au), and the Western Australian Mines Departments Mindex and WAMEX databases. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements or open file data files. No historical production figures, Mineral Resources or Ore Reserves have been included in this presentation other than publicly available information. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement or public reports.

Information in this presentation is based on data compiled by Mr Michael Dunbar who is a member of The Australasian Institute of Mining and Metallurgy and a full time employee and Director of Mamba Exploration. Mr Dunbar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Dunbar consents to the inclusion of the data in this presentation in the form and context in which it appears.

ASX:M24

22