MAMBA EXPLORATION LIMITED — Investor Presentation 2021

Oct 4, 2021

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A Western Australian Focused Gold, Nickel and Copper Explorer

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Conference Presentation
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5 October 2021

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ASX:M24
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Why M24?

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 – ground EM & drilling planned for Q4

• 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 planned for Q4

• 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 underway

• Kimberley Project (Ni, Cu & Ag) – Copper and Silver trench samples up to 15m @ 8% Cu & 18 g/t Ag and 9m @ 7.2% Cu and 174 g/t Ag – yet to be followed up, +100km long target horizon identified

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Ashburton
Darling Range
Calyerup Creek
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Capital & Corporate Structure

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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 (@18c)	11.0 million $11.0 million
Cash(30 June 2021)	$5.7 million
EV	~$5.2 million

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Ownership Structure

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7.1%
5.4%
5.3%
46.5%
18.2%
17.5%
Mining Equities
Sarag Other Vendors
Other Top 30 Holders Retail
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Projects Details

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Darling Range

Nickel + Copper + PGE

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Exploration Project near the Julimar discovery Four exploration licenses covering ~ 100km[2]

Coincident 6km long 2PGE anomaly , 6km long Ultramafic trend and 7 AEM conductors identified at Black Hills

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

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Total of Ten AEM conductors modelled , ground EM and drilling planned for Q4

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Darling Range – Black Hills

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

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Darling Range – Black Hills Target All the right ingredients, significantly de-risking the target

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6km long 2PGE anomaly 6km long Ultramafic trend mapped

7 Modelled AEM plates

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Priority Target
Priority Target
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Calyerup Creek

Gold

Early stage Exploration Project in the Albany Frazer tectonic zone.

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High Grade Metamorphic setting similar to Tropicanna and Glenburgh

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Granted Exploration Licenses, covers high grade metamorphic craton margin setting

Excellent local infrastructure

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

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Limited shallow drilling intersected up to 9m @ 4.71 g/t Au

RC drilling planned for Q4

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Calyerup Creek Gold Project

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Northern Prospect
Central Prospect
Southern Prospect
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Calyerup Creek Southern Geochemical Trends

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Calyerup Creek Project – Southern Prospect

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• + 2.8 km long soil anomaly defined up to 1.9g/t Au Southern Prospect – Minor historical workings Multiple historical shallow drill results including:

• 25m • 9m @ 4.71 g/t gold from 1m including 3m @ 12.71g/t gold • 5m @ 4.77 g/t gold from 15m

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

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

• • 7m @ 3.2 g/t gold from 9m

• OPEN • 6m @ 2.76 g/t gold from 20m

• • 10m @ 1.31 g/t gold from 1m including 3m @ 2.81 g/t gold

• Not drilled below 25m or along strike

Drilling planned for Q4

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Ashburton

Gold

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

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

Limited exploration to date

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Rock Chip Sampling up to 46.5 g/t Au Drilling Results up to 4m @ 21.5 g/t Au and 1m @ 9.8 g/t Au

Auger drilling underway

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Ashburton Gold Project

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Ashburton Gold Project - Lyndon Bettina Target

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• RC drill intersections include: • 4m @ 21.5 g/t gold

• • 4m @ 7.7 g/t gold

• • 1m @ 9.8 g/t gold

• Trench / Rock Chip Samples: • 46.5 g/t gold

• • 35.5 g/t gold

• Multiple targets remain poorly tested

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Kimberley Project

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Speewah East
Copper Flats
Spring Creek
Ruby Plains
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Speewah East
Copper Flats
Spring Creek
Ruby Plains
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Copper Flats

Copper + Silver

Early Stage Exploration with excellent first pass results

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Sedex Copper & Silver Targets Very large tenement position

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Significant Trench and Surface Geochemical Results

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Limited Drilling completed to date

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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 (Targeted from reprocessed radiometric data)

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Mamba’s Target Zone
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Copper Flats Historical Results

• Areas 4 & 5 remain undrilled despite up to 8.0% Cu and 7.8% Cu in trench samples respectively

• Very significant silver grades (up to 174 g/t Ag )

• Large mineral system potential

• Multiple New Targets Identified

• Area 5: UNDRILLED • Area 5: UNDRILLED Channel Sample of 9m @ 7.2% Cu & 174g/t Ag • • Channel Sample of 16m @ 7.8% Cu Channel Sample of 9m @ 7.2% Cu & 174g/t Ag • Channel Sample of 16m @ 7.8% Cu

• Area 4: UNDRILLED • Channel Sample of 15m @ 8% Cu & 18g/t Ag • Area 4: UNDRILLED Channel Sample of 5m @ 6.4% Cu & 129g/t Ag

• • Channel Sample of • Channel Sample of 0.5m @ 15.8% Cu15m @ 8% Cu & 18g/t Ag • Rock Chip • Channel Sample of >30% Cu & 275g/t Ag5m @ 6.4% Cu & 129g/t Ag • Channel Sample of 0.5m @ 15.8% Cu

• Jackhammer: Minor Drilling • Rock Chip >30% Cu & 275g/t Ag • RC Hole CF07RC005 - 8m @ 1.65% Cu • RC Hole CF07RC028 - Jackhammer: Minor Drilling • RC Hole CF07RC005 - 7m @ 1.53% Cu 8m @ 1.65% Cu • RC Hole CF07RC035 - • RC Hole CF07RC028 - 1 m @ 3.1% Cu 7m @ 1.53% Cu • RC Hole CF07RC041 - • RC Hole CF07RC035 - 2m @ 2.5% Cu 1 m @ 3.1% Cu & 10m @ 0.65% Cu • RC Hole CF07RC041 - 2m @ 2.5% Cu & 10m @ 0.65% Cu

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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

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Copper Flats

Field Investigations Undertaken

• Resonance field visit completed and confirmed existing prospects

• Multiple Structural Controls Identified

• New Targets Identified Including:

• Forrest Creek

• Donkey’s

• Mule’s

• Assays Pending

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Planned Exploration

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News Flow

Darling Range Project

• -

• Ground EM surveys December Quarter

• Drilling of EM targets - December Quarter

Great Southern Project

• -

• Follow up sampling from +1.9g/t soil results December Quarter

• RC Drilling of current targets - December Quarter

Ashburton Project

• Auger Drilling – Underway

• Auger Assays Pending – 3-4 weeks

Kimberley Project

• –

• Detailed geophysical reprocessing Completed

• Field Investigations – Completed Assays Pending - 2-3 weeks

• Kimberley Wide Heritage Agreements - December Quarter

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• Airborne EM Survey – March Quarter

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Disclaimer, Competent Person Statement and Forward Looking statement

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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.

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