MAMBA EXPLORATION LIMITED — Investor Presentation 2021

Aug 1, 2021

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A Western Australian Focused Gold, Nickel and Copper Explorer

August 2021

Why M24?

Four 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 planned for Q3 & drilling 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 2m @ 32.85 g/t gold and trench samples up to 46.5 g/t gold – Auger drilling planned for Q3

• 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
Board and Management	7%
Mining Equities (vendor)	5.4%
Sarag (vendor)	5.3%
Top 30	53%
Share on Issue	60.9 million
Options(3yr, 25c & 30c)	11.0 million
Market Cap (@18.5c)	$11.2 million
Cash(30 June 2021)	$5.7 million
EV	~$5.5 million

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Ownership Structure

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7.0%
5.4%
5.3%
47%
18%
17.5%
Board & Management 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 (three granted & one application)

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 Planned for Q3 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

6km long Ultramafic trend mapped

6km long 2PGE anomaly

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7 Modelled AEM plates

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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 up to 1.9g/t Au Southern Prospect – Minor historical workings Multiple historical shallow drill results including:

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

• 25m • 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

• • 6m @ 2.76 g/t gold from 20m

• OPEN • 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 feature

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Four Exploration Licenses (two granted exploration licenses and two applications)

Limited exploration to date

Rock Chip Sampling up to 21.5 g/t Au Trench Samples up to 46.5 g/t Au

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Drilling Results up to 2m @ 32.9 g/t Au and 1m @ 9.8 g/t Au

Auger drilling planned for Q3

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Ashburton Gold Project

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Kimberley Project

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Speewah East
Copper Flats
Ruby Plains
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Copper Flats

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Copper + Silver

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Speewah East
Copper Flats
Ruby Plains
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Early Stage Exploration with excellent first pass results

Sedex Copper & Silver Targets Very large tenement position

Significant Trench and Surface Geochemical Results

Limited Drilling completed to date

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Copper Flats

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Historical Results

• Prospective Headleys Limestone traceable by radiometric signature for +100km

• Growth faults (structural targets) clearly traceable with reprocessed magnetics

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

• 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

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

• Very large mineral system potential

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Area 4: UNDRILLED

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

• • • Channel Sample of Channel Sample of 5m @ 6.4% Cu & 129g/t Ag15m @ 8% Cu & 18g/t Ag • • Channel Sample of Channel Sample of 0.5m @ 15.8% Cu5m @ 6.4% Cu & 129g/t Ag • • Rock Chip Channel Sample of >30% Cu & 275g/t Ag0.5m @ 15.8% Cu • Rock Chip >30% Cu & 275g/t Ag

• Jackhammer: Minor Drilling • Jackhammer: Minor Drilling RC Hole CF07RC005 - 8m @ 1.65% Cu • • RC Hole CF07RC028 -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 & • RC Hole CF07RC041 - 2m @ 2.5% Cu & 10m @ 0.65% Cu 10m @ 0.65% Cu

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Planned Exploration

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News Flow

Darling Range Project

• Land Access Agreements - Current Quarter

• Ground EM surveys - Current Quarter*

• Drilling of EM targets - December Quarter

Great Southern Project

• Soil sampling - June Quarter +1.9g/t soil results

• RC Drilling of current targets - December Quarter

Ashburton Project

• Auger sampling - Current Quarter

Kimberley Project

• Detailed geophysical reprocessing - Current Quarter

• Surface sampling – Current Quarter

• Tenement grants (Copper Flats) – December Quarter

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Drilling
Land Access
Great
Kimberley
Southern
Soil Sampling
Drilling
Drilling
Great
IPO Ashburton Darling
Southern
Range
March June September December
Quarter Quarter Quarter Quarter
Darling Darling Surface
Range
Range Sampling
AEM
Land Access Kimberley
Darling
Geophysical Soil / Auger
Range
Reprocessing Sampling
AEM
Kimberley Ashburton
Modelling
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**Note: *** Timing subject to land access

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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.

Relevant JORC tables are contained in the IPO Prospectus dated 14 December 2020

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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