MAMBA EXPLORATION LIMITED — Capital/Financing Update 2021

Feb 2, 2021

ASX Announcement: 3 February 2021

==> picture [175 x 53] intentionally omitted <==

PRE-QUOTATION DISCLOSURE

Mamba Exploration Limited (ACN 644 571 826) ( Company ) provides the following confirmations to satisfy the conditions for admission of the Company’s securities to quotation on ASX.

Capitalised terms used in this announcement not otherwise defined have the meaning given in the Company's prospectus dated 14 December 2020 ( Prospectus ).

1. Confirmation of Completion of Offers

The Company confirms the issue of:

• (a) 35,000,000 Shares at an issue price of $0.20 each pursuant to the Public Offer; and

• (b) 4,000,000 Options to Canaccord Genuity for nil consideration, with an exercise price of $0.25 each and an expiry date of 3 years from the date of Admission under the Lead Manager Mandate.

2. Updated Pro-forma Statement of Financial Position

An updated pro-forma statement of financial position based on the actual amount of funds raised under the Prospectus ($7,000,000) is set out below.

Statement of Financial Position	Audited 30-Sep-20	Transactions	Pro Forma 30-Sep-20
Current Assets
Cash & Cash Equivalents	$ 1	$ 6,760,300	$ 6,760,301
Total Current Assets	$ 1	$ 6,760,300	$ 6,760,301
Non-Current Assets
Exploration & Development Expenditure	$ -	$ 3,530,000	$ 3,530,000
Total Non-Current Assets	$ -	$ 3,530,000	$ 3,530,000
Total Assets	$ 1	$ 10,290,300	$10,290,301
Current Liabilities
Trade & Other Payables	$ 856		$ 856
Total Current Liabilities	$ 856	$ -	$ 856
Non-Current Liabilities
Trade & Other Payables	$ -		$ -
Total Non-Current Liabilities	$ -	$ -	$ -
Total Liabilities	$ 856	$ -	$ 856

ABN: 75 644 571 826

Registered Address: Level 11, London House, 216 St Georges Terrace, Perth WA 6000 AUSTRALIA P: +61 8 9481 0389 E: info@mambaexploration.com.au W: www.mambaexploration.com.au Non-Executive Chairman: Justin Boylson Managing Director: Michael Dunbar Non-Executive Director: Simon Andrew Company Secretary: Alan Armstrong

==> picture [175 x 52] intentionally omitted <==

Net Assets	($855)	$ 10,290,300	$10,289,445
Equity
Issued Capital	$1	$9,965,341	$9,965,342
Reserves	$-	$1,164,000	$1,164,000
Accumulated Losses	($856)	($839,041)	($839,897)
Total Equity	($855)	$10,290,300	$10,289,445

Notes :

1. The cash and cash equivalents balance above does not account for working capital movements over the period from 14 December 2020 until the date of Official Quotation.

2. The pro forma Statement of Financial Position is to be read in conjunction with the Investigating Accountant's Report as set out in Section 8 of the Prospectus.

3. Updated Statement of Commitments

An updated statement of commitments based on the actual amount of funds raised under the Prospectus ($7,000,000) is set out below:

Source of funds		$	$
Existingcash		322,300
Proceeds from Public Offer		7,000,000
Total funds available		7,322,000
Proposed use of funds – Year 1		$'000	%
Exploration expenditure		1,667	23%
Future acquisition costs		270	4%
General administration fees and workingcapital		883	12%
Reimbursement of Vendor Expenditure		127	2%
Estimated expenses of the Offer		635	9%
Total funds allocated – Year 1		3,582	49%
Proposed use of funds – Year 2
		$'000	%
Exploration expenditure		2,110	29%
Future acquisition costs		750	10%
General administration fees and working capital		880	12%
Total funds allocated – Year 2		3,740	51%
TOTAL FUNDS ALLOCATED		7,322	100%

Shareholders should note that the above estimated expenditures will be subject to modification on an ongoing basis depending on the results obtained from the Company's activities. Due to market conditions, the development of new opportunities and/or any number of other factors, actual expenditure levels may differ significantly from the above estimates.

2

==> picture [175 x 52] intentionally omitted <==

4. Restricted Securities

The Company confirms the following securities will be subject to restriction pursuant to the ASX Listing Rules for the periods outlined below:

Class	Number	Restriction Period
Fully paid ordinary shares	18,808,335	24 months from the date of official quotation
Unquoted Options with an exercise price of $0.25 each and expiry date of 3 years from the date of issue (until 9 October 2023)	5,500,000	24 months from the date of official quotation
Unquoted Options with an exercise price of $0.25 each and expiry date of 3 years from the date of issue (until 27 January 2024)	4,000,000	24 months from the date of official quotation
Fully paid ordinary shares	2,325,003	12 months from the date of issue (until 12 December 2021)
Fully paid ordinary shares	2,850,000	12 months from the date of issue(until 26 January2022)
Unquoted Options with an exercise price of $0.25 each and expiry date of 3 years from the date of issue (until 9 October 2023)	500,000	12 months from the date of issue (until 8 October 2021)

5. Capital Structure

The Company's capital structure at the date of admission is:

Security	Number
Shares	60,983,338
Options1	10,000,000

Notes

1. 4,000,000 Unquoted Options with an exercise price of $0.25 each and expiry date of 27 January 2024 and 6,000,000 with an exercise price of $0.25 each and expiry date of 9 October 2023.

6.

Sale Agreement

The Company confirms satisfaction of all conditions precedent and completion under the Sale Agreement between the Company and the Vendors as specified below:

• Ashburton Metals Group Pty Ltd - The issue of 9,600,000 shares and the payment of $15,611.10 in reimbursement of tenement expenditure

• Gold Valley Iron and Manganese Pty Ltd – The issue of 800,000 shares and the payment of $24,164 in reimbursement of tenement expenditure

• Sarag Pty Ltd – The issue of 3,200,000 shares and the payment of $33,519.39 in reimbursement of tenement expenditure

3

==> picture [175 x 52] intentionally omitted <==

• Fraka Investments Pty Ltd – The issue of 2,850,000 shares and the payment of $65,953.40 in reimbursement of tenement expenditure

• Kokoda Exploration Pty Ltd – The issue of 1,200,000 shares and the payment of $3,233.85 in reimbursement of tenement expenditure

7.

Update on Tenement Applications

The Company confirms the tenement applications E70/5403, E 08/3190, E 08/3266, E 80/4569, E 80/4586, E 80/5247, E 80/5280, E 80/5281, E 80/5085, E 80/5086, E 80/5519 and E 80/5217 are progressing through the approval process and the Company is currently in discussions with the relevant native title claimants (or owners) to allow grant of the tenements.

8. Additional Diagrams for Darling Range – Black Hills Tenement

The Company provides the following diagrams of historical exploration activities on the Black Hills tenement (E 70/5147) in the Darling Range Project. The diagrams below highlight the location of the 22 historical rock chip sampling undertaken by Fox Resources in 2012 (Figure 1) and the location of the 26 historical shallow vertical drilling undertaken on the project (Figure 2). These diagrams confirm that the interpreted intrusive feature identified from regional aeromagnetic data has not been tested (as outlined in the Independent Geologist Report and Prospectus dated 14 December 2020).

Details of the significant historical rock chip samples are contained in Table 1 and the historical drill hole information is outlined in Table 2 with significant drilling results (>0.5 g/t gold) contained in Table 3. The JORC 2012 table are included as an appendix to this release. This data was included in the Prospectus dated 14 December 2020.

4

==> picture [175 x 52] intentionally omitted <==

==> picture [452 x 483] intentionally omitted <==

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

Interpreted
Intrusive Feature
----- End of picture text -----

Figure 1: Location of Rock Chip Sampling on the Black Hills Tenement (E 70/5147) within the Darling Range Project. Significant sample locations are highlighted in red.

5

==> picture [175 x 52] intentionally omitted <==

==> picture [452 x 483] intentionally omitted <==

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

Interpreted
Intrusive Feature
----- End of picture text -----

Figure 2: Location of Historical shallow vertical drilling undertaken on the Black Hills Tenement (E 70/5147) within the Darling Range Project. Location of interpreted intrusive feature is highlighted in the yellow circle. Holes with significant results are highlighted in red.

6

==> picture [175 x 52] intentionally omitted <==

Table 1: Rock Chip Sampling – Coordinates & Significant Assays (above 1000 ppm Cu or >1000 ppm Ni)

Sample	East(MGA)	North(MGA)	**Type **	Description	Cu(ppm)	Ni(ppm)
5174	452209	6539145	Rock Chip	Ferruginous rock	1,610
5173	452265	6539145	Rock Chip	Ferruginous laterite	1,060
5162	452202	6539000	Rock Chip	Ferruginousquartzite	1,500
5164	452212	6538930	Rock Chip	Ferruginousquartzite	1,020
5160	452083	6539114	Rock Chip	Ferruginous rock		1,720
5159	451939	6539187	Rock Chip	Ferruginous rock		1,450

Source: Wamex a96606 and a98658

Table 2: Historical Drill Hole Details

Hole	East (MGA)	North (MGA)	Total Depth (m)	Drill Code	Dip	Azi
93BGR004	449584	6543008	47	RAB	-90	0
93BGR010	450210	6540994	39	RAB	-90	0
93BGR011	450177	6540958	41	RAB	-90	0
93BGR015	450294	6540534	41	RAB	-90	0
93BGR016	450324	6540562	35	RAB	-90	0
93BGR018	450463	6540573	15	RAB	-90	0
93BGR023	450702	6540858	35	RAB	-90	0
93BGR026	450261	6540133	25	RAB	-90	0
93BGR027	450314	6540151	27	RAB	-90	0
93BGR028	450452	6540203	38	RAB	-90	0
93BGR032	450696	6540326	34	RAB	-90	0
93BGR038	450430	6539890	32	RAB	-90	0
93BGR043	450667	6540001	27	RAB	-90	0
93BGR052	451070	6539633	30	RAB	-90	0
93BGR087	450292	6540779	41	RAB	-90	0
93BGR089	450385	6540827	41	RAB	-90	0
93BGR090	450436	6540845	32	RAB	-90	0
93BGR091	450485	6540868	32	RAB	-90	0
93BGR093	450354	6540572	22	RAB	-90	0
93BGR097	450294	6540345	23	RAB	-90	0
93BGR098	450333	6540375	31	RAB	-90	0
93BGR105	450360	6540173	36	RAB	-90	0
93BGR108	450446	6540058	38	RAB	-90	0
93BGR111	450028	6541150	22	RAB	-90	0
93BGR114	450186	6541252	23	RAB	-90	0
93BGR119	449537	6542977	35	RAB	-90	0

Source: Wamex a44736 and a98658

7

==> picture [175 x 52] intentionally omitted <==

Table 3: Significant Drill Intersections (above 0.5 g/t Gold)

Hole	From (m)	To (m)	Au (g/t)
93BGR011	6	8	0.51
93BGR015	6	8	0.50
93BGR016	10	12	0.56
	12	14	0.88
	14	16	0.51
93BGR089	14	16	1.33
93BGR090	6	8	1.37
93BGR093	16	18	0.60

Source: Wamex a44736 and a98658

By order of the Board

Michael Dunbar Managing Director and Chief Executive Officer Mamba Exploration Limited

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Robert Wason BSc (Hons) Geology, MSc (Mining Geology), a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Wason is Senior Consultant - Geology at Mining Insights Pty Ltd. Mr Wason has more than 10 years of international experience and has sufficient experience in exploring, mining and estimating base metal and gold deposits that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.

Mr Wason consents to the inclusion in this report of the matters that are based on, and fairly represent information and supporting documentation prepared by him in the form and context in which it appears.

8

JORC Code (2012) Table 1 - Darling Range Project – Black Hills Tenement

Section 1 Sampling Techniques and Data

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 downhole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	 Sampling was undertaken using Industry-standard practices utilising shallow vertical rotary air blast drilling (RAB). Drilling was undertaken by CRA exploration (1995).  Rock chip sampling was also undertaken by Fox Resources (2011 – 2013).
	 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	 CRA Drillhole coordinates are in UTM grid (GDA94 Z50).  The drilling undertaken has been vertical to RAB blade refusal (top of the fresh rock).
	 Aspects of the determination of mineralisation that are Material to the Public Report.	 The RAB drilling was completed by a composite sampling of 4m with resampling to two metre composites for anomalous zones (>0.1 g/t Au).
	 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.	 RAB samples were taken from the rig-mounted cyclone. Composite samples were generally via a spear sampled. In general, the target was for samples weighing approximately 2.5kg.  RAB Gold analysis was undertaken by Fire assay (50g charge) with an AAS finish by Multi Labs in Perth.  Rock chip samples analysis was fire assay with an ICP-MS finish for gold and ICP-OES finish for multi-elements.
Drilling techniques	 Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	 The drilling by CRA exploration was completed using RAB drilling (26 holes). From the information reviewed, it appears that drilling was conducted using industry-standard techniques.
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.	 Given the historical nature of the drilling, no information is available about sample recoveries for specific drill programs  No bias was noted between sample recovery and grade.
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,	 Logs for the RAB drill holes were generally of reasonable quality.  Qualitative logging of lithology, alteration, mineralisation, regolith and veining was undertaken at various intervals.

9

	channel, etc) photography.  _The total length and percentage of the relevant intersections logged. _	 drill holes were fully 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. _	 Limited data is available for subsampling techniques.  CRA Exploration samples analysis was by 50g fire assay with an AAS finish at Multi Labs in Perth.  Sampling appears to have been carried out using industry-standard practise.  No QA/QC procedures have been reviewed on for the historical sampling.  The sample size is considered appropriate for the 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. _	 Where information has been provided in WAMEX reports, the analytical techniques appear appropriate for the stage of exploration being conducted.  No specific review of QAQC protocols or analysis has been completed although it is assumed that the programs were conducted using industry-standard techniques for the time.
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. _	 No twinned holes were identified from the data reviewed, although given the early stage of exploration this is to be expected.  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.	 CRA drilling was undertaken using MGA94 zone 50 grid and while not reported, it is believed those hole locations were measured by hand-held GPS.  No field validation has been undertaken.  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.	 Drillhole spacing is highly variable over the project with sporadic.  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.  Assays have been composited into significant intersections. No edge dilution has been applied to significant intersections and intervals of greater than 0.5g/t gold are considered significant.

10

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.	 Holes were vertical.  No orientation-based sampling bias is known at this time.
Sample security	 The measures taken to ensure sample security.	 Details of measures taken for the chain of custody of samples is unknown for the previous explorers' activities.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 No Audits or reviews of sampling techniques and data have been undertaken.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	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.	 The Darling Range Project covers an area of approximately 75km2on three tenements. Two granted Exploration licences (E 70/5147 – Black Hills and E 70/5329 – Batty Bog) and one exploration licence application (and E 70/5403 – Mistake Creek). The project is located between 100km and 120km north-east of Perth. The nearby country towns include Northam, Toodyay and New Norcia and Gingin being 40km to the west. The project is closely located to Perth and, therefore, it has multiple logistic corridors to get to and around the project area. Mamba has an agreement to purchase 100% of the project as part of the IPO  Access to the project is via numerous sealed roads (See M24 Prospectus dated 14 December 2020, Section 3.2 of additional details).  The project is covered by the Yued (30) (for Black Hills and Batty Bog) and Ballardong People (921) (for Mistake Creek) native title claim areas
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 See M24 Prospectus dated 14 December 2020, Section 3.5 for additional details.  A list of recent exploration activities and associated WAMEX “A” report numbers are included in the references to the M24 Prospectus dated 14 December 2020.
Geology	 Deposit type, geological setting and style of mineralisation.	 See M24 Prospectus dated 14 December 2020, Section 3.3 for regional geological setting and Section 3.4 for the local geological setting.

11

Criteria	JORC Code explanation	Commentary
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 why this is the case.	 Significant drill results have been included in Table 1 & 3 and Figure 1 & 2 of this report.  No relevant data has been excluded from this report.
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.	 Significant intersections (+0.5g/t gold) 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 mineralisation 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’).	 Only downhole lengths are reported.  The exact geometry of the mineralisation is not known.
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.	 Significant exploration drill results are included in this report.

12

Criteria	JORC Code explanation	Commentary
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.	 To date, only exploration drilling and geophysical surveys (and associated activities) have been undertaken on the project. No other modifying factors have been investigated at this stage.
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.	 Further work will include geophysical surveys and systematic exploration drilling.  See M24 Prospectus dated 14 December 2020, Section 3.0.  See M24 Prospectus dated 14 December 2020, Section 3.6 for recommended future exploration activities.

13