Mamba Exploration : Drilling Planned at Black Hills Priority Target

For personal use only

ASX ANNOUNCEMENT

24 November 2021

Drilling planned at Black Hills priority target based on

EM and 3D Magnetic Modelling

KEY HIGHLIGHTS

• Detailed conductivity modelling and 3D inversion modelling of magnetic data has confirmed the priority target at Black Hills
• Three high priority RC drill holes have been planned
• McKay Drilling have been engaged to complete the drilling in December

Mamba Exploration Limited (ACN 644 571 826) ('Mamba', 'M24' or the 'Company') is pleased to announce that detailed modelling of electromagnetic (EM) and detailed 3D inversion modelling of the magnetic data has confirmed the priority target at the Company's Black Hills Project located approximately 30km North-East of the Julimar PGE-Ni-Cu-Co-Au deposit discovered by Chalice Mining (See Figure 5).

The modelling has highlighted a conductive and magnetic anomaly that is interpreted to extend for approximately 750m North-East to South-West and extend to a depth of around 400m (the limit of the data) (see Figure 1-4). The anomaly is associated with a mapped mafic / ultramafic intrusive feature at the northern end of a +6km long PGE trend (see ASX announcement titled "Mamba confirms priority PGE-Ni-CuTarget at Black Hills" dated 20 July 2021 and figure 6).

The anomaly will be tested by three RC drill holes, with a McKay Drilling RC rig secured for the drilling. The Rig is expected to be on site in December, with the drilling completed before the end of the year.

Managing Director, Mike Dunbar said,

"We are pleased to announce that the detailed EM modelling and 3D inversion modelling of the magnetic data has confirmed the high priority anomaly at Black Hills. As a result of the coincident conductive and magnetic target, three RC drill holes have been planned to the target, with drilling expected to commence in December and will be completed before the end of the year.

ABN 75 644 571 826 • 25 Richardson Ave West Perth WA 6011 • PO Box 4 West Perth WA 6872

[phone] • [e-mail] • www.mambaexploration.com.au • ASX: M24

For personal use only

It is also pleasing that we have managed to secure McKay Drilling, one of the most experienced RC drilling companies, to undertake the drilling. The use of a large RC drilling rig allows all three holes to be completed and samples submitted to the laboratory before the end of the year, when traditional diamond drilling wouldn't."

Figure 1: Plan of detailed EM conductivity model of northern priority target at Black Hills at a depth of

225m below surface

Figure 2: Section A-A' through conductivity model showing priority target and approximate pierce point

locations of the three planned RC drill holes

ABN 75 644 571 826 • 25 Richardson Ave West Perth WA 6011 • PO Box 4 West Perth WA 6872

[phone] • [e-mail] • www.mambaexploration.com.au • ASX: M24

For personal use only

Figure 3: Plan of detailed magnetic 3D inversion model of northern priority target at Black Hills

Figure 4: Long section A-A' through 3D magnetic inversion model showing priority target

ABN 75 644 571 826 • 25 Richardson Ave West Perth WA 6011 • PO Box 4 West Perth WA 6872

[phone] • [e-mail] • www.mambaexploration.com.au • ASX: M24

For personal use only

Figure 5: Location of Mamba Exploration's Black Hills project area in relation to

Chalice Mining's Julimar discovery.

Priority Target
Priority Target	Priority Target

Figure 6: Black Hills Tenement - Priority Target (LHS - +10ppb Pt+Pd Anomaly, Centre - Magnetic Image

and Mapped Ultramafic, RHS - EM Conductors and Magnetic Image)

ABN 75 644 571 826 • 25 Richardson Ave West Perth WA 6011 • PO Box 4 West Perth WA 6872

[phone] • [e-mail] • www.mambaexploration.com.au • ASX: M24

For personal use only

Additional information will be released as the programme progresses and as new data becomes available.

This announcement has been authorised for release by the board.

CONTACTS

For more information, please visit our website, or contact:

Mr Mike Dunbar	Mr Alex Cowie
Managing Director	Media & Investor Relations
[e-mail]	[e-mail]

Competent Person Statement

The information in this report that relates to Exploration Targets or Exploration Results 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.

ABN 75 644 571 826 • 25 Richardson Ave West Perth WA 6011 • PO Box 4 West Perth WA 6872

[phone] • [e-mail] • www.mambaexploration.com.au • ASX: M24