Mamba Exploration Limited provided an update on the results from the modelling of the detailed gravity survey that was conducted in January 2023 over the priority target area at the Hyden REE Project. The ground gravity survey included 419 stations on 8 east west lines and 2 north south lines over the main area of interest. A 3D inversion model was created from the data.

The modelling highlighted a greenstone belt with a series of granite bodies to the east and west of the main target area. This is consistent with the geological mapping and the regional aerial magnetic interpretation of the area. The granite /greenstone contacts are visible in the magnetics and gravity data sets.

Modelling of the main area of interest shows significant magnetic alteration and disruption along with a modelled relative density low, which is not consistent with the granite signature to the east and west. The gravity anomaly appears to post-date a series of late-stage Proterozoic dykes that are visible in the magnetic data. This suggest that the gravity anomaly is a late-stage intrusive body, which is interpreted to represent a bedrock REE target.

This interpretation is also strengthened by historical data that the Company has identified and interpreted over the target. This historical data includes 35 shallow drill holes that were drilled in the area. Twelve of these holes reported phosphorus assay results including up to 9400ppm P, which when converted to an oxide (P2O5) equates to 2.15%.

Other drill holes reported up to 2.06%, 1.88% and 1.56% P2O5 and eight holes reported rare earth oxide results up to 1,295 ppm 2REO + Y2O3. Phosphorus results of this magnitude are encouraging, however readers are cautioned that the results are from a historical report (A38783) that does not include the assay method, information on the depth of the sample or other sample information that would normally be expected to have been reported. As a result, the Company intends to undertake an aircore drilling programme over the gravity anomaly to better define the phosphorus anomaly and to better understand the significance of the historical results.

As part of the validation of the gravity anomaly, the Company undertook a field visit, which identified two outcrops within the anomaly. The portable XRF analysis of the outcrops identified anomalous phosphates, Yttrium and the two rare earth elements (Ce and La) which can be determined using the pXRF analyser used (an Olympus Delta pXRF - See Table Two for details of pXRF analysis). Samples have been submitted for wet chemical analysis.

As a result of the gravity modelling and historical data review, a programme of work (PoW) was submitted to the Department of Mines, Industry Regulation and Safety (DMIRS). The PoW has now been approved. While the exact drill programme is still being developed, it is expected to include at least 50 aircore holes for approximately 2,500m of drilling.

The programme will be refined as drilling is undertaken by the use of the pXRF on each sample as the drilling progresses. Additionally, the five exploration licences applied for when the Company entered into the option agreement have now been granted for an initial 5-year term. This increases the area covered by the Hyden project by more than 750km, to over 1,316 km.

A comprehensive historical data collection process is underway for all exploration undertaken in the area.