Mr. Dustin Henderson reports

BLACK MAMMOTH METALS CLOSES $100,000 PRIVATE PLACEMENT

Black Mammoth Metals Corp. has closed the non-brokered private placement, previously disclosed in a press release dated Aug. 8, 2023, for proceeds of $100,000 by way of a private placement of up to one million units of the company at a price of 10 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant, with each warrant exercisable into one common share of the company for a period of four years from the issue date at an exercise price of 15 cents. The units will be subject to a four-month hold period from the date of closing. A finder's fee totalling $200 cash was paid to Haywood Securities Inc.

The company intends on using the proceeds of the offering for its Blanco Creek gold property located in Idaho and its Happy Cat gold property in Nevada and for general working capital.

Hollie Henderson, an insider of the company, participated in 480,000 units ($48,000). As such, this participation constitutes a related party transaction as defined under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a), 5.5(b) and 5.7(1)(a) as neither the fair market value of the units acquired by the insiders, nor the consideration for the units paid by such insiders, exceed 25 per cent of the company's market capitalization.

Black Mammoth Metals files early warning report

Ms. Henderson's participation in the offering increased her common share ownership of Black Mammoth Metals to 19.9 per cent of the total issued and outstanding common shares of Black Mammoth as of Aug. 18, 2023. As a result, Ms. Henderson held, as of Aug. 18, 2023, an aggregate of 3,175,225 common shares of Black Mammoth and rights to acquire an additional 1.28 million common shares of Black Mammoth upon the exercise of convertible securities. In the event that the convertible securities are fully exercised, the holdings of Ms. Henderson represent a total of 4,455,225 common shares of Black Mammoth, or approximately 25.9 per cent of all issued and outstanding common shares as of Aug. 18, 2023, calculated on a partially diluted basis assuming the exercise of the convertible securities only.

The units were acquired by Ms. Henderson for investment purposes. Ms. Henderson has a long-term view of the investment and may acquire additional securities of the company including on the open market or through private acquisitions or may sell securities of the company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of the early warning report filed with the applicable securities regulators regarding the above acquisition is available on SEDAR+.

About Black Mammoth Metals Corp.

The company has completed a ground gravity survey that is now modelled and interpreted in conjunction with the recent unmanned aerial vehicle magnetic survey at its 100-per-cent-owned, 1,213-hectare (2,997-acre) Happy Cat gold property, in southern Ravenswood mining district, Lander county, Nevada.

Mark J. Abrams, CPG No. 11451, non-independent qualified person as defined by National Instrument 43-101 and director of Black Mammoth, has approved the technical information contained in this news release.

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