Mr. Dustin Henderson reports

BLACK MAMMOTH METALS CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Black Mammoth Metals Corp., further to the company's news release dated Feb. 12, 2024, has completed the first tranche of the non-brokered private placement for 2.3 million units at a price of 12 cents per unit for gross proceeds of $276,000. Each unit consists of one common share and one common share purchase warrant, entitling the holder to purchase one additional common share, exercisable at 20 cents per share for a period of three years from the issue date.

All securities will be subject to a four-month hold period and there are no finder's fees payable with the transaction. The company intends on using the proceeds of the private placement for its Happy Cat gold property in Nevada and its America mine property in California, and for general working capital.

The company is seeking TSX Venture Exchange approval to close the second tranche of the private placement for 2.2 million units for gross proceeds of $264,000. Under tranche two of the private placement, a new insider is waiting for TSX-V approval of a personal information form and will be subscribing for 2.2 million units.

Ms. Henderson, an insider of the company, participated in 500,000 units ($60,000). 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 (MI 61-101). 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.

The private placement is subject to the approval of the TSX-V.

About Black Mammoth Metals Corp.

Aside from the recent acquisition of IDA Mining for the America mine property, the company has completed a ground gravity survey that is now modelled and interpreted, in conjunction with the recent UAV (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.

An approximately four-square-kilometre area is identified as a hydrothermally altered area. Structural modelling suggests the density of the alteration and its density contrast relative to the host rock is typical to that of alteration zones present at other Carlin-type deposits in northern Nevada. The alteration encompasses an area where northerly trending high-angle faults intersect indicated northwest-trending reactivated faults that are known to be of age and orientation as ore-controlling faults occurring at other Carlin-type deposits. The company intends to prioritize drill targets within the alteration area.

Black Mammoth also has a 100-per-cent interest, subject to underlying royalties, in the Blanco Creek gold property in the Elk Creek mining district in central Idaho, which hosts three historic underground mines along 3,550 metres (11,644 feet) of strike on the northeast-trending regional Blanco shear zone. Exploration by two previous operators identified a geological target for the Blanco Creek property in the order of 1.7 million to 2.48 million tons, grading 0.20 to 0.33 ounce per ton gold (1.54 million to 2.24 million tonnes, grading 6.85 to 11.31 grams per tonne gold); see the company's press release dated Feb. 14, 2017.

Black Mammoth cautions investors to note the potential quantity and grade of the geological target are conceptual in nature. A qualified person has not completed sufficient work to classify the geological target as mineral resources as defined by National Instrument 43-101, and it is uncertain if future exploration will result in the target being delineated as mineral resources.

Mark J. Abrams, CPG No. 11451, a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and director of Black Mammoth, has reviewed and approved the technical content in this release. Historical information contained in this news release cannot be relied upon as Mr. Abrams, the company's qualified person, has not prepared nor verified the historical information.

We seek Safe Harbor.