Mr. Dustin Henderson reports

BLACK MAMMOTH METALS CLOSES SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT

Black Mammoth Metals Corp. has closed the second and final tranche of a private placement, previously disclosed in press releases dated Feb. 12, 2024, and Feb. 22, 2024, for gross proceeds of $264,000 consisting of 2.2 million units at a price of 12 cents per unit. 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. Gross proceeds from both tranches of the financing totalled $540,000 and composed of 4.5 million units.

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, for general working capital, and for potential acquisitions.

Olivier Tielens, a new insider of the company, purchased 3.4 million units issued pursuant to the private placement, and, as a result, currently holds 4.1 million common shares of the company, representing 18.8 per cent of the company currently issued and outstanding. The units were acquired by Mr. Tielens for investment purposes. Mr. Tielens 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+.

The private placement is subject to the approval of the TSX Venture Exchange.

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.

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