Mr. Dustin Henderson reports

BLACK MAMMOTH METALS OPTIONS QUITO GOLD PROPERTY

Antelope Creek Gold Corp., a wholly owned subsidiary of Black Mammoth Metals Corp., has entered into an option agreement dated March 26, 2024, with Nevada Select Royalty Inc., a wholly owned subsidiary of Gold Royalty Corp., pursuant to which Nevada Select has optioned the Quito gold property to Antelope Creek for option payments totalling $900,000 (U.S.) over four years. The option is subject to the approval of the TSX Venture Exchange.

Quito is a past-producing, Carlin-type, gold property consisting of 69 federal unpatented lode claims, managed by the Austin district of the Toiyabe national forest, totalling approximately 1,335 acres (540 hectares), and is located along the Austin gold trend in central Nevada. The property is centred in the Toiyabe range and is characterized by rugged relief with two historic open pits at approximately 8,500 feet (2,600 metres) of elevation. Access is by paved, improved gravel and two track roads. There are no known unusual social, political or environmental issues related to the property at this time that would adversely affect exploration, development or production.

Past production and historical resources

Quito was open pit mined (1986 to 1988) for 972,347 tons grading 0.174 ounce per ton (approximately six grams per tonne) gold (168,852 ounces) and was later underground mined (1988 and 1989) for 34,958 tons grading 0.217 opt (approximately 7.4 g/t) Au (7,593 ounces) for a total of 176,445 ounces of Au mined. This was approximately 60 per cent of the originally published geologic (undiluted) ore reserves estimated in a 1994 report by FMC Gold Company, Reno, Nev., prior to the implementation of Canadian National Instrument 43-101, which are now considered historical estimates of gold mineral resources and reserves for the property. Black Mammoth has not independently confirmed either the past production or any possible remaining resources. Black Mammoth is not treating the historical estimates as current mineral resources, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. A qualified person has not yet determined what work needs to be done to upgrade or verify the historical estimates as current mineral resources or mineral reserves. The 1994 estimated gold resources are relevant for historical completeness but should not be relied on. Mixed oxide and sulphide gold ore was processed with a 1,000-ton-per-day flotation circuit followed by carbon-in-leach treatment. The flotation concentrate was shipped to smelters, and the CIL circuit carbon was stripped on site and the gold refined to dore.

Carlin-style geology and high-grade drill targets

The geological setting at Quito is typical to many of Nevada's prolific Carlin-style gold deposits. Nearly all the rock formations on the property have been shown to host ore grade mineralization, where the mineralization is concentrated in Paleozoic-age carbonate sediments, with the highest grades being associated with fault intersections along the axis of a property-scale anticline. Amongst other drill targets, the high-grade gold mineralization at the Quito extension target plunges southeasterly from the Quito pit and has recently been permitted by a past operator for a drill program (now expired). Black Mammoth intends to obtain a drill permit for the Quito extension target to test, for the first time, this down plunge extension of high-grade mineralization occurring along the intersection of two primary faults.

Acquisition terms (in U.S. dollars)

Under the terms of the option, Antelope Creek may purchase a 100-per-cent interest in the Quito gold property by making an aggregate of $900,000 in cash payments in accordance with the schedule set out in the attached table.

                      PAYMENT SCHEDULE

Payment date                                Cash payment   Status

10 days from effective date of the option        $35,000     Paid
10 days from receiving a drilling permit         $25,000        -
First anniversary of the effective date         $125,000        -
Second anniversary of the effective date        $200,000        -
Third anniversary of the effective date         $250,000        -
Fourth anniversary of the effective date        $265,000        -
Total                                           $900,000

In addition to the above, Antelope Creek must cover the property's annual Bureau of Land Management and county fees. Upon completion of the option payments, Antelope Creek will be deemed to have exercised the option and will have earned a 100-per-cent interest in and to the Quito gold property subject to a $35,000 annual advance minimum royalty and a 2.5-per-cent net smelter royalty.

There are no work commitment amounts, finders' fees or share compensation in connection with the option.

The company also continues to acquire non-core exploration interests in the western United States by purchase and by staking.

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 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 that 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, 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 1.70 million to 2.48 million tons, grading 0.20 to 0.33 ounce per Au (1.54 million to 2.24 million tonnes, grading 6.85 to 11.31 g/t Au). See the company's press release dated Feb. 14, 2017. Black Mammoth cautions investors to note that 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, 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.