Mr. Terry Coughlan reports

MONGOOSE MINING PROVIDES COMPANY UPDATE

Mongoose Mining Ltd. has provided an update on its iron oxide copper/gold/cobalt (IOCG) exploration projects in Nova Scotia.

The company is focused on advanced exploration and development along the Cobequid-Chedabucto fault zone (CCFZ), which is a large crustal fault system defining the southern boundary of the Cobequid Highlands in central Nova Scotia.

The IOCG mineral deposit model hosts a diverse suite of elements, some of which occur in Canada's critical mineral strategy list, including the elements copper, gold, rare earth elements, flourine, phosphorus, molybdenum, silver, barium, cobalt and nickel. The principal geologic features are hydrothermal ore styles, strong structural controls and abundant metasomatic iron oxides. Recent drilling results demonstrate many of the characteristics for a potential IOCG system. Exploration for these elements is intended to boost the supply of critical minerals to expand domestic and global value chains for the green and digital economies.

The exploration team plans to concentrate on two priority targets in Nova Scotia:

1. Mount Thom, where the company recently discovered a gravity anomaly virtually untested by historic drilling; the anomaly is associated with a previously discovered copper-cobalt zone;
2. Bass River, where a four-kilometre-long cobalt-bearing trend has been recognized.

Both areas have been submitted to the N.S. mineral assistance grant program and are awaiting potential approvals. The program over the last several years has assisted by funding exploration on the Bass River program, for which the company is very appreciative.

Recent work

Mount Thom IOCG project: A 542-point gravity survey by CSR Geosurveys of Porter's Lake, N.S., was completed in the fall of 2022 over the Mount Thom copper-cobalt prospect. Interpretation of the data shows a significant 1.1-milligal gravity anomaly 250 metres east of and adjacent to the known copper-cobalt mineralization. The Mount Thom prospect was discovered by Imperial Oil in 1971. The iron oxide copper/gold/cobalt-style model and cobalt mineralization were later recognized by the Nova Scotia Department of Natural Resources. With significant values of copper, cobalt and gold mentioned in historical reports, Mount Thom remains a priority utilizing current geological knowledge. Mineralized outcrop at Mount Thom and sporadic core sampling have recently produced assays of up to 0.863 per cent cobalt within copper-bearing zones grading 1.5 per cent copper. (See press release of International Cobalt Corp. dated May 22, 2018.)

A December, 2022, drill program was intended for the Mount Thom area; however, permitting had not been attained. All permits and landholder permission are completed. Mount Thom remains a high-priority target for the company.

Bass River: Untested areas of this priority region will be further explored by airborne magnetics and ground truthing to evaluate target locations for pending drill campaigns.

Pine Lake, East Folly Mountain and Pine Lake South area: A 792-metre drill program comprising four holes was completed in December, 2022. Seventeen samples were assayed. This area has been downgraded for the time being; however, several old iron mines and geophysical targets remain untested in these areas.

Sheba gold property: In New Brunswick, the company contracted Prospectair of Gatineau, Que., to conduct an airborne MAGTDEM survey at the company's Sheba gold property. The project has significant historic gold mineralization, and the survey is expected to provide insight into the structural controls to better direct future exploration. The company plans to conduct follow-up ground fieldwork on interesting geophysical targets.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Terry Coughlan, PGeo, the company's chief executive officer and a qualified person within the context of Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The company's exploration work was performed by Mark Graves, PGeo, an arm's-length geological consultant to the company, who also approved the technical content of this release.

About Mongoose Mining Ltd.

Mongoose is a Canadian exploration company engaged in the acquisition, exploration and evaluation of mineral properties in Canada. The company is the holder of exploration licences to explore claims located near Londonderry and Bass River, N.S. (the Cobequid Highlands property). The Cobequid Highlands property is recognized to indicate potential for IOCG mineralization.

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