Mr. Thomas Atkins reports

MAMMOTH EXPANDS ANOMALOUS GOLD-IN-SOIL FOOTPRINT, COMPLETES INFILL GEOPHYSICS SURVEY AT ITS TENORIBA GOLD-SILVER PROPERTY, MEXICO

Mammoth Resources Corp. has provided an update on its exploration activities at its 100-per-cent-owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt in Mexico. The early 2021 program consists of detailed confirmation geological mapping and expanded soil and rock sampling combined with an infill induced polarization/magnetometer (IP/Mag) geophysical survey and three-dimensional drill target modelling. These activities are directed toward targeting a phase 3 drill program at Tenoriba testing targets generated from this work over a six-kilometre strike length of gold-silver and copper mineralization. This work follows up on historical work carried out by Mammoth and recent activities performed by Centerra Gold during its 21 months optioning Mammoth's Tenoriba property (Centerra notified Mammoth it was ceasing its exploration activities in Mexico in September, 2020, returning 100 per cent of the Tenoriba property to Mammoth after having spent $1.2-million; refer to press release dated Sept. 22, 2020) and recommendations by PhD geologists Dr. Ressel and Dr. Christensen of MDA/RESPEC consulting following their review of all historical data at Tenoriba performed (refer to Mammoth's website).

As part of the early 2021 program, the company is pleased to announce that it has extended by one kilometre west of previous sampling, an anomalous gold-in-soil footprint (including the highest-grade sample grading 0.75 gram per tonne gold and seven samples grading greater than 0.2 gram per tonne gold). This soil grid covers an area of 1,000 metres by 2,000 metres. Sampling was at 50-metre intervals along five-metre to 200-metre spaced lines. This grid highlights potential mineralization in rocks (the original source of the gold in the soil) at shallow depths below surface soil. This extended gold-in-soil footprint is located west of the El Moreno area at Tenoriba, in the vicinity of where coarse gold nuggets were recovered from small-scale panning late last year. Drilling in 2018 at El Moreno, following up on surface rock chip, channel and only 200 metres along trend of IP/Mag geophysics, resulted in three of four drill holes, testing this short, 200-metre IP/Mag surveyed area, intersecting potentially economical intervals of gold-silver mineralization, including: 40 metres grading 0.8 gram per tonne gold in hole TEN 17-01 and 7.2 metres grading 3.6 per cent copper in hole TEN 17-03. The Moreno area is also open one kilometre farther east of the historic drilling, toward the central Masuparia area of the project, where 13 of 19 drill holes intersected potentially economical intervals of gold-silver mineralization, including 24.7 metres grading 3.9 grams per tonne gold in hole TDH-07 and 23.5 metres grading 1.32 grams per tonne gold in hole TEN 17-05.

Thomas Atkins, president and chief executive officer of Mammoth, commented on the extension to the gold-in-soil grid, stating: "We're very pleased by the extension of the gold-in-soil footprint this additional kilometre further west from prior sampling, especially that we would sample potentially economical open-pit-mine-type grades of up to 0.75 gram per tonne gold in soil, with numerous other high grades, and an abundance of other more typically anomalous grades over this additional kilometre strike length. These results extend the El Moreno area to approximately two kilometres of east-west strike and encompasses an area where, in the past, we've had encouraging drill results over a short, 200-metre interval of this trend and where coarse gold nuggets were panned from shallow surface excavations in this area. With the infill geophysical survey recently completed, these additional soil results will add to the consolidation of data, including thousands of additional soil, chip and channel samples plus drill hole data, with the infill geophysics data. This consolidated data will assist with 3-D modelling for drill target selection currently under way, covering the six-kilometre trend of gold-silver and copper mineralization at Tenoriba."

The infill IP/Mag geophysics survey, covering the 60 per cent of the six-kilometre trend of gold-silver with copper mineralization not previously covered in the original geophysics survey, was completed late last week. With the infill geophysical survey now concluded, the company is looking forward to integrating these recent soil results with its geological mapping and large database of chip, channel and drill results into the 3-D modelling. Mammoth will be prioritizing drill targets from these consolidated data, 3-D modelling over this six-kilometre trend of gold-silver and copper mineralization in the coming weeks.

Qualified person/quality controls

Richard Simpson, PGeo, vice-president, exploration, for Mammoth, is the company's qualified person, according to National Instrument 43-101, for the Tenoriba property and supervised the sample collection and is responsible for and has reviewed any technical data mentioned in this news release. The 123 soil samples were sent to ALS Chemex's preparation facility in Chihuahua, Mexico, where pulps were prepared then sent to ALS Chemex's facility in Canada for analysis. The samples were assayed by fire assay and for 33 elements using ALS Chemex's Au-AA23 and ME-ICP61 methods, respectively.

About Mammoth Resources Corp.

Mammoth Resources is a precious metal mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining-friendly jurisdictions in the Americas. The company holds a 100-per-cent interest (subject to a 2-per-cent net smelter return royalty purchasable any time within two years from commencement of commercial production for $1.5-million (U.S.)) in the 5,333-hectare Tenoriba gold-silver property located in the Sierra Madre precious metal belt in southwestern Chihuahua state, Mexico. Mammoth is seeking other opportunities to option exploration projects in the Americas on properties it deems to host above-average potential for economic concentrations of precious metal mineralization.

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