Mammoth Resources Corp. announced results from bottle roll tests performed on three composite samples of material collected from assay reject samples of drill holes from the large Carneritos area from 2021-22 drill campaign. Gold recoveries in two bottle roll tests are greater than 90% for the oxidized material samples and 74% for a single mixed oxidized-sulfide/transition zone sample from Carneritos.

Silver recoveries are greater than 58% for the oxidized samples and 64% for the mixed oxidized-sulfide/transition zone sample. The majority of the gold and silver leaches within the first 12 hours of a total of a 96-hour bottle roll test. Cyanide Bottle Roll Test Results, Conclusions and Recommendations for Future Work: The selection of samples for cyanide bottle roll tests were prioritized based upon the extent to which they would: (1) provide a good distribution over the extent of the Carneritos area as it had been defined by geological mapping, sampling, geophysics and drilling, (2) comprise, what was observed through drill core logging, to be both oxidized (samples B and C) and mixed oxidized-sulfide/transition zone mineralized intervals (sample A), and (3) the composite of such samples would comprise an average grade, as best could be achieved by sample collection means, to approximate the current weighted average grade of all mineralized drill hole intervals from all 57 historical drill holes at Tenoriba, which approximates 0.65 g/t gold equivalent (gold with silver wherein silver is converted to a gold equivalent at a gold: silver ratio of 1: 75) utilizing a 0.18 g/t gold cut-off grade for assembling potentially economical intervals of open pit mineable and heap leach recoverable precious metals at Carneritos Of the 559 coarse rejects which existed from the 2021-22 drill core sampling within the Carneritos area, 125 samples were selected to form six composite samples.

Three of these samples were sent to SGS laboratory in Durango, Mexico where under the direction of Mr. German Alarcon, Metallurgist for SGS, three individual, 96-hour cyanide bottle roll tests were performed with measurements of gold and silver dissolution taken initially after two hours, and thereafter every six hours, until 96 hours of samples under agitation passed. The other three samples were sent to Dr. Efren Perez in Hermosillo, Sonora for heavy mineral concentration and microscopic study of mineralogy, especially to attempt to observe the nature of gold's occurrence within these sample composites. In a second phase sampling, five additional individual samples from half split diamond core were sent to Dr, Perez for similar microscope study.

Both Mr. Alarcon and Dr. Perez are Qualified Persons under NI 43-101 by virtue of their science degrees and years of relevant experience. Results of the cyanide bottle roll tests are illustrated in Table 1 - Dissolution Kinetics and Results. Gold dissolution (amount of gold dissolved/potentially recoverable relative to the assayed grade) from the oxidized material at Carneritos (Samples B and C) is very rapid at 92% and 88% dissolution in the first 12 hours, respectively while after 96 hours reached 94% and 91%, respectively.

The silver dissolution is also very rapid and reaches approximately 55% for both samples in the first 12 hours and 59% for both samples after 96 hours. Results of the cyanide bottle roll tests for mixed oxidized-sulfide/transition material (Sample A) is also very rapid with 72% of the total gold dissolved in the first 12 hours while 75% gold dissolution occurs in 96 hours. The total silver dissolution for sample A is also very rapid at 61% dissolved in the first 12 hours and reached 64% dissolution after 96 hours.

Based on results from this work, and to further enhance confidence in the gold and silver dissolution and potential recovery of oxidized and mixed oxidized-sulfide material at Carneritos, additional metallurgical test work is recommended and should include: (1) additional bottle roll tests utilizing coarser granulometry material, and (2) sulfide bearing gold and silver core intervals should also be tested. Following successful dissolution of gold and silver in coarser granulometry material (moving towards 3/8-inch diameter material), further testing of similar granulometry material should be studied by cyanide column leach tests. Following initial testing, sulfide bearing gold and silver core intervals should also be tested by various granulometry bottle roll tests and if warranted followed by column testing.

These tests would further validate and determine the metallurgical recoveries of gold by heap leaching. Based on the success from these initial bottle roll tests, Mammoth has commenced testing a coarser fraction of the oxidized and mixed oxidized-sulfide zone material and preliminary tests of a sulfide sample and looks forward to reporting on these results in the near future. Mammoth intends to post to its website ("Projects", "Technical Reports" section) in the coming days a technical report detailing this metallurgical study.