Mongoose Mining Ltd. provided an update on its iron oxide, copper, gold and cobalt (IOCG) exploration projects in Nova Scotia. The Company is focused on advanced-stage exploration and development along the Cobequid-Chedabucto Fault Zone (CCFZ), a major crustal fault system that defines the southern margin of the Cobequid Highlands of central Nova Scotia. The IOCG mineral deposit model contains a variety of elements, some of which are on Canada’s Critical Minerals List, including the elements Cu, Au, REE, F, P, Mo, Ag, Ba, Co and Ni.

The main geological features are hydrothermal ore styles, strong structural controls and abundant metasomatic iron oxides. Results from recent drilling show many features of a potential IOCG system. The exploration of these elements aims to increase the supply of vital minerals to develop the national and global value chains of green and digital economies.

The exploration team plans to focus on two priority targets in Nova Scotia: 1) Mt. Thom, where the Company recently discovered a gravity anomaly that has remained largely untested by previous drilling. This anomaly is related to a previously discovered copper-cobalt zone; and 2) Bass River where a four kilometer cobalt trend was identified.

Both areas have been submitted to the Nova Scotia Mining Assistance Program and are awaiting potential permits. The program has funded exploration of the Bass River program for the past few years, for which the Company is very grateful. Current work: Project Mt.

Thom IOCG Project: CSR Geosurveys of Porter’s Lake, Nova Scotia completed a 542 point gravity survey over the Mount Thom copper-cobalt project in the fall of 2022. Data analysis shows a large gravity anomaly of 1.1 Mgal 250 meters to the east and adjacent to known copper and cobalt mineralization.

The Mt. Thom deposit was discovered in 1971 by Imperial Oil. The IOCG-like pattern and cobalt mineralization were later recognized by the Nova Scotia Department of Natural Resources.

Given the significant copper, cobalt and gold occurrences referenced in historical reports, Mt. Thom remains a priority based on current geological knowledge. The mineralized outcrops of Mt.

Thom and sporadic core drilling recently returned up to 0.863% cobalt in copper zones grading 1.5% copper. A drilling program in the Mont Thom region was planned for December 2022 but the necessary permits are not in place. All permits and permission from the property owner are now in place.

Ass River: Untested areas in this priority region will be further explored by airborne magnetics and ground surveys to establish target locations for future drilling campaigns. Pine Lake, East Folly Mountain and Pine Lake South: A 792 meter, four hole drill program was completed in December 2022.

Seventeen samples were analyzed and only one sample from the program returned a titer of 3650 zinc. This area has been closed for the time being, but several old iron mines and geophysical targets have yet to be tested in these areas. Sheba Gold Property: In New Brunswick, the Company contracted with Prospectair of Gatineau, Quebec to conduct an airborne MAGTDEM survey over the Company’s Sheba Gold Property. The project hosts significant historical gold mineralization and the survey should provide a better understanding of the structural controls to better guide future exploration work.

The Company plans to conduct a ground follow-up on the geophysical targets of interest.