Toronto, Canada (June 9, 2021) – Mammoth Resources Corp. (TSX-V: MTH), (the “Company” or “Mammoth”) is pleased to announce the closing of its previously announced oversubscribed, non-middleman private placement of units (the “Private Placement”) comprising up to 18 482,600 units (the “Units”) at a price of $ 0.14 per Unit for gross proceeds of up to $ 2,587,564, this amount having been increased and Mammoth having received conditional approval from the TSX Venture Exchange ( the “Exchange”) to 20,349,965 Units for gross proceeds of $ 2,848,995. The expiry date of the four-month holding period for the securities issued under this private placement has been set for October 11, 2021. Following this announcement, the Company expects to receive final approval from the Bourse to close this private placement.

Thomas Atkins, President and CEO of Mammoth commented on the closing and further increase in the amount of the private placement, stating: “I had previously announced that the placement was met with tremendous enthusiasm and demand, and that I had tried to strike a balance between this demand for dilution and Mammoth having access to the capital necessary to advance exploration at Tenoriba. Following this announcement, the overwhelming demand to participate in the placement continued and after further consideration within Mammoth’s board of directors, it was decided to increase the amount of the placement by an additional $ 260,000. Even after increasing the placement to this size, the Company was unable to meet demand, this being at least partially evident in the strength of the Company’s share price, which consistently exceeded the offer price, since we announced the financing.

“Due to the time needed to complete this funding, further advancements on geophysical interpretation have been delayed, but we expect to complete this work soon. The remaining 3D geophysical modeling covers an additional approximately 1.5 kilometers for a total of over 4 kilometers of induced polarization geophysics and up to a total of 6 kilometers of magnetometric geophysics. Once we have completed the 3D modeling, we will turn our attention to targeting additional drilling in areas covered by additional geophysics. Drill targeting will be combined with historical surface and drill data over the entire 6 kilometer trend of gold-silver mineralization. Press releases, outlining the results of the remaining geophysics and drill targeting, are expected to be issued in the coming weeks as we complete this work.

The private placement is subject to receipt of all required regulatory and market approvals. The private placement was made under British Columbia Instrument 45-534 (the “Instrument”), which allows an issuer to distribute securities to its existing shareholders, subject to the terms of the instrument. The TSX Venture Exchange approved this private placement and increased the amount to 20,349,965 units for gross proceeds of $ 2,848,995. The securities issued within the framework of the Private Placement will be subject to a four-month holding period. Finder’s fees of $ 14,710.00 in cash were paid in connection with this private placement.

The proceeds of this private placement will be primarily used to fund diamond drilling on the Company’s 100% owned Tenoriba gold-silver, with a high copper sulphidation project in the prolific precious metals belt of the Sierra Madre, in Mexico. Logistical planning is already underway for the start of the drilling program in the coming weeks. Mammoth looks forward to further announcements as these activities progress.

As previously announced, each unit of the Private Placement will consist of one common share of the Company (the “Common Share”) and one warrant (the “Warrant”). Each warrant will allow its holder to purchase one additional common share for a period of 18 months from the closing of the private placement at a price of $ 0.21 and, if it begins on the date falling four months after the closing date, the closing price of a common share The stock market share is greater than $ 0.25 for 20 consecutive trading days, based on the volume weighted average price at the daily close, then on the date corresponding to the 20th consecutive trading day (the “acceleration trigger date”), the expiration date of the warrants will be accelerated until the date falling 30 business days after the trigger date acceleration provided that the Company, within three trading days of the triggering date of the acceleration, issues a press release announcing the acceleration of the expiration date and delivers or electronically sends a copy of such press release to holders of warrants.

The Company would also like to announce the issuance of 1,160,000 incentive options to officers and directors of the Company that may be exercised at the closing price of $ 0.17 / share the previous day on the TSX Venture Exchange and 300,000 additional options that may be exercised. be exercised at the same price to entrepreneurs to the Company. The term of these options and their exercise are governed by the terms of the Company’s option plan.

About Mammoth Resources:
Mammoth Resources (TSX-V: MTH) is a precious metals mineral exploration company focused on the acquisition and definition of precious metal resources in Mexico and other attractive mining-friendly jurisdictions in the Americas . The Company owns a 100% interest (subject to a 2% net smelter royalty which may be purchased at any time within two years of the start of commercial production for US $ 1.5 million) in the property Tenoriba gold mine of 5,333 hectares located in the precious metals belt of the Sierra Madre, in the southwest of the state of Chihuahua. , Mexico. Mammoth is seeking further opportunities to pursue exploration projects in the Americas on properties that it deems to host above-average potential for economic concentrations of precious metal mineralization.

To learn more about Mammoth Resources and to sign up to receive future press releases, please visit the Company’s website at:, Or contact Thomas Atkins, President and CEO the management at: 416 509-4326.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information: This press release may contain or refer to forward-looking information. All information other than statements of historical fact that relates to activities, events or developments that the Company believes, expects or anticipates will occur or may occur in the future are forward-looking statements; examples include listing its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict which may cause actual events or results to differ materially from those discussed in these forward-looking statements. Any forward-looking statement is only valid as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement, whether as a result of new information, events or future or other results. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, therefore, one should not place undue reliance on such forward-looking statements because of the inherent uncertainty. these.

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