Black Mammoth Metals Finds Extensive IP Zone at Cupz Gold Property, NV

• 2026-03-25: Black Mammoth Metals reports pole-dipole IP survey results at the Cupz Gold property in Nevada. The survey confirms a target area with significant overlapping resistivity and chargeability anomalies within the Gravity Low area and along the extension of the NW-trending Gold-Zone in the pediment. The intersection between the Gold-Zone and the range-front fault is highlighted as particularly important. Additional context:
• Potential for dropped-down, preserved volcanic-hosted gold mineralization.
• Silver, copper, and lead rock-chip assays are also significant; arsenic and antimony noted as pathfinder minerals.
• There is a hypothesis of two overlapping mineralizing events: gold/copper associated with felsic dikes and a base-metal-dominant event postdating the felsic dikes.
• Cupz property is 275 hectares (681 acres) with 33 federal lode claims staked.
• Company indicates targets may be refined through further work and drill-targeting workups.
• 2026-02-23: IP and UAV magnetic surveys at Big Bear Copper (AZ) delineate a target zone with high chargeability and high resistivity coincident with high-grade copper in rock chips and an underlying magnetic high; the target overlaps and expands a historic copper zone. The property size grows with staking activity.
• 2026-02-12: Happy Cat South Gold Target and South Ravenswood updates at Lander County, NV; large chargeability anomaly coincident with gravity high and known gold mineralization; active drilling permit in place; 66 additional unpatented claims staked (~551 hectares).
• 2026-01-30: West Reveille Silver property update; assay highlights include up to 2,610 g/t Ag in rock chips; acquisition terms for the property (100% ownership, no royalties) and related data package.
• 2026-01-15: Drill permit granted for Leadore Silver-Lead-REE property (ID); up to 12 drill sites on BLM land selected to expand oxide silver-lead area, test sulfide targets from IP, and test oxide REE placer layer; property 100% owned with no royalties.
• 2026-01-05: Tom’s Pediment acquisition; 100% ownership of Tom’s Pediment (gold/silver) in Lander County, NV; IP work completed showing a geophysical target area (~2.3 km2) coincident with gravity/resistivity highs; drilling awaits BLM Notice of Intent.
• 2025-12-18: Mustang Gold and Silver property acquisition and IP results; delineated a ~1 km2 IP anomaly in the Southern Zone with potential extension to the north; staking 138 unpatented claims; gravity survey planned for target refinement.
• 2025-12-16: Company stakes 185 new claims across Quito NV, Leadore ID, and Ramsey AZ; drill permits submitted and pending for Quito and Leadore; multiple properties highlighted.
• 2025-12-08: Amador Silver property IP results reveal a large high-chargeability anomaly extending under historic workings; 55 new unpatented claims staked, expanding to ~631 hectares; five drill sites planned.
• 2025-11-19 to 2024-11: Ramsey Silver property acquisitions and subsequent drill/result updates; Ramsey-related RC and surface results indicate historically high-grade potential; ongoing data review and evaluation.
• 2025-10-23 to 2025-10-01: America Mine acquisition in California; Coleman Canyon, Cottonwood, and other NV properties provide ongoing staking and IP/magnetic survey progress; multiple properties with NSR royalties and option terms disclosed.
• 2025-08-26 to 2025-08-08: Gallinas REE property acquisition (New Mexico) with lease/option frameworks; Klein appointed as exploration manager (credentials and track record noted); broader strategy to acquire western U.S. exploration assets.
• 2025-04-08 to 2025-05-29: Multiple SEDAR interim MD&A updates; ongoing cash burn vs. financing activity; private placements and warrants underpin liquidity in the near term; quarterly losses reported; no material 43-101 resource updates yet.
• 2025-07 to 2025-06: Notable early-stage results at Amador, Leadore, and other NV properties reinforce Black Mammoth’s strategy of acquiring and testing underexplored ground with IP surveys and geophysics.

In sum: The most recent release confirms a positive, but early-stage IP-driven target at Cupz, aligned with Black Mammoth’s ongoing pattern of IP surveys, staking, and property acquisitions across the western U.S. The company continues to advance multiple exploration projects with no current P2 resource, while financing activity and warrant exercises contribute to near-term liquidity.

Material impact assessment - The Cupz IP results are positive in identifying a potentially new gold mineralizing system near the Gold-Zone and a fault, but there is no resource estimate or economic study yet. In the context of an early-stage junior, this is meaningful for drill targeting and future exploration success, yet not a current profitability or near-term cash-flow catalyst. - The news is consistent with the company’s broader trajectory (IP surveys, staking, and property acquisitions) and does not contradict prior expectations from late-2025 updates (Mustang, Amador, Happy Cat, Big Bear, Tom’s Pediment, Leadore, Ramsey, etc.). It reinforces the company’s exploration-first strategy rather than signaling a near-term production or large-scale feasibility milestone. - Dilution risk remains a material consideration: a substantial portion of capital has been raised via warrants and options, with ongoing exercises noted (several million warrants exercised in 2025-2026 and outstanding warrants in the low hundreds of thousands to a few million, depending on the date). This suggests potential share-count dilution if the company relies on warrant/option proceeds to fund operations. - Liquidity risk persists: cash balances from interim reports show ongoing use of cash for exploration and operating costs, offset by warrant exercises and private placements. No debt is disclosed as a near-term burden in the latest texts, but the sustainability of financing is essential for ongoing drilling campaigns across multiple properties.

What to watch next (immediate, 3-6 months) - Immediate: - Update on Cupz drill-target refinement and any subsequent IP inversions or follow-up ground surveys. - Any BLM permit updates for Tom’s Pediment and Leadore drill programs; Notices of Intent, bonds, and drill sites become critical for progression to first drill holes. - 3-6 months: - Initiation of drill campaigns on Cupz, Tom’s Pediment, Leadore, Mustang, and Ramsey—results (even if only initial RC/core drill results) will be crucial for determining if the exploration targets translate into economic potential. - Additional geophysical work (IP/inversion modelling, gravity surveys) to refine targets and de-risk drilling plans. - Financing activity: possible further warrant exercises or private placements to fund ongoing and new drilling; keep an eye on the capital structure changes (warrants, options, and outstanding shares). - Any new property acquisitions or lease arrangements that expand the portfolio or reinforce the company’s strategy.

Conclusion on Materiality - Rating rationale: Routine - Positive. The Cupz IP release contributes a meaningful, though early-stage, exploration hint that could shape future drilling targets and eventual resource potential. It is not a game-changing discovery or a material change in financial outlook today, but it supports the ongoing exploration narrative and expansion of the asset base. - The text aligns with the company’s established playbook (IP surveys, staking, permits, and acquisitions across multiple western U.S. properties). The most material near-term risks remain financing/dilution and the successful conversion of IP targets into drill-ready targets and, ultimately, into resources.

Technical Analysis and Price Support Resistance Breakout levels - Price data not provided. Technical analysis cannot be performed with the current data set.

Company overview and flagship project - Black Mammoth Metals Corporation is a Canada-listed junior mining explorer focused on uranium/REEs and precious metals development in the western United States, with multiple properties in Nevada, Arizona, Idaho, New Mexico, and Utah. The company’s activities include IP surveys, UAV magnetic surveys, claim staking, and property acquisitions. - Flagship project: The company does not have a single declared flagship project; Cupz Gold (Nevada) is currently prominent due to the March 25, 2026 news release. Other notable properties in the portfolio include Mustang (NV), Amador (NV), Tom’s Pediment (NV), West Reveille (NV), Happy Cat (NV), Leadore (ID), Ramsey (AZ), and Big Bear (AZ). The pipeline comprises exploration-stage targets with potential for multiple commodities (gold, silver, copper, REE) and various royalty structures. - Management and team notes: In 2025-2026, hires and leadership changes (e.g., exploration manager appointment) reflect a push to advance exploration capabilities across assets.

Capital structure including financings and levels - Key current data (as of 2026-03-05 press release): - Issued and outstanding shares: 45,834,371 - Warrants outstanding: 340,500 - Options outstanding: 2,521,000 - Fully diluted shares: 48,695,871 - Financing and liquidity: - Warrant exercises provided cash inflows (e.g., 6.2 million warrants exercised by 2025-03-05; cash proceeds around CAD 2.49 million). - Interims and annual statements show ongoing private placements and subscription in advance activities; no long-term debt is highlighted in the latest releases, but there is mixed evidence of working capital needs and significant exploration expenditures. - Substantial royalty and NSR obligations tied to various mineral rights are disclosed in the investments/assets, potentially affecting project economics. - Royalty and option framework: A wide array of NSR and gross returns royalties across many properties (e.g., 1–3% NSR ranges; some buyback options). These terms will influence future project economics if and when any property advances toward development.

Strategic investors - No explicit strategic investors disclosed in the provided news items. The company has engaged in property acquisitions, staking, and management hires rather than announcing large strategic investments from well-known industry funds or strategic partners.

Debt risk and capital needs - Near-term debt risk appears limited based on the provided data (no long-term debt noted in the latest releases). However, the company’s cash burn from exploration is evident in interim statements, implying ongoing capital needs to fund drilling and exploration campaigns. - Near-term capital needs likely to arise from: - Funding multiple drilling programs across properties (Cupz, Tom’s Pediment, Leadore, Mustang, etc.). - Potential capital raises or warrant exercises to maintain liquidity and fund active exploration.

Key and hidden risks - Exploration-stage risk: No NI 43-101 resource or preliminary economic assessment (PEA) results are provided; success depends on converting IP anomalies into drill-ready targets and, ultimately, resources. - Dilution risk: Heavy reliance on warrants and options to fund operations can lead to significant share-count dilution if exercised. - Royalty burden: Multiple NSRs and GSRs across properties could affect project economics if/when a project moves toward development. - Permitting and regulatory risk: Drilling programs depend on timely approvals (BLM NOI, bonds, operator changes) and compliance costs. - Commodity price sensitivity: As with other precious and base metals explorers, economics are sensitive to gold, silver, copper, and REE price volatility.

Final summary and takeaways - The March 25, 2026 Cupz IP release represents a constructive, early-stage exploration update consistent with the company’s broader exploration strategy. It adds to a pipeline of IP-driven targets across multiple properties but does not yet translate into a resource or feasibility milestone. - The company’s trajectory remains positive from an exploration and asset-growth perspective, but investors should be mindful of liquidity risks, potential dilution, and the need for successful drill results to move toward resource definitions. - Near-term catalysts to watch: drill permits and drill program starts at Tom’s Pediment, Leadore, Cupz, Mustang, Ramsey; any positive drill results; ongoing IP/inversion work; and any further acquisitions that expand the portfolio.

Appendix and Sources - Data period and sources: - Historical news releases (dates ranging from 2025-04-08 to 2026-03-25) and associated NewsJSON content. - Time Series Price Data: Price data not provided. - Financial statements: SEDAR interim MD&A/financial statements (e.g., March 31, 2025; June 30, 2025; December 31, 2024) including balance sheets, income statements, cash flow, and share structure notes. - Company transcripts: Not provided in the data. - Investor presentations: Not provided in the data. - Key items referenced: Cupz Gold property IP results (2026-03-25); Big Bear IP/magnetic results (2026-02-23); Happy Cat South IP results (2026-02-12); Tom’s Pediment drill permit (2026-01-15); Leadore permit update (2026-01-15); Mustang IP and staking (2025-12-18); Ramsey acquisition and drill results (2025-11-19 to 2025-11-19); America Mine and Coleman Canyon activity (2025-10-23, 2025-10-01); Klein appointment (2025-08-08). - Periods: News data cover 2025-04-08 through 2026-03-25; time-series price data not provided; interim and annual financial statements cover 2024 and 2025 periods as disclosed in the press releases. - Notes: All information is taken from the provided NewsJSON blocks and the accompanying metadata. No external sources were consulted. See the Appendix for detailed item references and the exact statements used.

Appendix and Sources (detailed references) - 2026-03-25 Black Mammoth Metals finds extensive IP zone at Cupz Gold Property, NV - 2026-02-23 Black Mammoth identifes IP/magnetic target zone at Big Bear - 2026-02-12 Black Mammoth finds chargeability anomaly at Happy Cat South Gold Target, NV - 2026-01-15 Black Mammoth obtains drill permit for Leadore (ID) - 2026-01-05 Black Mammoth acquires Tom’s Pediment Gold-Silver Property, NV; IP results - 2025-12-18 Mustang IP anomaly and stake; property acquisition - 2025-12-16 Staking Quito, Leadore, Ramsey - 2025-12-08 Amador IP anomaly; staking - 2025-11-19 Ramsey property acquisition; drilling updates - 2025-10-23 America Mine acquisition; NV properties - 2025-10-01 Coleman Canyon staking and UAVMag results - 2025-08-26 Gallinas REE property acquisition - 2025-08-08 Klein appointment - 2025-07-22 Amador silver results - 2025-04-08 and 2025-05-29 SEDAR interim MD&A and audited annual statements - 2025-04-15 Coal Canyon lease and exploration terms - 2025-04-30 SEDAR MD&A and audited statements (public filings)