Mammoth Resources Optimistic About Drilling Costs at Tenoriba Gold-Silver Property

Toronto, Canada — April 16, 2026 — Leads & Copy —Mammoth Resources Corp. is optimistic about the cost versus potential value of defining up to 500,000 gold equivalent ounces at its Tenoriba gold-silver exploration property in Mexico.

The company continues to see a compelling cost relative to potential value that could be created by defining up to 500,000 gold equivalent ounces ("gold Eq") (silver is converted to gold equivalent at ratio of 75 silver to one gold), in Phase 1 drilling, within the Carneritos zone of the previously determined 1.8 million gold equivalent ounce Exploration Target.

The company made reference to the press release dated May 15, 2024 for description of the Exploration Target at its Tenoriba gold-silver exploration property in the Sierra Madre precious metal belt, Mexico.

The most competitive drill contractor quote includes an all-inclusive cost of US$304/metre (m) drilled (drilling costs are quoted in US$ in Mexico), or at today's US:Canadian exchange rate C$416/m. This quote includes drilling contractor and consumables costs, access road maintenance, drill pad construction, drill water supply, camp and equipment, all geological staffing, plus sample collection, preparation and analysis, estimates of community costs and includes a 15% contingency on the quoted cost.

Of the 1.8 million gold equivalent ounce Exploration Target (the "Target") in the three phases of drilling planned to define this resource Target, the first phase of drilling in the Carneritos area, consists of 60 drill holes to depths of 50 m for a total of 3,000 m drilling. The objective of this first phase is to define a maiden Inferred mineral resource within the surface to shallow depth, oxidized/transition zone (“Oxide-Mixed” zone).

This initial phase of drilling is estimated to cost US$910,000/C$1,250,000 and has the potential to define a maiden gold-silver resource with a Target of 530,688 gold Eq ounces, or a cost of US$1.71/C$2.34 per gold Eq ounce.

Thomas Atkins, President and CEO of Mammoth Resources commented on the cost of drilling relative to the Exploration Target, stating: “The most attractive opportunity to define gold resources at the lowest cost is at the large Carneritos area, where phase one drilling comprises only 3,000 metres in 60 drill holes and where the potential exists to define a resource Target of 530,000 gold equivalent ounces. Based on the drill quote, this is a cost of US$1.71 per gold equivalent ounce. When one considers gold recently trading at over US$5,000 per ounce, the leverage suggested by this drill cost is exceptional when considering the gold-silver mineral resource this drilling has the potential to define.

Atkins continued, “We’re confident that the initial phase of drilling can be accomplished in a timely manner, given that the initial resource focus is on shallow, near-surface oxidized material and can be tested with as few as 60 drill holes to 50 metre depths. The shallow depth of this drilling, combined with the 80-metre drill spacing between holes, should allow this program to advance quickly and efficiently. The risk - reward opportunity to define gold-silver resources from this drilling remains as attractive as it has ever been at Tenoriba.”

Richard Simpson, Vice President Exploration of Mammoth Resources, commented further on this drill program, stating: “We’re in the process of confirming the status of our drill permit, which, from prior discussions, we believe should be in good standing, enabling us to commence phase one drilling. Following confirmation of permit status, we’ll perform a field check of drill hole locations and access and will re-engage with the local community to gain surface access to enable this drilling.

Mammoth Resources (TSX-V: MTH) 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% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333-hectare Tenoriba gold 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 metals mineralization. Mammoth recently entered into a strategic alliance with RM Mineria S de RL de CV of Mexico in pursuit of additional project development opportunities.

Source: Mammoth Resources Corp.