Mandrake Resources : April 2022 Presentation

Disclaimers and Disclosures

This presentation has been prepared by Mandrake Resources Limited (MAN). This Presentation is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Presentation contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved.

This presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained. This is for information purposes only. Neither this nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to any transaction associated with MAN.

To the fullest extent permitted by law, MAN, its officers, employees, related bodies corporate, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted.

Competent Persons Statement

The technical information in this announcement complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Mr James Allchurch, Managing Director of Mandrake Resources. Mr Allchurch is a Member of the Australian Institute of Geoscientists. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Allchurch consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This document may include forward looking statements. Forward looking statements are only predictions and are subject to risk, uncertainties, and assumptions which are outside the control of MAN. Actual values, results or events may be materially different to those expressed or implied in this document. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this document are relevant only at the date of this document. Subject to any continuing obligations under applicable laws, MAN does not undertake any obligation to update or revise any information or any of the forward looking statements in this document or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Corporate Snapshot

Directors and ManagementKey Metrics

ASX Code	MAN
Shares on issue	493m
Unlisted options	41m (3c exercise)
Share price	$0.06
Market Capitalisation	$29.6m
Cash	$16.2 m
Debt	NIL

Lloyd Flint	Non-Executive Chairman
James Allchurch	Managing Director
Roger Fitzhardinge	Non-Executive Director
Harry Mees	Exploration Manager
Ricardo Garzon	Project Manager (Chile)

Shareholders

BNP Paribas Nominees Pty	8.6%
Sandhurst Trustees Ltd	4.0%
Citicorp Nominees Pty Ltd	3.2%
Martini 29 Pty Ltd	2.4%
Loktor Holdings Pty Ltd	2.3%
Top 20 Shareholders	31.6%

• • Tight capital structure

• • $16.2m in cash

• • Outstanding high-grade copper project acquired

• • Strong news flow in the next three months

• • Drill-ready targets

Board of Directors

James Allchurch Managing Director

Mr Allchurch is a geologist with over 20 years' experience in mineral exploration, geotechnical assessment and mining operations. Mr Allchurch was the Managing Director of ASX-listed company Monto Minerals which controlled copper mining and tin exploration operations in Queensland and has held various Board positions over the previous 10 years. More recently Mr Allchurch founded a Chilean cobalt exploration company, executing detailed exploration activities prior to a cash sale to a US-based fund. Mr Allchurch spent six years working at Ascent Capital and has considerable expertise in the identification and assessment of resource projects over a broad range of commodities.

Lloyd Flint Non-Executive Chairman

Mr Flint, BAcc, FINSIA and MBA is a Chartered Accountant with over 25 years' experience in the corporate and financial services arena. He has held a number of management and senior administrative positions as well as providing corporate advisory services as a consultant to corporate clients.

Roger Fitzhardinge Non-Executive Director

Mr Fitzhardinge is a geologist with more than 20 years' experience in the exploration and mining industry. Mr Fitzhardinge is currently General Manager - Exploration & Growth with Centaurus Metals (ASX:CTM). Mr Fitzhardinge joined Centaurus in 2010 and was instrumental in identifying, acquiring and developing Centaurus' Jaguar Nickel Sulphide Project which has propelled the company from a market capitalisation of ~$24M at the time of acquisition in 2019 to a current valuation of more than $640M.

He has previously worked in gold exploration in the Yilgarn with Normandy (now Newmont) and Homestake (now Barrick) as well as BHP's iron ore operations in the Pilbara region.

Delfin Copper Project

• • Large 84km2 tenure in the world's most prolific copper producing region - located less than 100km from world's largest Cu mine

• • Includes three identified prospects with Delfin 1, the most advanced, containing a host of spectacular high-grade intercepts such as 86m @ 4.83% Cu from 121m depth

• • Located in the "pre-cordillera" (Andean foothills) at an altitude that allows for year-round access and operations

• • Existing drill ready targets with consistent news flow over the coming months

Delfin 1 prospect workings