Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

The best part about this new Copper project is they have only scratched the surface so far and barely any deeper drilling has been completed to find the feeder zone for all that shallow high grade copper!

Large 84km2 tenure position with existing infrastructure and year round access for exploration in the world’s most prolific copper producing region that includes BHP/Rio Tinto’s Escondida2
(11.2Bt @ 0.8% Cu) and Codelco’s Chuquicamata (10.5Bt @ 0.6% Cu) mines
• Outstanding greenfields exploration upside with 90% of historic drilling
concentrated in a 300 x 100m area with little previous application of
modern exploration techniques
• Multiple high grade shallow targets - exploration commenced
• Approx $16.2M cash - Mandrake fully funded for exploration.

Further opportunity at Delfin exists at depth with 80% of the historical drilling being
shallower than the average penetration depth of only 140m. The Delfin Project also
has significant potential for deeper copper porphyry mineralization given the
precise genesis of copper mineralization at Delfin has not yet been determined.

Importantly, the Delfin 2 and Cami 9 greenfields prospects (Figure 4) represent
immediate follow up targets which show similar structural settings to Delfin 1, with
rock chip samples up to 10.17% Cu (Cami 9) and 3.26% Cu (Delfin 2).