Mammoth Increases Amount of Recently Announced Private Placement

Exchange Tower

410 - 150 York Street

Toronto, Ontario

M5H 3S5 Canada

www.mammothresources.ca

FOR IMMEDIATE RELEASE: January 21, 2021 No. 03/21

MAMMOTH INCREASES AMOUNT OF RECENTLY

ANNOUNCED PRIVATE PLACEMENT

Toronto, Canada (January 21, 2021) - Mammoth Resources Corp. (TSX-V: MTH), (the “Company”,

or “Mammoth”) is pleased to announce that following investor enthusiasm for its recently announced

private placement (refer to press release dated January 12, 2021), the Company is increasing the

amount of the original placement issuing 6,000,000 common shares for gross proceeds of $600,000, by

an additional 885,000 common shares for gross proceeds of an additional $88,500 for a total private

placement of 6,885,000 shares issued at a price of $0.10 per share for total gross proceeds of

$688,500. The private placement is now closed for further investment and the Company expects closing

on this newly announced amount next week, subject to TSX Venture Exchange (“Exchange”) approvals.

Thomas Atkins, President and CEO of Mammoth commented on the Private Placement, stating:

“We’re very pleased to have had our recently announced private placement so enthusiastically over-

subscribed and for this to have occurred so quickly. With the imminent closing of this financing,

Mammoth will be mobilizing staff to the Tenoriba project to commence activities in preparation for the

geophysical survey and other exploration works. We look forward to reporting on results from the

various project activities over the coming weeks.”

This private placement is available to accredited investors. Securities issued under this private

placement will be subject to a four-month hold period. In accordance with the requirements of the

Investment Dealer Exemption, the Company confirms there is no material fact or material change

related to the Company which has not been disclosed. The private placement is subject to receipt of all

required regulatory and Exchange approvals. The Company anticipates paying finder's fees of $4,750

on a portion of the private placement in accordance with applicable securities laws and the policies of

the Exchange.

About Mammoth Resources:

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.

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the

company's website at: www.mammothresources.ca., or contact Thomas Atkins, President and CEO 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 news release may contain or refer to forward-looking information. All

information other than statements of historical fact that address activities, events or developments that the

Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples

include the listing of 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 that

may cause actual events or results to differ materially from those discussed in such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by

applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking

statement, whether as a result of new information, future events or results or otherwise. Although the Company

believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking

statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on

these forward-looking statements due to the inherent uncertainty therein.