Press Release

MONGOLIAN METALS CORPORATION SECURES MINING LICENCE FOR THE HIGHLY PROSPECTIVE
KHONGOR AREA

Mongolian Metals Corporation (“MMC” or the “Company”) is pleased to announce that the Mineral
Resource and Petroleum Authority of Mongolia (“MRPAM”) issued Mining License MV022148 for
MMC’s Khongor Resource in the southwest Gobi Region of Mongolia on 21/07/22.

Quotes from the Company:
“This mining license is the result of twelve years of hard work by our team alongside expert third
party consultants,” said Lee Cashell, CEO. “With exceptional results to date, we are confident our
next stage exploration program will position MMC as one of the pre-eminent, untapped resources in
the South Gobi.”
“The licensing process in Mongolia has become increasingly competitive and demanding, and we are
thrilled the relevant authorities have vindicated our efforts,” continued Mr Cashell. “The license
enables MMC to take longer term stewardship of the asset and focus activity during a time of
heightened global demand.”

Mining Licence

The 37,000 hectare Khongor license area is located in the Middle Devonian Edren island arc terrane,
the site of some of the world’s most prospective gold and copper discoveries. Several of Mongolia’s
most important porphyry gold-copper and copper-molybdenum deposits were discovered in these
Middle Devonian island arc terranes, including Oyu Tolgoi, Kharmagtai, Tsagaan and Suvarga.
Currently there are two main gold-copper porphyry and molybdenum-copper prospects (Zuun Mod
and Khul Morit) located just 20-35km from the Khongor license area both of which are the subject of
intensive exploration activity by Canadian and Mongolian companies, including trenching and
drilling. The license area has been the focus of extensive geological mapping, geochemical and
geophysical surveys, as well as selected drilling. The results of the exploration program to date have
been highly prospective, indicating significant occurrences of gold and copper rock chip and
trenching samples:

  • 107 g/t (AU) in Ulaan Tolgoi
  • 3.35 % Copper (Cu) in Khar Ovoo
  • 3.68% Copper (Cu) in Del Khad
  • 83.7 g/t Gold (Au) in Del Khad
  • 728 g/t Silver (Ag) in Del Khad

To date, the Company has invested a total of approximately US$4m in exploration of the property
over its 12 year exploration cycle. SRK (a leading international natural resources consultancy) iscontracted as an exploration consultant and is assisting MMC with the overall exploration of the site
during the 2022 exploration season. The Khongor prospect is adjacent to and forms part of the same
geological system as the Bayan Khundii license area in Southwest Mongolia, which is currently being
developed by Erdene Resource Development Corporation (TSX: ERD).

About MMC

MMC is a privately held Mongolian mining company with a portfolio of exploration and mining
licenses representing significant deposits of copper, gold, molybdenum, coal and quartz across four
aimags of Mongolia. The company also benefits from strong ongoing access to further license
acquisition opportunities. MMC was founded in April 2008 and has to date acquired four mining
licenses in Mongolia. Further information is available at www.mining-mongolia.com. Important
information may be distributed directly from the website and investors should regularly consult this
directly.

Forward Looking Statements

Certain information regarding MMC contained herein may constitute forward looking statements
within the meaning of applicable securities laws. Forward-looking statements may include, amongst
other things, statements regarding grades, targets, estimates and assumptions in respect of mineral
reserves and mineral resources and anticipated grade, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements of fact. Although MMC believes
that the expectations reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct. MMC cautions that actual
performance will be affected by a number of factors, most of which are beyond its control, and that
future events and results may vary substantially from what MMC currently foresees. Factors that
could cause actual results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration results, continued availability of capital and financing and
general economic, market or business conditions. The forward-looking statements are expressly
qualified in their entirety by this cautionary statement. Investors are cautioned that forward‐looking
statements are not a guarantee of future performance and accordingly investors are cautioned not to
put undue reliance on forward‐looking statements due to the inherent uncertainty therein. The
information contained herein is stated as of the current date and is subject to change after that date.
The Company does not assume the obligation to revise or update these forward-looking statements,
except as may be required under applicable securities laws.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE

MMC Contact Information

Lee Cashell, CEO
cashell@mining-mongolia.com
+44 (0) 7557 234995