Menika to Raise $1.5 Million

MENIKA MINING LTD.

Suite 313, 515 West Pender Street Vancouver, British Columbia V6B 6H5

NEWS RELEASE

MENIKA TO RAISE $1.5 MILLION

March 16, 2016 – Vancouver, British Columbia – Menika Mining Ltd. (the “Company”) (TSXV: MML) is pleased to announce that it intends to conduct a non-brokered private placement of up to 6,000,000 units (each, a “Unit”) for gross proceeds of up to $1,500,000. Each Unit will consist of one common share of the Company, and one-half-of-one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable to acquire one additional common share of the Company at a price of $0.50 per share for a period of forty-eight months from the date of issue.

The proceeds of the private placement will be used for general working capital purposes. In connection with the private placement, the Company may pay finder’s fees to eligible persons introducing subscribers to the Company. All securities issued in connection with the private placement will be subject to a four-monthand-one-day statutory hold period. Closing of the private placement remains subject to a number of conditions, including approval of the TSX Venture Exchange. The private placement cannot close until such approval is obtain. For greater certainty, closing is not conditional upon completion of the Company’s previously announced acquisition of 1032701 B.C. Ltd.

For further information, contact Michael Kobler at [email protected].

On behalf of the Board,

Menika Mining Ltd.

Michael Kobler, Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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