MARMOTA LIMITED — AGM Information 2017

Nov 8, 2017

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AGM Presentation 2017

9 November 2017

ASX: MEU

	Capital Structure
Shares on issue		547 m
Op2ons		0
Unlisted op2ons		6.5 m
Market Cap(at 1.7 cents per share)		~ $9.3 m
Cash(as at	30 September 2017)	$ 693,000
Zero Debt

Board & Management Execu2ve Chairman Dr Colin Rose Execu2ve Director (exploraFon) Dr Kevin Wills Technical Director (non-exec) Peter Thompson

Largest Shareholders

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Dr Colin Rose Southern Cross Capital J Rose Yandal Investments (Mark Creasy) Rest

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Top Shareholders Top 20 ~ 47% Top 50 ~ 63% Top 100 ~ 75%

Lower costs Less dilu2on MORE explora2on

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1 year plot

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5 year plot

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Spending less Doing more

Gold DISCOVERY at Aurora Tank

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4 drill programs Total: 17,833m of drilling

Maiden Gold JORC estimate underway

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10 gold-in-calcrete anomalous zones ready to drill-test

Outstanding gold intersections at Aurora Tank

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Aurora Tank
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Gawler Craton

Aurora Tank Gold Discovery

AGM UPDATE

Aurora Tank

How it was … 1 year ago (Sept 2016)

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Aurora Tank

1 year later…

(Sept 2017)

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~~GOLD DISCOVERY at Aurora Tank 100% owned �~~

• Aurora Tank is located 50km NE of the Challenger Gold Mine (ASX:WPG)

• In September 2017, Marmota reported outstanding 1m intersec2ons including 101 g/t gold (with duplicate samples at 85g/t and 93 g/t, averaging 93 g/t)

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• More than 117 intersecFons greater than 1 g/t gold

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Aurora Tank Gold First Metallurgical Testwork �

Cyanide Leach Tests Yield 94% to 97% gold recoveries

ASX: MEU 30 Oct 2017

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Gold Recoveries (in %) vs Leach 2mes in hours (for the 3 test samples)

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Aurora Tank
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Gawler Craton

Gawler Craton Gold Exploration

AGM UPDATE

Our goal: Find the next Challenger Gold Mine … �

• Challenger (right) has produced over 1 million

• ounces of high-grade gold

(A$1.7 billion of gold at current prices)

• gold mines[1]

• Discovered by drilling calcrete gold anomalies

• (as was Aurora Tank)

• Marmota has a dominant tenement holding

• around Challenger

• We are seeking the next Challenger or look-alike

Source: Kingsgate Consolidated Limited

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Challenger Pit

1 cf . Southern Gold Annual Report 2009 p. 11

Our goal: Find the next Challenger Gold Mine … �

Consolida2on

Marmota has further our consolidated and expanded

DOMINANT tenement holding around the Challenger Gold Mine (ASX:WPG)

o S : ee diagrams next 3 pages

• MEU tenements now cover 6,000 km[2 ] of highly prospecFve ground around the Challenger gold mine

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MEU Tenements around Challenger

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MEU Gawler Craton PorZolio expanded

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July 2015

July 2017

MEU, Challenger and Neighbours

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• Last year, we brought in Dr Kevin Wills – the geologist who designed the

programs that discovered Challenger – to head up exploraFon

• Marmota’s tenements are = more potenFal

• (not old ground that has already been overworked): see next diagram

• Woomera prohibited area: desirable area of exploraFon focus[1 ]

• Highly prospec2ve geology

1 Bloomberg (19 June 2015): Bombed, Blasted, Nuked: Outback may yield $27 billion in minerals, http://www.bloomberg.com/news/articles/2015-06-19/riches-buried-below-rocket-range-draw-miners-seeking-27-billion

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Calcrete sampling in the Gawler Craton

Marmota’s tenements are significantly underexplored

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Most of Marmota’s Gawler Craton ground is blanketed by a thin . veneer of residual or transported surface cover

This is an advantage because:

• It means the old-timers / prospectors would not have been able to find whatever riches may be lying underneath

• Thin layer of soft cover = cheap to drill

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Gold-in-Calcrete: Peak 500 to 1000ppb Au but generally 0 to 100ppb

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No cover
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Type (a) Weathered basement at/near surface Gold present near surface e.g. Challenger

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With minor cover
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Gold-in-Calcrete: Generally 0 to 100ppb

Type (b) Mineralisa2on under thin transported Quaternary cover

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Aurora Tank

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Gawler Craton

What’s Next?

AGM UPDATE

• Challenger was found by drilling calcrete gold anomalies

• Aurora Tank was found by drilling calcrete gold anomalies

• gold-in-calcrete zones … (but not drill tested them yet)

• Most are now drill-test ready

• Just some clearances and that body of work is ready to go.

• We look forward to being able to make announcements soon …

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~~Aurora Tank: First Diamond Drilling Commencing �~~

First Diamond Drilling Commencing

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Update overnight from Aurora Tank (via satellite)

Rig on site Drilling has commenced

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~~�~~ ~~Marmota as a company is evolving …~~

Transitioning from:

Discovery

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Production

Marmota is very fortunate to have:

Peter Thompson Technical Director and Dr Kevin Wills ExploraFon Director

… on the Board, both of whom have years and years of invaluable technical experience to advance that transiFon

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Disclaimer

This presentaFon has been prepared by Marmota Limited (“MEU”). The informaFon contained in this presentaFon is a professional opinion only and is given in good faith. Certain informaFon in this document has been derived from third parFes and though MEU has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by MEU. Any forward-looking statements included in this document involve subjecFve judgement and analysis and are subject to uncertainFes, risks and conFngencies, many of which are outside the control of, and may be unknown to, MEU. In parFcular they refer only to the date of this document they assume the success of MEU’s strategies, and they are subject to significant regulatory, business, compeFFve and economic risks and uncertainFes.

Actual future events may vary materially from those in the forward looking statements. Recipients of this document are cauFoned not to place undue reliance on such forwardlooking statements. MEU makes no representaFon or warranty as to the accuracy, reliability or completeness of informaFon in this document and does not take responsibility for updaFng any informaFon or correcFng any error or omission which may become apparent aler this document has been issued. To the extent permimed by law, MEU and its officers, employees, related corporaFons and agents, disclaim all liability, whether direct, indirect or consequenFal for any loss or damage arising out of, or in connecFon with, any use or reliance on this presentaFon or informaFon.

Cau2onary Statement

EsFmates of exploraFon target sizes menFoned above should not be misunderstood or misconstrued as esFmates of Mineral Resources. The esFmates of exploraFon target sizes are conceptual in nature and there has been insufficient results received from drilling completed to date to esFmate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploraFon will result in the determinaFon of a Mineral Resource.

Forward Looking Statement

This report may contain forward looking statements that are subject to risk factors which are based on MEU’s expectaFons relaFng to future events. Forward-looking statements are subject to risks, uncertainFes and other factors, many of which are outside the control of MEU, which could cause actual results to differ materially from such statements. MEU makes no undertaking to update or revise the forward-looking statements made in this report to reflect events or circumstances aler the date of this release.

Competent Persons Statement

InformaFon in this exploraFon update relaFng to ExploraFon Targets, ExploraFon Results and Mineral Resources is based on informaFon compiled by Dr Kevin Wills, who is a Member of the Australasian InsFtute of Mining and Metallurgy. He has sufficient experience which is relevant to the styles of mineralisaFon, metallurgical testwork and types of deposits under consideraFon and to the acFviFes being undertaken to qualify as a Competent Person as defined in the 2012 EdiFon of the “ Australasian Code of ReporFng of ExploraFon Results, Mineral Resources and Ore Reserves.” Dr Wills consents to the inclusion in this report of the mamers based on his informaFon in the form and context in which it appears.

For further informaFon, please contact:

Dr Colin Rose ExecuFve Chairman Email: colin@marmota.com.au Phone: (08) 8294-0899

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