MARMOTA LIMITED — AGM Information 2018

Nov 13, 2018

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AGM 2018

Chairman’s Presentation

ASX: MEU

14 November 2018

Capital Structure Shares on issue 653 m Options 0 Unlisted options 31 m Market Cap (at 1.8 cents per share) ~ $11.7 m Cash (as at 30 Sept 2018) $ 1,136,000 Zero Debt

Largest Shareholders

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

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

Top Shareholders Top 20 ~ 47% Top 50 ~ 64% Top 100 ~ 77%

Lower costs Less dilution MORE exploration

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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: 1 Diamond, 2 RC, 1 AC Total: Over 10km of drilling

First visible gold (March)

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CAR: 20 out of 23 holes intersect gold mineralisation

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 … Sept 2016

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Aurora Tank

1 year later…

Sept 2017

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Aurora Tank And today … Nov 2018

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

• Aurora Tank is situated 50km NE of the Challenger gold mine

• In September 2016, Marmota commenced its first drilling program at Aurora Tank

• More than 178 intersections greater than 1g/t gold, all close to the surface, including:

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Aurora Tank First visible Gold March 2018

From Diamond Core

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Aurora Tank Gold New zone of gold mineralisation ?

Sept drilling: Single drill hole at AT102: Discovery of gold anomalism approximately 500m to the north of the Goshawk zone of mineralisation

Goshawk zone (gold discovery)

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Aurora Tank Gold First Metallurgical Testwork

Cyanide Leach Tests Yield 94% to 97% gold recoveries

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Gold Recoveries (in %) vs Leach times 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

• Marmota’s tenements are significantly underexplored = more potential

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

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

• Highly prospective geology

• Significantly underdrilled in comparison to WA goldfields

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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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)

• At opening: one of Australia’s most profitable 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

MEU Tenements around Challenger

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MEU Gawler Craton Portfolio expanded

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July 2015

Nov 2018

MEU, Challenger and Neighbours

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Aurora Tank

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Gawler Craton

What’s Next?

AGM UPDATE

~~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 Exploration Director

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

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– Uranium … Coming back

AGM UPDATE

~~Marmota Uranium JORC Resource~~

Marmota is particularly well-placed for any upturn in the uranium sector, with:

• Existing uranium JORC Resource that the Company spent millions of dollars to develop in prior years, and

• Located adjacent to one of only

• 4 permitted mines in Australia.

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Location of Junction Dam and Honeymoon Mine

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~~Marmota Uranium JORC Resource~~

Marmota has:

• JORC Inferred Resource of 5.4 million pounds U3O8 with average grade of 557ppm U3O8 [ ASX:MEU 18 July 2013 ]

• Overall Exploration Target of 22–33 million pounds* U3O8

• Grades of up to 8143ppm U3O8 at the Saffron deposit

Board is watching this space with interest

• Saffron deposit with Bridget and Yolanda prospects: see ASX:MEU 9 July 2012.

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• The uranium price has been rising

• Sentiment appears to be returning to the sector

• Uranium prices have increased by about 35% to around US$28.50 per pound (A$39 per pound) in the last 6 months

Uranium Spot price: Six month

Uranium Spot Price: Longer term

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Disclaimer

This presentation has been prepared by Marmota Limited (“MEU”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties 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 subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, MEU. In particular 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, competitive and economic risks and uncertainties.

Actual future events may vary materially from those in the forward looking statements. Recipients of this document are cautioned not to place undue reliance on such forwardlooking statements. MEU makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, MEU and its officers, employees, related corporations and agents, disclaim all liability, whether direct, indirect or consequential for any loss or damage arising out of, or in connection with, any use or reliance on this presentation or information.

Cautionary Statement

Estimates of exploration target sizes mentioned above should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there has been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination 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 expectations relating to future events. Forward-looking statements are subject to risks, uncertainties 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 after the date of this release.

Competent Persons Statement

Information in this exploration update relating to Exploration Targets, Exploration Results and Mineral Resources is based on information compiled by Dr Kevin Wills, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience which is relevant to the styles of mineralisation, metallurgical testwork and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “ Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Dr Wills consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

For further information, please contact:

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

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