MARMOTA LIMITED — AGM Information 2020

Nov 24, 2020

==> picture [246 x 63] intentionally omitted <==

AGM 2020

Chairman’s Presentation

ASX: MEU

25 November 2020

Capital Structure	Capital Structure
Shares on issue		969 m
Options		0
Unlisted options(most at 10c per	share)	~ 75 m
Market Cap(at 4.2 cents per share) Cash(as at 30 Sept 2020)		~ $ 40 m $ 7.9 m
Zero Debt
Board & Management
Executive Chairman	Dr Colin Rose
Executive Director[ Exploration ]	Dr Kevin Wills
Executive Director[ Production ]	Shane Barker

Largest Shareholders

==> picture [207 x 208] intentionally omitted <==

Dr Colin Rose Southern Cross Capital J Rose Cosell Pty Ltd Gregory Plummer NBT Pty Ltd Yandal Investments (Mark Creasy) Rest

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

	Top	Shareholders
Top	20	~ 40%
Top	50	~ 55%
Top	100	~ 67%

Lower costs Less dilution MORE exploration

2

==> picture [789 x 473] intentionally omitted <==

----- Start of picture text -----

March 2020:
1 year MEU Share Price COVID market disarray
July 2020:
New camp 4 Nov 2020:
21 May 2020: Best ever 4m
Tests show gold is intersections
27 Feb 2020: predominantly primary
8 April 2020:
NW flank
1m assays yield gold
outstanding
over 70g/t
intersections
1 year GOLD price
10 Oct 2019:
(US$ per ounce) Column Leach
Test Results
3
----- End of picture text -----

1 year GOLD price (US$ per ounce)

Comparing to Last Year’s AGM

==> picture [279 x 51] intentionally omitted <==

2019 AGM 2020 AGM

Number of Shareholders 2,217 on Register

2,763

A big welcome to more than 500 new MEU shareholders $ 7.9 million

$ 960,000 $ 7.9 million 2.4 cents 4.2 cents 3.7 cents 6.8 cents ~ US $ 1,470 ~ US $ 1,810

Cash in Bank (at 30 Sept)

Share price (at AGM) Share price (year high)

Gold price

4

Aurora Tank

==> picture [373 x 86] intentionally omitted <==

GawlerCraton

Aurora Tank Gold Discovery

AGM UPDATE

==> picture [772 x 535] intentionally omitted <==

MEU Gold Tenements Aurora Tank is located about 100km SW of Coober Pedy, and 50 km NE of the Challenger Gold mine

6

Exploration Summary

� 4m @ 70g/t (from 64m downhole): [ ASX:MEU 4 Nov 2020 ] – best ever gold intersections over 4m

� New high-grade extensions identified: – to the North (and open) – at depth

• New NW flank: tripled in length

• High-grade gold intersected for first time at depth

7

New NW 10 Flank

8

Since last AGM:

New extensional drilling along the NW flank has:

• TRIPLED the length of the NW flank , and

• yielded multiple new high-grade intersections including:

4m at 70 g/t gold from 64m – Hole 20AT324 4m at 25 g/t gold from 52m – Hole 20AT224 3m at 29 g/t gold from 63m – Hole 20AT200 4m at 15 g/t gold from 67m – Hole 19AT162 9m at 7.5g/t gold from 41m – Hole 20AT201 9m at 5 g/t gold from 52m – Hole 20AT198 4m at 9 g/t gold from 80m – Hole 20AT313

All NEW extensional results since last AGM.

The NW flank now extends 285m in a NE direction, and remains open.

9

Schematic Long-section through new NW flank

10

~~Aurora Tank: Outstanding Intersections All close to surface~~

==> picture [674 x 488] intentionally omitted <==

11

Primary Mineralisation

Tests of gold grains (105 g/t) collected at 38m downhole on the NW flank are predominantly PRIMARY mineralisation. ASX:MEU Primary gold grains 21 May 2020 sampled from Hole 104 (with fine-grained sulphosalts Suggests host contained within the primary mineralised lodes gold particles) can be expected to geologically continue to depth below zone currently drilled

12

12

Aurora Tank

GawlerCraton

AURORA TANK Metallurgy

ASX: MEU

13

Bottle-roll tests

Aurora Tank Excellent Gold Recoveries

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

14

Metallurgy Excellent Column Leach Test Results Low-cost Low-capex Heap Leach Pathway

15

Column leach tests yield excellent gold recoveries

==> picture [748 x 431] intentionally omitted <==

16

Low-cost Low-capex Heap Leach Pathway

“ Marmota has been investigating the optimal pathway to production at Aurora Tank. The excellent column leach test gold recoveries suggest that Aurora Tank is amenable to low-cost low-capex heap leach techniques. A heap leach means that Marmota would not need to construct a mill, nor share revenue with external parties for toll treatment in a mill. This is a highly desirable outcome for both the Company and our shareholders. ”

17

Transitioning from: Discovery

==> picture [166 x 61] intentionally omitted <==

Production

To expedite the process, Marmota is progressing in parallel:

Drilling

Extensions to NW flank, to NE, to E, and to depth (July/Aug 2020); following primary mineralisation; and selected in-fill drilling to aid resource modelling and optimal pit design; density estimation; feasibility study

Infrastructure and Approvals

New Director of Production (Shane Barker) appointed, semi-permanent camp installed (July 2020), consultants appointed for necessary environmental, hydrological, hydrogeology approvals etc

18

Semi-permanent camp arrives by road train at Aurora Tank July 2020

19

20

New drone footage of camp:

https://www.youtube.com/watch?v=IQ2SuJVt7T8

The new camp has already transformed our operational capability at Aurora Tank

21

Aurora Tank

==> picture [373 x 86] intentionally omitted <==

GawlerCraton

What’s Next?

AGM UPDATE

“ While the year might be coming to an end … our busiest period is just about to begin. ” Dec 2020: camp at full capacity!

23

~~About to commence~~

1. 2 x 20,000L water tanks arriving for camp

2. Aurora Tank Ecological study – for Mining Lease application (Fauna, flora, birds) – ecology team arriving in 4 days

3. Water bore Drilling team + drill rig arriving: – drilling for water!

• water needed for planned diamond drilling program (Jan 2021), to feed heap leach operation, and for camp

4. Hydrology study (for Mining Lease application)

5. MEU collecting detailed 1m splits from recent drilling

6. Calcrete/tree sampling underway on surrounding tenements

24

Key Takeaways

Aurora Tank

GawlerCraton

Aurora Tank is very fortunate to have:

• Outstanding High-grade gold intersections

• Mineralisation Close to surface

• Excellent Gold recoveries (metallurgy)

• � Soft ground (potential for ‘free dig’ )

• � Primary mineralisation (potential to continue deeper)

Company focusing on potential for: Low-cost Open-pit Low-capex Heap leach pathway

25

Aurora Tank

GawlerCraton

NW Gawler Our Backyard

ASX: MEU

26

Aurora Tank: first step in Marmota’s Gold NW Gawler Exploration Program

Aurora Tank

GawlerCraton

� Highly prospective under-explored jurisdiction

� Marmota applying our new biogeochemical techniques successfully developed at Aurora Tank — tree sampling to help ‘see’ below the surface

• MEU just awarded $225,000 exploration grant by SA Government [ ASX:MEU 24 June 2020 ]

• Program already underway

27

==> picture [864 x 159] intentionally omitted <==

Uranium Strategic Review

28

==> picture [588 x 540] intentionally omitted <==

Junction Dam Location

Marmota’s Junction Dam project is strategically located 15 km east from the Honeymoon (ASX: BOE) in-situ recovery (ISR) uranium mine

(50km west of Broken Hill) …

… which is 1 of only 4 permitted uranium mines in Australia

29

Marmota Uranium JORC Resource

Marmota currently has:

• JORC Inferred Resource of 5.4 million pounds U3O8 [ Saffron deposit ] with average grade of 557ppm U3O8 [ ASX:MEU 18 Nov 2011, 20 Feb 2012, 17 July 2013 ]

• Overall Exploration Target of 22–33 million pounds* U3O8 at approx. 400 to 700 ppm U3O8 [ ASX:MEU 9 July 2012 ]

[ Uranium price is currently around A$41 per pound ]

• Assay grades of up to 8,143ppm U3O8 at the Saffron deposit

• Marmota is looking to release value to shareholders from its uranium assets.

• Narrowed down to 2 key potential pathways.

• Saffron deposit with Bridget and Yolanda prospects: see ASX:MEU 9 July 2012. The potential quantity and grade of an Exploration Target is conceptual in nature. The estimates of Exploration Targets should not be misunderstood or misconstrued as estimates of Mineral Resources. It is uncertain if further exploration over those zones currently defined by an Exploration Target will result in the determination of a Mineral Resource.

30

This AGM Presentation includes information based on prior Marmota ASX:MEU releases which may be referred to for more detail, including:

4 Nov 2020 20 July 2020 24 June 2020 11 June 2020 21 May 2020 14 May 2020 8 April 2020 10 Oct 2019 19 Sept 2019 20 Aug 2018 27 Oct 2017 17 July 2013 9 July 2012 20 Feb 2012 18 Nov 2011

This release has been approved by the Board of Marmota.

31

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

==> picture [157 x 39] intentionally omitted <==