MARMOTA LIMITED — AGM Information 2021

Nov 23, 2021

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AGM 2021 Chairman’s Presenta.on

ASX: MEU

24 November 2021

Capital Structure		Share Price	(Last 12 months)
Shares on issue	980 m
Options	0
Unlisted options(most at 10c per share)	~ 74 m
Market Cap(at 4.5 cents per share)	~ $ 44 m
Cash(as at 30 Sept 2021)	$ 3.7 m
Zero Debt
Board & Management		Top Shareholders
Executive Chairman	Dr Colin Rose	Top 20	~ 38%
Executive Director[ Exploration ]	Aaron Brown	Top 50	~ 55%
Non-executive Director[ Production ]	Neville Bergin	Top 100	~ 68%

Lower costs Less dilu.on MORE explora.on

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2021 AGM

Comparison

2020 AGM

Jumbuck acquisition

Jumbuck acquisition –– COMPLETED

Junction Dam uranium 0% Title COMPLETED 100% Title MEU Gold deposits 1 7 (owned or majority interest) AURORA TANK GOLD best grade over 1m 120 g/t 165 g/t Commenced COMPLETED camp water source No YES (incl bore hole) –– ecological studies COMPLETED –– diamond drilling COMPLETED Uranium ($ per pound) ~ US $ 29 ~ US $ 46 Gold price ($ per ounce) ~ US $ 1,810 ~ US $ 1,800 Share price (at AGM) 4.2 cents 4.5 cents

Aurora Tank

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GawlerCraton

Gawler Craton Gold

AGM UPDATE

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• “ I skate to where the puck is going to be, not where it is. ”

Steve Jobs

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QUESTION

The most common question I get is:

Why don’t we just get a bulldozer, and go get us some gold at Aurora Tank?

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ANSWER

1. The op:misa:on problem

• … is not simply to try go into produc:on as fast as possible. It is: to make as much money from the project as possible. To get it right.

e.g. seBng the right plant throughput rate

• e.g how much binder to add to the ore for heap leach? final stage metallurgical testwork and op:misa:ons

2. A wonderful opportunity arose. The prize now is not just Aurora Tank: The prize is much bigger – poten:ally an en:re gold province.

3. Your Board has been planning beyond just Aurora Tank. The poten:al now is for taking not just one project into produc:on, but a pipeline of adjacent gold deposits to produc:on.

4. ‘Right sizing’ for the deposit(s) to be processed is cri:cal to produce robust project economics.

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Marmota 2.0

Marmota is transforming, into a much larger Company … Just in the last 2 weeks:

FROM TO Gold Tenements ~ 5,000 km[2] over 10,000 km[2] Gold deposits* 1 deposit 7 deposits Untested gold anomalies 4 more than 40

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• Ownership or majority interest in gold and related minerals

Aurora Tank

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GawlerCraton

Jumbuck acquisition

AGM UPDATE

ASX: MEU 15 Nov 2021

New acquisition

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ASX: MEU 23 Nov 2021 Gold Deposits and Untested Gold Anomalies

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Aurora Tank

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GawlerCraton

Aurora Tank Gold Discovery

AGM UPDATE

~~All close to surface~~

~~Aurora Tank: Outstanding Intersections~~

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Exploration Summary

§ [ ASX:MEU 4 Feb 2021 ] Best ever gold intersections 165g/t gold over 1m (just ~ 57m from surface)

• § 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 § Largest ever diamond drilling program completed (production focus) [ ASX:MEU 12 Oct 2021 ]

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Location and grade of best intersections over 1m (circled)

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Schematic Long-section through new NW flank

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

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Since last AGM:

The intersection of 1m at 36 g/t ( 2m @ 21g/t ) at a depth of 120m downhole suggests the presence of additional high-grade shoots at depth.

If the host mineralised lodes continue further to depth, they are likely to consist of high purity primary mineralisation.

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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

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Aurora Tank

GawlerCraton

AURORA TANK Metallurgy Testwork results to date

ASX: MEU

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Bottle-roll tests

Aurora Tank Excellent Gold Recoveries

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

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Metallurgy Excellent Column Leach Test Results

Low-cost Low-capex Heap Leach Pathway

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Column leach tests yield excellent gold recoveries

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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. ”

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Key Takeaways

Aurora Tank

GawlerCraton

Aurora Tank is very fortunate to have: ü Outstanding High-grade gold intersections ü Mineralisation Close to surface ü Excellent Gold recoveries (metallurgy) ü Soft ground (potential for ‘free dig’ ) ü Primary mineralisation (potential to continue deeper) Company focusing on potential for: Low-cost Open-pit Low-capex Heap leach pathway

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Transitioning from: Discovery

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Production

Drilling

Marmota has just completed its largest diamond drilling program at Aurora Tank [ ASX:MEU 12 Oct 2021 ]

The program is designed to provide the necessary detail to advance Aurora Tank to production including: • geotechnical (design of optimal pit walls)

• bulk density measurements (required for resource estimation), and

• .

• • bulk samples to enable final phase metallurgical testing

Infrastructure and Approvals

New Director of Production (Neville Bergin) appointed, camp completed, environmental studies completed, ticking off the boxes for the remainder

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Aurora Tank

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GawlerCraton

What’s Next?

AGM UPDATE

What’s Next

Aurora Tank

Drilling Programs

GawlerCraton

ü Diamond drilling: just completed – assays likely in Jan ü RC drilling: Aurora Tank + ADI Recon (Jan 2022) ü RC drilling: focus on 1 of new deposits (1[st] Half 2022) ü Aircore: some of the 40 Gold anomalies (mid 2022) ü Uranium (timing TBA)

Geotechnical Work ü Work commenced

Metallurgical tesXng ü Commencing in first quarter of 2022

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More news flow

Aurora Tank

GawlerCraton

BEFORE

ü Aurora Tank [ Sometimes, long lags while we wait for results ]

NOW ü Aurora Tank ü Six new gold deposits ü Over 40 gold anomalies ü And uranium

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Uranium

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MEU acquires Junction Dam tenement

1. By the end of 2014, Marmota had spent over A$8 million developing the Junction Dam uranium project [ ASX:MEU 29 Sept 2014 ].

2. The Junction Dam tenement book-ends BOTH sides of the palaeochannel that runs through the Boss Honeymoon (ASX:BOE) uranium plant – one of just 4 permitted uranium mines in Australia (three of which are in South Australia).

3. Dramatic upturn in both uranium prices and sentiment

4. Boss Energy (ASX:BOE) now has market cap: ~ $800m

5. According to their own feasibility studies, BOE need a larger resource to achieve economies of scale to lower cost of production and to extend mine life through development of satellite resources [ cf. ASX:BOE 21 June 2021, 4 Aug 2021 (p.6), 2 Sept 2021 ].

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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 US$46 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.

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Key Uranium Takeaway

ü Ownership of Junction Dam makes Marmota, for the first time, masters of our own destiny in the uranium space.

ü First step for the company to realise value of this outstanding asset for our shareholders. ü Sector is booming, and Marmota is perfectly located.

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

23 Nov 2021 15 Nov 2021 12 Oct 2021 6 Oct 2021 11 June 2021 15 April 2021 4 Feb 2021 17 Dec 2020 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.

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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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