MARMOTA LIMITED — Capital/Financing Update 2020

Jun 23, 2020

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ASX ANNOUNCEMENT

24 June 2020

Marmota awarded $225,000 grant by SA Government

Marmota Limited (ASX: MEU) (“Marmota”)

Marmota is very pleased to advise that the Company has been awarded a $225,000 grant from the South Australian Government under the Accelerated Discovery Initiative (ADI). The funding is provided towards Marmota’s biogeochemical (tree sampling) exploration program:

Expressions of Mineralisation in Surface Plant Biogeochemistry on the NW Galwer Craton

The Accelerated Discovery Initiative is designed to encourage innovation in the exploration sector, and to accelerate mineral discovery through innovative exploration and research projects in frontier terrains. The funding applies towards specific areas including exploration drilling, sampling and logistical support.

The ADI grant awards were announced yesterday afternoon by the Honourable Minister, Dan van Holst Pellekaan, Minister for Energy and Mining.

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Background

Marmota has successfully applied biogeochemical sampling (tree sampling) to advance gold exploration, including the discovery of the new NW flank at our Aurora Tank Gold project [ ASX:MEU 17 Jan 2019 ]. The NW flank features multiple high-grade gold intersections [ ASX:MEU 22 June 2020 ], including the discovery hole that features a 1m intersection of 105 g/t (located 38m below surface). Marmota discovered it by detecting elevated levels of gold in tree leaves at the surface.

Marmota’s use of tree sampling to assist gold discovery has received international exposure, including in articles featured on the covers of both The Economist (25 May 2019) and New Scientist (17 Aug 2019).

Marmota Chairman, Dr Colin Rose, said:

• “ Marmota is delighted to receive the Accelerated Discovery Initiative grant. We extend our grateful appreciation to the Department of Energy and Mining and to the South Australian Government.

The grant will significantly accelerate our biogeochem gold exploration program and expand its scope. On behalf of all our shareholders, I extend warm congratulations to our exploration team. ”

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Figure 1: Marmota’s tenements around the Challenger Gold Mine in the NW Gawler Craton

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For further information, please contact:

Marmota Limited

Dr Colin Rose Executive Chairman Email: colin@marmota.com.au

Unit 6 79-81 Brighton Road Glenelg SA 5045 ABN: 38 119 270 816 T: (08) 8294 0899 F: (08) 8376 8633 www.marmota.com.au

About Marmota Limited

Marmota Limited (ASX: MEU) is a South Australian mining exploration company, focused on gold, copper and uranium. Gold exploration is centred on the Company’s dominant tenement holding in the highly prospective and significantly underexplored Gawler Craton, near the Challenger gold mine, in the Woomera Prohibited Defence Area. The Company’s copper project is based at the Melton project on the Yorke Peninsula. The Company's uranium JORC resource is at Junction Dam adjacent to the Honeymoon mine. For more information, please visit: www.marmota.com.au

Competent Persons Statement

Information in this Release relating to Exploration Results is based on information compiled by Dr Kevin Wills, who is a Fellow of the Australasian Institute of Mining and Metallurgy. He has sufficient experience which is relevant to the styles of mineralisation 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.

Where results from previous announcements are quoted, Marmota confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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