MARMOTA LIMITED — Capital/Financing Update 2021

Jul 5, 2021

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ASX ANNOUNCEMENT 6 July 2021

Aurora Tank Gold

Diamond Drilling has Commenced

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

KEY POINTS

• Diamond drilling at Aurora Tank has commenced

PROGRAM July 2021

• Diamond drill program

• Total drilling :

14 holes (approx.) 1,000m (approx.)

• Maximum depth : 200m downhole

• Drilling is fully funded and expected to take approximately 1 month

• For overview of planned hole locations, see Figure 2

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Figure 1: Setting up rig at Aurora Tank for the diamond drilling program

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Page 3 Figure 2: Aurora Tank (Main zone) Planned July 2021 Diamond holes

Objectives of Diamond Drilling Program

The July 2021 diamond program is primarily a production-focused program , designed to provide the necessary detail to advance Aurora Tank to production , including:

1. Geotechnical: design of optimal pit walls at Aurora Tank

2. Bulk Density measurements: Required for completing (a) resource estimation and (b) scoping/feasibility studies

3. Bulk samples to enable final phase metallurgical testing across:

• a) different weathering zones (from strongly weathered oxide zones to deeper fresh rock) and b) different areas of the deposit, including the first diamond drilling in the high-grade NW flank

Marmota Chairman, Dr Colin Rose, said:

“ We are delighted to get the long-awaited diamond drilling program underway. This program is focused primarily on advancing Aurora Tank to production . Marmota is also planning a separate RC program aimed at further exploration and growth, following the diamond program. We are carrying out the diamond program first, as our priority is to get the necessary scoping/feasibility/final metallurgical studies completed as soon as possible. ”

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Page 5 Figure 3: Aurora Tank: Best downhole gold results New NW flank – – – – Top 4 intersections over 1m (circled)

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Figure 4: Marmota’s Aurora Tank tenement and tenements around the Challenger Gold Mine

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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