MARMOTA LIMITED — Capital/Financing Update 2021

Jun 30, 2021

==> picture [256 x 64] intentionally omitted <==

ASX ANNOUNCEMENT

1 July 2021

Aurora Tank Gold – Update

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

Marmota is pleased to provide a brief update on the forthcoming diamond drilling program at its 100%-owned Aurora Tank gold discovery [ see ASX:MEU 11 June 2021 ]

Key Points

• Marmota’s team is already on-site.

• Our first self-bunded 10,000L fuel tank arrived and installed yesterday, further upgrading Marmota’s camp infrastructure.

• Sumps already prepared at all proposed diamond drill pads.

� Diamond drilling rig / crew expected to arrive this weekend.

The sudden recent closure of State borders due to COVID has posed some unexpected, last minute, logistical challenges to the timely arrival of required equipment from interstate. We are very grateful to the State Government for their assistance in this regard. The diamond drilling rig is currently expected to arrive this weekend at Aurora Tank.

Page 1

==> picture [751 x 501] intentionally omitted <==

Figure 1: Arrival of new self-bunded 10,000L diesel tank yesterday

Page 2

==> picture [709 x 474] intentionally omitted <==

Figure 2: Our new drive-up fuel tank facility

Page 3

==> picture [738 x 513] intentionally omitted <==

==> picture [663 x 18] intentionally omitted <==

----- Start of picture text ----- Page 4Figure 3: Marmota’s Aurora Tank tenement and surrounding tenements----- End of picture text -----

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.

Page 5