MARQUEE RESOURCES LIMITED — Capital/Financing Update 2024

May 8, 2024

09 May 2024

ASX RELEASE

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- Redlings REE Project Drilling Results and Acquisition of Additional

Tenure

• Results from recent drilling have been received with the best interval being: o 14m @ 980ppm TREO from surface (MQRC170).

• The latest results follow drilling completed in 2021 which returned best interval of:

o 5m @ 9,100ppm TREO from surface, inc. 2m @ 18,600ppm TREO from 2m (MQRC041).

• Results from recent and historical work indicate the potential for multiple zones of shallow mineralisation.

• A further 405km[2 ] of tenure has been pegged to expand the Company’s footprint in the region (ELA 37/1559 and ELA 37/1560).

• The next phase of exploration aims to delineate a mineral resource for the Redlings REE Project.

Marquee Resources Limited ( “Marquee” or “the Company” ) ( ASX:MQR ) is pleased to report it has received assay results from drilling that was recently conducted at the Redlings REE Project ( “Redlings” or “Project” ). Four reversecirculation ( “RC” ) drill holes were completed at Redlings for 1,304m (Table 1), which were designed to test the large high-density bodies that have been modelled from ground gravity data (refer MQR ASX Release 4 Oct 2023). Due to the significant ground water encountered during the drilling program, only one hole reached the target depth of 500m ( MQRC167 ) with the remaining three holes being abandoned before target depth and the drilling program ending prematurely. Despite the drilling difficulties, MQRC170 returned an extremely compelling peak assay of 14m @ 980ppm TREO from surface.

Given the positive result that has come from drill hole MQRC170 and after engaging with industry experts, the Company immediately staked a further 405km[2] (ELA 37/1559 and ELA 37/1560) to strengthen its land position in the region.

Executive Chairman Comment:

Marquee Executive Chairman, Mr. Charles Thomas, commented:

“Although we experienced significant difficulties throughout the drilling program, we are extremely buoyed by the potential of the Project and the opportunity it presents to us given the great result from MQRC170. We believe there is the potential to delineate a significant economic mineral resource at Redlings and after recent conversations with experts in the industry, we have significantly expanded our footprint in the region. The next phase of exploration will be very exciting as we use our new knowledge and understanding to unlock the Project’s full potential and we plan to be able to delineate a mineral resource post our next phase of drilling at Redlings.”

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Table 1: Drillhole Table

Hole ID	Hole Type	Depth	NAT Grid ID	NAT East	NAT North	NAT RL	Results
MQRC167	RC	500	MGA94_51	297631	6794322	461	1m @ 1193ppm TREO from 354m
MQRC168	RC	392	MGA94_51	295565	6798452	440	NSR
MQRC169	RC	248	MGA94_51	297760	6792910	488	NSR
MQRC170	RC	164	MGA94_51	295915	6792102	484	14m @ 980ppm TREO from 0m

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Figure 1: Drillhole locations and surface geochemistry

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Exploration Update

Marquee recently completed four RC drillholes for 1,304m at the Redlings REE Project (Table 1). The drilling program was designed to target dense pipe-like bodies that are interpreted to represent carbonatite intrusions, extending to significant depths. The interpreted deep-seated carbonatite intrusions are inferred to represent the potential source of surficial rare earth element (REE) anomalism of up to 7.7% TREO previously encountered at the Project (see ASX release 25 June 2019). The drilling forms part of the Company’s aggressive exploration strategy to fully test the potential of the Project to host an economic REE mineral resource.

MQRC167 was successfully drilled to target depth of 500m while the remaining three drillholes did not reach the target depth due to the significant influx of ground water and had to be abandoned (Table 1). The Company will reassess its options with regards to testing the deep gravity targets, with diamond core drilling required should further works be justified. Meanwhile, the Company will trial a 2,000m shallow drilling program to “drill-out” the surficial anomalism to a depth between 10-15m to potentially define a near-surface mineral resource.

The Redlings Rare Earth Element Project

The Redlings Project is 100% owned by Marquee and comprises granted exploration licenses E 37/1311 and E 37/1376, and exploration license applications E37/1559 and E37/1560 (Figure 2). The Project is located approximately 40km west of Leonora, and 77km north of Menzies. Lynas Corporation’s Mt Weld Project lies approximately 150km east of the project.

The Redlings Project is situated over an NNW trending high magnetic biotite-hornblende monzogranite granite that has intruded into the surrounding granite pluton. A series of NW trending faults run obliquely through the granite which were targeted historically for REE bearing mafic dykes within the Project due to the orientation of the Redlings dyke identified during prior exploration activities. The Company has greatly enhanced the understanding of the Redlings Project through geophysics, geochemistry and drilling and the carbonatite intrusions are now interpreted to strike NNE. The Company is now using these recent advancements to drill test these targets with the aim of making a significant REE discovery.

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Figure 2: Location of the Redlings Project.

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COMPETENT PERSON STATEMENT

The information in this report which relates to Exploration Results is based on information compiled by Dr. James Warren, a Competent Person who is a member of the Australian Institute of Geoscientists. Dr. Warren is the Chief Technical Officer of Marquee Resources Limited. Dr. Warren has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Warren consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Marquee Resources Limited, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

This ASX Release has been approved by the Board of Directors.

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Charles Thomas – Executive Chairman Marquee Resources info@marqueeresources.com.au

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (e.g.	•	Reverse-circulation drilling was completed
techniques	cut channels, random chips, or		using a 130mm face sampling hammer.
	specific specialised industry	•	4 reverse-circulation (RC) holes for 1,304m
	standard measurement tools		have been completed.
	appropriate to the minerals under	•	Drilling was completed to obtain 1m samples
	investigation, such as down hole		from which a 2-3kg composite sample was
	gamma sondes, or handheld XRF		collected and sent to the laboratory for 64
	instruments, etc). These examples		element geochemical analysis and gold assays.
	should not be taken as limiting the broad meaning of sampling.	•	Drill spoils were collected via the onboard cyclone at intervals of every 1m and placed in
	• Include reference to measures		piles for sampling by MQR geologists.
	taken to ensure sample representivity and the appropriate	•	Sampling involved collecting ~2kg of sample material via scoop sampling of the drill spoils
	calibration of any measurement		and placing the material into numbered calico
	tools or systems used.		bags.
	• Aspects of the determination of mineralisation that are Material to	•	4m composite samples were collected during this program.
	the Public Report.	•	Sampling was carried out under the Company’s
	• In cases where ‘industry standard’		protocols and QAQC procedures as per
	work has been done this would be		industry best practice. See further details below.
	relatively simple (eg. ‘reverse
	circulation drilling was used to
	obtain 1 m samples from which 3 kg
	was pulverised to produce a 30 g
	charge for fire assay’). In other
	cases, more explanation may be
	required, such as where there is
	coarse gold that has inherent
	sampling problems. Unusual
	commodities or mineralisation types
	(e.g. submarine nodules) may
	warrant disclosure of detailed
	information.
Drilling	• Drill type (eg core, reverse	•	A reverse-circulation drill rig, owned and
techniques	circulation, open-hole hammer,		operated by K-Drill, was used to collect the
	rotary air blast, auger, Bangka,		samples.
	sonic, etc) and details (eg core	•	A 130mm face sampling bit was utilised for the
	diameter, triple or standard tube,		RC drilling.
	depth of diamond tails, face-
	sampling bit or other type, whether
	core is oriented and if so, by what
	_method, etc). _
Drill sample	• Method of recording and assessing	•	Approximately 90% of samples collected were
recovery	core and chip sample recoveries		dry.
	and results assessed.	•	If significant ground water was encountered
	• Measures taken to maximise		during drilling and the sample could not be kept
	sample recovery and ensure		dry, drilling was aborted.
	representative nature of the	•	Samples recoveries were generally >90%.
	samples.	•	RC face-sample bits and dust suppression were
	• Whether a relationship exists		used to minimise sample loss. RC samples are
	between sample recovery and grade		collected through a cyclone and deposited in
	and whether sample bias may have		spoil piles with lab samples up to 3kg collected
	occurred due to preferential		to enable a full sample pulverisation.
	loss/gain of fine/coarse material.	•	No sample bias or material losswas observed to

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Criteria	JORC Code explanation	Commentary	Commentary
			have taken place during drilling activities. There
			was no discernible change in the sample
			recoveries between mineralised, and un-
			mineralised samples.
		•All chips were geologically logged by Company
			geologists using the Marquee logging scheme.
			No geotechnical logging was undertaken.
		•	Representative samples, not for assay samples,
			are wet-sieved and stored in chip trays for
			geological reference.
Logging	• Whether core and chip samples	•	Logging of RC chips records lithology,
	have been geologically and		mineralogy, mineralisation, weathering, colour
	geotechnically logged to a level of		and other relevant features of the samples.
	detail to support appropriate Mineral
	Resource estimation, mining studies
	and metallurgical studies.
	• Whether logging is qualitative or
	quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length and percentage of
	_the relevant intersections logged. _
Sub-sampling	• If core, whether cut or sawn and		•One-metre drill samples from a rig mounted
techniques	whether quarter, half or all core		cyclone and an average 2-3kg sample was
and sample	taken.		collected at the rig and placed into a pre-
preparation	• If non-core, whether riffled, tube		numbered calico bag.
	sampled, rotary split, etc and		•Sample sizes are considered appropriate to
	whether sampled wet or dry.		give an indication of mineralisation given the
	• For all sample types, the nature,		particle size and the preference to keep the
	quality and appropriateness of the		sample weight below a targeted 3kg mass.
	sample preparation technique.		•Samples were dried, crushed (~2mm) and
	• Quality control procedures adopted		rotary divided where required. Pulverisation is
	for all sub-sampling stages to		undertaken by LM1 mill, and bowls are barren
	maximise representivity of samples.		washed after each sample.
	• Measures taken to ensure that the		•Duplicate field samples were collected at a rate
	sampling is representative of the in-		of approximately 1 in 30 samples.
	situ material collected, including for
	instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are
	appropriate to the grain size of the
	_material being sampled. _
Quality of	• The nature, quality and		•Assaying was completed by ALS Global
assay data	appropriateness of the assaying and		laboratories, 26 Advantage Way, Wangara WA
and	laboratory procedures used and		6065.
laboratory	whether the technique is considered		•Samples were initially characterised using the
tests	partial or total.		ME-MS81 method to determine trace elements
	• For geophysical tools,		and ME-MS81D method for whole-rock analysis
	spectrometers, handheld XRF		and base metals.
	instruments, etc, the parameters		•ME-MS81: Lithium borate fusion followed by
	used in determining the analysis		acid dissolution and ICP-AES measurement.
	including instrument make and		•ME-MS81D: Four acid digestion followed by
	model, reading times, calibrations		ICP-AES measurement.
	factors applied and their derivation,
	etc.
	• Nature of quality control procedures
	adopted (eg standards, blanks,
	duplicates, external laboratory
	checks) and whether acceptable

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Criteria	JORC Code explanation	Commentary	Commentary
	levels of accuracy (ie lack of bias)
	and precision have been
	established.
Verification of	• The verification of significant	•	All drilling results were collated and checked by
sampling and	intersections by either independent		the Company’s Chief Technical Officer.
assaying	or alternative company personnel.	•	All field logging is directly entered into a
	• The use of twinned holes.		spreadsheet, then electronically to the Database
	• Documentation of primary data, data		Manager in the office. Assay files are received
	entry procedures, data verification,		electronically from the Laboratory. All data is
	data storage (physical and		stored in an Access database system, and
	electronic) protocols.		maintained by the Database Manager
	• Discuss any adjustment to assay	•	The group of metals referred to as rare earth
	data.		elements (REE) comprises the 15 elements of
			the lanthanide series. Metals in the lanthanide
			series are: lanthanum (La), cerium (Ce),
			praseodymium (Pr), neodymium (Nd),
			promethium (Pm), samarium (Sm), europium
			(Eu), gadolinium (Gd), terbium (Tb), dysprosium
			(Dy), holmium (Ho), erbium (Er), thulium (Tm),
			ytterbium (Yb) and lutetium (Lu). In addition,
			yttrium (Y) and scandium (Sc) are often grouped
			with the lanthanides and referred to as REE.
		•	Ore grade in REE deposits is typically
			represented as total rare-earth oxides (TREO)
			and is the sum of the rare-earth oxides + yttrium
			oxide (scandium oxide not included).
Location of	• Accuracy and quality of surveys	•	The coordinate system used is MGA_94 Zone
data points	used to locate drill holes (collar and		51.
	down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	•	A handheld GPS was used to record the position of the auger holes. Horizontal accuracy
	• Specification of the grid system used.	•	was +/- 3 metres. A DTM model acquired through the Elevation
	• Quality and adequacy of topographic control.	•	Information System (ELVIS) was used in GIS software to establish topographical control. Location accuracy at collars is considered
			adequate for this stage of exploration.
Data spacing	• Data spacing for reporting of	•	The drilling was considered reconnaissance in
and	Exploration Results.		nature and as such the spacing and distribution
distribution	• Whether the data spacing and		is considered sufficient to establish the degree
	distribution is sufficient to establish		of geological and grade continuity.
	the degree of geological and grade
	continuity appropriate for the
	Mineral Resource and Ore Reserve
	estimation procedure(s) and
	classifications applied.
	• Whether sample compositing has
	_been applied. _
Orientation of	• Whether the orientation of sampling	•	The Redlings Dyke is interpreted to strike NNW
data in	achieves unbiased sampling of		and dips steeply to sub vertically to the NE.
relation to	possible structures and the extent to	•	The orientation of the drill lines is approximately
geological	which this is known, considering the		perpendicular to the strike of the regional
structure	deposit type.		geology. All holes were drilled at a dip of -60°
	• If the relationship between the		and to magnetic azimuth 230°.
	drilling orientation and the	•	The drill line orientation is interpreted to be
	orientation of key mineralised		approximately perpendicular to the interpreted
	structures is considered to have		orientation of the mineralisation and is
	introduced a sampling bias, this

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Criteria	JORC Code explanation	Commentary	Commentary
	should be assessed and reported if		considered appropriate.
	material.
Sample	• The measures taken to ensure	•	Pre-numbered calico sample bags	were
security	sample security.		collected in plastic bags (five calico bags per
			single plastic bag), sealed, and transported by
			the Company to the Labwest laboratory in	Perth.
Audits or	• The results of any audits or reviews	•	No audits or reviews beyond consultant
reviews	of sampling techniques and data.		geologists have been conducted on the
			exploration data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number,	•	Drilling was completed on granted exploration
tenement and	location and ownership including		license E37/1311 & E37/1376.
land tenure	agreements or material issues with	•	The Company holds 100% interest in the
status	third parties such as joint ventures,		tenement.
	partnerships, overriding royalties,	•	The tenement is in good standing.
	native title interests, historical sites,
	wilderness or national park and
	environmental settings.
	• The security of the tenure held at the
	time of reporting along with any
	known impediments to obtaining a
	_licence to operate inthe area. _
Exploration	• Acknowledgment and appraisal of	•	The historical auger, rock chip and trench
done by other parties	exploration by other parties.		sampling referred to in this release relates to publicly available, open-file data collated from
			historical WAMEX reports.
		•	Vedo Energy Pty Ltd took 2 samples of the
			Redlings Dyke exposed in a historical trench in
			2007.
		•	Northeast Minerals Pty Ltd collected 25 rock
			chip samples in 2011.
		•	Victory Mines Pty Ltd collected 23 rock chip
			samples and completed 1,305 auger samples
			between 2012 and 2015.
Geology	• Deposit type, geological setting and	•	The project is located in the northern Eastern
	style of mineralisation.		Goldfields of Western Australia, in granitic rocks
			between the Mt Ida and Norseman-Wiluna
			Greenstone Belts.
		•	The Redlings REE mineralisation is located
			within a structural zone, up to 25m wide, that
			has been intruded by multiple carbonatitic dykes
			with pervasive fenitic alteration of granitic
			country rocks.
		•	Due to the early stage of exploration, further
			work is required to better define and understand
			the geology and mineralisation of the prospect.
Drill hole	• A summary of all information	•	All hole locations drilled as part of this program
Information	material to the understanding of the		are identified inError! Reference source not
	exploration results including a		found.andError! Reference source not
	tabulation of the following		found..
	information for all Material drill holes:	•	Significant assays using a 0.1% TREO lower

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Criteria	JORC Code explanation	Commentary
	o easting and northing of the drill	cut-off have been reported in this announcement
	hole collar	inError! Reference source not found.and
	o elevation or RL (Reduced Level –	displayed in Figure 1.
	elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and
	interception depth
	o hole length.
	• If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results,	•No data aggregation methods have been used.
aggregation	weighting averaging techniques,
methods	maximum and/or minimum grade
	truncations (eg cutting of high
	grades) and cut-off grades are
	usually Material and should be
	stated.
	• Where aggregate intercepts
	incorporate short lengths of high-
	grade results and longer lengths of
	low-grade results, the procedure
	used for such aggregation should be
	stated and some typical examples of
	such aggregations should be shown
	in detail.
	• The assumptions used for any
	reporting of metal equivalent values
	_should be clearly stated. _
Relationship	• These relationships are particularly	•True widths are interpreted to be approximately
between	important in the reporting of	70% of the drilled intersection
mineralisation	Exploration Results.
widths and	• If the geometry of the mineralisation
intercept	with respect to the drill hole angle is
lengths	known, its nature should be
	reported.
	• If it is not known and only the down
	hole lengths are reported, there
	should be a clear statement to this
	effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with	•See Figures 1-2 within the body of the document
	scales) and tabulations of intercepts
	should be included for any
	significant discovery being reported
	These should include, but not be
	limited to a plan view of drill hole
	collar locations and appropriate
	sectional views.
Balanced	• Where comprehensive reporting of	•Significant assays using a 0.1% TREO lower
reporting	all Exploration Results is not	cut-off have been reported in this announcement
	practicable, representative reporting	inError! Reference source not found.and
	of both low and high grades and/or	displayed in.
	widths should be practiced to avoid

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Criteria	JORC Code explanation	Commentary	Commentary
	misleading reporting of Exploration
	Results.
Other	• Other exploration data, if meaningful	•	All available geological, geophysical and
substantive exploration data	and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical	•	geochemical data has been integrated and interpreted by company geologists. All historical auger soil samples (refer MQR ASX Release dated 5thNov 2020) have been shown inError! Reference source not found..
	test results; bulk density,	•	Results of historical rock chip and trench
	groundwater, geotechnical and rock		sampling has been shown inError! Reference
	characteristics; potential deleterious		source not found..
	_or contaminating substances. _
Further work	• The nature and scale of planned	•	Infill auger drilling along known exploration
	further work (eg tests for lateral		corridor.
	extensions or depth extensions or	•	Infill and extensional RC drilling along known
	large-scale step-out drilling).		exploration corridor.
	• Diagrams clearly highlighting the	•	Regional auger sampling to test for additional
	areas of possible extensions,		surficial anomalism.
	including the main geological	•	High-resolution aeromagnetics to identify
	interpretations and future drilling		additional demagnetised zones associated with
	areas, provided this information is		NW trending structures.
	not commercially sensitive.

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