MARQUEE RESOURCES LIMITED — Capital/Financing Update 2024

Feb 14, 2024

15 February 2024

ASX RELEASE

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- Commencement of Drilling Redlings REE Project

• Drilling has now begun at the Redlings REE Project which is designed to target and test highdensity pipe-like structures identified from the ground gravity survey.

• The pipe-like bodies are the interpreted to represent carbonatite bodies and the primary source of surficial REE mineralisation identified at Redlings.

• Historical results at Redlings have returned values of up to 7.8% TREO.

Marquee Resources Limited ( “Marquee” or “the Company” ) ( ASX:MQR ) is pleased to announce that it has commenced a ~1,500m RC drilling campaign to target dense pipe-like bodies at the Redlings REE Project. These pipe-like structures 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 7.8% TREO previously encountered at the Project. 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.

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Figure 1: Longsection view of planned drill holes at Redlings targeting dense, pipe-like bodies.

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Executive Chairman Comment:

Marquee Executive Chairman, Mr Charles Thomas, commented:

“This is a very exciting phase of exploration we are embarking on at Redlings. Following the acquisition of detailed gravity data, drilling data and soil sampling over the Project extents, we have defined what we interpret to be the source of surficial anomalism and are extremely excited that we have now begun drilling holes into these large features. This is the culmination of 5 years of hard work out at Redlings and exploration success has the potential to be game changing for us and truly turn Redlings into the flagship Project for the Company.”

“With the significant advancements we have made in our understanding of the 3D geology of the Redlings Project we are seriously enthused by what we might uncover at Redlings. The timing of this exploration campaign in terms of market dynamics could not have been better timed and I look forward to updating all our shareholders and the wider market as further progress is made at this exciting Project.”

Exploration Update

The Company recently completed a 1,907 station ground gravity survey (refer MQR ASX Release 4 Oct 2023) and 2,228 sample geochemical sampling campaign with assay results expected to be received and released shortly (refer ASX Release 20 December 2023 and 31 January 2024). The previous geophysical and geochemical results have delineated NNE trending features as the primary structural control on the localisation of dense, pipe-like features interpreted to be carbonatite intrusions. Three 500m RC drill holes have been planned to intersect the shallowest part of the identified anomalies to test for rare-earth element enrichment associated with the inferred carbonatites. Drilling is expected to take 4-5 weeks with the first batch of assays expected 4-5 weeks following the completion of drilling. A further drilling campaign is planned to commence post receipt of assays should this exploration campaign be successful.

The Redlings Rare Earth Element Project

The Redlings Project is 100% owned by Marquee and comprises exploration licenses E 37/1311 and E 37/1376 (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.

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.

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

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