MARVEL GOLD LIMITED — Capital/Financing Update 2021

Jul 5, 2021

6 July 2021

TABAKOROLE LANDHOLDING INCREASED TO 830KM[2]

Marvel Gold Limited (ASX: MVL) ( Marvel or the Company ) is pleased to announce further strategic tenement acquisitions increasing the landholding at the Tabakorole Gold Project ( Tabakorole or the Project ), located in southern Mali, to 830km[2 ] (see Figure 1). The Project is held through 100%-owned licences as well as two separate joint ventures, with Oklo Resources Limited (ASX: OKU) ( Oklo JV) , in which the Company holds an 80% interest) and with Altus Strategies plc ( Altus JV) , in which the Company currently holds a 51% interest.

Binding tenement purchase agreements have been executed with three separate vendors covering six new permits (see tenements 6-11 in Figure 1 and acquisition details in Appendix 1). Figure 1 shows the location and ownership status of all permits comprising the Tabakorole Project (note licences contiguous to the Tabakorole permit now form part of the JV with UK-listed Altus Strategies plc).

Figure 1: Tabakorole landholding and ownership details

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Managing Director, Phil Hoskins , commented: “ We are extremely pleased to have consolidated such a land position around the already significant Tabakorole deposit. Our strategy is to develop Tabakorole into a standalone mining operation by consolidating a significant landholding and undertaking systematic exploration to make additional gold discoveries will maximise our chances of achieving that strategy .”

The acquisition of the Sirakoroble Sud licence in particular is strategically important, as it not only fills a gap in the previous landholding position but is located along the north-west trending structural corridor identified by magnetics and punctuated by a strong trend of geochemical anomalism. The location of Sirakoroble Sud relative to the multi-element soil geochemistry (ASX announcement 29 June 2021) is shown in Figure 2 below.

Figure 2: Sirakoroble Sud location relative to multi-element soil geochemistry

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The next steps, as with all of the Company’s newly acquired licences, is to collect multi-element soil geochemistry datasets and potentially follow up with ground magnetics, a survey technique that is working very well in this region to define the structures. Targets will then be ranked and prioritised against the 40 discrete targets generated from the regional datasets collected during 2020-21.

The Company will also continue to consolidate its landholding around Tabakorole, with a focus on tenements within a 25km radius of the existing deposit and situated in the interpreted structural corridor.

This announcement has been approved for release by the Board.

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PHIL HOSKINS Managing Director

For further information, please contact: Phil Hoskins – Managing Director Chris van Wijk – Executive Director, Exploration Tel: +61 8 9200 4960 Tel: +61 8 9200 4960

For more information, visit www.marvelgold.com.au.

About Marvel Gold

Marvel Gold Limited is an Australian resources company listed on the Australian Securities Exchange under stock code MVL. Marvel Gold is a Mali-focused gold explorer with advanced gold exploration projects and extensive landholdings in South and West Mali.

The Tabakorole Gold Project has a JORC Mineral Resource of 910,000oz grading 1.2 g/t gold (see ASX announcement dated 30 September 2020 and Table 1), with strong growth prospects along strike and via regional prospectivity over an extensive 392km[2] landholding. Tabakorole is held under two separate joint ventures, the Oklo JV (80% interest) (ASX: OKU) and the Altus Strategies plc JV (currently 51%).

Marvel also owns 100% of the Chilalo Graphite Project, a world-class fully permitted graphite project in south-east Tanzania. With expenditure to date exceeding A$21M, a completed DFS and a management team with substantial graphite market knowledge and IP, Chilalo has the potential for near-term development. The Company has announced the intention to IPO Chilalo into a newly created company, Evolution Energy Minerals Limited.

Marvel Gold has an experienced board and management team with specific skills, and extensive experience, in African based exploration, project development and mining.

Table 1: Tabakorole Mineral Resource Estimate (JORC 2012)

		Indicated			Inferred			Total
	Mt	Au (g/t)	koz (Au)	Mt	Au (g/t)	koz (Au)	Mt	Au (g/t)	koz (Au)
Oxide	1.0	1.3	40	1.5	1.3	60	2.4	1.3	100
Fresh	6.3	1.2	250	15.1	1.2	560	21.5	1.2	810
Total	7.3	1.2	290	16.6	1.2	620	23.9	1.2	910

Note: Reported at a cut-off grade of 0.6 g/t Au, differences may occur due to rounding.

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REFERENCE TO PREVIOUS ASX ANNOUNCEMENTS

In relation to the announcement of the Tabakorole Mineral Resource estimate on 30 September 2020, the Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource in that announcement continue to apply and have not materially changed.

In relation to the previously reported exploration results, the date of which is referenced, the Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement.

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Appendix 1: Tenement acquisition terms

	Area **(km2) **	Upfront payment (US$)	Payment on permit grant / transfer(US$)	First anniversary (US$)	Total payment (US$)
Sirakoroble Sud1, 2	100	25,000	60,000	N/A	85,000
Foulalaba	80	32,000	N/A	30,000	62,000
Sirakourou Sud	30	10,000	20,000	N/A	30,000
Ngolobala	75	10,000	20,000	N/A	30,000
Tanhala2	53	5,000	10,000	N/A	15,000
Naniola	100	10,000	20,000	N/A	30,000

Notes

1. This licence forms part of the Altus JV and payments will be made in accordance with JV ownership.

2. Bonus payment of US$1.5M for minimum Proven and Probable Ore Reserves of 250koz and a further US$5/oz from 250koz-500koz.

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Marvel Gold Project Location Map Mali Gold Projects

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Tanzanian Graphite Project

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