MARVEL GOLD LIMITED — Interim / Quarterly Report 2021

Oct 27, 2021

28 October 2021

QUARTERLY ACTIVITIES REPORT Quarter ended 30 September 2021

Marvel Gold Limited (ASX: MVL) ( Marvel or the Company ) is pleased to provide an update on its activities during the September quarter. The Company’s activities during this

Quarter focused primarily on the continued exploration and growth of the Tabakorole Gold Project ( Tabakorole ), while also progressing the Company’s spin-out of the Chilalo Graphite Project ( Chilalo Project ), into a wholly owned subsidiary, Evolution Energy Minerals Limited ( Evolution ) and initial public offering of Evolution shares ( IPO ) .

HIGHLIGHTS

• Current cash position of $2.3M, with IPO expense reimbursements of $0.9M and cash consideration of up to $2M to be received following the listing of Evolution, resulting in an effective cash position of approximately $5.2 million.

• Diamond drill results confirmed continuity of mineralisation at the Tabakorole Central Zone , with results including 21m @ 2.6g/t gold from 70 metres in 21TBKDD014[1] .

• Diamond drilling at the Tabakorole Northwest Zone identified a new parallel lode over a strike extent of at least 120 metres, with results including 17m @ 3.6 g/t gold from surface in hole 21TBKDD018 and 24m @ 2.4g/t gold from 35m in 21TBKDD021[2] .

• Mineral Resource Estimate for Tabakorole increased to 1.025 million ounces (post Quarter end)[3] .

• Increase in the size of the Tabakorole land position to 753km[2 ] from the acquisition of new exploration licences[4] .

Spin out of Chilalo Graphite Project progressing well.

• Proposed IPO of Evolution to raise a minimum of $22 million, with ARCH Sustainable Resources Fund to invest $8 million as a cornerstone investor.

• Marvel to receive 50 million Evolution shares (31% shareholding in Evolution) and up to $2 million cash consideration[5] .

• On track for Evolution to list on the ASX in mid-November.

Marvel’s Managing Director, Phil Hoskins, commented “ The highlight of the Quarter was the identification of the new parallel lode at the Tabakorole Northwest Zone, opening the potential for additional ounces within the optimised pit shell.

“ With the Mineral Resource at Tabakorole now exceeding one million ounces, we are

firmly focused on continuing our process of systematic exploration, at both Tabakorole and surrounding tenements, to further grow the resource.”

1 ASX announcement 16 August 2021 2 ASX Announcement 1 September 2021

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TABAKOROLE GOLD PROJECT

During the Quarter, the Company spent approximately $2.65 million advancing the Tabakorole Project, the key focus of which was diamond and aircore drilling and strategic tenement acquisitions to increase the Company’s landholding at Tabakorole.

Central Zone Drilling

During the Quarter, 11 diamond drillholes totalling 2,125 metres were drilled at the Central Zone, designed to infill the Mineral Resource. The drilling was successful in improving definition within the Central Zone and identifying multiple shallow intercepts outside of the previously modelled Mineral Resource (Figure 1).

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Figure 1: Plan view showing results from Tabakorole Central Zone drilling[6]

Annexure A sets out the notable intersections from this drilling, with the best results including:

• 21m at 2.6 g/t gold from 70m and 7m at 1.0 g/t gold from 119m in hole 21TBKDD014; and

• 9m at 1.3 g/t gold from 8m and 8m at 1.9g/t gold from 80m in hole 21TBKDD013.

6 ASX announcement 16 August 2021

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Northwest Zone Drilling

Following the completion of drilling at the Central Zone, the rig moved to the Northwest Zone, where drilling targeted extensions to mineralisation. Eight diamond drillholes totalling 1,296 metres were drilled in the Northwest Zone, the standout result being 17m @ 3.6g/t gold from surface in 21TBKDD018, adding continuity to the existing Mineral Resource (Figure 2)[7] .

The drilling also confirmed a new, shallow parallel lode of higher-grade mineralisation

over at least 120m of strike, with the new lode open along strike and at depth (currently drilled to only 90m)[7] .

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Figure 2: Plan view showing results from Tabakorole Northwest Zone drilling[7]

Annexure B sets out the notable intersections from this drilling, with the best results including[7] :

• 17m at 3.6g/t gold from surface in hole 21TBKDD018;

• 24m at 2.4g/t gold from 35m in hole 21TBKDD021; and

• 21m at 1.5g/t gold from 26m in hole 21TBKDD020 which is up dip of previously reported intercept of 16m at 2.0 g/t gold from 75m in hole 20TBKRC014.

7 ASX Announcement 1 September 2021

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Aircore Drilling

During the Quarter, the Company completed a reconnaissance aircore drilling program totalling 5,148m targeting Tabakorole extensions and three potential regional targets identified from historical geochemistry and ground magnetics. Gold mineralisation was identified approximately 3km to the south-east of the Tabakorole deposit with 4m at 1.3g/t gold from 8m and 4m at 2.7g/t gold from 20m and ending in mineralisation (within hole 21TBKAC0096)[8] .

Nearby artisanal workings reinforce the potential prospectivity of this target (Figure 3). This new mineralisation was targeted in an area of moderate gold in soil anomalism due to a historical hole drilled in 2005 that intersected 12m at 1.2 g/t gold[9] and was never adequately followed up.

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Figure 3: Artisanal workings nearby newly identified zone of mineralisation

8 ASX announcement 8 July 2021

9 ASX announcement 17 June 2020

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Mineral Resource Estimate

Post Quarter end, the Company announced that the Tabakorole Mineral Resource Estimate had increased to over 1 million ounces with 26.5Mt at 1.2g/t gold for 1.025Moz (at a 0.6 g/t cut-off)[3] , representing a 12% increase in ounces from the 2020 estimate.

Table 1. Tabakorole Mineral Resource Estimate[3]

		Indicated	Indicated		Inferred			Total
	Mt	Au (g/t)	koz (Au)	Mt	Au (g/t)	koz (Au)	Mt	Au (g/t)	koz (Au)
Oxide	1.4	1.2	50	1.3	1.3	55	2.7	1.3	110
Fresh	7.8	1.2	310	16.0	1.2	610	23.8	1.2	915
Total	9.2	1.2	360	17.3	1.2	665	26.5	1.2	1,025

The upgraded Tabakorole Mineral Resource exhibits attractive development attributes:

• 70% of the resource (715koz) sits within 150m of surface, which is expected to support a low-strip, open-pit operation.

• The recent discovery of shallow, higher-grade zones has contributed significantly to the upgraded resource – their location parallel to the pre-existing Mineral Resource is expected to provide low-strip starter pit options.

• High metallurgical recoveries from initial metallurgical testwork indicate Tabakorole is amenable to a simple processing flowsheet.[10]

There are opportunities for growth in these newly discovered zones. The north-west zone has gaps of up to 200m that require infill drilling and has only been modelled to a vertical depth of 140m.

The Tabakorole Mineral Resource provides a solid foundation for continued resource

growth, with an expansive drilling campaign planned to commence in the December Quarter.

Increased landholding

During the Quarter, the Company executed binding tenement purchase agreements to acquire additional exploration permits, increasing its landholding at the Tabakorole Gold Project to 753km[2] .

The Company’s strategy is to develop Tabakorole into a standalone mining operation. The consolidation of such a significant landholding around the Tabakorole deposit and undertaking systematic exploration to make additional gold discoveries will maximise the chances of achieving that strategy.

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10 ASX announcement 27 January 2021

PAGE 5 OF 9

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Figure 4: Increased landholding at Tabakorole

EVOLUTION IPO

The Company progressed the transaction to spin-out of the Chilalo Graphite Project into a wholly owned subsidiary, Evolution, and an IPO to facilitate listing on the ASX. On completion of the spin-out and IPO, Marvel will be issued 50 million Evolution shares and will receive up to $2 million cash.

The IPO is planned to raise $22 million and under a priority offer, Marvel shareholders will be collectively entitled to subscribe for up to $2 million of Evolution shares . The priority offer closed on 25 October 2021 and Evolution shares are expected to commence trading on the ASX in mid-November 2021.

During the quarter, Evolution lodged its Prospectus with ASIC and ASX. Full details of the spin-out and IPO can be found by downloading the Prospectus from the Evolution website at www.evolutionenergyminerals.com.au.

PAGE 6 OF 9

CORPORATE

Cash

As at 30 September 2021, the Company had cash of $2.3 million. Following the listing of Evolution on the ASX, which is expected to occur in mid-November, the Company will receive $0.9 million for reimbursement of IPO related costs and up to $2 million as consideration for the sale of Chilalo to Evolution.

Annual General Meeting

The Company will hold its annual general meeting at 2:00 pm on 24 November 2021. A copy of the notice of meeting is available on the Company’s website at https://marvelgold.com.au/investors/asx-announcements/.

TENEMENT INTERESTS

The Company’s tenement interests as at 30 September 2021 are shown in Table 2. During the Quarter, the Company acquired interests in the following tenements: Sirakoroble Sud, Sirakourou Sud, Ngolobala, Tanhala and Naniola.

Table 2. Tenement interests as at 30 September 2021

	Tenement	Ownership	Project	Location
	ML 569/2017 – Chilalo	100%	Chilalo	Tanzania
	PL 11050/2017 – Chilalo West	100%	Chilalo	Tanzania
	PL 11034/2017 – Chilalo1	100%	Chilalo	Tanzania
	PL 9929/2014 – Chikwale	100%	Chilalo	Tanzania
	PL 9946/2014 – Machangaja	100%	Chilalo	Tanzania
	PR15/758 – Tabakorole2	51%	Tabakorole	Mali
	PR18/950 – Lakanfla2	-	Lakanfla	Mali
	PR16/837 – Sirakourou3	80%	Tabakorole	Mali
	PR19/1057 – Solagoubouda3	80%	Tabakorole	Mali
	Solagoubouda South3	80% - Under Application	Tabakorole	Mali
	Sirakoroble Sud4	51%	Tabakorole	Mali
	Sirakourou Sud	100%	Tabakorole	Mali
	Ngolobala	Tabakorole	Tabakorole	Mali
	Tanhala	Tabakorole	Tabakorole	Mali
	Naniola	Tabakorole	Tabakorole	Mali
	PR17/879 – Kolondieba3	80%	Kolondieba	Mali
	PR16/803 – Kolondieba3	80%	Kolondieba	Mali
	PR17/875 – Yanfolila3	80%	Yanfolila	Mali
	PR16/802 – Yanfolila3	80%	Yanfolila East	Mali
	PR18/944 – Djelimangara Sud-Ouest5	25%	Sakaar	Mali

1. Following a due diligence process undertaken together with its Tanzanian legal counsel, the Company confirmed that PL 11034/2017 had been cancelled by the Tanzanian Mining Commission. The Company has since requested from the Mining Commission a revocation of the cancellation of PL 11034/2017 and is undertaking a number of actions to have PL 11034/2017 reinstated.

2. Subject to the terms of an earn-in agreement with Altus Strategies plc ( Altus ) , the details of which are set out in an ASX announcement dated 17 June 2020 and the notice of

meeting lodged with ASX on 18 June 2020. The Company expects to complete the expenditure required to increase its interest to 70%.

PAGE 7 OF 9

3. Subject to the terms of a joint venture agreement with Oklo Resources Limited, the details of which are set out in an ASX announcement dated 24 December 2020.

4. Forms part of the joint venture with Altus.

5. Subject to the terms of an option agreement with Société Minière et Commerciale, the details of which are set out in an ASX announcement dated 9 September 2020.

This announcement has been approved for release by the Board.

PHIL HOSKINS Managing Director

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

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

REFERENCE TO PREVIOUS ASX ANNOUNCEMENTS

In relation to the exploration results included in this September Quarterly Activities Report, the dates of which are referenced, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

In relation to the announcement of the Tabakorole Mineral Resource estimate on 5 October 2021, 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.

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ANNEXURE A. NOTABLE RESULTS FROM CENTRAL ZONE DRILLING

	Hole ID	From	To	Intercept (m)	Au (g/t)	Description
	21TBKDD007	49	58	9	0.5	9m at 0.5g/t
		110	114	4	3.9	4m at 3.9g/t
		128	134	6	1.1	6m at 1.1g/t
	21TBKDD008	10.7	17	6.3	1.7	6.3m at 1.7g/t
		29	33	4	2.8	4m at 2.8g/t
		41	46	5	0.7	5m at 0.7g/t
		56	60	4	0.8	4m at 0.8g/t
		65	73	8	1.0	8m at 1.0g/t
		105	109	4	0.6	4m at 0.6g/t
	21TBKDD009	34	38	4	0.9	4m at 0.9g/t
	21TBKDD010	174	187	13	2.0	13m at 2g/t
	21TBKDD011	169	183	14	0.7	14m at 0.7g/t
	21TBKDD012	178	197	19	0.8	19m @ 0.8g/t
	21TBKDD013	7.7	16.7	9	1.3	9m @ 1.3g/t
		24.2	30.2	6	1.1	6m @ 1.1g/t
		36	39	3	1.7	3m @ 1.7g/t
		71	74	3	0.6	3m @ 0.6g/t
		80	88	8	1.9	8m @ 1.9g/t
	21TBKDD014	70	91	21	2.6	21m @ 2.6g/t
		119	126	7	1.0	7m @ 1.0g/t
	21TBKDD016	122	127	5	1.9	5m @ 1.9g/t
		152	165	13	0.8	13m @ 0.8g/t

	Hole ID	From	To	Intercept (m)	Au (g/t)	Description
	21TBKDD017	4.7	25.7	21	0.9	21m @ 0.9g/t
		31.7	38.3	6.6	1.6	6.6m @ 1.6g/t
	21TBKDD018	3.2	19.7	16.5	3.6	16.5m @ 3.6g/t
		96	99	3	0.6	3m @ 0.6g/t
		107	113	6	1.0	6m @ 1.0g/t
	21TBKDD019	9	21	12	1.4	12m @ 1.4g/t
		90	94	4	0.9	4m @ 0.9g/t
	21TBKDD020	26.4	47	20.6	1.5	20.6m @ 1.5g/t
	21TBKDD021	35	59	24	2.4	24m @ 2.4g/t
	21TBKDD022	19.9	34	14.1	1.5	14.1m @ 1.5g/t
		41	55	14	1.0	14m @ 1.0g/t
		87	91	4	0.8	4m @ 0.8g/t
	21TBKDD024	27	32	5	1.0	5m @ 1.0g/t

PAGE 9 OF 9

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Marvel	Gold Limited
ABN		Quarter ended (“current	quarter”)
77 610	319 769	30 September 2021
Consolidated statement of cash flows		Current quarter	Year to date (3
		$A’000	months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for
	(a) exploration & evaluation	(2,651)	(2,651)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	(180)	(180)
	(e) administration and corporate costs	(345)	(345)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	-	-
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	-
1.8	Other (Business development activities)	(182)	(182)
1.9	Net cash from / (used in) operating	(3,358)	(3,358)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a) entities	-	-
	(b) tenements	(222)	(222)
	(c) property, plant and equipment	-	-
	(d) exploration & evaluation (if capitalised)	-	-
	(e) investments	-	-
	(f) other non-current assets	-	-

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (3
		$A’000	months)
			$A’000
2.2	Proceeds from the disposal of:
	(a) entities	-	-
	(b) tenements	-	-
	(c) property, plant and equipment	-	-
	(d) investments	-	-
	(e) other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (provide details if material)	-	-
2.6	Net cash from / (used in) investing	(222)	(222)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issue of shares	4,334	4,334
3.2	Proceeds from issue of convertible debt	-	-
	securities
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of equity	-	-
	securities or convertible debt securities
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans and	-	-
	borrowings
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financing	4,334	4,334
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	1,507	1,507
	period
4.2	Net cash from / (used in) operating	(3,358)	(3,358)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(222)	(222)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	4,334	4,334
	(item 3.10 above)

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (3
		$A’000	months)
			$A’000
4.5	Effect of movement in exchange rates on	20	20
	cash held
4.6	Cash and cash equivalents at end of	2,2811	2,2811
	period

1 In the December Quarter, the Company is expecting a cash inflow of up to $2.9M, refer to 8.8(2) below.

5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances	325	324
5.2	Call deposits	1,956	1,170
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of	2,281	1,494
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity	and their	Current quarter
	associates		$A'000
6.1	Aggregate amount of payments to related parties and their		127
	associates included in item 1
6.2	Aggregate amount of payments to related parties and their		-
	associates included in item 2
Payments to all Directors for Directors’ fees and salaries.

Payments to Directors for Director fees.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7.	Financing facilities Total facility	Amount drawn at
	Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. amount at quarter end $A’000	quarter end $A’000
7.1	Loan facilities -	-
7.2	Credit standby arrangements -	-
7.3	Other (please specify) -	-
7.4	Total financing facilities -	-
7.5	Unused financing facilities available at quarter end	-
7.6	Include in the box below a description of each facility above, including	the lender, interest
	rate, maturity date and whether it is secured or unsecured. If any additional financing
	facilities have been entered into or are proposed to be entered into after quarter end,
	include a note providing details of those facilities as well.

8.	Estimated cash available for future operating activities	$A’000
8.1	Net cash from / (used in) operating activities (Item 1.9)	(3,358)
8.2	Capitalised exploration & evaluation (Item 2.1(d))	-
8.3	Total relevant outgoings (Item 8.1 + Item 8.2)	(3,358)
8.4	Cash and cash equivalents at quarter end (Item 4.6)	2,281
8.5	Unused finance facilities available at quarter end (Item 7.5)	-
8.6	Total available funding (Item 8.4 + Item 8.5)	2,281
8.7	Estimated quarters of funding available (Item 8.6 divided by	0.7
	Item 8.3)

• 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:

• Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

The Company does not expect to incur similar costs to the September quarter because the September quarter included a number of large payments to its drilling contractor.

1. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

2. Yes – The Company progressed the transaction to spin-out the Chilalo Graphite Project into a wholly owned subsidiary, Evolution Energy Minerals Limited, and an IPO to facilitate listing on the ASX. On completion of the spin-out and IPO, the Company will receive up to $2 million cash as consideration and repayment of a $0.9 million as reimbursement for IPO related expenses.

3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Yes – refer to 8.8(1) and 8.8(2) above.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 28 October 2021

Authorised by: By the Board...................................................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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