MARVEL GOLD LIMITED — Interim / Quarterly Report 2021

Aug 1, 2021

2 August 2021

QUARTERLY ACTIVITIES REPORT

Quarter ended 30 June 2021

Marvel Gold Limited (ASX: MVL) ( Marvel or the Company ) is pleased to provide an update on its activities during the June quarter. The Company’s activities during the Quarter focused primarily on the continued

exploration and growth of the Tabakorole Gold Project ( Tabakorole ), whilst also progressing the Company’s proposed initial public offering ( IPO ) of the Chilalo Graphite Project ( Chilalo Project) , into a wholly owned subsidiary named Evolution Energy Minerals Limited ( Evolution).

HIGHLIGHTS

• Diamond drill results confirmed 150m of strike extensions to the south-east of Tabakorole.

o Hole 21TBKRCDD-001 included a diamond tail on 21TBKRC-001, with a revised intercept of 29m at 1.8g/t Au from 178m[1] .

• Diamond drilling program to follow up results from recent reverse circulation ( RC ) drilling has now completed post Quarter end.

• Strategic tenement acquisitions have increased the Company’s land position at Tabakorole to 830km[2] .

• Completion of 3,545 line-km of high-resolution ground magnetics covering 292km[2] at Tabakorole.

• Multi-element soil geochemistry completed, highlighting numerous drill-ready targets at Tabakorole[3]

• Proposed spin-out of the Chilalo Graphite Project ( Spin-out ) and IPO of Marvel’s wholly-owned subsidiary Evolution is at an advanced stage, pending final in-country regulatory approvals.

• Subject to satisfaction of pre-conditions:

• Marvel to receive $10 million of Evolution shares and cash of $2 million; and

• Castlelake L.P, which is owed $9.5 million secured against the Chilalo Project, will be repaid in full from the IPO proceeds[4] .

1 ASX announcement 1 June 2021

2 ASX announcements 1 June 2021 and 6 July 2021

3 ASX announcement 29 June 2021

4 ASX announcement 21 July 2021

TABAKOROLE GOLD PROJECT

Exploration Drilling

Following the conclusion of the RC drilling program completed in March, the Company drilled four diamond holes and one diamond tail (totalling 950m) in the south-east of the Tabakorole deposit. These holes – 21TBKRCDD001, 21TBKDD003, 21TBKDD004 and 21TBKDD005 – shown in Figure 1, are expected to add around 150m of strike extension to the existing 910koz Mineral Resource[5] .

Figure 1: Plan view showing results from Tabakorole Mineral Resource expansion drill program[6]

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During the Quarter, the Company commenced a 3,400m diamond drilling program targeting resource growth

in the central and north-west zones of the Tabakorole deposit, which has now been completed subsequent to

the end of the Quarter. Drill results have been received for 1,128m of this program, with the best intercept

being 13m at 2.0 g/t gold in hole 21TBKDD010[7] , drilled down-dip of hole 21TBKRC006 which intersected 22m at 1.8 g/t gold[8] (Figure 2).

5 ASX announcement 30 September 2020 and Table 2

6 ASX announcement 1 June 2021

7 ASX announcement 8 July 2021

8 ASX announcement 2 March 2021

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The current 3,400m diamond drilling program is infilling mineralisation previously drilled in the central zone and adding definition to the north-west zone, which included 16m at 2.0g/t gold from 75m and 6m at 5.8g/t gold from 61m .[9] This drilling, combined with the previous 5,400m RC and 950m diamond programs, will feed into an upgraded JORC Resource expected in late September 2021.

Figure 2: Diamond drilling results from Tabakorole’s central zone

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The Company recently completed a reconnaissance aircore drilling program totalling 5,148m targeting Tabakorole extensions and three potential regional targets based off 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 from 8m and 4m at 2.7g/t from 20m and ending in mineralisation (within hole 21TBKAC0096)[10] .

The discovery of additional gold mineralisation approximately 3 kilometres to the south-east of Tabakorole demonstrates that gold mineralisation exists in at least two places on the Tabakorole licence area, outside of the existing resource.

Increased landholding at Tabakorole

The Company completed a series of strategic tenement acquisitions that have grown its landholding at Tabakorole to 830km[2] , an increase of 530km[2] . The Company’s strategy is to develop Tabakorole into a standalone mining operation by consolidating a significant landholding and undertaking systematic exploration to make additional gold discoveries that will maximise the chances of achieving this strategy. The

9 ASX announcement 23 March 2021

10 ASX announcement 8 July 2021

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consolidation of such a land position around the already significant Tabakorole deposit is central to this strategy.

Figure 3 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 3: Tabakorole landholding and ownership details

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Multi-element soil geochemistry and ground magnetics at Tabakorole
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The Company collected 4,267 soil samples and conducted 5,300 line kilometres of high resolution ground

magnetics as part of an ongoing regional exploration program at Tabakorole. All soil samples were subjected to a fire assay for gold and an ultra-low detection 48-element analysis to establish the pathfinder element anomalism in the broader Tabakorole structural corridor.

The soil sampling results reinforce the prospectivity at Tabakorole and have delineated numerous targets with

strong coincident multi-element anomalism, including several targets with Tabakorole “lookalike” signatures.

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The high-resolution ground magnetics provides the structural data to deliver robust targets and increased confidence in making new discoveries.

Figure 4 below shows the geochemical grid for gold as well as Tabakorole’s signature pathfinder elements, arsenic, tungsten and tellurium.

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Figure 4: Soil geochemistry grid for gold showing coincident anomalism with arsenic (As), tungsten (W)
and tellurium (Te) [11]
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Figure 5 below shows the geochemical grids separately for both arsenic and tungsten. The soil geochemistry has successfully outlined over 40 discrete targets exhibiting multi-element anomalism within five regional trends described further below.

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11 ASX announcement 29 June 2021

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Figure 5: Soil geochemistry grids for arsenic (As) and tungsten (W)[12]

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12 ASX announcement 29 June 2021

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Figure 6 shows the ground magnetics which include the recently acquired Npanyala licence. The data gives definition within the Tabakorole structural corridor and allows for a structural geological interpretation as well as bedrock geological interpretation when combined with the multi-element soil geochemistry. Within the data, five regional trends are apparent:

1. Near Tabakorole targets – exist within close proximity to the Tabakorole resource and exhibit a similar signature.

2. Groot Trend – located within the same structural trend as Tabakorole and occupy rocks with a prominent magnetic signature that are highly anomalous in gold, tungsten and tellurium.

3. Asgard Trend – situated on the southern boundary of the Tabakorole structural corridor and defines a prominent magnetic and geochemical break that runs to the north-west into the Sirakourou permit. The targets are highly anomalous in all of the pathfinder elements (As, W, Te) and previous drilling at the T1 target within this trend encountered 14m at 9.8g/t[13] .

4. Astro Trend – a continuation of the Asgard trend, however the main anomaly appears to represent an intrusive body which is particularly anomalous in tungsten and tellurium, with elevated gold. Mineralisation has been documented in the adjacent permit to the north.

5. Wakanda Trend – sits on the northern margin of a very large granite batholith and targets are particularly anomalous in arsenic, with support from tungsten and tellurium.

Figure 6: Magnetics data over Tabakorole project[14]

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13 ASX announcement 17 June 2020

• 14 ASX announcement 29 June 2021

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SPIN-OUT OF THE CHILALO GRAPHITE PROJECT

The proposed Spin-out and IPO of Marvel’s wholly-owned subsidiary Evolution is at an advanced stage, pending final in-country regulatory approval of the Tanzanian Fair Competition Commission ( FCC ).

A Share Exchange Agreement ( SEA ) has been executed under which the Company agrees to sell the Chilalo Project to Evolution in exchange for $10 million of Evolution shares (representing approximately 31% of Evolution on a post-ASX listing, undiluted basis) and cash of $2 million, subject to satisfaction of the preconditions to the Spin-out and based on the currently targeted Spin-out parameters.

The Spin-out of Chilalo was approved by Marvel shareholders at a general meeting held in June 2021, and while well-advanced, it remains subject to a number of conditions, including:

 Final approval of the Marvel board to proceed with the Spin-out.

While the Marvel board has committed to progress the Spin-out and ASX listing of Evolution, and Marvel shareholders approved the Spin-out at a general meeting held in June 2021, under the terms of the SEA, the Marvel board will take a final decision to proceed with the Spin-out following FCC approval.

 Receipt of FCC approval.

The FCC is a government institution responsible for promoting and protecting effective competition in trade and commerce and protecting consumers from unfair and misleading market conduct and ensuring that a change of ownership of a Tanzanian entity has no adverse impact on competition and

market power. As the proposed IPO has no impact on competition and market power, the Company does not anticipate any issue in obtaining the consent of the FCC. It is expected that Evolution will lodge a prospectus with ASIC promptly following the receipt of FCC approval.

 Successful Evolution capital raising of $22 million (gross proceeds).  Approval from ASX for the listing of Evolution on ASX.

If Tanzania FCC approval is secured in mid-August, it is expected Evolution will lodge a prospectus promptly thereafter. Subject to receipt of all necessary regulatory approvals, commencement of trading of Evolution shares on ASX would be anticipated by early October 2021.

Whilst Marvel and Evolution are working hard to give effect to the Spin-out as soon as possible, for so long as the Spin-out remains subject to regulatory approvals (including the FCC) and the success of the offer of Evolution shares, there can be no assurances that the Spin-out will successfully complete, nor that the value currently anticipated to be derived by Marvel from the Spin-out will be obtained.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Marvel’s board recognises the increasing trend involving environmental, social and governance ( ESG ) investing – investing which prioritizes environmental, social, and governance factors or outcomes – and the significant expansion in ESG investing across the globe. In response to the shift occurring in investment decisions, whereby ESG criteria are being increasingly applied in investors’ decisions, the Company is of the firm view that it is in Marvel’s interests to transition towards formally incorporating ESG considerations into its activities in order to more closely align itself with ESG investors.

A key factor in the integration of ESG factors into the Company’s business activity and decision making is the identification of benchmarks that are material to Marvel’s business and setting performance targets against these benchmarks. The Company is investigating options available to have its ESG performance independently assessed and is reviewing frameworks to assess and disclose its ESG metrics and performance.

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In the coming quarter, the Company also proposes to engage an ESG consultant to advise on practical and relevant initiatives that can be undertaken as part of this transition and commence periodic reporting on ESG related matters.

CORPORATE

Cash

As at 30 June 2021, the Company had cash of $1.49 million.

Payments to related parties

During the Quarter, the Company made payments to related parties of $127,000, all of which comprised payments of executive director salaries and non-executive director retainers.

TENEMENT INTERESTS

The Company’s tenement interests are shown in Table 1.

Table 1. Tenement interests as at 30 June 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	33%	Lakanfla	Mali
	PR16/837 - Sirakourou3	80%	Tabakorole	Mali
	PR19/1057 - Solagoubouda3	80%	Tabakorole	Mali
	Npanyala2	51%	Tabakorole	Mali
	Npanyala West2	51%	Tabakorole	Mali
	Sirakoroble South2	51%	Tabakorole	Mali
	Foulalaba	100%	Tabakorole	Mali
	Sirakourou South	100%	Tabakorole	Mali
	Ngolobala	100%	Tabakorole	Mali
	Tanhala	100%	Tabakorole	Mali
	Naniola	100%	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-Ouest4	25%	Sakaar	Mali

1. Application for renewal and payments for renewal has been made with the Mining Commission, as at 30 July 2021, renewal has not yet been confirmed.

2. Subject to the terms of an earn-in agreement with 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.

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

4. 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.

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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.

REFERENCE TO PREVIOUS ASX ANNOUNCEMENTS

In relation to the exploration results included in this June 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 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.

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 (see Figure 2).

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), with strong growth prospects along strike and via regional prospectivity over an extensive 830km[2] landholding. Tabakorole 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.

Marvel also owns 100% of the Chilalo Graphite Project, a world-class fully permitted graphite project in southeast 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 spin-out 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.

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Table 2: 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 o		ccur due to rounding.

Figure 7. Mali Gold Projects Location Map

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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 Jun 2021
Consolidated statement of cash flows		Current quarter	Year to date (12
		$A’000	months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for
	(a) exploration & evaluation	(1,048)	(5,245)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	(155)	(741)
	(e) administration and corporate costs	(210)	(1,066)
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	-	531
1.8	Other (Business development activities)	(307)	(1,032)
1.9	Net cash from / (used in) operating	(1,720)	(7,553)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a) entities	-	-
	(b) tenements	(16)	(803)
	(c) property, plant and equipment	(12)	(409)
	(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.

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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 (12
		$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	(28)	(1,212)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issue of shares	-	10,414
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	-	(419)
	securities or convertible debt securities
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans and	-	(60)
	borrowings
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financing	-	9,935
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	3,245	305
	period
4.2	Net cash from / (used in) operating	(1,720)	(7,553)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(28)	(1,212)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	-	9,935
	(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

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Consolidated statement of cash flows Current quarter Year to date (12
$A’000 months)
$A’000
4.5 Effect of movement in exchange rates on (3) 19
cash held
4.6 Cash and cash equivalents at end of 1,494 1,494
period
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 324 250
5.2 Call deposits 1,170 2,995
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of 1,494 3,245
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.
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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)	(1,720)
8.2	Capitalised exploration & evaluation (Item 2.1(d))	-
8.3	Total relevant outgoings (Item 8.1 + Item 8.2)	(1,720)
8.4	Cash and cash equivalents at quarter end (Item 4.6)	1,494
8.5	Unused finance facilities available at quarter end (Item 7.5)	-
8.6	Total available funding (Item 8.4 + Item 8.5)	1,494
8.7	Estimated quarters of funding available (Item 8.6 divided by	0.9
	Item 8.3)

• 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. 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?

• Yes – the Company is currently completing a diamond drilling program at its Tabakorole gold project in Mali. Cash costs are therefore likely to be comparable to the current quarter in the following quarter.

• 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?

Yes – as announced on 21 July 2021, the Company is progressing the spin out of its Chilalo Graphite Project in Tanzania, which if completed as proposed, the Company expects to receive $2 million in cash.

1. 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(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: 1 August 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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