MARVEL GOLD LIMITED — Investor Presentation 2021

Jul 14, 2021

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CORPORATE PRESENTATION
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ASX: MVL

July 2021

DISCLAIMER

This presentation (the “Presentation”) has been prepared by Marvel Gold Limited (Marvel). No party other than Marvel has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this Presentation. This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment.

This Presentation contains summary information about Marvel and its activities, which is current as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Marvel that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). This Presentation should be read in conjunction with Marvel’s other disclosures and announcements lodged with the ASX, which are available at www.asx.com.au.

This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investment Commission) or any other law.

Tabakorole Mineral Resources Estimate

In relation to the Mineral Resource Estimate for Tabakorole that was announced on 30 September 2020, Marvel 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 underpinning the Tabakorole Mineral Resource Estimate in that announcement continue to apply and have not materially changed.

Exploration Results

The information in this Presentation that relates to exploration results at the Company’s gold projects in Mali references the applicable announcement. Marvel confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

This presentation includes certain “forward‐looking statements”. Forward‐looking statements and forward‐looking information are frequently characterised by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will” or “could” occur. All statements other than statements of historical fact included in this presentation are forward‐looking statements or constitute forward‐looking information. Although the Company believes the expectations expressed in such statements and information are based on reasonable assumptions, there can be no assurance that such information or statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from those in forward‐looking statements include the market price of gold, exploitation and exploration successes, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, as well as those factors disclosed in the Company’s filed documents. Accordingly, readers should not place undue reliance on “forward looking information”. There can be no assurance that the resources at the Tabakorole Gold Project can be economically exploited.

This Presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness, reliability or adequacy of any statements, estimates, opinions or other information, or to the reasonableness of any assumption or other statement, contained in the Presentation (any of which may change without notice). To the maximum extent permitted by law, Marvel and its professional advisers and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of the Presentation disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this Presentation.

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MARVEL GOLD • ASX:MVL 2

VALUE CREATED FROM DIVERSE ASSET BASE

GRAPHITE SPIN‐OFF TO LEAVE MARVEL AS DEDICATED GOLD EXPLORER

EMERGING GOLD PROJECT AT TABAKOROLE, MALI

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JORC EXPLORATION ATTRACTIVE RESOURCE POTENTIAL DEVELOPMENT ATTRIBUTES

• 910koz[1] @ 1.2g/t ‐ 830km[2] landholding ‐ Impressive regional datasets collected

• Excellent metallurgy

• ‐ Shallow, thick deposit

RESOURCE AGGRESSIVE CONTINUTED UPGRADE SEPT 21 EXPLORATION DE-RISKING Incorporating Targeting new discoveries Further study ~ 9,000m drilling from Q4 work

CHILALO GRAPHITE PROJECT, TANZANIA

100% owned, world‐class, construction‐ready

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Evolution Energy Minerals IPO well advanced Spin‐out into Evolution Energy Marvel expect to receive $2M cash and $10M in shares[2]

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1. ASX announcement 30 September 2020. 2. Subject to finalisation of prospectus, valuation and capital raising.

MARVEL GOLD • ASX:MVL 3

CORPORATE OVERVIEW

HIGH‐CALIBRE, EXPLORATION‐FOCUSED BOARD

CAPITAL STRUCTURE

Ticker Code	ASX: MVL
Issued Capital	508M1
Options	32M
Share Price	$0.056
Market Capitalisation	$28.5M
Cash	$3.2M2
Enterprise Value	$25.3M

MAJOR SHAREHOLDERS

Capital DI Ltd	12.1%
BPM Capital	4.9%
Montana Realty Pty Ltd	3.3%
Phoenix Gold Fund	3.2%
Board & Management	3.0%

Phil Hoskins Managing Director

Mr. Hoskins is a senior executive with broad finance and commercial experience across resources exploration, project development and production as well as large‐scale property developments.

Stephen Dennis Non-Executive Chairman

Mr. Dennis has been actively involved in the mining industry for over 30 years. He has held senior management positions at MIM Holdings Ltd, Minara Resources Ltd and Brambles Australia Ltd.

Chris van Wijk Executive Director & Exploration Manager

Mr. van Wijk is an experienced geologist who specialises in project evaluation and project generation. Chris has undertaken project evaluation for major mining companies including BHP, IAMGOLD, First Quantum Minerals and Fortescue Metals Group.

Andrew Pardey Non-Executive Director

Mr. Pardey has over 30 years in the mining industry with experience in exploration, project development, construction and operations. Between February 2015 and December 2019, he was Chief Executive Officer of Centamin Plc which holds the Tier 1 Sukari Gold Mine.

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1. As per ASX announcement on 27 August 2020, up to 20M shares are expected to be issued to Oklo Resources upon successful renewal of certain tenements.

2. 31 March 2021 cash. Marvel expects to receive $2M as part of its consideration in the graphite spin‐off.

MARVEL GOLD • ASX:MVL 4

A BUSY 12 MONTHS

RESOURCE GROWTH, TARGET GENERATION, GRAPHITE SPIN‐OUT

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TABAKOROLE TABAKOROLE
910koz [1] COMMUNITY Tenement
JORC PROJECT Expansion
TABAKOROLE to 830km [2]
Metallurgical
Testwork
LAKANFLA
TABAKOROLE 3,800m RC Program
1,566m DD
1,811 AC
Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 June 21
TABAKOROLE TABAKOROLE TABAKOROLE
OKLO JV 5,300m RC 950m DD 5100 AC
544% CHILALO
Increase in GRAPHITE
ALTUS JV Landholding SPIN-OUT LISTING SOON
Gold Project
Acquired
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11,600 soil samples with multi-element assays collected

5,870 line km of ground magnetics at Tabakorole (292km[2] )

Field crew >20 for entire season

TABAKOROLE NEWSFLOW

• 2,000m DD results (Jul-Aug)

• JORC Resource (Sept)

• Continued consolidation

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1. ASX announcement 30 September 2020.

MARVEL GOLD • ASX:MVL 5

WORLD-CLASS ADDRESS FOR SIGNIFICANT GOLD DISCOVERIES

MARVEL GOLD PROJECT LOCATION

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MARVEL GOLD • ASX:MVL 6

TABAKOROLE LOCATION

LOCATED NEAR THE BANNIFIN SHEAR ZONE IN SOUTHERN MALI

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TABAKOROLE GEOLOGY

• Large splay off the Bannifin Shear Zone (similar to the 7.5 Moz Morila mine)

• Deposit hosted in volcaniclastic sediments and mafic rocks

• Regional soil geochemistry completed – highlights several compelling regional targets within the Tabakorole structural corridor

CONSOLIDATION OPPORTUNITY

• No major companies within 50km radius

• MVL has grown landholding by 730% since initial acquisition

• Region is underexplored – no systematic exploration since the 1990’s

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MARVEL GOLD • ASX:MVL 7

TABAKOROLE JORC RESOURCE LARGE, GROWING RESOURCE (910K OZ)[1]

Category	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnage (Mt)	Au Grade (g/t)	Au Metal (koz)	Tonnage (Mt)	Au Grade (g/t)	Au Metal (koz)	Tonnage (Mt)	Au Grade (g/t)	Au Metal (koz)
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

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JORC RESOURCE GRADE-TONNAGE TABLE

Cutoff	Total	Total	Total
	Tonnage (Mt)	Au Grade (g/t)	Au Metal (koz)
0.3	38.2	0.9	1,120
0.4	33.2	1.0	1,060
0.5	28.3	1.1	990
0.6	23.9	1.2	910
0.7	19.8	1.3	830
0.8	16.3	1.4	740
0.9	13.2	1.5	660
1.0	10.9	1.7	590

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1. ASX announcement 30 September 2020.

MARVEL GOLD • ASX:MVL 8

EXCELLENT METALLURGY HIGH RECOVERIES FROM FRESH ROCK SAMPLES INDICATE SIMPLE PROCESSING

• Bottle roll testwork on 4 fresh ore composite samples confirm non-refractory metallurgical characteristics

• Average gold recoveries range from an impressive 92.7% at 150 micron to 96.6% for 75 micron grind size

• Low reagent consumption points to low‐cost processing

• Future test programs to focus on comminution work and optimization of grind size vs reagent concentration

• De‐risked metallurgy provides confidence to aggressively pursue resource expansion

SAMPLE ID	GRIND SIZE (µm)	GOLD	GOLD	GOLD	CONSUMPTION	CONSUMPTION
		LEACH RECOVERY (%)	CALCULATED HEAD (g/t)	RESIDUE (g/t)	NaCN (kg/t)	LIME (kg/t)
COMP 1	75	96.05	1.14	0.05	0.24	0.33
COMP 2	75	97.36	1.14	0.03	0.42	0.41
COMP 3	75	96.24	1.20	0.05	0.29	0.54
COMP 4	75	96.66	1.95	0.07	0.28	0.26
AVERAGE	75	96.58	1.36	0.05	0.31	0.39
COMP 1	106	93.97	1.16	0.07	0.31	0.35
COMP 2	106	95.95	1.11	0.05	0.35	0.37
COMP 3	106	94.06	1.18	0.07	0.22	0.47
COMP 4	106	95.29	1.70	0.08	0.31	0.27
AVERAGE	106	94.82	1.29	0.07	0.30	0.37
COMP 1	150	92.47	1.33	0.10	0.29	0.34
COMP 2	150	94.36	1.15	0.07	0.31	0.35
COMP 3	150	91.59	1.19	0.10	0.25	0.48
COMP 4	150	92.28	1.81	0.14	0.31	0.27
AVERAGE	150	92.68	1.37	0.10	0.29	0.36

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1. ASX announcement 27 January 2021.

MARVEL GOLD • ASX:MVL 9

TABAKOROLE RESOURCE EXPANSION 2021 RESULTS: INCREASED STRIKE AND NEW ZONES – DRILLING CONTINUES

CENTRAL ZONE

• 22m at 1.8g/t and 18m at 1.9g/t outside of modelled JORC Resource ‐ diamond drilling ongoing

NORTH-WEST ZONE

• Successfully extended NW strike 150m – achieved higher grades than JORC Resource (6m at 5.8g/t)

• Potential for an additional lode with 700m of strike identified with -

• 16m at 2.0g/t diamond drilling ongoing

SOUTH-EAST ZONE

• Consistently thick intersections expected to improve Resource

• Successfully extended SE strike 150m highlighted by 29m at 1.8g/t

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1. ASX announcements 18 February 2021, 2 March 2021, 18 March 2021, 23 March 2021 and 1 June 2021.

MARVEL GOLD • ASX:MVL 10

TABAKOROLE CENTRAL

DISCOVERY OF NEW 250 METRE SHALLOW, HIGH‐GRADE ZONE

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1. ASX announcement 2 March 2021.

MARVEL GOLD • ASX:MVL 11

TABAKOROLE NORTH-WEST

NEW ZONE IDENTIFIED WITH 700 METRE STRIKE POTENTIAL

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1. ASX announcement 6 August 2020.

MARVEL GOLD • ASX:MVL 12

TABAKOROLE EXPLORATION POTENTIAL STRATEGIC LANDHOLDING IN AN UNDEREXPLORED STRUCTURAL CORRIDOR

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GROWING A STRATEGIC LANDHOLDING

• 830km[2] acquired over 12 months via JVs and wholly owned permits

• Discussions continuing with licence holders in prospective, underexplored corridor

REGIONAL EXPLORATION

• 5,460 line km of ground magnetics collected over 292km[2] (licences 2, 3 and 4 in map)

• 4,270 soil samples collected providing coverage over 392km[2] (licences 1‐4 in map with 6 and 9 also currently being collected)

• Datasets highlight several compelling regional targets within the Tabakorole structural corridor

• Drill ready targets by Q4

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MARVEL GOLD • ASX:MVL 13

TABAKOROLE EXPLORATION POTENTIAL

A STRONG PIPELINE OF TARGETS TO UNDERPIN REGIONAL EXPLORATION PROGRAMS

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REGIONAL GOLD MINERALISATION PROVIDES PROOF OF ENDOWMENT

• T1 target includes 14m at 9.8 g/t

• 2021 AC drilling hit 4m at 2.7 g/t (ending in mineralization)

• Gold mineralization north of Astro trend – Contango Holdings plc (LON: CGO)

SOIL GEOCHEMISTRY

• 4 acid digest and ICP‐MS analysis used – allows for lithological discrimination and trace element geochemistry

• Multi‐element analysis of Tabakorole pulps shows pathfinder anomalism in Arsenic (As), Tungsten (W) and Tellurium (Te)

• Multiple regional targets within the Tabakorole structural corridor show the same signature

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MARVEL GOLD • ASX:MVL 14

OUR CSR COMMITMENT

HIGH‐PRIORITY PROJECTS COMPLETED WITH ONGOING COMMUNITY ENGAGEMENT

PROVIDING CLEAN RELIABLE WATER ON DEMAND

Water installations completed for 2 nearest villages ‐ solar powered pumps, overhead tanks and multiple outlets providing clean water on demand

IMMEDIATE, HIGH IMPACT RESULTS Time and energy saver for those who need to collect and transport water

MARVEL GOLD • ASX:MVL 15

VALUATION UPSIDE AS RESOURCE CONTINUES TO GROW SIGNIFICANT DISCOUNT TO GOLD PEERS

WEST AFRICAN EXPLORERS: PRE-PFS

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Marvel market cap includes
100%‐owned construction‐ready
graphite project
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MARVEL GOLD • ASX:MVL 16

See Appendix 2 for further information.

CHILALO PROJECT

SPIN‐OFF OF 100% OWNED ADVANCED GRAPHITE PROJECT

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FULLY PERMITTED FOR CONSTRUCTION

Granted Mining Licence and Environmental Approvals

ROBUST, DELIVERABLE DFS[1]

A$21M spent to date

GLOBALLY SIGNIFICANT PRODUCT QUALITY

Flake size + performance in value‐added applications

VALUE-ADDED MARGINS THROUGH VERTICAL INTEGRATION

Market IP & customer relationships create significant value‐add opportunity

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Market IP & customer relationships create significant value‐add opportunity
MULTI-DECADE MINE LIFE POTENTIAL
18‐year DFS, majority of strike remains undrilled
Flake Size Price Premium
10% 21% 27% 6% 36%
+32 +50 mesh +80 mesh +100 ‐100 mesh
31% +50 mesh
1. Graphex ASX Announcement 29 January 2020. MARVEL GOLD • ASX:MVL 17
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GRAPHITE SPIN-OFF

INDICATIVE CAPITAL STRUCTURE

CAPITAL STRUCTURE

RAISING AMOUNT	$22M
Market Cap (M)	$32.0
Cash1(M)	$11.0
EV (M) UNDILUTED Marvel	$21.0 31%
Other IPO Investors	69%
Total	100%

LISTING SOON

Lodgment of Prospectus contingent upon final Tanzanian consents

1. Cash is net of cash acquisition cost and IPO and broker costs. 2. Subject to finalisation of prospectus, valuation and capital raising.

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Marvel expects to receive $2M in cash and $10M in EV1 shares[2]

MARVEL GOLD • ASX:MVL 18

GRAPHITE PEER COMPARISON

SIGNIFICANT DISCOUNT TO GRAPHITE PEERS

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GRAPHITE PEERS
Marvel market cap
includes 910koz
Tabakorole resource
See Appendix 3 for further information. MARVEL GOLD • ASX:MVL 19
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WHY INVEST?

NEAR‐TERM CATALYSTS

Exposure to an emerging West African gold story and an entry‐ level price point to a world‐class graphite spin‐off

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WEST AFRICAN GOLD
Diamond drilling results
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Updated Tabakorole Resource
out in September
WORLD-CLASS GRAPHITE
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MARVEL GOLD • ASX:MVL 20

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APPENDICES

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APPENDIX 1 – MARVEL JOINT VENTURES SUMMARY OF TERMS

	JV Counterparty	Altus Strategies	Altus Strategies	Oklo Resources	Société Minière et Commerciale (SOMICO) Sakaar Mapping, soils and geophysics for 25% Drill 5,000m for 51% Drill 7,500m for 80% Continue sole funding to PFS Post PFS Nil Nil If SOMICO dilutes below 5%, it converts to a 1.5% NSR which can be repurchased by Marvel 9 September 2020
	Projects	Tabakorole (100km2), Npanyala, Sirakoroble	Lakanfla	Tabakorole (200km2), Yanfolila and Kolondieba
	Stage 1	Drill 1,500m and publish JORC resource for 33% (completed)	Drill 3,500m for 33% (completed)	Marvel hold an 80% JV interest and Oklo retain a 20% JV interest free carried to a Decision to Mine	Mapping, soils and geophysics for 25%
	Stage 2	Drill 2,500m + US$300k other expenditure for 51% (completed)	Drill 9,000m for 51%
	Stage 3	US$3M expenditure for 70% (to be completed in Q3 2021)	US$3M expenditure for 70%
	Stage 4	Sole fund DFS for 80%	Sole fund DFS for 80%
	Contribute or dilute	Construction phase	Construction phase	Construction phase
	Other obligations outstanding	Stage payments for progressing to next stage		‐ A$150k cash payment to be made upon completion of restructure ‐ 20M Marvel shares remain to be issued when licence renewals are granted
	Deferred consideration	Nil		2 x 10M Marvel shares for various JORC resource hurdles are achieved
	Royalty	Altus retain a 2.5% NSR, 1.5% of which can be repurchased		2% third‐party (non‐Oklo) royalty on Yanfolila and Kolondieba
	Date announced	17 June 2020		27 August 2020
MARVEL GOLD • ASX:MVL22

APPENDIX 2 DETAILED GOLD PEER COMPARISON ANALYSIS AND REFERENCES

Company Name	Marvel Gold2	Oklo Resources	Desert Gold	Compass Gold	Cora Gold	African Gold	Chesser Resources	Predictive Discovery	Golden Rim Resources	Montage Gold Corp	Newcore Gold	Sarama Resources1	Tanga Resources	Mako Gold	Manas Resources	Roscan Gold
Ticker	MVL	OKU	DAU	CVB	CORA	A1G	CHZ	PDI	GMR	MAU	NCAU	SWA	TRL	MKG	MSR	ROS
Market cap (A$M) 12/07/2021	29	61	20	16	52	21	57	126	21	90	64	19	13	22	33	138
Resource (M Oz Au)	0.9	0.67	N/A	N/A	0.3	N/A	N/A	N/A	2.0	3.2	1.2	2.5	N/A	N/A	N/A	N/A
% of Resource M&I	32%	79%	N/A	N/A	0%	N/A	N/A	N/A	16%	0%	0%	24%	N/A	N/A	N/A	N/A
Grade (g/t Au)	1.2	1.8	N/A	N/A	1.6	N/A	N/A	N/A	1.3	0.8	0.7	1.5	N/A	N/A	N/A	N/A
Stage of development	Advanced Expl	Advanced Expl	Expl	Expl	Expl	Expl	Expl	Expl	Advanced Expl	Advanced Expl	Advanced Expl	Advanced Expl	Expl	Expl	Expl	Expl
Jurisdiction	Mali	Mali	Mali	Mali	Mali	Mali	Senegal	Guinea	Burkina Faso	Cote d’Ivoire	Cote d’Ivoire	Burkina Faso	Cote d’Ivoire	Cote d’Ivoire	Cote d’Ivoire	Mali
Source	Internal	30 March 2021 announcement			Q1 2021 Presentation				26 Oct 2020 announcement	28 Jan 2021 announcement	Jan 2021 Presentation	8 Sep 2020 announcement

1. Sarama excludes historical estimate of Bondi resource. 2. Marvel resource shown on 100% basis. Ownership currently 51% however JV agreement provides for pathway to 100%. Source (unless otherwise stated): various announcements. MARVEL GOLD • ASX:MVL MARVEL GOLD • ASX:MVL 23 23

APPENDIX 3

DETAILED GRAPHITE PEER COMPARISON ANALYSIS AND REFERENCES

Company Name	Marvel Gold	Magnis	EcoGraf	Renascor	Walkabout	Black Rock	Volt	Triton
Ticker	MVL	MNS	EGR	RNU	WKT	BKT	VRC	TON
Market Cap (A$M) 12/07/2021	29	236	261	124	83	127	85	39
Resource (Mt contained graphite)	2.0	9.4	3.0	6.6	4.5	16.5	22.6	3.0
Resource (Mt)	20	174	31	87	42	212	461	46
Resource (% Measured)	‐	36%	26%	18%	16%	12%	4%	‐
Resource (% Indicated)	51%	35%	42%	46%	20%	42%	34%	67%
Resource (% Inferred)	49%	29%	32%	36%	64%	46%	62%	33%
Resource Grade (TGC%)	9.9%	5.4%	9.9%	7.5%	10.8%	7.8%	4.9%	6.6%
Reserve (Mt contained graphite)	0.9	3.6	1.0	3.6	1.0	6.0	5.6	1.5
Reserve Grade (TGC%)	9.9%	4.8%	8.3%	7.9%	17.9%	8.5%	4.4%	6.2%
Stage of graphite development	DFS + fully permitted	DFS + fully permitted	DFS + fully permitted	DFS + fully permitted	DFS + fully permitted	DFS + fully permitted	DFS + fully permitted	DFS + fully permitted
Downstream graphite business	Expandable and micronised graphite DFS	JV ownership of 2 planned battery plants	Battery Anode Materials DFS	Battery Anode Material Studies progressing	N/A	N/A	N/A	N/A
Non-graphite assets	Mali gold (910koz)	N/A	N/A	N/A	Tanzania / Scotland gold (early stage)	N/A	Guinea gold (early stage)	N/A
Source	Internal	Website	ASX announcement ‐ 31 July 2017	ASX announcement 4/3/21 and 11/11/19	Website	Website	Website	Presentation ‐ 22 June 2020

1. Source (unless otherwise stated): Various announcements.

MARVEL GOLD • ASX:MVL MARVEL GOLD • ASX:MVL 24 24

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Level 1, Emerald House, 1202 Hay Street West Perth WA 6005 Australia

Telephone: +61 8 9200 4960 Facsimile: +61 8 9200 4961 Email: info@marvelgold.com.au

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