MARVEL GOLD LIMITED — Investor Presentation 2021

Feb 1, 2021

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TABAKOROLE EMERGING AS A SIGNIFICANT
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CORPORATE PRESENTATION February 2021

ASX: MVL

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.

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 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.

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

TABAKOROLE EMERGING AS A SIGNIFICANT WEST AFRICAN GOLD DEPOSIT

A LARGE AND GROWING RESOURCE WITH EXCELLENT METALLURGY

Significant resource

Excellent metallurgy

Regional opportunity

JORC resource 910koz at 1.2 g/t gold[1] – open along strike, at depth – resource expansion drill results due in February

Average recoveries of 96.6%[2] indicate simple, industry‐standard processing route de‐risking project

Aggressive exploration of 300km[2] Tabakorole tenements – actively seeking to grow landholding

Quality board

High‐calibre, exploration‐focused Board and management team – strong West African experience

Extensive landholdings

Proven exploration techniques applied to 800km[2] of underexplored yet prospective tenure

Well funded

Fully funded to upgraded JORC resource and complete growth‐ focused exploration

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1. ASX announcement 30 September 2020. 2. ASX announcement 27 January 2021.

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	$0.042
Market Capitalisation	$21.3M
Cash	$5.1M2
Enterprise Value	$16.2M
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 December 2020 cash. R&D refund of ~$0.4M expected in Q1 2021.

MARVEL GOLD • ASX:MVL 4

WORLD-CLASS ADDRESS FOR SIGNIFICANT GOLD DISCOVERIES

MARVEL GOLD PROJECTS LOCATION

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Tabakorole (300km[2] )

• 910koz at 1.2 g/t[1] – open in all directions

• Resource expansion drill program complete – assays due February

Lakanfla (24km[2] ) Existing mineralization, potential oxide feed to Sadiola

Sakaar (28km[2] ) 30km south of Sadiola, drill‐ready targets

Yanfolila (200km[2] ) Advanced exploration in fertile gold belt

Kolondieba (200km[2] ) 15km prospective strike – same structural setting as Morila (7Moz) / Tabakorole (0.9Moz)

SIGNIFICANT GLOBAL INTEREST IN MALI

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1. ASX announcement 30 September 2020.

MARVEL GOLD • ASX:MVL 5

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 7.0 Moz Morila mine)

• Tabakorole host structure is interpreted to continue into recently acquired Sirakourou tenement

• Hosted in volcaniclastic sediments and mafic rocks

Consolidation Potential

• Looking to consolidate landholding in underexplored region

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MARVEL GOLD • ASX:MVL 6

TABAKOROLE JORC RESOURCE LARGE RESOURCE (910K OZ)[1] OPEN IN ALL DIRECTIONS

• Maiden JORC Resource of 23.9 Mt at 1.2 g/t gold for 910koz[1 ] (0.6 g/t cut‐off)

• 32% of the Resource is classified as Indicated

• 43% of the Resource (390koz) sits within 100m of surface

• Resource was estimated using Multiple Indicator Kriging (MIK) – incorporates mining dilution

• Resource estimated along a 2.9km strike length and remains open along strike in both directions and at depth – resource expansion drill results due February

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1. ASX announcement 30 September 2020.

MARVEL GOLD • ASX:MVL 7

TABAKOROLE RESOURCE EXPANSION

DRILL PROGRAM COMPLETE – RESULTS DUE FEBRUARY

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1. ASX announcement 17 August 2020.

MARVEL GOLD • ASX:MVL 8

TABAKOROLE RESOURCE EXPANSION

DE‐RISKED RESOURCE EXPANSION OPPORTUNITY TO THE NORTH‐WEST

• AC drilling successfully extended strike by at least 600m

• 28m wide horizontal target zone identified including 6m at

• 6.2 g/t gold[1]

• Single diamond hole successfully intersected two mineralised structures

• Resource expansion drill results due February

• Structures controlling Tabakorole mineralisation have been interpreted to extend into adjacent Sirakourou tenement (western tenement boundary)

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1. ASX announcement 6 August 2020.
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MARVEL GOLD • ASX:MVL 9

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 10

TABAKOROLE REGIONAL PROSPECTIVITY

AN UNDEREXPLORED STRUCTURAL CORRIDOR

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1. ASX Announcement 17 June 2020. 2. ASX announcement 30 September 2020.

REGIONAL EXPLORATION

• Structures hosting Tabakorole JORC resource interpreted to continue to the west into unexplored tenement

• Approximately 2,500 soils samples collected providing coverage of 300km[2] landholdings

• Geophysics also being undertaken over the entire 300km[2]

TABAKOROLE – NEXT STEPS

• Assays from resource expansion program testing strike extensions of 910koz[2] resource due February

• Awaiting multi‐element assays on approximately 2,500 soil samples

• Targeting aircore drilling of regional targets by Q2 2021

• Continued consolidation of land position

MARVEL GOLD • ASX:MVL 11

VALUATION UPSIDE AS EXPLORATION CONTINUES SIGNIFICANT DISCOUNT TO PEERS AND RECENT TRANSACTIONS

WEST AFRICAN EXPLORERS: PRE-PFS

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See Appendices 4 and 5 for further information
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MARVEL GOLD • ASX:MVL 12
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TWO-WAY VALUATION UPSIDE

LEVERAGE TO GROWING RESOURCE + INCREASING JV OWNERSHIP

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1. ASX announcement 30 September 2020. MARVEL GOLD • ASX:MVL 13
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LAKANFLA GOLD PROJECT

ATTRACTIVE LOCATION

• Project located along the prolific Senegal Mali Shear Zone (>60 Moz total endowment) in an enclave to the Sadiola Mining Licence

• Historical intercepts include:

• 26m @ 5.1 g/t gold from 32m

• 18m @ 4.3 g/t gold from 34m

• 19m @ 2.5 g/t gold from 8m

• Low‐grade gold mineralization encountered in recent 3,800m RC drill program into the karst

• Proximity to Sadiola ensures any discovery will be economically significant

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MARVEL GOLD • ASX:MVL 14

LAKANFLA GOLD PROJECT

MULTIPLE FOCUS AREAS FOR FUTURE EXPLORATION

• Ongoing exploration to focus on:

• Converting existing gold mineralization into JORC resource

• Systematic exploration of non‐karst targets

• Refinement of karst model and targeting

• Existing gold mineralization within granite intrusion defined by previous drilling (potentially open along ‘shoulders’ of intrusion)

• Encouraging gold in soils – awaiting multi‐element analysis (peak values include 39.1 g/t Au and 4.2 g/t Au[1] )

• Marvel has earned 33% JV interest and has notified Altus of its intention to proceed to stage 2

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1. ASX announcement 27 January 2021.

MARVEL GOLD • ASX:MVL 15

INVESTMENT HIGHLIGHTS AND TIMELINE

FOCUS ON EXPLORATION TO DRIVE NEWSFLOW

MELINE OW
	Q1 2021	Q2 2021	H2 2021
TABAKOROLE
Assays – Resource expansion drilling
Soil sampling ‐ multi‐element assays
Ground magnetics
Aircore drilling – regional targets
Further resource expansion drilling
LAKANFLA
Data review, drill targeting
Next phase of drilling
YANFOLILA
Soils ‐ collection and multi‐element assays
Reconnaissance aircore drilling, if warranted
KOLONDIEBA
Soils and ground magnetics
Reconnaissance aircore drilling, if warranted
SAKAAR
Rock chip/trenching
Drilling

KEY INVESTMENT HIGHLIGHTS

• Large Tabakorole resource with immediate growth potential

• 910koz JORC resource open along strike and at depth

• Resource expansion drill results due in February

• Excellent metallurgy continues to de‐risk the project

• Vast regional exploration opportunity over 300km[2]

• Large, underexplored portfolio primed for exploration

• All landholdings (excl. Tabakorole) within 50km of nearest mill

• Systematic exploration being undertaken across the portfolio

• Potential for new discoveries

• Strong board and management

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Timing of programs is indicative only. Primary exploration focus is growing the Tabakorole resource.

MARVEL GOLD • ASX:MVL 16

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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)
Projects	Tabakorole (100km2)	Lakanfla	Tabakorole (200km2), Yanfolila and Kolondieba	Sakaar
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% (to be completed during December)	Drill 9,000m (or 1Moz resource) for 51%		Drill 5,000m for 51%
Stage 3	US$3M expenditure for 70%	US$3M expenditure for 70%		Drill 7,500m for 80%
Stage 4	Sole fund DFS for 80%	Sole fund DFS for 80%		Continue sole funding to PFS
Contribute or dilute	Construction phase	Construction phase	Construction phase	Post PFS
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	Nil
Deferred consideration	Nil		2 x 10M Marvel shares for various JORC resource hurdles are achieved	Nil
Royalty	Altus retain a 2.5% NSR, 1.5% of which can be repurchased		2% third‐party (non‐Oklo) royalty on Yanfolila and Kolondieba	If SOMICO dilutes below 5%, it converts to a 1.5% NSR which can be repurchased by Marvel
Date announced	17 June 2020		27 August 2020	9 September 2020

APPENDIX 2 – TABAKOROLE JORC MINERAL RESOURCE ESTIMATE[1]

						Indicated								Inferred									Total																Total
		Category		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)								Cutoff	**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								0.3		38.2				0.9			1,120
		Fresh		6.3		1.2		250			15.1			1.2		560					21.5		1.2		810								0.4		33.2				1.0			1,060
		Total		7.3		1.2		290			16.6			1.2		620					23.9		1.2		910								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
																																JORC Resource Grade‐Tonnage Table
								1.	ASX announcement					30 September 2020.																					MARVEL GOLD •						ASX:MVL19

APPENDIX 3 – TABAKOROLE CROSS SECTIONS CONSISTENT WIDTHS AND CONTINUITY IN THE SOUTH‐EAST

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1. ASX announcement 17 June 2020. 2. ASX announcement 17 August 2020.

MARVEL GOLD • ASX:MVL 20

APPENDIX 4

DETAILED PEER COMPARISON ANALYSIS AND REFERENCES – TRADING COMPS

Company Name	Marvel Gold3	Oklo Resources	Desert Gold	Compass Gold	Cora Gold	African Gold	Tietto Minerals	Chesser Resources	Predictive Discovery	Golden Rim Resources	Montage Gold Corp	Newcore Gold	Sarama Resources2	Tanga Resources	Mako Gold	Manas Resources	Roscan Gold
Ticker	MVL	OKU	DAU	CVB	CORA	A1G	TIE	CHZ	PDI	GMR	MAU	NCAU	SWA	TRL	MKG	MSR	ROS
EV (A$M)	16	84	14	12	23	15	124	73	52	20	71	30	26	13	20	11	99
Resource (M Oz Au)	0.9	N/A	N/A	N/A	0.3	N/A	3.0	N/A	N/A	2.0	3.2	1.2	2.5	N/A	N/A	N/A	N/A
% of Resource M&I	32%	N/A	N/A	N/A	0%	N/A	41%	N/A	N/A	16%	0%	0%	24%	N/A	N/A	N/A	N/A
Grade (g/t Au)	1.2	N/A	N/A	N/A	1.6	N/A	1.3	N/A	N/A	1.3	0.8	0.7	1.5	N/A	N/A	N/A	N/A
EV / Resource (A$ / oz)	18	N/A	N/A	N/A	84	N/A	44	N/A	N/A	11	34	24	10	N/A	N/A	N/A	N/A
Stage of development	Advanced Expl	Advanced Expl	Expl	Expl	Expl	Expl	Pre‐PFS	Expl	Expl	Advanced Expl	Advanced Expl	Advanced Expl	Advanced Expl	Expl	Expl	Expl	Expl
Jurisdiction	Mali	Mali	Mali	Mali	Mali	Mali	Cote d’Ivoire	Senegal	Guinea	Burkina Faso	Cote d’Ivoire	Cote d’Ivoire	Burkina Faso	Cote d’Ivoire	Cote d’Ivoire	Cote d’Ivoire	Mali
Source	Internal	Note 1	Note 1	Note 1	Q4 2020 Presentation	Note 1	26 Oct 2020 announcement	Note 1	Note 1	26 Oct 2020 announcement	28 Jan 2021 announcement	Jan 2021 Presentation	8 Sep 2020 announcement	Note 1	Note 1	Note 1	Note 1
MARVEL GOLD • ASX:MVL21 1. EV = Market cap – cash + debt. Share price COB 29 January 2021. Cash and debt taken from December Appendix 5B (ASX companies) and most recent audited financial statements for TSX companies. 2. Sarama excludes historical estimate of Bondi resource. 3. Marvel resource shown on 100% basis. Ownership currently 51% however JV agreement provides for pathway to 100%. Source (unless otherwise stated): Various announcements.

1. EV = Market cap – cash + debt. Share price COB 29 January 2021. Cash and debt taken from December Appendix 5B (ASX companies) and most recent audited financial statements for TSX companies.

2. Sarama excludes historical estimate of Bondi resource.

MARVEL GOLD • ASX:MVL 21

1. Marvel resource shown on 100% basis. Ownership currently 51% however JV agreement provides for pathway to 100%. Source (unless otherwise stated): Various announcements.

APPENDIX 5

DETAILED PEER COMPARISON ANALYSIS AND REFERENCES – TRANSACTIONS

Project Name	Namdini	Bagoe/Liberty	Toega
Acquirer/Seller	Shandong / Cardinal	Perseus / Exore	WAF / B2 Gold
Date announced	22/12/2020	2/06/2020	29/04/2020
Acquisition share price (A$)	1.075	0.105	N/A
Shares on issue	552	589	N/A
Market cap	593	62	N/A
Net debt (A$M)	222	(5.8)	N/A
Transaction Value (TV) (A$M)	616	56	691
Resource (M Oz Au)	7.00	0.53	1.10
% of Resource M&I	93%	17%	0%
Grade (g/t Au)	1.1	2.5	2.1
EV / Resource (A$ / oz)	88	106	62
Stage of development	BFS	Exploration	Exploration
Source	Shandong offer price, CDV Appendix 5B, CDVpresentation	PRU Presentation 3/6/20	Acquisition Announcement

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1. Toega TV excludes royalty value. Total payments translated at 29/4/20 exchange rate of 0.655. 2. December Appendix 5B.

MARVEL GOLD • ASX:MVL 22

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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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