MARVEL GOLD LIMITED — M&A Activity 2025

Aug 12, 2025

13 August 2025

FINAL APPROVALS SECURED FOR HANANG ACQUISITION EXPLORATION ACTIVITIES TO COMMENCE

Marvel Gold Limited (ASX: MVL) ( Marvel or the Company ) is pleased to announce that it has received all the requisite Tanzanian Government approvals to complete the purchase of 100% of Cobra Resources Limited ( Cobra ) as announced by the Company in March 2025. Cobra owns the Hanang Gold Project ( Hanang ) located in the prospective Iramba-Sekenke Greenstone Belt of Tanzania.

HIGHLIGHTS

• Notification of final Tanzanian Government approvals for the acquisition of Cobra.

• Cobra owns 100% of Hanang located in the highly prospective Iramba-Sekenke Greenstone Belt of Tanzania.

• Multiple high priority targets have been identified at Hanang, and an initial work program will commence immediately with 3,455 soil samples submitted to MSALabs in Tanzania and a tender initiated for drone-borne geophysics.

The Company will commence its first work program at Hanang with the submission of 3,455 soil samples collected from Hanang by the previous owner to MSALabs in Gieta. Assay results are expected to be received in the next two weeks. In addition, Marvel has initiated a tender process for a drone-borne magnetic survey covering the licence area.

The results from the soil sampling and the drone-borne magnetic survey will enable the Company to generate initial drill targets and commence further exploration activities. Marvel is well funded to undertake its first drill program at Hanang following a successful capital raise earlier this year.

Executive Director Timothy Strong Commented:

“ We are very pleased to have received all the approvals required for us to acquire 100% ownership of Cobra and to start work on the prospective Hanang licence area. During the approvals process, Marvel has been proactive with exploration planning and community relations related to the Hanang Project. This will enable us to hit the ground running with soil geochemical results available in the next couple of weeks and droneborne magnetics later this year. This data will enable us to generate drill targets on an accelerated timeline. The acquisition of Cobra marks a new chapter for Marvel, and we look forward to sharing updates as our activities progress at Hanang. ”

HANANG GOLD PROJECT

The Hanang Gold Project is located in central Tanzania and is owned by Cobra Resources Limited (a Tanzanian registered private company). The Hanang Gold Project is a regional gold project, located within a highly prospective, underexplored greenstone belt on the Eastern Margin of the +70Moz gold endowed Lake Victoria

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Gold Field. Mines within the Gold Field include Barrick Gold’s Geita Mine, Bulyanhulu and Perseus Mining’s development project Nyanzaga.

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Figure 1: Location of the Hanang Gold Project in Tanzania

The Hanang Gold Project lies within the underexplored Iramba-Sekenke greenstone belt within Nyanzian volcanic rocks, sediments and BIFs, typical of the Central Craton greenstone belts.

There is significant upside to the Hanang Project, including numerous outcrops of mineralised BIF lithology which is analogous to known mineralisation in the area.

Marvel intends to undertake assays on a significant number of soil and rock samples that have previously been collected by the Cobra team and are yet to be assayed, as well as a high-resolution drone-borne magnetic survey. The results of both of these programs will enable the Company to further understand the geological and structural setting of the mineralisation on the property and to plan the commencement of a maiden drill program scheduled for later in the calendar year.

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Figure 2: Hanang Project License Map

COMPLETION OF THE COBRA ACQUISITION

Following receipt of all required regulatory approvals in Tanzania, the Company has now satisfied the conditions precedent under the two Share Purchase Agreements to acquire 100% of the issued capital of Cobra and completion will occur on or around 18 August 2025 ( Completion )[1] .

Upon Completion, under the Majority SPA, the Company is required to:

• Make a cash payment of US$75,000;

• Issue the number of Shares calculated by dividing A$175,000 by the issue price per Share equal to the volume weighted average price over 30 trading days prior to the business day immediately proceeding Completion; and

• Make a further cash payment of US$100,000 payable in quarterly instalments with the first payment of US$25,000 payable on the date that is 3 months after Completion.

Upon Completion, under the Minority SPA, the Company is required to:

• Make a cash payment of US$25,000.

• ENDS-

1 Refer ASX Announcement dated 21 March 2025 – “Marvel Acquires Hanang Gold Project in Tanzania and raises $4.2m to underpin exploration”

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This announcement has been approved for release by the Board of Directors of Marvel Gold Limited.

For further information, please contact:

TIMOTHY STRONG EXECUTIVE DIRECTOR

Tel: +61 8 9200 4960 Visit www.marvelgold.com.au

ABOUT MARVEL GOLD

Marvel Gold Limited is an Australian resources company listed on the Australian Securities Exchange under stock code MVL. Marvel has recently acquired the Hanang Gold Project in Tanzania, located on the the highly prospective Iramba-Sekenke Greenstone Belt of Tanzania. Marvel also holds exploration projects in Mali and has recently signed a Term Sheet to divest some of these projects to Anchises Capital LLC. Pursuant to the disposal of the Chilalo Graphite Project in Tanzania, Marvel also holds 39.4 million shares in ASX listed graphite company, Evolution Energy Minerals Limited (ASX Code: EV1).

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

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to exploration results is based on information compiled and reviewed by Mr Tim Strong, in his capacity as Executive Director of Marvel Gold Limited.

Mr Strong is a Member of the IMMM and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code).

Mr Strong consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

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