DR JOHN G (SHAD) LINLEY

DISCLAIMER

This presentation has been prepared by Marathon Resources Limited (Marathon) as a presentation of general information about Marathon's activities current at the date of the presentation.

It is prepared in good faith based on Marathon's own information and on data obtained from sources believed to be reliable.

It is provided in summary format and does not purport to be complete. Marathon therefore gives no representations or warranties as to the accuracy, reliability or completeness of the information and assumes no responsibility for updating any information or correcting any error or omission which may become apparent after the presentation. Marathon and its officers and employees disclaim all liability (direct, indirect or consequential) and whether or not arising out of the negligence, default or lack of care of Marathon or its officers or employees for any loss or damage suffered by a person arising out of, or in connection with, any use or reliance on this presentation (except to the extent liability under statute cannot be excluded).

Certain statements in this presentation may constitute forward-looking statements including but not limited to statements concerning Marathon’s exploration programs, outlook, target sizes and resource estimates. Such statements are inherently subject to uncertainties as they may be affected by a variety of known and unknown risks, variables and other factors which could cause actual values or results, performance or achievements to differ materially from anticipated results, implied values, performance or achievements expressed, projected or implied in the statements. Marathon gives no assurance, and nothing in this presentation should be relied upon as an assurance by Marathon, that the anticipated results, values, performance or achievements expressed or implied in those forward-looking statements (if any) will be achieved.

The presentation is general in nature and is not intended as financial advice or an investment recommendation. Persons should obtain their own specific investment advice in respect of their particular needs, objectives and financial circumstances.

The presentation is proprietary to Marathon and is not to be used for any other purpose without Marathon's prior written consent.

Information in this presentation relating to:

Exploration Results have been compiled by Dr Phung Nguyen B.Sc (Hons), PhD (Uni.WA.), a part-time employee of Marathon Resources Limited, and a Member of the AusIMM.

The Mt Gee Mineral Resource Estimate was based on information compiled on behalf of Marathon by Tony Marshall B.Sc (Hons) Uni.Melb., a Member of the AusIMM. At the relevant time, Tony Marshall was Principal Geologist with SMGC and a full-time employee of that company.

Dr Nguyen and Mr Marshall respectively have sufficient experience relevant to the style of mineralization and type of deposit under consideration, and to the activity which each is undertaking, to each qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Nguyen and Mr Marshall respectively consent to the inclusion in this release of the statements based on the information in the form and context appearing.

CORPORATE OVERVIEW

Directors

Peter Williams – Chairman Shad Linley – Managing Director Chen Zeng – Non Executive Director Chris Schacht – Non Executive Director

Capital Structure Listed Shares: 77,068,677 Options: 5,640,000 Total Diluted: 82,708,677

Major Shareholders

1. Talbot Group Holdings 21.5 % 2. CITIC Australia 16.6 % 3. HSBC Custody Nominees (Aust) Ltd 10.1 % 4. National Nominees Ltd 3.1 % 5. Citicorp Nominees Pty Ltd 2.2 %

Listed on ASX: MTN

Cash at 31 October 2010: AUD$886,000

CORPORATE SNAP-SHOT

2009 Field Season

Non-ground disturbing activities:

-Gravity

-Geochemistry

-Aeromagnetics

-Radiometric

-Mapping

October 2009

Government release draft “Seeking a Balance” document

October 2009
Rectification satisfactorily completed and EL tenure extended for one year
January 2010

Marathon submit major submission to Government

July 2010
Approval granted for further non-ground disturbing exploration activities
November 2010 Parliament passed Mining Act amendments
November 2010

Government yet to determine fate of ‘Seeking a Balance’. Marathon awaiting government decision on outcome of EL renewal

PROPOSED MANAGEMENT ZONES

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N
2 km
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LOCATION OF MT GEE PROJECT EL4355

KEY DEPOSITS

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EL 4355
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THE IMPORTANCE OF EL 4355

Mt Gee deposit is the 5[th ] largest undeveloped uranium deposit in Australia and is open to the northeast, east and southeast
The Armchair deposit is “open” on strike and down dip
Hodgkinson deposit is a small but high grade and “open” at depth
A new geological exploration model has identified mineralised zones that need to be drilled

MT GEE ORE RESOURCE TABLE*

• Since 2005, Marathon Resources have drilled 45 diamond holes and 75 RC holes

Year	Category	Tonnes (Mt)	Grade U3O8 (ppm)	Tonnes U3O8 kt
2007	Indicated	3.1	717	2.2
	Inferred	39.7	622	24.7
	Total	42.8	629	26.9
2008	Indicated	4	706	2.8
	Inferred	47	607	28.5
	Total	51	615	31.3

ORE RESOURCES

Resources of 69m lbs U O are based on current 3 8
knowledge of Mt Gee
Additional resources at Mt Gee are very likely as the
deposit is open to the north-east, east and south-east of the delineated mineralisation
Additional resources are evident at Armchair and Hodgkinson, but not included in current ore resource estimates
Significant gravity, magnetic and radiometric anomalies are present within EL4355 but not yet drilled

ORE BLOCK MODEL – LOOKING NW

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Mt Gee
Mt Gee East
Mt Gee West
200m
200m
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U3O8 (ppm)
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MT GEE RESOURCE EXTENSION POTENTIAL
Potential ore block
6655500 N
SECTION 6655200N
Potential ore
block
Potential
ore block
N
6654500 N
630m
Potential ore block
SECTION 2
SECTION 3
SECTION 1
SECTION 4
SECTION 5
SECTION 6
340500 E 341500 E
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AUSTRALIAN URANIUM DEPOSITS & PROSPECTIVE MINES, MT GEE

300,000,000 Contained U3O8 lb 250,000,000 200,000,000 150,000,000*

100,000,000

reserves, measured resources, indicated resources and inferred resources combined

50,000,000 0

MT GEE RADIOMETRIC SURVEY 2009 (U)

PARALANA MINERAL SYSTEM

MT GEE MAGNETIC SURVEY 2009

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PARALANA MINERAL SYSTEM
N
2 km
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SHEARADEAN MAPPING AREA

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Migmatite
Pegmatite
K-Feldspar Radium Creek
altered granite
metamorphic
Shearadean mineralised
shear zone with high assay reading
Terrapina granite
N
200m
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SHEARADEAN PROSPECT (URANIUM ) WITH STACKED PROFILES

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N
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SHEARADEAN STACKED PROFILES

DTM (m)				CPS
400				400
200				200
0	1	5	9	0
DTM (m)				CPS
400				400
200				200
0	2	6	10	0
DTM (m)				CPS
400				400
200				200
0	3	7	11	0
DTM (m)				CPS
0 200 400	4	8 200 m	12	0 200 400

SHEARADEAN SPECTROMETER READING

SHEARADEAN SPECTROMETER READING LINE 1

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SHEARADEAN READING LINE 1
1200
1000
800
600
400
200
0
1 11 21 31 41 51 61
Southeast Northwest
Metres
Uranium (ppm)
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SHEARADEAN SPECTROMETER READING LINE 2

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SHEARADEAN READING LINE 2
1200
1000
800
600
400
200
0
1 11 21 31 41 51 61 71 81
Southeast Northwest
Metres
Uranium (ppm)
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SHEARADEAN SPECTROMETER READING LINE 3

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SHEARADEAN READING LINE 3
1600
1400
1200
1000
800
600
400
200
0
1 6 11 16 21 26 31 36
Southeast
Northwest
Metres
Uranium (ppm)
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SHEARDAVA MAPPING AREA

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Mt Neil
granite
Mineralised shear zone
with high assay reading
Old working
Biotite schist
Goethitic-hematitic
brecciated granite
Breccia
N
Radium Creek
metamorphic
200m
Q-f gneiss
Terrapina granite
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SHEARDAVA PROSPECT (URANIUM ) WITH

STACKED PROFILES

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N
200m
1 2 3 4
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SHEARDAVA STACKED PROFILES

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DTM (m) CPS
600 600
500 400
400 200
0 0
1 5 9
DTM (m) CPS
600 600
500 400
400 200
0 0
2 6 10
DTM (m) CPS
600 600
500 400
400 200
0 0
3 7 11
DTM (m) CPS
600 600
500 400
400 200
0 0
4 8 12
200 m
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SHEARDAVA SPECTROMETER READING

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Line 3
Line 2
Line 1
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SHEARDAVA SPECTROMETER READING LINE 1

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SHEARDAVA LINE 1
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0
1 11 21 31 41 51 61 71
North Metres South
Uranium (ppm)
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SHEARDAVA SPECTROMETER READING LINE 2

			SHEARDAVA	LINE	2
	2200
	2000
	1800
	1600
Uranium (ppm)	800 1000 1200 1400
	600
	400
	0 200	1 11 North	21 31 41 Met	res	51	61 71 81 South

SHEARDAVA SPECTROMETER READING LINE 3

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SHEARVADA LINE 3
1600
1400
1200
1000
800
600
400
200
0
1 11 21 31 41 51 61
North South
Metres
Uranium (ppm)
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SHEARDAVA SHEAR ZONE AIRBORNE AND SPECTROMETER SAMPLING

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S RADIOMETRICS N SHEARDAVA SPECTROMETER READING
S N
2200
2000
1800
1600
1400
Reading line
1200
1000
Shear zone
800
600
400
200
200m 0 1 11 21 31 41 51 61 71 81
Metres
CPS Uranium (ppm)
AHD (m)
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SHEARDAVA SHEAR ZONE – LOOKING NW

WHAT NEXT?

November 2010

-Clarify outstanding issues with Government

-Impact of amendments to the Mining Act

-Clarification of the “Seeking a Balance” proposal

-Renewal of tenure on E.L.4355
November – February 2011
March 2011
October 2011

Preparatory field work/approvals

Commence drilling program

Confirm which deposit(s) will be subjected to predevelopment drilling and processing/mining studies.

Obviously all this will require funding and like every other exploration company, we are entirely dependant upon the market and shareholders to provide risk capital. We will have to raise capital for the program we have planned.

MARATHON RESOURCES

Office: 235 Port Road, Hindmarsh SA 5007, Australia Postal: PO Box 566, Hindmarsh SA 5007, Australia Tel: +61(0)8 8348 3500 Fax: +61(0)8 8346 8111 www.marathonresources.com.au