Marmota Limited · ASX:MEU
Marmota — Shareholder Meeting (November 2023)
46 slides from Marmota's shareholder meeting presentation, Nov 23, 2023
Slide 1: AGM 2023 Chairman's Presentation
For personal use only AGM 2023 Chairman’s Presentation ASX: MEU 23 November 2023
Slide 2: Corporate Snapshot
Corporate Snapshot ASX: MEU Capital Structure Share Price (Last 18 months) For personal use only Shares on issue 1,058 m Options 0 Unlisted options (most at 10c per share) ~ 51 m Market Cap (at 4.0 cents per share) ~ $ 42 m Cash (as at 30 Sept 2023) $ 3.4 m Zero Debt Board & Management Top Sharehold
Slide 3: Fundamentals: Gold Price
Fundamentals 2022 July 2023 AGM GOLD price ~ AUD $ 2,500 ~ AUD $ 3,050 (AUD$ per ounce) For personal use only 12 month Gold AUD 3
Slide 4: Fundamentals: Uranium Price
Fundamentals 2022 July 2023 AGM URANIUM price ~ AUD $ 70 ~ AUD $ 121 (AUD$ per pound) For personal use only 4
Slide 5: Summary Compare to July 2022
Summary Compare to July 2022 Everything has improved: For personal use only Highest ever gold intersections 217g/t gold over 1m New high-grade gold zone discovered at depth for first time, lying underneath the high-grade NW flank REE discovery Gold price up 20% Uranium price up over 60%
Slide 6: MEU Share Price (18 months)
2022 July 2023 AGM MEU share price 5.3 c 4.0 c For personal use only MEU Share price (18 months) 6
Slide 7: 10,000 km2 of exposure
10,000 km2 of exposure For personal use only 7
Slide 8: Aurora Tank Gold Discovery
Aurora Tank Gawler Craton For personal use only Aurora Tank Gold Discovery AGM UPDATE
Slide 9: Aurora Tank: g/t Au over 1m in different zones
Aurora Tank For personal use only ~ 100 g/t Au over 1m in 5 different zones 9
Slide 10: Five Zones: ~100 g/t Au over 1m
Five Zones: ~100 g/t Au over 1m For personal use only 10
Slide 11: Location and grade of best intersections
Location and grade of best intersections over 1m (circled) For personal use only 11
Slide 12: 2023 Exploration Highlights
2023 Exploration Highlights For personal use only New high-grade zone discovered Situated underneath the high-grade NW flank [ ASX:MEU 3 April 2023 ] High grades continue into fresh rock Outstanding high grades at Aurora Tank occur not just conveniently close to surface, but also extend deeper into
Slide 13: Schematic Long-section with New High-Grade Zone
For personal use only Schematic Long-section with NEW HIGH-GRADE ZONE beneath NW flank 13
Slide 14: Aurora Tank: Outstanding Intersections
Aurora Tank: Outstanding Intersections For personal use only All close to surface 14
Slide 15: Primary Mineralisation
Primary Mineralisation Tests of gold grains (105 g/t) collected at 38m Close to Amenable to For personal use only downhole on the NW flank surface low-cost open- are predominantly PRIMARY pit methods mineralisation. Primary gold grains sampled from Hole 104 (with fine-grained sulphosalts Suggests ho
Slide 16: Aurora Tank Metallurgy
Aurora Tank Gawler Craton For personal use only AURORA TANK Metallurgy ASX: MEU 16
Slide 17: Bottle-roll tests: Excellent Gold Recoveries
For personal use only Bottle-roll tests Aurora Tank Excellent Gold Recoveries Gold Recoveries (in %) vs Leach times in hours (for the 3 test samples) 17
Slide 18: Low-cost Low-capex Heap Leach Pathway
Low-cost Low-capex Heap Leach Pathway For personal use only “ Marmota has been investigating the optimal pathway to production at Aurora Tank. Excellent column leach test gold recoveries suggest that Aurora Tank is amenable to low-cost low-capex heap leach techniques. A heap leach means that Marmota
Slide 19: Marmota has water source at Aurora Tank
Marmota has water source at Aurora Tank For personal use only 19
Slide 20: Camp: Installed and Upgraded
CAMP: INSTALLED + UPGRADED • multiple sleeping quarters • separate kitchen For personal use only • separate management office • septic tank / waste management system • 10,000L self-bunded fuel tank • 90,000L capacity: water storage tanks • potable water treatment system 20
Slide 21: First Pit Wall Parameters
First Pit Wall Parameters ASX:MEU 16 June 2022 For personal use only 21
Slide 22: Aurora Tank is evolving: Discovery to Production
Aurora Tank is evolving … Transitioning from: Discovery Production For personal use only In May 2023 [ ASX:MEU 11 May & 30 May 2023 ], Marmota re-drilled the diamond holes previously drilled in 2021 by GD Geodrill Australia Pty Ltd whose work unfortunately did not meet contractual quality or quantit
Slide 23: Key Takeaways Aurora Tank
Key Takeaways Aurora Tank Gawler Craton For personal use only Aurora Tank is very fortunate to have: Outstanding High-grade gold intersections Mineralisation Close to surface Excellent Gold recoveries (metallurgy) Soft ground (potential for ‘free dig’ ) Primary mineralisation (potential to
Slide 24: WGCJV
Aurora Tank Gawler Craton For personal use only WGCJV AGM UPDATE
Slide 25: WGCJV increased to 100% ownership
WGCJV increased to 100% ownership 1. Marmota is the manager and majority partner in the Western Gawler Craton Joint Venture (WGCJV) [ via acquisition: Jumbuck gold transaction ]. For personal use only 2. Existing JORC Resource of 319,000 ounces gold –– most on tenements near Aurora Tank. Source: ASX
Slide 26: WGCJV Tenements
WCJV Aurora Tank For personal use only PINK tenements: Gold rights increased (9 Nov) from 70.96% to 90% BLUE tenements: Gold rights increased (9 Nov) from 78.84% to 100% 26
Slide 27: WGCJV: Resource Growth Potential
WGCJV For personal use only MEU has been carrying out advanced preparation and program design to grow: • Campfire Bore • Golf Bore Excellent potential for substantial resource growth! 27
Slide 28: Project X
Aurora Tank Gawler Craton For personal use only Project X AGM UPDATE
Slide 29: Project X
Project X Largest ever regional recon program For personal use only Multiple targets Multiple minerals • REE • Gold • Palygorskite Multiple tenements Awaiting assays from Stage 1 drilling 29
Slide 30: Project X Stage Targets
Project X Stage 1 Targets For personal use only 30
Slide 31: Rare Earths
For personal use only Rare Earths 31
Slide 32: REE discovery on MEU tenement boundary
REE discovery on MEU tenement boundary For personal use only Rare Earth discovery directly on the border with MEU tenements Ionic clay hosting systems (close to surface) –– regional Largest and most exceptional of the high-value magnet REE results attained so far located on the MEU tenement bo
Slide 33: Rare earth drill hole map
/~ Hole 590 7 X / 1015 ppm MAGNET REE \, For personal use only 6479 a, SEE | ve | 6097 6084 60404 a a 13 5 MARMOTA 5 8] 0 1.25 25 5 6083 18 5 Kilometres 5 g Petratherm Rare Earth » @ 2 8] Significant Intercepts © fe . (GIS data provided by Petratherm) wo | 7 “| © Dritholes “Assays Pending 6040 , | :
Slide 34: Drill collars over TMI: Awaiting assays
For personal use only Awaiting assays Target 21 Drill collars plotted over TMI (Total Magnetic Intensity) 34
Slide 35: Uranium
For personal use only Uranium 35
Slide 36: Junction Dam
Junction Dam By the end of 2014: MEU spent over A$8 million For personal use only developing Junction Dam uranium [ ASX:MEU 29 Sept 2014 ] 4 weeks ago: MEU announced decision to re-commence exploration at Junction Dam, to substantially grow the Company’s uranium resource. [ ASX:MEU 26 Oct 2023 ]
Slide 37: Junction Dam: Background
Junction Dam: Background 1. MEU Junction Dam tenement book-ends BOTH sides of the palaeochannel that runs through the Boss Honeymoon (ASX:BOE) ISR uranium mine – one of just For personal use only 4 permitted uranium mines in Australia (three of which are in South Australia). 2. Dramatic upturn in bo
Slide 38: Junction Dam tenement bookends the palaeochannel
For personal use only The Junction Dam uranium tenement (100% MEU) bookends both sides of the palaeochannel 38 of the Boss Energy Ltd (ASX:BOE market cap ~ $1.5 billion) Honeymoon uranium plant
Slide 39: More than a dozen unsolicited approaches
For personal use only More than a DOZEN companies have made unsolicited approaches to Marmota to try and obtain rights to Junction Dam. 39
Slide 40: Junction Dam Re-start
Junction Dam Re-start For personal use only 1. Three weeks ago: MEU announced engagement of uranium expert Mark Couzens to: • conduct stratigraphic and mineralisation review, and • design first drill program for Junction Dam re-start 2.Making superb progress! Exceeding all expectations 3. Stage 1 Re
Slide 41: New Targets: Saffron area
For personal use only 4 New Targets Saffron area Target 1 5.489.600 6,488,800 485,600 <@ marwora SAFFRON PRIORITY URANIUM TARGETS, Zz DpPrority target t Farea of Interest — Cross Section A-A’ Peak Grade eU:Os ppm @ >1000 @ 500 - 1000 © 300 -500 © 150-300 + 0-150 Interpreted Palaeochannel Palaeochann
Slide 42: Junction Dam Re-start
Junction Dam Re-start For personal use only “ Junction Dam is one of the most exciting uranium projects I have worked on in Australia.” Mark Couzens 42
Slide 43: Schematic cross-section A-A' Saffron Uranium Deposit
Junction Dam Re-start For personal use only Schematic cross-section A-A’ with a length of 600 metres across the Saffron Uranium Deposit 43
Slide 44: Key Takeaway
Key Takeaway For personal use only Junction Dam is one of the most exciting uranium deposits in SA, in the premier uranium jurisdiction of Australia Dramatic change in our perception of the potential of Junction Dam Sector is booming, and Marmota is perfectly located Both Aurora Tank gold an
Slide 45: Prior Marmota releases referenced
This AGM Presentation includes information based on prior Marmota ASX:MEU releases which may be referred to for more detail, including: 26 Oct 2023 20 Nov 2023 1 Sept 2023 20 Sept 2023 3 April 2023 1 Aug 2023 14 Oct 2022 21 Nov 2022 24 Aug 2022 29 Sept 2022 26 April 2022 16 June 2022 For personal us
Slide 46: Disclaimer
Disclaimer Disclaimer This presentation has been prepared by Marmota Limited (“MEU”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though MEU has no reason to bel