Marmota Limited · ASX:MEU
Marmota — Shareholder Meeting (November 2022)
39 slides from Marmota's shareholder meeting presentation, Nov 24, 2022
Slide 1: Chairman's Presentation
AGM 2022 Chairman’s Presentation ASX: MEU 24 November 2022
Slide 2: Corporate Snapshot
Corporate Snapshot ASX: MEU Capital Structure Share Price (Last 12 months) Shares on issue 1,058 m Options 0 Unlisted options (most at 10c per share) ~ 48 m Market Cap (at 4.5 cents per share) ~ $ 49 m Cash (as at 30 Sept 2022) $ 5.6 m Zero Debt Board & Management Top Shareholders Executive Chairman
Slide 3: Comparison 2021 AGM vs 2022 AGM
Comparison 2021 AGM 2022 AGM AURORA TANK GOLD Best grade over 1m 165 g/t 217 g/t Extensional drilling Planned for 2022 Best ever Au intersections New High-grade extensions to N, S and at Depth First Pit wall Design – Done COMET Never drilled before Wildcat hole finds gold FUNDAMENTALS Gold price (AU
Slide 4: Aurora Tank Gold Discovery
Aurora Tank Gawler Craton Aurora Tank Gold Discovery AGM UPDATE
Slide 5: Aurora Tank: Outstanding Intersections Close to surface
Aurora Tank: Outstanding Intersections Close to surface 5
Slide 6: 2022 Exploration Highlights
2022 Exploration Highlights ! Best ever gold intersections [ ASX:MEU 29 Sept 2022 ] 217g/t gold over 1m (~ 103m from surface) ! Multiple new high-grade extensions identified: – to the North, S and at depth (for first time) ! First high-precision BLEG analysis [ ASX:MEU 22 Feb 2022 ] –– yielded avera
Slide 7: Five Zones: ~100 g/t Au over 1m
Five Zones: ~100 g/t Au over 1m 7
Slide 8: Location and grade of best intersections over 1m
Location and grade of best intersections over 1m (circled) 8
Slide 9: Schematic Long-section through new NW flank
Schematic Long-section through new NW flank 9
Slide 10: Aurora Tank: Outstanding Intersections All close to surface
Aurora Tank: Outstanding Intersections All close to surface 10
Slide 11: The scene
The scene 1. At the AGM last year, MEU noted we still had some extensional drilling to do. 2. That drilling has yielded in 2022: • Marmota’s BEST EVER results • Bonanza grades over 200g/t Au over 1m • new high-grade extensions to N, S and at depth 3. Featured in: MinerDeck Top Aus Gold Intercepts 5
Slide 12: Winnie the Pooh mining? No thanks
Winnie the Pooh mining ? No thanks Notwithstanding the outstanding success in 2022, some eager holders do not understand the process, and think we should mine now, before following high-grade extensions!? i.e. a) NOT find bonanza grade gold b) NOT know where the high-grade extensions go c) Leave it
Slide 13: Time machine back to 2017
Had we done it their way …. Time machine back to 2017 13
Slide 14: Close to surface, Amenable to Primary Mineralisation
Primary Mineralisation Tests of gold grains (105 g/t) collected at 38m Close to Amenable to downhole on the NW flank surface low-cost open- are predominantly PRIMARY pit methods mineralisation. ASX:MEU 21 May 2020 Primary gold grains sampled from Hole 104 (with fine-grained sulphosalts Suggests host
Slide 15: Aurora Tank Metallurgy
Aurora Tank Gawler Craton AURORA TANK Metallurgy Testwork results to date ASX: MEU 15
Slide 16: Aurora Tank Excellent Gold Recoveries
Bottle-roll tests Aurora Tank Excellent Gold Recoveries Gold Recoveries (in %) vs Leach times in hours (for the 3 test samples) 16
Slide 17: Metallurgy Summary
Summary Metallurgy Excellent Column Leach Test Results Low-cost Low-capex Heap Leach Pathway 17
Slide 18: Metallurgy: Low-cost Low-capex Heap Leach Pathway
Metallurgy: Low-cost Low-capex Heap Leach Pathway Column leach tests yield excellent gold recoveries 18
Slide 19: Low-cost Low-capex Heap Leach Pathway
Low-cost Low-capex Heap Leach Pathway “ Marmota has been investigating the optimal pathway to production at Aurora Tank. The 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 would not need to
Slide 20: Marmota has water source at Aurora Tank
Marmota has water source at Aurora Tank 20
Slide 21: Camp: Installed + Upgraded
CAMP: INSTALLED + UPGRADED • multiple sleeping quarters • separate kitchen • separate management office • septic tank / waste management system • 10,000L self-bunded fuel tank • 90,000L capacity: water storage tanks • potable water treatment system 21
Slide 22: First Pit Wall Parameters
First Pit Wall Parameters ASX:MEU 16 June 2022 22
Slide 23: Key Takeaways
Key Takeaways Aurora Tank Gawler Craton 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 continue deeper) Comp
Slide 24: WA IH / Fi
a \ +} us WA IH / Fi i\, Sa AN (@\ | A / | SF | Zz “4 al Source: Hergé, The Shooting Star
Slide 25: Marmota is evolving: Discovery to Production
Marmota as a company is evolving … Transitioning from: Discovery Production Drilling • Highly fortunate to continue to find more high-grade gold. • More drilling needed to try close off obvious high-grade extensions. • Going gangbusters to do it: more drilling in last 6 months than last 2 years. • D
Slide 26: Wildcat on Comet
Aurora Tank Gawler Craton Wildcat on Comet AGM UPDATE
Slide 27: Comet New Major
s76e00 ereo00 Comet New Major | MARMOTA 449,000 oz Gold ‘ ses cece 109,000 oz Gold B d 6004 7] )3 iwi 7 \¢ Té| 56 17] fq 6569 =46(000 oz Gold | 4 ys t-e09 {— boee| _ it Oa ve i 6763 i= 12,000 oz Gold all 5753] 6002 ls097|6763} 3k Gold Deposits Station Tracks Granted: 100% Title ~ Railway EL 6763 - H
Slide 28: RC Rig drilling now at Aurora Tank, moving soon to Comet
Wildcat hole finds gold on Comet RC Rig drilling NOW at Aurora Tank … moving soon to Comet ASX:MEU 14 Oct 2022 28
Slide 29: Uranium
Uranium 29
Slide 30: MEU own Junction Dam tenement
MEU own Junction Dam tenement 1. By the end of 2014, Marmota had spent over A$8 million developing the Junction Dam uranium project [ ASX:MEU 29 Sept 2014 ]. 2. MEU Junction Dam tenement book-ends BOTH sides of the palaeochannel that runs through the Boss Honeymoon (ASX:BOE) ISR uranium mine – one o
Slide 31: Honeymoon Uranium Mine
505000 500000 6495000 6490000 6485000 6480000 65000 70900 75000 sz0ce0 88000 0g00 «5000 sann00 | HONEYMOON URANIUM MINE < NN Ne MEU Junction Dam Tenement EL6530 <&marmora EL6530 Peak Uranium Grade ° 1000 - 12308 ppm 350 - 1000 ppm 100 - 350 ppm Yarramba Palaeochannel 2 4 8 Kilometres og i BRIDGET EX
Slide 32: Saffron and Bridget palaeochannel
© MARMOTA Saffron and Bridget palaeochannel visualisation (depth to resistive basement image) Bridget Maiden Inferred Resource Fig. 3
Slide 33: Marmota Uranium JORC Resource
Marmota Uranium JORC Resource Marmota currently has: • JORC Inferred Resource of 5.4 million pounds U3O8 [ Saffron deposit ] with average grade of 557ppm U3O8 [ ASX:MEU 18 Nov 2011, 20 Feb 2012, 17 July 2013 ] • Overall Exploration Target* of 22–33 million pounds U3O8 at approx. 400 to 700 ppm U3O8
Slide 34: Key Uranium Takeaway
Key Uranium Takeaway # Honeymoon closure (2014) saw MEU wind-down uranium activity. # Honeymoon re-opening (2023) will see MEU back active in uranium. # Sector is booming, and Marmota is perfectly located. # Non-stop expressions of interest 34
Slide 35: Rare Earths
Rare Earths 35
Slide 36: Major REE discovery on MEU tenement boundary
Major REE discovery on MEU tenement boundary # 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 boundary # Marmota
Slide 37: Comet New Major
s76e00 ereo00 Comet New Major | MARMOTA 449,000 oz Gold ‘ ses cece 109,000 oz Gold B d 6004 7] )3 iwi 7 \¢ Té| 56 17] fq 6569 =46(000 oz Gold | 4 ys t-e09 {— boee| _ it Oa ve i 6763 i= 12,000 oz Gold all 5753] 6002 ls097|6763} 3k Gold Deposits Station Tracks Granted: 100% Title ~ Railway EL 6763 - H
Slide 38: Prior Marmota ASX releases referenced
This AGM Presentation includes information based on prior Marmota ASX:MEU releases which may be referred to for more detail, including: 14 Oct 2022 21 Nov 2022 24 Aug 2022 29 Sept 2022 26 April 2022 16 June 2022 22 Feb 2022 31 March 2022 23 Nov 2021 15 Nov 2021 12 Oct 2021 6 Oct 2021 4 Feb 2021 17 D
Slide 39: 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