Marmota Limited · ASX:MEU
Marmota — Shareholder Meeting (November 2025)
14 slides from Marmota's shareholder meeting presentation, Nov 18, 2025
Slide 1: Gawler Gold Scoping Study AGM Update
Gawler Gold Gawler Craton Gawler Gold Scoping Study AGM UPDATE
Slide 2: Scoping Study Update
Scoping Study Update Presented by: Paul Richardson Project Manager Marmota Gawler Gold 2
Slide 3: Gawler Gold tenement map
6,720,000 6,680,000 6,640,000 280,000 320,000 360,000 400,000 440,000 Tenement Annotations F Tt = EL6487 OLF BO AURORA TA © MARMOTA | #222, , < T3 = EL6215 A P BOR — T4 = EL 5820 i i TS = EL6519 in 104 é Té = EL5817 =H 17 = EL6012 ." Gee + N Te = EL6502 Le T9 = EL 6463 R OOD A T10= EL6763 hi 56 6216
Slide 4: Aurora Tank and Golden Moon JV map
stn 0 “=... 5998 wy ae GREENEWOOD >MA \INWOOD- ays —s 20RA TANK 100% MEU «€ marRmotTa : Golden Moon JV * Gold Deposits Coombedown: 10% Title and Minerals Marmota (Half Moon): 90% Title and Minerals* Kilometre ‘360000 woo 800
Slide 5: Scoping Study Contributors
Scoping Study Contributors • Exploration Geology: Marmota Limited • Resource Estimation: Ashmore Advisory Pty Limited Richard Maddocks • Mining Engineering: Orelogy Consulting Pty Limited. • Metallurgical Testing: Australian Minmet Metallurgical Laboratories (AMML) Australian Laboratory Services (AL
Slide 6: Scoping Study Scale
Scoping Study Scale Aurora Tank Maiden Resource currently being finalised by Ashmore Advisory. Resource models and wireframes are being generated to provide the basis for mining engineering studies. The starting concept for the study is to build a regional heap leach process facility capable of trea
Slide 7: Scoping Study Mining
Scoping Study Mining SCOPE OF WORK Status: In Progress. For each resource: • Creation of a Whittle optimisation input model, using the resource models and wireframes, and apply ore loss/dilution parameters based on similar resources. • Pit Optimisation – determine optimisation input parameters (wall
Slide 8: Scoping Study Metallurgy
Scoping Study Metallurgy SCOPE OF WORK Status: Stage 1 Testing by AAML – Complete Stage 2 Confirmation Testing by ALS – In Progress • Comprehensive Head sample assays • Site Water Analysis and Buffer Testing & Lime Demand Testing • Bottle Roll Leach Tests – in treated site water and Perth tap water
Slide 9: Scoping Study Heap Leach
Scoping Study Heap Leach SCOPE OF WORK Status: To Commence once a mining schedule is available and metallurgical testing is completed: • Metallurgical Data and Flowsheet Review • Determination of Design Criteria • Calculation of Mass Balance and Water Balance • Description of Process • Preliminary E
Slide 10: Scoping Study Services
Scoping Study Services SCOPE OF WORK Status: To commence once a mining schedule is available, metallurgical testing is complete and process engineering design criteria have been determined. • Water Supply • Power Supply • Ore Transport Logistics • Accommodation • Labour Transport • Capital Cost Esti
Slide 11: Scoping Study Heap Leach
Scoping Study Heap Leach A Typical Example of a Gold Heap Leach Facility Source: U.S. Geological Survey – Public Domain. 11
Slide 12: Scoping Study Schedule
Scoping Study Schedule The scoping study should be complete by the end of the March Quarter (2026). ACTIVITY 2025 2026 September October November December January February March EXPLORATION AND GEOLOGY RESOURCE ESTIMATION MINING REVIEW METALLURGICAL TESTING PROCESS ENGINEERING INFRASTRUCTURE & SERVI
Slide 13: Thank You
Scoping Study <]marmora THANK YOU
Slide 14: 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