Marmota Limited · ASX:MEU
Marmota — Shareholder Meeting (November 2025)
35 slides from Marmota's shareholder meeting presentation, Nov 18, 2025
Slide 1: AGM 2025 Chairman's Presentation
Aurora Tank Gawler Craton For personal use only AGM 2025 Chairman’s Presentation ASX: MEU
Slide 2: Corporate Snapshot
Corporate Snapshot Capital Structure Share Price (last 12 months) Shares on Issue 1,178 m For personal use only Options 0 Unlisted Options 9m Market Cap (at $0.066 / share) ~ $ 77 m Cash (at 30 Sept 2025) $ 3.7m Debt $0 Top Shareholders Top 20 ~ 40% Top 50 ~ 52% Top 100 ~ 64% > Exploration success B
Slide 3: Share price and shareholder growth
2024 AGM 2025 AGM MEU share price 4.0 c 6.6 c For personal use only MEU shareholders 3145 3672 Welcome to more than 500 new shareholders (net) since last AGM. MEU Share price (12 months) ASX:MEU 3
Slide 4: Three Outstanding Projects
Three Outstanding Projects GOLD Gawler Gold Share Price (3 years to August 2025) An arc of gold deposits featuring For personal use only bonanza gold grades, all close to surface. TITANIUM Muckanippie Exceptional thick rich titanium mineralisation, making Marmota a multi-commodity play. URANIUM Junc
Slide 5: Gold Fundamentals
Gold Fundamentals 2022 2023 2024 2025 AGM AGM AGM AGM For personal use only GOLD price A$ 2,500 A$ 3,050 A$ 4,050 ~ A$ 6,200 (AUD$ per ounce) 5 ASX:MEU 5
Slide 6: Gawler Gold
Aurora Tank Gawler Craton For personal use only Gawler Gold o Aurora Tank Bonanza grades o Greenewood / Mainwood Bonanza grades (MEU maiden program) o Campfire Bore Bonanza grades (MEU maiden program) o Golf Bore o Typhoon / Monsoon AGM UPDATE
Slide 7: An Arc of Gold Deposits featuring bonanza grades
An Arc of Gold Deposits featuring bonanza grades For personal use only ASX:MEU 7
Slide 8: For personal use only
For personal use only View Zoom 8
Slide 9: Gawler Gold Excellent progress in 2025
Gawler Gold Excellent progress in 2025 1. Greenewood gold discovery: – Maiden MEU drill program: BONANZA grades For personal use only – best gold results in the Gawler Craton since the discovery of Challenger in 1995 2. Campfire Bore gold discovery : Maiden MEU drill program: BONANZA grades 3. SCALE
Slide 10: Greenewood
Greenewood Maiden MEU drill program (drilling completed 28 Aug 2025) For personal use only o some of the best gold results seen in the Gawler Craton since the discovery of Challenger in 1995 o bonanza gold grades and thick intervals o close to surface o delineated nearly continuous high-grade discov
Slide 11: Greenewood Plan Overview
Greenewood Plan Overview Projection to surface For personal use only ASX:MEU 9 Oct 2025 ASX:MEU 11
Slide 12: Greenewood Maiden Program Highlights
Greenewood Maiden Program For personal use only Highlights see ASX:MEU 9 Oct 2025 see ASX:MEU 9 Oct 2025 12 ASX:MEU 12
Slide 13: Greenewood Sectional Views
Greenewood Sectional Views see ASX:MEU 9 Oct 2025 For personal use only Cross-section 58b Cross-section 70 Mineralisation at Greenewood features bonanza grade intersections, close to surface and at both ends of the deposit (cross-section 58b and 70). The results show the continuity of the high grade
Slide 14: Greenewood Growing fast
Greenewood Growing fast To give some idea how quickly Greenewood is progressing: For personal use only At Aurora Tank: Time taken for the first 25,000m of MEU drilling was: 3 years At Greenewood: Time taken for the first 25,000m of MEU drilling is: 6 months Things are faster for a multitude of reaso
Slide 15: Aurora Tank
Aurora Tank o outstanding intersections For personal use only o bonanza grades in multiple zones o predominantly close to surface o excellent metallurgy [ ASX:MEU 28 April 2025 ] o mine plan has commenced [ ASX:MEU 28 Oct 2025 ] 15 ASX:MEU 15
Slide 16: Aurora Tank Plan View
Aurora Plan View Tank Plan view Location and grade of For personal use only best intersections over 1m (circled) (actual depth from surface) Source: ASX:MEU 20 Jan 2025 16
Slide 17: Schematic Long-section through NW flank
For personal use only Schematic Long-section through NW flank 17
Slide 18: Aurora Tank Summary Highlights
Aurora Tank For personal use only Summary Highlights see ASX:MEU 20 Jan 2025 18
Slide 19: Aurora Tank Metallurgy: Outstanding Recoveries
Aurora Tank Metallurgy: Outstanding Recoveries see ASX:MEU 28 April 2025 In April 2025, metallurgical testing yielded outstanding recoveries simulating a low-cost low-capex heap leach gold operation. 100 For personal use only 90 80 70 % Gold Extraction 60 50 MC-1 - MW 12.5mm 40 MC-1 - MW 8.0mm 30 MC
Slide 20: Water source at Aurora Tank
Water source at Aurora Tank For personal use only 20
Slide 21: Camp
CAMP • 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 21
Slide 22: Titanium
For personal use only Titanium “ The high HM (Heavy Mineral) grade and broad intercept widths place the Marmota Muckanippie titanium mineral sands project amongst the most significant new discoveries globally. ” Richard Stockwell, specialist detrital minerals geologist [ see ASX:MEU 2 Sept 2025 ] 22
Slide 23: Exceptional Titanium discovery
Exceptional Titanium discovery o Spectacular bonanza Heavy Mineral (HM) For personal use only o Intersections starting close to surface o Over thick wide intervals Highlights include: See ASX:MEU 29 May 2025 for full detail ASX:MEU 23
Slide 24: Muckanippie Heavy Mineral cross-section
During the year, Marmota discovered spectacular world-class Heavy Mineral concentrations at For personal use only MEU’s Muckanippie titanium discovery [ ASX:MEU 29 May 2025 ] Cross-section (1.8km long) from point ‘A’: Hole 69 (NE) to point ‘B’: Hole 42 (SW) 24 featuring spectacular Heavy Mineral con
Slide 25: Detail view: Ultra-high grade area on Titanium Discovery
For personal use only DETAIL VIEW: Ultra-high grade area on MEU Titanium Discovery on EL 6166 (Muckanippie) with interpreted palaeochannel Source: ASX:MEU 29 May 2025 25
Slide 26: Industry Norms
Industry Norms Australian Mineral Sand Project and Heavy Mineral HM% For personal use only For source references, see ASX:MEU 14 Jan 2025 ASX:MEU ASX:MEU 26
Slide 27: Uranium
For personal use only Uranium 27
Slide 28: Junction Dam Uranium Project (100%)
Junction Dam Uranium Project (100%) For personal use only The Junction Dam uranium tenement (100% MEU) bookends both sides of the palaeochannel of the Boss Energy Ltd (ASX:BOE) Honeymoon uranium plant ASX:MEU 28
Slide 29: Saffron (100%)
Saffron (100%) • Resource: 5.4Mlbs @ 557 ppm U3O8* (inferred) • Exploration: stopped due to market downturn (Fukushima) For personal use only • Prospectivity: high + new untested zones • Targets: multiple Tier 1 targets + large untested area • Drilling: 164 holes planned The Junction Dam uranium ten
Slide 30: Bridget (100%)
Bridget (100%) • Drilling: 114 holes planned • Mineralisation: Beverley-style For personal use only • Prospectivity: High with potential to host large uranium resource • Palaeochannels: Eyre & Namba Formations (2 distinct uranium systems, from 2 different geological ages, both coincident at Bridget)
Slide 31: Jasons
Jasons • Jasons: Boss’ highest-grade uranium resource • Proximity: adjacent to Marmota’s tenement boundary (see next slide) For personal use only • Palaeochannel: appears to continue into Marmota’s ground (see next slide) • Drilling: untested • Potential: for a high grade discovery JASONS ASX:MEU 31
Slide 32: Jasons anomaly extends to MEU's ground
Jasons anomaly extends to MEU’s ground For personal use only ASX:MEU 32
Slide 33: 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 perception of the potential of Junction Dam ✓ Boss is back in production. Marmota is perfectly located. ASX:MEU 33
Slide 34: 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: 9 Oct 2025 29 May 2025 28 April 2025 20 Jan 2025 26 Nov 2024 13 Nov 2024 9 Oct 2024 30 Sept 2024 30 April 2024 9 April 2024 20 Nov2023 26 Oct 2023 20 Sept 2023 1 Se
Slide 35: Disclaimer
Disclaimer This presentation has been prepared by Marmota Limited (“MEU”). The information contained in this presentation is a professio nal 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 believe that