Slide 1: Investor Update July 2022
Aurora Tank Gawler Craton Investor Update July 2022 ASX: MEU
Slide 2: Corporate Snapshot
Corporate Snapshot ASX: MEU Capital Structure Share Price (Last 12 months) Shares on issue 980 m Options 0 Unlisted options (most about to expire) ~ 76 m Market Cap (at offer price of 5.3 cents per share) ~ $ 52 m Cash (as at 30 March 2022) $ 2.8 m Zero Debt Board & Management Top Shareholders Execu
Slide 3: Aurora Tank Gold Discovery
Aurora Tank Gawler Craton Aurora Tank Gold Discovery ASX: MEU
Slide 4: Aurora Tank: Outstanding Intersections All close to surface
Aurora Tank: Outstanding Intersections All close to surface 4
Slide 5: Exploration Summary
Exploration Summary ! Best ever gold intersections [ ASX:MEU 22 Feb 2022 ] 197g/t gold over 1m (just ~ 57m from surface) ! New high-grade extensions identified: – to the North (and open) – at depth ! New NW flank: tripled in length ! High-grade gold intersected for first time at depth ! 12,000m RC d
Slide 6: Location and grade of best intersections
Location and grade of best intersections over 1m (circled) 6
Slide 7: Schematic Long-section through new NW flank
Schematic Long-section through new NW flank 7
Slide 8: First high grade gold at depth
First high grade gold at depth Since last AGM: The intersection of 1m at 36 g/t (2m @ 21g/t) at a depth of 120m downhole suggests the presence of additional high-grade shoots at depth. If the host mineralised lodes continue further to depth, they are likely to consist of high purity primary minerali
Slide 9: Aurora Tank First visible Gold From Diamond Core
Aurora Tank First visible Gold From Diamond Core 9
Slide 10: Aurora Tank: Outstanding Intersections All close to surface
Aurora Tank: Outstanding Intersections All close to surface 10
Slide 11: Close to surface, Amenable to low-cost open-pit methods
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 12: Aurora Tank Metallurgy
Aurora Tank Gawler Craton AURORA TANK Metallurgy Testwork results to date ASX: MEU 12
Slide 13: 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) 13
Slide 14: Metallurgy Summary
Summary Metallurgy Excellent Column Leach Test Results Low-cost Low-capex Heap Leach Pathway 14
Slide 15: Metallurgy: Low-cost Low-capex Heap Leach Pathway
Metallurgy: Low-cost Low-capex Heap Leach Pathway Column leach tests yield excellent gold recoveries 15
Slide 16: 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 17: 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 17
Slide 18: Marmota finds water source at Aurora Tank
Marmota finds water source at Aurora Tank 18
Slide 19: First Pit Wall Parameters
First Pit Wall Parameters ASX:MEU 16 June 2022 19
Slide 20: 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 21: Marmota evolving: Discovery to Production
Marmota as a company is evolving … Transitioning from: Discovery Production Drilling Marmota recently completed its largest diamond drilling program at Aurora Tank [ ASX:MEU 14 April 2022 ] The program is designed to provide the necessary detail to advance Aurora Tank to production including: • geot
Slide 22: Gawler Craton Gold
Aurora Tank Gawler Craton Gawler Craton Gold ASX: MEU
Slide 23: Marmota 2.0
Marmota 2.0 Marmota is transforming, into a much larger Company … FROM TO Gold Tenements ~ 5,000 km2 over 10,000 km2 Gold deposits* 1 deposit 7 deposits Untested gold anomalies 4 more than 40 * Ownership or majority interest in gold and related minerals 23
Slide 24: What's Next?
Aurora Tank Gawler Craton What’s Next? ASX: MEU
Slide 25: What's Next
What’s Next Aurora Tank Drilling Programs Gawler Craton " RC drilling: Aurora Tank + ADI Recon (just completed June 2022) " RC drilling: focus on 1 of new deposits (this quarter) " Aircore: some of the 40 Gold anomalies (3rd / 4th quarter) " Uranium (!) " Rare Earths (!) Geotechnical Work " First pi
Slide 26: More news flow
More news flow Aurora Tank Gawler Craton BEFORE " Aurora Tank [ Sometimes, long lags while we wait for results ] NOW " Aurora Tank " Six new gold deposits " Over 40 gold anomalies " Uranium resurgent " New rare earth discovery on boundary 26
Slide 27: Uranium
Uranium 27
Slide 28: MEU acquires Junction Dam tenement
MEU acquires 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. The Junction Dam tenement book-ends BOTH sides of the palaeochannel that runs through the Boss Honeymoon (ASX:BOE) uranium plant – one
Slide 29: Junction Dam Tenement EL6530 map
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 30: Saffron and Bridget palaeochannel
© MARMOTA Saffron and Bridget palaeochannel visualisation (depth to resistive basement image) Bridget Maiden Inferred Resource Fig. 3
Slide 31: 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 32: Key Uranium Takeaway
Key Uranium Takeaway " Ownership of Junction Dam makes Marmota, for the first time, masters of our own destiny in the uranium space. " First step for the company to realise value of this outstanding asset for our shareholders. " Sector is booming, and Marmota is perfectly located. 32
Slide 33: Rare Earths
Rare Earths 33
Slide 34: Major REE discovery on MEU tenement boundary
Major REE discovery on MEU tenement boundary " Rare Earth discovery is 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 is located on the MEU tenement boundary " M
Slide 35: Petratherm Rare Earth Significant Intercepts map
6216 MARMOTA \ ame N 0 1.25 25 5 Kilometres Petratherm Rare Earth Significant Intercepts (GIS data provided by Petratherm) , Petratherm Anomalous ~ Drillholes - Assays Pending# : im} Marmota Tenements Petratherm Tenements/Applications “Hole 590 1015 ppm MAGNET REE 2701 ppm TREO_/ from 15m af
Slide 36: Prior Marmota ASX releases referenced
This Investor Update includes information based on prior Marmota ASX:MEU releases which may be referred to for more detail, including: 23 June 2022 16 June 2022 26 April 2022 14 April 2022 12 April 2022 22 Feb 2022 23 Nov 2021 15 Nov 2021 12 Oct 2021 6 Oct 2021 11 June 2021 15 April 2021 4 Feb 2021
Slide 37: 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