Marmota Limited: Gold Project Leads Growth as Titanium & Uranium Assets Add Value

• Marmota Limited is an exploration company in South Australia focused on gold, uranium and a new titanium discovery
• Gold project at Aurora Tank has yielded bonanza grades over 100g/t, with plans to define an open pit and transition to production
• Uranium project is next to Boss's Honeymoon mine, aiming to grow the existing resource
• Marmota is making a new high-grade titanium discovery, with an ambitious 89-hole drill program about to commence
• Potential to eventually split into three separate companies for the gold, uranium and titanium assets

Marmota Limited (ASX:MEU) is an exploration company with a diversified portfolio of highly promising gold, uranium and titanium projects in South Australia. With bonanza grade gold results, an existing uranium resource next to a producing mine, and a brand new high-grade titanium discovery, Marmota offers investors exposure to three exciting mineral opportunities.

Gold: Bonanza Grades & Low-Cost Production Potential

‍Marmota's flagship Aurora Tank gold project has consistently yielded outstanding high-grade gold results over 100g/t in five different areas.

The company has spent seven years advancing Aurora Tank to the point where it is ready to define an open pit resource. With further metallurgical test work underway, Marmota aims to complete resource estimates, a scoping study and maiden resource in the next six months.

Crucially, the exceptional metallurgical properties of the Aurora Tank ore mean it is amenable to a low cost, simple heap leach operation. This avoids the large capital costs of building a mill, enabling a faster and lower risk pathway to production. As Colin Rose elaborates:

"The beauty of the Aurora Tank model, which is an open pit close to surface gold discovery, is that we have the most remarkable metallurgical properties that we do not need, as other companies almost always need, which is to build a custom mill with a gravity unit and all these other complexities which require hundreds of millions of dollars of CAPEX."

Beyond Aurora Tank, Marmota has assembled a pipeline of other gold deposits with existing resources, providing potential to grow production over a 10+ year horizon. With a Board strengthened by mining engineer Neville Bergin who helped advance Capricorn Metals' Karlawinda gold project, Marmota is well positioned to transition Aurora Tank from exploration to production.

Uranium: Strategically Located Resource

‍Marmota's uranium project is located immediately adjacent to Boss Energy's Honeymoon uranium mine, one of only three producing uranium mines in Australia. The project already hosts an existing uranium resource, with plans to complete further exploration with the aim of doubling or tripling the resource size.

Marmota is well placed to benefit from the strong recovery in uranium prices, which have roughly tripled in the past two years on supply deficits and growing recognition of nuclear energy's importance in the clean energy transition. With an existing resource next to an operating mine, Marmota's project is strategically significant in a market facing constrained supply.

Titanium: Exciting New Discovery

‍In a recent development, Marmota has made a brand new titanium discovery which is already yielding exceptional heavy mineral concentrate grades from first pass drilling. An aggressive 89-hole drill program is set to commence shortly to rapidly advance the discovery.

Excitingly, the titanium mineralization starts from surface and has been intersected to just 30-34m depth so far, implying potential for a low cost, low strip mining operation. While early days, the extremely low cost of drilling and ability to rapidly progress a near-surface deposit means the titanium discovery could become a significant value driver for Marmota within a short timeframe.

Interview with Chairman, Colin Rose

Diversified Asset Portfolio

‍A key advantage of Marmota is its diversified portfolio of gold, uranium and titanium assets which are all generating strong news flow. This diversity provides exposure to multiple commodities with attractive long-term supply/demand fundamentals. As Colin Rose summarizes:

"Marmota happens to have gold which is extremely strong at the moment, uranium which is extremely strong at the moment, and titanium - they're all strong. We don't ultimately control what happens to fundamentals, but having three core assets does place us in a really strong position in terms of both risk management and opportunity going forwards into the future."

While the market awaits the imminent gold and titanium news flow, the uranium asset provides excellent longer-term optionality on further strength in the uranium market. Marmota is actively evaluating the merits of eventually spinning out the gold, uranium and titanium assets into three separate companies to maximize shareholder value.

Proven Team

‍Marmota is led by an experienced Board and management team with extensive technical and corporate expertise across exploration, development and operations.

Chairman Colin Rose has been involved in the minerals sector since he was a teenager and has been a key driver of Marmota's strategic direction since becoming a major shareholder in 2015.

Aaron is an exploration geologist with over 17 years of experience in gold, uranium, copper, and nickel exploration across South Australia, the Northern Territory, and Western Australia. He has been instrumental in advancing Marmota's Aurora Tank gold discovery and leads the biogeochemical exploration program that uncovered the high-grade NW flank.

Non-Executive Director Neville Bergin is a mining engineer with over 40 years experience. He was previously Director of Mining at Northern Star Resources, General Manager of Operations at Gold Fields Australia, and led the Pre-Feasibility Study for Capricorn Metals' Karlawinda Gold Project.

With this pedigree of proven mine finders and developers, Marmota has the right team to advance its projects and unlock the value of its highly prospective assets.

Catalyst-Rich Future

‍The next 6-12 months are shaping up as an extremely busy period for Marmota with multiple potential share price catalysts on the horizon:

‍Gold:

• Finalizing metallurgical test work
• Scoping study
• Maiden resource estimate

Uranium:

• Exploration drilling aiming to expand the resource
• Updated uranium resource estimate

Titanium:

• Major 89-hole drill program commencing shortly
• Assay results
• Metallurgical test work
• Initial resource estimate

With an aggressive work program fully funded across three commodities, Marmota is positioned for strong news flow which has the potential to drive significant share price upside.

The Investment Thesis for Marmota

• Diversified exposure to gold, uranium and titanium assets, all with strong fundamentals
• Gold: Bonanza grades, low cost production potential via heap leach operation, pipeline of deposits for growth
• Uranium: Existing resource next to producing mine, leveraged to rising uranium price
• Titanium: Brand new high-grade discovery, low cost to explore and advance, major drilling imminent
• Proven Board and management team of successful mine finders and developers
• Multiple near-term share price catalysts across gold, uranium and titanium

Macro Thematic Analysis

The outlook for precious metals, uranium and titanium is very positive, underpinned by a combination of robust demand and constrained supply.

Gold is benefiting from its status as a safe haven in an environment of high inflation, geopolitical instability and economic uncertainty. Central banks are buying gold at a pace not seen since the 1960s as they seek to diversify reserves away from the US dollar. Mine production is plateauing due to a lack of new discoveries and declining grades, supporting higher prices to incentivize new supply.

Uranium prices have surged as the world grapples with an energy crisis. Demand for nuclear power is growing as countries seek reliable, emissions-free baseload power to complement intermittent renewable energy sources. Major mine cutbacks and a lack of investment in recent years have created a widening supply deficit. Inventories are shrinking and utilities are rushing to lock in long-term contracts, driving prices higher.

Titanium's unique properties make it indispensable in a range of high-tech and cleantech applications including aerospace, electric vehicles, hydrogen production and desalination. Demand is forecast to grow strongly but there are few new projects to meet this demand. The market is heavily reliant on supply from China and Russia - diversifying supply chains is a growing priority.

With world-class gold, uranium and titanium assets, Marmota offers investors compelling exposure to three commodities with exceptional supply/demand dynamics. The company's asset base and low-cost business model make it uniquely positioned to capitalize on the strong macro thematic.