Interview with Colin Rose, Chairman, Marmota Limited

Recording date: 17th of January, 2025

Marmota Limited (ASX:MEU) is emerging as a diversified exploration company in South Australia with three strategic projects spanning gold, uranium, and titanium. The company's flagship Aurora Tank gold project has demonstrated exceptional potential, yielding high-grade results exceeding 100g/t gold in five different areas.

After seven years of exploration work, Aurora Tank is approaching a significant milestone as the company prepares to define an open pit resource. The project's unique metallurgical properties make it suitable for a heap leach operation, potentially enabling a low-cost pathway to production without the need for expensive mill construction that typically requires hundreds of millions in capital expenditure.

The company's uranium project sits in a prime location adjacent to Boss Energy's Honeymoon mine, one of only three producing uranium mines in Australia. With an existing resource base and plans for expansion, Marmota aims to capitalize on the strengthening uranium market, where prices have roughly tripled over the past two years.

In a recent development, Marmota has made a promising titanium discovery, with initial drilling revealing exceptional heavy mineral concentrate grades. The mineralization begins at surface and extends to 30-34m depth, suggesting potential for a low-cost mining operation. The company is preparing to launch an aggressive 89-hole drill program to advance this discovery.

Led by Chairman Colin Rose and supported by a experienced team including Executive Director Dr Kevin Wills (co-discoverer of the million-ounce Challenger gold deposit) and mining veteran Neville Bergin, Marmota is well-positioned to advance its projects. The company is evaluating the possibility of eventually spinning out its three core assets into separate companies to maximize shareholder value.

The next 6-12 months promise significant activity across all three commodities. For the gold project, key milestones include completing metallurgical test work, a scoping study, and maiden resource estimate. The uranium project will focus on resource expansion through exploration drilling, while the titanium project will advance through its major drilling program and initial resource estimation.

With strong fundamentals across all three commodities and multiple potential catalysts on the horizon, Marmota offers investors exposure to a diverse portfolio of mineral opportunities. The company's strategic focus on low-cost development pathways, combined with its proximity to existing infrastructure and strong market conditions for its target commodities, positions it well for future growth.

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