Highlights

• Marmota said Stage 3 drilling at South Australia's Gawler Gold Project has extended high-grade gold across more than.

• Marmota Limited said in its quarterly report to 30 September 2026 that Stage 3 reverse circulation drilling of.

• At Mainwood south, hole 26MWRC177 returned 4 metres at 15 grams per tonne, part of a 16 metre.

• Marmota said Greenewood has no surface calcrete expression, so calcrete gold sampling would not have identified it.

Marmota (ASX:MEU) — said Stage 3 drilling at South Australia's Gawler Gold Project has extended high-grade gold across more than two kilometres, with further assays still to come.

Marmota Limited said in its quarterly report to 30 September 2026 that Stage 3 reverse circulation drilling of more than 32,000 metres at the Gawler Gold Project was completed by mid-October 2026, and that the known high-grade strike at the Greenewood and Mainwood zones has roughly doubled to over two kilometres. The results are initial assays and exploration remains at an early stage.

Drilling results

The programme included Marmota's first drilling south of Greenewood, in the Mainwood zone. The company reported initial four-metre composite assays including 8 metres at 11.5 grams per tonne gold, with 4 metres at 15 grams per tonne, in hole 26GWRC035 at northern Greenewood, and 8 metres at 10 grams per tonne, including 4 metres at 18 grams per tonne, in 26GWRC034.

At Mainwood south, hole 26MWRC177 returned 4 metres at 15 grams per tonne, part of a 16 metre interval at 4.2 grams per tonne, while 26MWRC014 returned 4 metres at 14 grams per tonne within 20 metres at 3.1 grams per tonne. The best gram-metre result was 92 gram-metres in 26GWRC035, which equates to the 8 metre interval at 11.5 grams per tonne. The company said high-grade gold has been tracked from within 16 metres of the surface to about 240 metres depth.

Marmota said Greenewood has no surface calcrete expression, so calcrete gold sampling would not have identified it. Before Marmota's programme, only about 3,700 metres of reverse circulation drilling in 53 holes had been completed at Mainwood. Marmota holds 90 per cent of the project through Half Moon Pty Ltd in the Golden Moon joint venture, with Ministerial Consent granted in June 2025.

What remains to come

The company said the remaining four-metre composite results are still being processed, and that the first detailed one-metre split results from Mainwood and far-north Greenewood are pending. A maiden scoping study for Gawler Gold is under way and will draw on the drilling results. Because the assays reported so far are initial composites, they may change once one-metre samples are available.

Importantly, Marmota said its exploration targets are conceptual and that there has been insufficient exploration to estimate a Mineral Resource. The drilling results therefore do not represent a resource, and the scoping study is not yet complete.

Cash and spending

Cash at 30 September 2026 was A$13.26 million, down from A$14.70 million at the start of the quarter. Operating cash flow was a positive A$67,000, helped by A$217,000 of interest received. Investing outflow was A$1.50 million, including A$1.63 million of exploration and evaluation spending offset by A$137,000 of loan repayments received. Financing outflow was A$17,000 for lease payments, and no equity was raised during the quarter.

Marmota estimated its funding at 8.5 quarters. Related party payments were modest, comprising A$58,000 of executive director salaries, A$9,000 of non-executive director fees and A$8,000 of superannuation. The report does not state the type of security.

Uranium, titanium and other projects

Beyond gold, the company outlined a restart programme at its wholly owned Junction Dam uranium project, with 24 planned holes on the Priority Palaeochannel target and 15 holes on a second area of interest. That work is awaiting Native Title clearances. Heavy mineral assemblage work on titanium is continuing. The company also noted that the sale of Melton West to G4 is subject to G4's initial public offering and Ministerial Consent.

Next milestones

Confirmed next steps include the processing of remaining composite assays, the release of detailed one-metre results, completion of the maiden Gawler Gold scoping study and the company's annual general meeting, scheduled for 3 pm Adelaide time on Thursday 19 November 2026 at BDO, Level 19, 30 Pirie Street, Adelaide. Uranium drilling depends on regulatory clearances whose timing the company has not specified.