Highlights

  • Stage 3 of the programme finished in mid-October 2026, bringing the total to more than 32,000 metres of RC drilling.
  • Results will feed a maiden scoping study that began in late 2025, with open pit heap leach economics under consideration.
  • At Junction Dam, the company says the drilling programme design is complete across four target areas.
  • Target 4 is an untested north-east extension of the Yarramba Palaeovalley, adjoining Boss Energy's Honeymoon operation.

Marmota (ASX:MEU) has released its September 2026 quarterly report, in which it says the maiden reverse circulation (RC) drilling programme at the Greenewood and Mainwood gold discovery in the Gawler Craton, South Australia, has been completed. The business reports that high-grade gold now extends over more than two kilometres of strike, roughly double the length previously known, and remains open.

Drilling Results

Stage 3 of the programme finished in mid-October 2026, bringing the total to more than 32,000 metres of RC drilling. It included Marmota's first drilling south of Greenewood, in the Mainwood zone. The business states contiguous high-grade gold has been found to the south and the north, and has been tracked almost continuously from within 16 metres of surface to about 240 metres depth.

Intercepts reported from Mainwood, in initial four-metre composite samples, include 4 metres at 15 grams per tonne gold from 24 metres, 4 metres at 14 grams per tonne from 32 metres and 4 metres at 9.4 grams per tonne from 64 metres. In the north, results include 8 metres at 11.5 grams per tonne from 184 metres and 8 metres at 10 grams per tonne from 152 metres.

These are exploration results rather than a Mineral Resource. Composite samples are an initial screen, and the company says first detailed one-metre split results from the south and far north are still to come.

Context

Greenewood lies about 35 kilometres north-west of the Challenger gold deposit. Marmota holds 90% through the Golden Moon joint venture. The business states Greenewood has no gold-in-calcrete signature at surface, unlike deposits found earlier in the district, suggesting calcrete sampling may miss targets in the project area. It describes the results as among the best in the Gawler Craton since the 1995 Challenger discovery, which is the company's own assessment. Results will feed a maiden scoping study that began in late 2025, with open pit heap leach economics under consideration.

Uranium And Titanium

At Junction Dam, the company says the drilling programme design is complete across four target areas. Target 4 is an untested north-east extension of the Yarramba Palaeovalley, adjoining Boss Energy's Honeymoon operation. Marmota plans 24 holes on the priority palaeochannel target and 15 holes on untested gravity depressions, using a rotary mud rig. The programme is described as designed and funded but awaits Native Title clearances. Any quantity and grade is conceptual, and there has been insufficient exploration to define a resource.

Cash Position

Cash was $13.26 million at 30 September 2026, down from $14.70 million at 1 July. Exploration spend for the quarter was $1.632 million, while operating cash flow was slightly positive at $67,000 because of $217,000 of interest received. The company estimates 8.5 quarters of funding at the current spending rate.

Corporate Items

Marmota's Melton West tenement is subject to a heads of agreement to sell to G4 Metals Pty Ltd. That sale is conditional on G4's successful IPO and ministerial consent, so it is not completed. The annual general meeting is scheduled for 3pm Adelaide time on Thursday 19 November 2026 in Adelaide.

Risks And Next Steps

Early composite results can change once finer one-metre samples are analysed, and drilling success does not guarantee a commercial deposit. The uranium programme cannot start until clearances are received.

Milestones identified by the company are results for the remaining Stage 3 holes, detailed one-metre results from the south and far north, input to the scoping study, the AGM on 19 November 2026 and Native Title clearance for Junction Dam. No firm dates are given for the drilling results.