Marvel Gold Limited (ASX:MVL) announced on 16 September 2026 that it has entered into a Deed of Variation and Termination with Resolute Mining Limited to formally end the earn-in and joint venture agreement covering the Kolondieba Gold Project in Mali. The agreement was dated 26 May 2023.

As part of the termination, Marvel will repay a US$250,000 signing Bonus to Resolute through the issue of 27,722,596 ordinary shares. The company described the termination as the final step in its planned exit from Mali.

About Marvel Gold

Marvel Gold Limited is an Australian resources company listed on the ASX under the code MVL, with its office in West Perth, Western Australia. In March 2025 the company acquired the Hanang Gold Project in Tanzania, which is located on the Iramba-Sekenke Greenstone Belt.

The company states that it has an experienced board and management team with skills in exploration, project development and mining. Until the termination, Marvel also held an interest in Mali through the Kolondieba Gold Project, which was the subject of the earn-in and joint venture agreement with Resolute Mining.

The company describes the Iramba-Sekenke Greenstone Belt as highly prospective. The announcement of 16 September 2026 does not provide resource figures, drilling results or budgets for the Hanang project.

Latest Development: Termination of the Kolondieba Joint Venture (16 September 2026)

Under the original joint venture agreement, Resolute paid Marvel an up-front payment of US$250,000, called the Signing Bonus, and had the right to earn up to a 70% interest in Kolondieba through staged exploration expenditure. The Signing Bonus was subject to Marvel satisfying several conditions within 24 months. If those conditions could not be satisfied, the joint venture would not proceed and the payment would be refundable to Resolute.

One of the key conditions was the transfer and registration of the Kolondieba tenements to Marvel's wholly owned Mali subsidiary. Marvel said that, despite its best efforts, the ongoing closure of the Mali Mining Cadastre meant the transfer and registration could not be completed, even after an extension of the deadline for satisfying the condition to 26 May 2026, which had been agreed by both parties. As a result, the condition relating to the transfer and registration of tenements was not satisfied.

As part of the formal termination, Marvel will satisfy the repayment of the US$250,000 Signing Bonus through the issue of 27,722,596 fully paid ordinary shares, referred to as the Settlement Shares. The number of shares is based on an issue price equal to a 10% discount to the 15-day Volume weighted average price before the date Marvel gave written notice to Resolute that it had elected to repay in shares, together with the prevailing USD/AUD Exchange Rate on the day before that notice.

The announcement refers to earlier ASX announcements on the joint venture, including one dated 31 January 2025 that recorded the extension of the timeframe for the tenement condition. It does not state any other amounts payable by either party in connection with the termination beyond the repayment of the Signing Bonus. The Settlement Shares are fully paid ordinary shares, and the final number is fixed by the formula set out in the announcement.

The Settlement Shares are expected to be issued on or around 18 September 2026. Resolute has consented to a six-month voluntary Escrow on the shares. Marvel stated that, following the termination, it will have no ongoing project interests in Mali. The announcement was approved by the Marvel Gold board of directors, and the contact listed is Executive Director Timothy Strong.

Risks and Uncertainties

The joint venture did not proceed because the tenement transfer and registration could not be completed while the Mali Mining Cadastre remained closed. The announcement does not indicate that the cadastre has reopened.

The repayment is being satisfied through the issue of 27,722,596 new shares, which increases the number of Marvel shares on issue. The price used for the issue is tied to a discount to a trailing average share price and to the exchange rate, rather than a fixed price.

With the Mali exit complete, Marvel's disclosed project interest is the Hanang Gold Project in Tanzania, which was acquired in March 2025. The announcement does not provide any exploration results, resource estimates or funding details for that project. Exploration and development activity is subject to the usual uncertainties of early-stage mineral projects.

Milestones to Watch

  • Issue of the 27,722,596 Settlement Shares, expected on or around 18 September 2026.
  • The six-month voluntary escrow period that applies to the Settlement Shares.
  • Further announcements on the Hanang Gold Project in Tanzania.
  • Any additional corporate or project updates following the exit from Mali.