Key Highlights

  • Marmota shares traded up 11.69% at $0.086 during the 11 November 2026 trading session.
  • Stage 3 drilling at Greenewood, totalling more than 32,000 metres, has been completed.
  • High-grade contiguous gold has been intersected both to the south and to the north of the Greenewood discovery.

Marmota Ltd (ASX:MEU) shares were trading at $0.086 during the session on 11 November 2026, up 11.69% by late morning. The S&P/ASX 200 (ASX:XJO) was down about 0.06% at 9,123.90 at 12:19 pm. Marmota is an exploration company focused on the Gawler Gold Project in South Australia. On 29 October 2026, the company announced its September-quarter exploration activities.

 

Stage 3 Drilling Completed

The company said Stage 3 of its maiden drilling program at Greenewood, comprising more than 32,000 metres of reverse circulation drilling, was completed by mid-October. Stage 3 targeted major extensions both to the south and the north of the discovery. Marmota said the drilling included its first ever drilling to the south of Greenewood, in an area it calls the Mainwood zone.

 

High-Grade Gold to the South

Marmota reported that its first assay results from sections 1 to 15 of the 83 drilling sections in the Mainwood zone returned multiple contiguous high-grade gold intersections. Examples included 4 metres at 15 grams per tonne gold from 24 metres downhole, and 4 metres at 14 grams per tonne from 32 metres downhole. The company said these intersections start close to surface and extend deeper into fresh rock.

 

High-Grade Gold to the North and at Depth

The company also said it discovered high-grade contiguous gold to the north of Greenewood and to depth. Marmota said the strike length of its high-grade gold zones has doubled as a result of the Stage 3 program. It described the Greenewood results as some of the best gold results in the Gawler Craton since the discovery of the Challenger deposit in 1995.

 

Scoping Study Under Way

The company said the Stage 3 results will feed into a scoping study for the Gawler Gold Project, which is currently in progress. The scoping study is expected to incorporate the expanded drilling results when it is completed.

 

Sector Context

Gold exploration in South Australia’s Gawler Craton has drawn interest from investors because of its track record of large discoveries. Gold explorers are typically assessed on drilling results, the scale of their resource base and the path toward a potential development study, and their share prices often respond to assay news in a trading session.

 

Key Risks

Exploration results are initial, and the company will need further work to define the size and Economics of the Greenewood system. The scoping study is still in progress, and the outcome may change the way the project is assessed. Assay results are reported as initial composites, and gold grades and widths can vary across a deposit. Drilling and study programs also carry cost and timing risks.

 

What to Watch Ahead

Investors will be watching for the completed scoping study, the incorporation of the Stage 3 results into the resource base, and further drilling plans for the Mainwood and northern zones. The company’s next quarterly update will provide the next detail on program progress and funding.

 

Final Word

Marmota’s Trading session on 11 November 2026 came as the company continues to expand the Greenewood gold system and move its scoping study forward. Further drilling and study results will determine how the discovery develops from here.