Greenewood Gold Discovery by Marmota Ltd Delivers Bonanza Grades

Marmota Delivers Spectacular Gold Discovery at Greenewood with Bonanza Grades Up to 109 g/t

The Greenewood gold discovery by Marmota Ltd has delivered exceptional results that mark one of the most significant gold discoveries in South Australia's Gawler Craton since the historic Challenger deposit discovery in 1995. Marmota Limited has released final detailed assays from its maiden drilling programme, revealing spectacular bonanza-grade gold intersections over an impressive 900-metre strike length, with mineralisation remaining open along strike.

The 146-hole RC drilling programme delivered extraordinary individual metre assays of 109 g/t gold from 26 metres downhole and 95 g/t gold from 22 metres downhole, both from hole 25GWRC046. These exceptional grades form part of a spectacular thick intercept of 33 metres at 10 g/t gold starting from just 22 metres downhole.

Furthermore, the results demonstrate both the high-grade nature and substantial thickness of the mineralisation. The standout intersections showcase the world-class potential of this remarkable discovery in South Australia's premier gold province.

Near-Surface Bonanza Grades Define World-Class Discovery

The detailed 1-metre split assays have revealed the true scale of Greenewood's potential, with 28 intersections yielding over 10 g/t gold and 9 intersections returning over 20 g/t gold. Remarkably, half of these high-grade intersections occur between just 17-27 metres from surface, indicating excellent potential for low-cost, open-pit mining scenarios.

Top Individual Metre Intersections:

• 109 g/t Au from 26m (hole 25GWRC046)
• 95 g/t Au from 22m (hole 25GWRC046)
• 94 g/t Au from 66m (hole 25GWRC099)
• 41 g/t Au from 22m (hole 25GWRC101)
• 24 g/t Au from 62m (hole 25GWRC054)

Outstanding Thick High-Grade Intercepts:

The assay results required specialised laboratory techniques due to gold grades exceeding standard fire-assay upper limits. Consequently, some samples required gravimetric finish methods to accurately determine the extraordinarily high gold content.

Understanding Bonanza-Grade Gold: Why These Results Matter

Bonanza-grade gold refers to ore containing more than 31 grams of gold per ton (equivalent to more than one troy ounce per ton). These grades are exceptionally rare and typically associated with world-class gold deposits.

For context, many commercial gold mines operate profitably on grades between 1-5 g/t. This makes the Greenewood gold discovery by Marmota Ltd truly exceptional with its consistent high-grade intersections.

The significance extends beyond individual high grades to include several key factors:

• Continuity: High-grade zones extend over 900 metres of strike length
• Near-surface location: Many bonanza intersections occur within 30 metres of surface
• Thickness: Multiple intercepts exceed 10 metres in width
• Consistency: 28 individual metre samples exceed 10 g/t gold

This combination positions Greenewood as a potentially world-class gold discovery with excellent economics for future development. The geological setting within the Christie Domain of the western Gawler Craton provides an ideal environment for gold mineralisation.

Geological Controls and Mineralisation Style

The deposit's proximity to established gold-producing areas suggests favourable geological controls that may extend the mineralised system further. The late Archaean Mulgathing Complex meta-sedimentary successions characterise this region and create optimal conditions for gold deposition.

In addition, the mineralisation style appears consistent with other successful gold deposits in the Gawler Craton. This suggests proven geological models can be applied to understand and predict ore continuity at Greenewood.

Strategic Location Within Established Gold Province

Greenewood sits within Marmota's impressive "Arc of Gold" portfolio across the Gawler Craton. The discovery is located approximately 35 kilometres northwest of the company's flagship Aurora Tank deposit and 30 kilometres northeast of the historic Challenger Gold Mine.

The Challenger Mine produced over one million ounces of gold, demonstrating the region's proven gold endowment. Moreover, the deposit forms part of the Golden Moon Joint Venture, where Marmota holds 90% ownership through its wholly-owned subsidiary Half Moon Pty Ltd.

This strategic positioning creates obvious economies of scope and scale. For instance, there's potential for shared infrastructure and processing facilities across Marmota's gold portfolio.

Marmota's Gawler Gold Portfolio:

• Aurora Tank (100% owned flagship deposit)
• Greenewood (90% owned)
• Golf Bore, Campfire Bore, Mainwood
• Adjacent to world-class Challenger Mine

The regional geological setting along the flanks of the major 'Y'-shaped gravity anomaly demonstrates remarkable consistency. However, this consistency in gold mineralisation across multiple deposits suggests significant resource potential throughout Marmota's extensive land holdings.

Accelerated Development Timeline and Next Steps

Marmota has moved swiftly to capitalise on these outstanding results from the Greenewood gold discovery by Marmota Ltd. Stage 2 drilling commenced on 20 November 2025, progressing ahead of schedule with the goal of completing as many holes as possible before the Christmas break.

Furthermore, the company has initiated a maiden scoping study for its broader Gawler Gold project. This signals serious intent to advance toward development and demonstrates management's confidence in the discovery's potential.

Immediate Catalysts:

• Stage 2 drilling programme currently underway
• Maiden scoping study commenced (November 2025)
• Potential resource definition drilling
• Extension drilling to test strike and depth continuity

The rapid progression from discovery to scoping study demonstrates management's commitment to fast-tracking the project through feasibility stages. Consequently, investors can expect regular news flow as development activities accelerate.

Development Pathway and Timeline

The accelerated timeline reflects the exceptional quality of the initial results and the near-surface nature of the mineralisation. Additionally, the proximity to existing infrastructure reduces development complexity and potential capital requirements.

However, the company must still complete comprehensive resource definition and metallurgical studies. These activities will be crucial for determining optimal mining and processing approaches for the high-grade mineralisation.

Management Commentary: The detailed 1-metre assay results took longer to receive from the laboratory than expected due to gold grades exceeding the upper limits of standard fire-assay testing frameworks, requiring alternative methodologies specially designed for extremely high-grade samples.

Investment Thesis: Positioning for Major Re-Rating

The Greenewood gold discovery by Marmota Ltd represents a transformational discovery that delivers results rivalling some of Australia's best gold discoveries. The combination of bonanza-grade intersections, near-surface mineralisation, and substantial thickness over a 900-metre strike length creates a compelling investment opportunity.

Key Investment Highlights:

The discovery occurs within an established gold province with existing infrastructure and a history of successful gold production. Additionally, Marmota's 100% ownership of the adjacent Aurora Tank deposit provides additional development optionality and potential for economies of scale.

Metallurgical Advantages and Processing Options

Metallurgical testwork at Aurora Tank has already demonstrated excellent gold recoveries through heap leach processing. This suggests strong potential for low-cost, low-capex development scenarios across the broader gold portfolio.

Furthermore, the high-grade nature of the Greenewood mineralisation may support various processing options. For instance, conventional milling and flotation could be evaluated alongside heap leach scenarios to optimise recovery and economics.

Technical Programme Details and Laboratory Excellence

The 15,480-metre programme comprising 146 RC holes represents the first drilling at Greenewood since 2018. Initial 4-metre composite samples averaging 1.6kg were analysed using lead collection fire assay with atomic absorption spectroscopy finish at ALS laboratories.

Selected 1-metre split samples averaging 2.4kg underwent high-quality analysis by fire assay. However, exceptional grades required gravimetric finish methods to ensure accurate determination of gold content.

Quality control procedures included one QA/QC sample for every 30 drill samples. In addition, the laboratory introduced additional standards, blanks, and checks at ratios exceeding one QA/QC sample per 10 samples.

Drilling Strategy and Hole Spacing

The technical programme demonstrates industry-standard sampling protocols designed to maximise representivity. Moreover, the drilling strategy focused on testing the full strike extent of the mineralised zone while maintaining adequate hole spacing for resource definition.

Consequently, the systematic approach has successfully outlined a coherent mineralised system with excellent continuity. The results provide a solid foundation for resource estimation and mine planning activities.

Market Context and Competitive Positioning

The timing of this discovery aligns favourably with renewed investor interest in high-grade gold projects. Furthermore, the Australian gold sector has seen increased merger and acquisition activity, with premium valuations for quality assets.

However, the Greenewood gold discovery by Marmota Ltd stands out due to its exceptional grades and near-surface location. These characteristics differentiate it from many other exploration projects and position it favourably for potential partnership or acquisition interest.

Peer Comparison and Valuation Metrics

Recent discoveries with similar characteristics have attracted significant market attention and premium valuations. For instance, bonanza-grade intersections over substantial strike lengths typically command market capitalisations well above current exploration multiples.

Additionally, the near-surface nature of the mineralisation provides significant cost advantages compared to deeper deposits. This characteristic becomes increasingly important as mining costs continue to rise across the industry.

Risk Factors and Mitigation Strategies

Despite the exceptional results, several risk factors warrant consideration for potential investors. Firstly, the project remains at an early exploration stage, requiring substantial additional drilling to define resources and prove continuity.

Moreover, metallurgical characteristics of the high-grade mineralisation require further investigation. However, the proximity to successful processing operations in the region provides valuable reference points for metallurgical assessment.

Operational and Development Risks

The remote location may present logistical challenges for development activities. Nevertheless, existing infrastructure serving nearby operations provides potential solutions for power, water, and transportation requirements.

Furthermore, permitting and environmental approvals will be required for future development. The established gold mining region provides precedents for successful permitting processes, though timelines remain uncertain.

Why Investors Should Track Marmota Closely

The discovery fundamentally changes Marmota's investment profile, transforming it from an exploration play into a company with a world-class gold discovery. The results represent some of the best seen in the Gawler Craton in nearly three decades.

Consequently, this positions Marmota alongside major Australian gold discoveries and warrants immediate attention from serious gold investors.

Compelling Reasons to Monitor:

• World-class discovery with bonanza-grade results over substantial width and strike length
• Rapid development timeline with scoping study already commenced
• Strategic portfolio of gold assets in proven Gawler Craton gold province
• Near-surface mineralisation offering excellent development economics
• Experienced management with strong track record of discovery and development

The combination of exceptional grades, substantial thickness, and near-surface location creates multiple pathways for significant value creation. With Stage 2 drilling underway and a maiden scoping study in progress, investors can expect regular news flow and potential resource definition in the near term.

Catalysts and News Flow Expectations

The geological continuity demonstrated across 900 metres of strike length suggests considerable scope for resource expansion. Previous exploration by other parties was interrupted in 2018 for non-geological reasons, leaving abundant possibilities for increasing the dimensions of the mineralisation.

Additionally, the systematic drilling programmes planned for 2025 should provide regular updates on resource growth and discovery extensions. These catalysts position Marmota for sustained market attention throughout the coming year.

Key Takeaway: Marmota has delivered one of Australia's most significant gold discoveries in recent years, with bonanza-grade intersections over 900 metres of strike length. With development studies underway and expansion drilling in progress, this represents a compelling opportunity for investors seeking exposure to world-class gold discoveries with excellent development potential.

Are You Ready to Capitalise on One of Australia's Most Significant Gold Discoveries?

Marmota's Greenewood discovery represents a transformational moment for the company, delivering bonanza-grade gold intersections that rival Australia's best discoveries. With Stage 2 drilling already underway and a maiden scoping study commenced, the momentum is building rapidly. Don't miss your opportunity to learn more about this world-class gold discovery and Marmota's strategic position in the proven Gawler Craton gold province. Visit marmota.com.au today to explore the full investment opportunity and discover how these exceptional results could reshape your gold portfolio.