Marmota Gold Discovery Unveils Bonanza Grades at Greenewood

Marmota's December Quarterly Report: Spectacular Gold Discovery Powers Towards Production Study

The extraordinary success of the marmota gold discovery has positioned Marmota Limited (ASX: MEU) at the forefront of Australian gold exploration. The company's December 2025 quarterly report showcases a transformational period driven by spectacular maiden drilling results at the Greenewood gold discovery. Furthermore, the company's first-ever drilling programme at Greenewood has delivered some of the best gold results in the Gawler Craton since the discovery of the Challenger deposit in 1995, extending high-grade mineralisation across a nearly-continuous 900-metre strike zone.

The standout intersection of 33m @ 10 g/t gold from 22m downhole headlines an impressive suite of results that includes multiple bonanza-grade intercepts exceeding 20 g/t gold. With Stage 2 drilling results imminent and a scoping study underway, Marmota is rapidly advancing what could become a game-changing addition to its Gawler Gold project portfolio.

Greenewood Discovery: Bonanza Grades Transform Project Economics

According to the quarterly report, the maiden drilling programme at Greenewood has delivered exceptional results that fundamentally change the project's value proposition across multiple geological horizons. This remarkable marmota gold discovery achievement represents a significant milestone in the company's exploration strategy.

Stage 1 Drilling Highlights

The company's initial drilling campaign returned remarkable intercepts that place Greenewood firmly in bonanza-grade territory. For instance, the results demonstrate the exceptional quality of this marmota gold discovery.

Top 1-Metre Assays:

• 109 g/t gold (from 26m downhole)
• 95 g/t gold (from 22m downhole)
• 94 g/t gold (from 66m downhole)
• 41 g/t gold (from 22m downhole)
• Multiple intercepts between 15-24 g/t gold

Best Thick Intersections:

• 33m @ 10 g/t gold (from 22m downhole)
• 22m @ 5.1 g/t gold (from 49m downhole)
• 18m @ 3.2 g/t gold (from 21m downhole)
• 24m @ 2.8 g/t gold (from 21m downhole)

The quarterly update shows that 28 intersections returned over 10 g/t with 9 intersections exceeding 20 g/t gold. Almost half of the high-grade 1-metre intersections occurred between 20m and 31m downhole, indicating substantial near-surface mineralisation potential.

Stage 2 Programme Completed

The report outlined completion of the second drilling phase in December 2025, comprising 129 additional holes totalling 10,117 metres. Combined with Stage 1, the total maiden programme now encompasses 275 holes across 25,597 metres of drilling.

Management indicated that assay results from Stage 2 are expected within two weeks of the quarterly report release, with outcomes feeding directly into the ongoing scoping study. These results will further enhance understanding of the marmota gold discovery potential.

Executive Chairman Dr Colin Rose commented:
"The potential of our Gawler project continues to grow with every round of drilling, as shown by our maiden drilling at the Greenewood deposit yielding bonanza grades. We have an outstanding opportunity and we look forward to working with Paul to maximise it."

Understanding Gold Grades: What Makes Greenewood Exceptional

For investors evaluating gold exploration projects, understanding grade classifications provides crucial context for assessing economic viability and comparative quality. Furthermore, these classifications help demonstrate why this particular marmota gold discovery stands out in the market.

Gold grades are measured in grams per tonne (g/t), with distinct categories indicating potential commercial value:

Greenewood's results featuring multiple intersections above 10 g/t place the discovery firmly in bonanza territory. The combination of exceptional grades with thick intersections close to surface creates compelling open-pit mining potential with comparatively low capital requirements.

The shallow nature of high-grade mineralisation particularly enhances economic prospects, as surface mining typically requires lower initial investment compared to underground operations while maintaining higher recovery rates.

Strategic Positioning Within the Gawler Gold Arc

The quarterly report emphasised Greenewood's strategic position within Marmota's "Arc of Gold" deposits along the major Y-shaped gravity anomaly in the northwest Gawler Craton. This geological corridor hosts multiple discoveries with varying development stages.

The proximity to Aurora Tank (35km) and the proven Challenger Mine creates potential economies of scale for future development scenarios. According to previous company announcements, Aurora Tank has demonstrated excellent metallurgical recoveries and potential for low-cost heap leach operations, providing a potential processing template for regional development.

Development Momentum: Key Appointments and Studies Progress

The quarterly update highlighted significant operational advancement through strategic appointments and formal study commencement. In addition, these developments demonstrate the company's commitment to advancing the marmota gold discovery towards production readiness.

Project Manager Appointed

Paul Richardson's appointment as Gawler Gold Project Manager represents a strategic step toward potential production scenarios. The quarterly report detailed his extensive credentials:

• 36+ years experience in mining operations across multiple commodities
• Specialist expertise in taking projects from study phase to production
• Previous General Manager positions at Mount Gibson Gold and Pacmin Mining
• Express mandate to advance the Gawler Gold project toward production readiness

Richardson's appointment signals management's confidence in advancing the project beyond exploration into development consideration phases.

Scoping Study Underway

The report confirmed that the maiden scoping study for Gawler Gold commenced in November 2025, incorporating comprehensive mine planning components. Consequently, this study will evaluate the full economic potential of the marmota gold discovery.

Study Parameters:

• Whittle optimisation modelling for pit design
• Production scheduling and cash flow modelling
• Integration of Greenewood drilling success
• Processing cost evaluations and metallurgical considerations

Management indicated that outstanding Greenewood results will be incorporated to ensure the study reflects the project's enhanced value proposition following the discovery success.

Financial Position: Well-Funded for Growth

The December quarterly cash flow report demonstrates solid financial foundations supporting continued exploration and development activities. However, maintaining adequate funding remains crucial for advancing the marmota gold discovery through its development phases.

The company raised $90K during the quarter through option exercises, demonstrating ongoing shareholder confidence in project development prospects. With over four quarters of funding available at current expenditure rates, Marmota appears well-positioned to advance multiple drilling programmes and complete its scoping study without immediate capital requirements.

Market Dynamics: Gold Price Momentum Supports Economics

The quarterly report highlighted the strengthening fundamental backdrop for gold projects, which significantly enhances the economic potential of discoveries like Greenewood. Furthermore, these favourable market conditions provide an ideal environment for advancing the marmota gold discovery.

Gold Price Performance Trajectory:

• 18 months ago: A$3,500/oz
• Current levels: Over A$7,500/oz
• Progression: Sequential breaches of A$4,000, A$5,000, A$6,000 thresholds

This doubling of gold prices in Australian dollar terms dramatically enhances the economics of Marmota's discoveries, particularly given the shallow, high-grade nature of mineralisation at both Aurora Tank and Greenewood deposits.

Higher gold prices provide greater margin for error in economic modelling while potentially supporting higher-cost extraction methods if required, though Greenewood's near-surface high grades suggest conventional open-pit potential.

Upcoming Catalysts: Multiple Value-Creation Opportunities

The quarterly report outlined several near-term catalysts that could drive further value recognition and project advancement. Moreover, these milestones will provide multiple opportunities to showcase the potential of the marmota gold discovery.

Immediate Term (Next 2-8 weeks)

1. Greenewood Stage 2 Results: 129 holes covering 10,117 metres of drilling
2. Resources Rising Stars Presentation: 10 February 2026 in Sydney
3. Mainwood First Drilling: Adjacent prospect sharing similar geological characteristics

Medium Term (Next 6 months)

1. Scoping Study Completion: Incorporating comprehensive Greenewood data
2. Resource Estimation: Formal JORC-compliant mineral resource calculation
3. Additional Drilling Programmes: Expanding known deposits and testing new targets

Longer Term Strategic Milestones

Management has indicated progression toward pre-feasibility studies and development decision frameworks, though specific timelines remain subject to ongoing drilling success and study outcomes.

Strategic Investment Considerations

The quarterly report demonstrates Marmota's evolution from early-stage explorer to a company with multiple high-grade discoveries requiring systematic development evaluation. Consequently, the marmota gold discovery success positions the company as an attractive investment proposition.

Key Investment Differentiators:

The combination of exceptional drilling results, strategic asset positioning, and favourable commodity fundamentals creates multiple pathways for potential value creation. With imminent results from expanded drilling and comprehensive scoping study progression, the company offers investors exposure to what appears to be a significant gold development opportunity in its early stages.

Upcoming Investor Presentation

Investors can access management presentations at the Resources Rising Stars conference on 10 February 2026 at 2:30 PM at the Four Seasons Hotel in Sydney.

Investment Summary

Marmota's December quarterly report reveals a company transformed by discovery success at Greenewood, where maiden drilling has delivered some of the best gold results in the Gawler Craton since 1995. The systematic approach to developing multiple high-grade deposits within a concentrated geographic area, combined with experienced management focused on production advancement and record gold prices providing exceptional economic tailwinds, positions the company as a compelling growth proposition.

For instance, investors seeking exposure to high-grade Australian gold discoveries in their development phases will find the marmota gold discovery particularly attractive. The combination of bonanza-grade mineralisation, strategic location, and experienced management team creates a compelling investment opportunity in the current favourable gold price environment.

Want to Learn More About Marmota's Bonanza-Grade Gold Discovery?

With Stage 2 drilling results expected imminently and a scoping study already underway, Marmota Limited (ASX: MEU) is rapidly advancing what could become one of Australia's most significant gold discoveries in decades. The company's systematic approach to developing multiple high-grade deposits within the proven Gawler Gold Arc, combined with bonanza-grade intersections and record gold prices, presents a compelling investment opportunity for those seeking exposure to exceptional Australian gold development projects. To discover more about Marmota's transformational Greenewood discovery and comprehensive project portfolio, visit marmota.com.au and explore the full investment potential of this emerging gold development story.