1SAEMC 2 DECEMBER 2016

SOUTH AUSTRALIAN EXPLORATION AND MINING CONFERENCE ADELAIDE, 2 DECEMBER 2016Dr Kevin Wills, Acting Managing Director

GAWLER CRATON CHAMPION COPPER and AURORA TANK GOLD PROJECTS

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OUTLINE DisclaimerThis presentation has been prepared by Marmota Limited (“MEU”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though MEU has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by MEU. Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, MEU. In particular they refer only to the date of this document they assume the success of MEU’s strategies, and they are subject to significant regulatory, business, competitive and economic risks and uncertainties. Actual future events may vary materially from those in the forward looking statements. Recipients of this document are cautioned not to place undue reliance on such forwardlooking statements. MEU makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, MEU and its officers, employees, related corporations and agents, disclaim all liability, whether direct, indirect or consequential for any loss or damage arising out of, or in connection with, any use or reliance on this presentation or information.

Cautionary StatementThe estimates of exploration target sizes mentioned above should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there has been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the JORC Code (2012) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource.

Forward Looking StatementThis presentation may contain forward looking statements that are subject to risk factors which are based on MEU’s expectations relating to future events. Forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside the control of MEU, which could cause actual results to differ materially from such statements. MEU makes no undertaking to update or revise the forward-looking statements made in this report to reflect events or circumstances aver the date of this release.

Competent Persons StatementInformation in this presentation relating to Exploration Results and Mineral Resources is based on information compiled by Dr Kevin Wills, acting Managing Director of MEU, who is a Fellow of the Australasian Institute of Mining and Metallurgy. He has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Dr Wills consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Aurora Tank Gold Project• Location• Recent drilling results

Champion Copper Project• Location• Geophysics• Geology• Exploration model• Exploration target

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GAWLER CRATON GOLD PROJECTSMarmota’s tenements in the Gawler Craton, South Australia around the Challenger Gold Mine• Total area 5,700km2

• Centred on the Challenger Gold Mine

• Large coverage of prospective Archean Mulgathing Complex–Christie Gneiss

• Numerous gold prospects – gold province remains underexplored

• Shallow cover – calcrete effective

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Aurora Tank ProspectDRILLING RESULTS

Best downhole gold results at Goshawk Prospect at Aurora Tank.

• Anomalous zone originally defined by calcrete sampling in the late 1990s

• Early drilling by Minotaur located isolated results up to 1m @ 1-2g/t Au

• Drilling by Apollo (in JV with Marmota) in 2014-2015 achieved an intersection of 4m @ 5g/t Au

• Drilling by Marmota in September 2016 led to a number of significant intersections with up to 34g/t Au over 1mF

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Aurora Tank ProspectDRILLING CROSS SECTION

COVERSAPROLITE

SAPROLITESAPROCK

26

27

19

29

96

28

106

56

53

28

20

29

17

317

22

22

157

34

122

42

50

41

61

29

631

718

173

496

3910

77

53

20

23

6

62

4900

1250

462

90

656

148

533

85

23

23

18

36

111

23

35

38

23

32

150

16

11

4

16

7

7

9

5

4

9

26

335

8

5

4

9

10

51

30

40

20

10

40

30

20

10

40

30

20

10

40

20

30

10

40

30

10

20

40

30

20

10

6,71

5,95

0 m

N

412,

350

mE

6,71

5,90

0 m

N

412,

400

mE

6,71

5,80

0 m

N

412,

450

mE

16AT0

64

16AT0

63

16AT0

62

16AT0

61

16AT0

60

16AT0

59

46 4542

44

47

NW SE

0 40m20

10-100 ppb Au

100-500 ppb Au500-1000 ppb Au

>1000ppb Au

SECTION LEGENDW

S

E

NORIENTATION = 150°

SCALE: 1:1,000

VERTICAL EXAG. 2UTM GDA 94 z53

GOSHAWKEL 5589

2016 DRILLING

LINE 13

HOLE TRACE

Dow

nhol

e d

epth

(m)

Au

assa

y (p

pb)

Section Line on Au-in-calcrete grid

160mRL

130mRL

150mRL

120mRL

140mRL

• ppb level gold results from September 2016 drilling

• Significant gold secondary dispersion indicating a primary source at depth

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Aurora Tank ProspectFOLLOW-UP DRILLING

Planned follow-up drilling locations in December 2016• To achieve up to

40 x 20m drill hole spacing in selected areas

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CHAMPION PROSPECT

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Location and tenure of the Champion prospect.

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Champion ProspectDISCOVERY IN MARCH 2014

Section looking northeast. High grade subzones of copper intercepted highlighted by green zones. Remaining zones contain copper <0.1 %.

Example of malachite logged in Phase 1 drill hole WMAC007.

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Champion ProspectMAGNETICS• 2014 drill results on detailed ground

magnetic data• Note poor correlation between

better drill intersections and magnetic highs

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Champion ProspectCALCRETE COPPER

Calcrete geochemistry, hole locations and

mineralised envelopes at the Champion Prospect.

• Best drill results are in an overall area with surface calcrete copper anomalies

• No detailed direct relationship between calcrete copper anomalies and drilling results

• Calcrete copper anomalies present over shallow copper anomalous bedrock

• Good grades at depth may not be reflected in surface calcrete copper anomalism

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Champion ProspectRADIOMETRICS

Copper mineralisation in relation to airborne radiometric anomalies; (a) Total Count, (b) Potassium, (c) Uranium, (d) Thorium.

• Partial annular radiometric response surrounds mineralisation

• Possibly caused by monazite and k-feldspar in a thermal aureole to a Hiltaba Granite

2D projection of mineralisation

Interpretation of partial annular radiometric anomlies

Approximate postion of conceptual model section

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(a (b)

(d) (c)

Figure 3: Champion prospect copper mineralisation in relation to airborne radiometric anomalies; (a) Total Count, (b) Potassium, (c) Uranium, (d) Thorium.

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Champion ProspectGEOLOGY

Interpreted geological elements in the vicinity of Champion Prospect.

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Figure 5: Interpreted geological elements in the vicinity of the Champion prospect.

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Figure 5: Interpreted geological elements in the vicinity of the Champion prospect.

• Elements of geological model

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The polygonal Exploration Target is therefore based on actual recent drill hole intersections and is defined as between 1.7 and 3.1 million tonnes at a grade of 0.8% to 1.2% copper. This target is partly conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain that further exploration will result in the estimation of a Mineral Resource. Sectional Estimation Since the previous drill holes can be projected onto five straight lines with holes at approximately 50 metre centres, it is also possible to carry out a type of sectional estimate of the size and grade of intersected mineralisation. This has been carried out and the results presented in Figure 9 and Table 2. This is not a normal sectional estimate where all sections are parallel and mineralisation is projected half way to the adjacent section. Instead here, a lateral projection distance of either 25 or 50 metres either side of the section has been used. These distances are thought to be reasonable considering the on section correlations, intersection lengths and style of mineralisation. However, this again creates sufficient uncertainty to disallow classification as an Inferred Resource. The five sections were grade contoured as shown on Figure 9. This process allows perimeters to be drawn at different cut-off grades and to be referenced as shown on Figure 9. Tonnage of mineralisation has been estimated by the product of perimeter area, lateral projection length and a

Figure 6: Conceptual geological model of Champion secondary and primary copper mineralisation.

Champion ProspectGEOLOGICAL MODEL

Conceptual geological model of Champion secondary and primary copper mineralisation.

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The polygonal Exploration Target is therefore based on actual recent drill hole intersections and is defined as between 1.7 and 3.1 million tonnes at a grade of 0.8% to 1.2% copper. This target is partly conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain that further exploration will result in the estimation of a Mineral Resource. Sectional Estimation Since the previous drill holes can be projected onto five straight lines with holes at approximately 50 metre centres, it is also possible to carry out a type of sectional estimate of the size and grade of intersected mineralisation. This has been carried out and the results presented in Figure 9 and Table 2. This is not a normal sectional estimate where all sections are parallel and mineralisation is projected half way to the adjacent section. Instead here, a lateral projection distance of either 25 or 50 metres either side of the section has been used. These distances are thought to be reasonable considering the on section correlations, intersection lengths and style of mineralisation. However, this again creates sufficient uncertainty to disallow classification as an Inferred Resource. The five sections were grade contoured as shown on Figure 9. This process allows perimeters to be drawn at different cut-off grades and to be referenced as shown on Figure 9. Tonnage of mineralisation has been estimated by the product of perimeter area, lateral projection length and a

Figure 6: Conceptual geological model of Champion secondary and primary copper mineralisation.

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Champion ProspectDRILLING CROSS SECTIONS

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Figure 9A: Sectional mineralisation estimation with grade perimeters, assays and downhole magnetics, Line A (WMAC028 and WMAC029)

Sectional mineralisation estimation with grade perimeters, assays and downhole magnetics. (left) Line A (WMAC028 and WMAC029), and (right) Line C (WMAC026, WMAC025 and WMAC024).• Zones of secondary copper mineralisation 10-15m thick

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Figure 9C: Sectional mineralisation estimation with grade perimeters, assays and downhole magnetics, Line C (WMAC026, WMAC025 and WMAC024). For

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Champion ProspectMINERALOGY

Hole WMAC028, 46–50m, ordinary light. Scattered grains of green malachite composite within goethite-limonite.

Hole WMAC012, 71–73m, reflected light (x50). Example of a disseminated chalcopyrite within calc silicate aggregates.

• Suggestive of copper oxidation in situ

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Champion ProspectEXPLORATION TARGETand FOLLOW-UP DRILL PROGRAM

Polygonal mineralisation estimation and proposed first phase of drilling.

Exploration Target• 1.0 to 4.0 million tonnes at a grade

of 1.0 to 1.5% copper

Follow-up Exploration Program• IP survey (boundary shown)• Follow-up drilling program

− First Stage (orange holes); 26 holes for 1690m

− Second Stage (yellow holes); 21 holes for 1365mF

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