New Risk • Mar 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.6m free cash flow). Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.95m market cap, or US$4.94m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Jan 14
Marquee Resources Limited Announces First Batch of Assay Results from its Phase 2 RC Drilling Campaign at Mt Clement (Eastern Hills) Antimony/Gold Project in Western Australia Marquee Resources Limited announced the first batch of assay results from its recently completed Phase 2 RC drilling campaign, comprising 2,908 metres for fourteen (14) RC holes at the Mt Clement (Eastern Hills) Antimony/Gold Project in Western Australia. This brings the Project drilling total to 4,254m drilled across 21 RC holes at Mt Clement (Eastern Hills) over two campaigns in the back half of 2025. In September 2025, the Company declared its maiden Inferred Mineral Resource Estimate (MRE) at Mt Clement (Eastern Hills) of 1.14 Mt at 0.6% SbEq for 6,800 t of contained SbEq metal, with antimony contributing 6,000 t of contained metal. Marquee Resources also declared an Exploration Target of approximately 3Mt to 6 Mt with antimony grades of approximately 0.4% to 0.8% at Mt Clement (Eastern Hills). The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in estimation of a Mineral Resource. Two potentially major structures have been intersected which are pivotal to realising the Company's Exploration Target of 3Mt to 6Mt with antimony grades of approximately 0.4% to 0.8% and are now confirmed by drilling. This is the Dugite Zone, which has never previously been drill tested by Marquee and additional Taipan and Gwardar zone veins. Combined, these structures provide significant upside to Marquee's maiden Mt Clement (Eastern Hills) antimony Mineral Resource Estimate (MRE) reported in late 2025. Marquee's Mt Clement (Eastern Hills) drilling has now confirmed the presence of all three mineralised zones; Taipan, Dugite and Gwardar. Assays have now been received and are reported here for seven (7) of the fourteen (14) holes. A second (final) batch will encompass the full suite of Phase 2 assays, is due to be reported in mid to late January. The scale of Phase 2 drilling strike extensions compared to the existing Maiden MRE represents a significant opportunity for the antimony (Sb) resource to grow. The Company looks forward to declaring an updated JORC MRE following receival of all assays. Metallurgical Test work and Strategic Engagements Progressing: Marquee has now delivered two shipments of high-grade antimony-lead-silver ore to Yantai Jinao, who have commenced metallurgical test work. The first sample met expectations in terms of grade and sample quality, prompting the submission of a second, higher-grade sample representing Mt Clement material from the Phase 2 drilling. This follow-up sample is designed to test performance at higher grades and better reflect potential production scenarios. Discussions with Yantai Jinao are ongoing and a meeting of the executives of both Marquee and Yantai Jinao in early February in China is expected to play a key role in advancing the upstream and downstream strategic pathways for the Project. Antimony is listed as a critical mineral in Australia, the United States and Europe, with demand driven by its applications in flame retardants, alloys, semiconductors and military technologies. Global supply is highly concentrated in China and Russia, underscoring the strategic value of new Western world supply sources. Marquee's Mt Clement antimony Project which adjoins Black Cat Syndicate's (ASX:BC8) antimony deposit (which is quoted as "Australia's Largest Undeveloped Antimony Deposit"), is now positioned to become a cornerstone asset of Marquee's in establishing a secure antimony supply chain. These full suite of results confirm robust grades and consistent mineralisation, validating Marquee's strategy to aggressively advance exploration and development of this Project. Phase 2 (batch one) Drill Program Hole by Hole Overview: MQRC396 Two high-grade zones intersected within the existing MRE envelope, confirming 180m of down-dip extension to Taipan mineralisation observed in Phase 1 drilling (MQRC392). MQRC397 Targeted interpreted south easterly dipping Dugite Zone at depth, however, significant deviation in a shallower mineralised zone pulled the hole off course, curtailing the opportunity for intersections at depth. The original Dugite target remains untested at depth. MQRC398 Along strike from MQRC397, also targeting the Dugite Zone. Three minor intersections of mineralisation confirm structures observed in surface mapping. Strong continuation of Dugite mineralisation was intersected, followed by two Gwardar veins at depth. MQRC399 First intersection of far southeast Taipan mineralised splay. The cross-structure proximal to the drill hole may represent a domain boundary for Taipan Zone, with additional splays common to the northeast. MQRC400 Confirmed strike extension of south dipping Taipan Zone, stepped out from mapped outcrop. MQRC401 Numerous zones of thick mineralised intersections of the Taipan veins in an area of complex surface expression. MQRC403 Thick mineralised intersection of Gwardar Zone main vein, with two additional veins delineated in the hanging wall zone. Interpreted moderate to steep southwards dip from mapped outcrops. Next Steps at Mt Clement: Final batch of Phase 2 assays to be received January 2026. Updated JORC Resource at Mt Clement (Eastern Hills) and Exploration Target to follow. Metallurgical test work update. Phase 3 drilling programme to commence during First Quarter 2026. Announcement • Sep 29
Marquee Resources Limited, Annual General Meeting, Nov 26, 2025 Marquee Resources Limited, Annual General Meeting, Nov 26, 2025. 
