New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 6.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (AU$21.3m market cap, or US$14.7m). New Risk • Mar 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (65% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$19.9m market cap, or US$13.9m). Announcement • Mar 18
Marvel Gold Limited, Annual General Meeting, May 14, 2026 Marvel Gold Limited, Annual General Meeting, May 14, 2026. Announcement • Sep 05
Metals One PLC (AIM:MET1) acquired a 10.45% stake in Evolution Energy Minerals Limited (ASX:EV1) from Marvel Gold Limited (ASX:MVL) for AUD 0.42 million. Metals One PLC (AIM:MET1) acquired a 10.45% stake in Evolution Energy Minerals Limited (ASX:EV1) from Marvel Gold Limited (ASX:MVL) for AUD 0.42 million on September 3, 2025. In related transaction, Metals One will underwrite a portion of Evolution's announced Rights Issue at AUD 0.01 up to AUD 530,000 (approximately £257,000) (the "Underwriting") of the fully underwritten AUD 1.45 million total Rights Issue.
Beaumont Cornish Limited is nominated adviser of Metals One.
Metals One PLC (AIM:MET1) completed the acquisition of a 10.45% stake in Evolution Energy Minerals Limited (ASX:EV1) from Marvel Gold Limited (ASX:MVL) on September 3, 2025. Announcement • Sep 03
Marvel Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 0.249899 million. Marvel Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 0.249899 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,445,002
Price\Range: AUD 0.0173
Transaction Features: Subsequent Direct Listing New Risk • Jun 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 61% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Revenue is less than US$1m (AU$25k revenue, or US$16k). Minor Risk Market cap is less than US$100m (AU$18.8m market cap, or US$12.2m). Announcement • Apr 29
Marvel Gold Limited, Annual General Meeting, May 27, 2025 Marvel Gold Limited, Annual General Meeting, May 27, 2025. Location: at suite 1, 130 hay street, subiaco wa 6008 Australia New Risk • Apr 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Revenue is less than US$1m (AU$25k revenue, or US$15k). Market cap is less than US$10m (AU$14.0m market cap, or US$8.48m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Revenue is less than US$1m (AU$49k revenue, or US$31k). Market cap is less than US$10m (AU$11.2m market cap, or US$7.05m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Mar 21
Marvel Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 4.2344 million. Marvel Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 4.2344 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 215,900,000
Price\Range: AUD 0.008
Security Name: Ordinary Share
Security Type: Common Stock
Securities Offered: 297,775,000
Price\Range: AUD 0.008
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,625,000
Price\Range: AUD 0.008
Transaction Features: Subsequent Direct Listing New Risk • Jun 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. 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$2.2m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m (AU$18k revenue, or US$12k). Market cap is less than US$10m (AU$7.77m market cap, or US$5.16m). Announcement • Apr 28
Marvel Gold Limited, Annual General Meeting, May 29, 2024 Marvel Gold Limited, Annual General Meeting, May 29, 2024, at 10:00 W. Australia Standard Time. Location: Suite 1, 130 Hay Street, Subiaco Western Australia Australia Agenda: To receive and consider the annual financial report, directors' report, and auditor's report for the Company and its controlled entities for the year ended 31 December 2023; to consider Adoption of Remuneration Report; to consider Re-election of Director - Mr. Howard Golden; to consider Appointment of Auditor at AGM to Fill Vacancy; and to consider Approval of 10% Placement Facility - Listing Rule 7.1A. Announcement • Jul 04
Marvel Gold Limited Announces Executive Changes Marvel Gold Limited announced that Mr. Stuart McKenzie has resigned as Marvel's Company Secretary and Commercial Manger, and Ms Joanna Kiernan has been appointed as Company Secretary, effective immediately. Mr. McKenzie has been an important part of the Company since its IPO as Graphex Mining in 2016 and was instrumental in the successful IPO of Evolution Energy Minerals, where he continues as the Company Secretary and Commercial Manager.The Board of Marvel would like to thank Mr. McKenzie for his contribution during his tenure and wishes him well for his future endeavours. Ms Kiernan is a governance professional with over 18 years' experience in the operationand administration of publicly listed companies, primarily in the resources sector. Ms Kiernan has held the role of Company Secretary for numerous ASX, AIM and SGX listed companies. Ms Kiernan is currently Company Secretary of Golden Rim Resources. Announcement • Jan 21
Marvel Gold Limited Announces Results of the High-Resolution Gradient Array Induced Polarisation Geophysical Survey Marvel Gold Limited announced the results of the high-resolution Gradient Array Induced Polarisation geophysical survey which was completed at the Kolondieba Gold Project (Kolondieba), located in south-east Mali in December 2022. Kolondieba is held under a joint venture with B2Gold Corporation in which Marvel holds an 80% interest. Three targets were selected for follow-up with GAIP based on the results of auger drilling carried out earlier in 2022. The Gradient Array IP survey has shown the underlying fabric within the bedrock, in particular that the anomalies are sitting atop north-south trending structures which link to the BSZ. These north-south trending structures were not evident in the magnetics, which in this area shows the BSZ but is otherwise magnetically quiet. The auger drilling results themselves are particularly significant as they confirm that the mineralisation evident in the soil geochemistry is in-situ and not transported. Furthermore, the level of anomalism is noteworthy; numerous holes show results at greater than 10 times the detection limit (>0.05ppm) and many holes display values that are over 20 times the detection limit (>0.1ppm). Peak values above 1g/t (200x detection) in Auger drilling are both exceptional and rare. Auger drilling has been used to successfully demonstrate the presence of ore grade mineralisation in West Africa with Predictive Discovery Limited's (PDI) North-East Bankan deposit in Guinea being a notable example. The Company continues to interpret the geophysical results and notes that a number of the structures thought to host mineralisation are open along strike on the structures thought to host mineralisation in bedrock. Further reconnaissance drilling to extend and infill the currently defined anomalies is the most likely outcome of this process. Kolondieba straddles the BSZ, which is a major geological structure in the south of Mali. The BSZ is interpreted to be the major controlling (first order) structure responsible for gold mineralisation at the 7.5 million ounce Morila gold mine, and Marvel's one million ounce Tabakorole gold deposit, both of which are located on splays (second order structures) linked to the BSZ. Mineralisation at Kolondieba appears to be associated with a lithological contact between felsic intrusives and metasediments, and a major adjacent structure parallel with the BSZ. Mafic and ultramafic lithologies also appear to have some control over gold mineralisation. This is a very similar geological setting to the nearby Morila deposit, where gold mineralisation is thought to be partly controlled by the emplacement of Birimian-aged granitic intrusives into the overlying sediments. Gradient Array IP is a certain type of IP survey configuration which allows for relatively quick and cost-effective surveying of large areas. IP is an electrical geophysical method for the mapping of rock properties potentially indicative of gold mineralisation. In particular, it maps-out the resistivity-conductivity and chargeability characteristics of rock. Mineralisation is frequently found in rock formations that are both resistive and chargeable; the resistive nature caused by intense silicification during the hydrothermal deposition of gold and the chargeable nature due to the presence of disseminated sulphide minerals (such as pyrite) which carry the gold. Therefore, targets that are both resistive and chargeable are potentially very significant. Announcement • Jan 13
Marvel Gold Limited Announces Results of Reconnaissance Auger Drilling At the Yanfolila Gold Project , Located in Southern Mali Marvel Gold Limited announced the results of reconnaissance auger drilling at the Yanfolila Gold Project, located in southern Mali. Yanfolila is held under a joint venture with B2Gold in which Marvel holds an 80% interest. A total of 872 holes for 10,586 metres were drilled across three broad target zones, including the area hosting the Solona prospect which hosts known mineralisation and extensive artisanal gold workings targeting stockwork quartz veins. The Solona target area., returned 34 holes containing 0.1 g/t Au gold, including 5 holes that returned values 0.5 g/t Au, with a peak value of 1.8 g/t Au. Significantly, the auger drilling suggests that ore-grade mineralisation may extend along strike beyond the limits of the currently known mineralisation at Solona and that another gold-mineralised system parallel with the Solona prospect is located approximately 500m to its north-west and which remains open to the north-west. Drilling at the Yanfolila Eastern Target was terminated prematurely due to the onset of seasonal rains. At this target, drill line spacing was very broad, but results suggest that mineralisation encountered during an earlier phase of auger drilling continues over a strike length of at least 1.2km parallel to a known shear zone. Drilling in the north of the Yanfolila licence was confirmatory only, with one line of drilled across each anomaly. The area contains numerous shallow artisanal gold workings targeting the base of the laterite and the auger drilling suggests that this gold is transported and has not been locally sourced. First-pass drilling of the Solona prospect at Yanfolila in 2012 returned significant intersections including 26.5m at 3.59g/t Au and 15.6m at 2.01g/t Au within an extensive gold-in-soil anomaly that extends for over 2km, where there has been limited drilling. During 2015, Oklo Resources Limited completed a shallow aircore drilling program that tested a new gold geochemical anomaly outlined by soil sampling at the Solona North-West prospect, located 2.1km to the northwest of Solona Main. Significant drill intersections from the program included 6m at 5.29g/t Au and confirmed the presence of bedrock gold mineralization associated with the extensive quartz veining. A 5-hole RC program that was completed in 2016 returned a best result of 4m at 2.75g/t Au. Auger drilling is a rapid and cost-effective reconnaissance drilling technique used to test the bedrock in order to confirm that gold-in-soil anomalies are sourced from the underlying geology and that they have not been transported. Auger drilling has confirmed that in two of the three target zones tested, the soil anomalies are not transported but are in fact derived from the underlying bedrock. The auger drilling was conducted as follow-up to a previous soil sampling program which defined strong and largely coherent gold and arsenic anomalism interpreted to be focussed at lithological contacts which are often favourable sites for the formation of quartz veins. Lithologies are composed primarily of Birimian volcano-sedimentary units of fine to coarse grained siliciclastic sediments interbedded with minor felsic and mafic volcanic rocks and volcaniclastic units. The sequence has been intruded by a series of biotite- bearing monzogranites, and porphyritic granites and microgranites, which in turn have been intruded by fine-grained granite and granodiorite. The smaller intrusions generally have a northeast trend, corresponding with the regional foliation. Major structures generally strike NE-SW with mineralisation typically hosted in stockwork quartz veins which have formed at lithological contacts adjacent to the major structures. The Yanfolila auger samples will now be analysed in-house by the Company's portable X-ray fluorescence machine. This will provide multi-element geochemical data which will enhance the understanding of the geology at Yanfolila, the results of which will inform the drill targeting process. Announcement • Nov 24
Marvel Gold Limited Announces Board Changes Marvel Gold Limited announced the appointment of Mr. Howard Golden as a non-executive director of the Company. Mr. Golden replaces Mr. Andrew Pardey, effective immediately. Mr. Pardey has informed the Marvel directors that owing to the commitment associated with his role as Managing Director of ASX listed Predictive Discovery Limited, he has elected to step down as a non-executive director of Marvel. Mr. Golden brings over 40 years of experience in the mining industry, across six continents, having played a pivotal role in the discovery of the Syama, Oyu Tolgoi, Agbaou and West Musgrave ore deposits. Mr. Golden has held senior executive roles with major listed companies, including as Global Exploration Manager for Nordgold, as General Manager Exploration of Rio Tinto, as Regional Director of Exploration at Kinross Gold Corporation, as Chief Geophysicist of WMC Resources in Australia and as Principal Geoscientist for BHP Minerals. Mr. Golden has a proven global track record of exploration success, leading multi-disciplined exploration programs in different climates, conditions and regulatory regimes. Announcement • Nov 17
Marvel Gold Limited Announces A High-Resolution Gradient Array IP Survey Underway At the Kolondieba Project Marvel Gold Limited announced that a high-resolution Gradient Array Induced Polarisation (GAIP) geophysical survey has commenced at the Kolondieba Gold Project (Kolondieba), located in south-east Mali. Kolondieba is held under a joint venture with B2Gold Corporation in which Marvel holds an 80% interest. The auger drilling identified three standout targets, each of which yielded significant gold anomalism over 1km of strike length and several hundred metres across. It is these three targets that will be the focus of the GAIP survey (Figure 1). It is anticipated that the survey will help to define the spatial distribution of chargeability and resistivity highs, which are essentially proxies for gold-bearing sulphides and silicification and/or quartz veining, respectively. Together with the auger drilling results, the findings of the GAIP survey will be used to plan deeper follow-up reverse circulation (RC) or diamond drilling (DD) as appropriate. Kolondieba straddles the Bannifin Shear-Zone (BSZ) which is a major geological structure in the south of Mali. The BSZ is interpreted to be the major controlling (first order) structure responsible for gold mineralisation at the 7.5 million ounce Morila gold mine, and Marvel's one million ounce Tabakorole gold deposit, both of which are located on splays (second order structures) linked to the BSZ. Mineralisation at Kolondieba appears to be associated with a lithological contact between felsic intrusives and metasediments, and a major adjacent structure parallel with the BSZ. Mafic and ultramafic lithologies also appear to have some control over gold mineralisation. This is a very similar geological setting to the nearby Morila deposit, where gold mineralisation is thought to be partly controlled by the emplacement ofBirimian-aged granitic intrusives into the overlying sediments. Gradient Array IP is a certain type of IP survey configuration which allows for relatively quick and cost-effective surveying of large areas. IP is an electrical geophysical method for the mapping of rock properties potentially indicative of gold mineralisation. In particular, it maps-out the resistivity-conductivity and chargeability characteristics of rock. Mineralisation is frequently found in rock formations that are both resistive and chargeable; the resistive nature caused by intense silicification during the hydrothermal deposition of gold and the chargeable nature due to the presence of disseminated sulphide minerals (such as pyrite) which carry the gold. Therefore, targets that are bothresistive and chargeable are potentially very significant.The ongoing survey will be completed with 100m line spacing and 25m station spacingalong those lines and is expected to take around one month to complete. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Stephen Dennis was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 13
Marvel Gold Limited Announces Resignation of Phil Hoskins as A Non-Executive Director Marvel Gold Limited announced the resignation of Phil Hoskins as a non-executive director of the Company, effective 13 October 2022. Mr. Hoskins has informed the Marvel directors that owing to his role as Managing Director of ASX listed Evolution Energy Minerals Limited, he has elected to step down as a non-executive director of Marvel. Announcement • Aug 03
Marvel Gold Limited Announces the Results of Recently Completed Aircore Drilling and Gradient Array Induced Polarity (Gaip) Survey on the Tabakorole Project Marvel Gold Limited announced the results of its recently completed Aircore drilling and Gradient Array Induced Polarity (GAIP) survey on the Tabakorole project, located in south-east Mali. The `Inner Bend' of the Tabakorole deposit hosts a number of historical drillholes that encountered mineralisation, which have not been included in the current resource due to their orientation, being sub-parallel to mineralisation. The best historical intersections in this zone include 16m at 2.3g/t, 34m at 1.4g/t, 3m at 7.3 g/t and 34m at 1.2g/t.1 The present Aircore program was designed to infill the drilling in this area and establish the position at which this zone projects to surface. This information will help to constrain future drilling in an orientation more suited to inclusion within a resource estimate. This Aircore drilling was successful in delineating the `Inner Bend' over a strike length of approximately 300m with best intercepts of 8m at 3.7g/t from surface, 10m at 1.2g/t from 6m and 6m at 1.2g/t from 8m. It should be noted that the Aircore drilling was carried out to blade refusal only with the aim of sampling the base of saprolite and several holes ended in mineralisation. This is significant given that the total resource length is approximately 3.2km and this inner bend extends from surface and is within 50m of the existing deposit. As such, it has the potential to materially add to the Tabakorole Mineral Resource. A large-scale GAIP survey, covering an area of 38km2 was undertaken over the Tabakorole corridor between late April and June of 2022. The aims of this survey were to provide additional structural information over the prospective Tabakorole corridor and to directly identify zones of chargeability or resistivity which may indicate either sulphide mineralisation or silica alteration associated with gold. The precursor to this survey was successful drilling at the Lone Wolf target where gold was associated with sulphides and a review of historical data at Tabakorole, which included two orientation IP grids which indicated that the mineralisation at Tabakorole was associated with zones of moderate chargeability and moderate resistivity. Importantly the deposit can be imaged in the data and thus the data will be an important targeting tool going forwards. The GAIP method is a geophysical method commonly used in West African gold exploration and was identified as being suitable for use at Tabakorole based on two smaller historical surveys conducted over the Tabakorole deposit. Taking GAIP measurements involves use of a transmitter to generate a current, and a receiver to measure the resulting voltages. GAIP provides two forms of results: Resistivity and Chargeability. The Resistivity uses voltage and current measurements to calculate the resistivity of the rocks, while Chargeability involves measuring the subsurface voltage response of the underlying geology at certain times after the current supply is switched off. Announcement • Jun 23
Marvel Gold Limited Announces Results of Reconnaissance Auger Drilling at Kolondieba in South-East Mali Marvel Gold Limited announced the results of reconnaissance auger drilling at Kolondieba, located in south-east Mali. The Project is held under a joint venture with Oklo Resources in which Marvel holds an 80% interest (Oklo JV). Four targets at Kolondieba were tested, each of which exhibited strong and spatially extensive bedrock gold anomalism. The general stratigraphy trends northeast-southwest, however the mineralisation at Target One appears to trend approximately north-south, giving it a strike length of over 2km and a width of up to 700m. At Target One, six holes returned intercepts greater than 1 g/t gold, with a peak value of 2.35 g/t gold in auger hole 22KDBAG1337. Mineralisation at Target Two is slightly disjointed, with an approximate strike length of 1km and a peak value of 0.74 g/t gold reported. Anomalism remains open along strike to both the north and south. has a strike length of approximately 1.6km and a width of almost 800m. It remains open along strike to both the north and south. Eight holes returned intercepts greater than 0.5 g/t gold, with a peak value of 1.54 g/t gold in auger hole 22KDBAG1474. Target Four is located to the east of Kolondieba and is interpreted to be the strike extension of mineralisation found in the neighbouring Kalaka licence of London-listed Panthera Resources. Historical drilling in the Kalaka licence has returned 249.3m at 0.54 g/t (from 52m to end of hole), including 8m at 3.17 g/t. Target Four has a strike length of approximately 650m and a width of 350m. It remains open along strike to both the north and south. Nine holes returned intercepts greater than 0.2 g/t gold, with a peak value of 1.68 g/t gold in hole 22KDBAG0646. At Kolondieba, a total of 1,354 holes were drilled across 11 targets, all of which returned significant bedrock gold anomalism. Three standout targets each yielded 0.1g/t gold anomalism over 1km of strike length and several hundred metres across, with numerous 0.5g/t intercepts encountered in 5 of the 11 targets tested. Auger drilling is a rapid and cost-effective reconnaissance drilling technique used to test the bedrock in order to confirm that gold-in-soil anomalies are sourced from the underlying geology and that they have not been transported. The auger drilling was conducted as follow-up to a previous soil sampling program which defined strong and largely coherent gold anomalism passing through the centre of the Kolondieba permit. Auger drilling has confirmed that these soil anomalies are not transported but are derived from the underlying bedrock. The strongest gold-in-soil anomalies were drill tested, however several other soil anomalies remain untested. of the targets drilled, many remain open along strike. The Kolondieba auger samples will now be analysed in-house by the Company's portable X-ray fluorescence (pXRF) machine. This will provide multi-element geochemical data which will enhance the understanding of the geology at Kolondieba, the results of which will inform the drill targeting process. A high-resolution Gradient Array Induced Polarisation survey is planned over Targets One to Four covering a combined area of approximately 13km2. The results of this survey, in conjunction with the auger drilling assay data, will help to better define follow-up targets for reverse circulation drilling. Announcement • May 16
Marvel Gold Limited Announces Initial Results of Reconnaissance Auger Drilling At Its Kolondieba Gold Project Marvel Gold Limited announced initial results of reconnaissance auger drilling at its Kolondieba Gold Project located in south-east Mali. Kolondieba is held under a joint venture with Oklo Resources in which Marvel holds an 80% interest. Auger drilling at Kolondieba commenced on the southern target area based on its strength of anomalism and ease of access. To date, results have been received for around 12 lines of auger drilling with two of the targets drilled returning highly anomalous gold results. In particular, the southern target area has revealed six holes returning above 1g/t gold, with a peak value of over 2g/t gold, which is an excellent result for auger drilling, where generally any values over 100 parts per billion gold or 0.1g/t gold would be considered anomalous. Lines were drilled approximately 400m apart, with holes drilled around 30m apart along the drill line. As such, the lines require infill auger drilling to help to further define the target, which is under way. The second target, drilled to the north-east, has also uncovered highly anomalous gold with peak gold values of 0.74g/t gold and 0.55g/t gold on adjacent lines spaced 200m apart and further auger holes are planned in this area. Auger drilling is a rapid and low-cost geochemical drilling technique designed to sample the interface between the overlying soil and the underlying bedrock. This method is an important first pass screening tool and results in an enhanced geochemical response and tighter geochemical anomalies which can be used to guide follow up work. Marvel has had two auger rigs active at Kolondieba since the start of April and to date has completed around 700 holes of a planned 1,200 hole program designed to test a number of targets as shown by the planned auger lines in Figure 1 below. One rig continues to test regional targets whilst the second rig has returned to infill the most southern target. Completion of this auger drilling campaign is expected around the end of June 2022. At Yanfolila, a further two auger rigs are actively testing targets that were recently defined by soil geochemistry. To date, a total of 150 holes have been drilled out of a planned 1,300 hole program with first assay results expected in the coming weeks. At Tabakorole, line cutting in preparation for a Gradient Array IP survey has been ongoing with over 60 line km cut to date. The geophysical survey is due to commence imminently at Tabakorole and is expected to be completed in the third quarter of 2022. The Company looks forward to updating the market as the exploration progresses. Announcement • May 12
Marvel Gold Limited Announces the Results from Multi-Element Soil Geochemistry Carried Out At the Yanfolila Gold Project (Yanfolila or the Project), Located in Southern Mali Marvel Gold Limited announced the results from multi-element soil geochemistry carried out at the Yanfolila Gold Project (Yanfolila or the Project), located in southern Mali. The Project is held under joint venture with Oklo Resources Limited, in which Marvel holds an 80% interest. During 2021, the Company collected approximately 2,160 soil samples as part of its maiden exploration program at Yanfolila. The main objective of this program was to verify the results of historical soil sampling using modern low-detection, multi-element analysis. The soil geochemistry was successful in that it verified the historical soil results and confirmed the presence of several large, discrete targets exhibiting gold and multi- element anomalism. The work identified known mineralisation at Solona where historical drilling has intersected 9m at 20.1g/t Au from 43m (and ending in mineralisation) and 16m at 2.1g/t from surface1. In addition, the soils appear to highlight one zone to the north-west of Solona that is untested by drilling and located between Solona Main Zone and Solona north-west. In keeping with Marvel's philosophy of conducting systematic exploration on its exploration properties, the Company conducted a soil sampling program at Yanfolila in 2021. Soil sampling was completed on a 300m x 300m sampling grid with soil samples subjected to ionic leach followed by ICP-MS analysis to establish the pathfinder element anomalism across the Project. Ionic Leach is a powerful geochemical method of determining soil anomalism derived from underlying in situ mineralisation. Over multiple cycles of rain and evaporation, meteoric waters dissolve elements in the ground which rise upwards towards the surface, with the ions being deposited on the surface of soil grains. During analysis, the grains themselves are not dissolved (as with a 4-acid digest, or Aqua Regia digest), but the ions that coat the grain surfaces are washed-off using a weak alkali solution. It is the chemistry of this solution which is assayed and not the chemistry of the physical soil. This means that Ionic Leach will typically yield low absolute values, but the signal-to- noise ratio is enhanced, allowing for robust anomaly detection over large areas. Announcement • Apr 27
Marvel Gold Limited Announces Lone Wolf Delivers Outstanding High-Grade Gold Intercepts Marvel Gold Limited announced the results of RC drilling at the Lone Wolf Prospect (Lone Wolf) on the Tabakorole License (Tabakorole or the Project), located in southern Mali. The Tabakorole License is held under a joint venture with Altus Strategies plc, in which Marvel holds a 70% interest. During March 2022, the Company completed a 5-hole reconnaissance RC drilling program, for a total of 415m at Lone Wolf located approximately 3km south of Tabakorole in an area that was previously the subject of artisanal mining activity. Historical drilling at Lone Wolf intersected 12m at 1.2g/t Au from surface and was followed up by Marvel with Aircore drilling which intersected 4m at 1.3g/t Au from 8m and 4m at 2.7g/t Au from 20m, ending in mineralisation. The shallow RC program was designed to test whether Lone Wolf hosts potentially economic mineralisation by drilling follow-up RC holes on sections 50m to either side of the mineralised Aircore intercept. The program successfully intersected mineralisation in 3 out of 5 holes with best intercepts recorded in hole 22TBKRC021: 8m at 1.8g/t Au from 16m and; 14m at 4.9g/t Au (including 4m at 16.3gt/t Au) from 33m; and 10m at 1.9g/t Au from 55m. Additional notable intercepts included: 6m at 1g/t Au from 1m and 11m at 0.9g/t Au from 64m in hole 22TBKRC017; and 4m at 0.9g/t Au from 63m in hole 22TBKRC019. The initial interpretation of Lone Wolf was that mineralisation was associated with the contacts of a magnetic low unit (interpreted as a granite body) within the surrounding metasediments. Artisanal miners had initially set about mining the base of the laterite, however had transitioned to mining the in-situ mineralisation following the completion of the Company's 2021 Aircore drilling program. Due to the artisanal workings, drillholes had to be drilled towards both the north-east and south-west to intersect the mineralisation which is believed to be sub-vertical and trending in a north-northwesterly direction based on the artisanal workings. The current RC program has shown that the mineralisation is hosted both within a unit logged as a metagreywacke (a metamorphosed mudstone) but with the best intercepts being within granitic host rocks and at or near to the contacts with the metasediments. The mineralisation in the drillholes was associated with sulphides (Pyrite and Pyrrhotite) with visual estimates up to 10% sulphides in RC chips. This suggests that Induced Polarity (IP) would work well to define the mineralisation at Lone Wolf and this is the planned next step before further drilling is undertaken later in the current season. The Company also drilled a series of Aircore lines along strike from the Lone Wolf artisanal workings with many holes encountering anomalous gold in the range of 30-100ppb gold. The end of hole samples will be sent for multi-element analysis to allow further geochemical discrimination using pathfinder elements. Due to the reconnaissance nature of the drilling, true heel-toe coverage was not achieved and thus it is likely that other pods of mineralisation exist in the near vicinity and these should be detectable using geophysics (IP). Initial (gold only) results have now been received for all outstanding Aircore and auger drilling at Tabakorole, with end of hole samples remaining to be sent off for multi-element analysis overseas. The previously reported Target H results were followed up with 3 further lines of Aircore and included one potentially economic intercept of 7m at 2.1g/t Au and ending in mineralisation. Target I encountered several high gold values with peaks of 2m at 5.2g/t and 2m at 0.33g/t while Target J returned a peak value of 2m at 0.49g/t with moderately anomalous gold ranging between 30-80ppb encountered on adjacent lines. Importantly these results demonstrate the presence of mineralisation at these targets and the results are planned be followed up with IP concurrently with Lone Wolf. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Stephen Dennis was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 26
Marvel Gold Limited, Annual General Meeting, May 31, 2022 Marvel Gold Limited, Annual General Meeting, May 31, 2022, at 09:00 W. Australia Standard Time. Location: at Emerald House, 1202 Hay Street, West Perth Western Australia Australia Agenda: To table and consider the Annual Report of the Company and its controlled entities for the financial year ended 31 December 2021, which includes the Financial Report, the Directors' Report and the Auditor's Report; to consider adoption of Remuneration Report; to consider re-Election of Director Mr. Andrew Pardey; to consider election of Director Mr. Phil Hoskins; to consider Approval of Additional 10% Issuance Capacity; and to consider other matters. Announcement • Apr 13
Marvel Gold Limited Announces Results from Multi-Element Soil Geochemistry Carried Out At Kolondieba Gold Project Marvel Gold Limited announced the results from multi-element soil geochemistry carried out at the Kolondieba Gold Project located in southern Mali. The soil geochemistry was extremely successful in that it both spatially verified the historical Randgold results and confirmed the presence of several large, discrete targets exhibiting gold and multi-element anomalism within the regional trend along the Bannifin shear zone. In addition, one new target has been uncovered, in an area previously unsampled by Randgold In keeping with Marvel's philosophy of conducting systematic exploration on its exploration properties, the Company embarked on a soil sampling program at Kolondieba project in November 2021. Soil sampling was completed on a 400m x 400m sampling grid with soil samples subjected to ionic leach followed by ICP-MS analysis to establish the pathfinder element anomalism across the Kolondieba project. Ionic leach is a powerful geochemical method of determining soil anomalism derived from underlying in situ mineralisation. Over multiple cycles of rain and evaporation, meteoric waters dissolve elements in the ground which rise upwards towards the surface, with the ions being deposited on the surface of soil grains. During analysis the grains themselves are NOT dissolved (as with a 4-acid digest, or Aqua Regia digest), but the ions that coat the grain surfaces are washed-off using a weak alkali solution. It is the chemistry of this solution which is assayed and not the chemistry of the physical soil; this means that Ionic Leach will typically yield low absolute values, but the signal-to-noise ratio is enhanced, allowing for robust anomaly detection over large areas. In the case of Kolondieba, the soils have allowed for verification of the historical Randgold soils as well as providing pathfinder elements which lend additional support to the targets generated. The pathfinder elements with the greatest correlation to gold are arsenic and copper as shown in Figure 2 above. Arsenic and copper are common pathfinders associated with gold deposits in the Birimian terranes of West Africa and the close spatial association of these pathfinders with the gold anomalies reinforces the validity of the gold anomalies and helps to eliminate false positive gold anomalies produced by alluvial gold. The targets generated from the soil geochemistry at Kolondieba are currently being followed up with auger drilling. Announcement • Feb 24
Marvel Gold Limited Announce the Results of Reconnaissance Auger and Aircore Drilling and Multi-Element Soil Sampling At Its Tabakorole Gold Project Located in South-East Mali Marvel Gold Limited announced the results of reconnaissance Auger and Aircore drilling and multi-element soil sampling at its Tabakorole Gold Project located in south-east Mali. The Project is held under two separate joint ventures, the Oklo JV (80% interest) and the Altus Strategies plc JV (currently 70%). Auger and Aircore reconnaissance drilling; Auger and Aircore drilling are rapid and cost-effective reconnaissance drilling techniques used to collect geochemical samples in areas where the soil geochemistry has been shown to be ineffective. In areas of residual soils or thin lateritic cover, Auger drilling is used to collect a geochemical sample at the soil-rock interface, which is most likely to give a clean geochemical response. In areas with thicker cover, Aircore drilling is used to get through the cover and collect a bedrock sample for geochemistry. Tabakorole trend - Target H and Lone Wolf; Target H is situated within the Tabakorole trend, which outlines the northern boundary of the regional structural corridor which is interpreted as a splay off the Bannifin Shear Zone. The million-ounce Tabakorole deposit2 is located at the north-eastern end of this trend. Soil sampling undertaken in 2021 identified three discrete zones of anomalous gold in soils along trend from the Tabakorole deposit. These zones (named Targets H, I and J) have been tested with Aircore drilling with the Target H results showing anomalous gold over 600m of strike with peak values of 0.55g/t Au and 0.58g/t Au. Target H remains open to the south-east while results from Targets I and J remain outstanding. Follow-up Aircore drilling is planned to test the full strike extent of Target H. Seven additional Aircore lines have been drilled along strike from Target H, at Targets I and J, the results of which are pending. Aircore drilling is currently under way at the Lone Wolf Target, located 2.7km south-east of Tabakorole and within the same trend as Targets H, I and J. Previous drilling in 2021 returned 4m at 1.3g/t Au and 4m at 2.7g/t Au, ending in mineralisation (Aircore hole 21TBK00963). A solitary 2005 RC hole (05FLRC-97) into the Lone Wolf Target intersected 12m at 1.2g/t gold from surface4 and was never followed up. Four additional lines of Aircore drilling are planned, covering a strike length of 700m. Since the Aircore drilling campaign in 2021, artisanal miners have become active on this target lending further evidence to support mineralisation in this area. Announcement • Aug 10
Marvel Gold Limited announced that it expects to receive AUD 4.2 million in funding from DELPHI Unternehmensberatung Aktiengesellschaft, Deutsche Balaton AG Marvel Gold Limited announced a private placement of 70,000,000 ordinary fully paid shares at a price of AUD 0.06 per share for gross proceeds of AUD 4,200,000 on August 10, 2021. The transaction will include participation from Delphi Unternehmensberatung AG to its share register who, together with its subsidiary company Deutsche Balaton AG, subscribed for approximately AUD 58 million shares and will hold 11.6% on completion of the placement. Announcement • Jun 30
Marvel Gold Limited Announces Results from Multi- Element Soil Geochemistry and Ground Magnetics Programs Carried Out At the Tabakorole Gold Project Marvel Gold Limited announced the results from multi- element soil geochemistry and ground magnetics programs carried out at the Tabakorole Gold Project (Tabakorole or the Project), located in southern Mali. In addition to the drilling conducted in the 2020-21 field season, the Company has collected 4,267 soil samples and 5,300 line kilometres of high resolution ground magnetics as part of an ongoing regional exploration program at Tabakorole. All soil samples were subjected to a fire assay for gold and an ultra-low detection 48-element analysis to establish the pathfinder element anomalism in the broader Tabakorole structural corridor. Mineralised pulp samples returned from recent Tabakorole drill programs were also analysed using a portable XRF to determine the deposit signature. As well as gold, the mineralisation at Tabakorole exhibits anomalism for arsenic (As), tungsten (W) and Tellurium (Te). The data gives definition within the Tabakorole structural corridor and allows for a structural geological interpretation as well as bedrock geological interpretation when combined with the multi-element soil geochemistry. Within the data, five regional trends are apparent: Near Tabakorole targets several targets exist within close proximity to the Tabakorole resource and exhibit a similar signature; Groot Trend these targets are within the same structural trend as Tabakorole and occupy rocks with a prominent magnetic signature that are highly anomalous in gold, tungsten and tellurium; Asgard Trend These targets sit on the southern boundary of the Tabakorole structural corridor and define a prominent magnetic and geochemical break that runs to the north-west into the Sirakourou permit. The targets are highly anomalous in all of the pathfinder elements (As, W, Te) and previous drilling at the T1 target within this trend encountered 14m at 9.8g/t; Astro Trend this is a continuation of the Asgard trend, however the main anomaly appears to represent an intrusive body which is particularly anomalous in tungsten and tellurium, with elevated gold. Mineralisation has been documented in the adjacent permit to the north which lends further support to this target; and Wakanda Trend this trend sits on the northern margin of a very large granite batholith and targets are particularly anomalous in arsenic, with support from tungsten and tellurium. Announcement • Jun 02
Marvel Gold Limited Provides Update on its Exploration and Ongoing Land Consolidation Activities at the Tabakorole Gold Project Marvel Gold Limited provided an update on its exploration and ongoing land consolidation activities at the Tabakorole Gold Project (Tabakorole or the Project), located in southern Mali. Following conclusion of the recently completed RC program in March, the Company drilled four diamond holes and one diamond tail (totalling 950m) in the south-east of the deposit. These holes are expected to add around 150m of strike extension to the existing 910koz mineral resource1. The company has also increased the size of its Tabakorole land position to 387km2 following the grant of two new exploration permits, Npanyala and Npanyala West. These two permits are situated adjacent to the Tabakorole permit and as such, will form part of the company's joint venture with UK and TSX-listed Altus Strategies plc. Marvel currently owns 51% of this joint venture but expects to have satisfied the earn-in requirements to move to 70% in the coming months. The company has commenced additional diamond drilling to follow up on promising RC results in the central and north-west areas of the deposit, targeting newly discovered shallow, high-grade zones outside of the previously modelled resource. The company anticipates that the results of this drilling will be incorporated in an upgraded Mineral Resource Estimate in the September Quarter of 2021. The Company has also collected 3,545 line km covering 200km2 over the regional tenure, as well as multi- element soil geochemistry over the entire 387km2 landholding, the results of which remain outstanding. This provides the company with excellent datasets for a regional exploration effort targeting potential satellite deposits later this year. Announcement • Mar 19
Marvel Gold Limited Provides Further Results from the Recent Rc Drilling Program Marvel Gold Limited provided further results from the recent RC drilling program aimed at expanding the 910koz mineral resource1 at the Tabakorole Gold Project (Tabakorole or the Project), located in southern Mali. These results are expected to enhance the resource ounces and grade within the existing strike of the deposit. Several of the reported results returned very broad intersections of mineralisation such as 40m at 1.0 g/t gold from 86m (including 7m at 2.2 g/t gold from 86m) and 31m at 1.1 g/t gold from 146m. These holes are expected to increase the confidence of the resource estimation within the deposit in areas of sparse historical drilling. Announcement • Mar 04
Marvel Gold Limited Announces Further Tabakorole Drill Results Expects to Upgrade Resource Marvel Gold Limited provided further results from the resource expansion drill program at the Tabakorole Gold Project (Tabakorole or the Project), located in southern Mali. The results, are expected to materially enhance the resource ounces and grade within this portion of the deposit where historical results encountered nearer surface were lower grade than those intersected in the current program. The mineralisation encountered in these three holes is a significant improvement to what has been modelled in this area in both thickness and grade. Previously modelled intercepts in this area exist within a broad halo of low-grade mineralisation which surrounds the deposit. These holes were targeted as this area was previously sparsely drilled, with only a single hole per section and there were indications from historical drilling along strike that the grades improved with depth, as has now been shown by the current results. Importantly, these results are near surface and viable within an open pit mining scenario. The Company is awaiting results from a further 3,903m across 28 holes including drilling expected to confirm the north-west strike extension of the Tabakorole resource. The Company is currently undertaking a five hole, 750m diamond drilling program in the south-east of the deposit and following up with an aircore program to the south-east of the deposit to further target the strike potential in this area. Announcement • Feb 18
Marvel Gold Limited Provides Results Received from the First 8 Holes of the Resource Expansion Drill Program at the Tabakorole Gold Project Marvel Gold Limited is pleased to provide results received from the first 8 holes of the resource expansion drill program at the Tabakorole Gold Project (Tabakorole or the Project), located in southern Mali. The results have successfully extended the existing 2.9km strike length a further 150m to the south-east. Hole 21TBKRC-001 intersected 23m at 2.0 g/t gold, confirming the continuity of the deposit to the south-east, whilst also terminating in mineralisation. Results from two other completed holes on the same section remain outstanding. Holes drilled in the central part of the deposit included intercepts of 24m at 1.2 g/t gold from 13m (hole 20TBKRC-002), 25m at 0.8 g/t gold from 4m (hole 20TBKRC-002A) and 14m at 0.8 g/t gold from 17m (hole 20TBKRC-003. These holes have improved the understanding of the deposit, near surface in the south-eastern portion of the Mineral Resource. Encouragingly, the magnetics appear to show a continuation of the broader NW-SE trending structure hosting the Tabakorole deposit for 1.3km to the south-east. The Company has planned an aircore drilling program to test the continuation of mineralisation to the south-east as well as a diamond drilling program to infill the area between the end of the resource and 21TBKRC-001 such that it can be brought into the updated Resource later in the year. Announcement • Feb 16
Marvel Gold Limited Announces Assessing Options for Chilalo Graphite Project Marvel Gold Limited announced that it has received numerous investor enquiries about its 100%-owned Chilalo Graphite Project (Chilalo Project) and is giving consideration to the best pathway to maximise value for Marvel shareholders, including a possible demerger and IPO. Any such
transaction would likely reward existing shareholders with priority shareholdings and preferential rights to participate in capital raised. The graphite market outlook is very strong with electric vehicles forecast to drive 700% growth in natural graphite demand by 2025 according to Roskill. Global demand for ex-China graphite supply has increased since the onset of the COVID-19 pandemic and a strict focus on ethically sourced supply chains. Given China historically accounts for 70% of global graphite supply, this is a compelling opportunity for projects with product quality such as Chilalo. The Chilalo Project: A definitive feasibility study (DFS) completed in January 2020 demonstrated that the Chilalo Project is a robust project based on a Probable Ore Reserve of 9.2 million tonnes, underpinning an estimated 18-year mine life producing approximately 50,000tpa. Key outcomes of the DFS included: Post-tax NPV8 of USD 331 million; Post-tax internal rate of return of 36%; Post-tax payback period of 3.5 years; Pre-production capital cost of USD 87.4 million; Average annual EBITDA of USD 74 million. The DFS, which was prepared to a bankable standard to support a decision to mine and finance, positions the Chilalo Project as the centrepiece of a company that is a vertically integrated manufacturer of high-value graphite products. Chilalo is permitted for development with environmental approvals, a granted mining licence, community relocation arrangements and compensation agreed and approved. The highest environmental, social and governance (ESG) standards have been adopted in the DFS with documentation associated with environmental and community factors aligning with IFC Performance Standards and the Equator Principles. Progression to construction could proceed as soon as financing is secured, and the Company has continued discussions with many potential financiers and strategic investors who continue to view Chilalo as a quality graphite project having significant economic potential. Any new company developing Chilalo may seek to undertake further optimisation of the DFS with opportunities identified to reduce the capital cost and significantly reduce mining costs. Debt owed to Castlelake: Pursuant to an agreement reached with CL V Investment Solutions LLC, an entity managed by Castlelake L.P. (Castlelake), the Company agreed to undertake a sell-down or refinancing of the Chilalo Project, to enable repayment of a debt owed by the Company to Castlelake, which currently stands at USD 7.37 million. Repayment of the debt owed to Castlelake is a central element of any Chilalo transaction. Announcement • Jan 28
Marvel Gold Limited Provides Mali Exploration Update Marvel Gold Limited provided an update on exploration at its advanced gold exploration projects in Mali, including the results of preliminary bottle roll metallurgical testwork from its Tabakorole Gold Project (Tabakorole) and the results from the recently completed Stage One 3,800m RC drilling program from its Lakanfla Gold Project (Lakanfla). Highlights: Tabakorole: Bottle roll testwork on fresh ore composite samples, undertaken by ALS Metallurgy, highlight straightforward, non-refractory metallurgical characteristics for the ore. Average gold recoveries range from 92.7% to 96.6% for grind sizes (P80) of 150 to 75 microns, with attractive leach kinetics, indicating a likely processing route incorporating a simple, industry standard
cyanide leach circuit. Low reagent consumption points to a favourable impact on costs. Future testing programs will focus on comminution work and optimisation of grind size versus reagent concentrations. Results from 6,300m resource expansion drill program, designed to upgrade the current JORC Resource of 7.3Mt at 1.2 g/t gold (910,000 oz1), are expected in batches across March /April 2021. Marvel has earned a 51% interest at Tabakorole and the JV partner, Altus Strategies plc (Altus), has been notified of Marvel's intention to proceed to Stage Three of the JV. Lakanfla: Drill results received from the Stage One 3,800m reverse circulation (RC) drilling program at the Lakanfla Gold Project successfully proved the existence of a karst and returned widespread low-grade gold mineralisation. Targets within the granite intrusion remain to be tested existing gold mineralisation has been defined by previous drilling including 44m at 1.3 g/t gold and 72m at 1.0g/t gold.2 The next phase of Lakanfla drilling will be designed to support resource estimation for this mineralisation. Encouraging results received from soil geochemistry with multi-element analysis pending. Results of recently completed drilling, soil geochemistry and passive seismic surveys are being reviewed together with existing data sets to refine the karst model and identify future opportunities. On completion of Stage One drilling at Lakanfla, a 33% interest has been earned and the JV partner, Altus, has been notified of Marvel's intention to proceed to Stage Two of the JV. Tabakorole: The results of preliminary bottle roll metallurgical testwork confirm that mineralisation at Tabakorole is clean, non-refractory and that high gold recoveries can be achieved from direct cyanidation. Announcement • Nov 03
Marvel Gold Limited announced that it expects to receive AUD 5.7 million in funding Marvel Gold Limited (ASX:MVL) announced a private placement of 95,000,000 common shares at an issue price of AUD 0.06 per share for gross proceeds of AUD 5,700,000 on November 2, 2020, 2020. The transaction will involve participation from professional and sophisticated investors. The transaction is not subject to shareholders approval. Announcement • Oct 06
Marvel Gold Limited Commences Drilling At Lakanfla Gold Project Marvel Gold Limited (Marvel or the Company) announced the recent commencement of drilling at its Lakanfla Gold Project (Lakanfla) located in western Mali. A multi-purpose reverse circulation/diamond drill rig has been mobilised for the drill program, which is expected to comprise approximately 3,800m. Lakanfla hosts a significant number of active and historic artisanal gold workings which are coincident with major geochemical and gravity anomalies. Significantly, there is evidence of ground collapse at surface, indicative of karst (or cave-like) voids at depth within carbonate rock units. This is geologically analogous to the 4.5Moz Yatela deposit some 35km to the north-west and also the Sadiola FE3 and FE4 pits which are around 3km to the north-west of the license boundary. The intention of this first phase drill program is to prove the existence of a karst and identify the potentially mineralised areas of the gravity lows. Subject to the results, it is likely that follow-up drill programs will then be required, using the information gathered in this first phase, to vector in on potentially economic concentrations of gold mineralisation. Since announcing the earn-in joint venture for Lakanfla (ASX Announcement 17 June 2020), the Company has undertaken a review of historical geophysical data including the results of gravity, magnetics and induced polarisation surveys. These datasets have been reprocessed to further refine planned drill targets. Proof of karst development, such as gravity lows at or near to the granite-carbonate contact; A thickened overburden evidenced in historical drilling, indicative of karst-collapse; and Targets proximal to shear-zones which may have yielded primary gold and enhanced groundwater flow and subsequent supergene processes. The Company plans to use Reverse Circulation (RC) drilling which should be able to better handle the variable lithologies expected, including areas of loosely consolidated material and voids. Furthermore, the larger diameter should maximise the amount of sample collected. The Company has however selected a multi- purpose drilling rig which is capable of switching to diamond drilling in the event that RC drilling is not possible. First results from the drill program are expected towards the end of November and into December. The program will test each of the four target zones, however Target Zone 1 is the primary target with 9 of the 18 planned holes expected to be drilled in this area because it meets the key criteria of the Company's targeting methodology: It is located on a large gravity low; It is proximal to two known mineralised systems: Artisanal workings targeting high-grade veinlets in metasediments to the north-west of Target Zone 1; and The most heavily mineralised area of the granite intrusion, which lies to the south-east of Target Zone 1 as evidenced by historical drilling; The zone is cross-cut by two major structures, oriented NW-SE and N-S respectively; and It contains areas of thick overburden suggestive of karst collapse.
The Company will also be carrying out passive seismic surveys over the gravity lows at Lakanfla. Passive seismic surveys are used to identify density contrasts between various lithologies up to 700m below the surface. The Company believes that the density contrast between dissolved carbonates and fresh rock can be used to model the base of the gravity lows in 3D. This data can then be calibrated against the drill results to aid target generation for follow-up drilling. Announcement • Oct 04
Marvel Gold Limited Announces JORC Mineral Resource Estimate for the Tabakorole Gold Project Marvel Gold Limited announced the JORC Mineral Resource Estimate for the Tabakorole Gold Project. Highlights: The company confirms its successful transition to a Mali-focused gold explorer, delivering a JORC 2012 Mineral Resource of 910,000oz grading 1.2 g/t gold (at a 0.6 g/t cut-off); The upgraded Mineral Resource represents a 54% increase in ounces and a 20% increase in grade from the 2007 resource estimate (NI 43-101) with a total combined Mineral Resource of 23.9 million tonnes at 1.2 g/t for 910,000 ounces, 32% of which is classified as Indicated; 43% of the Mineral Resource (390koz) sits within 100m of surface, increasing confidence for an open-pittable production scenario; Since acquiring the project interest, Marvel has completed 1,544m of diamond drilling which, in combination with the 2010-2014 drilling, has been included in the current Resource estimate; Numerous opportunities for resource expansion, with 600m of aircore delineated strike to the north-west (6m at 6.2 g/t gold) remaining open; Mineralization also remains open to the south-east and at depth with resource expansion drilling expected to commence in fourth 2020; The Mineral Resource has been estimated by a leading consultant, with significant experience in resource estimation at gold projects located in West Africa; The Mineral Resource was estimated using Multiple Indicator Kriging (MIK) incorporating a change of support analysis - a method which factors in mining dilution and can be considered a recoverable resources estimate. Announcement • Sep 30
Marvel Gold Limited Auditor Raises 'Going Concern' Doubt Marvel Gold Limited filed its Annual on Sep 28, 2020 for the period ending Jun 30, 2020. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Aug 17
Marvel Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 2.300231 million. Marvel Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 2.300231 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 72,500,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,511,550
Price\Range: AUD 0.02
Discount Per Security: AUD 0
Transaction Features: Rights Offering 
