Marmota’s Greenewood Discovery Delivers Best Gawler Craton Gold Results Since 1995

Marmota's Greenewood Discovery Keeps Growing: Stage 2 Assays Deliver Some of the Best Gold Results in the Gawler Craton Since 1995

Marmota Limited (ASX: MEU) has released detailed 1-metre split assay results from Stage 2 of its maiden drilling program at the Greenewood gold discovery in South Australia's Gawler Craton — and the numbers are turning heads. With grades topping 41 g/t gold, intersections spanning up to 21 metres, and mineralisation confirmed open along strike and at depth, the Marmota Greenewood gold discovery drilling results in the Gawler Craton reinforce Greenewood as one of the most compelling active gold discoveries in Australia.

Stage 3 drilling commenced last month, with the program targeting major extensions to the south. The momentum is unmistakable.

What the Stage 2 Results Are Actually Saying

The latest batch of results represents the detailed 1-metre splits from Stage 2, which involved 129 RC holes drilled over 10,117 metres — a notably smaller program than Stage 1's 146 holes and 15,480 metres — yet it has delivered proportionately more high-grade results.

The headline individual 1-metre assays from Stage 2 include:

These figures sit within a broader picture of consistent, high-grade gold delivery. Across the entire maiden program (Stages 1 and 2 combined), the cumulative grade summary is striking:

The fact that Stage 2 — despite being a smaller drilling campaign — has matched Stage 1 on intersections above 10 g/t and 20 g/t is a significant signal. The grade frequency is not diminishing as the program expands. It is, furthermore, holding firm.

Understanding "Gram-Metres": The Metric That Really Counts

What Does Gram-Metres Actually Mean?

Gram-metres (g/t × metres) is a combined measure of gold grade and intersection width. It captures both the richness and the size of a gold intersection in a single number. An intersection of 10 metres at 10 g/t gold delivers 100 gram-metres — the same "metal content" signal as 5 metres at 20 g/t.

Why Does It Matter to Investors?

Width and grade together determine whether a deposit is economically viable to mine. High gram-metre values, particularly close to surface, are associated with lower strip ratios, reduced mining costs, and the potential for open-pit extraction. Greenewood is, consequently, delivering numerous intersections well above the 40 gram-metre threshold that typically attracts serious attention.

Selected outstanding gram-metre intersections from the maiden program:

The 33m @ 10 g/t intersection from Stage 1 remains the standout single hit. However, the breadth and repetition of high gram-metre results across the program speaks to something more significant than isolated anomalies — it points to a continuous, richly mineralised system.

A Deposit That Keeps Getting Bigger

Before Marmota's maiden program began, Greenewood had seen only approximately 7,000 metres of RC drilling since its original discovery — and no drilling at all since 2018. The exploration hiatus was non-geological in nature, meaning the deposit itself was never drilled out. It was simply left open.

Marmota's program has now changed that picture entirely. Stage 1 and 2 combined have delineated a nearly continuous high-grade mineralised system approximately 900 metres in strike length, with multiple distinct high-grade shoots confirmed at both shallow and deeper levels.

Cross-sectional analysis shows the geometry of the ore body bears a favourable resemblance to the shape typically associated with open-pit extraction. Critically, mineralisation remains open along strike and at depth. The northeastern extension of the system has been confirmed via Stage 2 drilling, proving multi-directional growth potential.

Stage 3 drilling is now targeting the southern extensions — an area known as Mainwood — with the primary objective of potentially extending the total strike length of the system to approximately 2 kilometres.

Chairman's Statement

"Greenewood just keeps growing and getting better and better with each stage of our maiden program. I am delighted with the results. We have achieved phenomenal speed and progress in developing Greenewood, not just with the outstanding results, but achieving in 6 months what previously took 3 years to drill at Aurora Tank… Greenewood keeps expanding with each stage of drilling, and keeps rewarding Marmota and our shareholders with each and every program… The next few months are likely to be some of the most interesting in the Company's history."

— Dr Colin Rose, Executive Chairman, Marmota Limited

Context: Why Greenewood's Results Stand Out in the Gawler Craton

The Gawler Craton is one of Australia's most significant gold-bearing geological provinces. Its most notable discovery — the Challenger Gold Mine — was found in 1995 and went on to produce over one million ounces of gold. Greenewood sits approximately 30 kilometres northeast of Challenger, within the same structural corridor.

Marmota describes the Marmota Greenewood gold discovery drilling results in the Gawler Craton as among the best seen in the region since the Challenger discovery — a statement that carries considerable weight given the area's exploration history spanning decades and dozens of companies.

The company's broader Gawler Gold project comprises an arc of gold deposits along the flanks of a major Y-shaped gravity anomaly in the northwest Gawler Craton. Marmota owns all of the unmined deposits in this arc — either 100% or 90% — including:

• Aurora Tank — Marmota's flagship 100%-owned deposit, ~35km southeast of Greenewood, with metallurgical testwork showing superb recoveries and excellent potential for low-cost open-pit heap leach production
• Golf Bore
• Campfire Bore
• Greenewood / Mainwood — 90% owned (via Golden Moon JV)
• Monsoon and Typhoon
• The former Challenger Mine area

The proximity of Greenewood to Aurora Tank is strategically meaningful. Two substantial gold systems within the same project footprint create obvious economies of scale for any future development pathway.

What Comes Next: Stage 3 and the Path Forward

Stage 3 drilling commenced in April 2026 and is described as progressing extremely well. The program's primary focus areas are:

1. Mainwood extension — targeting the southern strike continuation of Greenewood, aiming to grow total system strike toward ~2 kilometres
2. Depth extensions — mineralisation has not been closed at depth across multiple sections
3. Strike extensions to the northeast — already validated by Stage 2 results

In parallel, a maiden scoping study for the Gawler Gold project has recently commenced, initiated in November 2025. This study will assess the broader economic potential of the combined Gawler Gold asset base.

The upcoming timeline of catalysts is meaningful for investors tracking the story:

Why Investors Should Follow Marmota

The Greenewood story has several features that set it apart from routine exploration updates. In addition to the raw headline numbers, the structural characteristics of this discovery deserve attention:

• Discovery quality at scale: Over 55 intersections above 10 g/t gold and 119 above 5 g/t gold in a maiden program — with the strike system still open in multiple directions — is an exceptional result by any measure.
• Shallow, near-surface mineralisation: Many of the highest-grade intersections occur within the top 50 metres (true depth), a characteristic highly relevant to low-cost open-pit scenarios.
• Accelerating discovery pace: Stage 2 delivered proportionately more high-grade hits than Stage 1 despite being a smaller program. The system is not thinning out — if anything, it is growing denser with each drill pass.
• Consolidated ownership: Marmota holds 90% of Greenewood (Golden Moon JV) and 100% of Aurora Tank. Owning essentially the full arc of unmined Gawler Craton deposits within the one project removes dilution risk and simplifies any future development decision.
• Strong financial position: Dr Rose referenced the company's strongest financial position in its history, providing the operational capacity to maintain drilling momentum across multiple programs simultaneously.
• Scoping study underway: The maiden scoping study for the broader Gawler Gold project has been initiated, representing the first formal step toward understanding economic parameters — a meaningful milestone in converting exploration success into investor value.

Key Takeaway:

Marmota Limited has established Greenewood as a rapidly growing, high-grade gold discovery that is delivering some of the best results in the Gawler Craton in three decades. With Stage 3 drilling actively extending a system that remains open in multiple directions, the Marmota Greenewood gold discovery drilling results in the Gawler Craton continue to impress. A maiden scoping study underway across the broader Gawler Gold project, and a consolidated ownership position across an arc of adjacent deposits, mean the next several months represent a genuinely significant period in the company's development. Investors with an interest in high-grade Australian gold exploration have a discovery worth watching closely.

Glossary of Key Terms

• RC Drilling (Reverse Circulation): A drilling method where rock chips are returned to surface through the drill rods using compressed air, allowing rapid sampling of geology and grade.
• g/t (grams per tonne): The standard unit of gold concentration. Higher g/t values indicate richer gold content in the rock.
• Gram-metres: Grade (g/t) multiplied by intersection width (metres). Used to compare the relative metal content of different intersections regardless of whether the grade is high-narrow or lower-wider.
• Bonanza grade: Industry term for exceptionally high gold grades, typically above 30–50 g/t, that are well above normal economic thresholds.
• Strike length: The horizontal distance over which a mineralised zone extends along its longest dimension. Longer strike = more potential resource.
• Open along strike / at depth: Indicates that the mineralised zone has not been closed off by drilling — it continues beyond the furthest drill holes, meaning additional resources may exist.
• Heap leach: A low-cost gold extraction process where ore is stacked on lined pads and leached with a chemical solution. Best suited to lower-grade, near-surface oxide ore — making shallow geometry particularly relevant.
• Scoping study: A preliminary economic assessment examining the potential viability of mining a deposit, covering mining method, processing, infrastructure, and indicative costs and returns.
• JORC Code: The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the industry standard for transparent and consistent reporting of geological information on ASX.

Want to Know More About Marmota's Greenewood Gold Discovery?

With Stage 3 drilling already underway, a maiden scoping study in progress, and a consolidated ownership position across one of Australia's most exciting active gold discoveries, Marmota Limited (ASX: MEU) is entering what its own chairman describes as one of the most significant periods in the company's history. To learn more about the Greenewood discovery, the broader Gawler Gold project, and what this means for investors, visit marmota.com.au.