Marquee Resources Expands Mt Clement Antimony Resource by 69 Percent

Significant Resource Growth at Mt Clement

Marquee Resources Limited (ASX:MQR) delivered a major boost to its Mt Clement (Eastern Hills) antimony project, announcing a 69% increase in its Inferred Mineral Resource Estimate (MRE) to 1.93 million tonnes at 0.6% antimony equivalent (SbEq), containing 11,000 tonnes of SbEq metal. This update, reported in February 2026 and reiterated in the March quarterly report, places Mt Clement among Australia's leading undeveloped antimony assets by contained metal inventory.

The resource expansion primarily reflects the results of a 2,908-metre Phase 2 Reverse Circulation (RC) drilling program that delineated eight new mineralised structures across the Taipan, Gwardar, and newly identified Dugite zones. Notably, the Dugite Zone had not been previously drill tested, marking an important discovery within the project area. The program confirmed consistent antimony mineralisation in all holes reported to date, underpinning the resource upgrade.

Marquee's landholding at Mt Clement covers approximately 463 square kilometres in the northern Capricorn Orogen, Western Australia, located just 30 kilometres southwest of Black Cat Syndicate's Paulsens gold mine. The Eastern Hills deposit adjoins Black Cat's portion of the antimony resource, which is Australia's largest undeveloped antimony deposit. The company's updated Exploration Target ranges between 2 to 4 million tonnes at 0.7% to 1.1% antimony grades, though this remains conceptual with uncertainty over conversion to a Mineral Resource.

Upcoming Phase 3 Drilling to Test Extensions

Building on this momentum, Marquee has designed a Phase 3 RC drilling campaign scheduled for Q3 2026, pending diesel availability. The program aims to test strike and depth extensions of the three high-grade zones, including northeast targets interpreted to extend approximately 200 metres along strike in the Taipan and Dugite zones. Underground model domains remain open at depth, providing further upside potential for resource growth.

These drilling plans align with the company's broader strategy to systematically advance Mt Clement’s development, complementing ongoing metallurgical test work and strategic partnerships.

Strategic Metallurgical Testing with Yantai Jinao

Marquee progressed its collaboration with Chinese firm Yantai Jinao Environmental Protection Technology Co. Ltd., a subsidiary of Yantai Jinao Holding Group, under a non-binding Memorandum of Collaboration signed in November 2025. Two shipments of high-grade antimony-lead-silver ore were delivered for metallurgical testing, with the second shipment reflecting potential production-grade scenarios from Phase 2 drilling material.

In February 2026, Marquee’s Executive Chairman visited China, engaging with Yantai Jinao’s senior executives in discussions described as highly constructive. Yantai Jinao operates a significant non-ferrous metals industrial park producing substantial volumes of gold, silver, copper, and cathode antimony annually, positioning it as a valuable potential downstream partner.

Expanding Gold Exploration Across Mt Clement Tenure

Beyond antimony, Marquee has launched a tenement-wide gold exploration program over approximately 254 square kilometres at Mt Clement. Early-stage work at the Black Adder Prospect yielded standout rock chip samples with gold grades up to 9.7 g/t, accompanied by strong arsenic enrichment and associated pathfinder elements. The mineralised zone at Black Adder extends roughly 100 metres along strike.

Additional priority gold targets include Hardey Junction and Lady Marian, with historical drilling intercepts indicating potential Carlin-style mineralisation. Conceptual targets at Yandi Well and Mt Edith areas also form part of the systematic exploration strategy, which will progress through mapping, sampling, and scout drilling planned for late 2026.

Advancing Rare Earths and Lithium Projects

Marquee also continues to advance its Redlings Rare Earth Element (REE) Project in Western Australia, which holds an Inferred Mineral Resource of 11 million tonnes at 1,130 ppm total rare earth oxides (TREO). The company recently secured a Research and Development Patent License and Option Agreement with UT-Battelle LLC, operator of Oak Ridge National Laboratory under the US Department of Energy. This agreement provides access to advanced rare earth extraction and separation technologies, including the NEAREST method, potentially enhancing processing efficiency at Redlings. This development builds on prior coverage of Marquee’s rare earths strategy and patent licensing efforts DOE-Backed NEAREST REE Tech Rare Earth Separation IP License.

Meanwhile, at the West Spargoville Project, Marquee and joint venture partner Mineral Resources Limited have completed extensive drilling and geophysical surveys. The company is re-evaluating datasets to identify prospective gold targets, reflecting recent regional activity.

Financial Position and Funding Outlook

Marquee reported a net loss of A$695,754 for the half-year ending December 2025, with cash and equivalents of A$438,000 at the end of March 2026. The company expects to receive an R&D tax incentive refund of approximately A$500,000 imminently, which should bolster near-term liquidity. However, the current cash runway is estimated at less than one quarter based on recent expenditure rates.

The board is actively assessing multiple funding and strategic alternatives, including equity raises, drill-for-equity arrangements, joint ventures, offtake-linked funding, royalties, and potential asset divestments. This proactive approach aims to support ongoing exploration and development activities across Marquee’s diverse project portfolio.

Legal Proceedings and Project Pipeline

Legal proceedings continue for the Kibby Basin lithium project in Canada, with an update expected in early June 2026. The company is also at an advanced stage of negotiations for a new strategic project, which could add substantial value if concluded.

Marquee’s focus remains firmly on advancing Mt Clement’s antimony and gold potential, supported by systematic exploration, drilling, and strategic partnerships, while maintaining a diversified pipeline of critical minerals projects.