Marmota’s Gawler Gold arc stretches beyond 2km as cash funds its next drilling push

Greenewood drilling reshapes Marmota’s gold portfolio

Marmota Ltd (ASX:MEU) ended the 2026 financial year with a very different gold story from the one it began with. More than 57,000 metres of reverse-circulation drilling at Greenewood and Mainwood has traced high-grade mineralisation across more than 2km of strike, with the system extending from within 16 metres of surface to a depth of about 240 metres.

“Plan Overview of Greenewood zone, showing northern extensions: sections 48 to 83.”

“Cross-section 58b”

Caption and image © Marmota Limited. From “Marmota Annual Report 2026”, 30 Oct 2026.

The company says the mineralised zone remains open and has delivered multiple results above 40 gram-metres, including 33 metres at 10 grams per tonne gold from 22 metres in an earlier Greenewood hole. The latest annual report also highlights northern results of 8 metres at 11.5 grams per tonne from 184 metres and 8 metres at 10 grams per tonne from 152 metres. These are exploration intersections, not a mineral resource or reserve.

“Contiguous high-grade gold discovered to both SOUTH [ ASX:MEU 1 Oct 2026 ] and NORTH [ ASX:MEU 26 Oct 2026 ].”

The scale-up has been rapid. The company’s 2km Greenewood gold extension had been reported days before the annual report, with earlier coverage noting that much of the latest work relied on initial four-metre composite assays. More detailed assay work and geological modelling will determine how much of the apparent continuity can be converted into a JORC resource.

A project manager arrives before the scoping study

Marmota has appointed Paul Richardson as Gawler Gold Project Manager, giving the expanding portfolio a senior executive with experience across mining operations, processing and feasibility work. His previous roles included General Manager at Mount Gibson Gold, General Manager at Pacmin Mining’s Carosue Dam operation and an operations management position with St Barbara Mines.

The appointment comes as Marmota works to bring its key deposits towards indicated resource status, which it identifies as necessary for a scoping study. The annual report says the larger portfolio has created practical questions around the preferred processing plant location and processing pathway. Those questions remain unresolved, and the answer will depend partly on the relative size and quality of the resources ultimately defined.

Cash position supports gold and uranium programs

Marmota raised A$15 million before costs through a placement at 13.5 cents a share in February. Cash and cash equivalents stood at A$14.36 million at 30 June 2026, up from A$4.67 million a year earlier, while exploration and evaluation assets rose to A$22.46 million from A$18.20 million.

The balance sheet improvement was achieved alongside a smaller annual loss. The group reported a loss after tax of A$321,473, compared with A$1.71 million in 2025, while exploration expenditure increased to A$3.93 million from A$2.93 million. Cash use in operating activities was A$346,781, and investing cash outflows totalled A$4.18 million, most of that directed to exploration and evaluation.

Junction Dam and Muckanippie add two more exploration threads

Gold is not Marmota’s only active exploration front. At Junction Dam, the company reports a JORC inferred resource of 5.4 million pounds of U3O8 at an average grade of 557 parts per million, alongside a 22 million to 33 million pound exploration target. That target is conceptual under the JORC Code and should not be read as a mineral resource. The company says its restart program has been designed, budgeted and funded, with about 400 holes planned across four target areas.

“The Junction Dam uranium tenement (100% MEU) bookends both sides of the palaeochannel of the Boss Energy Ltd (ASX:BOE) Honeymoon uranium plant.”

“DETAIL VIEW: Ultra-high grade area on MEU Titanium Discovery on EL 6166 (Muckanippie).”

Caption and image © Marmota Limited. From “Marmota Annual Report 2026”, 30 Oct 2026.

Muckanippie supplies the third commodity angle, with reported heavy mineral intersections including 37 metres at 45% heavy minerals from 2 metres and 34 metres at 19% from 4 metres. The annual report presents these results as part of a potential titanium mineral sands discovery, but further drilling, metallurgical work, resource definition and economic assessment are still required before its commercial significance can be established.

Resource definition is the next test

Marmota’s annual report is rich in drilling results and project ambition, but the central test now shifts from discovery to definition. The company must convert open, high-grade exploration zones into compliant resources, then establish whether those resources can support a viable development concept. The 19 November 2026 annual general meeting arrives while that work is still underway, leaving the next assay releases, resource modelling and scoping-study timetable as the more consequential markers for the investment case.