Marvel Gold : December Quarterly Activities Report and Appendix 5B

31 January 2022

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QUARTERLY ACTIVITIES REPORT

Quarter ended 31 December 2021

Marvel Gold Limited (ASX: MVL) (Marvel or the Company) is pleased to provide an update on its activities during the December quarter. The Company's activities focused primarily on the continued exploration and growth of the Tabakorole Gold Project (Tabakorole), while also successfully completing the Company's spin-out of the Chilalo Graphite Project (Chilalo Project), into a wholly owned subsidiary, Evolution Energy Minerals Limited (Evolution) and initial public offering of Evolution shares (IPO).

HIGHLIGHTS

• The Tabakorole Indicated and Inferred mineral resource estimate was updated to 26.5Mt @ 1.2g/t Au for 1.025 million ounces, representing a 12% increase in ounces over the 2020 MRE1.

1. 70% of the resource (715koz) sits within 150m of surface, expected to support a low-strip,open-pit production scenario.

1. The recent discovery of shallow, higher-grade zones has contributed significantly to the upgraded resource - their location parallel to the pre- existing mineral resource is expected to provide low-strip starter pit options.

• 1. High metallurgical recoveries from initial metallurgical testwork indicate Tabakorole is amenable to a simple processing flowsheet.
• Post Quarter end, Marvel's ownership interest in the Tabakorole Gold Project increased to 70%.
• Commencement of reconnaissance auger and aircore drilling at tenements proximate to the Tabakorole mineral resource.
• Successful completion of the Evolution IPO (ASX code: EV1)2.
• 1. Evolution raised $22 million, including $8 million from ARCH Sustainable Resources Fund as a cornerstone investor.

1. Marvel received 50 million shares in EV1 (25% shareholding in EV1) as well as $2 million cash consideration as part of the IPO.

1. ASX Announcement 5 October 2021 - Tabakorole resource exceeds 1 million ounces
2. ASX Announcement 26 November 2021 - Evolution successfully listed on the ASX

TABAKOROLE GOLD PROJECT

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Mineral Resource Estimate

During the Quarter, an updated mineral resource estimate at Tabakorole (Tabakorole Mineral Resource), resulted in an increase to over 1 million ounces, with 26.5Mt at 1.2g/t gold for 1.025Moz (at a 0.6 g/t cut-off)3, representing a 12% increase in ounces from the 2020 estimate.

Table 1. Tabakorole Mineral Resource Estimate3

			Indicated				Inferred					Total
	Mt		Au		koz	Mt		Au		koz	Mt		Au		koz
		(g/t)		(Au)		(g/t)		(Au)		(g/t)		(Au)
Oxide	1.4		1.2		50	1.3		1.3		55	2.7		1.3		110
Fresh	7.8		1.2		310	16.0		1.2		610	23.8		1.2		915
Total	9.2		1.2		360	17.3		1.2		665	26.5		1.2		1,025

The upgraded Tabakorole Mineral Resource exhibits attractive development attributes:

• 70% of the resource (715koz) sits within 150m of surface, which is expected to support a low-strip,open-pit operation.
• The discovery of shallow, higher-grade zones has contributed significantly to the upgraded resource - their location parallel to the pre-existing Mineral Resource is expected to provide low-strip starter pit options.
• High metallurgical recoveries from initial metallurgical testwork indicate Tabakorole is amenable to a simple processing flowsheet.3

There are opportunities for growth in these newly discovered zones, including the northwest zone, which has gaps of up to 200m that require infill drilling and has only been modelled to a vertical depth of 140m.

A plan view of the Tabakorole Mineral Resource estimate is shown in Figure 1 below.4

1. ASX announcement 27 January 2021 - Maili exploration update
2. ASX announcement 5 October 2021 - Tabakorole resource exceeds 1 million ounces

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Figure 1: Tabakorole Mineral Resource Estimate plan view

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Amendment to Joint Venture Agreement

Post Quarter end, the Company reached agreement on amendments to the joint venture agreement over the Tabakorole Gold Project (Tabakorole JV) with Altus Strategies plc (Altus), which among other things saw Marvel's interest in the Tabakorole joint venture increase from 51% to 70%.

The material amendments to the Altus JV included:

• Two additional exploration licences - Npanyala and Sirakoroble Sud - have been formally added to become Altus JV properties (see Figure 2);
• Marvel can move to a 75% interest in the Tabakorole JV by completing US$5 million of exploration prior to 17 December 2023;

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• Deferral of the date on which the Company is required to proceed to a definitive feasibility study (DFS) to December 2023, providing the Company with greater flexibility in its exploration planning;
• On completion of a DFS, Marvel's interest in the Altus JV will increase to 80%; and
• Marvel has agreed to return the Lakanfla exploration licence to Altus, with the attributed expenditure on Lakanfla contributing towards reaching the 70% JV interest milestone.

Figure 2: Tabakorole Gold Project Tenement Map

Commencement of reconnaissance exploration work

The potential for new discoveries on the Company's properties that are contiguous to Tabakorole has led to a focus on using auger and Aircore drilling ahead of reverse circulation and diamond drilling.

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During the Quarter, the Company commenced reconnaissance auger and Aircore drilling on tenements surrounding the Tabakorole Mineral Resource, the primary purpose of which is to improve the Company's understanding of the geology and to enhance the multi-element soil geochemistry dataset in areas where soils have been ineffective.

Auger drilling is a rapid and cost-effective drilling technique used to collect geochemical samples beneath tracts of lateritic or transported cover where soil geochemistry has been shown to be ineffective. Aircore drilling in this context is also being used to collect geochemical samples in areas of deeper regolith that cannot be drilled using auger.

As at 31 December 2021, the Company has drilled approximately 22,500m of auger and approximately 13,000m of Aircore as part of this reconnaissance program.

EVOLUTION IPO

The Company successfully completed the transaction to spin-out of the Chilalo Graphite Project (Chilalo) into a wholly owned subsidiary, Evolution, and an IPO to facilitate listing on the ASX. Following an oversubscribed IPO, Evolution shares commenced trading on the Australian Securities Exchange on 16 November 2021.

As consideration for the sale of Chilalo, Marvel received $2 million cash and was issued 50 million Evolution shares, which represents 31% of issued Evolution shares.

CORPORATE

Cash

As at 31 December 2021, the Company had cash of $2.0 million. Post Quarter end, pursuant to the terms of the Share Exchange Agreement between Evolution and Marvel, Evolution paid Marvel a further $1,000,000 following confirmation from the Government of Tanzania that prospecting licence PL 11034/2017 was confirmed to be in good standing.

Change in executive management

Post Quarter end, Mr Chris van Wijk, who was the Company's Executive Director Exploration, was appointed as Managing Director of Marvel. Mr van Wijk replaced Mr Phil Hoskins, who was appointed as Managing Director of ASX listed company, Evolution. Mr Hoskins remains with the Company as a Non-Executive Director.

Annual General Meeting

The Company held its annual general meeting on 24 November 2021. All resolutions put to shareholders were approved.

Change of financial year-end

During the Quarter, the board of directors resolved to change the Company's financial year end from 30 June to 31 December. Previously, the Company's financial year commenced on 1 July and ended on 30 June. The change was made in order to align the financial year end of the Company with the financial year end of the Company's Mali

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