Marvel Gold : Quartely Activities Report and Appendix 5B

29 April 2022

QUARTERLY ACTIVITIES REPORT

Quarter ended 31 March 2022

Marvel Gold Limited (ASX: MVL) (Marvel or the Company) is pleased to provide an update on its activities undertaken during the March quarter. The activities during the quarter primarily focused on the exploration and growth of the Tabakorole Gold Project (Tabakorole), amendment to the joint venture agreement with Altus Strategies plc JV (Altus) and completion of a non-renounceable pro-rata entitlement offer to raise over $5.2 million.

HIGHLIGHTS

•  Results from aircore drilling identified a 600m gold target along strike from Tabakorole - Target H. Follow-up drilling was conducted with assay results received post Quarter end returning an interval of 7m at 2.1g/t Au from 26m and ending in mineralisation1. The target remains open to the south-east2.

•  Reconnaissance auger drilling on the Asgard trend returned peak gold values of 9.1g/t and 6.9g/t in the north-west of the licence package - multielement assay results are pending to determine the significance of these peak values.

•  Marvel increased ownership interest in the +1-million-ounce Tabakorole project to 70%3.

•  A non-renounceable pro-rata entitlement offer (Entitlement Offer) raised A$3.98 million, representing an exceptional take-up rate of over 75%4.

•  Post Quarter end, the Company announced a further $1.3 million was raised from a Shortfall Offer.5

•  Chris van Wijk appointed as Managing Director, with Phil Hoskins moving to Non-Executive Director.6

•  Post Quarter7, Marvel received results of multi-element soil geochemistry at Kolondieba, demonstrating several compelling gold anomalies with multi-element support over 15km of strike.

• 1 ASX announcement 26 April 2022 - Outstanding high-grade gold intercepts at Tabakorole

• 2 ASX Announcement 23 February 2022 - Aircore drilling identifies new gold target

• 3 ASX Announcement 20 January 2022 - Marvel ownership interest in Tabakorole increases to 70%

• 4 ASX Announcement 29 March 2022 - Results of Non-Renounceable Entitlement Offer

• 5 ASX Announcement 7 April 2022 - Completion of Non-Renounceable Entitlement Offer Shortfall Placement

• 6 ASX Announcement 24 January 2022 - Change in Management

• 7 ASX Announcement 12 April 2022 - Gold and multi-element soil anomalies at Kolondieba

TABAKOROLE GOLD PROJECT

During the March quarter, Marvel received 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) (ASX: OKU) and the Altus JV (Altus) (currently 70%).

Figure 1: Tabakorole regional magnetic image Aircore and auger drilling to date.

Lone Wolf Target

An Aircore drilling program at the Lone Wolf Target, located 2.7km southeast of the Tabakorole deposit and within the same trend as Targets H, I and J was completed during the Quarter. Previous drilling in 2021 returned 4m at 1.3g/t Au and 4m at 2.7g/t Au8, 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 surface9 and was never followed up. Four additional lines of Aircore drilling are planned, covering a strike length of 700m.

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 (ASX announcement 17th June 2020) and was followed up by Marvel with Aircore drilling which intersected 4m at 1.3g/t Au

• 8 ASX announcement 8 July 2021 - Tabakorole drilling update

• 9 ASX announcement 17 June 2020 - Financing update and asset acquisition

from 8m and 4m at 2.7g/t Au from 20m (ASX announcement 8th July 2021), 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.

Asgard TrendError! Bookmark not defined.

Auger and Aircore drilling conducted over several targets within this trend returned peak values that included 9.1g/t Au in auger hole 21TBKAG463, 6.9g/tAu in auger hole 21TBKAG520 and 0.8g/t Au in Aircore hole 21TBKAC041810. This last Aircore hole was followed up with a single RC hole, around 30m to the north-east which intersected 1m at 7.5g/t Au from 13m. Gold anomalism is common along this trend and multi-element results are pending, which are expected to provide additional context to the anomalous gold values before further follow-up work is planned.

Wakanda Trend and Sola TrendError! Bookmark not defined.

The Wakanda and Sola trends (Figure 2) appear to be two parallel shears defined by magnetic surveys and arsenic anomalism in soils. Arsenic is commonly observed to indicate the position of regional shears, which are prospective for gold mineralisation at Tabakorole. Of the six targets tested within the Wakanda and Sola trends, two lines spaced 200m apart in the far north-west of the project area returned peak values of 1.9g/t Au and 0.6g/t Au. This anomalous trend appears open to the south-east. Follow-up work to test the strike extents of this target is dependent on the multi-element assays which are outstanding.

Figure 2: Regional map showing anomalous Auger results on Asgard, Sola and Wakanda trends

10 ASX announcement 23 February 2022 - Aircore drilling identifies new gold target

Results of drilling at Targets H, I and J

Post Quarter end, the Company received gold assay results 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.

Figure 3: Results at Targets H, I and J

AMENDMENT TO JOINT VENTURE AGREEMENT

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 include the following:

•  Two additional exploration licences - Npanyala and Sirakoroble Sud were formally added to become Altus JV properties.

•  Marvel can move to a 75% interest in the Altus JV by completing US$5 million of exploration and project development prior to 17 December 2023;

•  Deferral of the date on which the Company is required to proceed to a DFS by two years from December 2021 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.

KOLONDIEBA GOLD PROJECT7

After the reporting period, Marvel received the results from multi-element soil geochemistry carried out at the Kolondieba Gold Project (Kolondieba), located in southern Mali. Kolondieba is held under a joint venture with Oklo, in which Marvel holds an 80% interest.

In November 2021, the Company collected approximately 1,300 soil samples as part of its maiden exploration program at Kolondieba. The main objective of this program was to verify the results of historical sampling (carried out by Randgold Resources in the early 2000s) using modern low-detection, multi-element analyses. Randgold Resources encountered a number of high-grade samples containing up to 3.03g/t gold as shown in Figure 3 below.

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.