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2026-11-06
◂ Monitor MEU Australian Securities Exchange

Marmota Limited

Scoping Study Developer · Gold · Uranium · Others · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.073
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$94.6M
EV
A$80.4M
Cash
A$14.4M
Debt
A$180.4K
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$14.4M Finite
Debt A$180.4K Net cash A$14.2M
Basic shares 1.3B 2026-06-30
Runway 12.1 quarters June Appendix 5B reports 12.1 quarters from A$14.704 million total available funding and A$1.216 million quarterly outgoings; audited cash at bank excludes the A$0.347 million pledged deposit.

Liquidity

Financial position

A$14.358 million unrestricted cash funds exploration, while A$0.347 million term deposits secure bank guarantees. No borrowings are reported; A$0.180 million lease liabilities are deducted in the valuation. Mine capex remains unknown.

Capital structure

Ownership and dilution

Ordinary shares
1.3B
Fully diluted
1.3B

Audited Note 10: 1,178,305,790 at 30 June 2025 plus 2,000,000 November option exercises, 111,111,111 February placement shares and 4,000,000 May option exercises equals 1,295,416,901 at 30 June 2026. Add 3,000,000 remaining A$0.055 options expiring 24 November 2026 for 1,298,416,901 fully diluted; exercise proceeds are excluded conservatively.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share1.3B——
Unlisted options exercisable at A$0.055Option3MA$0.0552026-11-24

KPI history

Operating metrics

Comparable series use a shared scale

Other · Gawler Gold Project · Point In Time

RC holes drilled

2 periods
  1. Stage 3 drilling to 20 July 2026188 RC holes drilled
    Reported
  2. Stage 3 drilling to 23 September 2026313 RC holes drilled
    Reported

Other · Gawler Gold Project · Point In Time

RC metres drilled

2 periods
  1. Stage 3 drilling to 20 July 202620,000 RC metres drilled
    Reported
  2. Stage 3 drilling to 3 September 202626,000 RC metres drilled
    Reported
Operating metric source table6
MetricProjectPeriodPeriod typeValueStatus
OtherGawler GoldStage 3 drilling to 20 July 2026Point In Time20,000 RC metres drilledReported
OtherGawler GoldStage 3 drilling to 20 July 2026Point In Time188 RC holes drilledReported
OtherCompanyJune 2026 quarterQuarter1,274,000 AUD exploration and evaluation expenditureReported
OtherGawler GoldStage 3 drilling to 3 September 2026Point In Time26,000 RC metres drilledReported
OtherGawler GoldStage 3 drilling to 23 September 2026Point In Time313 RC holes drilledReported
OtherCompanyFY2026Year3,927,935 AUD exploration and evaluation cash paymentsReported
Company guidance3
MetricProjectPeriodLowHighStatus
Stage 3 Rc Drilling Metresgawler-goldongoing after 20 July 202620,000— metresSuperseded
Target 4 Planned Drill Holesjunction-dam-uraniumuranium restart program after Native Title clearance3939 holesCurrent
Stage 3 Rc Drilling Metresgawler-goldprogram extended beyond 31,000 metres as of 23 September; expected completion early October31,000— metresCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-09-24LeaseA$180.4K——Ongoing—
2026-02-12RaisingA$15M111.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-24

Audited FY2026 JV note, original Golden Moon terms, latest tenement table and conditional West Melton sale agreement reviewed; no live royalty, stream, offtake or hedge disclosed in selected issuer evidence.

Half Moon holds 90% of EL 5998 and EL 6569 title and minerals, manages the JV and carries Coombedown until a decision to mine. Gawler option value is on an attributable interest basis.

Joint Venture · Active
Counterparties
Coombedown Resources Pty Ltd
Applies to
Gawler Gold Project · Gold
Economic direction
Mixed
Period
From 2024-04-09; no end date stated
Key terms
Half Moon interest: 90 percent
Coombedown free carry: —
Manager: Half Moon Pty Ltd
How it affects our valuation

No valuation treatment is available for this arrangement.

Audited note records 100% of gold and associated mineral rights in the Western Gawler Craton JV; underlying title ownership and additional obligations are not fully disclosed in the current note.

Joint Venture · Active
Counterparties
Other Western Gawler Craton JV title participants (not named in audited note)
Applies to
Gawler Gold Project · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Gold and associated mineral rights: 100 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional West Melton sale for A$1 million G4 shares at IPO, with up to A$0.5 million further resource milestones; Marmota may withdraw if IPO not completed by 31 December 2026.

Other · Conditional
Counterparties
G4 Metals Pty Ltd
Applies to
West Melton Copper Tenement · Copper
Economic direction
Benefit
Period
Through 2026-12-31; start date not stated
Key terms
Initial consideration: 1,000,000 AUD of G4 scrip
Copper resource milestone scrip: 500,000 AUD maximum
Ministerial approval required: —
How it affects our valuation

No valuation treatment is available for this arrangement.