Marvel Gold Limited (MVL) has announced that Evolution Energy Minerals Limited (Evolution) has not been granted a waiver from ASX Listing Rule 9.1, preventing Marvel from conducting a pro rata in-specie distribution of its shareholding in Evolution. Marvel and Evolution completed a "spin-out" transaction in November 2021, with Marvel retaining 50 million ordinary shares in Evolution. The waiver was necessary for Marvel to pursue the in-specie distribution, but without it, the distribution cannot take place during the escrow period. Marvel will continue to explore all options regarding the Evolution shares.