Announcement PDF MARVEL GOLD LTD The Park Business Centre, 45 Ventnor Ave, West Perth WA 6008 T +61 8 9429 8816 | E info@marvelgold.com.au | W www.marvelgold.com.au QUARTERLY ACTIVITIES REPORT Quarter ended 30 September 2026 Marvel Gold Limited (ASX: MVL) (Marvel or the Company) is pleased to provide an update on activities undertaken during the September 2026 quarter (Quarter). During the Quarter, the Company progressed its current drilling program at the Hanang Project in Tanzania, finalised the formal termination of the Kolondieba joint venture in Mali, and reviewed new projects and opportunities to increase its land holding in the broader African region. HANANG PROJECT, TANZANIA The Hanang Project lies within the Iramba–Sekenke Greenstone Belt in central Tanzania — a highly prospective and underexplored segment of the Lake Victoria Goldfields known to host orogenic, shear-related gold mineralisation. During the Quarter, the Company continued to advance exploration activities at the Hanang Gold Project (Hanang) in Tanzania following commencement of a maiden drilling program in the previous quarter. This program was designed to test priority gold targets identified through previous exploration activities. The Reverse Circulation (RC) drill rig from local drill contractor, Coreworthy, was mobilised to site in late May, with drilling commencing on 31 May 2026. Despite on- going mechanical issues with the RC drilling, the Company has, to date, completed 3,951m of drilling over 27 holes. Due to an unusually strong El Nino weather system and the resulting early rainy season on the region, it is expected that the program will be stopped short of the phase one program which was anticipated to be approximately 5,000m. The Company continues to monitor the quality of the sampling and is satisfied that despite the slow drilling speed, the sample quality and recovery remains acceptable. Samples have been submitted to MSALABS at Geita in Tanzania, and the Company expects to receive results from the initial program in the December quarter. Figure 1: Location of the Hanang Gold Project in Tanzan TORRENSMINING.COM PAGE 2 OF 4 The Company has also been working closely with the local community to ensure local content compliance and continuity of land access to the required drill pads. The Company, as part of its commitment to the local Tanzanian community, will complete a water borehole and associated infrastructure before demobilizing the drill rig during the December quarter. During the December quarter, Marvel will focus on completing the current RC drilling campaign at Hanang before the commencement of the rainy season, and expects to be in a position to receive and analyse final assays in order to determine next steps. MALI EXPLORATION ASSETS Marvel historically held exploration interests in Mali. During the previous financial year, the Company made a strategic decision to not undertake further exploration activities in Mali. Kolondieba Gold Project During the Quarter, the Company announced that it had entered into a Deed of Variation and Termination with Resolute Mining Limited (Resolute) to formally terminate the earn- in and joint venture agreement relating to the Kolondieba Gold Project in Mali, originally entered into on 26 May 2023. Under this agreement, Resolute had paid Marvel an upfront signing bonus of US$250,000 and held the right to earn up to a 70% interest in the project through staged exploration expenditure. The agreement was subject to several conditions precedent, including the transfer and registration of the Kolondieba tenements into Marvel's wholly owned Malian subsidiary. Despite an extension of the relevant deadline to 26 May 2026, the continued closure of the Mali Mining Cadastre prevented completion of the required tenement transfers, resulting in this condition precedent not being satisfied . As part of the termination arrangements, Marvel agreed to satisfy its obligation to repay the US$250,000 signing bonus to Resolute through the issue of 27,722,596 fully paid ordinary shares . These shares are subject to a six-month voluntary escrow arrangement. The formal termination of the joint venture agreement with Resolute represents the final step in the Company’s planned exit from Mali, with Marvel no longer having any ongoing project interests in the country. CORPORATE Business Development During the Quarter, the Company continued to pursue business development opportunities across the broader African region, with a focus on identifying and evaluating prospective mineral exploration and development projects that align with its strategic objectives. Activities included preliminary desktop reviews, technical and TORRENSMINING.COM PAGE 3 OF 4 commercial assessments, and site visits to selected projects to evaluate their geological potential and suitability for further consideration. As part of the Company’s business development activities, Marvel executives and Board members attended the Africa Downunder Conference in Perth, the WA Mining Club meeting and the 2026 Egypt Mining Forum in Cairo, Egypt, in an effort to interact with potential partners for future business opportunities. The Company notes that its business development activities remain ongoing and there can be no assurance that these activities will result in any binding agreements or transactions. The Company will continue to assess opportunities consistent with its strategic objectives and will keep the market informed of any material developments in accordance with its continuous disclosure obligations under the ASX Listing Rules. Cash As at 30 September 2026, the Company had cash of $1.96 million. INFORMATION REQUIRED UNDER ASX LISTING RULES Information required under Listing Rule 5.3.5 – payments to related parties During the September quarter, the Company made payments to related parties of $117,000 which comprised of the Executive Director’s salary and non-executive director fees. Information required under Listing Rules 5.3.1 and 5.3.2 During the September quarter, the Company incurred $525,000 on evaluation and exploration expenditure. No mining production and development activities were undertaken. TORRENSMINING.COM PAGE 4 OF 4 Information required under Listing Rule 5.3.3 – tenement information The Company’s tenement interests as at 30 September 2026 are shown in the table below. Tenement Ownership Project Country PL 11732/2021 100% Hanang Tanzania PL 11733/2021 100% Hanang Tanzania PL 11734/2021 100% Hanang Tanzania PL 11743/2021 100% Hanang Tanzania PL 11744/2021 100% Hanang Tanzania PL 13490/2025 100% Hanang Tanzania PL/32439/2025 100% Hanang Tanzania PL/32438/2025 100% Hanang Tanzania -ENDS- This announcement has been approved for release by Marvel’s board of directors. For further information, please contact: T: +61 8 9429 8816 E: info@marvelgold.com.au For more information, visit www.marvelgold.com.au. ABOUT MARVEL GOLD Marvel Gold Limited is an Australian resources company listed on the Australian Securities Exchange under stock code MVL. Marvel owns the Hanang Gold Project in Tanzania, located on the highly prospective Iramba-Sekenke Greenstone Belt of Tanzania. Marvel has an experienced board and management team with specific skills and extensive experience in exploration, project development and mining. Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Marvel Gold Limited ABN Quarter ended (“current quarter”) 77 610 319 769 30 September 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (525) (1,133) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (140) (430) (e) administration and corporate costs (121) (357) 1.3 Dividends received (see note 3) - - 1.4 Interest received 16 50 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (business development) - - 1.9 Net cash from / (used in) operating activities (770) (1,870) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - 112 (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (Joint venture receipts) - - 2.6 Net cash from / (used in) investing activities - 112 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (Funds received for shares to be issued as part of tranche 2) - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 2,737 3,732 4.2 Net cash from / (used in) operating activities (item 1.9 above) (770) (1,870) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - 112 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.5 Effect of movement in exchange rates on cash held (6) (13) 4.6 Cash and cash equivalents at end of period 1,961 1,961 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,961 2,737 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,961 2,737 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 117 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Payments to Directors for Director fees Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (770) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (770) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,961 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 1,961 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.55 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 20 October 2026 Authorised by: The Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.