Ann: Half Year Financial Report Dec 2023, page-36

Challenger which was also discovered by calcrete sampling took 7 years from discovery before the first open pit phase commenced and10 years to go underground. Slightly different reasons for the delay but more common than not that small explorers either never get to mine their discovery or have to wait till various cyclic economic factors align. That time seems to have arrived and Marmota is unique in the amount of prospective territory and diversity it has and well positioned to attract more attention. I agree that now their will be little further tolerance towards Colin and his small group if Marmota doesn't move positively towards development of the open pit / heap leach within the next 12 months. Of course like all small explorers lack of capital is a rate limiting factor so timing for a major capital raising is dependent on proof of a minable and very profitable resource. The share price will be boosted significantly with positive feasibility reports and given Marmota cache of controlled territory in the Gawler Craton and Junction dam we may see approaches by major suitors to partner or takeover.