Quarterly Activities/Appendix 5B Cash Flow Report

Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is pleased to provide this Quarterly Activities Report for the June 2023 quarter.

During the June 2023 quarter, MQR and Mineral Resources Limited (MinRes) agreed to accelerate the Farm-In Agreement in respect to the lithium (only) rights at MQR’s West Spargoville Project (WSP).

MinRes has now acquired an initial 25% interest in the lithium rights at WSP by funding ~$4,800,000 on exploration activities at the Project in less than 12 months. MinRes also funded $500,000 to exercise the Fyfehill option. In recognition of MinRes’s commitment to the Project and to further strengthen the partnership between the companies, MQR has agreed to accelerate the Farm-In terms.

MQR and MinRes have agreed to establish an unincorporated Joint Venture (JV) with the JV interests currently being Marquee (75%) and MRL (25%).

MinRes can now elect to proceed either with a Processing Farm-in or a Mining Farm-in at the WSP Project.

Under the Processing Farm-in:

• MinRes can earn an additional 45% interest (MQR 30% / MinRes 70%) in the lithium rights by funding the Project until the point of a final investment decision on a mine development for the Project (FID) within 5 years.
• MinRes will provide complete mine to port services to the JV.

Alternatively, under the Mining Farm-in:

• MinRes can earn an additional 26% interest (MQR 49%/MinRes 51%) in the Lithium rights at the Project by funding the Project until the development, construction and commissioning of a mine and related facilities for the conduct of mining operations on the Project within 5 years.
• a Mine Gate Sale Agreement would be entered into between MinRes and MQR pursuant to which MinRes will build, own and operate all plant, equipment and infrastructure for the mining operations on the Tenements and buy Lithium bearing ore for a mine gate sale price on commercial terms.

MinRes will continue to sole fund all exploration and development costs at WSP until a Processing Final Investment Decision or a Mining Final Investment Decision is made.

MQR and MinRes are still reviewing and evaluating all of the data from the previous exploration campaign and planning the next exploration programme for the remainder of 2023. The Company will announce the plans for the next phase of exploration once finalised in conjunction with MinRes.

Final Exploration Results and forward work program at WSP

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