West Spargoville Exploration Update

Marquee Resources Limited(“Marquee” or “Company”) (ASX:MQR) is pleased to update the market about the ongoing exploration activities at the West Spargoville Project (“WSP” or “Project”).

During Q4-2022, Marquee completed its maiden lithium focused drilling program which consisted of 122 reverse-circulation drill holes for 18,687m and 258 aircore drill holes for 19,156m. The first pass drilling program focused on testing geochemical anomalies defined from auger geochemical sampling. Due to increased processing times at laboratory facilities, a significant number of assay results remain outstanding as highlighted in Table 1.

Executive Chairman Comment:

Marquee Executive Chairman, Mr Charles Thomas, commented:

“I am pleased to announce the significant progress we have made at the West Spargoville Project. A year ago, there had been no lithium exploration conducted at the project, but through the dedicated efforts and hard work by the MQR team, we have successfully tested numerous targets. The early results from reverse circulation drilling have signaled a proof of concept and have shown that we are in the right area for potential lithium discoveries. The 2023 field season will allow us to further explore and focus on the various targets we have identified through our strategic approach to exploration. We are also excited to have discovered numerous "hidden" pegmatites with the aircore rig, which we will continue to investigate this field season. There is still a large number of outstanding assays to be received from last year’s drilling campaign, with assays from drill holes on many of the most prospective target areas still to be received.”

“With our partnership with Mineral Resources (ASX:MIN), we will continue to refine our targets and capitalise on their extensive knowledge to focus on the most promising areas of the system. We are confident that this is only the beginning of a promising discovery journey."

Exploration Update & Forward Work Plan

The Company has now prioritised samples with logged granitic or pegmatitic material (1-metre assays) in an effort to improve turn-around times for key assay results. These priority samples remain outstanding.

1-metre assay results have been received for 81 reverse-circulation drillholes, with 1-metre results for 41 reverse-circulation drillholes remaining. A peak assay of 1m @ 1.1% Li₂O has been returned from MQRC081 with significant results (>2,000ppm Li₂O) received thus far outlined in Table 2.

Results from the first 112 aircore holes have been returned with 146 holes outstanding, and significant results (>140ppm Li₂O) received thus far are outlined in Table 3. The eastern portion of the tenure, where aircore drilling has been employed, is covered by a thin veneer (<2m) of transported overburden and has a well- developed regolith profile that extends up to 100m vertical depth. Due to the nature and depth of the weathering profile, aircore drilling is required initially to target blind pegmatites for follow-up RC drilling. As such, the AC drilling is considered reconnaissance in nature, however multiple pegmatites have been intersected with significant geochemical anomalism. The assay results show a clear LCT-pegmatite association (Table 3) with tantalum concentrated preferentially in the upper saprolite and lithium concentrated in the lower saprolite. The geological setting is analogous to the Cade Pegmatite at the Dome North Project where mineralised pegmatite is hosted within the Black Flag Beds beneath a well-developed weathering profile (Refer ESS ASX Release 14^th January 2022).

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