Marquee Resources Limited provided update to the market about the ongoing exploration activities at the West Spargoville Project ("WSP" or "Project"). During Quarter 4-2022, 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. 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. Results from the first 112 aircore holes have been returned with 146 holes outstanding, and significant results (>140ppm Li2O) received thus far.

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 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. Additionally, Marquee and Mineral Resources geologists have completed further surface mapping and identified multiple, new outcropping pegmatite occurrences with three samples observed to contain visual spodumene grains.

31 outcropping rock samples were collected and submitted to LabWest laboratories for preparation and multi-element analysis with results expected to be returned to the Company in due course. Once all outstanding assay results have been received and interpreted, the Company will update the market with future exploration plans. Due to the large volume of samples and labour shortages at laboratory facilities, initial turnaround times for assay results have been behind schedule.

The Company has been informed that expected turnaround times should improve going forward, however the Company wishes to note that assay turnaround times are outside of its control. The West Spargoville Project is located in the core of the Southern Yilgarn Lithium Belt, an area that is well known for spodumene deposits that include; the Bald Hill Mine, the Mt Marion Mine, the Buldania Project and Essential Metals' Pioneer Dome Project. The world-class Earl Grey deposit and the Mt Cattlin Mine are located further west and south respectively.

Marquee entered into an Option Agreement to acquire the West Spargoville project which consists of 80km2 of highly prospective tenure with very limited drilling historically completed on the Project. Northeast trending structures are the primary structural control on the location of pegmatites at the West Spargoville Project with high-grade lithium bearing pegmatites and recently mapped pegmatites situated along these structures, as observed in magnetics data. This structural trend is analogous to the orientation of spodumene bearing pegmatites at the Dome North Project 40km to the south.

In the Yilgarn Craton, pegmatites are located within 10-kilometres of a common granitic source with proximal pegmatites the least evolved and poorly mineralized, containing only the general rock-forming minerals. More distal and evolved pegmatites may include beryl and columbite, tantalite and Li aluminosilicates, and pollucite in the most evolved pegmatites. The spatial zonation of pegmatites around a common granitic source is a fundamental starting point for exploration models (London, 2018).

In these Archean settings, regional-scale structures control the distribution of pegmatites, being responsible for focusing and transporting fluids and magmas.