Mr. Phillip Walford reports

MARATHON ANNOUNCES C$8 MILLION BOUGHT DEAL OFFERING

Marathon Gold Corp. has entered into an agreement with Haywood Securities Inc. and RBC Capital Markets, pursuant to which a syndicate of underwriters led by the co-lead underwriters will purchase, on a bought-deal basis, 2.9 million flow-through common shares of the company at a price of $1.05 per flow-through share and 5.9 million common shares of the company at a price of 85 cents per common share for gross proceeds to the company of $8.06-million. The flow-through shares and common shares are collectively referred to herein as the shares.

The company intends to use the net proceeds of the offering of common shares to continue exploration and development of the Valentine Lake gold project and for general and corporate purposes. The proceeds received by the company from the sale of flow-through shares will be used to incur Canadian exploration expenditures (CEE) that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the company's Valentine Lake gold property in Newfoundland. The qualifying expenditures will be renounced to the purchasers with an effective date no later than Dec. 31, 2018, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of flow-through shares.

Closing of the offering is expected to occur on or about July 19, 2018, and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the Toronto Stock Exchange.

The offering is being made pursuant to a short-form prospectus to be filed in each of the provinces of Canada (other than Quebec) and the common shares may be offered in the United States to qualified institutional buyers and institutional accredited investors pursuant to exemptions from the registration requirements under rule 144A of the U.S. Securities Act of 1933, as amended, in a manner that does not require the offering to be registered in the United States. The common shares may also be sold in such other jurisdictions as the company and the underwriters may agree.

About Marathon Gold Corp.

Marathon Gold is a high-quality growth-oriented gold development company with a long-term strategy of moving the 100-per-cent-owned Valentine Lake gold camp through to production in central Newfoundland. Marathon recently completed a positive PEA (preliminary economic assessment) that shows an average annual production of 188,500 ounces per year over the first 10 years with an after-tax payback of 2.8 years, an after-tax NPV (net present value) (5 per cent) of $466-million and an after-tax IRR (internal rate of return) of 25 per cent. The Valentine Lake gold camp currently hosts four near-surface, mainly pit-shell-constrained deposits with measured and indicated resources totalling 2,137,400 ounces of gold at 1.99 grams per tonne and inferred resources totalling 1,104,700 ounces of gold at 1.99 g/t. Most of the resources occur at the Marathon and Leprechaun deposits.

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