Mr. Phillip Walford reports

MARATHON ANNOUNCES CLOSING OF C$8 MILLION BOUGHT DEAL FINANCING

Marathon Gold Corp. has completed its previously announced bought deal prospectus offering of 2.9 million flow-through common shares in the capital of the company at a price of $1.05 per FT share and 5.9 million common shares in the capital of the company at a price of 85 cents per common share for gross proceeds to the company of $8.06-million. The offering was conducted by a syndicate of underwriters co-led by Haywood Securities Inc. and RBC Capital Markets, and including Canaccord Genuity Corp., Laurentian Bank Securities Inc. and Raymond James Ltd.

The company intends to use the net proceeds of the offering to continue exploration and development of its Valentine Lake gold property in Newfoundland and for general and corporate purposes. The proceeds received by the company from the sale of FT shares will be used to incur Canadian exploration expenditures that qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on its Valentine Lake gold property. The qualifying expenditures will be renounced to the purchasers of the FT shares with an effective date no later than Dec. 31, 2018, in the amount equal to the aggregate purchase price for the FT shares paid by such purchasers.

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 that shows an average annual production of 188,500 ounces per year over the first 10 years, payback of 2.8 years, NPV (5 per cent) of $367-million (U.S.) and an internal rate of return of 25.3 per cent, all after tax. The Valentine Lake gold camp currently hosts four near-surface, mainly pit-shell-constrained, deposits with measured and indicated resources totalling 2,137,100 ounces of gold at 1.99 grams per tonne and inferred resources totalling 1,104,800 oz of gold at 1.99 g/t. Most of the resources occur at the Marathon and Leprechaun deposits.

We seek Safe Harbor.