Mr. Matthew Manson reports

MARATHON ANNOUNCES A $20,061,500 BOUGHT DEAL PRIVATE PLACEMENT

Marathon Gold Corp. has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and Sprott Capital Partners, pursuant to which they have agreed to purchase on a bought deal basis, 2.71 million flow-through units that will consist of one flow-through share of the company and one-half of one common share purchase warrant at a price of $1.85 per flow-through unit and 11.4 million common share units that will consist of one common share of the company and one-half of one common share purchase warrant at a price of $1.32 per common share unit for aggregate gross proceeds of $20,061,500. Each whole common share purchase warrant is exercisable into one common share of the corporation at a price of $1.60 per common share for a period of 24 months from the closing date (as defined herein).

In addition, the company will grant the underwriters an option to sell up to an additional 2.71 million flow-through units at $1.85 per underwriter option security for additional gross proceeds of up to $5,013,500, exercisable at any time up to 48 hours prior to the closing of the underwritten offering.

As previously disclosed, Franco-Nevada Corp. acquired a 2.0-per-cent net smelter return royalty in February, 2019, and Franco-Nevada has advised the company that it intends to participate in the underwritten offering. "Franco Nevada Corp. is the leading gold-focused royalty and streaming company and we are very pleased by their participation in the financing and ongoing support of the company," said Matt Manson, president and chief executive officer of Marathon.

The company intends to use the net proceeds of the offering to continue exploration and development of the Valentine Lake gold project and for general corporate purposes. The proceeds received by the company from the sale of flow-through units will be used to incur Canadian exploration expenses that are flow-through mining expenditures (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) related to the company's Valentine Lake gold camp in Newfoundland, Canada. The qualifying expenditures will be renounced to the subscribers with an effective date no later than Dec. 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of flow-through units.

The offering is being made by way of private placement in Canada. The offered securities will be subject to a four-month hold period under applicable securities laws in Canada. Closing of the offering is anticipated to occur on or about Sept. 30, 2019, and is subject to receipt of regulatory approvals, including the acceptance of the offering by the Toronto Stock Exchange.

About Marathon Gold Corp.

Marathon is a Toronto-based gold company rapidly advancing its 100-per-cent-owned Valentine gold project located in central Newfoundland, one of the top mining jurisdictions in the world. An October, 2018, preliminary economic assessment showed the project to be amenable to open-pit mining and conventional milling over a 12-year mine life. Total mineral resources currently comprise measured mineral resources of 16.6 million tonnes at a grade of 2.18 grams per tonne containing 1,166,500 ounces of gold, indicated mineral resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz of gold and inferred mineral resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz of gold.

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