Mr. Phillip Walford reports

MARATHON GOLD ANNOUNCES AN INCREASE TO THE PREVIOUSLY ANNOUNCED BOUGHT DEAL OFFERING OF COMMON SHARES AND FLOW-THROUGH SHARES TO $16 MILLION

Marathon Gold Corp. has amended its agreement with RBC Capital Markets, pursuant to which a syndicate of underwriters led by RBC will purchase, on a bought-deal basis, eight million flow-through common shares of the company at a price of $1.25 per flow-through share and increased the offering of common shares of the company from 4.85 million common shares to six million common shares at a price of $1.03 per common share for gross proceeds to the company of $16.18-million. The flow-through shares and common shares are collectively referred to herein as the shares.

The company has granted the underwriters an option, exercisable in whole or in part at the underwriters' sole discretion, at any time beginning on the closing of the offering until 30 days following the closing of the offering, to purchase that number of additional shares as is equal to 15 per cent of the aggregate number of shares sold in the offering to cover overallocations, if any, and for market stabilization purposes.

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 (as such term is 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, 2017, 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 anticipated to occur on or about May 25, 2017. Closing of the offering is subject to receipt of regulatory approvals, including the acceptance of the offering by the Toronto Stock Exchange.

About Marathon Gold Corp.

Marathon Gold is a Toronto-based gold exploration company rapidly advancing its 100-per-cent-owned Valentine Lake gold camp located in Newfoundland, one of the top mining jurisdictions in the world. The Valentine Lake gold camp currently hosts four near-surface, mainly pit-shell constrained, with measured and indicated resources totalling 1,388,200 ounces of gold at 1.91 grams per tonne and inferred resources totalling 766,500 ounces of gold at 2.24 g/t. These resources occur over a 20-kilometre system of gold-bearing veins, with much of the 24,000-hectare property having had little detailed exploration activity to date. Drilling in 2017 is continuing to focus on expanding the Marathon deposit at surface and to depth.

We seek Safe Harbor.