Mr. Matt Manson reports

MARATHON GOLD ANNOUNCES 2023 BOARD NOMINEES AND PROVIDES DETAILS OF UPCOMING AGM

Marathon Gold Corp. has provided details of its 2023 annual general and special meeting of shareholders to be held at Signal Hill Campus in St. John's, Nfld., at 4 p.m. NT (2:30 p.m. ET) on June 7, 2023. The AGSM will be held in person and by way of simultaneous webcast.

George Faught, chairperson of the board of directors of Marathon, has decided not to run for re-election at the AGSM so that his position on the board is available to a new director whose election would result in the corporation satisfying its gender diversity target of 30 per cent. The remaining current directors on the board, being Douglas Bache, Cathy Bennett, Jim Gowans, Julian Kemp, Peter MacPhail, Matt Manson and Janice Stairs, have all agreed to stand for re-election. Mr. Faught was first appointed to the board of directors in 2010 and has served as its chairperson since 2011. It is currently proposed that Mr. MacPhail would be appointed the new independent chairperson of the board, subject to his re-election at the AGSM and subsequent approval by the board.

Marathon is pleased to announce that Teodora Dechev has been nominated by the corporation to stand for election as a director at the AGSM. Ms. Dechev has over 25 years experience in capital markets, corporate finance and the mining sector. Since 2009, she has served as president, chief executive officer and director of Mundoro Capital Inc., a public mineral exploration company headquartered in Vancouver, B.C. Prior to Mundoro, Ms. Dechev was employed in several investment banking roles with Desjardins Securities Inc., CIBC World Markets and National Bank Financial, advising resource companies on IPOs (initial public offerings), mergers and acquisitions, and financings. Ms. Dechev has an MBA from the Schulich School of Business, at York University in Canada, a bachelor of applied science and engineering in geological and mineral engineering from the University of Toronto, and is a licensed professional engineer in both British Columbia and Ontario.

Mr. Manson, president and chief executive officer, commented: "On behalf of the board of directors of Marathon, I would like to thank George Faught for his long and dedicated service to Marathon. Beginning with his appointment to the board in 2010, George has been instrumental in the growth of the corporation from the earliest days of exploration at the Valentine gold project through to the commencement of mine construction last year. During this time, Marathon has benefited from his wisdom, leadership and limitless energy. We wish him well in his future endeavours. We also look forward to welcoming Teo Dechev to the board. Teo will bring to Marathon a broad range of experiences in both her current work in resource property acquisition and exploration, and her background in the capital and corporate finance markets. We believe she will make valuable contributions to Marathon as we move forward with Newfoundland and Labrador's, and Atlantic Canada's, largest gold mining project."

About Marathon Gold Corp.

Marathon is a Toronto-based gold company advancing its 100-per-cent-owned Valentine gold project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The project comprises a series of five mineralized deposits along a 32-kilometre system. A December, 2022, updated feasibility study outlined an open-pit mining and conventional milling operation producing 195,000 ounces (oz) of gold a year for 12 years within a 14.3-year mine life. The project was released from federal and provincial environmental assessment in 2022 and construction commenced in October, 2022. The project has estimated proven mineral reserves of 1.43 Moz (million ounces) (23.36 Mt (million tonnes) at 1.89 g/t (grams per tonne)) and probable mineral reserves of 1.27 Moz (28.22 Mt at 1.40 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 2.06 Moz (29.23 Mt at 2.19 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.90 Moz (35.40 Mt at 1.67 g/t). Additional inferred mineral resources are 1.10 Moz (20.75 Mt at 1.65 g/t Au). Please see the National Instrument 43-101 technical report titled "Valentine Gold Project, NI 43-101 Technical Report and Feasibility Study," effective Nov. 30, 2022, Marathon's annual information form for the year ended Dec. 31, 2022, and other filings made with Canadian securities regulatory authorities available at SEDAR, for further details and assumptions relating to the Valentine gold project.

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