Mr. Matt Manson reports

MARATHON GOLD AND MIAWPUKEK FIRST NATION ENTER INTO SOCIO-ECONOMIC AGREEMENT

Marathon Gold Corp. and Miawpukek First Nation have concluded a socio-economic agreement (SEA) concerning the development of the Valentine gold project, located in central Newfoundland. The agreement was signed by Matt Manson, president and chief executive officer of Marathon, and Miawpukek Chief Mi'sel Joe and representatives of the Miawpukek Band Council.

The SEA respects Miawpukek's historic and cultural connections to the lands and waters while establishing a framework for a long-term positive working relationship between Marathon and Miawpukek. The SEA will cover the life of the Valentine gold project. The agreement addresses matters such as access to employment and contracting opportunities by Miawpukek members and businesses, education and training, environmental stewardship and monitoring, cultural investment, and continuing engagement.

Mr. Manson, president and chief executive officer, commented: "The investment in people and indigenous communities is an important component of the development of Newfoundland and Labrador's rich mineral resource potential. These SEA agreements are the first of their type for mining businesses on the island of Newfoundland, and they reflect our commitment to prioritize indigenous economic development, employment and community well-being. Under Chief Mi'sel Joe's leadership, Miawpukek first nation has become a dynamic and flourishing part of Newfoundland's economic and cultural life, and we look forward to a long and productive relationship as we move forward with the development and operation of the Valentine gold project."

Chief Joe commented: "Our nation is pleased to enter into this agreement with Marathon, which will facilitate transparent discussions throughout the life of the Valentine project. Our biggest concern has always been the protection of the lands, waters and wildlife. This agreement will ensure our involvement on those important matters. It will also allow our community to share in the benefits of the project through employment, contracting and cultural investment. It has taken a lot of work by both sides to reach this point, and we are pleased to move forward with Marathon in a relationship that is based on collaboration and mutual respect. We are thankful to the Marathon team who have made this possible. We consider this agreement to be one small step in our community's journey of reconciliation and rights recognition.

"We believe this agreement aligns with Canada's commitments to upholding the United Nations Declaration on the Rights of Indigenous Peoples. This allows Miawpukek and Marathon to continue moving forward in a way that promotes the spirit and intent of truth and reconciliation."

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 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 million ounces (23.36 million tonnes at 1.89 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 on SEDAR for further details and assumptions relating to the Valentine gold project.

About Miawpukek First Nation

Miawpukek First Nation (MFN) is a Mi'kmaq community located near Conne River, Newfoundland and Labrador. Its relationship with the land and surrounding waters of this region has existed since time immemorial. Its Mi'kmaq ancestors' lives followed seasonal patterns and involved regular travel throughout its traditional territory to access resources. Over the centuries, the community has continued to live, hunt, gather, fish, trap, guide and make a living on the island. As steward of the land, which cares deeply for its ancestors, teachings and all its relations, MFN has a sacred duty to protect its traditional territory, its rights and values. MFN is supportive of environmentally, socially and economically sustainable projects that are advanced in a responsible manner.

MFN's mission is to preserve, promote and advance the culture, traditional lands, health, economic, educational and social well-being of its people -- including its language, history and spirituality.

We seek Safe Harbor.