Mr. Matthew Manson reports

MARATHON GOLD ANNOUNCES VOTING RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

Marathon Gold Corp. has released the voting results of its annual and special meeting of shareholders held on the afternoon of June 7, 2023, in St. John's, Nfld.

The corporation's shareholders voted in favour of all matters brought before the meeting. All the director nominees set out in the management information circular dated April 28, 2023, were elected as directors to serve until the next meeting of shareholders of the corporation. Details of voting are set out herein.

                          VOTING RESULTS FOR ELECTION OF DIRECTORS

Director              Votes for   % of votes cast for   Votes against   % of votes cast against 

Douglas H. Bache    191,650,713                 95.85%      8,291,771                      4.15%          
Cathy M. Bennett    197,608,587                 98.83%      2,333,987                      1.17%          
Teodora Dechev      185,493,079                 92.77%     14,449,405                      7.23%          
James K. Gowans     196,378,775                 98.22%      3,563,709                      1.78%          
Julian B. Kemp      192,781,731                 96.42%      7,160,753                      3.58%          
Matthew L. Manson   197,504,155                 98.78%      2,438,329                      1.22%          
Peter MacPhail      198,958,461                 99.83%        984,023                      0.49%          
Janice A. Stairs    195,605,289                 97.83%      4,337,195                      2.17%          

Marathon would like to welcome Teodora Dechev to the board and congratulate Peter MacPhail as the new chair of the board. Marathon would also like to extend a special thank you to its outgoing chairman, George Faught. Mr. Faught did not stand for election as a director this year so that his position on the board would be available to a new director whose election would result in Marathon satisfying its gender diversity target of 30 per cent. Mr. Faught served as the chairman of Marathon for 12 years and has been a key factor in Marathon's success over the years.

The corporation's shareholders also approved the following resolutions: (1) appointment of auditor; (2) approval of the amended and restated stock option plan; (3) approval of the amended and restated equity-based share unit plan; and (4) ratification of the amended and restated shareholder rights plan, the voting details of which are set out herein.

                                    VOTING RESULTS FOR OTHER RESOLUTIONS

Resolution                                              Votes for   % of votes   Votes against    % of votes  
                                                                      cast for                  cast against

Appointment of auditor                                209,825,278        99.88%        254,849          0.12%
Approval of amended and restated stock option plan    184,510,583        92.28%     15,431,901          7.72%
Approval of the amended and restated equity-based 
share unit plan                                       184.448,326        92.25%     15,494,158          7.75%
Ratification of the amended and restated 
shareholders rights plan                              193,382,389        96.72%      6,560,095          3.28%

The results of the voting will be available on SEDAR.

About Marathon Gold Corp.

Marathon (Toronto Stock Exchange: MOZ) 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 "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.

We seek Safe Harbor.