Mr. Matt Manson reports

MARATHON GOLD ANNOUNCES ROYALTY ACQUISITION BY FRANCO-NEVADA AND FLOW-THROUGH OFFERING

Marathon Gold Corp. has sold an additional 1.5-per-cent net smelter returns royalty (NSR) on its Valentine gold project to Franco-Nevada Corp. for $45-million (U.S.), resulting in Franco-Nevada holding an aggregate 3.0-per-cent NSR on the project. In addition, Franco-Nevada has offered to purchase common shares of the corporation comprising the entire back end of a $6.9-million (Canadian) non-brokered charity flow-through offering for which Marathon has firm commitments at a price of $1.0488 (Canadian) per flow-through share. Marathon intends to use the proceeds of the offering for eligible exploration expenditures at the project.

Matt Manson, president and chief executive officer, commented: "We are very happy to be announcing this amendment to our royalty arrangements with Franco-Nevada, which sees their NSR royalty on the Valentine gold project increase to 3 per cent for consideration of $45-million (U.S.). With this transaction, we have strengthened our balance sheet for the Valentine build in a substantial fashion, while maintaining a disciplined overall approach to our capital structure. Franco-Nevada has been a royalty holder since 2019, and we welcome their continuing strong support for the project. The associated offering of flow-through shares, by which Franco-Nevada also increases its share ownership in the corporation, will be used to fund our discovery-oriented exploration programs in 2023 and 2024, including exploration at the encouraging and underexplored Eastern Arm prospect."

Paul Brink, president and CEO of Franco-Nevada, commented: "Having initially invested when Marathon was an exploration play, it is very rewarding to see Matt and team advancing the asset through construction. We look forward to celebrating first production with them."

The gross proceeds received by the corporation from the sale of the flow-through shares will be used to incur eligible expenses related to the project which will constitute Canadian exploration expenses (CEE) as defined in Subsection 66.1(6) of the Income Tax Act (Canada) and which will also qualify as flow-through mining expenditures within the meaning of Section 127(9) of the Income Tax Act (Canada). The CEE will be renounced to the subscribers of the flow-through shares with an effective date of no later than Dec. 31, 2023, in an amount equal to the aggregate purchase price for the flow-through shares.

The offering is being made by way of private placement in Canada. The flow-through shares 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 July 6, 2023, and is subject to receipt of regulatory approvals, including the approval of the offering by the Toronto Stock Exchange.

RBC Capital Markets is acting as financial adviser to Marathon in connection with the royalty transaction.

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 million oz (28.22 million t at 1.40 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 2.06 million oz (29.23 million tonnes at 2.19 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.90 million oz (35.40 million t at 1.67 g/t). Additional inferred mineral resources are 1.10 million oz (20.75 million t 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 on SEDAR for further details and assumptions relating to the Valentine gold project.

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