Mr. Matt Manson reports

MARATHON GOLD CLOSES FLOW-THROUGH OFFERING

Marathon Gold Corp. has closed its previously announced $6.9-million non-brokered charity flow-through offering at a price of $1.0488 per flow-through share. Marathon intends to use the proceeds of the offering for eligible exploration expenditures at its Valentine gold project. Franco-Nevada Corp. acquired the common shares comprising the entire back end of the offering.

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 ounces (28.22 million tonnes at 1.40 grams per tonne). Total measured mineral resources (inclusive of the mineral reserves) comprise 2.06 million ounces (29.23 million tonnes at 2.19 grams per tonne) with indicated mineral resources (inclusive of the mineral reserves) of 1.90 million ounces (35.40 million tonnes at 1.67 grams per tonne). Additional inferred mineral resources are 1.10 million ounces (20.75 million tonnes at 1.65 grams per tonne gold). 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.

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