MARATHON GOLD AND MIAWPUKEK FIRST NATION HOLD FORMAL SIGNING CEREMONY FOR SOCIO-ECONOMIC AGREEMENT

The socio-economic agreement (SEA) between Marathon Gold Corp. and Miawpukek First Nation, which was concluded on May 8, 2023, was the subject of a formal signing ceremony held in Conne River, Nfld., on Aug. 7, 2023. The Agreement was signed by Matt Manson, Marathon's President & CEO, and Miawpukek Chief Mi'sel Joe during a community meeting and reception hosted by Miawpukek.

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 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 ongoing engagement. Implementation of the SEA has commenced and both parties are committed to working collaboratively together over the life of the Valentine Gold Project.

Matt Manson, President and CEO of Marathon, and Chief Mi'sel Joe of the Miawpukek First Nation, sign a Socio-Economic Agreement for the Valentine Gold Project

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-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 Moz (23.36 Mt at 1.89 g/t) 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 NI 43-101 Technical Report "Valentine Gold Project, NI 43-101 Technical Report and Feasibility Study" effective November 30, 2022, Marathon's Annual Information Form for the year ended December 31, 2021 and other filings made with Canadian securities regulatory authorities available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.

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