Mr. Peter MacPhail reports

MARATHON GOLD ANNOUNCES 2023 SECOND QUARTER RESULTS

Marathon Gold Corp. has released its financial results for the second quarter ending June 30, 2023, and has provided an update on the company's activities at the Valentine gold project in the central region of Newfoundland and Labrador.

Second Quarter Financial Results (all figures are in Canadian dollars unless otherwise noted):

• Cash and cash equivalents at June 30, 2023 of $130 million.
• Capital Expenditures of $33.5 million for the three months ended June 30, 2023, including $32 million related to construction of the Project.
• Net Income of $0.1 million for the three months ended June 30, 2023.

Second Quarter 2023 Highlights

The Company completed the sale of an additional 1.5% net smelter returns royalty ("NSR") on its Project to Franco-Nevada Corporation ("Franco-Nevada") for US$45 million, resulting in Franco-Nevada holding an aggregate 3.0% NSR on the Project.

In addition, subsequent to quarter end on July 10, 2023, the Company closed its previously announced C$6.9 million non-brokered charity flow-through offering at a price of C$1.0488, of which Franco-Nevada participated in the back-end. The proceeds of the offering are to be used for eligible exploration expenditures on the Company's land package, including, the prospective eastern-arm area.

The Company completed a Socio-Economic Agreement with the Miawpukek First Nation.

At the 2023 Annual and Special Meeting of Shareholders on June 7, 223, Ms. Teodora Dechev was appointed to the Board of Directors and, subsequently, and Mr. Peter MacPhail was appointed to Chairperson. Marathon thanked its outgoing Chairperson, Mr. George Faught, who did not stand for re-election.

Project KPIs (at June 30, 2023)

During June 2023, the Project exceeded 500,000 hours of site work completed without a lost time incident.

At the end of the second quarter, overall completion at the Project stood at 35%, with engineering at 87%, procurement at 60%, and construction at 15%.

454 Marathon employees and contractors are employed or providing services to the Project, 80% of whom are residents of Newfoundland and Labrador.

The Project's cost-to-complete, including contingency, was estimated at $463 million at October 31, 2022 and C$391 million at June 30, 2023.

Variance trend of +$40.5 million or 8% on the estimated cost at completion. Project construction costs incurred from November 1, 2022 to the end of June 2023 were $113 million, of a total $271 million committed. An aggregate $7.3 million of contingency had been drawn against a total contingency reserve of $39 million at June 30, 2023.

The Project remains on schedule for first gold production in the first quarter of 2025.

General and administrative expenses increased from $0.86 million and $3.18 million in the three and six months ended June 30, 2022, respectively, to $4.45 million and $6.21 million in the comparable period in 2023. The principal components of this increase include $1.43 million and $1.70 million increases in salary and wages due to additional headcount and a reduction in recovery to the Project for corporate positions compared to the prior year, $1.22 million and $0.80 million increase in share-based compensation due mainly to a lower recovery related to the impact of changes in the Company's share price on the deferred share unit liability compared to the prior year, $1.11 million and $1.33 million increase in professional fees primarily related to the sale of the additional NSR to Franco-Nevada, offset partially by $0.10 million and $0.73 million decrease in project financing advisory fees.

Finance income, net increased from $0.18 million and $0.28 million in the three and six months ended June 30, 2022, respectively, to $5.64 million and $6.71 million in the comparable period in 2023. The increase relates primarily to an increase in net foreign exchange gains of $5.13 million and $5.85 million related to unrealized gains on foreign exchange remeasurement of financial liabilities at period end and realized foreign exchange gains on currency conversion during the period, and an increase in interest income of $1.13 million and $2.44 million due to a higher cash balance and higher interest rates compared to the prior year, offset partially by standby fees in 2023 related to the Company's lease agreement with Caterpillar Financial Services Limited.

Deferred income tax expense increased from a recovery $2.27 million and $0.65 million in the three and six months ended June 30, 2022, respectively, to an expense of $0.27 million and $0.52 million in the comparable period in 2023. The increase is primarily due to an increase in the deferred tax liability compared to the prior year and a decrease in recovery related to changes in the flow-through share tax liability.

Capital expenditures were $24.22 million and $71.75 million higher in the three and six months ended June 30, 2023, respectively, than the comparable period in the prior year primarily as a result of an increase in project construction capital spending and the repurchase of 0.5% of the 2.0% of the NSR on the Project from Franco-Nevada. Major construction mobilization at the Project commenced in January 2023, and included the commencement of major civils work related to the process plant and principal facilities, mining of the Leprechaun pit for waste rock in support of construction of pads and haul roads, continued overburden removal and clearing and grubbing, completion of phase one of the permanent camp modules, continued road upgrades, and continued advancement of the construction of the Project's 66 kV powerline connection to the Star Lake Generating Station.

Qualified Persons

Disclosure of a scientific or technical nature in this news release has been approved by Mr. Tim Williams, FAusIMM, Chief Operating Officer of Marathon, Mr. Paolo Toscano, P.Eng. (Ont.), Vice President, Projects for Marathon, Mr. James Powell, P.Eng. (NL), Vice President, Regulatory and Government Affairs for Marathon and Mr. David Ross, P.Geo. (NL), Vice President of Geology and Exploration for Marathon. Mr. Williams, Mr. Toscano, Mr. Powell and Mr. Ross are qualified persons under National Instrument ("NI") 43-101. Mr. Roy Eccles, P.Geo. (NL), of APEX Geoscience Ltd. is a Qualified Person for purposes of NI 43-101, is independent of Marathon and the Valentine Gold Project, and has reviewed and takes responsibility for the updated 2022 MRE prepared by John T. Boyd Company.

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, 2022 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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