Mr. Matt Manson reports

MARATHON GOLD CONFIRMS BERRY REGULATORY ASSESSMENT PROCESS PROCEEDING TO PLAN

Marathon Gold Corp. has received confirmation from the Impact Assessment Agency of Canada (IAAC) that changes to the Valentine gold project to accommodate an open pit and associated infrastructure at the Berry deposit do not constitute a new designated project, and as such do not require a new impact assessment under the Impact Assessment Act (IAA). This means that the assessment and subsequent permitting of the Berry complex can proceed as previously anticipated, comprising an environmental assessment (EA) of a new undertaking by the provincial regulator, and a modified decision statement by the federal regulator. Consistent with previous guidance and the project's December, 2022, updated feasibility study, Marathon anticipates these review processes will be completed during 2023 and 2024, well in advance of the scheduled commencement of mining at Berry in the second quarter of 2025.

Background to today's news

In September, 2020, Marathon submitted an environmental impact statement (EIS) for the project to IAAC, and the Newfoundland and Labrador Department of Environment and Climate Change, EA Division (NLDECC), pursuant to the requirements of the Canadian Environmental Assessment Act (2012) and the NL Environmental Protection Act, respectively. The scope of assessment for the EIS included two mining pits and related infrastructure (the Marathon and Leprechaun complexes), a processing plant, a tailings management facility, and associated site facilities (the two-pit project). The Valentine gold project was released from the provincial EA process on March 17, 2022, and the federal EA process on Aug. 24, 2022. Mine construction commenced in October, 2022, and permitting for specific site activities has continued throughout the mine development process in accordance with the construction schedule. At the end of June 30, 2023, overall permitting progress stood at 89 per cent complete.

In December, 2022, Marathon released results of an updated feasibility study for Valentine based on the addition of a third open pit and associated infrastructure at the Berry complex (the three-pit project). Marathon filed environmental assessment registration materials for Berry to the NLDECC and IAAC on Aug. 11, 2023, following the completion of an effects assessment and consultation with both the provincial and federal regulators, indigenous groups, communities and stakeholder organizations.

The Berry complex is subject to regulatory review requirements to identify, assess and mitigate potential environmental effects during all project phases, including construction, operation, decommissioning, rehabilitation and closure, and postclosure. Provincially, the addition of the Berry complex is considered a new undertaking requiring a provincial EA. This EA has now commenced with the filing of registration materials. Federally, and as now confirmed by IAAC, the addition of the Berry complex is considered a change to the designated project referenced in the August, 2022, decision statement of the Minister of Environment and Climate Change Canada, and potential amendments to the decision statement will now be considered. However, IAAC has informed Marathon that the minister is not permitted to amend the decision statement to change the decision itself, and no new impact assessment under the terms of IAA will be required.

Qualified persons

Disclosure of a scientific or technical nature in this news release has been approved by Tim Williams, FAusIMM, chief operating officer of Marathon, and James Powell, PEng (Newfoundland), vice-president of regulatory and government affairs for Marathon. Mr. Williams and Mr. Powell are qualified persons under National Instrument 43-101. Roy Eccles, PGeo (Newfoundland), 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 (mineral resource estimate) prepared by John T. Boyd Company.

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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