Mr. Matt Manson reports

MARATHON GOLD PROVIDES PROGRESS REPORT ON MAJOR EARTHWORKS AT VALENTINE GOLD PROJECT

Marathon Gold Corp. has provided an update on construction at the tailings management facility (TMF) of the Valentine gold project. The TMF is a major infrastructure element of the project, and noteworthy advancement has been achieved during the summer construction season.

Matt Manson, president and chief executive officer, commented: "Over the last three months we have made significant construction progress at Valentine in each of our principal work fronts: the process plant site, mine infrastructure and our TMF. Process plant concrete foundations are well advanced, and the erection of structural steel for the mill building is expected to commence shortly. The main production haul road between the Leprechaun and Marathon pits has been completed and mining at Marathon has commenced. In August we surpassed three million tonnes of mined waste rock project to date, amply supporting our construction work."

Mr. Manson continued: "In this news release, we are bringing particular attention to the progress being made at our tailings management facility. As the largest civil construction undertaking of the project, the timely completion of the TMF is an important element of the project's ultimate success. After a productive summer, we are well advanced with the construction of the rock foundation of the main TMF embankment, which is achieving its requisite engineering and geotechnical specifications. The steady progress of the TMF without major surprises significantly derisks the construction of the overall project. This is a noteworthy accomplishment of our contracting partners, JCL, AllRock and WSP, and our construction management team."

The project's TMF will be a thickened tailings facility with a capacity of 31.6 million tonnes. It is formed by constructing a perimeter zoned rockfill embankment dam, which will be raised in six phases during the first 10 years of the project. The upstream face of the dam will be lined with a geomembrane which is anchored into low-permeability foundation till, and which will extend approximately 100-metre upstream of the dam toe. The TMF is being constructed by the project's principal earthworks contractor JCL (Investments Inc.) of Cornerbrook, Nfld. AllRock Ltd. performs quality control on-site material laboratory testing. WSP (formerly Golder Associates Ltd.) is the designer and engineer of record and provides on-site construction quality assurance services.

Construction of the TMF commenced with grubbing of the site during the fall-winter of 2022 to 2023. Temporary water management ditches and collection ponds were developed between May and June of this year, and a construction access road on the downstream side of the main dam was completed in August. Construction of the phase 1 main dam commenced in July with preparation of the till and bedrock foundation, and subsequent placement of mine waste rock (Zone 6 material with 600 millimetres minus sizing). Production and placement of the upstream filter layers which consists of two zones of crushed rock (Zone 1 material at 25 mm minus, and Zone 2 material at 75 mm minus) commenced in late August.

At Sept. 3, 2023, TMF progress was as follows:

• Approximately 120,000 square metres, or 78 per cent, of phase 1 dam foundation preparation was completed with subgrade approval by the engineer of record;
• 130,000 cubic metres of topsoil and unsuitable overburden has been removed and 110,000 cubic metres of Zone 6 rockfill has been placed to date, consistent with design specifications;
• More than 16,500 tonnes per day of construction waste rock mined from the Leprechaun and Marathon pits in August in support of ongoing TMF construction.

Construction of the phase 1 and 2 dam foundation is expected to be completed by October, 2023, whereupon construction of the phase 1 and 2 embankment which consists of placement and compaction of Zone 6 rockfill is scheduled to commence immediately and continue through the winter months. Installation of the phase 1 and 2 geomembrane liner is scheduled to commence in May, 2024. Completion of the filter layers and upstream embankment slope (Zone 1 and Zone 2 materials) is scheduled for June to August, 2024. Phase 1 of the TMF is on schedule for wet commissioning in the fourth quarter of 2024 in support of mill commissioning and first gold in the first quarter of 2025.

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, Paolo Toscano, PEng (Ontario), vice-president, projects for Marathon, James Powell, PEng (Nfld.), vice-president, regulatory and government affairs for Marathon, and David Ross, PGeo (Nfld.), 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. Roy Eccles, PGeo (Nfld.), 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 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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