Mr. Matt Manson reports

MARATHON GOLD ANNOUNCES MANAGEMENT APPOINTMENTS

Marathon Gold Corp. has made certain changes to the company's senior management team.

Mr. Gil Lawson will be joining Marathon in the role of Chief Operating Officer, effective October 1, 2023. Mr. Lawson is an experienced mining professional with over 36 years of experience in project development, mine planning, and mine management. Between 1986 and 2020 he held a number of increasingly senior technical and leadership roles at Placer Dome Inc., De Beers Canada, and Goldcorp Inc., including the management of the Musslewhite, Campbell and Snap Lake Mines. Between 2017 and 2020 he served as Chief Operating Officer of TMAC Resources and, most recently, as interim General Manager at the Tasiast Mine in Mauritania for Kinross Gold Corporation. Mr. Lawson will be based at Marathon's project office in Grand Falls Windsor, Newfoundland and Labrador.

Mr. Lawson will be replacing Mr. Tim Williams, Chief Operating Officer of Marathon since 2020, who is returning to his native Australia for family reasons. Mr. Williams will continue to provide consulting support to Marathon in the areas of mining operations, mine plan development, and ore control planning going forward.

Concurrently, Mr. Paolo Toscano has been promoted to the new role of Senior Vice President, Projects, Engineering and Construction.

Matt Manson, President and CEO commented: "I am very glad to be welcoming Gil Lawson to the Marathon team. Gil brings to us extensive experience over a broad range of mining projects in Canada. Working closely with our existing projects team led by Paolo Toscano, he will be tasked with ensuring the efficient delivery of the Valentine Gold Project to first gold, and the development of a successful, Newfoundland based mine management and operating team."

Mr. Manson continued: "On behalf of the board and team at Marathon, I would like to thank Tim Williams for his hard work and dedication in bringing the Valentine Gold Project from a conceptual mine design to a permitted and financed mine development project now approaching its first full year of construction. We wish him and his family all the best for the future and are pleased that he will continue to be involved with the Project."

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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