Mr. Matt Manson reports

INDEPENDENT PROXY ADVISORY FIRMS, ISS AND GLASS LEWIS, RECOMMEND MARATHON SHAREHOLDERS VOTE FOR THE ARRANGEMENT WITH CALIBRE

Leading independent proxy advisory firms Institutional shareholder Services Inc. (ISS) and Glass Lewis & Co. have each recommended that Marathon Gold Corp. shareholders vote for Marathon's proposed plan of arrangement with Calibre Mining Corp. at the upcoming special meeting of Marathon shareholders to be held on Tuesday, Jan. 16, 2024, at 10 a.m. Toronto time.

In making its recommendation, ISS commented, "Vote for this resolution as the strategic rationale makes sense, the merger consideration represents a significant premium to the unaffected price, the special committee engaged in a credible process and non-approval risk remains elevated."

Glass Lewis commented: "All told, we believe the board has presented a sufficient case to support its view that the strategic opportunity presented by the proposed merger is attractive. We highlight that the combined company is expected to benefit from geographical diversification, economies of scale, peer leading production growth and enhanced market presence, among other potential benefits, as well as that the implied value of the merger consideration offers meaningful premiums."

Matt Manson, president and chief executive officer of Marathon, commented, "We are pleased to have received positive recommendations from ISS and Glass Lewis, which reaffirm our strategic rationale for the arrangement and the resulting benefits to Marathon shareholders."

Voting is easy and important -- vote for the arrangement today

Marathon shareholders are encouraged to vote for the arrangement by no later than 10 a.m. ET on Friday, Jan. 12, 2024, being the proxy cut-off time for voting for the special meeting. The special meeting will be held at the offices of Norton Rose Fulbright Canada LLP at 222 Bay St., suite 3000, Toronto, Ont., Canada, M5K 1E7, on Jan. 16, 2024, at 10 a.m. Toronto time.

Questions and voting

If you have questions about the meeting matters or require voting assistance, please contact Marathon's proxy solicitation agent, Laurel Hill Advisory Group.

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.

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