Mr. Matt Manson reports

MARATHON GOLD PROVIDES CORPORATE UPDATE

Marathon Gold Corp. has provided an update on certain corporate matters relating to the company and its development of the Valentine gold project in central Newfoundland, and the company's continuing response to current COVID-19 challenges.

Management changes

Marathon announces the retirement of Robbert Borst from the role of chief operating officer with the company, effective April 30. Mr. Borst joined Marathon in 2017, and was most recently responsible for the successful completion of the prefeasibility study (PFS) for the Valentine gold project. Mr. Borst's retirement was planned to occur following delivery of the PFS, and he will provide continuing consulting services to the company as the project transitions to a full feasibility study and, ultimately, mine construction.

In addition, Marathon announces the appointment of James Powell to the position of vice-president, regulatory and government affairs. Mr. Powell joined Marathon in 2019 as director of environment and stakeholder engagement. in his new expanded role, Mr. Powell will be tasked with overseeing the company's key environmental assessment and permitting activities relating to the Valentine gold project with a team that now includes Mary Hatherly as manager, stakeholder engagement, Tara Oak as manager, environmental assessment, Jodi Hackett as communications consultant, and Stantec Consulting Ltd. as environmental consultant. Mr. Powell is based in St. John's, Nfld., and will report directly to the president and chief executive officer.

Matt Manson, president and CEO, commented: "I would like to thank Bob Borst for his service to Marathon over the last three years. In his role as COO, Bob has been responsible for two important economic and engineering studies, our 2018 preliminary economic assessment and our recent 2020 PFS, both of which have been important milestones for the project's development and both of which were completed with dedication and professionalism. We wish him well in his retirement." Mr. Manson continued: "Jamie Powell's new, more senior role reflects the company's focus on the key critical path activities for the Valentine project, which are its environmental assessment and regulatory approval. Jamie, who is a professional engineer, will be responsible for all government and regulatory affairs for the company both federally and in Newfoundland and Labrador, and our relationships with stakeholders, local communities and indigenous peoples."

Continuing COVID-19 response

With the current COVID-19 challenges, Marathon employees continue to work from home and respect local stay-at-home provisions. On this basis, key critical path activities for the Valentine gold project are continuing and continue on schedule, including the preparation of the company's environmental impact statement expected to be completed in the third quarter of this year.

The company's exploration camp remains closed, with a three-person crew providing maintenance, cleaning and site security services. The company intends to reopen the camp to complete its 2020 exploration drill program, as well as site-specific engineering and environmental studies, once proper return-to-work protocols and a safe working environment can be established. This will be based on guidance from the relevant public health agencies and the company's advisers.

As of March 14, 2020, when the camp was closed, a total of 12,486 metres of drilling had been completed from a 2020 total budgeted amount of 44,000 m of exploration drilling and 3,000 m of site condemnation drilling. Exploration drilling completed includes 24 holes for 5,007 m in the high-priority Berry zone area and extending northeastward toward the Frozen Ear Pond. Marathon reported the results of the first eight of these drill holes on March 2, 2020, and expects to release assay results from the remaining 16 drill holes shortly. Marathon's core samples are processed by Eastern Analytical Ltd. of Springdale, Nfld., which continues operations at this time with reduced staffing.

In addition to the Berry zone drilling, by March 14, 2020, the company had completed 21 holes for 2,937 m of condemnation drilling in the proposed Marathon pit waste rock pile area and 33 holes for 4,542 m in Footwall zone 1 located south of the Valentine Lake shear zone in the area of the proposed tailings management facility (see Marathon news release dated Feb. 3, 2020, for details on the 2020 Valentine exploration program).

Qualified person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Sherry Dunsworth, MSc, PGeo (Newfoundland), the senior vice-president of exploration and a qualified person under National Instrument 43-101.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, government of Newfoundland and Labrador.

About Marathon Gold Corp.

Marathon is a Toronto-based gold company advancing its 100-per-cent-owned Valentine gold project located in central Newfoundland, one of the top mining jurisdictions in the world. The project comprises a series of four mineralized deposits along a 20-kilometre system. An April, 2020, prefeasibility study outlined an open-pit mining and conventional milling operation over a 12-year mine life with a 36-per-cent after-tax rate of return. The project has estimated proven and probable mineral reserves of 1.87 million ounces (41.05 million tonnes at 1.41 grams per tonne Au) and total measured and indicated mineral resources (inclusive of the mineral reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au).

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