Mr. Matt Manson reports

MARATHON GOLD PROVIDES NOTICE OF MANAGEMENT DEPARTURE, RETURN-TO-WORK PLANNING AND AGM SCHEDULING

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.

Management departure

The company announces that Sherry Dunsworth, senior vice-president of exploration, will leave the company effective May 31, 2020. Ms. Dunsworth joined Marathon at its inception in 2010 following a successful career with its predecessor company Marathon PGM Corp. She has served as senior vice-president since 2017.

Matt Manson, president and chief executive officer, commented: "Sherry Dunsworth has been central to the exploration of the Valentine gold project since its acquisition by Marathon in 2010. Her record is one of consistent success in the discovery and growth of the project's mineral resources, and she has established a capable Newfoundland-based exploration team. The project is now Atlantic Canada's largest undeveloped gold resource and on track to become an important new mine in central Newfoundland. On behalf of the board of directors, I wish her well in her future endeavours."

Return-to-work planning and Grand Falls-Windsor office

As of March 14, 2020, when site activities were suspended at the Valentine gold project camp, approximately 12,500 metres of exploration and condemnation drilling had been completed, including approximately 5,000 metres from a budgeted 32,000 metres in the Sprite corridor and the important new Berry zone.

Marathon is planning for a resumption of field activities by this summer. This will include the resumption of the 2020 exploration program, additional condemnation drilling, feasibility-level site investigations including geotechnical and hydrogeological drilling, and continued environmental baseline studies. The company is developing return-to-work COVID-19 safety protocols based on mining industry best practices and public health authority guidance.

As part of this return-to-work planning, Marathon will open its first office in the regional centre of Grand Falls-Windsor and transfer its base of site operations to central Newfoundland. The new office will service camp logistics, community consultation, and future local employment and contracting.

Marathon employees and consultants continue to work from home on key critical path activities for the development of the Valentine gold project, including the preparation of the project's environmental impact statement. This remains on schedule for completion in the third quarter of this year.

Annual meeting of shareholders

Marathon has filed a notice of application with the Ontario Superior Court of Justice to defer its annual and special meeting of shareholders (the AGM) until later this year. Although the Toronto Stock Exchange has provided relief allowing listed issuers to hold their annual meetings any time prior to Dec. 31, 2020, as a result of the COVID-19 pandemic, a court order is required to hold the AGM after June 30, 2020, pursuant to the Canada Business Corporations Act, Marathon's corporate statute. When taking into account the health and safety of the company's employees and shareholders, as well as other factors, Marathon considers it to be in the best interests of all stakeholders to move its AGM to later in 2020 when an in-person meeting may be held.

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 million oz (54.9 million t at 1.75 g/t Au).

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