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Marathon Gold Achieves 1 Million Work Hours LTI Free at Valentine Gold Project

Press Release

TORONTO, Dec. 05, 2023 — Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to announce the completion of 1 million person hours of work at the Valentine Gold Project without a Lost Time Injury (LTI).

Matt Manson, President & CEO, commented “Maintaining a safe work place is the highest priority for Marathon Gold. We are proud of our team for this achieving this milestone, in particular during the project construction phase when multiple contractors and new employees are mobilising to site and work fronts can be crowded. Marathon believes in a proactive approach to all aspects of our health and safety program, driven by consistent employee engagement with our employees, contractors, and visitors. Safety is a shared responsibility for everyone, and we are grateful to the entire Valentine Project team, as well as our construction management partners at Progesys Inc., for their ‘Courage to Care’ for all.”

At the end of the third quarter of 2023, overall completion at the Valentine Gold Project stood at 50% with 634 Marathon employees or contractors providing services to the Project, 85% of whom were residents of Newfoundland and Labrador. At present, site activities are focussed on the erection of structural steel at the Project’s grinding building (Figure 1), ongoing construction of the Project’s Tailings Management Facility (Figure 2), and waste rock mining from the Leprechaun Pit in support of construction activities.

Figure 1: Valentine Gold Project Mill Site, December 2023

Figure 2: Valentine Gold Project Tailings Management Facility, December 2023

Qualified Persons

Disclosure of a scientific or technical nature in this news release has been approved by Mr. Gil Lawson, P. Eng. (Ont.), Chief Operating Officer for Marathon. Mr. Lawson is a qualified person 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 for further details and assumptions relating to the Valentine Gold Project.

For more information, please contact:

Amanda Mallough
Manager, Investor Relations
Tel: 416 855-8202

Matt Manson
President & CEO

Julie Robertson



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