Marathon Gold Announces Filing of Draft EA Report by Federal Regulator for the Valentine Gold Project - Seite 2

On March 16, 2022 Marathon was informed by IAAC that it had completed its technical review of the EIS, allowing the draft EA Report to be prepared. On March 17, 2022, Marathon was informed by the NL Minister of Environment and Climate Change that the provincial EA Committee had completed its own review of the Project’s EIS, and that, concurrently, the Project had received approval by the provincial Cabinet. This marked the completion of the provincial EA process, allowing Marathon to commence site-specific permitting pertaining to provincial jurisdiction, including the acquisition of the Project’s Mining Lease. A positive Decision Statement by the federal Minister would represent the completion of both EA processes, allowing permits to be acquired for site activities pertaining to federal jurisdiction, and the commencement of site construction.

The Draft EA Report and associated Potential Environmental Assessment Conditions can be found at IAAC’s online resources portal for the Valentine Gold Project: https://iaac-aeic.gc.ca/050/evaluations/proj/80169?culture=en-CA

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 20-kilometre system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2021 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.