Marathon Gold Announces Voting Results of Annual and Special Meeting of Shareholders

TORONTO, June 07, 2023– Marathon Gold Corporation (“Marathon” or the “Corporation”; TSX: MOZ) is pleased to announce the voting results of its Annual and Special Meeting of shareholders held on the afternoon of June 7, 2023 in St. John’s, Newfoundland.

The Corporation’s shareholders voted in favour of all matters brought before the Meeting. All the director nominees set out in the management information circular dated April 28, 2023 were elected as directors, to serve until the next meeting of shareholders of the Corporation. Details of voting are as follows:

Marathon would like to welcome Ms. Teodora Dechev to the Board and congratulate Mr. Peter MacPhail as the new Chair of the Board. Marathon would also like to extend a special thank you to its outgoing Chairman, Mr. George Faught. Mr. Faught did not stand for election as a director this year so that his position on the Board would be available to a new director whose election would result in Marathon satisfying its gender diversity target of 30%. George served as the Chairman of Marathon for 12 years and has been a key factor in Marathon’s success over the years.

The Corporation’s shareholders also approved the following resolutions: (1) Appointment of Auditors; (2) Approval of the Amended and Restated Stock Option Plan; (3) Approval of the Amended and Restated Equity-Based Share Unit Plan; and (4) Ratification of the Amended and Restated Shareholders Rights Plan, the voting details of which are as follows:

The results of the voting will be available on SEDAR at www.sedar.com.

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 www.sedar.com 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
amallough@marathon-gold.com

Matt Manson
President & CEO
mmanson@marathon-gold.com

Julie Robertson
CFO
jrobertson@marathon-gold.com

To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

NT4