Marathon Gold : Corporate Update – October 2023

DEVELOPING THE

VALENTINE GOLD PROJECT

IN NEWFOUNDLAND

AND LABRADOR

Corporate Update • October 2023	TSX MOZ

Cautionary Statements

Certain information contained in this presentation constitutes forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. More particularly and without restriction, this presentation contains forward-looking statements and information about economic analyses for the Valentine Gold Project, capital and operating costs, processing and recovery estimates and strategies, future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this presentation. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

For a more detailed list of specific forward-looking statements and information applicable to Marathon, the underlying assumptions and factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements, refer to Marathon's Annual Information Form for the year ended December 31, 2022 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

Disclosure of a scientific or technical nature in this presentation has been approved by Mr. Tim Williams, FAusIMM, COO for Marathon Gold Corporation and Mr. Paolo Toscano, P.Eng. (Ont.), VP, Projects, Engineering and Construction, Mr. James Powell, P.Eng. (NL), VP, Regulatory and Government Affairs and Mr. David Ross, P.Geo. (NL), Vice President of Geology and Exploration.

Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P. Geo (NL), GIS Manager for Marathon. Marathon's exploration drill programs are managed by Nic Capps, P. Geo. (NL), Exploration Manager for Marathon Gold Corporation. Mr. Ross, Ms. Borysenko, and Mr. Capps are qualified persons under National Instrument ("NI") 43-101. Mr. Williams and Ms. Borysenko have verified the data disclosed, including sampling, analytical and test data underlying the information contained in this presentation. This included a site inspection, drill database verification, and independent analytical testwork.

Mr. Robert Raponi, P.Eng. (NL, ON) of Ausenco Engineering Canada, is the Qualified Person responsible for the preparation of the Updated FS NI 43-101 Technical Report, and the Updated FS financial model using capital costs, operating costs, and the mining cost provided by other parties. Mr. Roy Eccles, P. Geol. (PEGNL, AB), of APEX Geoscience Ltd., is the Qualified Person responsible for the review and acceptance of responsibility of the MRE prepared by John T. Boyd Company. Mr. Eccles is also the Qualified Person responsible for geological technical information including a QA/QC review of drilling and sampling data used in the MRE. Mr. Marc Schulte, P.Eng. (NL), of Moose Mountain Technical Services, is the Qualified Person responsible for the preparation of the Mineral Reserves and mine planning. John Goode, P.Eng. (NL, ON), of J.R. Goode & Associates is the Qualified Person responsible for the metallurgical testwork program and its interpretation. Peter Merry, P.Eng. (NL, ON, NT, NU), of Golder Associates Ltd., is the Qualified Person responsible for design of the TMF and its water management infrastructure. Sheldon Smith, P.Geo. (NL, ON), of Stantec Consulting Ltd. is the Qualified Person responsible for site water balance and surface water management. Shawn Russell, P.Eng. (NL) and Carolyn Anstey-Moore, P.Geo (NL, NB) of GEMTEC Consulting Engineers and Scientists Limited are the Qualified Persons responsible for site wide geotechnical and hydrogeological considerations. Mr. Tony Lipiec, P.Eng (ON, BC), of SNC-Lavalin, is the Qualified Person responsible for mill and process design.

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.

TSX MOZ 2

Non-IFRS Measures

NON-IFRS FINANCIAL MEASURES

The Company has included various references in this document that constitute "specified financial measures" within the meaning of National Instrument 52-112 Non- GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards ("IFRS") and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Cost and Total Cash Cost per Ounce

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the FS include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

All-in Sustaining Cost (AISC) and AISC per Ounce

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the FS includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

Free Cash Flow (FCF)

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

EBITDA excludes from net earnings income tax expense, finance costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

TSX MOZ 3

Marathon Gold Corporation

VALENTINE GOLD PROJECT

Developing Atlantic Canada's Largest Gold Mine

Building the Valentine Gold Project

Safely and Efficiently. Under Construction. On Track for first Gold Q1 2025

Rarity

Valentine is a Rare and Valuable Gold Asset in a Tier 1 Jurisdiction

The Future is Exploration

More Gold to be Discovered.

Our Values

Respect, Accountability, Transparency, Inclusion, Prosperity. People and Communities.

TSX MOZ 4

Why Marathon?

VALENTINE GOLD PROJECT

Open Pit Gold Mining in Central Newfoundland: In Construction

Largest Gold Resource in Atlantic Canada1Balance Sheet

100%	4.0 Moz	1.1 Moz	C$130M	US$225M
OWNERSHIP IN CENTRAL	MEASURED & INDICATED	INFERRED	IN CASH AND CASH	TERM LOAN FACILITY
NEWFOUNDLAND	(64.6 Mt at 1.90 g/t Au)	(20.8 Mt at 1.65 g/t)	EQUIVALENTS (at end Q2)	(Closed Jan 24, 2023)

Leading Canadian Gold Development Project1

14.3 Yr	2.7 Moz	195 koz	C$648M
MINE LIFE	PROVEN & PROBABLE	RUN RATE YRS 1-12	After Tax NPV5%
	(51.6 Mt at 1.62 g/t Au)

Permitted and Under Construction1

50%	C$463M	Q1 2025
PROJECT COMPLETION	INITIAL CAPEX	FIRST GOLD
(at September 30, 2023)	(at Oct 31, 2022)

1. 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	TSX MOZ	5
other filings made with Canadian securities regulatory authorities available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.

Setting of Gold Mineralization

VALENTINE GOLD PROJECT		Well Understood Deposit Model with
	Upside on 32 km Trend

Shear Zone hosted gold deposit on 32 km trend

System of extensional Quartz-Tourmaline-Pyrite-Gold veins adjacent to the Valentine Lake Shear Zone

Mineralization in hanging wall Quartz Eye Porphyry and Trondhjemite in contact with footwall Rogerson Lake Conglomerates

Initial QTP-Aushowings discovered around Leprechaun Pond

Victory Deposit

Eastern Arm Prospect

Five deposits with Mineral Resources now identified

QTP-Au veining. Marathon

Deposit discovery outcrop

Valentine Lake

Intrusive Suite

Sprite Deposit

Marathon Deposit

Berry Deposit

Leprechaun Deposit

Western Peninsula

Frank Zone

QTP-Au veining exposed
at Leprechaun Pond, 2011	TSX MOZ 6

December 2022 Updated Feasibility Study

VALENTINE GOLD PROJECT

3-Pit Mine Plan

	12 Years of High-Grade Mill Feed (2025-2036)
WRF		195,000 oz/yr	1.80 g/t Au
		Recovered Au	Head Grade
		US$1,007/oz	C$121M
Waste Rock Facility (WRF)		AISC	Avg. Annual After Tax FCF
Tailings			300	3.00
Management			Gradeg/t Au
Facility (TMF)	OuncesSitu-		200	2.00
Accommodation	(kozAu)
-	-
Process Plant			100	1.00
WRF	In
		In-Situ Ounces	Head Grade

Mined

60,000

Explosives Facility

Explosives Facility

Leprechaun

Material

40,000

(kt)

Marathon

20,000

Total

Berry

-

1.

See "Non-IFRS Measures".

TSX MOZ

7

2.

AISC includes Royalties, Total Cash Costs and Sustaining Capital, including expansion and closure costs. Excludes Corporate G&A.

Valentine Project Valuation

VALENTINE GOLD PROJECT

Significant Gearing to Higher Gold Prices

	Base Case Valuation (After-Tax, Unlevered, Dec 31, 2022)			C$1.2B
	C$648M	22%	$2.7B	47%	$1.2B	2.8 Years
	NPV5%
	NPV5%	IRR	EBITDA	EBITDA Margin	Total FCF	Payback
	Valuation Sensitivities to Gold Price (C$M)note1,2		Analyst 12-month Targets

NPV5% Constructed (After-Tax, at Dec 31, 2024)

Gold Price (US$/oz)		$1,500	$1,600	$1,700	$1,800	$1,900	$2,000
	Downside		Base		Upside	Spot
Price Case
			Case
	0%	$764	$976	$1,181	$1,382	$1,583	$1,784
	3%	$494	$663	$825	$983	$1,140	$1,298
After Tax NPV (C$M)	5%	$361	$507	$648	$783	$919	$1,054
	8%	$209	$330	$445	$555	$664	$774
	10%	$133	$240	$341	$437	$533	$629
IRR		15%	19%	22%	26%	29%	32%
NPV5%/Capex		0.8	1.1	1.4	1.7	2.0	2.3
Paybacknote 2	Years	5.6	4.8	2.8	2.6	2.3	2.0
Total FCFnote 3	C$M	$764	$976	$1,181	$1,382	$1,583	$1,784
Average Annual FCFnote 4	C$M	$89	$105	$121	$136	$151	$166

Canaccord	Peter Bell	BUY	C$3.50
CIBC	Allison Carson	NEUTRAL	C$1.70
Desjardins	John Sclodnick	BUY	C$2.25
National Bank	Don Demarco	OUTPERFORM	C$1.50
Raymond James	Craig Stanley	OUTPERFORM	C$1.50
RBC	Wayne Lam	OUTPERFORM	C$1.50
Scotia	Ovais Habib	OUTPERFORM	C$1.75
TD	Arun Lamba	SPEC BUY	C$1.45

1. See "Non-IFRS Measures".
2. Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining and expansion.
3. Calculated LOM, unlevered.
4. Calculated for the period 2025-2036 of sustained high grade mill feed, unlevered.

TSX MOZ 8

Project Execution

VALENTINE GOLD PROJECT

Project Execution E+P+CM

CONSTRUCTION	+
MANAGEMENT &
CONTROLS
ENGINEERING
MILL AND FACILITIES
Design
WATER AND	SITE
ENVIRONMENTAL
GEOTECH
PIT GEOTECH AND	MINING
HYDROGEOLOGY
TAILINGS	METALLURGY

Permitted and Under Construction

Foundations Work, Process Plant Site, June 2023

J.R.Goode &

Associates

TSX MOZ 9

Leadership

Matt Manson

President, CEO & Director

Julie Robertson		Gil Lawson
Chief Financial Officer		Chief Operating Officer

Over 25 years in mining exploration, project development, construction and operation. Previously President & CEO of Stornoway. 2015 Viola Macmillan Award. 2017 Northern Miner Mining Person of the Year for the development of the Renard diamond mine.

Chartered Professional Accountant with over 20 years of experience in planning and capital project management, financial reporting and control. Previously VP Finance, Capital Projects, at Centerra Gold and VP Finance, Controller at Barrick Gold.

Professional engineer with over 35 years

of experience in project development, mine planning, and mine management. Formerly COO TMAC. Between 1986 and 2020 he held a number of increasingly senior technical and leadership roles at Placer Dome, De Beers, and Goldcorp.

Paolo Toscano

VP, Projects, Construction &

Engineering

David Ross		James Powell
VP, Geology and Exploration		VP, Regulatory & Gov. Affairs

Professional engineer with over 25 year of experience in project management, process engineering, mine design and operations. Previously at Alamos as Director of Projects. Prior to Alamos, Director Technical Solutions for Ausenco Canada and Director, Engineering for New Gold and its predecessor Rainy River Resources.

Professional Geoscientist with over 25 years of experience in resource estimation and project evaluation. Previously Senior Manager, Resource Estimation at Endeavour and its predecessor company Teranga. Prior to Teranga, Director, Geological Services at Roscoe Postle Associates.

Professional engineer with over 20 years of technical and project management experience in mining, civil, geotechnical and environmental engineering/sciences.

TSX MOZ 10