Marathon Gold : Corporate Presentation – April 2022

CORPORATE UPDATE April 2022

Developing the Valentine Gold Project in Newfoundland & Labrador

Matt Manson President & CEO

Julie Robertson CFO

Amanda Mallough Senior Associate, IR

@MarathonGoldMOZ

TSX: MOZwww.marathon-gold.com1

Cautionary Statement Regarding Forward Looking Information

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 Amended and Restated Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available atwww.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, Chief Operating Officer of Marathon, Mr. Paolo Toscano, P.Eng. (Ont.), Vice President, Projects for Marathon, and Mr. James Powell, P.Eng. (NL), Vice President, Regulatory and Government Affairs for Marathon. Ms. Jessica Borysenko, P.Geo. (NL), is responsible for data quality assurance and control for Marathon. 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.

The Qualified Person responsible for the preparation of the November 2020 Valentine Gold Project Mineral Resource Estimate is Robert Farmer, P.Eng. of John T Boyd Company. The Qualified Person responsible for the preparation of the Mineral Reserves and mine planning is Marc Schulte, P.Eng., of Moose Mountain Technical Services. Roy Eccles, P.Geo., of APEX Geoscience Ltd. is the Qualified Person responsible for geological technical information including a QA/QC review of drilling and sampling data used in the Mineral Resource Estimate. Paul Staples P.Eng., of Ausenco Engineering Canada Inc. is the Qualified Person responsible for the design of the process plant and infrastructure, and financial modelling. Peter Merry, P.Eng., of Golder Associates Ltd. is the Qualified Person responsible for design of the TMF and its water management infrastructure. Sheldon Smith, P.Geo., of Stantec Consulting Ltd. is the Qualified Person responsible for site water balance and surface water management. Shawn Russell. P.Eng. and Carolyn Anstey-Moore, P.Geo of GEMTEC Consulting Engineers and Scientists Limited are the Qualified Persons responsible for site wide geotechnical and hydrogeological considerations. Each of Mr. Farmer, Mr. Eccles, Mr. Staples, Mr. Schulte, Mr. Merry, Mr. Smith, Mr. Russell and Mrs. Anstey-Moore are considered to be "independent" of Marathon and the Valentine Gold Project for purposes of NI 43-101.

Leading Gold

Why Marathon? Development Projects

Valentine Gold Project

•  100% Ownership; Central Newfoundland

•  Largest Gold Resource in Atlantic Canada

  •  3.14 Moz. M&I (56.7 Mt at 1.72 g/t Au)

  •  1.64 Moz. Inferred (29.6 Mt at 1.72 g/t)

•  April 2021 FS: Low Initial Capital-High ROR

  •  13 Year Mine Life; 2.05 Moz. Mineral Reserve; 173 koz/a run rate 2024-2033

  •  C$305M Initial Capex & AISC US$833/oz

  •  After-tax 31.5% IRR & C$600M NPV5% at US$1,500 Gold

•  Well Financed

  •  Secured Project Debt Financing US$185M

  •  C$73M in cash and cash equivalentsnote 6

Notes:

• 1. Mineral Resources are inclusive of the Mineral Reserves

• 2. Inferred Mineral Resources that are within the open pits are treated as waste and excluded from the FS economic analysis.

• 3. Mineral Resources that are not Mineral Reserves do not have economic viability

• 4. See "Notes to the Mineral Resources", slide 25 and "Notes to the Mineral Reserves", slide 27

• 5. See "Notes on non-IFRS Measures", slide 53

• 6. Unaudited cash balance at March 31, 2022

Moving Forward on Three Fronts

PermittingExplorationProject Development

Federal EA Nearing Ministerial Decision

Site-Specific Permitting Commenced

RC Drill Program to Test Block Model

Exploration Drilling for Growth

Updated Mineral Resource Mid-Year 2022

Site Early Works to Commence Q3 2022

New Technical Report Q4 2022

Finalizing Major Contracts

Leading Gold

Leadership Development Projects

Executive Management

Project Development

Matt Manson President & CEOJulie Robertson Chief Financial OfficerTim Williams Chief Operating Officer

Permitting & Stakeholder Engagement

Paolo Toscano VP, Projects

Kyle Kuntz Director, ProjectsBob Janes Construction ManagerAnne-Marie Waterman

Manager, HR

Engineering

Jamie Powell VP, Gov. & Regulatory

Affairs

Tara Oak Manager, Environmental

AssessmentMary Hatherly Manager, Stakeholder

EngagementJodi Hackett Manager, CSR

Finance & Investor Relations

Exploration & Project Growth

Marco Galego

VP, Finance & ControllerSherry-Lynn Brake Finance ManagerAmanda Mallough

Sr. Associate, Investor RelationsDavid Ross Director, Mineral Resources

Jessica Borysenko

Manager, GISNic Capps Manager, ExplorationAdam Wall Project Manager

Leading Gold

Location and Logistics Development Projects

Valentine Gold Project

• • Central Region of Newfoundland and Labrador

• • Road Accessible and ~80km SW of mining communities of Millertown and Buchans

• • NL Hydro Star Lake substation within 30km