Marathon Gold : Corporate Presentation – October 2021

Corporate Update October 2021

Developing the Valentine Gold Project

in Newfoundland & Labrador

@MarathonGoldMOZ	TSX: MOZ www.marathon-gold.com

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 Annual Information Form for the year ended December 31, 2020 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, 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.

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Valentine Gold Project

One of Canada's

Leading Gold

Why Marathon? Development Projects

Moving Forward on Three Fronts

 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)
 March 2021 FS: Low Initial Capital-High ROR
 13 Year Mine Life; 2.05 Moz. Mineral

Engineering

Feasibility Study completed

Detailed Engineering

Mine Procurement

Building the Team

Ongoing EA Process

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

 C$107M 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 21 and "Notes to the Mineral Reserves", slide 23
5. See "Notes on non-IFRS Measures", slide 48
6. Unaudited cash balance at June 30, 2021. In-the-money warrants due September 2021 could provide an additional C$12 million of liquidity

Permitting EIS Review

Stakeholder Engagement

Doubled-Down Exploration

Exploration

First Berry Mineral Resource

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Matt Manson

President, CEO & Director

Paolo Toscano

VP, Projects

Tara Oak

Manager, EA

One of Canada's

Leading Gold

Leadership: Management Development Projects

Over 25 years in mining				Mining executive with financial				Professional engineer with over 25
exploration, project
			management and capital				years of experience in mine
development, construction and
			markets experience. Previously				construction and operation. From
operation. Previously President
			employed by New Gold in a				2011 and 2016 he was VP
& CEO of Stornoway Diamond
			series of senior roles including				Operations for Rio Alto Mining Inc.
Corp. 2015 Viola Macmillan
			EVP, Business Development
Award. 2017 Northern Miner
			and, President & CEO
Mining Person of the Year
		Hannes Portmann		Tim Williams
			Chief Operating Officer
		CFO & Business Development
Professional engineer with			Mining professional with				A lawyer with over 30 years
over 25 years of experience in			over 20 years of technical				experience in the area of
project management, process			and project management				stakeholder and Indigenous
engineering, and mine design			experience in mining, civil,				relations both in public and
and operations. Previously at			geotechnical, and				private sectors. Previously
Alamos as Director of Projects			environmental				worked as a sustainability advisor
				engineering/sciences				to Equinor Canada
		James Powell		Mary Hatherly
Over 20 years experience as	VP, Regulatory & Gov. Affairs	Manager, Stakeholder Engagement
		Accomplished mining				Over 5 years experience in
an environmental and
		geologist with over 10				Investor Relations and
regulatory specialist with the
		years experience in the				corporate communications.
federal government and
		gold exploration industry in				Previously employed at
private sector. Previously
		Newfoundland				New Gold Inc.
worked with the Canadian
Environmental Assessment
Agency as a Project Manager
		Nic Capps
				Amanda Mallough
		Exploration Manager		Sr Associate, Investor Relations

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				One of Canada's
	Location and Logistics	Leading Gold
	Development Projects
Exploits River Bridge			Star Lake
			Generating Station

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

Valentine Lake Camp

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