Marathon Announces End of Partial Exercise of Over-allotment Option, Canadian Business Journal

Not intended for distribution to US Newswire services or for distribution within the US

TORONTO, OCTOBER 7, 2022 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or “we”, TSX: MOZ) is offering a C$150 million prospectus (“Recruitment) National Bank Financial Inc. and RBC Dominion Securities Inc., and Desjardins Securities, a syndicate of underwriters that closed on September 20, 2022, co-led and sole bookrunner by Canaccord Genuity Corp. Inc., including Scotia Capital. Inc., CIBC World Markets Inc., Sprott Capital Partners LP, TD Securities Inc. and Raymond James Ltd. have acquired 2,454,600 shares of our common stock and the company (each, “warrant“) Total gross income to the company is $3,438,060 CAD.

Each stock acquisition right entitles its holder to acquire one share of the Company’s common stock at a price of $1.35 for a period of 24 months from the closing date of the offering (“Closing date”), subject to Acceleration Rights (as defined herein). If, at any time after the closing date, the daily volume-weighted average trading price of our common stock on the Toronto Stock Exchange exceeds $1.75 per share of our common stock on the preceding 10 consecutive trading days, we will shall have (“acceleration right”) Warrant expiry date to date (“new expiration date”) is thirty (30) days from the date of early notice to Warrant Holders and Warrant Agents, provided that the new expiration date is no later than June 30, 2023.

The net proceeds of the offering, combined with the net proceeds from the exercise of the over-allotment option, will be used to partially finance the construction of our Valentine Gold project, as well as for working capital and general corporate purposes.

The securities offered pursuant to the offering have not been registered and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Law) or provided or provided in the United States or to a United States person or for the account or benefit thereof, unless registered or applicable exemption from the securities laws of any U.S. state and the registration requirements of U.S. securities laws. It cannot be sold. Applicable US State Securities Laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor does it constitute a sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the marathon

Marathon (TSX:MOZ) is a Toronto-based gold company behind the wholly owned Valentine gold project located in the central region of Newfoundland and Labrador, the world’s leading mining regions. The project consists of a series of five deposits along a 20-kilometer system. A feasibility study in April 2021 outlined surface mining and conventional milling operations over a 13-year mining life with an after-tax rate of return of 31.5%. The project estimated a Proven Mineral Reserve of 1.40 Moz (29.68 Mt at 1.46 g/t) and an Inferred Mineral Reserve of 0.65 Moz (17.38 Mt at 1.17 g/t). For details and assumptions regarding the Valentine Gold Project, see Marathon’s Annual Information Form for the year ended December 31, 2021 and other documents prepared by the Canadian securities regulators and available at www.sedar.com please look at.

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

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, address events, results, outcomes or developments that the Marathon anticipates to occur and are forward-looking statements. Forward-looking statements include statements that are forward-looking in nature, statements that rely on or refer to future events or circumstances, or statements that “expect,” “forecast,” “plan,” “believe,” Contains statements containing words such as “will” and “consider”. , “intend”, “goal”, or their negative forms and other similar expressions, or “could”, “will”, “should”, “could”, “could” Future verbs or conditional verbs, such as “to be”. The Company provides forward-looking statements for the purpose of conveying information about the Company’s current expectations and plans for the future, and readers are advised that such statements may not be appropriate for other purposes. be careful. More specifically and without limitation, this news release contains, among other things, forward-looking statements and information regarding the use of the proceeds of the Offering, FS and its results (including IRR, NPV)._Five%Capex, FCF, AISC and other financial metrics), realization of mineral reserves and mineral resource estimates, future financial or operational performance of the company and projects, capital and operating costs, company obtaining all government approvals permits and third-party consents related to the company’s exploration, development and operating activities; the potential impact of COVID-19 on the company; the company’s ability to successfully proceed with the project and its anticipated benefits; An economic analysis of the Valentine Gold Project, treatment and recovery estimates and strategies, future exploration and mining plans, Marathon’s objectives and expectations and corporate plans, a statement of future environmental impacts, a timeline for completion and what it entails, and In particular, the matters and activities contemplated by this news release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions that may cause actual results and future events to differ materially from those expressed or implied by such statements. There is a possibility. Therefore, you are cautioned not to place undue reliance on forward-looking statements. With respect to forward-looking statements regarding the interpretation of exploration results and the impact of the project on mineral resource estimates, the Company provides such statements based on certain assumptions that it currently believes to be reasonable. Mineralization between drill holes. Mineral resources classified as ‘probable’ or ‘indicated’ have great uncertainties regarding their existence and economic and legal feasibility. It cannot be assumed that any or part of the “Indicated Mineral Resources” or “Inferred Mineral Resources” will be upgraded to higher category Mineral Resources. Investors are cautioned not to assume that all or part of these categories of mineral deposits will be converted into proven potential mineral reserves.

By its nature, this information is subject to inherent risks and uncertainties, either general or specific, and any expectations, projections, projections, predictions or conclusions may not prove to be accurate, or assumptions may be incorrect. and its objectives, strategic goals and priorities will not be met. Factors that could cause future results or events to differ materially from current expectations expressed or implied by forward-looking statements include interpretation of drilling results, geology, grade and continuity of deposits, and economics. It includes the risks and uncertainties associated with the assessment conclusions. uncertainties regarding Mineral Resource estimates; inaccurate geological and metallurgical assumptions (including those relating to Mineral Resource size, grade and recoverability); due to changes in logistics, technology or other factors; potential delays or changes in plans for exploration or development projects or capital expenditures, or completion of feasibility studies; the possibility that future exploration, development, construction or mining results will not meet our expectations; risks associated with the ability of current exploration programs to identify and expand mineral resources; Change project parameters for Mining and development risks during operations, including risks associated with accidents, equipment failures, labor disputes (including work stoppages and strikes), or other unforeseen difficulties or interruptions in exploration and development. the uncertainties inherent in production and cost estimates and the risks associated with the possibility of unexpected costs and expenses; risks associated with commodity and power prices, foreign exchange rate fluctuations and interest rate fluctuations; Uncertainty in profitability based on the cyclical nature of the mining industry. risks associated with the inability to obtain adequate funding on a timely basis and on acceptable terms, or the approval of governmental or other interested parties, or the delay in completing development or construction activities; Risks associated with environmental regulation and liability, government regulation and permits. risks associated with our ability to attract and retain skilled staff; risks associated with the timing of receipt of regulatory and governmental approvals for ongoing operations and future development projects; Political and regulatory risks associated with mining and exploration. risks associated with the potential impact of the COVID-19 pandemic on our company and the mining industry; changes in general economic or financial market conditions; Other risks described in Marathon’s filings with Canadian securities regulators, including its Annual Information Form for the year ended December 31, 2021.

Further information regarding these and other risks can be found in Marathon’s Annual Information Form for the year ended December 31, 2021 and other filings with Canadian securities regulators available at www.sedar.com. In can be confirmed. Except as otherwise required by law, Marathon does not make forward-looking statements, whether as a result of new information, to reflect events or circumstances after the date they were made, or to make unanticipated statements. We undertake no obligation to update any forward-looking statements to reflect the occurrence of events. , and other future events or outcomes.

Neither the Toronto Stock Exchange nor its regulatory service providers (as that term is defined in the Toronto Stock Exchange Policy) assumes responsibility for the adequacy or accuracy of this release.

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