Marathon Gold : Annual General Meeting – June 2022

DEVELOPING THE

VALENTINE GOLD PROJECT

IN NEWFOUNDLAND

AND LABRADOR

Annual General Meeting of Shareholders • June 22 2022

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TODAY'S AGM PRESENTATION

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An archive of this presentation will be available at www.marathon-gold.comfollowing the meeting

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MANAGEMENT PRESENTING TODAY

Matt Manson

President, CEO & Director

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

Julie Robertson

Chief Financial Officer

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.

Tim Williams

Chief Operating Officer

Professional engineer with over 25 years of experience in mine construction

and operation. From 2011 and 2016 he was VP Operations for Rio Alto Mining Inc.

James Powell

VP, Regulatory & Gov. Affairs

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

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BOARD OF DIRECTORS PRESENT TODAY

George

Faught

Chairman

Ontario

Over 35 years of senior management, corporate development and operational experience in the natural resources industry. Previously North American Palladium, Hudson Bay Mining and Smelting, Dundee Capital and William Resources.

Janice

Stairs

Director

Nova Scotia

Over 30 years experience in the resource sector. Previously senior executive positions with resource companies including Endeavour Mining Corporation, Etruscan Resources Inc. and Namibia Critical Metals Inc. Chairperson Gatos Silver and Trilogy Metals.

Julian Kemp

Director

Ontario

Over 25 years of experience in the mining industry in financial and management roles. Previously interim President & CEO Rubicon, chairman Battle North Gold, VP Finance and Chief Financial Officer of Fortune Minerals.

Jim Gowans

Director

British Columbia

Over 30 years experience in exploration, mine construction, commissioning and operations. Previously Placer Dome, De Beers, Barrick, Arizona Mining. Director Cameco, New Gold, Trilogy Metals

Matt

Manson

President & CEO,

Director

Ontario

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

Cathy

Bennett

Director

Newfoundland and

Labrador

Business executive with over 35 years of experience. Served as a member of the Newfoundland House of Assembly from 2014- 2018 as Minister of Finance and President of Treasury Board and Minister of the Status of Women

Joe Spiteri

Director

Ontario

Professional Geoscientist with over 35 years experience in advanced-stage exploration, feasibility, construction, operations and acquisitions. Previously Place Dome, Northgate, Lac, Campbell Resources.

Doug Bache

Director

Ontario

Finance professional with over 25 years of corporate finance, capital markets, corporate development experience in natural resource industry. Previously Vale, North American Palladium, CIBC and Société Générale

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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 Amended and Restated 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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