Marathon Gold Corporation provided assay results on in-fill drill holes completed at the Berry Deposit, part of the Valentine Gold Project located in central Newfoundland (the "Project"). During the 2022 exploration program, Marathon completed 20,931 metres of infill drilling at Berry, none of which was included in the Project's June 2022 Mineral Resource Estimate ("MRE"). This in-fill program targeted gaps within the existing Berry drillhole dataset that are largely assumed to be un-mineralized waste in the Berry geological model but are within the conceptual pit shells used in the MRE.

Success with this program has the potential to add mineable ounces to the Project's mine plan. Assays from 9,811 metres of the 2022 drilling were previously reported. These latest results represent fire assay data from 5,490 metres of drilling in twenty-seven holes.

Highlights include: Gold mineralization at the Valentine Gold Project is contained in Quartz-Tourmaline-Pyrite-Gold ("QTP-Au") veins developed within granitoid rocks of the Valentine Lake Intrusive Suite ("VLIS") on the hanging wall, or northwest, side of the Valentine Lake Shear Zone. Up to four orientations of veins have been measured, with shallowly southwest dipping "Set 1" QTP- Au veins observed to be dominant in both abundance and gold content. At the Leprechaun, Marathon and Berry Deposits, Set 1 QTP-Au veins form densely stacked corridors of mineralization referred to as "Main Zones".

The extent and scale of these mineralised corridors appear related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the granitoid rocks, parallel to the shear zone. The drill results released are derived from twenty-seven drill holes located between sections 13240E and 14810E. The drill holes were located along the full 1.5 kilometre extent of the Berry Deposit, and located in areas of the Berry geological model that had been previously poorly defined with a view to identifying new areas of mineralisation or validating areas of mineralisation previously modelled with lower confidence.

Twenty-two holes were located in the western hanging-wall area of the deposit, one was located in the central hanging-wall area, and four were located in the eastern hanging-wall area. Seventeen holes were oriented steeply to the northwest testing for Main Zone-type stacked QTP-Au mineralization in "Set 1" vein orientations. Ten holes were oriented more shallowly towards the SE in order to better define the thickness of any mineralized zones.

VL-22-1214-EXT represents an extension of a previously reported drill hole. Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. David Ross, P.Geo. (NL), Vice President of Geology and Exploration for Marathon Gold Corporation and Mr. Nicholas Capps, P.Geo.

(NL), Manager of Exploration for Marathon Gold Corporation. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo (NL), GIS Manager for Marathon Gold Corporation. Mr. Ross, Mr. Capps and Ms. Borysenko are qualified persons under National Instrument ("NI") 43-101.

Mr. Roy Eccles, P.Geo. (NL), of APEX Geoscience Ltd. is a Qualified Person for purposes of NI 43-101, is independent of Marathon and the Valentine Gold Project, and has reviewed and takes responsibility for the updated July 2022 MRE prepared by John T. Boyd Company. QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch.

Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold.

Significant mineralized intervals are reported core lengths and estimated true thickness (70 - 95% of core length), and reported with and without a top-cut of 30 g/t Au applied.