Marathon Gold Corporation (TSX: MOZ) and Miawpukek First Nation are pleased to announce that they have concluded a Socio-Economic Agreement concerning the development of the Valentine Gold Project, located in central Newfoundland. The Agreement was signed by Matt Manson, President and CEO of Marathon, and Miawpukek Chief Mi’sel Joe and representatives of the Miawpukek Band Council.

The SEA respects Miawpukek’s historic and cultural connections to the lands and waters while establishing a framework for a long-term positive working relationship between Marathon and Miawpukek. The SEA will cover the life of the Valentine Gold Project. The Agreement addresses matters such as access to employment and contracting opportunities by Miawpukek members and businesses, education and training, environmental stewardship and monitoring, cultural investment, and ongoing engagement.

Matt Manson, President and CEO, commented: “The investment in people and Indigenous communities is an important component of the development of Newfoundland and Labrador’s rich mineral resource potential. These SEA agreements are the first of their type for mining businesses on the island of Newfoundland, and they reflect our commitment to prioritize Indigenous economic development, employment, and community well-being. Under Chief Mi’sel Joe’s leadership, Miawpukek First Nation has become a dynamic and flourishing part of Newfoundland’s economic and cultural life, and we look forward to a long and productive relationship as we move forward with the development and operation of the Valentine Gold Project.”

Chief Joe commented: “Our Nation is pleased to enter into this Agreement with Marathon which will facilitate transparent discussions throughout the life of the Valentine project. Our biggest concern has always been the protection of the lands, waters, and wildlife. This Agreement will ensure our involvement on those important matters. It will also allow our community to share in the benefits of the project through employment, contracting, and cultural investment. It has taken a lot of work by both sides to reach this point and we are pleased to move forward with Marathon in a relationship that is based on collaboration and mutual respect. We are thankful to the Marathon team who have made this possible. We consider this Agreement to be one small step in our community’s journey of reconciliation and rights recognition.

We believe this Agreement aligns with Canada’s commitments to upholding the United Nations Declaration on the Rights of Indigenous Peoples. This allows Miawpukek and Marathon to continue moving forward in a way that promotes the spirit and intent of Truth and Reconciliation.”

About Marathon

Marathon is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 32-kilometre system. A December 2022 Updated Feasibility Study outlined an open pit mining and conventional milling operation producing 195,000 ounces of gold a year for 12 years within a 14.3-year mine life. The Project was released from federal and provincial environmental assessment in 2022 and construction commenced in October 2022. The Project has estimated Proven Mineral Reserves of 1.43 Moz (23.36 Mt at 1.89 g/t) and Probable Mineral Reserves of 1.27 Moz (28.22 Mt at 1.40 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 2.06 Moz (29.23 Mt at 2.19 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.90 Moz (35.40 Mt at 1.67 g/t). Additional Inferred Mineral Resources are 1.10 Moz (20.75 Mt at 1.65 g/t Au). Please see the NI 43-101 Technical Report “Valentine Gold Project, NI 43-101 Technical Report and Feasibility Study” effective November 30, 2022, Marathon’s Annual Information Form for the year ended December 31, 2022 and other filings made with Canadian securities regulatory authorities available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.

About Miawpukek

Miawpukek First Nation is a Mi’kmaq community located near Conne River, Newfoundland and Labrador. Our relationship with the land and surrounding waters of this region has existed since time immemorial. Our Mi’kmaq ancestors’ lives followed seasonal patterns and involved regular travel throughout our traditional territory to access resources. Over the centuries, we have continued to live, hunt, gather, fish, trap, guide and make a living on the island. As stewards of the land, who care deeply for our ancestors, teachings, and all our relations, MFN has a sacred duty to protect our traditional territory, our rights, and values. MFN is supportive of environmentally, socially, and economically sustainable projects that are advanced in a responsible manner.

Our mission is to preserve, promote and advance the culture, traditional lands, health, economic, educational and social well-being of our people – including our language, history and spirituality.