Marathon Gold Corp MGDPF

Primary Symbol: T.MOZ

Metals & Mining Gold

Marathon Gold Corporation is a Canada-based gold exploration and development company. The Company’s primary business focus is the exploration and development of its flagship asset, the wholly owned Valentine Gold Project, located in Newfoundland and Labrador, Canada. The project comprises a series of five mineralized deposits along a 32- kilometer system. Its prospects are located along the Valentine Lake Shear Zone and include Frank Zone, Rainbow Zone, Triangle Zone, Victoria Bridge, Narrows, Victory Southwest, Victory Northeast, and the Berry Zone. In addition to the Valentine Gold Project in the Central Region of Newfoundland and Labrador, the Company holds 100% interests in the Bonanza Mine, a former mine located in Baker County in northeastern Oregon, the Gold Reef property, an exploration property consisting of approximately 12 hectares of claims located near Stewart, British Columbia; and a 2% net smelter returns royalty on precious metal sales by the Golden Chest mine in Idaho.

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Marathon Gold Corp

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Post by Koko391on Mar 30, 2021 4:20pm

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Post# 32907973

CIBC Update

CIBC Research Analyst: Alex Hunchak, P.Geo

March 30, 2021
Flash Research MARATHON GOLD CORPORATION

First Look: Valentine Gold Feasibility Study Features Modest Cost Increases But Largely In Line With Our Assumptions Summary:

Marathon Gold reported results from a Feasibility Study (FS) for its Valentine Gold Project, featuring an after-tax $600M NPV5% and IRR of 32% at a US$1,500/oz gold price. Despite a 12% increase in initial capex estimate and a 13% increase in life-of-mine (LOM) AISC versus the company’s 2020 Pre-feasibility Study (PFS), the results compare well to our more conservatively modeled assumptions. Marathon continues to expect construction to commence in January 2022, following the completion of the EA process in H2/21, and the project could deliver first gold by end-2023. Valentine Gold continues to represent a solid mid-tier gold project with a relatively short path to first production and significant M&A appeal for a gold producer looking to add Canadian ounces to its portfolio.

Target Price: No change. Held at $4.00.

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