Marathon Gold Announces Vertical Amalgamation With Its Wholly Owned Subsidiary

TORONTO, Jan. 28, 2022 (GLOBE NEWSWIRE) -- MarathonGoldCorporation(“Marathon”orthe“Company”;TSX:MOZ) is pleased to announce that it has completed a vertical amalgamation with its wholly-owned subsidiary, Mountain Lake Resources Inc., effective January 28, 2022. The amalgamation will streamline the Company's mining exploration activities under a single corporate entity and will reduce corporate and operational expenses.

AboutMarathon

Marathon (TSX:MOZ) 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 20- kilometre system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see 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 for further details and assumptions relating to the Valentine Gold Project.

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

CautionaryStatementRegardingForward-LookingInformation

Certaininformationcontainedinthisnewsrelease,constitutesforward-lookinginformationwithinthe meaning of Canadian securities laws (“forward-looking statements”). All statements in thisnews release, other than statements of historical fact, which address events, results, outcomesordevelopmentsthatMarathonexpectstooccurareforward-lookingstatements.Forward-lookingstatementsincludestatementsthatarepredictiveinnature,dependuponorrefertofutureeventsor conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”,“considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, orfutureorconditionalverbssuchas“may”,“will”,“should”,“would”and“could”.Weprovideforward-looking statements for the purpose of conveying information about our current expectations andplansrelatingtothefuture,andreadersarecautionedthatsuchstatementsmaynotbeappropriate for otherpurposes. More particularly and without restriction, this news releasecontainsforward-lookinginformation,includingstatementsastomanagement'sexpectationswithrespectto,amongotherthings,themattersand activitiescontemplatedinthis newsrelease.

Forward-looking statements involve known and unknown risks, uncertainties and assumptionsand accordingly, actual results and future events could differ materially from those expressed orimplied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements concerning the interpretation ofexploration results and the impact on the Project’s mineral resource estimate, the Company hasprovided such statements in reliance on certain assumptions it believes are reasonable at thistime, including assumptions as to the continuity of mineralization between drill holes. A mineralresource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to itsexistence 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 highercategoryofmineralresource.Investorsarecautionednottoassumethatalloranypartofmineraldepositsinthesecategorieswillever beconvertedintoprovenandprobablemineralreserves.

Byitsnature,thisinformationissubjecttoinherentrisksanduncertaintiesthatmaybegeneralorspecificandwhichgiverisetothepossibilitythatexpectations,forecasts,predictions,projectionsor conclusions will not prove to be accurate, that assumptions may not be correct and thatobjectives, strategic goals and priorities will not be achieved. Factors that could cause futureresults or events to differ materially from current expectations expressed or implied by theforward-looking statements include risks and uncertainties relating to the interpretation of drillresults, the geology, grade and continuity of mineral deposits and conclusions of economicevaluations;uncertaintyastoestimationofmineralresources;inaccurategeologicalandmetallurgical assumptions (including with respect to the size, grade and recoverability of mineralresources);thepotentialfordelaysorchangesinplansinexplorationordevelopmentprojectsorcapitalexpenditures,orthecompletionoffeasibilitystudiesduetochangesinlogistical,technicalorotherfactors;thepossibilitythatfutureexploration,development,constructionorminingresults

will not be consistent with the Company’s expectations; risks related to the ability of the currentexplorationprogramtoidentifyandexpandmineralresources;risksrelatingtopossiblevariationsingrade,plannedminingdilutionandoreloss,orrecoveryratesandchangesinprojectparameters as plans continue to be refined; operational mining and development risks, includingrisksrelatedtoaccidents,equipmentbreakdowns,labourdisputes(includingworkstoppagesandstrikes) or other unanticipated difficulties with or interruptions in exploration and development;risks related to the inherent uncertainty of production and cost estimates and the potential forunexpectedcostsandexpenses;risksrelatedtocommodity andpower prices,foreignexchangerate fluctuations and changes in interest rates; the uncertainty of profitability based upon thecyclical nature of the mining industry; risks related to failure to obtain adequate financing on atimely basis and on acceptable terms or delays in obtaining governmental or other stakeholderapprovalsorinthecompletionofdevelopmentorconstructionactivities;risksrelatedtoenvironmental regulation and liability, government regulation and permitting; risks relating to theCompany’s ability to attract and retain skilled staff; risks relating to the timing of the receipt ofregulatoryandgovernmentalapprovalsforcontinuedoperationsandfuturedevelopmentprojects;politicalandregulatoryrisksassociatedwithminingandexploration;risksrelatingtothepotentialimpactsoftheCOVID-19pandemicontheCompanyandtheminingindustry;changesingeneraleconomicconditionsorconditionsinthefinancialmarkets;andotherrisksdescribedinMarathon’sdocumentsfiledwithCanadiansecuritiesregulatoryauthorities,includingtheAmendedandRestatedAnnualInformationFormforthe year endedDecember31,2020.

YoucanfindfurtherinformationwithrespecttotheseandotherrisksinMarathon’sAmendedandRestatedAnnualInformationFormfortheyearendedDecember31,2020andotherfilingsmadewithCanadiansecuritiesregulatoryauthorities availableatwww.sedar.com. Other than asspecifically required by law, Marathon undertakes no obligation to update any forward-lookingstatement to reflect events or circumstances after the date on which such statement is made, orto reflect the occurrence of unanticipated events, whether as a result of new information, futureevents orresultsotherwise.