Name of the Project
Valentine gold project.

Location
Newfoundland and Labrador, Canada.

Project Owner/s
Marathon Gold.

Project Description
A feasibility study has proposed an openpit mining operation with a low initial capital cost and a high rate of return over a 13-year mine life.

The project has proven and probable reserves of 47.05-million tonnes at 1.36 g/t gold. Measured and indicated mineral resources are estimated at 56.66-million tonnes grading 1.72 g/t of gold, and inferred mineral resources of 29.59-million tonnes grading 1.72 g/t gold.

Average gold production is estimated at 173 000 oz/y from 2024 to 2033, from the processing of high-grade mill feed, and at 56 000 oz/y from 2034 to 2036, from the processing of low-grade stock piles.

The project will have a mill capacity of 2.5-million tonnes a year, based on gravity leaching, expanding to four-million tonnes a day in Year 4, based on gravity-floating leaching.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of C$600-million and internal rate of return of 31.5% at $1 500/oz gold. Payback is estimated at 1.9 years.

Capital Expenditure
Initial capital is estimated at C$305-million.

Planned Start/End Date
Upon the receipt of final regulatory approvals and site permits, early works activities will start in the third quarter of 2022, supporting a schedule for first gold production in late 2024.

Latest Developments
Marathon Gold has received mining leases for the Valentine gold project.

The leases cover the development of the Marathon and Leprechaun deposits and have a term of 20 years.

Receipt of the leases from the Newfoundland and Labrador government is a key milestone in the permitting operations of the project. It follows the completion of the provincial environmental assessment process in March and the approval of the project to proceed to development by the Newfoundland and Labrador Cabinet.

Marathon has reported that the federal environmental assessment for the project is approaching completion.

On May 25, the Impact Assessment Agency of Canada filed a draft environmental assessment report for the project. It is available for 30 days for public review and comment.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada (feasibility study); Moose Mountain Technical Services (mining consultant); APEX Geoscience (geological consultant); Golder Associates (tailings consultant); Stantec Consulting (site water management and environmental consultant); and GEMTEC Consulting Engineers and Scientists (geotechnical consultant).

Contact Details for Project Information
Marathon Gold, tel +1 416 861 0851.