Name of the Project
Valentine gold project.

Location
Central region of Newfoundland and Labrador, Canada.

Project Owner/s
Marathon Gold.

Project Description
An updated feasibility study has presented, for the first time, a three-pit mine plan, based on the Marathon, Leprechaun and Berry deposits, with increased mineral reserves, an extended mine life and a higher gold production profile.

The study proposes the concurrent openpit mining of the deposits.

Average gold production is estimated at 195 000 oz/y over a 14.3-year mine life.

Other aspects of the mine design, such as site layout, basic mill flowsheet, mill expansion strategy, thickened tailings deposition strategy, 400-person camp and low-cost site power through the NL Hydro power grid remain as previously conceived in the April 2021 feasibility study.

Potential Job Creation
There will be full-time direct employment of 405 people during peak construction and 522 during operations.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of $648-million and an internal rate of return of 22%, with a payback of 2.8 years.

Capital Expenditure
The cost to complete the project as at October 31, 2022, was C$463-million.

Planned Start/End Date
First gold is scheduled for January 2025.

Prestripping of waste material at the Leprechaun deposit started in October 2022 and mining will extend to 2036. Marathon will be mined from 2023 to 2037.

Mining at Berry is scheduled to start in the second quarter of 2025, subject to the receipt of all regulatory approvals, and be completed in 2033. The pit will be used for waste-rock and tailings disposal starting in 2034.

Latest Developments
Marathon Gold has concluded a socioeconomic agreement (SEA) with the Miawpukek First Nation for the development of the Valentine gold project.

Marathon president and CEO Matt Manson, Miawpukek chief Mi’sel Joe and representatives of the Miawpukek Band Council signed the agreement.

“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 wellbeing,” Manson has said.

The SEA will cover the life of the 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.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Marathon Gold manager, investor relations Amanda Mallough, tel +1 416 855 8202 or email amallough@marathon-gold.com.