Name of the Project
Valentine Lake Gold Camp project.

Location
New Foundland, Canada.

Client
Marathon Gold.

Project Description
Valentine Lake comprises the Marathon, Leprechaun, Victory and Sprite deposits totalling measured and indicated resources of 44.34-million tonnes grading 1.79 g/t gold and inferred resources of 24.43-million tonnes grading 1.57 g/t gold.

An updated independent preliminary economic assessment (PEA) has optimised the development of the Valentine Lake Gold Camp mineral resource by employing openpit mining and will encompass two gold recovery operations – a milling/flotation/carbon-in-leach (CIL) plant and a heap-leach plant.

The mill will process three-million tonnes a year of high-grade mineralised material. The plant will consist of crushing, milling, gravity recovery, flotation of gravity tails, flotation concentrate regrind, cyanidation leaching of flotation concentrate and flotation tailings through a CIL circuit, carbon elution and gold recovery circuit. CIL tails will be treated for cyanide destruction and disposed of as tails in the tailings storage facility.

The heap-leach pad will process three-million tonnes a year of low-grade mineralised material from openpit operations and will consist of crushing, heap leaching and carbon-in-column gold adsorption. The loaded carbon from the heap-leach facility will be sent to the mill facility for gold recovery. The project is expected to produce 2.72-million ounces of gold over the life of the project,
or an average of 225100 oz/y over a 12-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated net present value, at a 5% discount rate, of $493-million and an internal rate of return of 30%, with a capital payback of 2.5 years.

Value
Preproduction capital is estimated at $355-million.

Duration
Initial production is expected in 2022.

Latest Developments
None stated.

Key Contracts and Suppliers
Lycopodium Minerals Canada, John T Boyd Company, Apex Geoscience and Stantec Consulting (PEA).

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Marathon Gold investor relations manager Christopher Haldane, tel +1 416987 0714 or email chaldane@marathon-gold.com.