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MARATHON GOLD Marathon Gold Announces 2021 Second Quarter Results TORONTO , ON - August 16 , 2021 - Marathon Gold Corporation ( " Marathon " or the " Company " ; TSX : MOZ ) today announces its financial results for the second quarter ending June 30 , 2021 and provides an update on the Company's activities at the Valentine Gold Project ( the " Project " ) located in central Newfoundland . Second Quarter Highlights • • • • • . On April 21 , 2021 , the Company released the results of the maiden mineral resource estimate for the new Berry Deposit . Inferred Mineral Resources of 638,700 oz ( 11.33 Mt at 1.75 g / t Au ) were estimated based on 42,000 metres of drilling completed to the end of November 2020 ; On May 6 , 2021 , the Company announced an additional 50,000 metres of drilling to be completed at the Berry Deposit through mid - 2022 . The Company also commenced a Reverse Circulation drill program of approximately 8,000 metres for resource reconciliation and grade control at the Leprechaun and Marathon Deposits ; The Company signed a Socio - Economic Agreement with the Qalipu Mi'kmaq First Nation ( " Qalipu " ) , establishing a framework for a long - term positive working relationship between the Company and Qalipu over the life of the mine ; The Company concluded a Memorandum of Understanding with Miawpukek First Nation providing a process of ongoing engagement and consultation between the Company and Miawpukek ; Consistent with the Environmental Assessment process , the Company received Information Requirements from both the federal and provincial regulators pursuant to the Project's Environmental Impact Statement filed on September 2020. Responses to all federal requirements were submitted during the quarter , and provincial government information requirements have been submitted subsequent to the quarter ; On May 27 , 2021 , the Company closed a private placement financing for gross proceeds of $ 50.4 million consisting of 14,373,101 common shares at $ 2.45 per common share and 4,888,629 flow - through common shares at $ 3.10 per flow - through common share ; Subsequent to the end of the quarter , the Company entered into an exclusive non - binding Indicative Term Sheet with Sprott Resource Lending Corp. for a senior secured project financing facility of US $ 185 million ; • The Company's June 30 , 2021 cash balance of $ 107.5 million leaves Marathon well positioned to execute on its permitting , development , and exploration activities at the Valentine Gold Project through to a targeted construction decision in the second half of 2021 . Matt Manson , President and CEO commented : “ During the second quarter we continued to make important progress in our development work for the Valentine Gold Project in each of our priority areas of environmental assessment , community engagement and engineering . We announced a highly encouraging maiden mineral resource estimate for the new Berry Deposit , and recommitted to significant , ongoing exploration work . At the same time , we strengthened our balance sheet with a successful equity placement and gave guidance to our contemplated debt facility for mine project financing . All of this sets the stage for the second half of the year , during which we expect to see the completion of our environmental assessment process ahead of construction ground- breaking in the new year . ” Mr. Manson continued : “ Marathon's strong quarter - end treasury of