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TORONTO , ON MARATHON GOLD Marathon Gold Announces 2021 Third Quarter Results - November 10 , 2021 - Marathon Gold Corporation ( " Marathon " or the " Company " ; TSX : MOZ ) today announces its financial results for the third quarter ending September 30 , 2021 and provides an update on the Company's activities at the Valentine Gold Project located in central Newfoundland ( the " Project " ) . Third Quarter Highlights • • • • • At September 30 , 2021 , the Company had cash and short term investments of $ 104.8 million , leaving it well positioned to execute on its permitting , development , and exploration activities at the Valentine Gold Project ; At September 30 , 2021 , the Company had completed 54,507 metres of its total full - year drilling budget of approximately 70,000 metres . A total of 44,240 metres were drilled in the Berry Deposit , 3,639 metres in the Victory Deposit , 2,885 metres in the Sprite Deposit and 3,744 metres in the Marathon Waste Rock Facility area . 12,141 metres of Reverse Circulation drilling in support of validation of the mineral resource model in the Marathon and Leprechaun deposits had also been completed ; During the quarter Marathon made significant progress in engineering and procurement activities , with construction packages valued at C $ 118 million awarded in the areas of mobile mining equipment , drilling equipment , earthworks , camp accommodations , camp services , bridge repair , security , and tree cutting . At September 30 , 2021 , 154 persons were employed or contracted to Marathon and / or the Project on a full - time basis , of which 86 % are residents of the province of Newfoundland and Labrador ( " NL " ) ; On July 20 , 2021 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 ; Subsequent to the end of the quarter , the Company was notified that the Department of Environment and Climate Change for Newfoundland and Labrador had completed its review of the Environmental Impact Study ( " EIS " ) , and additional information is being requested . As noted in a news released issued by the Company dated November 4 , 2021 , the extended regulatory process will require a rescheduling of Marathon's planned development timeline , which is currently estimated to be an impact of approximately 6 months ; Subsequent to the end of the quarter , the Company announced organizational changes reflecting the ongoing transition from explorer to project developer and miner . Team development will continue steadily over the next several months as the Company looks forward to project construction activities commencing next year . Matt Manson , President and CEO commented : " During the third quarter we made steady progress in each of the important areas of engineering , procurement , team development and project financing in support of a potential construction decision at the Valentine Gold Project . We reported regular batches of positive drill results from the Berry Deposit through the quarter , showing this important new discovery to be " bulking - up ” promisingly over a broad area . This work will continue into the new year to support an updated mineral resource estimate later in 2022. We also continued our engagement with the ongoing Environmental Assessments ( " EAS " ) at both the provincial and federal levels . Substantial effort has been applied to facilitate the technical reviews of the Project's EIS currently underway with regulators , as well as to conduct our ongoing environmental baseline data acquisition and impact assessment , to engage with communities and First Nations , and to develop our operational social and environmental management plans .