Marathon Gold Confirms Berry Regulatory Assessment Process
Proceeding to Plan
TORONTO, ON – August 30, 2023 – Marathon Gold Corporation (“Marathon” or the “Company”;
TSX: MOZ) is pleased to announce that it has received confirmation from the Impact Assessment
Agency of Canada (“IAAC”) that changes to the Valentine Gold Project (the “Project”) to
accommodate an open pit and associated infrastructure at the Berry Deposit (the “Berry
Complex”) do not constitute a new Designated Project, and as such do not require a new impact
assessment under the Impact Assessment Act (“IAA”). This means that the assessment and
subsequent permitting of the Berry Complex can proceed as previously anticipated, comprising
an Environmental Assessment (“EA”) of a “new undertaking” by the provincial regulator, and a
modified Decision Statement by the federal regulator. Consistent with previous guidance and the
Project’s December 2022 Updated Feasibility Study, Marathon anticipates these review
processes will be completed during 2023 and 2024, well in advance of the scheduled
commencement of mining at Berry in the second quarter of 2025.
Background to Today’s News
In September 2020, Marathon submitted an Environmental Impact Statement (“EIS”) for the
Project to IAAC and the Newfoundland and Labrador Department of Environment and Climate
Change, EA Division, (“NLDECC”) pursuant to the requirements of the Canadian Environmental
Assessment Act (2012) and the NL Environmental Protection Act, respectively. The scope of
assessment for the EIS included two mining pits and related infrastructure (the Marathon and
Leprechaun Complexes), a Processing Plant, a Tailings Management Facility, and associated
site facilities (the “two-pit project”). The Valentine Gold Project was released from the provincial
EA process on March 17, 2022, and the federal EA process on August 24, 2022. Mine
construction commenced in October 2022, and permitting for specific site activities has continued
throughout the mine development process in accordance with the construction schedule. At the
end of June 30, 2023, overall permitting progress stood at 89% complete.
In December 2022 Marathon released results of an Updated Feasibility Study for Valentine based
on the addition of a third open pit and associated infrastructure at the Berry Complex (the “threepit project”).
Marathon filed environmental assessment registration materials for Berry to the
NLDECC and IAAC on August 11, 2023, following the completion of an effects assessment and
consultation with both the provincial and federal regulators, Indigenous groups, communities, and
stakeholder organizations.
The Berry Complex is subject to regulatory review requirements to identify, assess and mitigate
potential environmental effects during all project phases, including construction, operation,
decommissioning, rehabilitation and closure, and post-closure. Provincially, the addition of the
Berry Complex is considered a new undertaking requiring a provincial EA. This EA has now
commenced with the filing of registration materials. Federally, and as now confirmed by IAAC, the
addition of the Berry Complex is considered a change to the Designated Project referenced in the
August 2022 Decision Statement of the Minister of Environment and Climate Change Canada
(the “Minister”), and potential amendments to the Decision Statement will now be considered.
However, IAAC has informed Marathon that the Minister is not permitted to amend the Decision
Statement to change the decision itself, and no new impact assessment under the terms of IAA
will be required.
Qualified Persons
Disclosure of a scientific or technical nature in this news release has been approved by Mr. Tim
Williams, FAusIMM, Chief Operating Officer of Marathon and Mr. James Powell, P.Eng. (NL),
Vice President, Regulatory and Government Affairs for Marathon. Mr. Williams and Mr. Powell
are qualified persons under National Instrument (“NI”) 43-101. Mr. Roy Eccles, P.Geo. (NL), of
APEX Geoscience Ltd. is a Qualified Person for purposes of NI 43-101, is independent of
Marathon and the Valentine Gold Project, and has reviewed and takes responsibility for the
updated 2022 MRE prepared by John T. Boyd Company.
About Marathon
Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine
Gold Project located in the central region of Newfoundland and Labrador, one of the top mining
jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 32-
kilometre system. A December 2022 Updated Feasibility Study outlined an open pit mining and
conventional milling operation producing 195,000 ounces of gold a year for 12 years within a 14.3-
year mine life. The Project was released from federal and provincial environmental assessment
in 2022 and construction commenced in October 2022. The Project has estimated Proven Mineral
Reserves of 1.43 Moz (23.36 Mt at 1.89 g/t) and Probable Mineral Reserves of 1.27 Moz (28.22
Mt at 1.40 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise
2.06 Moz (29.23 Mt at 2.19 g/t) with Indicated Mineral Resources (inclusive of the Mineral
Reserves) of 1.90 Moz (35.40 Mt at 1.67 g/t). Additional Inferred Mineral Resources are 1.10 Moz
(20.75 Mt at 1.65 g/t Au). Please see the NI 43-101 Technical Report “Valentine Gold Project, NI
43-101 Technical Report and Feasibility Study” effective November 30, 2022, Marathon’s Annual
Information Form for the year ended December 31, 2022 and other filings made with Canadian
securities regulatory authorities available at www.sedar.com for further details and assumptions
relating to the Valentine Gold Project.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this news release, constitutes forward-looking information within the meaning of
Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of
historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forwardlooking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer
to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”,
“considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional
verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of
conveying information about our current expectations and plans relating to the future, and readers are cautioned that
such statements may not be appropriate for other purposes. More particularly and without restriction, this news release
contains forward-looking statements and information about the Updated Feasibility Study and the results therefrom
(including IRR, NPV5%, Capex, FCF, AISC and other financial metrics and economic analysis), the realization of mineral
reserve and mineral resource estimates, the future financial or operating performance of the Company and the Project,
capital and operating costs, the ability of the Company to obtain all government approvals, permits and third-party
consents in connection with the Company’s exploration, development and operating activities, the potential impact of
COVID-19 on the Company, the Company’s ability to successfully advance the Project and anticipated benefits thereof,
economic analyses for the Valentine Gold Project, processing and recovery estimates and strategies, future exploration
and mine plans, objectives and expectations and corporate planning of Marathon, future environmental impact
statements and the timetable for completion and content thereof and statements as to management’s expectations with
respect to, among other things, the matters and activities contemplated in this news release.
Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual
results and future events could differ materially from those expressed or implied in such statements. You are hence
cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements
concerning the interpretation of exploration results and the impact on the Project’s mineral resource estimate, the
Company has provided such statements in reliance on certain assumptions it believes are reasonable at this time,
including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as
“inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It
cannot be assumed that any or part of an “inferred mineral resource” or an “indicated mineral resource” will ever be
upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral
deposits in these categories will ever be converted into proven and probable mineral reserves.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which
give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be
accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.
Factors that could cause future results or events to differ materially from current expectations expressed or implied by
the forward-looking statements include risks and uncertainties relating to the interpretation of drill results, the geology,
grade and continuity of mineral deposits and conclusions of economic evaluations; uncertainty as to estimation of
mineral resources; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and
recoverability of mineral resources); the potential for delays or changes in plans in exploration or development projects
or capital expenditures, or the completion of feasibility studies due to changes in logistical, technical or other factors;
the possibility that future exploration, development, construction or mining results will not be consistent with the
Company’s expectations; risks related to the ability of the current exploration program to identify and expand mineral
resources; risks relating to possible variations in grade, planned mining dilution and ore loss, or recovery rates and
changes in project parameters as plans continue to be refined; operational mining and development risks, including
risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other
unanticipated difficulties with or interruptions in exploration and development; risks related to the inherent uncertainty
of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity and
power prices, foreign exchange rate fluctuations and changes in interest rates; the uncertainty of profitability based
upon the cyclical nature of the mining industry; risks related to failure to obtain adequate financing on a timely basis
and on acceptable terms or delays in obtaining governmental or other stakeholder approvals or in the completion of
development or construction activities; risks related to environmental regulation and liability, government regulation and
permitting; risks relating to the Company’s ability to attract and retain skilled staff; risks relating to the timing of the
receipt of regulatory and governmental approvals for continued operations and future development projects; political
and regulatory risks associated with mining and exploration; risks relating to the potential impacts of the COVID-19
pandemic on the Company and the mining industry; changes in general economic conditions or conditions in the
financial markets; and other risks described in Marathon’s documents filed with Canadian securities regulatory
authorities, including the Annual Information Form for the year ended December 31, 2022.
You can find further information with respect to these and other risks in Marathon’s Annual Information Form for the
year ended December 31, 2022 and other filings made with Canadian securities regulatory authorities available at
www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forwardlooking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the
occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.