Summer 2012

Rapidly Developing North American Gold Resources at Low Cost and Low Risk

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Forward Looking Information

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking 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”, “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. 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. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at www.sedar.com . Other than as specifically required by law, we undertake no obligation to update any forward-looking 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, results or otherwise.

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Proven Management

Phillip Walford, P.Geo. | President , CEO & Director • 40 years in the mining industry, primarily in mining geology • Has held senior management roles at a number of companies

throughout the Americas, including Anaconda Gold, Geomaque Exploration, LAC Minerals, Pamour Porcupine Mines, and Hudson Bay Exploration and Development

Sherry Dunsworth, P.Geo. | VP of Exploration • 25+ years in the mining industry • Has held positions with Anaconda Gold and Marathon PGM • Former member of the Mineral Rights Adjudication Board of

Newfoundland and Labrador • Former Geoscience Councilor for the Association of

Professional Engineers and Geoscientists of Newfoundland and Labrador

Jim Kirke, CA | CFO • 15+ years involvement in the mining industry • Former CFO of BacTech Mining and Golden Odyssey Mining

Phillip Walford, P.Geo. | See Management

George Faught, CA | Non-Executive Chairman • 30+ years in the financial management and resources

industries • Former CFO of North American Palladium

Joe Spiteri, P.Geo. | Director • 30+ years in the mining industry • Former senior Manager and Officer with Placer Dome,

Northgate Explorations, Lac Minerals and Campbell Resources

Page Chilcott | Director • Former President of the Vancouver Stock Exchange

David Poynton | Director • 30+ years of legal and business experience • President and CEO of Daycon Minerals • Former Senior VP, General Counsel and Corporate Secretary for

Iberian Minerals and Cadillac Ventures

Management Board of Directors

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Capitalization

Capital Structure

Pre-MOA Acquisition

Post-MOA Acquisition

Share Price (06-28-12) $0.77

Shares Outstanding 29,871,928 50,394,718

Warrants 2,140,995 4,712,550

Options (at $1.61) 2,689,000 2,689,000

Fully diluted 34,701,923 57,796,268

Market Cap ~C$23 million ~C$39 million

Analysts • Fraser Mackenzie • Octagon Capital Corp.

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Focused on North American Gold Resources

Marathon Gold takes a 3-Prong approach to de-risking your investment

Current Resources (at 100%) Valentine Lake Project: M&I 424,000 oz Au @ 2.05 g/t Au, Inferred 305,000 oz Au @ 1.65 g/t Au

Golden Chest Mine: M&I 147,000 oz Au @ 1.47 g/t Au, Inferred 233,300 oz Au @ 1.46 g/t Au

Marathon Gold

Focused on developing gold Resources in

Canada and USA only- current Resources are

expanding!

Projects have solid infrastructure and are

located in mining-friendly jurisdictions

Projects have >1,000,000 oz Au potential of good grade potential

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Our Projects

Legend

Advanced Stage

1. Valentine Lake – Leprechaun Deposit

2. Golden Chest

Early Stage

1. Bonanza 2. Baie Verte 3. Finger Pond

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Deposit Tonnes

Au Grade g/t

Gold (oz)

Tonnes Au Grade g/t

Gold (oz)

100%-Owned Valentine Lake

Project1,2 Global Updated

Resource Estimate

6,450,000 2.05 424,000 5.740,000 1.65 305,000

Summary of Global Resources

Inferred Resources

1. Source: Technical Report on the Mineral Resource Estimate for the Leprechaun Gold deposit Valentine Lake Gold Project Central Newfoundland, Canada, dated March 29, 2012. 2. Assuming completion of the Mountain Lake Resources acquisition 3. The Golden Chest Mine is a 50/50 Joint Venture with New Jersey Mining Company, therefore Marathon Gold Reserves and Resource account for half

Deposit Tonnes

Au Grade g/t

Gold (oz)

Tonnes Au Grade g/t

Gold (oz)

Inferred Resources

Golden Chest Mine Global Initial

Resource Estimate 3

3,107,000 1.47 147,000 4,978,000 1.46 233,300

TOTAL M&I and TOTAL Inferred Valentine Lake

Project and Golden Chest Mine

9,557,000 1.86 571,000 10,718,000 1.56 538,300

M and I Resources

M and I Resources

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Corporate Strategy Going Forward

“We Add Value by Adding Quality Ounces”

Marathon Gold’s 2012/2013

Strategy

GROWTH

- Progressing the Valentine Lake Project and Golden Chest Mine towards the million ounce mark

- Longevity in a volatile market

UPDATING RESOURCES

- 22,000 m of drilling to be added to the Valentine Lake Project Resource

-7,000 m of drilling to be added to the Golden Chest Mine Resource

CONSERVING CAPITAL

- 1 drill turning

- Prospecting, trenching and geological mapping

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Our Projects

Legend

Advanced Stage

1. Valentine Lake – Leprechaun Deposit

2. Golden Chest

Early Stage

1. Bonanza 2. Baie Verte 3. Finger Pond

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Leprechaun Gold Deposit: Updated NI 43-101 Resource Estimate

GLOBAL RESOURCE ESTIMATE

Total Resource Above 0.50 g/t

cut off1

Tonnes

Cut Au (g/t)

Au oz

Measured 1,378,000 1.90 84,000

Indicated 5,068,000 2.09 340,000

M+I 6,446,000 2.05

Inferred 5,742,000 1.65

Updated NI 43-101 compliant Resource Estimate; M&I

Increase of 54% Total 58,500m drilling (2010-2012), of which 22,300 (2012) drilling not in current Resource Leprechaun Gold Deposit has been extended along

strike and down-dip

Hanging-wall zones are open in all directions

Coarse and free gold have excellent metallurgical recoveries with ~50% by gravity, total >90%

424,000

305,000

3 Dimensional Model of the Leprechaun Gold Deposit, Main Zone Alteration and Surface Resource Boundary

Open to Depth

Elevation

- 400m

- 100m

- 200m

- 300m

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Selected 2012 Drill Results

• Marathon expects a steady stream of drill results from its 2012 drilling program • The deposit remains open down-dip and along strike to the northeast and southwest

* True Thickness

Zone

Hole ID From (m) To (m) Length*(m) Gold (g/t)

LGD VL-12-393 115 130 13.5 4.31

VL-12-395 252 261 7.7 11.28

VL-12-402 277 301 21.6 4.05

VL-12-403 210 232 20.9 7.23

VL-12-407 289 304 13.5 9.19

VL-12-408 153 172 18.1 13.81

VL-12-410 277 289 11.4 8.06

VL-12-437 228 240 10.2 6.10

VL-12-440 369 396 21.6 3.81

FZ VL-12-431 92 157 61.75 0.64

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Newfoundland, Valentine Lake Project

100% Owned: Flagship Project

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Newfoundland, Valentine Lake Project 100% Owned - Deposit Expansion

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Newfoundland, Valentine Lake Project

100% Owned : Leprechaun Deposit

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Newfoundland, Valentine Lake Project

100% Owned : Leprechaun Deposit

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Newfoundland, Valentine Lake Project

100% Owned : Frank Zone

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Leprechaun Gold Deposit: Coarse and Free Gold

Visible gold in outcrop – Leprechaun Deposit

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Idaho - Golden Chest Mine Prolific Coeur d’Alene Mining District

Idaho Hill

View West

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Idaho, Golden Chest Mine: NI 43-101

Resource Estimate, Near Surface Open-Pit

Initial Resource Estimate based on 10,000 m of drilling in 2011 18,034 m drilled to date (2011-2012) Past produced 8,500 t of ore with an average grade of 6.90 g/t and an average recovery of ~94%

Fully permitted surface and timber rights with an existing reserve and exploration potential

GLOBAL RESOURCE ESTIMATE Total Cut-off

0.40 g/t

Tonnes

g/t Au

Au oz

M+I 3,107,000 1.47

Inferred 4,978,000 1.46

IN OPEN PIT Total Cut-off

0.40g/t

Tonnes g/t Au Au oz

M+I 2,788,000 1.35 121,100

Inferred 3,847,500 1.45 179,000

147,000

233,300

Katie - Dora

“H” Vein

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Idaho, Golden Chest Mine Open-Pit & Underground Potential

Open pit potential and significant opportunity for reserve growth with underground drilling

2011 Drilling – 102 DDH’s – 11,456m 2012 Drilling – 50 DDH’s - total 6,578m to date

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Oregon

Circa 1904

BONANZA MINE

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Oregon, Bonanza Mine: Historical High-Grade Producer

100% Owned Historical Producer

• 128,500 tons grading 1.2 oz/ton and 99,900 oz Au was produced with an average recovery of 65%

• Historic mining cut off grade of 0.60 oz/ton (17 grams)

Three main veins are important for mining

• South Vein • Bonanza Vein; can be followed on

surface from more than 2,500 ft • North Vein

The veins vary from a foot to 6 ft wide and locally can be up to 30 ft wide, dipping steeply to the southwest

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Bonanza Mine: Property Boundary

Basalt

Volcanic

Volcaniclastic

Basalt

Slate

Slate

North Vein

Bonanza Vein

South Vein

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Bonanza Mine: Property Boundary

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Reasons to Invest

LOCATION

Mining-friendly jurisdictions: Newfoundland, Idaho and Oregon

Established infrastructure; road access, water, fully equipped on-site camp

Socio-economic and political stability

MANAGEMENT

Over 80 years of proven management experience in mining exploration, development and production

RESOURCE DEVELOPMENT

Valentine Lake Project:

- NI 43-101 compliant Updated Resource Estimate with M&I increase of 53%

-22,000 m of drilling to be added to the Resource

Golden Chest Mine:

-NI 43-101 compliant Initial Resource Estimate

-7,000 m of drilling to be added to the Resource

SIGNIFICANT EXPLORATION

POTENTIAL

Classic lode gold deposits at Valentine Lake and Golden Chest have significant exploration potential

Mineralization covering only a fraction of Valentine’s total 30 km strike has been delineated

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www.marathon-gold.com 416-987-0714

Phillip Walford President and CEO pwalford@marathon-gold.com

Jennie Guay Investor Relations Manager jguay@marathon-gold.com