Marathon Gold reports Q4 capex C$18.5M vs. C$16.4M last year

Matt Manson, President, and CEO commented: "2022 was a year of milestones for Marathon and the Valentine Gold Project. First and foremost, we successfully completed full federal and provincial Environmental Assessments and received our project development authorisations, a significant achievement for a new greenfield mining project like Valentine. This was achieved on a foundation of strong support for the Project within the Province of Newfoundland and Labrador, and in particular amongst the communities of central Newfoundland. In July we published our largest and best quality Mineral Resource Estimate to date. This was followed by an updated Feasibility Study by year-end, which presented what is now a three-pit mine plan with higher gold production and a longer mine life. We arranged significant debt and equity financings, which allowed our construction to commence in October with financial certainty and on schedule. All of this was achieved in the face of a challenging economic and capital markets environment, with inflationary and labour pressures continuing to impact the global mining industry. Nevertheless, we ended the year with a strong balance sheet and our construction activities well advanced. Valentine is on track to be the largest gold project in one of the world’s best mining jurisdictions, and a company-making asset for Marathon and its shareholders."