Valentine Gold Project

About the Project

Marathon’s principal asset is the Valentine Gold Project in the Central Region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. When completed, the Valentine Gold Project will be the largest gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.

The Project comprises a series of mineralized deposits along a 20-kilometre trend. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return and an average gold production profile of 173,000 ounces of gold per year for the first 9 years. The Project has estimated Proven and Probable Mineral Reserves of 2.05 Moz (47.1 Mt at 1.36 g/t Au) and a June 2022 updated Mineral Resource Estimate for Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 4.0 Moz (64.6 Mt at 1.90 g/t Au). Additional Inferred Mineral Resources are 1.10 Moz (20.8 Mt at 1.65 g/t Au).

The Valentine Gold Project is subject to regulation under the environmental protection regimes of the Canadian Environmental Assessment Act, 2012 and the Newfoundland and Labrador Environmental Protection Act. Marathon filed a project description with both the Impact Assessment Agency (“IAA”, formerly the Canadian Environmental Assessment Agency) and the NL Department of Municipal Affairs and Environment (“NLDMAE”) on April 5, 2019, which was accepted into the formal Environmental Assessment (“EA”) process on April 16, 2019. Both the IAA and the NLDMAE issued a determination requiring a project Environmental Impact Statement and guidelines have now been published by both parties. The Environmental Impact Statement was filed with the regulators in the 3rd quarter of 2020, and will describe the environmental, social and economic impacts of the scope of project outlined in the Feasibility Study.

In support of the EA process and the future development and operation of the Project, Marathon is engaging in formal stakeholder engagement with the communities of Buchans, Buchans Junction, Millertown, Badger, Bishop’s Falls and Grand Falls-Windsor, Qalipu and Miawpukek First Nations and other interested parties.

Based on the Feasibility Study, Marathon expects to employ an average of 404 persons during the project’s construction and 426 persons during operations. Initial capital investment is estimated at $305 million, life-of-mine capital investment is estimated at $662 million, and there is expected to be over $100 million of annual average purchasing of goods and services, with a focus on local hiring and contracting.

An updated Technical report is on schedule for completion in the fourth quarter of 2022.

Project Highlights

  • Valentine Gold Project in Central Newfoundland; World leading mining jurisdiction
  • 100% ownership
  • Largest Undeveloped Gold Resource in Atlantic Canada
    • M&I 4.0 Moz (64.6 Mt at 1.90 g/t Au)
    • Inferred 1.10 Moz (20.8 Mt at 1.65 g/t Au)
  • March 2021 Feasibility Study with Low Initial Capital Cost and High Rate of Return
    • After-tax 31.5% IRR & C$600 NPV5% at US $1500 Gold, C$305M Capex
    • 13 Year Mine Life; 2.05Moz Mineral Reserve; 173k oz/a Years 1 to 9
  • Committed to Project Development
    • Environmental Assessment underway
  • Ongoing Exploration on 20km Mineralized Trend
    • Focus on Sprite, Victory and new Berry Deposit


Location Highlights

  • The Valentine Gold Project is located in central Newfoundland
  • Approximately 80km SW of the mining communities of Millertown and Buchans
  • Project is road accessible
  • NL Hydro substation at Star Lake 30km away
  • Central Region with mine services and experienced workforce
  • A mining region in a mining jurisdiction