Winter Presentation 2012

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

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TSX:MOZ Forward Looking

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.

TSX:MOZ 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 • 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 • Former Senior VP, General Counsel and Corporate Secretary for

Iberian Minerals and Cadillac Ventures

Management Board of Directors

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TSX:MOZ Strong Balance Sheet

Share Price Performance

Share Price (02-08-12) $0.93

Shares Outstanding 29,871,928

Warrants ($1.80) 2,140,995

Options (at $1.61) 2,689,000

Fully diluted 34,701,923

Market Cap ~C$27.7million

Investors Stillwater (15%) Sprott

Sentry Select

Strong Balance Sheet

Analysts •Haywood Securities •Fraser Mackenzie •Octagon Capital Corp. •Pope and Company •Canaccord

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TSX:MOZ Company Highlights

Three robust gold projects

Three gold projects in mining-friendly jurisdictions - Valentine Lake Project in central Newfoundland (50/50 JV with Mountain Lake Resources) - Fully permitted Golden Chest Mine in Idaho’s prolific Coeur d’Alene Mining District (50/50 JV with New Jersey Mining Company)

• Can earn 60% by putting $3.5 M in the ground - Bonanza Mine in Oregon’s prolific Greenhorn Gold District (100% Owned)

Near-term resource growth

potential

Significant exploration

pipeline

Several near-term catalysts

Initial Resource Estimate at Golden Chest Mine expected Q1-2012 Updated Resource Estimate at Valentine Lake Project expected late Q1- 2012 Potential to advance Golden Chest Mine to development as early as 2013 given

underground infrastructure and permits in place

Aggressive drilling programs - approx. 36,000 m of drilling completed at the Valentine Lake Project by Marathon Gold; expanding the existing resource - 40,000 m 2012 drill program at Valentine Lake Project - 10,000 m 2011 program completed at Golden Chest Mine - 25,000 m 2012 drill program at Golden Chest Mine

Quartz veining new gold discovery at the Leprechaun Gold Deposit (J. Frank Zone)

Five gold prospects identified along 17 km of strike at Valentine Lake Project - Leprechaun Gold Deposit Resource contained within 750 m strike

Significant exploration potential at both Valentine Lake Project and Golden Chest Mine

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TSX:MOZ 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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TSX:MOZ Newfoundland

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TSX:MOZ

Valentine Lake Project: Flagship Project

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TSX:MOZ

Valentine Lake Project: Leprechaun Gold Deposit

The most explored deposit among the 5 known gold occurrences

Leprechaun deposit has been extended along strike

and down-dip Coarse and free gold have excellent metallurgical

recoveries with ~50% by gravity, total >90% NI 43-101 compliant Resource Estimate Aggressive 40,000 m drill program underway Resources Estimate update expected Q1 2012

Total Resource

Above 0.50 g/t cut off1

Tonnes (MM)

Cut Au (g/t) Au oz

Measured 2.1 MM 2.768 187,000

Indicated 1.2 MM 2.363 90,000

M+I 3.3MM 2.622 277,000

Inferred 4.4 MM 2.007 285,000

Total 562,000

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TSX:MOZ Leprechaun Gold Deposit

Ideal for open Pit

View SW towards Leprechaun Pond

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TSX:MOZ

Leprechaun Gold Deposit: Continuity of Mineralization 9

TSX:MOZ

Leprechaun Gold Deposit: Ideal for Open Pit

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TSX:MOZ

Leprechaun Gold Deposit: Ideal for Open Pit

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TSX:MOZ

Leprechaun Gold Deposit: Ideal for Open Pit

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TSX:MOZ

Leprechaun Gold Deposit, New Discovery: J. Frank Zone

Extends in excess of 850 m in length and 250 m in width, and is located up to 1.5 km southwest along strike from the current resource boundary of the Leprechaun Gold deposit

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TSX:MOZ

Leprechaun Gold Deposit, New

Discovery: J. Frank Zone

High grade grab samples consisting of quartz-tourmaline-pyrite with coarse visible gold returned assays of up to 581.88 g/t Au, 287.95 g/t Au, 152.75 g/t Au and 88.60 g/t Au

The newly exposed quartz-tourmaline-pyrite-gold stacked veins occur 100 m into the hanging-wall Ongoing prospecting and stripping continues to exposes additional quartz veining along strike and

into the hanging wall Channel sampling continues, with assays pending

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TSX:MOZ

J. Frank Zone: Coarse Visible Gold

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TSX:MOZ

Finger Pond Deposit: 100% Owned

Located 30 km on-strike and to the southwest from the Valentine Lake Project Historical exploration work outlines a number of gold and base metal showings along the 20 km strike length Exploration work planned for 2012

Marathon Gold Corporation

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TSX:MOZ Idaho

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TSX:MOZ

Golden Chest Mine: Historical Producer

Largest historical gold producer in Coeur d’Alene Mining District

Past producing mine located within Idaho’s prolific Coeur d’Alene Mining District

Mining historically focused on high grade (>17 g/t) veins (Katie+Dora, Idaho, etc)

Recent localized mining by JV partner New Jersey Mining Company, produced 8,500 t of ore with an average grade of 6.90 g/t and an average recovery of ~94%

Can earn 60% by putting $3.5 M in the ground Fully permitted surface and timber rights with

an existing reserve and exploration potential Stable rich mining heritage and beside major

road 10,000 m of drilling completed in 2011 25,000 m of drilling planned for 2012

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TSX:MOZ Golden Chest Mine

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Patented claims and historic open pit Resource

Open pit potential and significant potential for reserve growth through continued underground drilling

TSX:MOZ

Golden Chest Mine: Near Surface Open-Pit

2011 Drill Program Complete 56 drill holes 10,000 m Initial Resource Estimate Q1 2012 Underground rehabilitation underway

in the historic high grade area 2012 Drill Program 25,000 m

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DDH-11-39 – 47.6 m @ 1.94 g/t Au DDH-11-37 – 29.0 m @ 1.51 g/t Au DDH-11-38 – 21.0 m @ 1.86 g/t Au

DDH-11-35 – 30.5 m @ 0.86 g/t Au DDH-11-27 – 15.5 m @ 0.59 g/t Au DDH-11-30 – 21.0 m @1.30 g/t Au

TSX:MOZ Oregon

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TSX:MOZ

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

Exploration work to commence Q2 2012

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Deposit Tonnes

Au Grade g/t

Gold (oz)

Tonnes Au Grade g/t

Gold (oz)

Valentine Lake1 3,284,000 2.6 276,843 4,409,000 2.0 285,000

Reserves & M and I Inferred

1. Source: Technical Report on the Mineral Resource Estimate for the Leprechaun Gold deposit Valentine Lake Gold Project Central Newfoundland, Canada, dated January 31, 2011 2. Source: New Jersey Mining Company’s Form 10-L for the fiscal year-ended December 31, 2010 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 4. These are historical estimates reported on the Golden Chest property which Marathon is not treating as current mineral resources or mineral reserves under NI 43-101. A qualified person has

not done sufficient work to classify the historical estimates as a current mineral resource or mineral reserve and they should not be relied upon

Summary of Reserves and Resources 23

Historic Golden Chest 2,3

(underground) 242,058 5.1 37,885 - - -

Historic Golden Chest3 (open pit) 1,227,150 1.35 53,263 5,522,850 0.98 174,000

Attributable Marathon

Reserves & Resources 2,376,604 3.0 183,995 4,965,925 1.5 230,000

Deposit Tonnes

Au Grade g/t

Gold (oz)

Tonnes Au Grade g/t

Gold (oz)

Historic Reserves & M and I Historic Inferred

TSX:MOZ Reasons to Invest

LOCATION

Located in mining-friendly Newfoundland, Canada , Idaho and Oregon, USA Strong infrastructure; highway/road access, water, fully equipped on sight

camps Socio-economic and political stability

DEVELOPING RESOURCES

We have the GOLD - our focus is no longer to find the gold but develop and

grow the resources that we have

Golden Chest – Initial Resource Estimate expected Q1 2012 Valentine Lake Project – Updated Resource Estimate expected 2012 40,000 m drill program planned for 2012 at Valentine Lake Project 25,000 m drill program planned for 2012 at Golden Chest

MANAGEMENT Over 80 years of proven Management experience in mining exploration,

development and production

SIGINFICANT EXPLORATION

POTENTIAL

Orgogenic gold deposits at Valentine 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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TSX:MOZ

www.marathon-gold.com