Marathon Gold

Marathon Gold Corporation was a Canadian-based mineral exploration and development company, primarily focused on gold. The company was the result of a spin-out of gold assets from Marathon PGM, which was acquired by Stillwater Mining in 2010. Phillip Walford served as the President and CEO from 2009 to 2019. He was succeeded by Matthew Manson, who led the company from 2019 until its acquisition. On January 24, 2024, Calibre Mining Corp. completed the acquisition of all outstanding shares of Marathon Gold. The deal created a combined entity focused on gold production in the Americas, with former Marathon shareholders owning approximately 35% of the new company. As part of the arrangement, Matthew Manson was appointed to the board of directors of Calibre.

The company's principal asset was the Valentine Gold Project, located in central Newfoundland and Labrador, Canada. Acquired in 2012, this project is considered the largest undeveloped gold resource in Atlantic Canada. The project encompasses a series of five mineralized deposits, including Marathon, Leprechaun, and Berry, along a 32-kilometer trend. The business model centered on advancing the Valentine project from exploration and development to a fully operational gold mine. The strategy involved conventional open-pit mining and milling. A December 2022 feasibility study outlined an operation expected to produce an average of 195,000 ounces of gold annually for the first 12 years of its 14.3-year mine life. Construction at the Valentine site commenced in October 2022, with the first gold production anticipated in 2025.

Prior to its acquisition, Marathon's revenue generation was projected to come from the sale of gold once the Valentine project became operational. As a development-stage company, it raised capital through equity financing to fund its exploration and development activities. The acquisition by Calibre Mining was structured to provide the necessary funding to bring the Valentine project to full production without incurring additional debt or royalties. The transaction was valued at approximately C$345 million. The newly formed company is positioned as a mid-tier gold producer with a strong pipeline of development and exploration opportunities across Canada, the USA, and Nicaragua. Keywords: Marathon Gold, Calibre Mining, Valentine Gold Project, gold exploration, mineral development, Newfoundland mining, Canadian gold mining, open-pit mining, gold production, mining acquisition, Leprechaun deposit, Berry deposit, Phillip Walford, Matthew Manson, precious metals, resource development, mining feasibility study, Atlantic Canada, gold reserves, mid-tier gold producer