The Valentine Gold Project.
Source: Marathon Gold Corporation
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  • Marathon Gold Corp. (MOZ) released its financial results for the second quarter ending June 30, 2022
  • The company had cash and cash equivalents of $62 million. Incurred capital expenditures in Q2 were $9.24 million
  • Total measured and indicated mineral resources at the Valentine Gold Project were 4.0 Moz Au (64.6 Mt at 1.90 g/t Au), an increase of 26 per cent in ounces, 14 per cent in tonnes and 10 per cent in grade compared to the previous estimate
  • Marathon Gold Corp. (MOZ) is up 3.52 per cent, trading at C$2.06 at 12:20 pm ET

Marathon Gold Corp. (MOZ) released its financial results for the second quarter ending June 30, 2022.

The company had cash and cash equivalents of $62 million. Incurred capital expenditures in Q2 were $9.24 million.

Total measured and indicated mineral resources at the Valentine Gold Project were 4.0 Moz Au (64.6 Mt at 1.90 g/t Au), an increase of 26 per cent in ounces, 14 per cent in tonnes and 10 per cent in grade compared to the previous estimate. Additional inferred mineral resources were 1.1 Moz Au (20.8 Mt at 1.65 g/t).

Financial highlights for the three months ended June 30:

  • General and administrative expenses decreased from $2.49 million to $0.86 million
  • Finance (income)/expense, net increased from an expense of $0.03 million to income of $0.18 million

Financial highlights for the six months ended June 30:

  • General and administrative expenses decreased from $4.20 million to $3.18 million
  • Finance (income)/expense, net changed from an expense of $nil to income of $0.28 million
  • Capital expenditures, excluding working capital movements, were $12.29 million higher in the first half of 2022 than the prior year primarily as a result of project pre-construction capital spending

President and CEO Matt Manson explained that during Q2 and into the summer preparations for the development of the Valentine Gold Project continued with progress on financing, permitting, engineering and project execution arrangements.

“Important milestones were achieved with the completion of the public and regulatory review stages of our federal environmental assessment, the execution of our benefits agreement with the province of Newfoundland and Labrador, the issuance of our Mining and Surface Leases, and the publication of our first annual Sustainability Report. At time of writing, we are awaiting a final decision statement by the Minister of Environment and Climate Change Canada which, if positive, will mark the completion of our overall Environmental Assessment process and permit site activities to commence.”

Marathon is a Toronto-based gold company advancing its 100 per cent-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. 

Marathon Gold Corp. (MOZ) is up 3.52 per cent, trading at C$2.06 at 12:20 pm ET.


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