20:50:59 EST Wed 12 Nov 2025
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Maritime Resources Corp (2)
Symbol MAE
Shares Issued 115,310,818
Close 2025-11-12 C$ 2.24
Market Cap C$ 258,296,232
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Maritime Resources pours first gold at Hammerdown

2025-11-12 17:50 ET - News Release

Mr. Garett Macdonald reports

MARITIME ANNOUNCES FIRST GOLD FROM HAMMERDOWN

Maritime Resources Corp. has completed the first gold pour from its Hammerdown gold project at the company's Pine Cove mill. Hammerdown and Pine Cove are located in the Baie Verte mining district of Newfoundland and Labrador near the towns of King's Point and Baie Verte, respectively.

"The last time gold was poured from Hammerdown was in 2004 under Richmont Mines and, 21 years later, Maritime has repeated this significant achievement," comments Garett Macdonald, president and chief executive officer. "Bringing the Pine Cove mill back into operation after two years of care and maintenance, completing all project permitting and seeing the first gold poured from Hammerdown is the result of a tremendous effort by our team, and the support of our shareholders, local communities and the province."

Construction of the Hammerdown gold project, including development of the open-pit mine, is well advanced, with crushed mineralization from the prestripping activities delivered and processed at Pine Cove, resulting in the first gold poured from the project. After removing and replacing an aging material handling system, the mill is operating with feed sourced from the existing Point Rousse stockpile material and more recently from crushed material received from Hammerdown.

Qualified person

Exploration activities at Hammerdown are administered on site by the company's exploration manager, Larry Pilgrim, PGeo. In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, Mr. Pilgrim is the qualified person for the company, and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to CIM best practices guidelines in conducting, documenting and reporting its exploration activities on its exploration projects.

Analytical procedures

All samples assayed and pertaining to this news release were completed by Eastern Analytical Ltd. (EAL), located at Springdale, Nfld. EAL is an ISO 17025:2005-accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime. Drill core samples are collected from NQ-sized diamond drill core and sawn in half. The half core samples are delivered in sealed plastic bags to EAL by Maritime field crews, where they are dried, crushed and pulped. Samples are crushed to approximately 80 per cent passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95 per cent passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams, after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34-element ICP (inductively coupled plasma) analysis finish. EAL runs a comprehensive QA/QC (quality assurance/quality control) program of standards, duplicates and blanks within each sample stream.

About Maritime Resources Corp.

Maritime is a gold exploration and development company focused on advancing the Hammerdown gold project in the Baie Verte district of Newfoundland and Labrador, a top-tier global mining jurisdiction. Maritime holds a 100-per-cent interest directly and subject to option agreements entitling it to earn a 100-per-cent ownership in the Green Bay property, which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 square kilometres of exploration land, including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.

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