Maritime Resources Corp. announced that the Department of Industry, Energy and Technology ("IET") of the Province of Newfoundland and Labrador has approved the Closure and Development plans for the Hammerdown Gold Project (" Hammerdown" or the "Project"). Based on the 2022 Technical Report (as defined below) for the Project, Hammerdown contains Proven and Probable mineral reserves of 272,000 oz gold at 4.46 grams per tonne (" gpt") including Proven reserves of 106,000 oz gold grading 5.96 gpt and Probable reserves of 166,000 oz gold grading 3.95 gpt.

The 2022 Technical Report showed after-tax economics of $103 million NPV (5%), an internal rate of return of 48% and All-In Sustaining Costs (AISC) of USD 912 per ounce at a gold price of USD 1,750 per ounce. Initial capital costs estimated at $75 million utilizing the Company's Nugget Pond gold plant for mineral processing. With the acquisition of the Pine Cove mill facility in August 2023 the Company believes that lower capital and operating costs can be realized due to its proximity to Hammerdown and the complete gold circuit.