Maritime Resources Corp. provide an update on exploration activities near the Company's 100% owned Hammerdown Gold Project ("Hammerdown" or the "Project") in the Baie Verte mining district of Newfoundland and Labrador, Canada near the Towns of King's Point and Springdale. Maritime is currently conducting a 5,000-metre diamond drill program near Hammerdown, focusing on near-mine exploration targets along the 3-kilometre trend between the Orion project and the Golden Anchor zone Exploration at Orion is currently focused on additional definition drilling in the deposit's central corridor to test for possible plunging high-grade mineralized shoots.

To date, six drill holes have been completed and assay results have been received for three. Drill hole BB-22-203 returned an interval of 4.72 gpt Au over 8.15 m, including 10.4 gpt Au over 3.67 m at 80m vertical depth, approximately 20m beneath hole BB-20-133 which intersected the zone with 4.8 gpt Au over 13.6 m; including 7.0 gpt Au over 8.1 m (see press release dated January 19, 2021). Drill hole BB- 22-204 was drilled 50 m south of BB-22-203 and intersected a wide interval of mineralization grading 1.38 gpt Au over 27.79 m, including 5.29 gpt Au over 4.36 m at 70m vertical depth.

Drill hole BB-22- 205 was drilled 60 m south of BB-22-204 and intersected 1.14 gpt Au over 45.71 m, including 4.66 gpt Au over 6.0 m at a vertical depth of 50m. Sampling of existing and historic drill holes is ongoing and has identified additional mineralized lenses within the deposit. These additional lenses have proven to be inconsistently sampled in prior drilling and additional infill sampling has been conducted on available drill cores in drill holes BB-20-104, BB-20- 106, BB-20-107 and BB-20-114.

This resampling identified appreciable gold grades in all 4 holes. Sampling of drill hole BB-20-114 returned an updated composite grade of 2.98 gpt Au over 8.4 m from 22.5-30.9 m, including a newly sampled discrete quartz vein returning 93.85 gpt Au over 0.2 m. An optical and acoustic televiewer study has recently been completed on select holes at the Orion deposit to better define the geometry of structures controlling the gold mineralization. This information will be utilized in an enhanced geological model and in targeting for future exploration drilling.

The Area 22 exploration target was initially discovered as part of a condemnation drill program for the Hammerdown feasibility study in an area approximately 400 m south of the reserve pit shell. This earlier drilling intersected 30.2 m grading 0.76 gpt Au, including 8.9 m grading 1.74 gpt Au in drill hole DC-22-02 (see press release dated June 22, 2022) in the footwall to the Captain Nemo Fault. This fault was previously believed to be a fault bounding the Hammerdown gold mineralization and has resulted in this area being under explored.

To date, 13 drill holes have been completed at the Area 22 target partially delineating a mineralized corridor over a strike length of 500 meters. Mineralization encountered in drilling exhibits similarities to the Orion and Wisteria deposits and occurs along a 2.4 km-long magnetic low corridor that spans the distance from Orion to Hammerdown. Assay results have been received on 9 drill holes; all of which carried low-grade gold mineralization, with localized high-grade veining in shear zone hosted disseminated pyrite.

Highlights include drill hole MP-22-219 which intersected 0.54 gpt Au over 38.0 m, including 0.71 gpt Au over 23.0 m and drill hole MP-22-220 which intersected 0.60 gpt Au over 10.5 m, including 19.1 gpt Au over 0.2 m. The Area 22 gold trend continues to migrate closer to the Hammerdown deposit and additional drilling is planned to determine the potential for an expansion of the Hammerdown feasibility study open pit shell. Whisker Valley Cu-Au Research Project with Memorial University, Queens University and NSERC The Company has initiated a collaborative research project on the Whisker Valley copper-gold project with Memorial University, Queen's University and the Natural Sciences and Engineering Research Council of Canada (NSERC). The research project will be led by Memorial's Dr. Stephen Piercey and will study the intrusive and volcanic rock suites which are host to the gold and copper mineralization to better understand the geological, structural and hydrothermal setting of mineralization in the Whisker Valley occurrences.

The in-depth study will also document the origin of the mineralization, alteration mineral distributions, timing of mineralization and its relationship to regional magmatic and tectonic events. The goal will be to understand the evolution and origin of mineralization and to create geological, mineralogical, and geochemical criteria that can be used to improve exploration efficiency and targeting of further mineralization in the Whisker Valley project area. The new partnership will see Maritime provide both cash and in-kind contributions, both of which have been matched by NSERC through the NSERC Alliance Program.