Maritime Resources Corp. provided an update on its Hammerdown and Point Rousse Gold Projects. The combined projects cover over 450 km2 and are located within the Baie Verte Mining District, near the towns of King's Point and Ming's Bight.

Maritime recently acquired the Point Rousse assets from Signal Gold Inc. ("Signal"), including the Pine Cove processing plant, an in-pit tailings facility, access to a deep water port and over 54 km2 of highly prospective land. Point Rousse Project: Care and maintenance activities continue at the Point Rousse Gold Project with 24 hour per day coverage. Crews have been completing minor repairs throughout the Pine Cove mill and have identified several opportunities for improved recoveries and lower capital costs for the future processing of feed from Hammerdown.

Water in the Pine Cove pit tailings storage facility has been consistently meeting all discharge criteria and since assuming ownership of site, over 525,000 cubic metres have been safely discharged to the environment resulting in a pit water elevation decrease of nearly 4 metres. Other on site, Shoreline Aggregates Inc. ("Shoreline") continues to mine and process waste rock from South Waste Dump, shipping over 550,000 tonnes this season to international markets, and by doing so, reducing the long-term closure liabilities at the site by repurposing waste rock into high-demand construction aggregates. Maritime is working to amend its surface lease to allocate a portion of the area to Shoreline, providing them with the ability to expand and manage their operations footprint in the future.

Shoreline's operations are a major economic driver in the Baie Verte region. Maritime signed a memorandum of understanding with New Found Gold Corp. ("New Found") in August to explore the possibility of toll milling at the Pine Cove mill.

Work is underway to update the 2022 feasibility study for the Hammerdown Gold Project using the Pine Cove mill for future mineral processing. Pine Cove is a 1,300 tpd gold plant that was placed on care and maintenance by Signal earlier this year. A fully permitted in-pit tailings storage facility is located adjacent to the mill with over 3.9 million cubic metres of storage capacity, sufficient for 13 years of potential production.

The updated feasibility study will seek to include two additional deposits, Orion and Stoger Tight, to extend the project life beyond Hammerdown. Final major permitting for Hammerdown continues with updates to the Development Plan application to include processing of Hammerdown feed at Pine Cove. Approval is anticipated by year end 2023 with the remaining construction specific permits expected in H1 2024.

Maritime continues to support the local communities and recently hosted the first ever high school youth mining career fair. The event, labeled "Young Minds in Mining", was created by Maritime to introduce the youth of the Baie Verte-Green Bay district to potential careers in the mining industry. Over 200 high school students from 9 schools within the region participated.