Mr. Garett Macdonald reports

MARITIME ANNOUNCES COMPLETION OF ALL MAJOR PROJECT PERMITTING FOR THE HAMMERDOWN GOLD PROJECT

The Department of Industry, Energy and Technology (IET) of the Province of Newfoundland and Labrador has approved the closure and development plans for Maritime Resources Corp.'s Hammerdown gold project. The project is located near the towns of King's Point and Springdale in the Baie Verte mining district.

Garett Macdonald, President and CEO of Maritime, commented, "Receiving approval of the Closure and Development plans for Hammerdown is a significant milestone for the Company and a testament to the Project's strong environmental attributes. Hammerdown is one of North America's highest grade open pit gold projects which when paired with our existing fully permitted Pine Cove mill and tailings storage facility, creates a unique opportunity in the market for strong near-term cash flow and attractive returns for our shareholders. We are very appreciative of the support we have received from the local communities, vendors, shareholders and the Province." (1)

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.(2) 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 US$912 per ounce at a gold price of US$1,750 per ounce.(2) Initial capital costs estimated at $75 million utilizing the Company's Nugget Pond gold plant for mineral processing.(2) 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.

Perry Blanchard, Vice President of Environment and Sustainability of the Company adds, "These approvals represent a positive step on our path to first production, and our regulators have been extremely collaborative in helping us get to this point. Having the process plant and tailings storage assets at Pine Cove are great additions to an already exciting story, and certainly elevates the excitement we feel about being able to move forward with the development of Hammerdown. These approvals also bring Maritime closer to providing employment and business opportunities within the region, and we are eager to engage with our local service providers in the coming months. Our team is looking forward to creating a project that minimizes the impacts on our surrounding environment and provides economic prosperity for our communities."

The 2022 Technical Report is available on the Company's website or on SEDAR+.

Notes:

(2) This information is based on available public sources and in a report prepared for the Company with an effective date of August 15, 2022, entitled "Feasibility Study Technical Report: Hammerdown Gold Project", prepared by Carolyn Anstey-Moore, P.Geo.; Joannes Arisz, M.Sc.E., P.Eng., FCSCE; Robert Bowell, CChem, CGeol, FIMMM; Carly Church, P. Eng.; Gord Doerksen, P. Eng.; Dorota El Rassi, M. Sc., P. Eng.; Michael Franceschini, P. Eng.; Stacy Freudigmann, P.Eng., F.Aus.IMM.; Tysen Hantelmann, P. Eng.; Pierre Landry, P. Geo.; Michael Levy, P.Eng.; Shawn Russell, P.Eng.; Ivana Sabaj Abumohor, P.Eng.; and Leanne Stein, P.Eng. (the "2022 Technical Report").

Qualified Person

Exploration activities at the Project are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, verified 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 press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime Resources. 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% 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% 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 analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream. No limitations were applied to the data verification process.

About Maritime Resources Corp.

Maritime (TSXV: MAE) (OTC Pink: MRTMF) 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% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 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. The Company also owns the Lac Pelletier gold project in Rouyn Noranda, Quebec.

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