Mr. Garett Macdonald reports

MARITIME SHIPS FIRST HAMMERDOWN FEED TO THE PINE COVE MILL

Maritime Resources Corp. has made the first shipment of mill feed from the Hammerdown gold project to 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.

Highlights:

• First mill feed delivered from the Hammerdown gold mine to the Pine Cove mill;
• Pine Cove currently processing existing mineralized stockpiles ahead of Hammerdown feed;
• Construction and ramp-up of mine operations continue at Hammerdown.

"The first shipment of crushed mill feed from Hammerdown to our Pine Cove mill marks a significant milestone in the company's history while setting the stage for gold production this quarter at a time of strong gold prices," commented Garett Macdonald, president and chief executive officer. "Construction activities at Hammerdown are well advanced across all civil earthworks and the mine development's initial drilling and blasting has started to release the first mineralized zones for crushing and transportation to the Pine Cove mill, where final processing to gold dore will occur. Maritime's project team and local contractors have done a great job getting to this point while achieving an excellent safety record of zero lost-time accidents year to date with over 100,000 hours worked."

Initial drilling, blasting and excavation activities are under way with local contractors to expose additional mineralized zones within the mine plan and begin delivering crushed feed to Pine Cove at the permitted rate of 700 tonnes per day (255,000 tonnes annually). Grade control drilling continues and will support mine operations as the project ramps up throughout the rest of 2025 and into 2026. The first material shipped to Pine Cove was sourced from the initial two open-pit blasts that contained approximately 11,000 tonnes with a diluted grade of 3.03 grams per tonne gold. Tonnages are based on 3-D drone laser scans of the excavated shapes and truck weights while gold grades are based on a total of 424 samples from both muck pile and belt samples from the crushed material. Drilling in the mineralized zones was completed on a 2.75-metre-by-2.75-metre staggered pattern with 102-millimetre blast holes with emulsion explosives supplied by Dyno Nobel's bulk plant in Corner Brook. Mineralized zones were blasted on a four-metre bench height and excavated by local general contractor Springdale Forest Resources with 35-tonne hydraulic excavators using 2.2-cubic-metre buckets loading 30 tonnes articulated trucks to minimize dilution. These initial blasts provided valuable information on blast design, fragmentation, waste dilution, equipment sizing and productivity that will be used for future mine planning work.

Construction at Hammerdown has focused on completing the necessary civil earthworks to support mine operations. This has included constructing a 20,000-cubic-metre lined settling pond for site contact water management and upstream associated collection and diversion ditching. Designed to handle a one-in-100-year storm event, the pond will aid in the management of water quality prior to release to the environment. In addition, civil works for site access and haul roads, run-of-mine and crushed ore storage pads, foundations for the permanent crushing plant, and storage areas for stripped organics and overburden have all been completed. As a brownfields mine site, Hammerdown is located close to existing infrastructure, including the NL Hydro grid only 500 metres away along Highway 391. During construction, Maritime's site team successfully sourced over 70,000 tonnes of blasted waste rock stored on surface from the original Hammerdown mine's underground development for use in site construction work, saving nearly $300,000 of drilling and blasting costs for the project.

Since mid-2025, Maritime has been completing upgrades to Pine Cove in preparation for Hammerdown's development in the second half of 2025. Several mill improvements are being made, including the installation of a new, higher-capacity regrind circuit for the flotation concentrate and a new material handling system to safely store and feed crushed material into the mill. The mill is currently processing existing mineralized stockpiles that remain around the mill yard from the historic mining operations at the Pine Cove, Stoger Tight and Argyle gold mines.

Hiring for both Hammerdown and Pine Cove has progressed well, and a combined total work force of 80 people, including contractors and employees, supports both sites. To date, 94 per cent of the work force comes from local communities surrounding Maritime's operations, with projections for a total work force of 250 people at full production. Both Hammerdown and Pine Cove benefit from their proximity to nearby communities, with no accommodation camps required for construction or mine and mill operations.

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 press release. The company strictly adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best-practice 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 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 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 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 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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