Feasibility Study Summary

In 2022 Maritime Resources released a feasibility study for the Hammerdown Gold Project. This study considered an open pit mining operation producing a sorted ore product for transport to the Company’s Nugget Pond gold plant for processing to gold dore.

Since the study Maritime has completed all major project permitting (2023) for Hammerdown and acquired the Point Rousse Project from Signal Gold (2024). This acquisition included the Pine Cove process facility which provides an opportunity to significantly lower initial capital costs while keeping Nugget Pond as an important strategic asset in the district.

Details are found in the NI 43-101 technical report titled: “Feasibility Study Technical Report – Hammerdown Gold Project”, dated October 6, 2022 with an effective date of August 15, 2022, available under Maritime’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website.

Highlights from the 2022 Feasibility Study:

• Proven & Probable Reserves of 1.895 Mt @ 4.45 gpt Au for 272,000 oz gold contained
• 1.189 Mt @ 6.76 gpt Au sorted ore mill feed trucked to the Nugget Pond gold plant for 700 tonnes per day of processing throughput with 95% process recovery for gold
• Life of mine payable gold production of 247,000 oz, averaging 50,000 ounces annually
• $102.8M after tax net present value (“NPV”) (5% discount) with 48.1% internal rate of return (“IRR”), 1.7 year payback at US$1,750/oz base case gold price (three year trailing average)
• At US$2,300/oz sensitivity the project has a $205M NPV with an IRR of 87.9% (after tax, 5% discount)
• $75.0M estimated initial capital cost with $4.9M in net sustaining capital
• US$912/oz gold all-in sustaining cost (“AISC”)