Maritime Announces Change of Chairman of the Board of Directors

Rhea-AI Summary

Maritime Resources Corp. (TSXV: MRTMF) has announced a change in its Board leadership. Allen Palmiere, an existing board member, has been appointed as the new Chairman of the Board. John Hayes has stepped down as Chairman but will remain on the Board. This change is aimed at supporting the company's transition towards development, with a focus on near-term cash flow from the Hammerdown Gold Project in Newfoundland and Labrador.

The company recently closed an $8 million rights offering, backed by its largest shareholder, Dundee , which increased its ownership to approximately 43%. This investment is seen as an endorsement of Maritime's potential. The company believes that Allen Palmiere's 35 years of management experience in the mining industry will be beneficial at this stage of development.

Positive

• Appointment of Allen Palmiere as new Chairman, bringing 35 years of mining industry experience
• Successful closure of $8 million rights offering
• Increased ownership (43%) and support from major shareholder Dundee
• Fully permitted mine at Hammerdown and operational mill at Pine Cove
• Potential for near-term cash flow generation

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - September 25, 2024) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that Allen Palmiere, an existing member of the Company's board of directors (the "Board"), has been named Chairman of the Board. John Hayes has stepped down as Chairman but will continue as a member of the Board.

Garett Macdonald, President and CEO, commented, "This change is being made to support the Company as it transitions towards development with the near term cash flow from our Hammerdown Gold Project in Newfoundland and Labrador. Maritime closed an $8 million rights offering backed by the Company's largest shareholder Dundee Corporation, who further increased their ownership to approximately 43% (calculated on a partially diluted basis), since the rights offering closed on September 11, 2004. This represents an important endorsement of the Company's potential. We think that Allen's 35 years of management experience in the mining industry will be of significant benefit to Company at this stage. I would like to thank John Hayes for his contribution as board chair over the last five years, where he successfully led the board through challenging capital markets while being instrumental in Maritime reaching this important inflection point."

Echoing support for the current position of the Company, Jonathan Goodman, CEO of Maritime's major shareholder Dundee Corporation commented, "Maritime presents a unique opportunity. With a fully permitted mine at Hammerdown and an operational mill at Pine Cove, Maritime has a pathway to become a cash flow generating company. Add the exploration potential, and you have the requirements for a long-term successful venture. Dundee is committed to supporting Maritime and all our portfolio companies to unlock value for investors."

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, Québec.

On Behalf of the Board
MARITIME RESOURCES CORP.

3200-650 West Georgia St.
Vancouver, British Columbia V6B 4P7

For further information, please contact:

Garett Macdonald,
President and CEO
T: (416) 365-5321
E: info@maritimegold.com
www.maritimeresourcescorp.com

Caution Regarding Forward Looking Statements:

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking statements in this news release include without limitation, statements with respect to development of the Hammerdown Gold project and near term cash flow, among others. All forward-looking information contained in this press release is given as of the date hereof, and is based on the opinions and estimates of management and information available to management as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.

Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224618

FAQ

Who is the new Chairman of the Board for Maritime Resources Corp. (TSXV: MRTMF)?

Allen Palmiere, an existing member of the company's board of directors, has been named the new Chairman of the Board for Maritime Resources Corp.

How much was raised in Maritime Resources Corp.'s (TSXV: MRTMF) recent rights offering?

Maritime Resources Corp. closed an $8 million rights offering, which was backed by the company's largest shareholder, Dundee

What is the current ownership percentage of Dundee in Maritime Resources Corp. (TSXV: MRTMF)?

Following the rights offering, Dundee increased its ownership in Maritime Resources Corp. to approximately 43%, calculated on a partially diluted basis.

What are the key assets of Maritime Resources Corp. (TSXV: MRTMF) mentioned in the press release?

The key assets mentioned are the fully permitted Hammerdown Gold Project in Newfoundland and Labrador, and an operational mill at Pine Cove.