Maritime Completes Sale of Lac Pelletier Project to Emperor Metals

Rhea-AI Summary

Maritime Resources Corp (TSXV: MAE, OTC: MRTMF) has completed the sale of its Lac Pelletier gold project to Emperor Metals Inc (CSE: AUOZ). The project is strategically located 9 km east of Agnico Eagle Mines' Wasamac gold project near Rouyn Noranda and 33 km south of Emperor's Duparquet West gold project in Québec.

The transaction involves the sale of 25 mineral claims and one mining lease in exchange for 12.5 million Emperor shares at $0.07 per share, representing approximately 10.8% ownership in Emperor Metals. The shares are subject to a four-month and one-day hold period from issuance.

Positive

• Strategic ownership stake of 10.8% in Emperor Metals provides exposure to multiple Abitibi gold projects
• Company can now focus resources on developing its high-grade Hammerdown Gold Project

Negative

• Divestment of a gold project asset from company portfolio
• Received shares are subject to a lock-up period, limiting immediate liquidity

Toronto, Ontario--(Newsfile Corp. - March 11, 2025) - Further to its press release dated January 7, 2025, Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) ("Maritime" or the "Company") is pleased to announce that it has completed the sale of its interests in the Lac Pelletier gold project (the "Project") to Emperor Metals Inc. (CSE: AUOZ) ("Emperor"), an arm's length party to Maritime. The Project is located approximately 9 km east of Agnico Eagle Mines' Wasamac gold project near the city of Rouyn Noranda and approximately 33 km south of Emperor's Duparquet West gold project in Québec.

Garett Macdonald, President and CEO commented, "We are pleased to have completed this transaction with Emperor Metals. As a large shareholder we have positioned Maritime to substantial upside through a multi-asset Abitibi focused gold exploration company while we concentrate on developing our high grade Hammerdown Gold Project in Newfoundland and Labrador."

Details of the Transaction

Pursuant to a property purchase agreement dated January 6, 2025 (as amended on March 7, 2025) by and among Maritime, its wholly-owned subsidiary 2823988 Ontario Corp. ("282"), and Emperor, Maritime, through 282, has sold the 25 mineral claims and one (1) mining lease that form Maritime's interest in the Project in exchange for an aggregate of 12,500,000 common shares in the capital of Emperor (the "Emperor Shares") at a deemed price of $0.07 per share, representing approximately 10.8% of the issued and outstanding Emperor Shares. The Emperor Shares are subject to a statutory four month and one day hold period from the date of issuance.

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.

On Behalf of the Board:

MARITIME RESOURCES CORP.

Garett Macdonald, MBA, P.Eng.
President and CEO
Phone: (416) 365-5321
info@maritimegold.com
www.maritimeresourcescorp.com

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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 the upside potential of the share holding in Emperor Metals Inc., 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/244238

FAQ

What assets did Maritime Resources (MRTMF) sell to Emperor Metals?

Maritime Resources sold its Lac Pelletier gold project, consisting of 25 mineral claims and one mining lease in Quebec.

How many shares did Maritime Resources (MRTMF) receive for the Lac Pelletier sale?

Maritime received 12.5 million Emperor Metals shares at $0.07 per share, representing 10.8% ownership in Emperor.

Where is the Lac Pelletier project located relative to other major mining operations?

The project is located 9 km east of Agnico Eagle's Wasamac gold project near Rouyn Noranda and 33 km south of Emperor's Duparquet West project in Quebec.

What restrictions apply to the Emperor Metals shares received by Maritime (MRTMF)?

The shares are subject to a statutory four-month and one-day hold period from the date of issuance.