Maritime Announces Strategic Investment by FireFly Metals

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Toronto, Ontario–(Newsfile Corp. – March 25, 2024)- Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) (“Maritime” or “company“) is pleased to announce that it has completed a non-brokered third-party allotment of 50,000,000 shares of its common stock (“).common stock“) Priced at $0.05 per common share and warrants to purchase 3,648,069 common shares (“warrant“) to FireFly Metals Ltd (ASX: FFM) (“fire Fly“) for gross proceeds of $2,500,000. Each warrant entitles the holder to one common share (each “warrant share“) Stock Acquisition Rights will be issued at a price of $0.05 per share for a period of 60 months from the date of issuance (“RecruitmentFollowing the completion of the offering, Firefly will own approximately 8.4% of the outstanding common stock, or approximately 8.95% on a partially diluted basis.

“We are pleased to welcome FireFly as an investor in Maritime and are excited about the value of the entire Baie Verte mining district in Newfoundland and Labrador,” said Garett Macdonald, President and CEO of Maritime. We look forward to working with Firefly’s management team to unlock the power of innovation.”

The Company intends to use the proceeds from the initial public offering to advance and develop the Company’s fully permitted Hammerdown Gold Project in Newfoundland and Labrador, as well as for working capital and general corporate purposes. The Company paid SCP Resource Finance LP, in its capacity as financial advisor to the Company, a cash fee equal to 3% of the gross proceeds of the offering.

Additionally, Maritime entered into a port access agreement with Firefly, granting Firefly access to port facilities at its Point Roose project for the storage and export of copper concentrate.

All securities issued pursuant to the offering will be subject to a hold period of four months plus one day from the date of issuance, as provided by the resale rules of the Exchange and applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “”).1933 Act“) or a U.S. person, unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. (as defined in the 1933 Act)..

About Maritime Resource Corporation

Maritime (TSXV: MAE) (OTC Pink: MRTMF) is a gold mining company focused on advancing the Hammerdown Gold Project in the Baie Verte region of Newfoundland and Labrador, a world-class mining jurisdiction. We are an exploration and development company. Maritime directly holds a 100% interest and is subject to an option agreement that gives it the right to acquire 100% ownership of the Green Bay property, which includes the former Hammerdown Gold Mine and the Orion Gold Project. 439km of maritime control² Exploration land including projects in Green Bay, Whisker Valley, Gull Ridge and Point Ruth. Maritime’s mineral processing assets 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.

On behalf of the Board of Directors:

Garrett McDonald, MBA, P.Eng.
Representative Director and President
1900-110 Yonge Street, Toronto, ON M5C 1T4
Phone: (416) 365-5321
info@maritimegold.com
www.maritimeresourcescorp.com

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Cautionary Note Regarding Forward-Looking Statements:

Some of the statements and information contained herein are “forward-looking information” within the meaning of National Instrument 51-102 Continuous Disclosure Obligations of Canadian Securities Administrators. These statements and information are based on facts currently available to the Company, and there can be no assurance that actual results will meet management’s expectations. Forward-looking statements and information may include forward-looking statements and information that may include forward-looking statements and information. May be identified by terms such as “may” or “. right”. Although the Company believes its assumptions are reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and actual events or results may differ from those described herein. Readers should not place undue importance on such statements, as they may differ materially from those presented herein. There can be no assurance that such information will prove to be accurate, as actual results or future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements in this news release include, without limitation, statements regarding, among other things, the terms of the offering and the use of the proceeds of the offering. All forward-looking information contained in this press release is provided as of the date of this press release and reflects management’s opinions and estimates and information available to management as of the date of this press release. Based on. 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 required by applicable securities laws. .

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

Not intended for distribution to or dissemination within the United States.