Maritime Announces 2025 Annual General and Special Meeting Results

The most recent news, dated November 5, 2025, announces the results of Maritime Resources Corp.'s ("Maritime" or "the Company") Annual General and Special Meeting. At the meeting, securityholders voted overwhelmingly in favour of the previously announced plan of arrangement under which New Found Gold Corp. ("New Found Gold") will acquire all outstanding shares of Maritime.

The arrangement was approved by 99.68% of the votes cast by shareholders and 99.69% of the votes cast by securityholders (shareholders and optionholders voting together). All other resolutions, including the election of directors and appointment of auditors, were also passed. The Company will now seek a final order from the Supreme Court of British Columbia to approve the arrangement at a hearing scheduled for November 7, 2025. The acquisition is expected to be completed in mid-November 2025.

The news is a positive and necessary procedural step, but it is routine in the context of the pending acquisition by New Found Gold. The material, share-price-moving event was the initial announcement of the definitive agreement on September 5, 2025. This latest news simply confirms that a key closing condition—shareholder approval—has been met.

The high approval rate was fully anticipated, as major shareholders representing approximately 49% of the shares, including directors, senior officers, Dundee Resources Limited, and Mr. Eric Sprott, had already entered into voting and support agreements. Therefore, the outcome removes a hurdle and de-risks the transaction's closing, but it does not introduce new information or change the investment thesis.

For Maritime shareholders, the value of their investment is now almost entirely linked to the share price of New Found Gold, based on the 0.75 exchange ratio. The timeline for closing remains on track with the original Q4 2025 guidance. This news should help narrow any remaining arbitrage gap between Maritime's share price and the implied value from New Found Gold's shares as the closing date approaches.

Looking back, the acquisition by New Found Gold is the culmination of Maritime's successful de-risking of the Hammerdown project throughout 2025. The company systematically executed its plan: - Q1/Q2 2025: Conducted a highly successful grade control drilling program which consistently returned high-grade gold intercepts, confirming the deposit's quality near surface. - April 2025: Secured a crucial $20 million financing, with participation from strategic investors Eric Sprott and Dundee Corp., providing the capital to advance development. - June 2025: Completed a 1-for-10 share consolidation to improve marketability. - July 2025: Repaid all outstanding debt, becoming debt-free and further de-risking the balance sheet. - July/August 2025: Commenced construction at Hammerdown and resumed operations at the Pine Cove Mill, demonstrating a clear path to production. - October 2025: Achieved a major milestone by shipping the first mill feed from Hammerdown to Pine Cove.

This methodical execution made Maritime an attractive acquisition target for New Found Gold, which requires near-term, permitted cash flow from Hammerdown to help fund the large-scale development of its own Queensway project. The shareholder approval is the final validation of this strategic outcome.

Maritime Resources Corp. is a Canadian gold exploration and development company focused on its assets in the Baie Verte mining district of Newfoundland and Labrador. Its flagship asset is the Hammerdown Gold Project, a past-producing, high-grade, open-pit development project. The company's strategy was to restart Hammerdown and process the ore at its wholly-owned Pine Cove Mill, a nearby processing facility acquired in 2023. This strategy is now being realized through its acquisition by New Found Gold, which plans to use Hammerdown's near-term production to generate cash flow for its much larger Queensway Gold Project, also in Newfoundland.