Maritime Announces New Found Gold as Lead Investor in Previously Announced Note Offering and Memorandum of Understanding for Toll Processing at Pine Cove

Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found") as the lead investor in its previously announced brokered private placement (the "Note Offering") of non-convertible senior secured notes (the "Notes") and common share purchase warrants (the "Note Warrants"). As announced by New Found, it intends to acquire US$2,000,000 principal amount of Notes and 15,324,571 Note Warrants.

As previously announced, Maritime is using a portion of the proceeds from the Note Offering to complete the acquisition (the "Signal Transaction") of all of the issued and outstanding shares of Point Rousse Mining Inc. ("Point Rousse"), which owns, among other things, the Pine Cove Mill, from Signal Gold Inc. ("Signal") pursuant to the terms of the share purchase agreement entered into between Maritime and Signal dated June 16, 2023, as amended (the "SPA"). Related to its investment in Maritime, New Found and Maritime have also entered into a non-binding memorandum of understanding (the "MOU") pursuant to which New Found has been granted the right to conduct due diligence and exclusivity to negotiate with Maritime regarding a toll milling agreement at the existing Pine Cove Mill located at the Point Rousse project near Baie Verte, Newfoundland and Labrador.

Garett Macdonald, President and CEO comments, "We are pleased to announce these transactions with New Found and look forward to working with them to study opportunities for toll processing at Pine Cove. The fully permitted Pine Cove site offers enormous flexibility for gold processing. The MOU with New Found illustrates the mining industry's commitment to minimizing its environmental footprint by utilizing existing infrastructure."

Maritime anticipates completing the closing of the Note Offering, as well as its previously announced non-brokered equity offering of common shares in the capital of Maritime and common share purchase warrants of Maritime, and the Signal Transaction later today.

About Maritime Resources Corp.
Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property. This includes the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King's Point, Newfoundland and Labrador. Maritime also owns the gold circuit at the Nugget Pond metallurgical facility in Newfoundland and Labrador and the Lac Pelletier gold project in Rouyn Noranda, Québec.

MARITIME RESOURCES CORP.
1900-110 Yonge St., Toronto, ON M5C 1T4
For further information, please contact:
Garett Macdonald,
President and CEO

[email protected]
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, the use of proceeds of the offerings and the final approval of the TSX Venture Exchange for the offerings, 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 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.

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