path to PRODUCTION

exciting EXPLORATION
OPPORTUNITIES

CORPORATE PRESENTATION TSX-V: MAE

DECEMBER 2023 OTC: MRTMF
CAUTIONARY STATEMENT
Certain of the statements made and information contained herein is “forward-looking information” within the meaning of National Instrument 51-102 – Continuous Disclosure
Obligations. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends", "indicates" “plans” and similar expressions.
Forward-looking statements include statements concerning the low capital intensity and rapid payback of the Project, the exploration upside relating to the Project, the pursuit of
mine life extensions, the potential to increase mineral resource and mineral reserve estimates, returns and FCF relating to the Project, capital financing processes relating to the
Project, development of the next drill program on the Project, exploration and development of the Orion deposit, ROM ore scheduled to be mined from the Project, timing of
submission of the Project Development Plan and the Progressive Rehabilitation and Closure Plan for Hammerdown, timing of future site construction, timing to first gold production,
length of construction period for the Project, timing of completion of required permitting, timing for approvals to be obtained for the closure and development plans relating to the
Project, availability of capital financing, the non-equity portion of any construction capital financing, timing of completion of construction capital financing process, amongst other
things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry
results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements
and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions
include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled
grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and
equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets
for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including market reaction to the coronavirus
outbreak; competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and
financial resources; difficulties in advancing towards a development decision at Hammerdown and executing exploration programs at its Newfoundland and Labrador properties on
the Company’s proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment
performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or
maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to
anticipate and control, such as the marketability of mineral products produced from the Company’s properties; uncertainty as to whether the acquisition of assets and new mineral
property interests including the Nugget Pond gold circuit will be completed in the manner currently contemplated by the parties; uncertainty as to whether mineral resources will
ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and
indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the
environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive
environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and
results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and
costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information.
Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange (“TSX-V”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or
accuracy of this release.
MARITIME RESOURCES 2
CANADIAN EXPLORER AND DEVELOPER

Newfoundland Hammerdown The Only Two Gold

& Labrador Gold Project Mills in Newfoundland
Top tier jurisdiction for mine 2000-2004 produced 143k oz gold @ 15.7 gpt Pine Cove mill – 1,300 tpd, fully permitted,
development and exploration 2022 Feasibility Study tailings storage, deep water port
Provincial target of 5 new mines $128M NPV @ US$1850/oz Nugget Pond mill – 700 tpd carbon in pulp
built by 2030 gold circuit
Capital costs ~ $75M*
Ranked #4 for investment Both mills located in the Baie Verte mining
attractiveness by Fraser Institute AISC US$912 / oz district
272k oz @ 4.46 gpt Au Proven and Probable reserves1
Released from Environmental Assessment

Exploration Potential Strong Shareholder Base Toll Milling

for Future Growth & Financial Supporters Opportunities
Near mine exploration upside for MOU signed with New Found Gold to
longer overall mine life explore toll milling of Queensway project
Orion, Stoger Tight, Deer Cove (260 km from the Pine Cove mill)
gold deposits Long term opportunity for toll milling and
Whisker Valley high grade concentrate exports
Au-Cu-Mo anomaly
MARITIME RESOURCES 3
Note 2: See slide 23
 Newfoundland and Labrador
Baie Verte Mining District
Point Rousse
• One of Canada’s oldest gold and copper mining camps

• World class infrastructure including hydroelectric power,

paved highways, deep water ports and skilled labour

• Two gold processing plants (Maritime) and one copper

concentrator (FireFly), permitted with tailings capacity

Nugget Pond Mill 2023 saw two mine closures and subsequent
transactions that set the stage for a revival of gold
and copper production in the district

• Acquisition of the 54 km2 • Acquisition of Rambler

Hammerdown Point Rousse project, incl. Metals & Mining PLC,
the fully permitted 1,300 tpd incl. the Ming Mine, a
Pine Cove mill, tailings large scale, fully
facility and deep water port permitted VMS deposit
access
MARITIME RESOURCES 4
 Maritime’s Mineral Processing Assets Hold Strategic Value
Maritime’s mineral processing assets are
located between two potentially world class
projects; Valentine (80 km)
Queensway

• New Found Gold – Queensway Project, high

grade gold discovery near Appleton. $1.1B
Concentrate Port
market capitalization, major shareholders
including Eric Sprott and the Palisades Group.

• FireFly Metals – Acquired Rambler Metals &

Mining, including the Ming copper mine.
Hammerdown Mine
Backed by the management team from Bellevue
Gold ($1.7B market cap).

• Maritime’s Pine Cove and Nugget Pond

processing plants offer tremendous flexibility
Nugget Pond Mill
for mineral processing of gold and potentially Ming Cu Mine
base metal feeds from multiple sources,
providing a future source of cash flow from
custom processing.

• Maritime's market capitalization is currently a Pine Cove Mill & Port

fraction of its ultimate strategic value in the
context of this multi-mineral output .

MARITIME RESOURCES 5
Point Rousse Transaction
• Acquired in 2023 - 1,300 tpd Pine Cove gold processing facility. Fully permitted with 13 years of tailings storage capacity.
Site and port infrastructure provide opportunities processing regional & international gold and copper deposits

• Stoger Tight gold deposit, 54 km2 of land holdings with multiple exploration projects

Deep Water Port

Shoreline Aggregates
Polishing Pond

TSF 2

Pine Cove Tailings

TSF 1

Process Plant

Access Road
25 kV power Line
MARITIME RESOURCES 6
Waste Rock Stockpile
Shoreline Aggregates – Pine Cove Operations
• 1-2 Mtpy aggregate production shipped to international markets. Port infrastructure for Panamax size ships (60 kt)

• Repurposing of Pine Cove mine waste rock reduces long term site reclamation liability

• Deep water port provides means for exporting concentrates and/or importing feed for custom processing.

MARITIME RESOURCES 7
Nugget Pond Gold Circuit
• Acquired in 2021 from Rambler Metals & Mining – carbon in pulp gold circuit capable of 700 tpd throughput

• Strategic mineral processing asset, provides flexibility and optionality for regional gold projects

MARITIME RESOURCES 8
Local Community, HSE
• YTD 2023 no reportable accidents, incidents or • Active in the community, working with local
environmental spills stakeholders early in the project’s development

• CIM NL Branch Social Responsibility award for 2023 • Investing in education and support for local
youth employment and training

King’s Point, NL MARITIME RESOURCES 9

Hammerdown Gold Project
Richmont Mines (2000-2004) - produced 143k oz @ 15.7 gpt Au with an 8.5 gpt cut-off grade

Orion Deposit

Waste Rock
Stockpile

Open Pit Mine

Admin / Shop

Crushing & Sorting Plant

• Development concept - Open pit, selective mining of high grade narrow

veins, crushing / sorting, haul to existing, permitted mill for final processing

MARITIME RESOURCES
 2022 Feasibility Study Results
5 year high margin starter mine with several near-mine targets to extend the mine life

$128M NPV
ROM grade Sorted grade 272,000 oz 50,000 oz/y LOM AISC $75M Capex
58% IRR
4.5 gpt Au 6.8 gpt Au 2P Reserves1 Production US$912/oz (Nugget Pond mill)
@ US$1850/oz

Annual Gold Production Plan View of Final Pit

Growth targets;
Orion deposit
Stoger Tight
Pine Cove UG
Lochinvar VMS

MARITIME RESOURCES 11
Note 1: See slide 23 in appendix
Narrow Vein Mining – Methodology
Hammerdown can be mined with a narrow vein, open pit method. Safe and efficient extraction of these veins while limiting dilution to
produce a high grade feed product for final mineral processing is key to the operation’s success;

• Over 100 vertical veins, consistent along strike and depth

• 3D model of historic UG workings, utilizing probe drilling ahead of the mining

face to confirm locations for safety.

• 5 metre benches – 1200 tpd run of mine production rate

• Electronic blasting, emulsion explosives, small blasts, dry mining conditions in

excellent quality rock mass

• Smaller sized equipment in ore equipped with GPS survey dig control systems
with 3D UG model

• Day shift mining of ore with grade control geologists in the field

• Local assay lab in Springdale, located 15 min from the project

• 50,000 metres of diamond drill grade control on a spacing of 15m x 10m

spacing. 3,500 additional gold ounces needed to pay for itself.

• 2,500 tpd ore sorting plant capacity, designed to scan ROM feed for sulphides
and concentrate using X rays and compressed air

MARITIME RESOURCES 12
Next Steps – Project Development and Exploration
Maritime has the potential start generating cash flow from the combination of several advanced gold assets
and existing, permitted processing infrastructure. These assets are largely de-risked, allowing for low-
capital cost, staged project development in the top tier jurisdiction of Newfoundland & Labrador.

1. Development Focus – Path To Production

2024 2025
• Technical study updates, grade control drilling • Pine Cove mill upgrades, refurbishment
• Complete project permitting and approvals • Production ramp up
• Early works site preparation, waste stripping • Continued exploration of near-mine targets
• Project financing, procurement, early feed

2. Exploration Focus – Adding Mine Life, Increasing Value

Advanced Near Mine Targets Greenfields Exploration

Stoger Tight open pit deposit Deer Cove target - Au

Orion gold deposit Whisker Valley – Cu, Au, Mo

Pine Cove UG - Au El Strato target - Au

Golden Anchor / Lochinvar VMS Black Ridge target – Au, Ag, Cu

MARITIME RESOURCES 13
Hammerdown Project - Exploration Potential Along 10 km Trend
• The Hammerdown trend remains wide open to add near-mine ounces and new discoveries along a structural trend
measuring over 10 km in length. Several soils and geophysical targets remain to be tested.

MARITIME RESOURCES 14
Hammerdown Project Exploration – 3 New Open Pit Targets

Lochinvar VMS Zone

19.4% ZnEq / 11.6m (GA-20-25)

Area 22 Target

Orion

MARITIME RESOURCES 15
 Whisker Valley Project Exploration Deer Cove
• Several high-grade gold and base metals prospects adjacent to the Baie Verte Brompton Line, a major fault structure
across Maritime’s land holdings. Highly prospective projects for gold, silver and copper.

El Strato Gold Project

El Strato gold project
• High grade gold in bedrock and soils near
the contact between the Baie Verte and
Middle Arm faults
• Outcrop samples of quartz veins up to
239 gpt Au

Gary Vein System

• Over 1.0 km strike length with high grade
gold, silver, copper trenched in outcrops
• 6.2 gpt Au over 5.8m at 150m depth
(WH-12-20), open in all directions

Black Ridge VMS

• High grade gold, silver and copper grades
in outcrop up to 10 gpt Au, 218 gpt Ag
and 10.3% Cu
• Adjacent to two large geophysical
anomalies that are yet to be drill tested

MARITIME RESOURCES
Whisker Valley – Gary Vein System
High grade gold in float samples, bedrock and diamond drilling across +1 km strike length

309.0 gpt Au – Jackson Vein

GOLD PIT - OUTCROP
37.2 gpt Au, 39.7 gpt Ag, 1.3% Cu

FLOAT SAMPLE
75.8 gpt Au, 35.2 gpt Ag, 0.75% Cu

WH-12-20 @ 150m depth

6.2 gpt Au / 5.8m incl.
• 22.4 gpt Au / 0.5m and,
• 11.7 gpt Au / 2.1m
GARY VEIN – OUTCROP 100.5 gpt Au, 222 gpt Ag, 1.5% Cu
100.5 gpt Au, 222 gpt Ag, 1.5% Cu

JACKSON VEIN – GRAB SAMPLE

309.0 gpt Au

WH-18-03
16.0 gpt Au / 0.97m incl.
36.6 gpt Au / 0.40m MARITIME RESOURCES 17
Point Rousse Project Exploration
• Three former open pit mines with over 225,000 ounces gold produced. Several high-grade gold in soil anomalies and
untested targets across a land package of 54 km2.

Deer Cove Target;

• Highest grade soil anomaly on the project, 8 km from the Pine
Cove mill. Deer Cove

• Multiple high grade drill intercepts, including;

• 6.9 gpt Au over 25.1m, incl. 26.1 gpt Au over 3.6m
• 22.7 gpt Au / 5.0 m
• 10.2 gpt Au / 4.7 m
• 29.6 gpt Au / 1.7 m Goldenville
• 24.4 gpt Au / 2.3 m

Pine Cove UG Zone; Romeo and Juliet

• Mineralization continues below the former open pit mine
• 3.0 gpt / 36.0m, exploration required to determine continuity and Argyle Mine
Corkscrew
scale of an underground deposit
Mings Bight
Pine Cove Mine
Stoger Tight Deposit;
• 2022 Mineral resource estimate – 62.3k oz @ 3.02 gpt Au
Stoger Tight Mine
Indicated, 9.6k oz @ 5.63 Inferred
• 4 km from the Pine Cove mill, open along strike and at depth Anoroc
MARITIME RESOURCES
Pine Cove Underground Target
Thick zone of mineralization extends below the open pit TSF

Pine Cove Deposit

100m Thick East Facing Long Section
All assay results plotted
• PC-11-181 intersected high grade at depth
grading 3.0 gpt Au over 36m below existing
mine workings. 2020 Block Model Grade Isosurfaces-

1gpt Isosurface

3gpt Isosurface
PC-14-236 intersected 0.66 gpt Au over 28.6m including
2.0 gpt Au over 3.9m ahead of known deposit.

MARITIME RESOURCES 19
Strategic Asset - Lac Pelletier Project, Rouyn Noranda, QC

• Located in the heart of the Abitibi Greenstone Belt

• High grade shear hosted quartz veins, open in all

directions. Located 2 km north of the Cadillac fault

• 2022 Mineral Resource Estimate2;

• 89k oz @ 4.08 gpt Au (Meas. & Indicated)
• 137k oz @ 3.89 gpt Au (Inferred)

• Adjacent to historic Stadacona Mine - 2.8 Mt

@ 5.4 gpt Au mined to a depth of over 1,200m

• 3,000 m of underground development in place

• Provincial Certificate of Authorization for 1,000

tpd of direct ship mine production

• Ni-Cu-PGM potential – gabbro intrusion on west

side of the property. Historic drilling;
• 11.0 gpt Pt+Pd Eq / 6.0 m
• 0.48% NiEq / 62.3 m

MARITIME RESOURCES 20
Note 2: See slide 25
Maritime Resources Corp. (TSX.V:MAE, OTC:MRTMF)
MANAGEMENT TEAM
Shares Outstanding 545.7 M
GARETT MACDONALD MBA, P.Eng. PRESIDENT & CEO
Options 26.6 M New Gold, Rainy River Resources, Suncor Energy and Placer Dome
Warrants 90.2
GERMAINE COOMBS CPA, CMA CFO, CORP. SECRETARY
Fully Diluted 662.5 M FNX Mining, Stonegate Agricom, Iron Ore Co. Canada

52 Week High/Low $0.065 / $0.035 PERRY BLANCHARD VP, ENVIRONMENT & SUSTAINABILITY
Detour Gold, Kirkland Lake Gold, Vale Voisey’s Bay Mine
Market Capitalization $27.3M
Working Capital $1.3M PETER GOUDIE, HAMMERDOWN SITE MANAGER
Guy J. Bailey Ltd., Shoreline Aggregates
Debt US$5.0M
LARRY PILGRIM P.Geo. NL EXPLORATION MANAGER
Rambler Metals & Mining, Richmont Mines
Analyst Coverage
Brandon Gaspar, target price: $0.16
BOARD OF DIRECTORS

JOHN HAYES (Chair) Pretium Resources, BMO Capital Markets

GARETT MACDONALD New Gold, Rainy River Resources, Placer Dome
NICK NIKOLAKAKIS Arizona Sonoran, Battle North Gold, Barrick
TOM YIP Pretium Resources, SSR Mining
ALLAN PALMIERE Gold Resource Corp, Hudbay Minerals,
MATT GOODMAN Dundee Corp., Goodman & Company

Retail Insiders Institutions Corporate MARITIME RESOURCES 21

 TORONTO OFFICE NEWFOUNDLAND & LABRADOR OFFICE
1900 - 110 Yonge St. 2 Industrial Park
Toronto, ON M5C 1T4 Springdale, NL A0J 1T0
P (416) 365-5321 P (709) 701-8515

TSX-V MAE TSX-V MAE

GARETT MACDONALD MBA, P.Eng. PERRY BLANCHARD

President & CEO Vice President Environment and Sustainability

www.maritimeresourcescorp.com
CONTACT
[email protected]
Mineral Reserve Estimate – Hammerdown Deposit
Tonnes Diluted Grade Contained Gold
Zone & Class (kt) (Au gpt) (koz)
Proven
Vein 556 5.94 106
Wisteria - - -
Total Proven 556 5.94 106
Probable
Vein 1,134 4.19 153
Wisteria 206 1.99 13
Total Probable 1,340 3.85 166
Total Proven and Probable 1,895 4.46 272

Notes:
• Mineral Reserve Estimate completed by Tysen Hantelmann of JDS Energy & Mining (“JDS”), an independent QP as defined by NI 43-101.
• Effective date; August 15, 2022. All Mineral Reserves have been estimated in accordance with CIM definitions required under NI 43-101.
• Mineral Reserves are estimated at a gold cut-off of 0.73 g/t for Veins and 1.06 g/t for Wisteria Zone based on: gold price of US$1,650/oz; exchange rate of $0.77 US$:C$; combined
transport, treatment, payables and royalties of US$25/oz; an overall metallurgical recovery (including ore sorting) of 90.25% for Veins and 85.5% for Wisteria; and an overall processing
operating cost of C$45/t ore mined for Veins and C$62/t ore mined for Wisteria.
• The final FS pit design contains an additional 94 kt of Inferred resources above the economic cut-off grade at an average grade of 1.62 g/t Au. Inferred Mineral Resources are
considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that
any part of the Inferred Resources could be converted into Mineral Reserves.
• Tonnages are rounded to the nearest 1,000 t, gold grades are rounded to two decimal places. Tonnage and grade measurements are in metric units; contained gold is reported as
thousands of troy ounces.

MARITIME RESOURCES 23
 Mineral Resource Estimate – Hammerdown Deposit
Tonnes Grade Contained Gold
Category (kt) Au gpt (koz)
Open Pit Resources
Measured 698 5.47 123
Indicated 2,146 3.00 207
Total Measured & Indicated 2,845 3.61 330
Total Inferred 302 1.31 13
Underground Resources
Measured 1 7.05 -
Indicated 54 5.10 9
Total Measured & Indicated 55 5.10 9
Total Inferred 66 4.00 9

Notes:
1. Mineral Resource Estimate completed by Pierre Landry, P.Geo., of SLR Consulting (Canada) Ltd. (SLR), an independent qualified
person (“QP”), as defined by NI 43-101.
2. Effective date: June 30, 2022. All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and
Metallurgy and Petroleum ("CIM") definitions, as required under NI 43-101.
3. Open Pit Mineral Resources are inclusive of Mineral Reserves
4. Open Pit Mineral Resources are estimated at a cut-off grade of 0.50 g/t Au.
5. Open Pit Mineral Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m.
6. Mineral Resources are estimated using a long-term gold price of US$1,800 per ounce, and a US$/C$ exchange rate of 0.75.
7. Bulk density is 2.84 t/m3 for rock and 1.90 t/m3 for mined out areas.
8. Underground Mineral Resources are estimated at a cut-off grade of 2.00 g/t Au.
9. Underground Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m and have been subject to
additional reporting shapes to remove isolated blocks.
10. Numbers may not add due to rounding.
11. Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101.
12. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
13. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.

MARITIME RESOURCES 24
Mineral Resource Estimate – Lac Pelletier Deposit
Lac Pelletier Cut-off Grade Metric Tonnes Grade Troy ounces Total Ounces
Gold Deposit (gpt Au) (gpt Au) (oz Au)
UG (LH) 2.01 1,000 2.41 100
Total Measured UG (C&F) 2.60 40,300 4.03 5,200 5,300

UG (LH) 2.01 15,700 3.50 1,800

Total Indicated UG (C&F) 2.60 624,200 4.10 82,300 84,100

UG (LH) 2.01 302,700 4.44 43,200

Total Inferred UG (C&F) 2.60 796,300 3.69 94,400 137,600

Notes:
1. The effective date of the 2022 MRE is May 10, 2022.
2. The independent and qualified persons for the 2022 MRE are Vincent Nadeau-Benoit, P. Geo., Martin Perron, P. Eng. and Simon Boudreau, P.Eng. all from InnovExplo Inc.
3. The 2022 MRE follows the CIM Standards.
4. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The results are presented undiluted and are considered to have reasonable prospects of economic
viability.
5. The estimate encompasses 19 mineralized lenses in two (2) zones (Zone 3 and Zone 4) using the grade of the adjacent material when assayed or a value of zero when not assayed. Dilution zones
encompassing all mineralized zones were created to better reflect the internal dilution within the constraining shapes.
6. High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis varying from 25 to 50 gpt Au for mineralized zones and 5 to 10 gpt
Au for the dilution zones. Composites (1.5-m) were calculated within the zones using the grade of the adjacent material when assayed or a value of zero when not assayed.
7. The estimate was completed using a sub-block model in Leapfrog Edge 2021.2.4. A 5m x 5m x 5m parent block size was used.
8. Grade interpolation was obtained by Inverse Distance Squared (ID2 )using hard boundaries. Dynamic anisotropy was used for the interpolation of all mineralized lenses.
9. A density value of 2.826 g/cm3 was assigned all mineralized zones.
10. The mineral resource estimate is classified as Measured, Indicated and Inferred. The Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 50
m and shows reasonable geological and grade continuity. The Indicated mineral resource category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 25 m
and shows reasonable geological and grade continuity. Measured mineral resources were classified as Mineral Resources present within 10 m of an underground opening within a mineralized zone.
Clipping boundaries were used to refine classification based on those criteria.
11. The 2022 MRE is locally constrained within Deswik Stope Optimizer shapes using a minimal mining width of 1.8 m for LH and 3.6 m for C&F. It is reported at a rounded cut-off grade of 2.01 gpt Au using the
LH method, and 2.60 gpt Au, using the C&F method. The cut-off grades were calculated using the following parameters: mining cost = C$60/t to C$100.00/t; transport to process cost = C$15.00/t;
processing cost = C$45.00/t; G&A = C$15.00/t; refining costs = C$5.00/oz; selling costs = C$22.00/oz; gold price = US$1,700.00/oz; USD:CAD exchange rate = 1.30; and mill recovery = 96.0%. The cut-off
grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
12. The number of metric tonnes was rounded to the nearest hundred, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are
presented in troy ounces (tonnes x grade / 31.10348) rounded to the nearest hundred.
13. The independent and qualified persons for the 2022 MRE are not aware of any known environmental, permitting, legal, political, title-related, taxation, socio-political, or marketing issues that could materially
affect the Mineral Resource Estimate. MARITIME RESOURCES 25
Mineral Resource Estimate – Stoger Tight Deposit
Gold Cut-off (gpt) Category Tonnes Gold grade (gpt) Gold Troy Ounces

Indicated 642,000 3.02 62,300

0.59
Inferred 53,000 5.63 9,600

MARITIME RESOURCES 26