Maritime Resources

Maritime Resources Corp. is a Canadian gold exploration and development company strategically focused on its assets within the Baie Verte mining district of Newfoundland and Labrador. The company's business model is centered on restarting the past-producing, high-grade Hammerdown gold mine, aiming for a low-capital, high-margin operation to generate near-term cash flow. This cash flow is intended to fund further growth and exploration across its extensive land package.

Incorporated in 2007, the company is led by President and CEO Garett Macdonald, a mining engineer with over 30 years of industry experience in project development and operations. His background includes senior roles at JDS Energy and Mining, Rainy River Resources, Placer Dome, and Teck Corporation, contributing significant expertise in bringing mining projects to fruition. A new management team, backed by investors from Dundee Corporation and Sprott, took the helm around 2020 to advance the Hammerdown project.

The company’s principal asset is the Hammerdown Gold Project, which was previously operated by Richmont Mines from 2000 to 2004 before ceasing operations due to low gold prices. Maritime is developing Hammerdown as a high-grade open-pit and underground mining operation. A key component of the company's strategy was the acquisition of existing local infrastructure to minimize startup costs and timelines. To this end, Maritime owns two mineral processing facilities: the Pine Cove mill and the Nugget Pond gold circuit. The acquisition of the Point Rousse Project in 2023, which included the Pine Cove mill, was a significant step, providing a fully permitted processing plant and tailings facility, substantially de-risking the path to production. In early 2025, the company recommissioned the Pine Cove mill, processing existing stockpiles and achieving its first gold recovery, supported by a $20 million equity financing.

Maritime controls over 450 square kilometers of prospective land, including the Green Bay, Point Rousse, Whisker Valley, and Gull Ridge projects. The company's primary operational focus is on transporting ore from Hammerdown to its processing mills. The business generates revenue from the sale of gold produced. The Hammerdown project benefits from being fully permitted, with first ore deliveries to the Pine Cove Mill anticipated for late 2025. The company's extensive land holdings offer considerable exploration upside, with the potential to discover new deposits and expand the life of its mining operations by integrating nearby deposits like Orion, Stoger Tight, and Deer Cove.

Keywords: gold exploration, gold development, Canadian mining, Newfoundland and Labrador mining, Baie Verte mining district, Hammerdown Gold Project, high-grade gold, open-pit mining, underground mining, mineral processing, Pine Cove mill, Nugget Pond gold circuit, Point Rousse project, Green Bay Property, Garett Macdonald, gold production, mining infrastructure, exploration upside, precious metals, junior mining