Maritime Resources Corp. in its $292-million acquisition by New Found Gold Corp. Maritime Resources Corp. in its $292-million acquisition by New Found Gold Corp.

On September 5, 2025, Maritime Resources Corp. (Maritime) and New Found Gold Corp. (New Found Gold) announced the proposed acquisition of Maritime by New Found Gold by way of plan of arrangement. Pursuant to the transaction, New Found Gold will acquire all of the outstanding Maritime shares for all-share consideration consisting of 0.75 of a New Found Gold share for each Maritime share. The implied equity value of the transaction is approximately $292 million on a fully-diluted in-the-money basis.

The transaction combines Maritime’s near-production Hammerdown gold project and two processing plants with New Found Gold’s Queensway development project, which is expected to unlock operational synergies, generating cash flow by using both of Maritime’s gold plants to fund future growth at Hammerdown, Queensway, and take advantage of a large exploration package across Newfoundland.

Maritime is a gold exploration and development company with a prime mining jurisdiction in Newfoundland and Labrador.

New Found Gold is an advanced-stage exploration company that holds a 100% interest in Queensway in Newfoundland and Labrador.

Osler, Hoskin & Harcourt LLP advised Maritime with a team consisting of James Brown, Minji Park, Vanessa Yee, Shae-Lynne Shaheen, Nicole Ladeur and Julie Park (Corporate), Kim Maguire (Tax), Teresa Tomchak (Litigation), Damian Rigolo (Employment), and Jon Marin and Aleksandar Galiyash (Pensions and Benefits).