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Maritime Resources Corp

www: www.maritimeresourcescorp.com   email: info@maritimeresourcescorp.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
CVE:MAE CAD
OTCMKTS:MRTMF USD

Description

Maritime Resources Corp are a gold focused junior, late stage developer with one mine in development in Canada and one exploration property. They have approximately 0.8Moz. of gold in the reserves and resources category of which 0.4Moz. are in the measured and indicated category. They have a market capitalisation of ~C$237.6M which is a rise of roughly 122% over the last four months. As of 06/01/2025 they have ~C$5M debt and ~C$7.27M cash. They have 132M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 06/01/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $106.80M $237.60M 06/27/2025
MCap (OS): $84.66M $194.80M 06/27/2025
Total Assets: $10.15M $10.18M 06/01/2025
Total Liabilities: $0.30M $0.31M 06/01/2025
Current Assets: $7.25M $7.27M 06/01/2025
Current Liabilities: $0.30M $0.31M 06/01/2025
Total Debt: $5.07M $5.09M 06/01/2025
Cash: $7.25M $7.27M 06/01/2025
Debt (Net): $-2.17M $-2.18M
Enterprise Value: $104.62M $235.42M 06/17/1977
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: Yes Yes 06/01/2025
Misc 06/01/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,112,188,072 132,000,000 06/27/2025
Shares (FD): 1,403,000,000 161,000,000 06/27/2025
Insider Ownership: n/a 55% 06/27/2025
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 01/01/2025 06/01/2025
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 06/01/2025
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 06/01/2025
Development Phase: none FS Released 06/27/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Developer: Near-term Producer
 20
Developer: Near-term Producer
 10/18/2023
Cash Flow Multiple: 15 15 06/01/2025

Resource Data

GOLD 06/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.27M 0.27M 06/01/2025
Measured & Indicated: 0.40M 0.40M 06/01/2025
Inferred: 0.40M 0.40M 06/01/2025
Reserves & Resources: 0.80M 0.80M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.24M 0.24M 06/01/2025
Measured & Indicated: 0.34M 0.34M 06/01/2025
Inferred: 0.18M 0.18M 06/01/2025
Reserves & Resources: 0.52M 0.52M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 06/01/2025
Extra Operating Cost: n/a n/a 06/01/2025
Total: $1,650 $1,650 06/01/2025
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): n/a n/a
EV / Production (AuEq): n/a n/a
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 06/01/2025
Open Pit (Avg): n/a n/a 05/05/2023
Recovery Rate: (CG)  90.00% (CG)  90.00% 06/27/2025
F
U
T
U
R
E		 Proven & Probable: 1.00M 1.00M 06/01/2025
Annual Production: 50,000oz. 50,000oz. 06/01/2025
Cash Cost: $1,000 $1,000 06/01/2025
Extra Operating Cost: $650 $650 06/01/2025
SILVER 06/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 06/01/2025
Measured & Indicated: n/a n/a 06/01/2025
Inferred: n/a n/a 06/01/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 06/01/2025
Measured & Indicated: n/a n/a 06/01/2025
Inferred: n/a n/a 06/01/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 06/01/2025
Extra Operating Cost: n/a n/a 06/01/2025
Total: n/a n/a 06/01/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): n/a n/a
EV / Production (AgEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 06/01/2025
Open Pit (Avg): n/a n/a 05/05/2023
Recovery Rate: n/a n/a 06/01/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 06/01/2025
Annual Production: n/a n/a 06/01/2025
Cash Cost: n/a n/a 06/01/2025
Extra Operating Cost: n/a n/a 06/01/2025

Property

Last Analysis Data  (06/01/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Orion - Hammerdown
100 show
Past producing mine.

330K oz (Open pit)

Size: 38,000 ha
Exp Pine Cove
100 show
Early exploration

Size: 5,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Orion - Hammerdown
100 100.00 35.00 57.00 show
Past producing mine.

330K oz (Open pit)

Size: 38,000 ha
Exp Pine Cove
100 show
Early exploration

Size: 5,000 ha

Profitability (by resource)

Proven &
Probable		 06/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.27M 0.27M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.24M 0.24M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $397.99M $492.83M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $397.99M $492.83M n/a
Max Profit / Current MCap: 3.727 2.074 n/a
Max Profit Per Share (Gold): $0.28 $3.06 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $0.28 $3.06 n/a
Total Free Profit Per Share: $0.18 $1.03 n/a
FD MCap / Gold Eq.: $439.49 $977.77 n/a
FD MCap / Silver Eq.: $4.40 $11.16 n/a
FD MCap / Per Metal
as % Spot Price:		 13.37% 26.58% n/a
EV / Gold Eq.: $430.54 $968.80 n/a
EV / Silver Eq.: $4.31 $11.05 n/a
EV / Per Metal
as % Spot Price:		 13.09% 26.34% n/a
Measured &
Indicated		 06/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.40M 0.40M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.34M 0.34M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $551.28M $682.66M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $551.28M $682.66M n/a
Max Profit / Current MCap: 5.162 2.873 n/a
Max Profit Per Share (Gold): $0.39 $4.24 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $0.39 $4.24 n/a
Total Free Profit Per Share: $0.29 $2.21 n/a
FD MCap / Gold Eq.: $317.28 $705.88 n/a
FD MCap / Silver Eq.: $3.18 $8.05 n/a
FD MCap / Per Metal
as % Spot Price:		 9.65% 19.19% n/a
EV / Gold Eq.: $310.82 $699.40 n/a
EV / Silver Eq.: $3.11 $7.98 n/a
EV / Per Metal
as % Spot Price:		 9.45% 19.02% n/a

Reserves &
Resources		 06/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.80M 0.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.52M 0.52M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $846.09M $1,047.72M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $846.09M $1,047.72M n/a
Max Profit / Current MCap: 7.923 4.410 n/a
Max Profit Per Share (Gold): $0.60 $6.51 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $0.60 $6.51 n/a
Total Free Profit Per Share: $0.50 $4.48 n/a
FD MCap / Gold Eq.: $206.73 $459.93 n/a
FD MCap / Silver Eq.: $2.07 $5.25 n/a
FD MCap / Per Metal
as % Spot Price:		 6.29% 12.50% n/a
EV / Gold Eq.: $202.52 $455.71 n/a
EV / Silver Eq.: $2.03 $5.20 n/a
EV / Per Metal
as % Spot Price:		 6.16% 12.39% n/a

Future Valuation (Cash Flow & Totals)

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