On September 5, 2025, New Found Gold Corp. entered into a definitive arrangement agreement to acquire all of the issued and outstanding common shares of Maritime Resources Corp. that it did not already own, in an all-share transaction valued at approximately $292 million on a fully-diluted in-the-money basis. Structured as a plan of arrangement under the Business Corporations Act (British Columbia), the deal provided Maritime shareholders 0.75 of a New Found Gold share for each Maritime share, representing a 32 percent premium based on Maritime's 20-day volume-weighted average price and a 56 percent premium to its July 30, 2025 closing price. Upon completion, New Found Gold and Maritime shareholders owned approximately 69 percent and 31 percent of the combined entity, respectively. The transaction created a multi-asset, near-term gold producer in Newfoundland, combining Maritime's near-production Hammerdown gold project and two processing plants with New Found Gold's Queensway development project. Hammerdown is expected to reach production in early 2026, with cash flow intended to support Queensway's planned 2027 production start, targeting combined annual output of approximately 120,000 ounces. The arrangement agreement included a $13 million termination fee and customary deal protections, and both boards unanimously supported the transaction. The deal closed on November 13, 2025. In connection with closing, Allen Palmiere joined the New Found Gold board, and Maritime's directors and officers resigned.

BMO Capital Markets and Blake, Cassels & Graydon LLP advised New Found Gold, while SCP Resource Finance, Canaccord Genuity Corp., Osler, Hoskin & Harcourt LLP, and Paradigm Capital Inc. advised Maritime.