HAMMERDOWN PROPERTY

Hammerdown, Newfoundland and Labrador

In March 2020 Maritime Resources Corp. (“Maritime”) released the results from a Preliminary Economic Assessment ("PEA") completed for their Hammerdown gold project ("Hammerdown"), including the satellite Orion deposit, located in the Baie Verte mining district of Newfoundland and Labrador. The PEA provides an updated resource estimate and a base-case assessment of developing the project as a combined open-pit and underground ramp-access mine with an on- site gold preconcentration plant and mineral processing through the Nugget Pond mill gold circuit (a toll milling facility). Details of the PEA are summarized in Maritime’s news release dated March 2, 2020 and within the PEA document filed on Sedar.

Commander held a 2% net smelter return royalty (“NSR”) on Hammerdown pursuant to the Option and Royalty Agreement on the Green Bay Property dated June 14, 2010. Maritime has the right to reduce the NSR to 1% for $1,000,000 at the start-up of their commercial production. Commander’s royalty does not apply to the satellite Orion Deposit. Allowed deductions include transportation costs and toll milling charges.

On September 16, 2020, Maritime and Commander agreed to an early exercise of the buy-back of 1% NSR for an amended price of $750,000. On September 17, 2020, the transaction was completed with Commander receiving the full payment.