Maple Gold Mines Ltd.

Maple Gold offers a compelling investment opportunity with its district-scale Douay-Joutel project positioned as one of the few remaining large-scale gold opportunities in the Abitibi Belt. The project boasts significant exploration upside with potential to substantially expand the current 3.0 Moz resource base through systematic step-out drilling across 55 km of the Casa Berardi Deformation Zone. 

Recent drilling success includes exceptional intercepts such as 2.10 g/t Au over 108.6 meters in the Nika Zone and 4.87 g/t Au over 15.0 meters in the 531 Zone, demonstrating the potential for high-grade extensions beyond the current resource boundaries. The company's strategic partnership with Agnico Eagle, Canada's largest miner with major Quebec operations, provides third-party validation and technical collaboration, while their 13.1% ownership stake aligns economic interests. 

Maple Gold's inherited infrastructure from the past-producing Joutel complex, combined with existing road and power access, significantly reduces future capital requirements compared to greenfield projects. The company trades at a substantial discount to peers at C$22/oz EV/resource versus an industry average of C$51/oz, presenting a clear re-rating opportunity as the fully-funded exploration program delivers catalysts.

Maple Gold is led by a seasoned management team combining capital markets expertise with major-miner technical experience. President and CEO Kiran Patankar brings deep investment banking experience from Macquarie and RCC, coupled with a B.Sc. in Geological Engineering from Colorado School of Mines and an MBA from Yale School of Management. 

Vice President of Technical Services Ian Cunningham-Dunlop, P.Eng., contributes extensive exploration and project management experience from HighGold, NewCastle Gold, and Barrick, with a B.Sc. in Geological Engineering from Queen's University. 

The technical advisory team includes Dr. Gérald Riverin, a VMS expert with a Ph.D. in Geology from Queen's University; Darwin Green, P.Geo., former Founder and CEO of HighGold; and Paul Harbidge, P.Geo., former CEO of GT Gold and SVP Exploration at Goldcorp. 

The Board of Directors adds further depth with Chris Adams, CFA, former Senior Managing Director at Macquarie Group; Marc Legault, P.Geo., former SVP at Agnico Eagle; and Strategic Advisor Michael Gentile, CFA, Founder of Bastion Asset Management. This leadership blend of capital markets strength and proven exploration success positions Maple Gold to execute its growth strategy effectively.

Maple Gold is executing a comprehensive growth plan focused on resource expansion and project de-risking through its fully-funded C$13.7 million exploration program. The company is conducting a record 30,000-meter drill campaign (20,000m at Douay, 10,000m at Joutel) targeting cost-effective resource expansion and systematic conversion of Inferred to Indicated resources. 

Phase I drilling completed 12,240 meters, extending high-grade mineralization 600 meters below the Douay MRE conceptual pit floor and 200 meters below the 531 Zone pit floor. Phase II drilling continues step-outs along strike, down-dip, and down-plunge to depth, with all zones remaining open for expansion. The Joutel program aims to deliver a maiden resource estimate for the past-producing Eagle-Telbel trend, potentially adding significant high-grade ounces to the 2026 MRE update. Concurrent engineering studies are evaluating open-pit and underground mining scenarios, with metallurgical testing demonstrating recoveries averaging 81-92% through various processing methods. 

The company maintains a resilient balance sheet to support disciplined capital allocation while minimizing dilution, positioning for a potential PEA in 2026 following the updated resource estimate.

As of December 2025, Maple Gold maintains a strong financial position with C$20.5 million in cash and a market capitalization of C$111 million. The capital structure includes 61.7 million basic shares outstanding, 3.8 million options (average strike C$1.32), and 9.4 million warrants (average strike C$0.88), resulting in 75.4 million fully-diluted shares. The company is fully funded through 2026 with a C$13.7 million exploration budget, eliminating near-term financing risk. Quebec's mining advantages include exploration tax rebates up to C$0.37 per dollar spent, significantly reducing effective exploration costs. 

The current resource valuation of C$22/ounce EV/resource represents a substantial discount to the peer average of C$51/ounce, indicating significant re-rating potential as the company delivers on its 2026 catalysts. With no debt and strong institutional support from shareholders including Fidelity, CDPQ, and Franklin Templeton, Maple Gold is positioned to advance its project without immediate dilution concerns while maintaining financial flexibility for strategic opportunities.

Maple Gold Mines represents a unique investment opportunity in the Canadian gold sector, with its district-scale Douay-Joutel project positioned as one of the few remaining large-scale gold opportunities in the world-renowned Abitibi Greenstone Belt. With an established 3.0 million ounce resource, exceptional infrastructure, and a strategic partnership with industry leader Agnico Eagle, Maple Gold offers significant leverage to gold price appreciation with a clear path to resource growth and re-rating. 

The company's fully-funded 30,000-meter drill program and planned H1 2026 MRE update provide near-term catalysts to close the valuation gap with peers. Led by a management team with proven capital markets and technical expertise, and supported by long-term institutional investors, Maple Gold is executing a disciplined strategy to advance its project toward development. 

As the company delivers on its exploration and engineering milestones, it is well-positioned to create substantial shareholder value while maintaining responsible mining practices in one of the world's premier mining jurisdictions.