Hitting its Stride and Gaining Momentum

Restructuring Transaction Provides a Clear Path to Development

What is in Store for the Remainder of 2024?

Laying the Groundwork for the 2024 Drilling Program

Mark Reichman

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Metals & Mining

Maple Gold Mines Ltd – Ordinary Shares

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What is in Store for the Remainder of 2024? 
 
 Maple Gold is an advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited (NYSE, AEM), Canadaâ€™s largest gold producer and the third largest globally, to explore the contiguous Douay and Joutel gold projects in Quebec&#8217;s renowned Abitibi Greenstone Belt. The joint venture holds a 100% interest in 745 mostly contiguous claims totaling 398 square kilometers, including Douay and Joutel, and a 75% interest in an additional 32 contiguous claims totaling approximately 12 square kilometers. Separately, Maple Gold Mines holds an exclusive option to acquire a 100% interest in the Eagle property at Joutel and holds a 100% interest in 73 mining claims in the Morris and Dussieux townships, Quebec.&nbsp;Morris is located approximately 30 kilometers east of the Matagami VMS mining camp and hosts the Watson Lake rhyolite unit which forms the footwall of all the VMS mines at Matagami.
Maple Gold Mines Ltd. benefits from several key competitive advantages, including a large and highly prospective land package in a prime location within the highly ranked mining jurisdiction of Quebec, a gold resource with significant expansion potential, an experienced management team, and an industry-leading joint venture partner. 
 
Figure 1: Map of the Douay and Contiguous Joutel Claims
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/March-14-24-Fig1.JPG" style="width: 650px;height: 264px;float: none" /> 
 
 Source: Maple Gold Mines Limited
 Since his appointment as CEO, Mr. Kiran Patankar has re-oriented and re-positioned the company for successful outcomes by expanding the geological team, meaningfully reducing corporate general and administrative expenses, and strengthening the data driven exploration program to refine the targeting process.&nbsp;
Since late 2023, Maple Gold has been undertaking a systematic compilation and review of its technical database associated with its 400 square kilometer property package. Maple Goldâ€™s technical team is nearing completion of a new three-dimensional litho-structural model to support a focused ranking and prioritization of property-wide drill targets to be tested later this year. Maple also initiated high resolution drone magnetic surveys in selected areas. The surveys are expected to be completed in the second quarter of 2024.
Douay 
 
Douay is an advanced exploration project consisting of 691 claims covering approximately 369 square kilometers along a 55-kilometer segment of the Casa Berardi Deformation Zone in the Abitibi Greenstone Belt of Quebec. Douay represents a district-scale target-rich system with significant exploration potential.
Mineral resources at Douay extend along a 6.1-kilometer corridor. In March of 2022, Maple Gold reported an updated mineral resource estimate for Douay, consisting of 511,000 ounces of gold in indicated mineral resources and 2.525 million ounces of gold in inferred resources. Cut-off grades of 0.45 grams per tonne and 1.15 grams per tonne were used for pit-constrained and underground mineral resources, respectively. Pit constrained resources include 511 thousand ounces of gold in the indicated category and 2.065 million ounces of gold in the inferred category. Underground resources include 460 thousand ounces of gold in the inferred category. The resource is open at depth, with known higher-grade zones open down plunge.&nbsp;
The resources below the pit have significant potential for expansion given the limited amount of drilling below approximately 300 meters vertical depth. Deep drilling in 2023 confirmed continuity of the mineralized system at depth.&nbsp;Figure 2 illustrates the limited amount of drilling at vertical depths greater than 300 meters, along with deep drill holes completed in 2023 that began testing the depth extension potential at Douay.
Figure 2: Significant Resource Potential at Depth
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/May2024Fig.JPG" style="width: 650px;height: 264px;float: none" />
Source: Maple Gold Mines Limited&nbsp;
The figure shows completed 2023 deep holes at Douay, along with key assay results. Maple Gold intends to increase the underground gold resource to two million ounces largely by drilling near and below the base of the pit.
Joutel
Joutel hosts Agnico Eagleâ€™s past producing mine complex, including Eagle, Eagle West, and Telbel, which collectively produced 1.1 million ounces of gold from approximately five million tonnes of ore between 1974 and 1993. The joint venture digitized historical drill data from the past producing high-grade Telbel underground mine at Joutel and created a modern three-dimensional model to guide targeting. Three-dimensional modeling indicates that the favorable geology hosting the Telbel deposit can be observed along strike and at depth from the past producing mine area, as well as the potential for additional trends that have experienced limited drilling. Drilling in 2023 affirmed the continuity of high-grade mineralization.
Eagle
The Eagle property is within the joint ventureâ€™s Joutel claims. Eagle hosts the historic underground Eagle Mine which formed a part of Agnico&#8217;s historic Joutel mining complex and includes a production shaft that extends to a depth of approximately 950 meters. Maple Gold has made the first four option payments comprising cash and share payments and has incurred all required exploration expenditures at Eagle. Maple has three more cash and share payments to make by July 16 in 2024, 2025, and 2026.&#8212;&#8212;&#8212;- page break &#8212;&#8212;&#8212;-
Summary of First Quarter 2024 Financial Results
<a name="_Hlk165361542">As an advanced exploration company, Maple Gold Mines Limited does not generate revenue and incurs expenses to advance its projects. Based on the companyâ€™s first quarter financial results, management continued to significantly reduce expenses. Compared to the prior year period, exploration and evaluation expenses declined 64.1%, while corporate general and administrative expenses fell 59.0%.</a>
Maple Gold Mines reported a first quarter net operating loss of C$242,324, or C$(0.00) per share, compared to a loss of C$2,966,640 or C$(0.01) per share during the prior year period. Exploration and evaluation expenses declined to C$557,642 compared to C$1,554,804 during the first quarter of 2023.&nbsp;Unlike the prior year period, no drilling occurred during the quarter. General and administrative expenses were C$617,306 compared to C$1,504,815 during the first quarter of 2023.&nbsp;
Within general and administrative expenses, business development expenses increased by C$139,638 as the company pursued future growth opportunities. Salaries and benefits decreased by C$320,535 as Maple reduced staffing at the corporate level. Share-based payments decreased by C$512,269 due to canceled options and restricted share units due to reduced staffing levels and terminated consulting agreements. Travel, marketing, and investor relations decreased by C$174,435.
During the quarter, Maple Gold received C$750,000 from Agnico Eagle to satisfy Agnico&#8217;s Year Four contribution to the company under terms of the joint venture agreement. Maple Gold has met its obligation to incur qualified exploration expenditures and Agnico&#8217;s contribution was recognized as finance income on Maple&#8217;s income statement.&nbsp;
From a cash flow perspective, cash used in operating activities amounted to C$621,559, cash provided from investing activities amounted to C$82,083, and cash used in financing activities amounted to C$91,966. The net decrease in cash and cash equivalents amounted to C$631,442.
Capital Structure and Liquidity
As of March 31, 2024, Maple Gold Mines reported cash and cash equivalents in the amount of C$2,697,015. During the quarter, the company sold marketable securities for total proceeds of C$85,383. Currently, the company has no debt. Shares outstanding were 339,767,360.

Maple Gold Mines Ltd – Ordinary Shares (MGMLF)

What is in Store for the Remainder of 2024?

Fundamental Analysis:

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Hitting its Stride and Gaining Momentum (MGMLF)

Restructuring Transaction Provides a Clear Path to Development (MGMLF)

What is in Store for the Remainder of 2024? (MGMLF)

Laying the Groundwork for the 2024 Drilling Program (MGMLF)

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