Interview with Kiran Patankar, President & CEO of Maple Gold Mines

Our previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-abitibi-project-targets-5moz-resource-post-100-consolidation-6496

Recording date: 16th April 2025

Maple Gold Mines has announced impressive drill results from its Douay gold project in Quebec, highlighted by a 300-meter step-out hole at the Nika zone that produced what CEO Kiran Patankar described as "spectacular intercepts" over thick, continuous sections. The notable intercept included approximately 100 meters grading 2 g/t gold, with higher-grade sections of 56 meters at 3 g/t and 17 meters at 5 g/t.

These results come from the first five holes of the company's ongoing 10,000-meter drill program, representing the first meaningful drilling at the property in over two years. The market has responded positively with sustained share price appreciation following the announcement.

Maple Gold currently controls a 3-million-ounce resource at Douay, with management expressing confidence in expanding this to 5 million ounces. The Nika zone, which currently accounts for less than 100,000 ounces of the overall resource, shows significant growth potential based on recent drilling.

The company has undergone substantial transformation since Patankar became CEO in August 2023, including restructuring its joint venture with Agnico Eagle, rebuilding its technical team, and implementing new exploration methodologies. Rather than pursuing what Patankar calls "fluke-style moonshot drilling," the company has adopted a systematic approach involving extensive relogging of historical drill core, rebuilding geological models, and creating new structural interpretations.

"We've changed our corporate culture, we've instilled exploration and site management and corporate management best practices," said Patankar. "A CEO's job in my view is simple: we're here to build lasting value for shareholders, not just to manage the share price."

Despite gold prices appreciating approximately 20% in 2025 to record levels above $3,000 per ounce, Maple Gold trades at a discount to peers at approximately $6-7 per ounce on an enterprise value basis. The company is fully funded for its current exploration program and is operating on time and under budget.

Looking forward, Maple Gold has outlined a $6.3 million budget for 2025, described as "one of the biggest programs" undertaken on the project. The company aims to update its resource estimate and potentially advance toward preliminary economic studies, considering both open-pit and underground mining scenarios.

Additionally, Maple plans to explore its Joutel project later this year, which includes the past-producing Eagle Mine (the namesake of Agnico Eagle) and represents further upside potential not currently reflected in the company's valuation.

View Maple Gold Mine's company profile: https://www.cruxinvestor.com/companies/maple-gold-mines-ltd

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