Mr. Kiran Patankar reports

MAPLE GOLD COMPLETES JOINT VENTURE RESTRUCTURING TRANSACTION

Further to the news releases of June 20, 2024, and Sept. 10, 2024, Maple Gold Mines Ltd. has completed its previously announced joint venture restructuring transaction through which it has obtained legal title to, and a 100-per-cent ownership interest in, the multimillion-ounce Douay gold project and the past-producing, high-grade Joutel gold project located along the Casa Berardi-Douay gold trend in Quebec, Canada.

"We are thrilled to have completed this transformative and value-unlocking transaction, which consolidates 100-per-cent ownership of Douay/Joutel into Maple Gold and paves the way for the continued advancement of the projects," stated Kiran Patankar, president and chief executive officer of Maple Gold. "With a healthy treasury of over $8-million and a clear, fully funded organic growth strategy focused on aggressive resource expansion, project derisking and potential to make new discoveries across our Quebec project portfolio, the company is well positioned to drive shareholder value in the coming year."

Key terms of restructuring transaction

The restructuring transaction was implemented in accordance with the terms of the definitive conveyance and option agreement dated June 20, 2024, among the company, its wholly owned subsidiary, MGM Douay Gold Project Ltd., and with Agnico Eagle Mines Ltd. On closing of the restructuring transaction, among other things:

• The joint venture agreement dated Feb. 2, 2021, between the company and Agnico Eagle, which previously governed the joint venture among the parties with respect to the projects, was terminated.
• Agnico Eagle transferred to Maple Gold legal title to the properties and assets of the JV. Following such transfer, Maple Gold holds 100-per-cent legal title to the projects and associated assets.
• Maple Gold granted a 1.0-per-cent net smelter return royalty in respect of the JV assets to Agnico Eagle.
• Maple Gold granted to Agnico Eagle: (i) an option to acquire a 50-per-cent ownership interest in all of Maple Gold's right, title and interest in the JV assets until the date that is 90 days following receipt by Agnico Eagle of a construction decision notice (as defined in the agreement); and (ii) an option to acquire a 50-per-cent ownership interest in all of Maple Gold's right, title and interest in the JV assets at any time following the occurrence of a construction suspension event (as defined in the agreement), if the construction option has not been exercised, until the date that is 90 days following receipt by Agnico Eagle of restart notice (as defined in the agreement). The terms of the construction option and the restart option are described in greater detail in the company's news release of June 20, 2024.

Advisers

Fort Capital Partners acted as adviser to Maple Gold with respect to the restructuring transaction and the company's capital market strategy. Cassels Brock & Blackwell LLP acted as legal adviser to Maple Gold with respect to the restructuring transaction.

Qualified person

The scientific and technical data contained in this news release were reviewed and approved by Ian Cunningham-Dunlop, PEng, vice-president, technical services, of Maple Gold. Mr. Cunningham-Dunlop is a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Maple Gold Mines Ltd.

Maple Gold is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Quebec's prolific Abitibi greenstone gold belt. The projects benefit from exceptional infrastructure access and boast approximately 400 square kilometres of highly prospective ground, including an established gold mineral resource at Douay with significant expansion potential, as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the company holds an exclusive option to acquire 100 per cent of the Eagle mine property, a key part of the historical Joutel mining complex.

Maple Gold's property package also hosts a significant number of regional exploration targets along a 55-kilometre strike length of the Casa Berardi deformation zone that have yet to be tested through drilling, making the property ripe for new gold and polymetallic discoveries. The company is currently focused on carrying out exploration and drill programs to increase mineral resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi.

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