Joutel Gold Project
Overview & Highlights
The Joutel Gold Project (“Joutel”) is a high-grade past-producing gold project in Québec, Canada, strategically located along the Casa Berardi-Douay Gold Trend. In December 2024, the Company acquired full ownership and legal title to Joutel following a joint venture restructuring with Agnico Eagle.
Joutel hosts the past-producing Eagle-Telbel mine complex, which operated from 1974 to 1993, producing 1.1 million ounces of gold at an average grade of 6.5 g/t Au during a period of much lower gold prices. The project spans 15.7 km along the Harricana Break (Casa Berardi South), a major gold-bearing structure with strong exploration potential.
The maiden Joutel Mineral Resource reported in the updated Mineral Resource Estimate ("2026 MRE") at Douay/Joutel (see news release dated April 27, 2026), reported at a 1.70 g/t Au underground cut-off grade, includes:
- Indicated Resource: 0.9 million tonnes ("Mt") at an average grade of 4.53 g/t Au for 126,000 ounces ("oz") Au; and
- Inferred Resource: 7.5 Mt at an average grade of 4.11 g/t Au for 992,000 oz Au.
Importantly, results from the current drill program are not included in the 2026 MRE, underscoring the significant near-term resource expansion potential. Drilling at Joutel continues to extend broad zones of high-grade gold mineralization up to 450 m beyond the historical Eagle-Telbel underground workings, and the system remains open in multiple directions.
Recent drill highlights include:
- JO-26-13: 16.3 grams per tonne ("g/t") gold ("Au") over 1.3 m within 2.7 g/t Au over 10.2 m in a 50-m step-out southeast of previously reported drill hole JO-25-05 within the Main Iron Carbonate Horizon ("MICH") hosting historical gold production at Joutel.
- JO-26-14: 15.5 g/t Au over 2.0 m within 7.4 g/t Au over 7.5 m in a further 250-m step-out located 50 m above the eastern extent of the Telbel Mine underground workings.
- JO-26-15: 32.6 g/t Au over 0.8 m within 14.0 g/t Au over 2.0 m, confirming high-grade gold mineralization within the footwall micro-gabbro unit.
- High-grade gold mineralization at Joutel demonstrates remarkable continuity and predictability along the stratiform MICH with a near 100% drill success rate to date.
Table 1: Douay/Joutel Mineral Resource Estimate
Notes to the Mineral Resource Estimate:
- CIM (2014) definitions were followed for Mineral Resources.
Mineral Resources are estimated using a long-term gold price of US$2,500/oz and a US$:C$ exchange rate of 1:1.35.
For Douay:- Minimum mining width of 3 metres applied to resource domain wireframes.
- Bulk density interpolated for Nika, Porphyry, and 531 zones; 2.72–2.88 t/m³ assigned to all other zones.
- Whittle pit shell: C$4.00/t rock mining, C$3.00/t overburden, C$12.50/t processing, C$2.86/t G&A, 90% recovery, 25° overburden / 50° rock pit slopes.
- Open pit resources reported within Whittle pit shell at elevated COG of 0.35 g/t Au; actual discard COG ~0.16 g/t Au.
- Underground resources reported at COG 0.98 g/t Au: C$80.00/t UG mining, C$12.50/t processing, C$2.86/t G&A, 90% recovery; includes low-grade blocks within constraining shapes.
- For Joutel:
- Minimum mining width of 2 metres applied to resource domain wireframes.
- Constant bulk density of 2.85 t/m³ assigned to all mineralized zones.
- Underground resources at COG 1.70 g/t Au: C$120.00/t UG mining, C$25.00/t processing, C$20.55/t G&A, 90% recovery; includes low-grade blocks within constraining shapes.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated. There is no guarantee that any part of the Mineral Resources will be converted to a Mineral Reserve in the future.
Numbers may not add due to rounding. - Effective date of the 2026 MRE is April 24, 2026.
Mineral Resource Estimate prepared by SLR Consulting (Canada) Ltd. QP: Denis Decharte, P.Eng., independent of Maple Gold. Ian Cunningham-Dunlop, P.Eng. (PEO/EGBC), EVP of Maple Gold, reviewed and approved all scientific and technical content as QP under NI 43-101.
Table 2: Comparison of SLR 2026 MRE vs. SLR 2022 MRE – April 24, 2026
Notes:
- Listed Au grades and tonnes are shown for comparison purposes only; refer to table on preceding slide for the official Mineral Resource tabulation.
- Douay Pit-constrained Mineral Resources for the SLR 2026 MRE are reported above a 0.35 g/t Au COG compared to a 0.45 g/t Au COG for the SLR 2022 MRE.
- Douay Underground Mineral Resources are reported above a 0.98 g/t Au cut-off grade for the SLR 2026 MRE compared to a 1.15 g/t Au cut-off grade for the SLR 2022 MRE.
- The Whittle pit shell used to estimate Mineral Resources in the SLR 2026 MRE used a long-term gold price of US$2,500/oz and a US$:C$ exchange rate of 1:1.35 compared to a long-term gold price of US$1,800/oz and a US$:C$ exchange rate of 1:1.25 used in the SLR 2022 MRE.
- For additional details on the 2022 MRE, please refer to the Company's news release dated March 17, 2022, which can be found on the Company's website (www.maplegoldmines.com).
Location & Jurisdiction
Joutel spans 39 km², located approximately 70 km southwest of Matagami and 125 km north of Amos. The project is contiguous with the southern boundary of the Douay Gold Project and is accessible via Highway 109, which cuts across the project area.
Joutel straddles the Harricana Break and its eastern continuation, the Joutel Deformation Zone, over 15.7 km. See Figure 1 below for the location of Joutel and the Eagle-Telbel deposits relative to Douay.
Figure 1: Plan view on regional base map showing outline of Douay/Joutel/Eagle property outline with Casa Berardi Deformation Zone, Douay resource area and Douay regional targets.
For general details on Québec’s infrastructure and mining jurisdiction, refer to the Company’s presentation or the Douay Gold Project page.
History
Gold exploration at Joutel began in 1962, with the first intercepts discovered between 1962 and 1964 through drill testing of magnetic and electromagnetic anomalies. The Eagle-Telbel mining camp, which operated from 1974 to 1993, produced 1.1 million ounces of gold at an average grade of 6.5 g/t Au (Plate 1). Mining at Telbel focused on a single zone between the 600- and 1,000-metre levels, accessed via a drift from the Eagle Mine at approximately 750 metres.
Following the mine’s closure in 1993, work at Joutel shifted to reclamation. For decades, historical drill and stope data remained in paper format until a major digitization effort in 2021 transformed these records into a modern 3D geological model, paving the way for new exploration targeting.
Photo 1: Maple Gold Mines - Joutel Gold Project
Property Geology & Mineralization
The Joutel Gold Project overlaps the intersection between the northwest-southeast Harricana Deformation Zone and the east-west Joutel Deformation Zone, which collectively mark the southern limit of the CBDZ (Figure 1 and Figure 2).
In the Joutel project area, the uppermost cycle of the Joutel Volcanic Complex, called The Mine Sequence of the Joutel Camp, consists of a thick footwall rhyodacitic to dacitic pyroclastic unit, overlain by interbedded clastic and chemical sedimentary units, fine to coarse felsic pyroclastics, and mafic flows. Within this sequence, a continuous near-vertical horizon termed the Main Iron Carbonate Horizon (MICH), with strong iron carbonate (ankerite) alteration and quartz-carbonate veining, hosted the bulk of past gold production (Figure 2).
In the Joutel mine area and to the northwest, the Mine Sequence is overlain by the Harricana Sedimentary Sequence, which is in fault contact with the Cartwright Mafic Volcanic Sequence to the north.
To the southeast, the Harricana Sedimentary Sequence thins rapidly, and a complex sequence of predominantly felsic tuffs (C-Horizon hanging wall - North Mine Horizon footwall), with various clastic and chemical sediment units, occurs between the Harricana Sedimentary and Cartwright sequences. Two iron carbonate units, North Mine and South Mine Horizons, have also been identified as secondary exploration targets.
All sequences are cut by late major east-northeast to northeast trending Proterozoic diabase dykes.
Figure 2: Plan view map of the Eagle-Telbel Area highlighting the MICH Horizon, Drill Target Areas, and 2025/2026 Completed Drill Holes
The gold mineralization found at Joutel is mostly consistent within its three mains areas, Eagle, Telbel and Eagle West. Gold mineralization exploited at the mines was hosted in steeply dipping to near-vertical semi-massive pyrite-iron carbonate horizons cut by quartz and quartz-dolomite veins and veinlets. Base metal values are low in the mine areas. Quartz-carbonate veinlets in footwall tuffs and carbonate-silica-pyrite alteration zones within the Mine Andesite locally carry significant gold (over 1 g/t), and the top of the Harricana Sedimentary Sequence can also occasionally carry gold.
Both Eagle and Telbel mines are found within a subvertical northwest-southeast striking unit of the Mine Sequence, which hosts several high-grade principal ore shoots plunging at about 55° to 60° to the southeast (Figure 3).
Figure 3: Joutel longitudinal section with Eagle-Telbel Underground Workings & Mined-Out Stopes (in grey), 2026 MRE blocks and 2025-2026 Completed Drill Holes with Significant Assay Results. Looking Northeast.