Initiating coverage with an Outperform rating and C$0.50 or US$0.40 PT. Maple Gold Mines is an exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM), Canada's largest gold producer and the third largest globally, to jointly explore the contiguous Douay and Joutel Gold projects located in Quebec’s renowned Abitibi Greenstone Belt. The projects represent a large and highly prospective land package encompassing 400 square kilometers, including an existing gold resource with significant expansion potential at Douay, along with the past producing Telbel and Eagle mines at Joutel. Maple Gold controls 100% of the Eagle mine.Significant resource expansion potential. Recently released results from an updated NI 43-101 mineral resource estimate for the JV's Douay gold project highlighted an increase in indicated and inferred gold ounces to 3.036 million from 2.774 million ounces. The estimate does not include results from the Fall 2021 drilling program.Fully funded in 2022. Maple Gold benefits from a strong balance sheet and ended 2021 with $21.9 million in cash. The strength of Maple Gold’s balance sheet, along with the strategic partnership with Agnico that includes technical support and C$18 million of JV funding, provides the requisite financial and technical strength to advance the consolidated Douay-Joutel properties into a project with district-scale potential.High performance governance. Mr. B. Matthew Horner, CEO, formerly served as an Executive Vice President with Ivanhoe mines and has extensive experience serving in senior executive and board roles with entrepreneurial public and private companies. He has assembled a talented team with technical, financial, and project management experience, along with an accomplished board of directors, technical committee to guide exploration, and advisors to provide guidance on strategic matters. Maple Gold's forward-thinking approach to exploration makes smart use of technology to enhance productivity and accelerate progress. Read More >>