Maple Gold Mines — Interim / Quarterly Report 2021

Aug 12, 2021

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF MAPLE GOLD MINES LTD. (An Exploration Stage Company) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021

Dated: August 12, 2021

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND THE PERIOD UP TO AUGUST 12, 2021

Joint Venture Partnership with Agnico Eagle Mines Limited (“Agnico”)

On February 2, 2021, the Company and Agnico signed a Joint Venture Agreement pursuant to which the parties formed a 50/50 joint-venture (“JV”) that incorporates Maple Gold’s Douay Gold Project and Agnico’s Joutel Gold Project into a consolidated JV property package. The Douay Gold Project and Joutel Gold Project (the latter hosting Agnico’s past-producing Telbel mine) are contiguous properties located in the James Bay subregion of Northern Quebec.

The terms and conditions of the JV Agreement provide (i) Agnico will fund $16,000,000 in exploration expenses at the joint Douay and Joutel property package, and fund $2,000,000 directly to the Company over a four-year period; (ii) the Company will fund $2,000,000 in exploration expenses over the same four-year period and contribute Property and Equipment with an approximate value of $40,000 located at the Douay Gold Project (iii) Agnico and the Company in year 1 will jointly fund an additional $500,000 in exploration of VMS targets on the western portion of the Douay Gold Project; and (iv) Agnico and the Company will each be granted a 2% Net Smelter Return royalty on the property that they contribute to the joint operation, each with aggregate buyback provisions of $40 million.

COVID-19

The outbreak of the novel coronavirus COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the Canadian and global economies, disruptions of financial markets, and created uncertainty regarding potential impacts to the Company’s supply chain and operations. The COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations of the Company’s suppliers and vendors resulting from quarantines, facility closures, and travel and logistics restrictions.

The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity, and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company’s suppliers and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. The management team is closely following the progression of COVID-19 and its potential impact on the Company. Even after the COVID-19 pandemic has subsided, the Company may experience adverse impacts to its business related to economic recession or depression that has occurred or may occur in the future. Exploration activities ceased on March 24, 2020, in accordance with Provincial Legislation. The Company was able to resume exploration activities later in 2020 and commenced a Fall 2020 drill program in October 2020 and a Winter 2021 drill program in January 2021.

Exploration highlights

• On June 21, 2021, the Company reported results from four step-out drill holes at the 531 Zone from a 2021 winter drill campaign at the Douay Gold Project under its joint venture with Agnico. The results, which include 9.2 m of 2.4 g/t Au, including 1.5 m of 8.8 g/t Au; and 1.0 m of 43.0 g/t Au with visible gold (from 526 m), indicate the potential for additional gold resources to be added beyond the current 2019 RPA 531 Zone underground mineral resource.

• On May 26, 2021, the Company reported results from the second hole of a 2021 winter drill program at the Douay Gold Project under its joint venture with Agnico. Drill hole DO-21-282X at the Nika Zone intersected 132 m of 1.58 g/t Au (from 185.5 m downhole), including 100.3 m of 1.76 g/t Au (from 185.5 m downhole) and 9.6 m of 5.49 g/t Au (from 247.6 m downhole). This is the best by far intercept drilled at the Nika Zone to date and results are expected to expand existing resources at the Nika Zone, both in-pit and below-pit as approximately 35% of the intersection is located below the 2019 RPA NI43-101 Resource Estimate ("RPA 2019") conceptual pit floor.

• On May 10, 2021, the Company announced the completion of the first phase of digitization work on approximately 250,000 metres of historical drilling data at the Joutel Gold Project under its joint venture with Agnico. The JV has advanced into the second phase of the digitization process which involves the construction of a 3D model for drill targeting. Initial results and figures generated from this work will be released near the end of Q3 2021.

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• On April 29, 2021, the Company announced the completion of a 2021 winter drill program at the Douay Gold Project under its joint venture with Agnico. Results from the first drill hole of the program, at the Douay West Zone, included 3.80 g/t Au over 15 m (from 32 m downhole) and 2.98 g/t Au over 5 m (from 234 m downhole).

• On March 29, 2021, the Company provided updates with respect to its Fall 2020 drill campaign and announced drill results from the program, including multiple higher-grade intercepts from the 531 Zone of 6.95 g/t Au over 1.2 m (from 334 m downhole), 5.1 g/t Au over 2.0 m (from 459 m downhole) and 3.34 g/t Au over 3.0 m (from 465 m downhole).

• On February 10, 2021, the Company announced that the Agnico Maple Gold Joint Venture’s Winter 2021 drill program was underway at the Douay Gold Project. Also announced were initial assay results from the first two holes drilled at the regional Northeast IP Target, which returned several anomalous gold and silver intercepts, within a broad new sulfide-rich system.

• On January 5, 2021 the Company provided an update on the Fall 2020 drill campaign, which was expanded to 10 holes totalling over 4,000 metres, and the commencement of the geophysical survey at Douay.

Corporate highlights

• On July 19, 2021, the Company announced it had entered into an option agreement with Globex Mining Enterprises Inc. (“Globex”) to acquire a 100% interest in the Eagle Mine Property ("Eagle"). See section 1.2.4 for further details.

• On June 28, 2021, the Company announced the results of its annual general and special meeting of shareholders which was held on June 25, 2021.

• On March 4, 2021, the Company announced the appointment of Kiran Patankar as Senior Vice President, Growth Strategy. In addition, the Company announced the grant of 400,000 stock options at an exercise price of $0.325 and a 5-year term, 550,000 deferred share units (“DSUs”) and 3,175,000 restricted share units (“RSUs”) to certain employees, officers, and directors of the Company, pursuant to the Company’s Equity Incentive Plan.

• On February 3, 2021, the Company reported the closing of its previously announced 50-50 joint venture transaction with Agnico.

• On January 5, 2021, the Company announced the grant of 600,000 stock options at an exercise price of $0.385 and a 5-year term to a director and an officer.

Readers are cautioned that this Management Discussion and Analysis (“MD&A”) contains “forward-looking statements” and that actual events may vary from management’s expectations. Readers are encouraged to read the cautionary note below regarding such forward-looking statements.

1.1.1 Date

This MD&A of Maple Gold Mines Ltd. (the “Company” or “Maple Gold”) has been prepared by management to assist the reader to assess material changes in the financial condition and results of operations of the Company as at June 30, 2021 and for the three and six months then ended. This MD&A should be read in conjunction with the condensed consolidated interim financial statements of the Company and related notes thereto as at and for the three and six months ended June 30, 2021 and 2020. The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting” using accounting policies consistent with International Financial Reporting Standards (“IFRS”). The accounting policies followed in these condensed consolidated interim financial statements are the same as those applied in the Company’s most recent audited annual financial statements for the year ended December 31, 2020. All financial information has been prepared in accordance with International Financial Reporting Standards (“IFRS”) and all dollar amounts presented are Canadian dollars unless otherwise stated.

1.1.2 Forward-looking statements

This MD&A contains “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) which reflect the Company’s current expectations regarding the future results of operations, performance and achievements of

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the Company. Forward-looking statements in this MD&A include, but are not limited to, results of future exploration work on the Douay Gold Project and Joutel Gold Project; the prospect of expanding and upgrading the confidence level of mineral resource estimates on the Douay Gold Project; the prospects for identification of mineralization and resources on the Joutel Gold Project; as well as statements with respect to the Company’s opinions and beliefs, financial position, business strategy, budgets, Mineral Resource estimates, ongoing or future development and exploration opportunities and projects, drilling, relogging, geochemical and geological modeling plans, data from sampling programs, references to potential higher grades, references to additional potential discoveries, targeting efforts in greenfield areas, assay results, expanded mineralized zones, ground surveys, publication of updated mineral resource estimates, classification of mineral resources, and plans and objectives of management for properties and operations.

The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using words such as “plan”, “anticipate”, “believe”, “estimate”, “expect”, “is expected to”, “budget”, “schedule”, “forecast”, “intend” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

The forward-looking statements reflect the current beliefs of the management of the Company and are based on currently available information and upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future, including the price of gold, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, among others, the Company’s ability to receive mining, exploration and other permits; the impact of increasing competition in the gold business; exploration and development costs for the Douay Gold Project; anticipated results of drilling campaigns; exploration and development activities; mineral resource estimates and metallurgical recoveries; availability of additional financing; and the Company’s ability to obtain additional financing on satisfactory terms. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause the actual results, performance, or achievements of the Company to differ materially from those expressed in, or implied by, these statements. These uncertainties are factors that include, but are not limited to, risks related to general economic conditions; actual results of current exploration activities and unanticipated reclamation expenses; fluctuations in prices of gold and other commodities; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in mineral resources, grade or recovery rates; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in obtaining governmental approvals or financing; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in Canada; unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness; as well as other factors discussed in the section entitled "General Development of Business - Risk Factors” in the Company’s most recent annual information form available on SEDAR at www.sedar.com. Additional information relating to the Company and its operations is also available on SEDAR at www.sedar.com and on the Company’s web site at www.maplegoldmines.com.

The Company’s management reviews periodically information reflected in forward-looking statements. The Company has and continues to disclose in its MD&A and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking statements and to the validity of the statements themselves, in the period the changes occur. Historical results of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future results from operations.

The forward-looking statements contained in this MD&A are expressly qualified by this cautionary statement. Maple Gold does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Readers should refer to the risks discussed in the Company’s MD&A for the year ended December 31, 2020, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com.

1.2.1 Description of business

Maple Gold is an exploration company in a 50/50 joint venture partnership with gold producer Agnico to jointly explore the Douay and Joutel gold projects located in Quebec. The Company also has an option to acquire a 100% interest in Eagle located at the Joutel Gold project.

The Company was incorporated under the Ontario Business Corporations Act on June 3, 2010, and was continued under the Canada Business Corporations Act by articles of continuance dated June 22, 2011, and subsequently was continued under the British Columbia Business Corporations Act on January 7, 2021. The Company is listed on the TSX Venture Exchange under the symbol MGM, on the OTCQB in the US under the symbol MGMLF and on the Frankfurt Stock Exchange, Germany under the symbol M3G. The registered office of the Company is 2200-885 West Georgia Street, Vancouver, BC V6C 3E8.

1.2.2 Douay Gold Project (“Douay”)

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Figure 1: Regional map showing the location of the Douay Project along with past and current mineral operations.

Douay is located approximately 55 km southwest of Matagami and 130 km north of Amos, Quebec, by road. It is highly accessible by the all-season paved 2-lane Provincial Highway (#109), a major north-south regional highway linking the towns of Amos (Abitibi-Témiscamingue region) and Matagami (Northern Quebec region), and which cuts across the property. Utilities are available on site including hydro-electricity provided directly from Hydro-Quebec’s power grid to the Company’s on-site substation. Currently, there is a 46-person exploration camp on the property with drill core logging, sawing, sampling, storage and office facilities.

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Douay consists of 685 claims covering approximately 366 km[2] along a 55 km segment of the Casa Berardi Deformation Zone (“CBDZ”), one of several metalliferous “breaks” in the Abitibi Belt of Quebec.

Ownership

The Douay Project is held by a 50/50 Joint Venture between Maple Gold and Agnico as per a JV Agreement (see press release dated February 3, 2021). As stipulated in the JV agreement, Agnico will provide a total of $18 million of funding over four years for exploration expenditures at the Douay and Joutel properties, which will be allocated based on management committee budgets. Agnico and Maple Gold will contribute proportionately for expenditures thereafter.

Other terms of the joint venture include:

• Maple Gold’s exploration team will be supported by Agnico’s top-tier technical team which has vast experience and knowledge of the Abitibi as well as access to best-in-class software and tools.

• Agnico and Maple Gold will jointly fund an additional $500,000 in exploration of VMS targets located on the western portion of the Douay Project.

• Agnico to support Maple Gold in its pursuit of third-party project financing for the development phase; and

• Maple Gold retains a 2% NSR royalty on the Douay property with aggregate buyback provisions of $40 million.

The JV holds a 100% interest in 653 mostly contiguous claims totalling approximately 354 km[2] and a 75% interest (the remaining 25% interest is held by SOQUEM) in 32 contiguous claims totalling approximately 12 km[2] . SOQUEM participated pro-rata in the 2019 drill program for the JV area.

There is a 1% NSR production royalty owned by IAMGOLD which covers the Northwest and West Zone claims (not to be confused with the separate Douay West Zone), with 37 claims in total subject to the NSR royalty. A small portion of the resources identified in the most recent resource estimate (RPA 2019) are subject to the 1% NSR royalty.

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Figure 2: Douay Project ownership map

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Mineral Resources

Mineral Resources at Douay currently extend along a 6.1 km corridor characterized by the presence of a large, alkalic intrusivehydrothermal system emplaced into a sequence consisting predominantly of basalts, with lesser gabbroic and thin sedimentary and/or volcaniclastic and pyroclastic intervals (Cartwright Hills Group) on the south side, with sedimentary and lesser pyroclastic rocks (Taïbi Group) predominating on the north side with a major fault zone developed at the contact between the two Groups. While the entire current resource averages just over 1 g/t Au, there are multiple areas of significantly higher-grade gold mineralization, both near surface and at moderate depths, typically hosted in pyritic mafic volcanic wallrocks and associated syenitic injections or dykes, but also within the intrusive complex itself as well as in the sedimentary rocks to the north. There is potential to discover additional higher-grade gold mineralization within and beyond this corridor, both along strike and down-plunge of known intercepts, as well as in new areas, as has been demonstrated at NW, Nika and 531 Zones with the results of the 2018, 2019, 2020 and 2021 winter drilling programs.

On October 24, 2019, the Company reported its most recent resource estimate (see press release dated October 24, 2019). As per the Roscoe Postle Associates Inc. (“RPA”) 2019 estimate, Indicated Mineral Resources totalled 0.422 million ounces of gold (8.6 Mt @ 1.52 g/t Au) in addition to Inferred Mineral Resources totalling 2.352 million ounces of gold (71.2Mt @1.03 g/t Au), both using a 0.45 g/t Au cut-off grade for open pit Mineral Resources and a 1.0 g/t Au cut-off grade for underground Mineral Resources.

Further information about key assumptions, parameters, and methods used to estimate the Mineral Resources, as well as legal, political, environmental or other risks that may affect the Mineral Resource estimate are included in a NI 43-101 Technical Report of the Company filed on SEDAR.

The 2019 Mineral Resource estimate is listed in the table below:

Category	Tonnage (Mt)	Grade (Au g/t)	Contained Metal (‘000 oz Au)
Pit Constrained Mineral Resources
Indicated	8.6	1.52	422
Inferred	65.8	0.97	2,045
Underground Mineral Resources
Inferred	5.4	1.75	307
Total Mineral Resources
Indicated	8.6	1.52	422
Inferred	71.2	1.03	2,352
Notes:

1. CIM (2014) definitions were followed for Mineral Resources.

2. Mineral Resources are reported at an elevated cut-off grade of 0.45 g/t Au for open-pit Mineral Resources and a cut-off grade of 1.0 g/t Au for underground Mineral Resources.

3. The Whittle pit shell used to estimate Mineral Resources used a long-term gold price of US$1,500 per ounce, however the implied gold price for the Mineral Resources reported at the elevated cutoff grade would be significantly lower.

4. A US$/C$ exchange rate of 0.7, and a gold recovery of 90% were used.

5. A minimum mining width of 3 m was used.

6. Open pit resources are reported within a preliminary pit shell.

7. Bulk density is 2.71 t/m[3] or 2.82 t/m[3] depending on the zone.

8. Numbers may not add due to rounding.

9. Mineral Resources for Douay have been updated using data available to October 23, 2019.

Table 1 - Pit Constrained and Underground Mineral Resource Estimate for the Douay project as of October 23, 2019 as

prepared by RPA.

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The 2019 Mineral Resource estimate focus was not only on updating the resource estimate with new data from the 2018 and 2019 drill campaigns, but also on optimizing the open-pit scenario, while at the same time providing an initial assessment of resources at greater depths that may be amenable to underground mining methods. The latter has, in Management’s opinion, excellent potential for expansion given the relative scarcity of drilling below approximately 400 m vertical depth.

The majority of gold resources defined to-date at Douay are hosted near or within often porphyritic syenitic intrusions that have been emplaced within the broad CBDZ. This style of gold mineralization belongs to a relatively recently defined class of intrusive-related gold (“IRGS”) deposits in the Abitibi, which includes Canadian Malartic, Young-Davidson, Beattie and others. In some of these cases, the association with intrusions may be largely spatial, in other cases, as at Douay, it appears to be genetic. The largest mineralized zone within the Douay intrusive-hydrothermal system is the Porphyry Zone, which represents a large prospective bulk mining target. Additional gold mineralization at Douay, generally of higher grade and typically structurally controlled, is also mainly hosted by altered mafic volcanics with only minor syenitic or carbonatitic injections, occurring in zones such as Douay West and 531 Zone (Figure 4). Sedimentary and/or pyroclastic host rocks, as well as a different style of mineralization, predominate at Main, Central and the northern margin of the NW Zone, i.e. along the northern margin of the current resource area. In addition, unrelated base metal (Cu, Zn) mineralization possibly of volcanogenic massive sulphide (“VMS”) type also occurs on the property, particularly to the south and to the west of the resource area within the Cartwright Hills Group.

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Figure 3: Indicated and inferred blocks within the limits of the optimized pit shells at the Douay Project as of October 23, 2019 as prepared by RPA. (Note that the blocks classified as Inferred are more transparent to enhance Indicated blocks).

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Management’s Discussion and Analysis Three and Six months ended June 30, 2021

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Figure 4: Base case for pit-constrained resources at 0.45 g/t Au cut-off grade. Note several higher-grade areas with insufficient drilling outlined in smaller black ellipses, and multiple drilling gaps between Zones (larger ellipses). Southernmost target, newly defined in Fall 2020, added to original figure.

Inferred underground resources (Figure 5) are constrained to reporting shapes shown in green shading; a large volume of resource blocks were not included as there is insufficient drilling in many areas. RPA stated that exploration potential within the vertical interval that is currently partly drilled could range between 0.5-1.0 Moz Au. Gold arrows in Figure 5 show further depth extension potential. The relatively low cut-off grade used for the underground resource is consistent with its inferred category; an eventual mining cut-off grade would be expected to be higher.

Potential tonnage and grade of additional underground mineralization referred to above is conceptual in nature, as there has been insufficient drilling to define additional inferred mineralization at depth below the current resource .

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Figure 5: NW-SE longitudinal vertical section view (all zones) showing distribution of below-pit shell underground blocks above 1 g/t Au cut-off grade and resource expansion potential at depth.

The Company continues to leverage both the brownfields and greenfield potential at Douay in all of its exploration programs, with the current integrated approach focusing on: i) property-wide exploration targets with potential for higher-grade mineralization (including Vezza and Telbel models); and ii) near-surface higher-grade mineralization within the known resource

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area. Thorough review and analysis of all existing geological, geochemical and geophysical data is continuing, which combined with generation of new data from re-logging, as well as from the 2020 and 2021 drilling and geophysical programs to date, are being used to update a comprehensive exploration strategy and diamond drilling plan through to winter 2022.

2020-2021 Programs

Winter 2021 Drill program

The JV launched a Winter 2021 drill program to consist of approximately 10,000 metres in roughly 20 holes. The program was aimed at expanding mineral resources at Douay through step-out and select infill drilling at existing mineral resource zones as well as targeting new discoveries at regional exploration targets (as announced on February 10, 2021).

As announced on April 29, 2021, the program was completed on April 19, 2021, with 22 diamond holes drilled (19 new drill holes and three extensions to deepen previously drilled holes) and achieved the program’s original target of 10,000 metres despite COVID-19 and weather-related challenges.

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Figure 6: Winter 2021 drill program hole locations in plan view.

Initial assay results from the first drill hole of the campaign, which was an infill hole (DO-21-294) drilled on the eastern side of the Douay West ("DW") Zone, returned 3.80 g/t Au over 15 m (from 32 m downhole), including 4.51 g/t Au over 11 m (from 32 m downhole), corresponding to known near-surface mineralization; 1.45 g/t Au over 3 m (from 79 m downhole); and 2.98 g/t Au over 5 m (from 234 m downhole), corresponding to the actual hole target. These results support continuity for the trend of the lower zone at DW and justify additional step-out drilling to test this zone further to the ESE, where drill hole spacing locally is greater than 100 m (Figure 3).

The second significant intercept from the program (hole DO-21-282X) at the Nika Zone intersected 132 m of 1.58 g/t Au (from 185.5 m downhole), including 100.3 m of 1.76 g/t Au (from 185.5 m downhole) and 9.6 m of 5.49 g/t Au (from 247.6 m downhole). This result was within a broader envelope of mineralization that returned 195 m of 1.28 g/t Au (from 152 m downhole). Hole DO-21-282X represents by far the best intercept drilled at the Nika Zone to date and results are expected to expand existing resources at the Nika Zone, both in-pit in the area up-dip of hole DO-21-282X and below-pit as approximately 35% of the intersection is located below the RPA 2019 conceptual pit floor.

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Results from another four step-out drill holes from the 531 Zone indicate the potential for additional gold resources to be added beyond the current 2019 RPA 531 Zone underground mineral resource. Highlights included Hole DO-21-298: 6.3 m of 2.4 g/t Au (from 462 m), including 3.0 m of 4.3 g/t Au; Hole DO-21-299: 9.2 m of 2.4 g/t Au (from 492.8 m), including 1.5 m of 8.8 g/t Au; and 1.0 m of 43.0 g/t Au with visible gold (from 526 m); Hole DO-21-300: 1.3 m of 4.8 g/t Au (from 542.5 m); and Hole DO21-302: 1.5 m of 5.9 g/t Au (from 299.5 m) and 1.0 m of 21.7 g/t Au with visible gold (from 508.2m).

Significant delays in receiving assay results have been experienced as lingering impacts from COVID-19 and personnel challenges for local labs have resulted in much longer than anticipated turnaround times. Additional assay results for the winter 2021 program will be released on a periodic basis during August and September 2021 once they are received, reviewed, and interpreted.

Winter 2021 Geophysical Program

During winter 2021, the Company completed a large geophysical (ground IP) survey over three separate grids, totalling 113.3 line-km, which included 49.9 line-km at the NW Grid (NW, Douay and Porphyry Zones) and 15.0 line-km at the SE Grid (P8 and JDZE targets, see Figure 7). Results of this work confirmed additional targets along the Casa Berardi North Fault along the north flank of the currently known deposit area as well as the strike continuity of the P8 Zone conductors and the position of the JDZ East.

1.2.3 Joutel Gold Project (“Joutel”)

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Figure 7: General Geology of the Douay and contiguous Joutel claims; note abundance of targets.

Joutel is located approximately 70 km southwest of Matagami and 125 km north of Amos, Quebec, by road. The property is contiguous to the southern boundary of the Douay property and is highly accessible by the all-season 2-lane paved Provincial Highway (#109), which is the major north-south regional highway linking the towns of Amos (Abitibi-Témiscamingue region) and Matagami (Northern Quebec region), and which cuts across the property. Joutel straddles the Harricana Break and its eastern continuation, the Joutel Deformation Zone, over a distance of 15.7km.

Ownership

The Joutel Project is 100%-owned by the 50/50 JV between Maple Gold and Agnico as per a JV Agreement announced on February 3, 2021. The Joutel Project covers 39 km[2] of land located directly south of, and adjacent to, Maple Gold’s Douay Project.

Teck Resources Limited (“Teck”) holds a 1.5% NSR royalty on certain mineral claims. Teck has a right to receive a one-time payment of $1,250,000 within 60 days of commercial production on these mineral claims.

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History

Exploration began in 1962 in the area and the first gold intercepts were obtained between 1962 and 1964 as a result of testing coincident magnetic and electromagnetic anomalies. The project hosted a past-producing mining camp with total historical gold production of 1.15 Moz averaging 6.5 g/t Au, between 1974 and 1993. Significant available historical data indicates the potential for near-surface mineralization around the old Telbel Mine shaft in addition to higher-grade mineralization open to depth down-plunge.

2020-2021 Exploration programs

Having identified the potential for remaining gold mineralization and exploration upside beyond the previously mined-out areas at Telbel, the JV initiated a major digitization program to convert approximately 250,000 metres of historical drill data into an electronic format to support 3D modeling and drill targeting. The main components of the program are summarized below:

• Phase I: Digitization of historical analog drill data. This has been completed with over 2,600 diamond drill holes covering approximately 247,000 metres digitized.

• Phase II: Construction of a new 3D model. Completion expected in Q3/2021.

• Phase III: Priority drill targeting and permitting. Completion expected towards the end of Q3/2021.

Initial results and figures generated from the digitization and 3D modelling work are expected to be released in Q3/2021, with a more comprehensive model and corresponding exploration plans to be announced later in 2021.

Winter 2021 Geophysical Program

As part of the Company’s 113.3 line-km ground IP survey, 48.5 line km were completed at the McClure Grid on the Joutel property. Results of this work confirmed the strength and continuity of conductors and chargeability targets on the McClure claim block of the Joutel claims, with associated magnetic responses.

1.2.4 Eagle

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Figure 8: Plan view on regional geology base map showing location of the Eagle Mine claim along with select past drill results and locations of other mines in the former Eagle-Telbel gold operation. *Tailings area represents claims including tailings and settling ponds with associated liabilities that are excluded from the JV.

The 77-hectare Eagle Mine Property is located several kilometres west of the former mining town of Joutel. Eagle is also readily accessible by Highway 109, which runs through Douay and connects the towns of Amos and Matagami.

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Ownership

On July 19, 2021, the Company announced it had entered into an option agreement with Globex to acquire a 100% interest in Eagle. The Company can acquire a 100% interest in the property by completing payments to Globex totaling $1.2 million in cash and shares over five years and incurring exploration expenditures of $1.2 million over four years, which can be accelerated at the Company's discretion. Globex will retain a 2.5% Gross Metal Royalty (“GMR”), which is subject to a Right of First Refusal and can be reduced to a 1.5% GMR in consideration for a cash payment of $1.5 million. The Company has made a cash payment of $50,000 and issued 128,400 common shares with a deemed value of $50,000 in respect to the option agreement.

History

Eagle hosts the historical underground Eagle Mine which formed a part of Agnico's first gold mining operation and includes a production shaft that extends to a depth of approximately 950 metres. Combined with the nearby past-producing Telbel underground and Eagle West open-pit/underground mines, the entire mining operation produced over 1.1 million ounces of gold from the mining and milling of approximately five million tonnes of ore between 1974 and 1993 (these production figures can be found on Agnico’s website and are historical in nature).

Exploration drilling at the Eagle Mine in 1992, during its second-to-last year of operation, included hole AE-92-30A which returned 10.2 metres of 10.2 g/t Au. From 2008 to 2015, Globex completed a series of six widely spaced infill and step-out drill holes. This included hole EM-14-001, which returned 12.4 m of 2.9 g/t Au from 347 to 359 m downhole, including 4.8 m of 5.4 g/t Au (see Figure 8).

2021 Exploration Program

The Company will develop a new 3D geological and structural model that builds upon the work currently underway at the Telbel underground mine area and will apply additional exploration approaches to target new gold zones in the Eagle Mine area using technologies that were not available in the past (e.g., adding rock geochemistry to the 3D model, obtained from a portable XRF device).

1.2.5 Overall program analysis

During the three and six months ended June 30, 2021 and 2020, the Company incurred $201,324 and $371,579, respectively, in exploration and evaluation expenses as detailed in the table below:

field supplies Depreciation Digitization Drilling and core assaying Equipment rental and fuel Environmental Geology Geophysics Licences and permits Salaries and benefits Share-based payments Other exploration support costs Camp set up, camp costs and	2021 2021 2021 2020 2021 2021 2021 2020 Douay Joutel Total Douay Joutel Total $ $ $ $ $ $ $ $ Three months ended June 30, Six months ended June 30,
	— — — 34,635 — 9,870 9,870 149,317 23,877 — 23,877 63,723 76,902 — 76,902 125,617 — 162,500 162,500 — — 162,500 162,500 — — — — 195,726 — — — 625,519 — — — 2,347 — — — 6,165 — — — 788 — — — 2,379 — — — 13,125 — — — 13,125 — 4,212 4,212 — — 86,769 86,769 71,788 — — — 5,278 — — — 26,899 — — — 10,031 — — — 19,911 — — — 145,628 — — — 344,067 10,735 — 10,735 55,102 35,538 — 35,538 58,731
	34,612 166,712 201,324 526,383 112,440 259,139 371,579 1,443,518

During the three and six month periods ended June 30, 2020 all the exploration and evaluation expenses were incurred at the Douay Gold Project.

The geophysical and drill programs for winter 2021 are described in section 1.2.2 and 1.2.3. As at June 30, 2021, 10,217 metres had been drilled by the JV. Exploration and evaluation expenses incurred by the JV on the Douay and Joutel properties in the three and six month periods ended June 30, 2021 are detailed in the table below.

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

All of the exploration and evaluation expenses incurred on the Douay property were funded by Agnico contributions to the JV and these Douay expenditures are not recorded in the Company’s condensed consolidated interim financial statements as at and for the three and six months ended June 30, 2021. The exploration and evaluation expenses incurred on the Joutel property were funded 50/50 by the Company and Agnico and the Company has recorded its share of the Joutel expenditures in the Company’s condensed consolidated interim financial statements as at and for the three and six months ended June 30, 2021.

Camp set up, camp costs and field supplies Digitization Drilling and core assaying Equipment rental and fuel Geology Geophysics Licenses and permits Other exploration support costs Salaries and benefits	Douay Joutel Total Douay Joutel Total $ $ $ $ $ $ Three months ended June 30, 2021 Six months ended June 30, 2021
	131,224 — 131,224 410,468 19,740 430,208 — 325,000 325,000 — 325,000 325,000 534,064 — 534,064 1,526,415 — 1,526,415 135,965 — 135,965 207,536 — 207,536 26,919 — 26,919 37,419 — 37,419 11,259 8,425 19,684 231,924 173,538 405,462 46,856 — 46,856 55,862 — 55,862 79,635 — 79,635 146,900 — 146,900 256,897 — 256,897 412,404 — 412,404
	1,222,819 333,425 1,556,244 3,028,928 518,278 3,547,206

1.2.6 Qualified persons and technical disclosures

The scientific and technical data contained in this MD&A was reviewed and prepared under the supervision of Fred Speidel, M.Sc., P. Geo., Vice-President, Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this MD&A through his direct participation in the work.

The Mineral Resources disclosed in this MD&A have been estimated by Ms. Dorota El Rassi, P.Eng., an employee of RPA who is independent from Maple Gold. By virtue of her education and relevant experience, Ms. El Rassi is a "Qualified Person" for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). Ms. El Rassi, P.Eng. has read and approved the contents of this MD&A as it pertains to the disclosed Mineral Resource estimates. Further information about key assumptions, parameters, and methods used to estimate the Mineral Resources, as well as legal, political, environmental or other risks that may affect the Mineral Resource estimate please refer to the Company’s NI 43-101 Technical Report filed on SEDAR.

Cautionary Note to United States Investors concerning Resource Estimates

This disclosure has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource estimates included in this disclosure have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United States Securities and Exchange Commission, and accordingly resource estimates disclosed herein may not be comparable to similar information disclosed by U.S. companies.

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

1.3 Selected annual information

Not required for an interim MD&A.

1.4 Results of operations

Three months ended June 30, 2021 and 2020

During the three months ended June 30, 2021, the Company reported a loss for the period of $1,099,556 and loss per share of $Nil compared to loss for the period of $947,290 and loss per share of $Nil, respectively, for the three months ended June 30, 2020.

Exploration and evaluation expenses decreased by $325,059 during the three months ended June 30, 2021 compared to the same period in the previous year. The Company and Agnico entered into the JV with respect to the Douay and Joutel properties effective February 2, 2021. The terms of the JV are described in the Highlights section of this MD&A on page 2. The Winter 2021 drill program and geophysical program (section 1.2.2) on the Douay property was funded out of Agnico’s Year 1 contributions to the JV and as such are not recognized in the Company’s condensed consolidated interim financial statements. 50% of the Joutel property expenditure was funded by the Company and recognized in the Company’s condensed consolidated interim financial statements. Details of the exploration and evaluation expenses incurred by the Joint Venture are disclosed in section 1.2.5 of this MD&A. The $201,324 of exploration and evaluation expenses represents the depreciation on the Right of Use Assets located at the Douay Gold Project, non-cash share-based compensation of the Company’s exploration employees, and the Company’s share of Joutel expenditures which during the three months ended June 30, 2021 mainly relate to the data digitization of the historical drilling data at the Joutel property.

General and administrative expenditures increased by $589,711 during the three months ended June 30, 2021 compared to the same period in the previous year.

• Business development increased $113,656 as the Company assessed future growth opportunities, which led to the hiring of a SVP Growth Strategy in March 2021.

• Salaries and benefits increased $90,476 due to hiring additional staff in Q3 and Q4 2020.

• Travel, marketing and investor relations increased $64,939 due to the higher levels of activity that commenced in Q4 2020 and have continued into 2021 following the announcement of the binding term sheet with Agnico to enter into the JV.

During the three months ended June 30, 2021, the Company granted 100,000 stock options to directors, officers, employees and others (2020 – 10,275,000). Share-based compensation expense increased by $233,023 during the three months ended June 30, 2021 compared to the prior year period due to the amortization of previously issued stock options, RSUs and DSUs with higher grant date fair values.

During the three months ended June 30, 2021, the Company recorded other income of $Nil related to the amortization of the flow-through share premium liability compared to $87,484 recognized in connection with the Company’s March 2019 private placement (see section 1.6/1.7) in the three months ended June 30, 2020.

Six months ended June 30, 2021 and 2020

During the six months ended June 30, 2021, the Company reported a loss for the period of $2,561,618 and loss per share of $0.01 compared to loss for the period of $2,070,066 and loss per share of $0.01, respectively, for the six months ended June 30, 2020.

Exploration and evaluation expenses decreased by $1,071,939 during the six months ended June 30, 2021 compared to the same period in the previous year. The Company and Agnico entered into the JV with respect to the Douay and Joutel properties effective February 2, 2021. The terms of the JV are described in the Highlights section of this MD&A on page 2. The Winter 2021 drill program and geophysical program (section 1.2.2) on the Douay property was funded out of Agnico’s Year 1 contributions to the JV and as such are not recognized in the Company’s condensed consolidated interim financial statements. 50% of the Joutel property expenditure was funded by the Company and recognized in the Company’s condensed consolidated interim financial statements. Details of the exploration and evaluation expenses incurred by the Joint Venture are disclosed in section 1.2.5 of this MD&A. The $371,579 of exploration and evaluation expenses represents the depreciation on the Right of Use Assets located at the Douay Gold Project, non-cash share-based compensation of the Company’s exploration employees,

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

and the Company’s share of Joutel expenditures which mainly relate to a geophysical program and the data digitization of the historical drilling data undertaken at the Joutel property. During the six month period ended June 30, 2020 the Company completed its 2020 winter drilling program of 4,370 metres on the Douay property.

General and administrative expenditures increased by $1,588,070 during the six months ended June 30, 2021 compared to the same period in the previous year.

• Business development increased $199,131 as the Company assessed future growth opportunities, which led to the hiring of a SVP Growth Strategy in March 2021.

• Salaries and benefits increased $184,167 due to hiring additional staff in Q3 and Q4 2020.

• Professional fees increased $171,443 mainly due to legal fees finalizing the JV Agreement with Agnico.

• Travel, marketing and investor relations increased $169,989 due to the higher levels of activity that commenced in Q4 2020 and continued into Q1 2021 following the announcement of the binding term sheet with Agnico to enter into the JV.

• Office and general increased $86,614 due to the increased staffing levels and overall increased levels of activity within the Company.

During the six months ended June 30, 2021, the Company granted 1,100,000 stock options, 3,175,000 RSUs and 550,000 DSUs to directors, officers, employees and others (2020 – 10,275,000). Share-based compensation expense increased by $683,150 during the six months ended June 30, 2021 compared to the prior year period.

During the six months ended June 30, 2021, the Company recorded other income of $Nil related to the amortization of the flowthrough share premium liability compared to $273,062 recognized in connection with the Company’s March 2019 private placement (see section 1.6/1.7) in the six months ended June 30, 2020.

1.5 Summary of quarterly results

Finance income Finance expense Basic and diluted (income) loss per common share Weighted average number of common shares Exploration and evaluation General and administrative Amortization of flow-through share premium Total comprehensive (income) loss	June 30 March 31 December 31 September 30 June 30 March 31 December 31 September 30 2021 2021 2020 2020 2020 2020 2019 2019 201,324 $ 119,377 $ 474,420 $ 542,581 $ 526,383 $ 917,135 $ 429 -$ 447,522 $ 1,133,307 1,432,596 1,542,923 544,017 543,596 383,359 292,135 315,540 (253,184) (132,932) (123,183) (85,555) (56,131) (21,833) (25,993) (88,335) 18,109 43,021 12,757 18,232 20,926 29,693 69,644 54,682 - - (364,443) (162,923) (87,484) (185,578) (47,459) (52,661)
	1,099,556 $ 1,462,062 $ 1,542,474 $ 856,352 $ 947,290 $ 1,122,776 $ 287,898 $ 676,748 $
	0.00 $ 0.00 $ 0.01 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 321,258,223 321,067,848 289,790,362 257,431,942 239,186,954 239,186,154 228,455,976 227,436,954

The changes in the Company’s financial results on a quarter-by-quarter basis are due primarily to fluctuations in the level of activity of Company’s exploration programs and administration. The Company is a mineral exploration company and does not earn any revenue. The Company’s current mineral property portfolio consists of the Douay-Joutel JV and Eagle explorationstage project in Quebec, Canada.

1.6 and 1.7 Financial position, liquidity and capital resources

1.6 and 1.7 Financialposition, liquidity and capital resources
	June 30	December 31,
	2021	2020
	$	$
Cash and cash equivalents	17,811,859	20,014,801
Current assets	18,243,095	20,983,787
Total assets	18,616,581	21,547,466
Current liabilities	1,325,929	2,166,900
Non-current liabilities	193,453	285,369

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

As at June 30, 2021, the Company had cash and cash equivalents of $17,811,859 (December 31, 2020 - $20,014,801) and working capital of $16,917,166 (December 31, 2020 - $18,816,887).

As at June 30, 2021, cash and cash equivalents includes $403,361 (December 31, 2020 - $Nil) of cash contributed by the Company to the JV which has not yet been spent.

Current liabilities that are to be settled in cash as at June 30, 2021 include accounts payable and accrued liabilities of $409,537, which were primarily general and administrative costs related to increased corporate activities and the Company’s share of Joutel exploration and evaluation expenses, $223,890 in share-based payment obligations to employees and directors of the Company with respect to RSUs and DSUs that are to be cash-settled and sales taxes payable of $50,593.

During the three and six month periods ended June 30, 2021, the Company used net cash of $582,359 and $1,964,253 in operating activities compared to $857,004 and $1,312,424 during the three and six month periods ended June 30, 2020.

The Company used net cash of $4,084 and $27,451 in investing activities during the three and six month periods ended June 30, 2021 for acquisition of property and equipment, net of proceeds on disposal of property and equipment compared to $Nil during the three and six month periods ended June 30, 2020.

During the three and six month periods ended June 30, 2021, the Company used $125,554 and $211,238 to repay its lease liabilities (2020 - $144,990 and $283,155) and generated $Nil and $Nil (2020 - $45,394 and $90,789) from financing activities through receipts of sublease payments.

On April 30, 2021, 284,002 RSUs vested and were settled through the issuance of 284,002 common shares of the Company and 574,332 RSUs vested and were settled through cash payments by the Company of $178,043.

On July 31, 2020 and August 10, 2020, the Company closed the first and second tranches, respectively, of a non-brokered private placement of 27,941,173 common shares at a price of $0.17 per share for gross proceeds of $4,750,000. The Company will use the gross proceeds to continue advancing the Douay Gold Project and for general corporate purposes.

On October 13, 2020, the Company issued 25,838,821 units of the Company to Agnico in a non-brokered private placement at a price of $0.239 per Unit for total consideration of approximately $6,175,478. The Company will use the gross proceeds to continue advancing the Douay Gold Project, new corporate growth opportunities and for general corporate purposes.

On December 30, 2020, the Company closed a bought deal offering of 27,800,000 common shares at a price of $0.36 per common share for gross proceeds of $10,008,000. The Company will use the gross proceeds to continue advancing the Douay Gold Project, new corporate growth opportunities and for general corporate purposes.

The Company applied for the Canada Emergency Business Account, which is a $40,000 interest free loan that is offered through financial institutions. If the loan is repaid by December 31, 2022, $10,000 will be forgiven. The Company continues to monitor other programs that have been announced to determine whether the Company will qualify for additional relief.

The Company currently has sufficient working capital and is able to meet its ongoing current obligations as they become due. However, the Company will likely require additional capital in the future to meet its project related expenditures. Future liquidity will depend upon the Company’s ability to arrange additional debt or equity financing, as the Company relies on equity financings to fund its exploration and corporate activities.

Common shares issued

On July 28, 2021, the Company issued 128,400 common shares with a deemed value of $50,000 in connection with the Company’s instalment commitments with respect to the acquisition of Eagle.

On April 30, 2021, the Company issued 284,002 common shares on the vesting of 284,002 restricted share units.

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

December 2020 financing

As noted previously on December 30, 2020 the Company closed a bought deal prospectus offering of 27,800,000 common shares at a price of $0.36 per common share for gross proceeds of $10,008,000. In connection with the prospectus offering, the Company incurred a total of $1,149,666 in cash share issuance costs, including $565,134 as a commission to the underwriter. The intended use of gross proceeds of $10,008,000 is to continue advancing the Douay Gold Project, new corporate growth opportunities and for general corporate purposes. As of June 30, 2021 the Company had not expended any of the net proceeds of the offering.

Agnico Strategic Investment

As noted previously on October 13, 2020 the Company issued 25,838,821 units of the Company (collectively, the “Units”) to Agnico in a non-brokered private placement at a price of $0.239 per Unit for total consideration of approximately $6,175,478. In connection with the placement, the Company incurred a total of $36,376 in cash share issuance costs. The intended use of gross proceeds of $6,175,478 is to continue advancing the Douay Gold Project, new corporate growth opportunities and for general corporate purposes. As of June 30, 2021 the Company had not expended any of the net proceeds of the offering.

July and August 2020 Private Placement

As noted previously the Company closed a private placement in two tranches in July and August 2020 and issued 27,941,173 common shares for gross proceeds of approximately $4.75 million. In connection with the placement, the Company incurred a total of $92,579 in cash share issuance costs. The intended use of gross proceeds is to continue advancing the Douay Gold Project and for general corporate purposes. As of June 30, 2021 the Company had incurred $39,616 of eligible exploration expenditures and spent $2,206,743 on new corporate growth opportunities and general corporate purposes.

1.8 Off-balance sheet arrangements

As at June 30, 2021, the Company had no off-balance sheet arrangements.

1.9 Transactions with related parties

During the period, compensation to key management personnel was as follows:

	Three months ended	Three months ended	Six months ended	Six months ended
	June 30,		June 30,
	2021	2020	2021	2020
	$	$	$	$
Salaries and benefits	140,500	91,500	278,000	163,000
Share-basedpayments	262,387	146,159	598,550	172,086
	402,887	237,659	876,550	335,086

1.10 Fourth Quarter

Not applicable

1.11 Subsequent events

Refer to sections 1.2.4, 1.6 and 1.7.

1.12 Proposed transactions

None

1.13 Critical accounting estimates

The required disclosure is provided in Note 2 in the notes to the condensed consolidated interim financial statements which accompany this MD&A and which are available under the Company’s profile at www.sedar.com.

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

1.14 Changes in accounting policies including initial adoption

The required disclosure is provided in Note 2 in the notes to the condensed consolidated interim financial statements which accompany this MD&A and which are available under the Company’s profile at www.sedar.com.

1.15 Financial instruments and other instruments

The Company’s financial instruments consist of cash and cash equivalents, deposits, and accounts payable and accrued liabilities and loan payable. The fair values of these financial instruments approximate their carrying values, unless otherwise noted.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following summarizes fair value hierarchy under which the Company’s financial instruments are valued:

• Level 1 – fair values based on unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 – fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and

• • Level 3 – fair values based on inputs for the asset or liability that are not based on observable market data.

As at June 30, 2021 and 2020 no financial instruments were measured at fair value.

No transfer occurred between the levels during the period.

The Company’s financial instruments are exposed to credit risk, liquidity risk, and market risks, which include currency risk and interest rate risk.

(a) Credit risk

Credit risk is the risk that a third party fails to discharge its obligations under the terms of the financial contract and causes a financial loss for the Company. The Company’s credit risk is attributable to its cash and cash equivalents and deposits. The Company limits exposure to credit risk on liquid financial assets through maintaining its cash and cash equivalent balances in highly rated Canadian financial institutions. The Company considers the risk of loss associated with cash and cash equivalents to be low.

(b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure.

Accounts payable and accrued liabilities are due within twelve months of the statement of financial position date.

(c) Market risk

This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Significant market risks to which the Company is exposed are as follows:

(i) Foreign currency risk

The Company is exposed to currency risk by having balances and transactions in currencies that are different from its functional currency (the Canadian dollar). As at June 30, 2021 and 2020 and throughout the respective periods, the Company held immaterial balances in foreign currencies. Foreign currency risk is considered to be minimal.

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MAPLE GOLD MINES LTD. Management’s Discussion and Analysis Three and Six months ended June 30, 2021

(ii) Interest rate risk

Interest rate risk is the risk arising from the effect of changes in prevailing interest rates on the Company’s financial instruments. The Company’s exposure to interest rate risks is limited to potential increases or decreases on the interest rate offered on cash and cash equivalents held at chartered Canadian financial institutions, which would result in higher or lower relative interest income. This risk is considered to be minimal.

1.16 Other requirements

Additional information relating to the Company may be found on SEDAR at www.sedar.com.

1.16.1 Capital structure

As at the date of this report, the Company had 321,480,250 common shares issued and outstanding, 23,830,100 common shares issuable under stock options, 550,000 DSUs, 2,300,000 RSUs and 56,871,971 common shares issuable under share purchase warrants. The fully diluted outstanding share count is 405,032,321.

1.16.2 Internal controls over financial reporting and disclosure controls and procedures

The Company has disclosure controls and procedures in place to provide reasonable assurance that any information required to be disclosed by the Company under securities legislation is recorded, processed, summarized and reported within the applicable time periods and that required information is gathered and communicated to the Company's management so that decisions can be made about the timely disclosure of that information.

The Company's management is responsible for establishing and maintaining adequate internal controls over financial reporting. Any system of internal controls over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

The Company’s management, including the Chief Executive Officer and the Chief Financial Officer, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, the Company’s management cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgements in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a costeffective control system, misstatements due to error or fraud may occur and not be detected.

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