- Maple Gold Mines (TSXV:MGM) has announced it will cut executive pay by 50 per cent during the COVID-19 crisis
- The company has had to suspend exploration activity as Quebec has suspended mining activity for three weeks
- All non-essential travel by employees has been suspended
- The company has removed all non-essential personnel from the Douay Gold Project in Quebec
- Maple Gold Mines (MGM) is up 18 per cent to 6.5 cents per share, with a market cap of C$15 million
Maple Gold Mines (TSXV:MGM) has announced that it will halve executive pay during the second quarter of 2020 in response to the COVID-19 crisis.
The company announced the decision as part of a raft of other risk mitigation measures designed to increase stability during a turbulent time for markets.
Maple Gold stated they were making the decision in response to the COVID-19 virus and provincial legislative responses, as well as current global market conditions. But it’s not just the executive level feeling the pinch.
The exploration teams at the company have been stood down for three weeks, as per the Quebec Government’s decision to suspend mining operations.
The company’s camp has been cleared of all non-essential personnel, and is reducing camp size to save costs in the coming weeks.
Maple Gold has suspended all non-essential business travel as well as implementing new health and safety procedures.
The company had already decided against mobilising drill rigs over the previous two week period in a bid to lower numbers in the camp, to adhere to social distancing protocols.
The company’s CEO and President, Matthew Horner, said it was unclear when the destabilisation and turbulence in the markets would end.
“We believe a number of macroeconomic factors point towards a very strong gold environment in the near to mid-term, but in the immediate term defensive action is required.
“The adjustments we are making will allow us to ensure the health and safety of our employees and contractors, and to preserve further financial flexibility, while continuing to make progress at the project level,” he said.
Maple Gold Mines (MGM) is up 18 per cent to 6.5 cents per share at 3:43pm EST.