Mayfair Gold Q2 2025 Financial and Operating Results
Executive Summary
- Mayfair Gold reported Q2 2025 financial results, posting a loss of C$2.11 M for the quarter (C$0.02 per share), an improvement versus the same period in 2024.
- The company disclosed significant metallurgical test results (88.4% recovery at ≥1.5 g/t Au; 82.5% at ≥0.8 g/t Au) and completion of environmental baseline data, both de‑risking its Fenn‑Gib gold project ahead of the Pre‑Feasibility Study (PFS).
- All major engineering contracts have been signed, confidence drilling is slated to begin in August 2025, and formal Ontario permitting activities are expected to start shortly after PFS completion.
Key Details
- Financial Highlights (Three months ended June 30, 2025 vs. 2024)
- Loss: C$2,113,058 vs. C$5,711,375 (2024).
- Loss per share – basic & diluted: C$0.02 vs. C$0.06.
- Cash and cash equivalents: C$5,913,937 (down from C$9,534,129).
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Total assets: C$20,930,574; shareholders’ equity: C$20,235,937.
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Metallurgical Test Results
- Gold recovery of 88.4 % for material grading ≥1.5 g/t Au.
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Recovery of 82.5 % for material grading ≥0.8 g/t Au.
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Environmental Baseline
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Approximately three years of baseline data collected by summer 2025, deemed sufficient to support formal Ontario Provincial permitting.
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Engineering & Consulting
- All required engineering contracts signed (May 2025) to support PFS completion by end‑2025.
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Pre‑feasibility consultants elected; project description to be submitted to the Ontario Ministry of Mines in Q3 2025.
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Exploration / Drilling Plans
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Confidence drilling program targeting waste‑to‑ore boundaries and grade profile to commence August 2025.
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Project Timeline Outlook
- Continue site investigation, engineering, and permitting preparation through H2 2025.
- Aim to begin detailed engineering and formal permitting activities at the start of 2026.
Notable Quotes
“In Q2 2025, Mayfair announced the results of a comprehensive metallurgical testing program… This work was integral to derisking the design of the process flow sheet for the upcoming Pre‑Feasibility Study.” – Nicholas Campbell, CEO
“The Company also completed an audit of the environmental baseline data collected on the project… confident sufficient data has been collected to support the commencement of formal Ontario Provincial Permitting activities shortly after the PFS has been completed.” – Nicholas Campbell, CEO