Mayfair Completes Strategic Investment with Macquarie

Mayfair Gold Corp. announced on Oct 14, 2026, the completion of a transaction first disclosed on Oct 1, 2026. Macquarie Bank Limited acquired 2,346,701 common shares at C$4.26 per share, generating gross proceeds of approximately C$10,000,000. The shares are subject to a four-month-and-one-day hold period expiring Feb 15, 2027. The company stated that the proceeds are earmarked to advance the Fenn-Gib gold project.

The release restates the pre-existing Preliminary Feasibility Study (PFS) parameters, which include a 4.3 moz indicated resource, a 1 moz probable reserve, C$450M in initial capital, and a 2.7-year payback period. The study projects US$896M in cumulative free cash flow over the first six years at a gold price of US$3,100/oz, with construction targeted for 2028 and production beginning in 2030. The announcement contains no CEO or CFO quotes, no operational updates, and no fresh financial figures. It does not mention the non-binding C$300M project finance facility and gold offtake component of the Oct 1 package, noting only that the equity portion has now closed.

Mayfair Gold Corp. (MFG) completed a previously announced financing, finalizing terms that were disclosed on October 1, including the price, share count, use of proceeds, and hold period. The transaction closed with shares priced at C$4.26, while the stock closed at C$3.34 on the same day, placing Macquarie’s entry approximately 22% underwater.

The C$10 million equity raise represents a modest portion of the C$450 million project build. The majority of the funding was expected to come from a C$300 million facility, which remains non-binding and unclosed, pending due diligence, independent engineer review, and definitive documentation.

Since the October 1 announcement, the stock has declined from C$3.86 to C$3.34 as of October 14, indicating that the completion has not reversed recent market sentiment.

Mayfair Gold Corp. (MFG) is a Canadian development-stage gold company focused exclusively on its 100%-owned Fenn-Gib project, located in the Timmins region of Northern Ontario within the Porcupine-Destor Fault Zone. The company is currently in a pre-production status, advancing front-end engineering and design (FEED) through Ausenco, while simultaneously progressing with 1P1P permitting, geotechnical, and baseline studies.

The project’s resource base, effective September 3, 2024, comprises 4.3 million ounces of indicated resources across 181.3 million tonnes grading 0.74 grams per tonne of gold, alongside 8.9 million tonnes of inferred resources grading 0.49 grams per tonne of gold, representing approximately 0.14 million ounces. A preliminary feasibility study (PFS) outlines a probable reserve of 1.04 million ounces contained within 25.1 million tonnes grading 1.29 grams per tonne of gold.

The proposed development plan features an open-pit mine and a 4,800 tonnes per day processing plant. Phase 1 targets only approximately 24% of the indicated resource to preserve expansion optionality. Construction is targeted to begin in 2028, with initial production expected in 2030.

Economic modeling for 2026 projects C$450 million in initial development capital and a 2.7-year base-case payback period. At a gold price of US$3,100 per ounce, the project is modeled to generate US$896 million in cumulative free cash flow over the first six years, with a base-case after-tax net present value (NPV) of approximately C$652 million and an internal rate of return (IRR) of roughly 24%. Under a spot-case scenario at US$4,450 per ounce, the NPV rises to approximately C$1.37 billion.