MAYFAIR BOLSTERS EXECUTIVE TEAM WITH ADDITION OF VETERAN CFO
Advancing Fenn‑Gib toward production with a strengthened finance team
- On April 7 2026 Mayfair Gold appointed Kevin Annett, former CFO of Barrick Mining Corp. (North America), as its new Chief Financial Officer effective immediately.
- Concurrently the company completed a non‑brokered private placement of 58,000 common shares to Mr. Annett at $4.38 per share for gross proceeds of approximately $250,000.
- Mayfair also granted Mr. Annett 250,000 stock options with a $4.38 strike price, five‑year expiry and a vesting schedule (one‑third after 12 months, the remainder monthly over the next 24 months).
- The use of proceeds is to advance the Fenn‑Gib gold project in Ontario.
- This news follows a series of prior developments:
- April 2 2026: acquisition of the Guibord, Marriott and Holloway properties from Plato Gold for C$2.5 million cash, adding ~65% more land adjacent to Fenn‑Gib.
- February 11 2026: interim results from the 2025 grade‑control drilling program showing a modest increase in average gold grade versus the PFS block model.
- February 5 2026: submission of a Notice of Project Status (NPS) to the Ontario Ministry of Energy and Mines, a key permitting milestone toward construction targeted for 2028 and first production in 2030.
- February 3 2026: appointment of Pierre Beaudoin as Strategic Advisor with 100,000 options at C$5.36 strike price.
- January 27 2026: uplisting to NYSE American under ticker “MINE” while retaining TSX‑V listing (MFG).
- January 15 2026: filing of the NI 43‑101 technical report and pre‑feasibility study for Fenn‑Gib.
- January 8 2026: release of the 2026 PFS highlighting a base‑case after‑tax NPV of $652 million, IRR 24% and a 2.7‑year payback at $450 million initial capex.
- December 15‑18 2025: completion of a 2‑for‑1 share consolidation reducing outstanding shares to ~66.8 million.
- No material changes to debt, royalties or warrant structures were disclosed in the April 7 release.
- The private placement raises only $250k, which is roughly 0.09% of the current market cap (~$293.5M) – a negligible amount.
- The CFO hire adds experienced mining‑finance expertise but does not alter the project’s timeline, capital requirements or valuation in any material way; it is an expected incremental step as the company advances toward construction.
- No new exploration results, financing milestones, regulatory approvals or production updates are announced.
- Therefore the news is positive but routine – an anticipated executive strengthening and a modest insider‑aligned financing that does not change the investment thesis.
Mayfair Gold Corp. is a Toronto‑listed gold exploration and development company focused on the Fenn‑Gib Gold Project in the Porcupine‑Destor Fault Zone, Ontario. The project hosts an NI 43‑101 indicated resource of 181.3 Mt @ 0.74 g/t Au (4.3 Moz) and inferred resources of 8.92 Mt @ 0.49 g/t Au (0.14 Moz) (effective September 3 2024). The 2026 pre‑feasibility study outlines a conventional open‑pit, 4,800 tpd operation with: - Initial development capex of C$450 million (including 26% contingency). - Base‑case after‑tax NPV of $652 M, IRR 24%, payback 2.7 years at a gold price of US$3,100/oz. - Target construction start 2028, first production 2030. The company holds the property 100% (subject to a 1.0% NSR royalty to Lake Shore Gold Corp.) and is advancing permitting via the Ontario Ministry of Energy and Mines, with ongoing engagement with the Apitipi Anicinapek Nation.