MAYFAIR GOLD ADVANCES DISTRICT-SCALE EXPLORATION STRATEGY

• Exploration Strategy: Mayfair Gold is initiating a regional exploration program across its expanded land package (Guibord, Marriott, Holloway properties) along the Porcupine-Destor Fault Zone.
• Drilling Results: Recent drilling in the South Block confirmed high-grade gold mineralization, including an interval of 12.7 g/t Au over 0.5 metres. Other targets like G-101 and Guibord show historical high-grade intervals (up to 265 g/t Au).
• Project Economics: Reiterated Fenn-Gib PFS economics: C$450 million initial development capital, 2.7-year payback period, and US$896 million cumulative free cash flow over six years at a US$3,100/oz gold price assumption.
• Resource Base: Fenn-Gib Gold Project Resource contains a 4.3 million ounce indicated mineral resource (181.3Mt at 0.74 g/t Au).
• Management Commentary: CEO Drew Anwyll emphasizes the district-scale opportunity while maintaining focus on advancing Fenn-Gib towards production via provincial permitting.

• News Context: This announcement follows the April 2, 2026 acquisition of the Guibord, Marriott, and Holloway properties (rated Material - Positive). The May 21 news is an execution update on that acquisition rather than a new strategic pivot.
• Market Expectations: The market has already priced in the land expansion and PFS economics released in January 2026. The stock price has declined from $6.30 (Jan 28) to ~$4.16 (May 20), suggesting investors are focused on the funding gap for the C$450M Capex rather than exploration upside at this stage.
• Incremental Value: While high-grade intercepts in the South Block validate the land package, they do not materially alter the project economics or timeline announced in the January PFS. No new financing is announced to address the capital requirement.
• Conclusion: The news reinforces existing positive fundamentals but does not introduce unexpected catalysts sufficient to override the market's concern regarding future equity dilution for construction funding.

• Company: Mayfair Gold Corp. (TSX-V: MFG, NYSE American: MINE).
• Flagship Project: Fenn-Gib Gold Project located in Timmins, Ontario, along the Porcupine-Destor Fault Zone.
• Project Status: Advancing through permitting and engineering phases (FEED commenced Q1 2026). Target construction start 2028, initial production 2030.
• Resource Estimate: 4.3 Moz Indicated Resource (181.3Mt @ 0.74 g/t Au) + 0.14 Moz Inferred.
• Mine Plan: Open-pit truck-and-shovel operation with a 4,800 tpd processing facility. Life-of-Mine estimated at 14.3 years.