MAYFAIR GOLD REPORTS FINAL POSITIVE RESULTS AND ANALYSIS FROM GRADE CONTROL DRILLING PROGRAM

Executive Summary

• Mayfair Gold reports final results from a tight-spaced Grade Control (GC) drilling program at the Fenn-Gib Project, successfully validating the 2026 Pre-Feasibility Study (PFS) probable mineral reserve model.
• The GC model confirmed similar grade and ~2% more contained metal at a 0.8 g/t Au cut-off, while identifying 28% more tonnes at 7% higher grade for material above 3.0 g/t Au.
• Results de-risk early mine cash flows, confirm high-grade feed availability, and highlight potential to bring forward higher-grade production, supporting ongoing financing discussions and permitting activities targeting 2028 construction and 2030 production.

Key Details

• Program Scope: Tested ~1.0M tonnes of probable mineral reserves from the 2026 PFS, representing approximately 25% of Phase 1 planned design.
• Drilling Specifications: 56 diamond drill holes, nominal depth of 75 metres, spaced on a 10-by-10 metre grid across a 60-by-70 metre area. All NQ-size holes were planned vertically. Overburden ranged from 5.7 to 13.0 metres (avg 8.7m). Three holes were abandoned due to excessive deviation and redrilled.
• Assay & Modeling Methodology: Assays completed on 1-metre intervals, composited to 1.5 metres, and estimated on 5-cubic-metre blocks using inverse distance squared. QA/QC followed NI 43-101 standards with Swastika Laboratories (fire assay with FAAS/gravimetric finish).
• Grade Control Results (0.8 g/t Au COG): GC model returned similar grade and ~2% more contained metal than the probable reserve model.
• Grade Control Results (>3.0 g/t Au COG): Identified 28% more tonnes at 7% higher grade, representing 37% more gold than the probable reserve model for the test area.
• Operational & Financial Impact: De-risks early years' high-grade feed and cash flow profile. Improves confidence for project financing discussions. Potential to bring forward higher-grade production by processing higher-grade ore earlier and deferring lower-grade tonnes.
• Project Context (PFS Financials): Targets C$450M initial development capital, 2.7-year base-case payback, and US$896M cumulative free cash flow over the first six years of production at a US$3,100/oz gold price.
• Resource/Reserve Data: Fenn-Gib hosts a 4.3M oz indicated mineral resource (181.3Mt @ 0.74 g/t Au) and a 1.0M oz probable mineral reserve (25.1Mt @ 1.29 g/t Au).
• Next Steps: Company is evaluating a second GC test area to assess if similar results can be replicated in other ore types across the project.

Notable Quotes

• Drew Anwyll, P.Eng, CEO: "The gradecontrol drilling program has reinforced our confidence and further de-risked the Fenn?Gib deposit. The results confirm that the Mineral Reserve Estimate is an accurate representation of the orebody, demonstrating strong predictability between the model and what we are seeing in the field. Importantly, the program gives us confidence that the high?grade material scheduled for the early years of the mine plan is present and can be delivered as modeled. Grade control drilling has also identified the potential strengthening of the early production profile by utilizing more tonnes of a higher-grade material."