Mayfair Gold submits project status notice for Fenn-Gib

Executive Summary

• Mayfair Gold Corp. has formally submitted a Notice of Project Status (NPS) for its 100%-owned Fenn-Gib gold project in the Timmins mining district of Northeastern Ontario.
• The NPS submission registers the project with the Province of Ontario and notifies the Ministry of Energy and Mines of the company's intent to advance the project to become a mine in production under the Ontario Mining Act.
• This milestone initiates the next phase of technical studies, consultation processes, and permitting required for future development, with construction targeted for 2028 and initial production for 2030.

Key Details

• Project Location: Fenn-Gib gold project, Timmins mining district, Northeastern Ontario.
• Ownership: 100% owned by Mayfair Gold Corp.
• Regulatory Action: Submission of Notice of Project Status (NPS) to the Ministry of Energy and Mines.
• Strategic Intent: Formal notification of intent to advance the project to production status as defined in the Ontario Mining Act.
• Stakeholder Engagement: Continued engagement with the Apitipi Anicinapek Nation (Treaty 9 area), other regional Indigenous communities, and local stakeholders.
• Development Timeline:
  • Goal to start construction in 2028.
  • Goal to achieve initial production in 2030.
• Prefeasibility Study Metrics (Base Case):
  • Gold Price Assumption: $3,100 USD/ounce.
  • Initial Development Capital: $450 million.
  • Payback Period: 2.7 years.
  • Cumulative Free Cash Flow: $896 million over the first six years of production.
• Qualified Person: Drew Anwyll, PEng, Chief Operating Officer of Mayfair, reviewed and approved the technical content in accordance with National Instrument 43-101.

Notable Quotes

• "Submitting the notice of project status is an important step in advancing Fenn-Gib toward development. It provides a clear statement of our intent to advance the project in a timely manner and reinforces our commitment to responsible project planning, transparent engagement and alignment with Ontario's modernized mine permitting process." — Nicholas Campbell, Chief Executive Officer