Mayfair Gold continues Fenn-Gib PFS work

Executive Summary

• Mayfair Gold Corp. provided a progress update on the Fenn-Gib project, highlighting that the Prefeasibility Study (PFS) is on track for completion in Q4 2025.
• The company has initiated a high-density drilling program (56 vertical holes, ~4,200 meters) to delineate near-surface high-grade mineralization for the starter pit, aiming to optimize early-stage cash flow and derisk the project.
• Phase 1 geotechnical site investigations for the tailings storage facility (TSF) are complete, and management cites the current gold price above $5,000/oz as a catalyst to fast-track the project toward production within three years.

Key Details

• Prefeasibility Study (PFS):
  • Scheduled for completion in Q4 2025.
  • Based on the updated NI 43-101 mineral resource estimate dated Oct. 8, 2025.
  • Mine plan prioritizes near-surface high-grade zones within an open-pit design to maximize feed grade and optimize early-stage cash flow.
  • Strategy involves an elevated cut-off grade to enhance short-term economics while preserving the broader resource base.
  • Remaining work includes integrating site investigation results into earthworks scope and finalizing economic analysis.
• Drilling Program:
  • Objective: Delineate high-grade starter zone and support mine design/grade control.
  • Scope: 56 vertical diamond drill holes on a 10m x 10m pattern.
  • Depth: Approximately 75 meters per hole.
  • Total Length: ~4,200 meters.
  • Contractor: Black Diamond Drilling.
  • Timeline: Commenced Oct. 21, 2025; expected to continue through Dec. 2025.
  • Additional Goals: Calibrate surficial geology and subsurface hydrogeological models; support metallurgical testing for recovery models.
• Geotechnical Site Investigations (TSF):
  • Phase 1 complete.
  • Included 25 test pits and 347 meters of drilling across 10 holes around the proposed TSF footprint.
  • Conducted under the oversight of Knight Piesold (TSF designer).
  • Additional site investigations planned for 2026.
• Market Context & Strategy:
  • Canadian gold price cited as above $5,000 per ounce.
  • Management notes elevated demand for suppliers, vendors, and contractors due to high gold prices.
  • Goal is to position Mayfair as a new Canadian gold producer within the next three years.
• Mineral Resource Estimate (Reference):
  • Effective date: Sept. 3, 2024.
  • Cut-off grade: 0.3 g/t Au.
  • Indicated Resource: 181.3 million tonnes at 0.74 g/t Au for 4.3 million contained ounces.
  • Inferred Resource: 8.9 million tonnes at 0.49 g/t Au for 141,000 contained ounces.

Notable Quotes

• Nick Campbell, CEO: "The Fenn-Gib deposit is unique in that the highest-grade material occurs near the surface, which allows for the potential to start operations with a smaller, targeted mining operation focused on low-strip-ratio, high-grade gold mineralization... It also has the benefit of allowing us to follow the well-defined Ontario provincial permitting process."
• Nick Campbell, CEO: "With the Canadian gold price currently above $5,000 per ounce, Mayfair is encouraged by the opportunity to rapidly advance the Fenn-Gib project as a potential new gold producer within the current cycle. We believe a nimble, high-grade and targeted operation offers a practical path toward a potential production decision within the next three years."
• Drew Anwyll, COO: "The tailings storage facility and broader site investigations are critical to derisking the Fenn-Gib project. A thorough understanding of the material properties of the overburden and underfoot conditions will lead to improved foundation and building designs and significantly enhances execution confidence."