Mayfair Gold continues Fenn-Gib PFS work

Mr. Nicholas Campbell reports MAYFAIR PROVIDES FENN-GIB PROJECT UPDATE Mayfair Gold Corp. has provided an update on the 2025 mineral resource drilling program, geotechnical site investigations for the tailing storage facility and a progress update on the prefeasibility study (PFS) work. Highlights: Prefeasibility study on track for completion in Q4 2025; Open-pit mine plan to target near-surface high-grade mineralization; Drill program under way to further delineate the high-grade starter zone at Fenn-Gib; Tailing storage facility site investigation program -- phase 1 complete. The company's coming PFS will be based on the recently updated National Instrument 43-101 mineral resource estimate (MRE) for the Fenn-Gib project (see news release dated Oct. 8, 2025). The mine plan will prioritize near-surface high-grade zones within the open pit to maximize feed grade to the proposed on-site processing facility and optimize early-stage cash flow. The open pit operation is expected to incorporate conventional drill-and-blast methods, supported by a truck-and-shovel fleet. By applying an elevated cut-off grade strategy focused on near-surface high-grade zones, the company aims to enhance short-term project economics while preserving the integrity of the broader resource base. Nick Campbell, chief executive officer of Mayfair Gold, stated: "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. Rather than pursue a larger-scale operation, the grade distribution at Fenn-Gib provides Mayfair the optionality to fast-track the extraction of high-margin material while at the same time mitigating construction risk and initial capital requirements. It also has the benefit of allowing us to follow the well-defined Ontario provincial permitting process." Mr. Campbell further commented: "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. The prefeasibility study remains on track for completion in Q4 2025. We believe a nimble, high-grade and targeted operation offers a practical path toward a potential production decision within the next three years." High-density drilling program under way to support PFS and starter-pit development Although the deposit has been drilled to a 97-per-cent-indicated confidence level, Mayfair has initiated a tightly spaced diamond drilling program within the planned starter pit to further support mine design and optimize future mining operations. The program is similar to the grade-control processes that would be used in an operating mine environment. It comprises 56 vertical holes, drilled on a 10-metre-by-10-metre pattern, with holes drilled to a depth of roughly 75 metres, totalling approximately 4,200 metres. The drilling is designed to confirm and delineate near-surface high-grade mineralization expected to be mined and processed during the early years of operation. The results will enhance confidence in the geological model and contribute to derisking the project as it advances toward development. Mayfair has engaged Black Diamond Drilling, a highly skilled contractor from the neighbouring Apitipi Anicinapek Nation, to execute the program. Drilling commenced on Oct. 21, 2025, and is expected to continue through December, 2025. In addition to improved grade-control definition, the program will support further calibration of surficial geology and subsurface hydrogeological models within the open pit. Additional samples will also be used for continuing metallurgical testing to further refine the geological-metallurgical recovery model. Geotechnical site investigations for the tailing storage facility The project has completed additional site investigations to support the design of the tailing storage facility (TSF). The site investigation program included 25 test pits and 347 metres of drilling over 10 holes around the perimeter of the proposed TSF footprint. Work was completed under the oversight of Knight Piesold, which is the designer of the TSF. The geotechnical and hydrogeological information collected during the program will assist in better defining the design of the TSF. Additional site investigations will continue in 2026. Drew Anwyll, PEng, chief operating officer, noted: "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. This phase is often undervalued and overlooked, yet it plays a significant role in setting projects up for success." Prefeasibility study on track for release in Q4 2025 The PFS for the Fenn-Gib project continues to progress in line with the forecasted schedule, with completion anticipated in Q4 2025. Remaining work includes incorporating results from recent site investigations into the earthworks scope to optimize construction efficiency and cost estimates as well as finalizing the integration of overall PFS costs into the broader economic analysis. The company notes that suppliers, vendors and contractors are experiencing elevated demand due to the recent increase in gold prices, contributing to a highly active procurement environment. With Canadian gold prices above $5,000 per ounce, management sees a compelling case to advance Fenn-Gib to production in the current gold cycle. The release of the PFS is a key milestone for Mayfair as it transitions into permitting and development to position Mayfair to emerge as a new Canadian gold producer. About Mayfair Gold Corp. Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100-per-cent-controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open-pit-constrained mineral resource estimate with an effective date of Sept. 3, 2024. The Fenn-Gib project hosts mineral resources at a 0.3-gram-per-tonne-gold cut-off grade comprising an indicated resource of 181.3 million tonnes grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional inferred resource of 8.9 million tonnes at 0.49 g/t Au containing 141,000 gold ounces. Tim Maunula, PGeo, of T. Maunula & Associates Consulting Inc. is a qualified person for the purposes of NI 43-101 and was responsible for the completion of the updated mineral resource estimate. Mr. Maunula has reviewed and approved the scientific and technical content with respect to the mineral resource estimate in this news release. Scientific and technical information with respect to diamond drilling in this news release has been reviewed and approved by Ali Gelinas-Dechene, PGeo, senior geologist for Mayfair Gold, who oversaw the Mayfair Gold drill program and quality assurance/quality control and serves as a qualified person as defined under NI 43-101. The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, PEng, MEng, chief operating officer of the company and a qualified Person as defined under NI 43-101. We seek Safe Harbor.