MAYFAIR PROVIDES FENN-GIB PROJECT UPDATE

The most recent news release on November 10, 2025, provides an update on Mayfair Gold Corp.'s Fenn-Gib Project, focusing on the progress of its Pre-Feasibility Study (PFS) and related operational activities. Key points from the update include: * PFS Progress: The PFS remains on track for completion in Q4 2025. * Mine Plan Strategy: The open-pit mine plan is designed to target near-surface high-grade mineralization, which CEO Nick Campbell highlights as unique and allowing for potential initial operations with a smaller, focused approach. This strategy aims for a low strip ratio and high-grade gold production. * Drill Program: A drill program is currently underway, consisting of 56 holes totaling 4,200 meters, with a 10x10 meter spacing. The objective is to delineate the high-grade starter zone more precisely. * Tailings Storage Facility (TSF) Investigation: Phase 1 of the site investigation program for the tailings storage facility has been completed. COO Drew Anwyll emphasized the criticality of these investigations for de-risking the project by providing a thorough understanding of material properties and underfoot conditions, which will improve design and execution confidence. * Gold Price Context: The CEO noted the Canadian gold price is currently above C$5,000 per ounce, which encourages rapid advancement of the project.

This news release is positive but falls within routine operational updates. It confirms the company is on schedule with its previously announced milestones, particularly the PFS completion by Q4 2025. The consistent focus on a high-grade, near-surface starter pit operation has been a recurring theme in prior communications (e.g., May 27, 2025; June 9, 2025; April 3, 2025) and is now being substantiated with active drilling and site investigations.

Positive Impacts: * Execution Confidence: Confirmation that the PFS is on track and that Phase 1 of the TSF investigation is complete adds confidence in the company's ability to execute its development plan. * De-risking: Progress on the TSF investigation directly contributes to de-risking the project's infrastructure and environmental design, which are critical for permitting. * Resource Definition: The ongoing high-density drill program (10x10m spacing) is crucial for refining the understanding of the near-surface high-grade zone, which is central to the proposed starter pit strategy. This will improve mine planning and operational predictability. * Favorable Macro Environment: The CEO's mention of the strong Canadian gold price provides a positive backdrop for project development, enhancing potential economic viability.

Neutral Impacts: * Expected Progress: The updates provided are largely in line with expectations set by previous news releases. The PFS completion by year-end 2025, the focus on a high-grade starter zone, and the need for ongoing site investigations were all clearly articulated in earlier announcements (e.g., April 3, 2025, Q2 2025 results on Aug 25, 2025). As such, this is more of a validation of ongoing work than new, material information.

Negative Impacts: * There are no apparent negative impacts from this news release.

Overall, the news is a steady, positive update reflecting diligent advancement of the Fenn-Gib project according to plan. It reinforces the company's strategic direction and execution capability, incrementally de-risking the project, but does not present a "game-changer" event.

Mayfair Gold Corp. is a Canadian gold exploration and development company focused on advancing its 100%-controlled Fenn-Gib Gold Project located in the Timmins region of Northeastern Ontario, Canada. The project is currently in the Pre-Feasibility Study (PFS) stage, with the company targeting completion by the end of 2025.

The Fenn-Gib project benefits from existing infrastructure, including highway access to the site and nearby power availability. The company's strategy is to develop the project as a conventional open-pit mining operation, initially focusing on a smaller-scale (4,800 tonnes-per-day) operation that targets near-surface high-grade mineralization. This approach is intended to mitigate upfront capital requirements, reduce execution risk, accelerate cash flow generation, and provide a clear provincial permitting pathway.

Mineral Resource Estimate (Effective September 3, 2024, 0.30 g/t Au cut-off): * Indicated Resource: 181.3 million tonnes at 0.74 g/t Au, for 4.3 million ounces of gold. * Inferred Resource: 8.92 million tonnes at 0.49 g/t Au, for 140,000 ounces of gold.

Metallurgical test work has demonstrated favorable gold recoveries of approximately 88.4% for material grading 1.5 g/t gold or higher and 82.5% for material grading 0.8 g/t gold or higher, validating a largely conventional process flow sheet.