Mayfair Gold’s Fenn-Gib: Fast-track to production success

investor insight

Mayfair Gold’s Fenn-Gibb project is a scale resource with plans to rapidly come into production through Ontario’s One Project, One Process permitting framework. Recent drilling validates a high-grade starter zone that supports attractive economics with free cash flow that can be used for organic growth. Mayfair has a combination of a Tier 1 jurisdiction, derived geology and a management team with 35 percent insider ownership and a track record of taking development stage assets into production.

overview

Mayfair Gold (TSXV: MFG, NYSE American: MINE) is a development-stage company whose primary objective is to advance the Fenn-Gib Gold Project – a large, bulk-tonnage open-pit deposit located in one of Canada’s most abundant gold districts. The Company’s technical team is working on provincial permitting, indigenous consultation, engineering and ongoing exploration to expand mineralization beyond the current pit constraints.

Mayfair Gold’s flagship Fenn-Gib gold project is located within the established Timmins Gold District in Ontario, which has historically produced over 100 million ounces of gold.

The PFS, prepared in accordance with NI 43-101 standards and filed in January 2026, outlines a base-case economic model with an after-tax NPV of C$652 million (5 percent) and IRR of 24 percent, using conservative gold prices, and demonstrates rapid payback potential. Under the spot price scenario, project economics have improved significantly, underscoring the asset’s leverage to higher gold prices. With over $200 million in annual free cash flow, once operational, the company will have a strong source of capital to finance growth initiatives.

The Fenn-Gibb project was recently de-risked with early results from the grade control drilling program, which confirmed confidence in the mine’s highest grade, early years and validated PFS early year assumptions. The programme, which is generating critical mining-scale data on ore geometry and dilution, also provides important information to pursue project financing and increase confidence for potential lenders.

Company Highlights

• Strong pre-feasibility study:2026 PFS highlights attractive returns with payback of less than 2 years at a modest initial throughput of 5,000 tpd designed to go through accelerated provincial permitting. Following production in 2030, Mayfair is expected to generate $1.4 billion of free cash flow over the first six years, which can be used for growth opportunities.
• high grade initial focus: Initial mine permitting targets high-grade, near-surface material to optimize timelines, construction risks, financing, and ultimately accelerate value capture. Grade control drilling results confirm confidence in the highest grade, near-surface material with the potential for positive reconciliation versus the block model.
• strategic location: Fenn-Gibb is located in the highly prospective Timmins Gold District, Ontario – a tiered mining jurisdiction with established infrastructure and a long history of mining-related activity and supporting communities.
• strong financial support:The company has a committed shareholder base, including Muddy Waters, Haney Capital, Oaktree, Nokomis and Westcor. With a tight share structure and strong insider ownership of 35 percent there is clear alignment for long-term shareholder value creation.
• exploration optionality: Mineralization at Fen-Gib remains open at depth and along strike, with several less explored targets identified at the property. It includes a southern block only 2 km from Fen-Gib, which has not been explored, but lies directly on the prolific Porcupine-Dester Fault.
• long term optionality: With production timelines cut short, the company will be in an advantageous position for growth initiatives that can be funded from free cash flow.
• CEO Nick CampbellLeads a technically strong and capital-markets-savvy team with a demonstrated ability to unlock value from high-quality gold assets (previously at Artemis Gold and Silvercrest Metals) and position projects for long-term growth.
• COO Drew Anvil is an experienced miner; He successfully permitted the Marathon PGM project in Ontario and was a senior executive during the construction, commissioning and start-up of Detour Lake, Canada’s largest gold mine.

Fen-Gibb is Mayfair’s flagship property, containing a significant indicated mineral resource of 181.3 million tonnes, including 0.74 g/t gold for 4.3 million contained ounces and additional inferred ounces. The project benefits from excellent access via Highway 101 and close proximity to regional mining services.

The 2026 PFS centers on a 4,800 tonne per day open-pit operation designed to process approximately 1.04 million ounces of gold, representing 24 per cent of the total resource and reflects a conservative, execution-oriented approach designed to navigate provincial permitting.

Highlights of the study include:

• Base case after-tax NPV (5 percent) C$652 million and IRR 24 percent gold price of US$3,100/oz.
• The after-tax NPV at the current spot price of gold is CAD 1.37 billion and the IRR is 38 per cent.
• Payback period of 2.7 years on initial capital cost under the base case (1.7 years payback at January 2026 prices)