Mayfair Gold’s Fenn-Gib on track for 2030 production target

Mayfair Gold (TSX-V: MFG; US-NYSE American: MINE ) has formally submitted a notice of project status (NPS) for its Fenn-Gib gold project, located in the Timmins mining district of northeastern Ontario.

Mayfair Gold, a Canadian gold development stage company, focuses on advancing the Fenn-Gib gold project. A pre-feasibility study (PFS) outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of C$450 million. The PFS indicates a base case payback period of 2.7 years and cumulative free cash flow of $896 million over the first six years of production, based on a US$3,100/oz gold price.

The NPS submission marks a significant milestone in the continued advancement of the project. This formal registration with the Ontario government notifies the Ministry of Energy and Mines (MEM) that Mayfair intends to advance the project to become a "mine in production," as defined by the Ontario Mining Act. With this submission, the company will continue to progress technical studies, consultation processes, and permitting and approvals required for planned future development.

This milestone is further emphasized by the company's ongoing commitment to meaningful engagement with the Apitipi Anicinapek Nation, a local First Nation rightsholder within the Treaty 9 area. Mayfair also engages with other regional Indigenous and local communities and stakeholders as the Project advances. The company's proactive approach to regulatory compliance and continued de-risking through environmental, technical, and socioeconomic work will support future construction and operating approvals.

"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. We look forward to working closely with Indigenous communities, local stakeholders and government agencies as we continue to advance this significant gold project," Nicholas Campbell, CEO of Mayfair, stated.

The company is progressing permitting activities, detailed engineering, and stakeholder engagement. It aims to start construction in 2028 and begin initial production in 2030.

More information is available at www.MayfairGold.ca