Mayfair Gold announced the results of its 2026 pre-feasibility study for the Fenn-Gib gold project in Ontario's Timmins Gold District. The study demonstrates strong economics for the project, with an after-tax NPV of $652 million and IRR of 24% at a base case gold price of US$3,100/oz. At the current spot gold price of US$4,450/oz, the after-tax NPV rises to $1.37 billion with a 38% IRR.
The study outlines average annual gold production of 71,336 ounces at an all-in sustaining cost of US$1,171/oz over the first 6 years of operations. Over the full 14.3-year reserve life, average annual production is projected at 64,096 ounces at an AISC of US$1,292/oz.
Initial development capital costs are estimated at $450 million, with a payback period of 2.7 years at the base case gold price. The mine plan exploits only 1.04 million ounces, or 24%, of the total 4.3 million ounce Indicated Resource, preserving optionality for future growth.
"The 2026 PFS demonstrates the strong economics and free cash flow potential associated with developing the Fenn-Gib gold project as a targeted, high-grade operation that can be advanced through the Ontario permitting process. This strategy allows Mayfair to advance Fenn-Gib without requiring excessive up-front capital with substantially lower execution risk as compared with a large-scale development," Mayfair Gold CEO Nick Campbell stated.
The company aims to make a final investment decision within 3 years, targeting commercial operation within 5 years. Environmental baseline studies are well advanced to allow for early 2026 commencement of the environmental assessment and Ontario permitting process.
The PFS considers a conventional open-pit mining operation and incorporates modular processing plant designs to reduce construction time and risks. Mayfair intends to advance three key strategies in parallel: environmental approvals, Indigenous agreements, and engineering/procurement.
More information is posted at www.MayfairGold.ca.
January 8, 2026
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