Mayfair Gold Corp.

Investor Insight

Mayfair Gold's Fenn-Gib project is a scaled resource with a plan to get into production fast via Ontario’s One Project, One Process permitting framework. Recent drilling validates a high-grade starter zone that backstops attractive economics with free cash flow that can then be used towards organic growth. Mayfair has the combination of tier 1 jurisdiction, derisked 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 with the primary objective of advancing the Fenn-Gib gold project — a large, bulk-tonnage open-pit deposit located in one of Canada’s most prolific gold districts. The company’s technical team is executing 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 produced more than 100 million ounces of gold historically.

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 (5 percent) of C$652 million and an IRR of 24 percent, using conservative gold prices, and demonstrates rapid payback potential. Under a spot price scenario, project economics improve markedly, underscoring the asset’s leverage to higher gold prices. With over $200 million in annual free cash flow, once in operation, the company will have a robust source of capital to fund growth initiatives.

The Fenn-Gib Project was recently de-risked with the initial results from the Grade Control Drilling Program, which confirmed confidence in the highest-grade, early years of the mine and validated the PFS early-year assumptions. This program, which is generating critical mining-scale data on ore geometry and dilution, also provides important information to advance project financing and enhance confidence for potential lenders.

Company Highlights

• Robust Pre-feasibility Study: The 2026 PFS highlights compelling returns with a sub 2 year payback on a modest initial throughput of 5,000 tpd designed to go through accelerated provincial permitting. Following production in 2030, Mayfair expects to generate $1.4 B in free cash flow in the first six years, that can be used towards growth opportunities.
• High-grade Early Focus: The initial minetargets higher-grade, near-surface material to optimize permitting timelines, construction risk, 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 vs. the block model.
• Strategic Location: Fenn-Gib sits on the highly prospective Timmins Gold District, Ontario — a tier-one mining jurisdiction with established infrastructure and a long history of mining-related activity and supportive communities.
• Strong Financial Backing: The company has a committed shareholder base, including Muddy Waters, Heeney Capital, Oaktree, Nokomis and Vestcor. 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 Fenn-Gib remains open at depth and along strike, with multiple underexplored targets identified across the property. This includes a Southern Block only 2 km away from Fenn-Gib that has not been explored but sits directly on the prolific Porcupine-Destor fault.
• Long-term optionality: With a truncated timeline to production, the company will be in an advantageous spot for growth initiatives that can be funded with free cash flow.
• CEO Nick Campbell, heads 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 Anwyll is an experienced mine builder; 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.

Key Project

Fenn-Gib Gold Project

Fenn-Gib is Mayfair’s flagship asset, encompassing a significant indicated mineral resource of 181.3 million tonnes grading 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 proximity to regional mining services.

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

Highlights from the study include:

• After-tax NPV (5 percent) of C$652 million and IRR of 24 percent at a base case gold price of US$3,100/oz.
• After-tax NPV of C$1.37 billion and IRR of 38 percent at current spot gold prices.
• 2.7-year payback period on initial capital costs under the base case (1.7 year payback at January 2026 prices)

In addition to economic studies and active dialogue with Indigenous stakeholders, the company has executed engineering contracts with industry providers to support mine planning, processing design, environmental baseline work, and tailings/water management — positioning the project for upcoming permitting and potential construction decision milestones. Exploration Potential Beyond the defined pit shell, Fenn-Gib hosts multiple zones including the Main Zone, Deformation Zone, and Footwall Zone, with geological continuity extending along strike and at depth. Newly identified targets such as the Southern Block along the Porcupine Destor-Fault present opportunities for future discovery drilling and resource expansion.

Management Team

Nicholas Campbell — Chief Executive Officer

Nicholas Campbell is a mining executive with more than 20 years of experience across capital markets, corporate development, and mine development. Before joining Mayfair, he served as vice-president of Capital Markets at Artemis Gold, executive vice-president of business development at SilverCrest Metals, and chief financial officer of Goldsource Mines. Campbell leads Mayfair’s strategic vision and execution as the company transitions Fenn‑Gib into a defined development stage.

Drew Anwyll — Chief Operating Officer

Drew Anwyll is a professional engineer with over 30 years of global mining experience in both project and operations leadership. His background includes senior technical and operating roles at Generation Mining, Detour Gold, Barrick Gold and Placer Dome. Anwyll’s track record includes leadership through permitting, construction, commissioning, and operational phases, anchoring Mayfair’s operational planning and execution.

Zayem Lakhani — Vice-president, Capital Markets

Zayem Lakhani brings more than 17 years of expertise in investment management, equity research, and corporate development. Before joining Mayfair, he served as portfolio manager and head of Canadian equities at HSBC Global Asset Management, where he oversaw the investment process for approximately $4 billion in capital across diverse strategies. Lakhani brings a unique network and an investor’s perspective to help position the company’s story.

Darren Prins — Interim Chief Financial Officer

Darren Prins is a senior financial executive with extensive experience in corporate development, capital markets, mergers and acquisitions, financial reporting, risk management, budgeting, forecasting, and international tax planning. Prins has served as CFO for TSX, TSXV and NYSE‑listed companies across multiple industries, bringing strong financial stewardship to Mayfair’s funding and reporting functions.

Pierre Beaudoin - Strategic Advisor

Pierre Beaudoin is a mineral processing professional with 40 years of international operating and project development experience. He notably served as chief operating officer of SilverCrest Metals, successfully leading the construction and ramp-up of the Las Chispas Mine ahead of schedule and below budget. He served as senior vice president, Capital Projects, followed by chief operating officer, with Detour Gold Corporation, involved in the construction and operation of the Detour Lake Mine. He currently serves as chairman of Radisson Mining Resources and is a director of Coeur Mining. Beaudoin has been appointed as strategic advisor to Mayfair to provide senior-level technical and strategic guidance for the Fenn-Gib gold project.