# Mayfair Gold (TSX:mfg)

> Mayfair Gold is a Canadian gold developer advancing its 100%-owned Fenn-Gib Gold Project in Ontario through a disciplined, phased development strategy.

## About

Mayfair Gold is a Canadian gold developer advancing its 100%-owned Fenn-Gib Gold Project in Ontario through a disciplined, phased development strategy. The Company is focused on reducing risk, lowering upfront capital, and accelerating the path to production through the Ontario provincial permitting process. Located within the Timmins Gold District, Fenn-Gib hosts a 4.3 million ounce indicated gold resource and is situated approximately 80 km from Timmins, 21 km from Matheson, and just 10 km from the Black Fox Mine (owned by McEwen Mining). The Project is accessible via Highway 101, allowing Mayfair to leverage existing access and infrastructure to efficiently advance Fenn-Gib toward production. The Fenn-Gib Gold Project is one of the most de-risked gold development opportunities in the Timmins Camp, a prolific mining region with more than 100 million ounces of historical gold production, deep infrastructure, and a strong mining services ecosystem. In January 2026, Mayfair Gold released a Pre-Feasibility Study for its Fenn-Gib gold project in Ontario, showing strong economics with a $652M after-tax NPV, 24% IRR, and a 2.7-year payback period based on a $450M initial capital investment, projecting an average of ~64,000 oz of gold per year over a 14.3-year mine life. Mayfair is committed to the responsible development of the Fenn-Gib gold project, with a commitment to health, safety, and environmental stewardship. As part of that commitment, the Company will endeavor to build relationships based on trust and mutual respect with the Indigenous nations and communities in which we operate, with the goal of unlocking the value of Fenn-Gib in a collaborative approach. Mayfair is led by an experienced team with a background in capital markets and technical expertise. The team has a proven track record of recognizing opportunity and unlocking value through the execution and advancement of development stage mining assets into production. 35% insider ownership creates significant shareholder alignment. We believe in the potential of the Fenn-Gib Project and the value that can be created by advancing development stage assets to production.

## Key facts

- **Cash position:** $4,673,759
- **Shares outstanding:** 109283007
- **Fully diluted shares:** 66,797,595
- **Warrants:** 0
- **Options:** 1995000
- **Mineral resource:** The Fenn-Gib Mineral Resource estimate is based on a design metal price of US$1,750/oz gold and is approximately 25.1 Mt of ore with a gold grade of 1.29 g/t for a contained 1.04 Moz of gold. The effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument ("NI") 43-101. Mineral Resource Statement prepared by Tim Maunula, P. Geo (T. Maunula & Associates Consulting Inc.) in accordance with NI 43-101. Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues. Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate. The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- **Projects:** ["Fenn-Gib Gold Project, Ontario, Canada\n\nOverview\nLocation\nResource Estimate\nHigher-Grade Starter Zone\nMetallurgy\nPermitting & Development Strategy\nTechnical Reports\nDisclaimer\n\nLocation:\nTimmins Gold District, Ontario, Canada\n\nOwnership:\n100%\n\nIndicated Gold Resource:\n4.3 Million Ounces\n\nInferred Gold Resource:\n0.1 Million Ounces\n\nMetallurgical Gold Recovery\nGold Grade > 1.5 g/t gold: 88.4%\n\nMetallurgical Gold Recovery\nGold Grade > 0.8 g/t gold: 82.5%\n\n2026 Pre-Feasibility Study for Fenn-Gib Project\n\nThe study outlines Mayfair’s strategy to reduce execution risk and prioritizing high-margin material early in the mine plan, supported by a realistic and financeable initial capital outlay. This approach enables rapid value generation from Fenn-Gib while preserving long-term flexibility to deploy free cash flow toward regional growth opportunities or advancing secondary assets to diversify and expand production.\n\nInitial capital expenditures are estimated at $450 million, including a 26% contingency on direct costs. The PFS considers a conventional open-pit mining operation and incorporates modular processing plant designs, allowing for a simplified construction schedule of less than 24 months, reducing inflationary and execution risks.\n\nThe Project will proceed under the Provincial Class Environmental Assessment (EA) process and does not trigger a Comprehensive EA or federal Impact Assessment under current regulations.\n\nSocial and community engagement has focused primarily on the Apitipi Anicinapek Nation (AAN) due to its proximity to the Fenn-Gib site. The Company and AAN have an active Exploration Agreement in place and will continue to advance consultation collaboratively, with the intention of developing a Community Benefit Agreement for the Project.\n\nThe Project plans to advance three key strategies in parallel: Ontario-led environmental approvals, Indigenous agreements, and engineering-design-procurement. These initiatives aim to enable major construction within 24–36 months, with commercial operations targeted within five years.\n\nThe 2026 PFS assumes an average annual gold production of 71.3 koz over the first 6-years of operation and a total life of mine (“LOM”) production of 920 koz over 14.3 years of operation.\n\nThe base case economics have been calculated on an unlevered basis, based on a gold price of US$3,100 and flat exchange rate of C$1.35 per US$ 1. The economics include an effective royalty rate averaging 1.7%, based on all current royalties and encumbrances associated with the reserve at Fenn-Gib.\n\nFree cash flow (“FCF”) after working capital changes is expected to amount to $896M in the first six years of operation. Using a spot gold price of US$4,450/oz (equivalent to $6,123/oz at 1.376 C$/US$ rate) FCF for the first six years of operation is expected to be $1.43 B.\n\nThe mine plan and associated economics reflect total gold processing of 1.04 Moz with 88.3% recovery. This represents only 24% of the September 3, 2024 Indicated Mineral Resource estimate of 4.3 Moz.\n\nThe tables below highlight NPV, IRR and payback sensitivity to operating expenses, capital expenditures, foreign exchange rates and the gold price. On average, every US$100 change in the gold price assumption results in an approximate $50 M change in NPV.\n\nMaiden Mineral Reserve Estimate\nThe Fenn-Gib Mineral Reserves estimate is based on a design metal price of US$1,750/oz gold and is approximately 25.1 Mt of ore with a gold grade of 1.29 g/t for a contained 1.04 Moz of gold.\n\nFenn-Gib Capital and Operating Cost Estimates\nThe initial capital cost (Capex) is estimated at $450 million including $66 million of contingency representing approximately 26% of the direct costs.\n\nThe main construction period, excluding early works is estimated at 18 to 24 months.\n\nSustaining Capital includes mining fleet additions and replacement, highway relocation and future TSF dam raises and associated construction. No provision has been made for potential plant expansion capital.\n\nLOM unit operating costs are estimated at $59.43/tonne of ore processed. Average LOM cash costs and all-in sustaining costs (“AISC”) are estimated at US$1,203 and US$1,292 showing a margin to the base case gold price of US$1,897 and US$1,808/oz Au respectively and a margin on spot gold price of US$3,246 and US$3,159/oz Au.\n\nFenn-Gib Production Profile\nThe PFS outlines a production profile based on a high-grade open pit with a projected operating mine life of 14.3 years, averaging 1.29 g/t Au and an anticipated metallurgical recovery averaging 88.3%. During the first 6 years of operations (years 1-6), annual gold production is expected to average 71,336 oz at a feed grade of 1.47 g/t, with peak output of over 82,000 oz in year 2. The mined Reserves represent only 24% of the overall 4.3 Moz Indicated Mineral Resource.\n\nFenn-Gib Project Design Details\nMining\nThe Fenn-Gib mine design is based on a conventional truck-and-shovel open-pit operation. The mine plan incorporates an elevated, operating cut-off grade (COG) of 0.8 g/t Au and is structured into three primary mining phases with two smaller satellite pits. Total mined tonnes peak at 16 Mt per year or approximately 44 kt per day.\n\nProcessing and Recovery\nThe PFS process plant design for Fenn-Gib is based on metallurgical testwork completed to date and is considered a conventional metallurgical flowsheet to treat gold ore to produce doré bars. The circuit consists of crushing and grinding targeting 80% passing grind size (P80) of 106 µm, sulphide flotation at a mass pull of between 23 to 29%, rougher concentrate regrinding targeting P80 of 13 µm and cyanidation, carbon-in-leach (CIL) adsorption, desorption and regeneration, with cyanide detoxification of the CIL tailings. The design also considers the addition of a gravity concentration circuit in the future. The overall metallurgical recovery of 89.6% Au is expected for a head grade of 1.5 g/t Au.\n\nInfrastructure\nThe Fenn-Gib Project infrastructure plan includes all major facilities required for mine development, processing, and support operations. Key components include a process plant with crushing facilities, covered stockpile, and a reagent warehouse, as well as mine maintenance facilities such as a truck shop, wash bay, and warehouses. Essential buildings will be constructed on-site, while non-essential services are anticipated to be located in Matheson.\n\nSite access will be via Highway 101, which connects to the Trans-Canada Highway with regional air service provided by the Timmins Airport. A 5 km segment of Highway 101 will be realigned to ensure a safe clearance from the ultimate pit design. The PFS considers the highway realignment construction following the initial construction phase. This timing will be reassessed in the next phase depending on the timing related to the Ministry of Transport, Ontario approvals.\n\nTailings and waste management will utilize a paddock-style Tailings Storage Facility (TSF) constructed using a downstream design, which is widely regarded as the preferred approach for long-term stability. The TSF design incorporates extensive site investigations completed as part of the PFS work, ensuring that geotechnical, hydrological, and environmental conditions are fully considered. The facility is engineered for co-disposal of tailings and Potentially Acid Generating (PAG) mine rock, with staged construction and integrated water reclaim systems.\n\nThe site layout includes designated mine rock storage areas and overburden stockpiles, along with water management systems designed to capture runoff and seepage. These systems will incorporate water management ponds and a treatment plant.\n\nConstruction power requirements of approximately 3 MW will be supplied via a grid connection early in the construction phase, with provisions for emergency backup power to ensure continuity. For operations, the site will require approximately 16 MW of power, with the preferred solution being a Hydro One grid connection through a 27.6 kV line from the Ramore Transformer Station. To mitigate risk in the event of delays to the Hydro One distribution connection or approvals process, the Project has conceptualized an alternate power source as a contingency. The operations power supply includes emergency backup systems as may be needed.\n\nA construction camp (owned and operated by a third-party) is anticipated to be located off-site in Matheson, and no operations camp is planned at this time.\n\nEnvironmental and Permitting\nExtensive baseline environmental studies have been underway since 2021, covering terrestrial and aquatic ecosystems, including Species at Risk, groundwater, air quality, noise, geochemical characterization, and cultural heritage resources. Follow-up studies continued through 2025 and are planned to extend into 2026. Results indicate environmental conditions typical of northeastern Ontario, with no critical constraints identified that would prevent mine development. Studies are considered suitably advanced to initiate the environmental approvals process.\n\nThe Project is anticipated to proceed through the Provincial Class Environmental Assessment (EA) process and not trigger an Individual EA under provincial requirements or a federal Impact Assessment (IA) under the Impact Assessment Act.\n\nEarly engagement with regulators has commenced, and the Company is in discussions with the Ontario government to advance the EA and permitting processes in parallel. It is expected that the Company will submit the required application to the Ministry of Energy and Mines (MEM) regarding participation in the ‘One Project, One Process’ (1P1P) initiative, which facilitates provincial approvals through a dedicated Mine Authorization and Permitting Delivery Team early in 2026.\n\nThe Fenn-Gib Project will require permits and approvals typical of mine developments, primarily under provincial jurisdiction. An authorization under the federal Fisheries Act may be required to address potential impacts to fish and fish habitat. A conceptual closure strategy, forming the basis of the Closure Plan, has been developed in alignment with the Mine Rehabilitation Code of Ontario.\n\nCommunity and Indigenous Affairs\nSocial and community engagement has focused primarily on the Apitipi Anicinapek Nation (AAN) due to its proximity to the Fenn-Gib site. The Project is situated within Treaty 9 territory, approximately 20 km from the AAN community and within their traditional lands. The Company and AAN have an active Exploration Agreement in place and will continue to advance consultation collaboratively, with the intention of developing a Community Benefit Agreement for the Project. In addition, the Project is approximately 17 km from the Town of Black River-Matheson and anticipates utilizing and contributing to the services and infrastructure of the Town. A ‘good neighbour’ agreement with the Town of Black River-Matheson is anticipated.\n\nEngagement with the identified regional Indigenous communities and local stakeholders will commence upon submission of the Environmental Assessment documentation. The Company is committed to transparent communication regarding the Fenn-Gib Project and its environmental design and impacts. The Project is expected to deliver regional benefits through employment, procurement opportunities, and community investment.\n\nProject Timelines and Next Steps\nThe Project plans to advance three key strategies in parallel: Ontario-led environmental approvals, Indigenous agreements, and the engineering-design-procurement phase. These elements will progress concurrently to enable the start of major construction within an estimated 24 to 36 months.\n\nBeginning in early 2026, the Project will move into front-end engineering, followed by detailed engineering and long-lead, critical-path procurement activities. It is anticipated that the Project control estimate will be finalized with 70% to 100% engineering completion and critical construction and supply contracts in place.\n\nProject designs related to environmental aspects of the Project and the permitting tasks are expected to be the critical path for construction commencement.\n\nThe Project is envisioned to achieve commercial production within a five-year timeframe."]
- **Leadership:** Drew Anwyll (CEO, Mr. Anwyll is a Professional Engineer (Ontario) with over 30 years of experience in project and operating in Canada and globally.), Kevin Annett (CFO, Kevin Annett, CPA, is a seasoned mining finance executive with over 15 years of experience spanning project construction, operations, and corporate leadership.), Zayem Lakhani (VP CAPITAL MARKETS, Mr. Lakhani brings more than 17 years of expertise in investment management, equity research, and corporate development.), Adree DeLazzer (VP, Exploration, Ms. DeLazzer is a professional geologist with 20 years of experience in mineral exploration and mine-site geology across Canada, including extensive work on gold systems in the Abitibi Greenstone Belt.), Jean François Métail (VP, Mineral Resource Management, Mr. Métail is seasoned geo-scientist with more than 30 years of global experience in exploration, resource development, reserve strategy, and production reconciliation, including senior technical roles at Barrick Gold and Detour Gold. He brings deep expertise in resource modelling, QA/QC systems, grade control, and reserve conversion, along with a long track record of supporting major gold operations internationally.)

_Verified data last updated: 2026-06-12_

## Recent filings

- 2026-06-01 — press_release — [MFG_2026-05-31_23-46-15.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53340?documentId=53340)
- 2026-05-29 — other — [MFG_2026-05-29_11-32-47.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53134?documentId=53134)
- 2026-05-29 — other — [MFG_2026-05-29_11-32-46.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53135?documentId=53135)
- 2026-05-29 — other — [MFG_2026-05-29_11-32-16.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53136?documentId=53136)
- 2026-05-29 — financials — [MFG_2026-05-29_11-31-45.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53133?documentId=53133)
- 2026-05-29 — other — [MFG_2026-05-29_11-30-44.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53129?documentId=53129)
- 2026-05-29 — press_release — [MFG_2026-05-29_11-30-13.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53130?documentId=53130)
- 2026-05-29 — other — [MFG_2026-05-29_11-29-43.pdf](https://ai-chat-dev-red.vercel.app/mfg/preview/53131?documentId=53131)

## Investor FAQ

### [Latest news?](https://ai-chat-dev-red.vercel.app/mfg/faq/latest-news)

Not disclosed in available filings.

### [Financing details?](https://ai-chat-dev-red.vercel.app/mfg/faq/financing-details)

Mayfair Gold has a cash position of $4,673,759. Insider purchases since October 1, 2024, amount to C$8.2M.

## Live AI chat

- https://ai-chat-dev-red.vercel.app/mfg/chat
- Investor website: https://mayfairgold.ca/