Mayfair Delivers Robust Pre-Feasibility Study for the Fenn-Gib Gold Project
Press Release
⦁ Base Case – US$3,100/oz Au and C$/US$ exchange rate of 1.35: o After-Tax NPV (5%): $652 million
o Payback Period: 2.7 years
o NPV to Capex: 1.4x
o Cumulative Free Cash Flow1 Years 1-6: $896 million
VANCOUVER, British Columbia, January 8, 2026 – Mayfair Gold Corp. (“Mayfair”, “Mayfair Gold” or the “Company”) (TSX-V:MFG; OTCQX:MFGCF) is pleased to announce the results of its 2026 Pre-Feasibility Study (“PFS”) for the Fenn-Gib gold project in the Timmins Gold District of Ontario, Canada. The study has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101″). The NI 43-101 Technical Report for the PFS will be filed within the next 45 days and will be made available under the Company’s profile on SEDAR+ and on the Company’s website. Unless otherwise stated, all dollars in this news release are expressed in Canadian dollars.
Highlights of the 2026 PFS for the Fenn-Gib Gold Project in Ontario:
⦁ After-tax NPV(5%) of $652 million, IRR of 24% at US$3,100/oz base case gold price and 1.35 C$/US$ exchange rate2
⦁ After-tax NPV(5%) of $1.37 billion, IRR of 38% at US$4,450/oz spot gold price3 and 1.38 C$/US$ exchange rate
⦁ Average grade processed of 1.47 g/t gold over the first 6 years of operations for average annual gold production of 71,336 ounces at an AISC4 of US$1,171/oz
1 Cumulative Free Cash Flow (“FCF”) is defined as calculated as cash flows from operating activities less capital expenditures. Refer to the “Non-GAAP Financial Measures” section of this news release for more information.
1 See Table 2: sensitivity table below for various scenarios if gold prices change
1 Spot Gold price and C$/US$ exchange rate as of 6 January 2026
1 All-in sustainable cost (“ASIC”) includes mining, processing and administrative costs, royalties, production taxes, sustaining capital expenditures, closure allowance, and other costs necessary to maintain planned production. Refer to the “Non-GAAP Financial Measures” section of this news release for more information.
⦁ Average grade processed of 1.29 g/t gold over the 14.3-year reserve life for average annual gold production of 64,096 ounces at an AISC of US$1,292/oz
⦁ Free cash flow in the first 6 years of operation of over $896 million at base case gold price and $1.43 billion at spot gold price
⦁ Initial development capital costs of $450 million
⦁ Short payback period of 2.7 years on base case, dropping to 1.7 years at spot gold
⦁ Mine plan and associated economics only exploit 1.04 Moz (24%) of the total 4.3 Moz Indicated Resource, preserving optionality for future growth
⦁ Environmental Baseline studies well advanced to allow for early 2026 commencement of Environmental Assessment and Ontario permitting process
⦁ Final investment decision expected within 3 years with commercial operation within 5 years5
The PFS lead author was Ausenco Engineering ULC. (“Ausenco”) with contributions from Knight Piésold Ltd. (“KP”), AGP Mining Consultants Inc. (“AGP”), Ecometrix Inc. an Egis Group Company (“Ecometrix”), and T. Maunula & Associates Consulting Inc. (“TMAC”).
Nick Campbell, CEO of Mayfair Gold stated, “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. We believe the permitting process can be advanced quickly, positioning the Project for timely development within the current gold cycle. Importantly, this mine plan targets only 24% of the total indicated gold resource at Fenn-Gib, leaving significant longer-term optionality associated with the larger resource should market conditions be supportive. At current gold prices, the Project has exceptional value potential, with strong free cash flow and robust economics that further enhance its attractiveness to investors.”
Drew Anwyll, P.Eng, Chief Operating Officer noted, “This Pre-Feasibility Study is a realistic representation of the estimated operating and capital costs, production profile, and overall economics of the Fenn-Gib Project. Our plan is straightforward: we intend to build this mine and bring it into operation in the near term. The team is focused on executing efficiently and delivering on our commitments – completing this Project and sticking the landing. The next phase is clear: finalize engineering and design work, and advance environmental approvals in preparation for a construction decision within two to three years.”
ILR4
