Mayfair Gold Corp. (TSXV: MFG, OTCQX: MFGCF) has provided a detailed update on development activities at its 100%-owned Fenn-Gib gold project in the Timmins region of Northern Ontario, including the launch of a tightly spaced drill program, ongoing geotechnical investigations for the tailings storage facility, and progress toward completion of the project’s Pre-Feasibility Study (PFS) later this year.

Nick Campbell, CEO of Mayfair Gold, commented in a press release: “The Fenn-Gib deposit is unique in that the highest-grade material occurs near the surface which allows for the potential to start operations with a smaller, targeted mining operation focused on low strip ratio, high-grade gold mineralization. Rather than pursue a larger scale operation, the grade distribution at Fenn-Gib provides Mayfair the optionality to fast-track the extraction of high margin material while at the same time mitigating construction risk and initial capital requirements. It also has the benefit of allowing us to follow the well-defined Ontario Provincial permitting process. With the Canadian gold price currently above C$5,000 per ounce, Mayfair is encouraged by the opportunity to rapidly advance the Fenn-Gib Project as a potential new gold producer within the current cycle. The Pre-Feasibility Study remains on track for completion in Q4  2025. We believe a nimble, high-grade, and targeted operation offers a practical path toward a potential production decision within the next three years.”

PFS Nearing Completion Based on Updated Resource Estimate

The upcoming PFS, expected in the fourth quarter of 2025, is being prepared using the updated NI 43-101 Mineral Resource Estimate (MRE) announced in October. The study will form the basis for mine planning and will prioritize near-surface, higher-grade portions of the open pit to maximize early cash flow. The design envisions a conventional open pit operation using standard drill-and-blast techniques with a truck and shovel fleet.

Mayfair is employing an elevated cut-off grade strategy to focus on these near-surface zones while preserving the broader mineral resource base. According to conceptual plans, an open pit based on a 0.7 g/t Au cut-off grade highlights the potential configuration of a high-grade starter pit that could enhance the project’s initial economics.

High-Density Drilling to Refine Starter Pit Model

To further improve confidence in near-surface mineralization, the company has commenced a detailed diamond drilling program within the planned starter pit. Although 97% of the deposit is already classified as indicated, Mayfair launched a 56-hole program spaced 10 by 10 metres apart to verify grade continuity and support future mine design.

Each hole, drilled vertically to a depth of approximately 75 metres, contributes to a total of roughly 4,200 metres. The work is aimed at delineating mineralization expected to feed the processing plant during the early years of production, aligning with the company’s strategy to optimize grade and cash flow in the project’s initial phase.

Drilling began on October 21, 2025, and is scheduled to continue through December. The program is being conducted by Black Diamond Drilling, a contractor from the neighbouring Apitipi Anicinapek Nation. The campaign is also expected to generate new data for metallurgical recovery testing and for calibration of geological and hydrogeological models.

Progress on Tailings Storage Facility Site Work

Geotechnical investigations have advanced to support the engineering design of the project’s tailings storage facility (TSF). The program consisted of 25 test pits and 347 metres of drilling across 10 holes around the TSF footprint. Knight Piésold, which is leading the TSF design, oversaw the fieldwork.

The data collected will refine understanding of the overburden and subsurface conditions that inform foundation and structural designs. Additional site investigations are planned for 2026 as the project moves into later stages of engineering.

Mayfair’s Chief Operating Officer, Drew Anwyll, P.Eng., said the site characterization work is critical to reducing development risks. “A thorough understanding of material properties and underfoot conditions leads to improved foundation and building designs,” he stated, emphasizing that early-stage geotechnical programs play a significant role in project execution confidence.

Remaining Steps Toward the Pre-Feasibility Study

The company reported that the PFS remains on schedule, with outstanding work focused on integrating the results from the latest site investigations into the earthworks and construction planning. These findings will be incorporated into final cost estimates and the overall economic model.

Mayfair also noted that suppliers and contractors are currently facing strong demand driven by higher gold prices, creating a competitive procurement environment. Canadian gold prices remain above C$5,000 per ounce, a level management considers favorable for advancing the Fenn-Gib Project into production within the current gold cycle.

The Fenn-Gib deposit remains Mayfair’s flagship asset. The most recent NI 43-101 compliant resource estimate, effective September 3, 2024, outlines an indicated resource of 181.3 million tonnes grading 0.74 g/t gold for 4.3 million contained ounces, and an inferred resource of 8.9 million tonnes at 0.49 g/t gold containing 141,000 ounces. The estimate applies a 0.3 g/t Au cut-off and is constrained within an open pit shell.