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.

Mayfair Gold (TSXV:MFG) has reported new drill results from its higher-grade Footwall Zone, which is situated roughly 100 meters north of the Fenn-Gib gold deposit.

The Fenn-Gib Project, under Mayfair’s full control, is located in the Timmins region of Northeast Ontario. This project houses an open-pit-constrained Indicated mineral resource, which estimates 3.38 million ounces of gold at a grade of 0.93 grams per tonne. Additionally, it hosts an Inferred mineral resource of 0.16Moz gold at 0.85 g/t. The Fenn-Gib gold mineralization is recognized to be broadly disseminated, extending east-west on the Pipestone Fault for over 1.5 kilometers and reaching a width of over 500m at its westernmost point.

Mayfair Gold President and CEO Patrick Evans commented in a press release: “The Fenn-Gib pit-constrained deposit is a high-quality ‘cornerstone’ asset with highly favorable geology capable of delivering industry-leading gold recoveries with standard flowsheet options. Beyond that, ongoing drilling at the Footwall Zone and Contact Zone discoveries immediately adjacent to the Fenn-Gib deposit continues to identify wide zones of higher-grade gold mineralization. Step-out drilling supported by two drill rigs has so far extended the strike of the outcropping Footwall Zone to more than 500m, remaining open both to the northeast and southwest, and confirmed continuity to a depth of more than 600m. Mayfair expects to report a maiden underground Footwall Zone resource in early 2024.”

Continued drilling at the Footwall Zone has consistently intersected notable gold mineralization. Key results include:

• FG21-139: 1.94 g/t gold over 38.0m, with concentrations up to 4.06 g/t gold over 15.0m.
• FG21-170: A high of 59.05 g/t gold over a 1.0m stretch.
• FG22-218: 0.71 g/t gold over an expansive 92.0m, with spikes up to 6.78 g/t gold over 7.0m.
• FG23-300: 2.05 g/t gold over 16.2m, including a segment with 3.72 g/t gold over 6.2m.
• FG23-344A: 4.72 g/t gold across 30.0m, peaking at 6.59 g/t gold over 19.6m.

The Footwall Zone’s mineral makeup consists of several zones, predominantly found in the footwall mafic volcanic assemblage just north of Fenn-Gib. The mineralization here is mainly composed of bleached, buff-altered pillowed mafic volcanic with pyrite concentrations varying from 2% to over 20%.

In terms of metallurgical insights, tests conducted on a Footwall Zone underground sample highlighted a promising 94.2% gold extraction rate. This was achieved with whole ore cyanidation at a P80 60 µm grind over 48 hours, beginning with a head grade of 4.15 g/t gold with 2.5% S2-. Alternative processing methods, including flotation followed by fine grinding and cyanidation, yielded similar extraction rates of approximately 94%. The hybrid method displayed consistent gold recovery across the deposit’s varying content and lithology.

Highlights from the results are as follows:

• Hole FG23-314 reports 2.19 g/t Au over 17.1m, including 13.67 g/t Au over 2.0m
• Mineralization outside Fenn-Gib current pit-constrained 3.38M Indicated ounce resource
• Footwall Zone structure approx. 500m strike length, open in all directions
• Steep dipping mineralization from surface to below 600m
• Multiple parallel mineralized structures intersected
• Two drill rigs active at Footwall Zone

Table 1 – Footwall Zone reported drill hole results summary.

Table 2 – Footwall Zone reported drill hole collar information.