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.
Mayfair strengthened the long-term growth potential of the Fenn-Gib Gold Project through the acquisition of Plato Gold’s interests in the Guibord, Marriott and Holloway properties for C$2.5 million in cash. The transaction adds strategic ground along the highly prospective Porcupine-Destor Fault Zone, expands the Company’s regional exploration footprint by more than 65 percent and provides key land access to support future infrastructure and permitting activities at Fenn-Gib.
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.
- Strategic Land Expansion Along the Porcupine-Destor Fault Zone: Mayfair expanded its land package near the Fenn-Gib Gold Project by more than 65 percent through the acquisition of the Guibord, Marriott, and Holloway properties, securing additional exploration upside, infrastructure access and trucking-distance development opportunities within one of Canada’s most prolific gold belts.
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)
General location of the Program within the initial starter pit
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.
In April 2026, Mayfair acquired Plato Gold’s 100 percent interests in the Marriott and Holloway properties and its 50 percent interest in the Guibord property for C$2.5 million in cash. Located near the Fenn-Gib Gold Project in Ontario’s Abitibi Greenstone Belt, the properties expand Mayfair’s exposure along the prolific Porcupine-Destor Fault Zone while adding strategic infrastructure access, proximity to existing mines and additional exploration upside through historical high-grade gold intercepts.
Guibord Property
The Guibord property, in which Mayfair acquired a 50 percent interest, is contiguous to the Fenn-Gib Gold Project and located along the prolific Porcupine-Destor Fault Zone within the Abitibi Greenstone Belt. Covering 275 hectares across 16 contiguous mining claims and two mining leases, the property provides strategic land access to support potential infrastructure and permitting activities at Fenn-Gib. Historic drilling identified multiple gold-bearing zones, including high-grade intercepts of 13.7 g/t gold over 1.22 metres and 47.01 g/t gold over 0.91 metres, highlighting the property’s exploration upside within hauling distance of the proposed mine.
Marriott Property
The 100 percent-owned Marriott property consists of 142 contiguous mining claims covering 2,728 hectares and is located approximately 55 kilometres east of the Fenn-Gib Gold Project near the past-producing Holt and Holloway mines. Accessible via Highway 101, the property is considered an early-stage exploration asset with trucking-distance potential to support future Fenn-Gib operations. Historical exploration, including an 11-hole, 2,858-metre drill program completed by Plato Gold, intersected multiple gold-bearing zones exceeding 1.0 g/t gold, reinforcing the property’s prospectivity along favourable regional geological contacts associated with the Porcupine-Destor Fault Zone.
Holloway Property
The 100 percent-owned Holloway property covers 156 hectares across 10 contiguous mining claims and is located near the former Holt and Holloway gold mines, approximately 43 kilometres east of the Fenn-Gib Gold Project. Positioned along the Porcupine-Destor Fault Zone and accessible via Highway 101, the property hosts favourable geological units associated with regional gold mineralization. Historical drilling returned narrow but high-grade gold intercepts ranging from 52 g/t to 64 g/t gold over 0.3 to 0.8 metre intervals, while deeper extensions of the nearby Holloway mine mineralization are believed to have additional exploration potential.
Management Team
Drew Anwyll – Chief Executive Officer
Drew Anwyll is a seasoned mining executive and professional engineer with more than 30 years of experience in the development, construction and operation of large-scale mining projects across Canada and internationally. Before he was appointed CEO in 2026, he served as the company’s chief operating officer, where he led the 2026 Pre-Feasibility Study and Front-End Engineering and Design activities for the Fenn-Gib Gold Project. Anwyll previously held senior leadership positions with Generation Mining, Detour Gold, Barrick Gold and Placer Dome, bringing extensive expertise in mine construction, permitting, operational ramp-ups and large-scale open-pit mining in Ontario.
Adree DeLazzer – Vice President of Exploration
Adree DeLazzer is a professional geologist with approximately 20 years of experience in mineral exploration and mine-site geology across Canada, including extensive work on gold systems in the Abitibi Greenstone Belt. Before joining Mayfair in 2026, she served as vice-president of exploration at Northern Superior Resources, where she led district-scale exploration programs and supported strategic consolidation initiatives within the Chibougamau Gold Camp. Her experience includes overseeing multi-million-dollar exploration programs and advancing resource growth opportunities across major Canadian gold projects.
Jean François Métail – Vice President of Mineral Resource Management
Jean François Métail is a mining professional with more than 30 years of international experience in mineral resource management, reserve estimation, geological modelling and mine operations. In his role at Mayfair, he provides technical oversight for resource modelling, QA/QC, and development planning activities supporting the advancement of the Fenn-Gib Gold Project. Métail previously held senior technical and resource management positions with major mining companies including Barrick Gold and Detour Gold, contributing to reserve stewardship, production reconciliation and geological best practices across large-scale mining operations
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.
