Mayfair Gold Charts Path to Production with Robust Fenn-Gib Study

VANCOUVER, BC – January 15, 2026 – By Tyler Nguyen

Mayfair Gold Corp. has taken a significant leap forward in its quest to develop a new gold mine in Ontario's legendary Timmins Gold District, officially filing its comprehensive NI 43-101 technical report and Pre-Feasibility Study (PFS) for the flagship Fenn-Gib project. The filing, made public today, validates the project's technical and economic potential, outlining a clear path toward a construction decision and eventual production.

The detailed report, prepared by the reputable Ausenco Engineering Canada ULC, follows a January 8 announcement that first unveiled the study's compelling economics. It marks a critical de-risking milestone for the company, transforming the Fenn-Gib deposit from a large resource into a tangible development project with a defined operational plan and strong financial outlook.

A New Economic Engine for Timmins?

The Pre-Feasibility Study paints a picture of a financially robust, conventional open-pit mining operation. Based on a gold price of US$3,100 per ounce, the Fenn-Gib project boasts an after-tax Net Present Value (NPV) of C$652 million at a 5% discount rate, coupled with a strong Internal Rate of Return (IRR) of 24%. The study projects a rapid payback period of just 2.7 years from the start of production.

Initial capital expenditures (CAPEX) to build the mine are estimated at C$450 million, a figure that includes a healthy 26% contingency on direct costs to buffer against unforeseen expenses. Over its initial 14.3-year life, the mine is projected to produce 920,000 ounces of gold. The mine plan is strategically front-loaded, with the first six years expected to yield an average of 71,336 ounces annually at a competitive All-in Sustaining Cost (AISC) of US$1,171 per ounce.

One of the most compelling aspects of the plan is its strategic focus. The PFS outlines a mine that will initially process only 24% of the project's total 4.3 million-ounce indicated mineral resource. By targeting a higher-grade core with an average processed grade of 1.29 g/t gold over the life of the mine, Mayfair can maximize early cash flow while preserving the vast majority of the deposit for future expansion. This approach provides significant long-term optionality and potential for a much longer mine life or future production increases.

Furthermore, the project's economics show considerable leverage to the price of gold. At a spot price of US$4,450 per ounce, the project's after-tax NPV skyrockets to C$1.37 billion, and the IRR jumps to 38%, demonstrating substantial upside potential in a strong gold market.

Charting the Course from Study to Shovel

With the PFS now complete, Mayfair Gold is shifting its focus to the critical next steps: permitting and detailed engineering. The company has laid out an ambitious but clear timeline, targeting the start of construction in 2028 with the goal of pouring the first gold in 2030.

A key advantage for the Fenn-Gib project is its anticipated regulatory pathway. According to the company, the project is expected to proceed under the provincial class environmental assessment process and does not currently trigger a more complex and lengthy federal impact assessment. This could potentially streamline the permitting timeline. Mayfair has been proactive on this front, noting that environmental baseline studies are already well advanced, allowing for the formal commencement of the environmental assessment process in early 2026.

Navigating Ontario's rigorous permitting landscape remains a significant undertaking, but the company has also demonstrated a commitment to stakeholder engagement. Mayfair has an existing exploration agreement with the Apitipi Anicinapek Nation and is working towards a community benefit agreement, a crucial step in building local support and ensuring the project aligns with the interests of Indigenous partners.

Leadership, Expertise, and Continuity

Coinciding with this major project milestone is a key leadership transition. Richard Klue, the company's Vice President of Technical Services, has moved to semi-retirement as of January 14. With over 40 years of global experience in the mining industry, including senior roles at Hudbay Minerals and Hatch, Klue's leadership was instrumental in guiding the Fenn-Gib project through the critical pre-feasibility stage.

However, his departure from a full-time role does not mean a loss of his expertise. In a strategic move to ensure project continuity, Mayfair will retain Klue on an hourly consulting basis. This arrangement allows the company to continue leveraging his deep institutional knowledge of the project as it advances through the complex stages of detailed engineering, permitting, and financing. This managed transition underscores the company's focus on maintaining momentum and mitigating risks associated with personnel changes during a pivotal growth phase.

Market Position and Regional Significance

The Fenn-Gib project is poised to become a significant new asset in the Timmins Gold District, a region with a storied history of gold production spanning over a century. With an indicated resource of 4.3 million ounces, Fenn-Gib stands out as one of the larger undeveloped open-pit resources in the area, capable of adding a new chapter to the region's mining legacy.

The market has taken note of the milestone, though investor reaction has been measured. Mayfair's stock (TSXV: MFG) has remained relatively stable following the announcement, reflecting a market that is likely balancing the project's strong potential against the inherent hurdles of financing and building a new mine. Analyst ratings currently sit in a neutral or 'hold' territory, suggesting that while the PFS is a positive development, investors are now watching for execution on the permitting and financing fronts before re-evaluating the company's valuation.

As Mayfair Gold pushes toward a final investment decision within the next three years, the Fenn-Gib project represents a compelling case study in modern mine development. By combining a robust technical plan, a strategic focus on high-grade starter pits, and a proactive approach to regulatory and community engagement, the company is methodically advancing what could become one of Ontario's next significant gold mines.