• A startup Barrick Gold (GOLD) for a single, promising gold deposit in Ontario.
• An early-stage Newmont (NEM) focused on one major Canadian gold project.
• An aspiring Agnico Eagle Mines (AEM), focused on its first major gold discovery in Canada.

• Gold Exploration: Identifying and evaluating potential gold deposits within its mineral properties.
• Gold Project Development: Advancing identified gold projects towards future mining operations and potential production.

Mayfair Gold Corp. (MINE) is a mineral exploration and development company, primarily focused on exploring for gold deposits. As an exploration company, it is engaged in identifying, evaluating, and developing mineral resources, rather than producing and selling a finished product like refined gold.

Therefore, Mayfair Gold Corp. does not have traditional "major customers" in the sense of companies or individuals purchasing its products or services. Its primary activities involve capital expenditure on exploration and project development, funded by investors.

• ALS Global (ASX: ALQ)
• Heath & Sherwood Drilling Inc.

Drew Anwyll, Chief Executive Officer
Mr. Anwyll is a Professional Engineer with over 30 years of experience in project and operating roles in Canada and globally. He has worked extensively with companies including Generation Mining, Detour Gold, Barrick Gold, and Placer Dome. Most recently, Mr. Anwyll served as COO for Generation Mining and previously as Senior Vice-President – Technical Services and Vice-President Operations | Mine General Manager at Detour Gold's open pit gold mine in Northern Ontario.

Kevin Annett, Chief Financial Officer
Mr. Annett, a CPA, is a seasoned mining finance executive with over 15 years of experience spanning project construction, operations, and corporate leadership. He most recently served as Chief Financial Officer, North America at Barrick Mining Corporation, where he led financial strategy, planning, and governance for the company's largest region. Earlier in his career, he held progressively senior roles across Barrick and Detour Gold.

Adree DeLazzer, Vice President, Exploration
Ms. DeLazzer is a professional geologist with 20 years of experience in mineral exploration and mine-site geology across Canada, including extensive work on gold systems in the Abitibi Greenstone Belt. She most recently served as Vice President, Exploration at Northern Superior Resources Inc.

Zayem Lakhani, VP Capital Markets
Mr. Lakhani brings more than 17 years of expertise in investment management, equity research, and corporate development. Prior to joining Mayfair Gold, he served as Portfolio Manager and Head of Canadian Equities at HSBC Global Asset Management, where he was the lead decision maker and oversaw the investment process for a $4 billion capital pool spanning multiple strategies.

1. Project Development and Execution Risk

   Mayfair Gold Corp. is a development-stage company that has not yet commenced commercial production, and its future success is contingent on obtaining permits, arranging project financing, completing construction, and ultimately achieving commercial production. There is inherent uncertainty that regulatory approvals and project permitting could take longer than anticipated, and construction and development execution risks may impact project timelines. The company is actively involved in environmental studies, engineering work, and regulatory engagement to advance the Fenn-Gib project, which involves navigating Ontario-led environmental approvals, Indigenous agreements, and engineering, design, and procurement processes. Delays or issues in any of these critical steps could significantly impede the project's progress and financial viability.

2. Financing Risk

   As an exploration and development company, Mayfair Gold Corp. relies on investor funding rather than revenue, necessitating continuous follow-on investment. The "high-risk nature of exploration projects" makes accessing capital challenging for junior mining companies. The company has initiated early engagement with potential project financing parties for the Fenn-Gib project, which has estimated initial capital expenditures of $450 million. A significant risk for shareholders in early-stage mineral companies is the erosion of value through dilution if further equity raises are required.

3. Commodity Price Volatility

   The economic viability of the Fenn-Gib gold project is directly influenced by fluctuations in the price of gold. All mineral projects are highly leveraged to commodity prices, meaning that while an appreciating commodity price can significantly enhance value, a decreasing price can severely undermine a project's economics. Volatility in gold prices could therefore negatively impact the future project economics and investor sentiment.

Mayfair Gold Corp. (MINE) is an exploration and development-stage company with its primary focus on bringing its 100%-owned Fenn-Gib gold project in Ontario, Canada, into production. The key drivers of future revenue growth over the next 2-3 years will largely revolve around the successful advancement and eventual operation of this project, as well as broader market conditions for gold.

The expected drivers of future revenue growth for Mayfair Gold are:

1. Transition to Commercial Gold Production at Fenn-Gib: The most significant driver of future revenue will be the commencement of commercial gold production from the Fenn-Gib project. Mayfair Gold is advancing permitting, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 and targeting initial gold production in 2030. The Pre-Feasibility Study (PFS) for Fenn-Gib outlines an average annual gold production of approximately 71,336 ounces over the first six years of operation and a total life of mine production of 920,000 ounces over 14.3 years. This transition from an exploration company to a producing mine will establish the foundational revenue stream for Mayfair Gold.
2. Increased Gold Production through Resource Optimization and Expansion: The current mine plan in the Fenn-Gib PFS only incorporates 1.04 million ounces, representing 24% of the total 4.3 million ounce Indicated Mineral Resource. This indicates substantial potential for future expansion beyond the initial mine plan, which could lead to increased annual gold production and extended mine life. Furthermore, recent grade control drilling has identified the potential for 28% more tonnes at 7% higher grade for material above 3.0 g/t Au, leading to 37% more contained gold than the probable reserve model in tested areas. This could allow for higher-grade material to be processed earlier in the mine life, potentially boosting initial gold output and associated revenue.
3. Successful Exploration and Resource Growth: Mayfair Gold's strategy includes regional exploration around its expanded land package, particularly focusing on the unexplored Southern Block within the prolific Abitibi Gold Belt. Discoveries of additional gold resources through ongoing exploration efforts could lead to increased mineral reserves, further extending the project's mine life or supporting future production expansions beyond current estimates, thereby driving long-term revenue growth.
4. Favorable Gold Market Prices: As a gold-focused company, Mayfair Gold's future revenue is highly sensitive to the market price of gold. The Fenn-Gib PFS highlighted this sensitivity, with the project's economics demonstrating that every US$100 change in the gold price assumption results in an approximate $50 million change in Net Present Value (NPV). Sustained or increasing gold prices above the base case of US$3,100/oz used in the PFS would directly translate into higher revenues and stronger cash flows once production commences.

Share Issuance

• In Q3 2025, Mayfair Gold completed a C$40 million LIFE Offering by issuing shares at C$1.65 per common share. The proceeds were designated for metallurgical and detailed engineering at the Fenn-Gib project, alongside working capital and general corporate purposes.
• The company's common stock value, as reported on its balance sheet, significantly increased from C$37.36 million in December 2021 to C$116.28 million in December 2025.
• Common shares with a fair value of C$3,000 were issued to settle consulting services for the year ended December 31, 2021.

Inbound Investments

• Mayfair Gold completed a C$40 million LIFE Offering in Q3 2025, which provided substantial funding to support the company and advance the Fenn-Gib gold project.
• The company benefits from a committed long-term shareholder base, including Muddy Waters, Heeney Capital, Oaktree, Nokomis, and Vestcor.
• Insider ownership stands at 34%, with insiders having purchased C$17 million in equity since October 2024.

Capital Expenditures

• Initial capital expenditures for the Fenn-Gib gold project are estimated at C$450 million, inclusive of a 26% contingency on direct costs, focusing on the development of a 4,800 tonne-per-day open-pit operation.
• Mayfair Gold plans to commence construction of the Fenn-Gib project in 2028, with initial production targeted for 2030. The main construction phase is expected to last 18 to 24 months.
• In April 2026, Mayfair Gold acquired the Guibord, Marriott, and Holloway properties to expand its strategic land package along the Porcupine-Destor Fault Zone for additional exploration. Significant work in Q2 2026 included advancing front-end engineering design, completing geotechnical investigations, and progressing environmental baseline programs and permitting for the Fenn-Gib project.