Mayfair Gold Completes Strategic Investment with Macquarie
News related to:Mayfair Gold Corp · 3 min read
Mayfair Gold Corp., a Canadian development-stage gold company, has announced the completion of a strategic investment with Macquarie Bank Limited. Macquarie acquired 2,346,701 common shares of the company at a price of C$4.26 per share, raising gross proceeds of approximately C$10,000,000. The shares are subject to a 4-month and one-day "hold period" as prescribed by applicable securities laws, expiring on February 15, 2027.
Mayfair Gold is focused on advancing the 100%-owned Fenn-Gib Project in the Timmins region of Northern Ontario. The Fenn-Gib Project hosts a 4.3-million-ounce indicated mineral resource of gold, with an average grade of 0.74 g/t. The company's strategy includes developing the Project under the provincial permitting process, targeting the higher-grade 1-million-ounce probable mineral reserve, which sits near-surface. This reserve has an average grade of 1.29 g/t, providing optionality and scalability for the deposit.
The company's 2026 Pre-Feasibility Study outlines the potential to develop Fenn-Gib into a new Canadian gold producer. Initial development capital is estimated at C$450 million, with a base-case payback period of 2.7 years. Cumulative free cash flow is projected to be US$896 million over the first six years of production, based on a gold price of US$3,100/oz. Mayfair Gold plans to start construction in 2028 with initial production targeted for 2030.
The company is also focused on exploration around the broader land package, aiming to enhance mineral resource scale and explore growth opportunities.
Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) ("Mayfair" or the "Company") is a Canadian development-stage gold company. The company is advancing the Fenn-Gib gold project in Ontario, which hosts a 4.3-million-ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t). The expected strategy outlined in the 2026 Pre-Feasibility Study is to develop the Project under the provincial permitting process, targeting the higher-grade 1-million-ounce probable mineral reserve (25.1Mt at an average grade of 1.29g/t) sitting near-surface, highlighting the optionality and scalability provided by the deposit.
The company's 2026 Pre-Feasibility Study also outlines the potential to develop Fenn-Gib into a new Canadian gold producer. Initial development capital is estimated at C$450 million, with a base-case payback period of 2.7 years, and cumulative free cash flow of US$896 million over the first six years of production, based on a gold price of US$3,100/oz. Mayfair Gold plans to start construction in 2028 with initial production targeted for 2030.
The company is advancing permitting activities, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.
The release also notes that the forward-looking information in this news contains certain forward-looking statements and information within the meaning of applicable Canadian securities legislation and forward-looking statements within the meaning of applicable United States securities legislation. The use of the words "will" and "expected" and similar expressions is intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, all disclosure related to the PFS, including expected commencement of construction and production. Readers are cautioned that actual results may vary from the forward-looking information. The Company has based the forward-looking information on the Company's current expectations and assumptions about future events. This information also involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties, and other factors identified in the annual information form and Form 40-F of the Company for the year ended December 31, 2025, available under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, respectively.