#Canada #Vancouver #Q3 2025 #Mayfair Gold #Fenn-Gib

Mayfair Gold's Q3 2025 Financial and Operational Updates

Mayfair Gold Corp. has recently published its financial and operational results for the third quarter ending September 30, 2025. This Canadian company, actively engaged in gold exploration, is wholly focused on its Fenn-Gib gold project in the Timmins region of Northeast Ontario— a site that promises significant potential in the current gold cycle.

Recent Highlights

The company has made notable strides this quarter, marked by the successful completion of a $40 million LIFE Offering. This crucial funding will assist Mayfair in advancing its projects, specifically, the Fenn-Gib mine, through permitting and engineering phases, while also supporting community engagement initiatives.

Nicholas Campbell, the CEO, expressed optimism regarding the company's trajectory, stating, "With a robust financial foundation and a dedicated team, we are poised to usher Mayfair into a new era of gold production."

Confidence Drilling Program

In October 2025, the company initiated a confidence drilling program designed to enhance the understanding of mineralization boundaries and improve confidence in the mine's grade profile over the initial years of production. Initial results from this drill program are anticipated in the first quarter of 2026, which could significantly impact Mayfair's operational strategy moving forward.

The Path Ahead

The company's Pre-Feasibility Study (PFS) remains on schedule for completion by the end of Q4 2025. This pivotal study will outline the economics of a projected 4,800 tons per day open-pit operation predominantly targeting high-grade mineralization near the surface at Fenn-Gib.

As Mayfair sets its sights on the completion of the PFS, it will also gear up for formal Provincial permitting activities, which are expected to commence in early 2026.

Financial Overview

Despite reporting a loss of approximately CAD 2.24 million for Q3 2025, a higher loss compared to CAD 1.43 million in Q3 2024, the company’s financial position is strengthened with cash reserves totaling over CAD 41.8 million. This robust cash position allows Mayfair to strategically fund operational advancements at Fenn-Gib, setting a solid foundation for future growth.

Asset and Equity Growth

Total assets have surged to CAD 56.7 million, marking a significant increase from the previous year's CAD 24.4 million. Furthermore, total shareholders' equity stands impressively at CAD 55.6 million, showcasing a strong capital base for the company's ongoing and future endeavors.

Corporate Developments

During the quarter, significant corporate actions included the Annual General and Special Meeting held on September 4, where shareholders elected key board members and approved a new 10% rolling Omnibus Incentive Plan. These developments align with Mayfair's goal of aligning incentives for management and stakeholders, ensuring a cohesive drive towards project completions.

Conclusion

Mayfair Gold's focus on developing the Fenn-Gib gold project is setting the stage for what could be a new Canadian gold production leader in the evolving market landscape. With strategic funding, committed leadership, and continuous exploration efforts, Mayfair outcomes are keenly anticipated as they embark on the next phases of project development. The third quarter results net an optimistic outlook, marking Mayfair Gold as a notable player in the gold mining sector.

For a detailed view of Mayfair's financial statements, interested parties can access more information on their official website mayfairgold.ca or SEDAR+. Stay tuned as we watch these developments unfold in the world of gold mining.