Mayfair Gold Corp. Unveils Positive Findings from Fenn-Gib Gold Project Pre-Feasibility Study

Mayfair Gold Corp. (TSXV: MFG) recently disclosed the findings of its 2026 Pre-Feasibility Study (PFS) for the Fenn-Gib gold project, located in Ontario's Timmins Gold District. This comprehensive report signifies a substantial advancement in Mayfair's efforts to bring the Fenn-Gib project to fruition, showcasing its potential as a viable operation within the burgeoning gold market.

Strong Economic Outlook

This PFS was prepared adhering to the National Instrument 43-101 standards, affirming the rigorous nature of the analysis. According to the results, the project has an after-tax Net Present Value (NPV) of CAD 652 million at a base case gold price of US$3,100 per ounce, along with a 24% Internal Rate of Return (IRR). Notably, at a spot gold price of US$4,450 per ounce, these figures soar to an NPV of CAD 1.37 billion and an IRR of 38%. Such compelling data points illustrate the project's robust economic viability, providing a promising foundation for further development.

Central to the project's appeal is its ability to generate substantial free cash flow. In the first six years of operation, the Fenn-Gib project is expected to yield a cumulative free cash flow of CAD 896 million, underscoring the financial upside of advancing this operation.

Project Details and Development Strategy

The PFS outlines a mine plan that focuses on high-grade ore utilization while maintaining a conservative approach to capital expenditure. Initial development capital is estimated at CAD 450 million, supported by an efficient payback period of 2.7 years. Notably, the PFS indicates that the project will only exploit 24% of the current indicated resource, preserving potential for future growth.

Mayfair’s strategy minimizes execution risk by adopting a modular processing plant design, which not only streamlines the construction period to less than 24 months but also mitigates delays typically associated with more traditional builds. The design supports a throughput of 4,800 tonnes per day, with projections indicating an average gold grade of 1.47 g/t during the first six years, translating to an expected annual production of approximately 71,336 ounces.

Environmental and Regulatory Compliance

Environmental considerations are a critical aspect of the Fenn-Gib project strategy. Baseline environmental studies have progressed significantly since 2021, encompassing various ecological components typical of the region. Mayfair has actively worked with regulatory bodies to ensure compliance with local environmental assessments, which is a crucial step towards permitting and operational readiness. The company anticipates initiating the Environmental Assessment and permitting process in early 2026, with the goal of minimizing hurdles and accelerating the project timeline.

Engaging with Indigenous Communities

In recognition of its social responsibility, Mayfair Gold has prioritized engagement with local Indigenous communities, particularly the Apitipi Anicinapek Nation. An exploration agreement is already in place, with intentions of developing a Community Benefit Agreement that ensures mutual benefits from the project’s progression.

Moving Forward

Looking ahead, the company plans to finalize engineering and design work while simultaneously advancing its environmental approvals to set the stage for a construction decision within two to three years. CEO Nick Campbell emphasizes that the PFS validates the project's strong economic fundamentals, positioning Mayfair for a rapid advance through the Ontario permitting process.

As Mayfair Gold Corp. charts the path ahead for the Fenn-Gib project, the balance of economic promise and environmental stewardship will be a cornerstone of its approach, potentially establishing a new gold mining operation that meets both market demands and community expectations.