Mayfair Gold Announces Closing of Flow-Through Financing and Arrangement of Common Share Financing

Mayfair Gold Announces Closing of Flow-Through Financing and Arrangement

of Common Share Financing

VANCOUVER, British Columbia, May 17, 2023 -- Mayfair Gold Corp. (“ Mayfair” or the “Company”) (TSX-V: MFG; OTCQB:

MFGCF) today announced the closing of its previously announced private placement flow-through financing (the “FT Offering”)

for proceeds of $6,001,600. The funds will be used to further the Company’s successful exploration program at the Fenn-Gib

gold project in the Timmins region of Ontario.

The Company issued 2,420,000 common shares on a flow-through basis (the “ FT Shares”) at a price per FT Share of $2.48.

The Offering price per FT share represents a premium of 37% over the closing price of Mayfair Gold common shares on the

TSX.V on April 17, 2023. The FT Shares issued are subject to a four month hold period expiring on September 18, 2023.

All proceeds from the sale of FT Shares will be used for expenditures that qualify as Canadian Exploration Expenses (CEE)

within the meaning of the Income Tax Act (Canada). The Company will renounce such CEE expenditures with an effective date

of no later than December 31, 2023.

Mayfair Gold today also announced the arrangement of a non-brokered private placement financing (the “Offering”) of

1,729,000 common shares (the “Shares”) at a price of $1.75 per share for aggregate gross proceeds of $3,025,750. The net

proceeds of the Offering will be used to further environmental, metallurgical and engineering studies at the Fenn-Gib Gold

Project, and for general working capital. The Shares issued under the Offering will be subject to a four month hold period. The

Offering is subject to customary closing conditions, including the approval of the TSX.V, and is expected to close on or about

May 31, 2023.

Mayfair will not make any public offering of the shares in the United States. The shares have not been and will not be

registered under the U.S. Securities Act, or any state securities laws.

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in

the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated

NI 43-101 resource estimate including a pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a

grade of 0.81 g/t Au; a pit constrained Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70 g/t Au;

and an underground Inferred Resource of 1M tonnes containing 0.104M ounces at a grade of 3.22 g/t Au. (Source: Garth

Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, effective date

October 15, 2022). The Fenn-Gib deposit has a strike length of approx. 1.25km with widths ranging up to 300m. The gold

mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm

that the Fen-Gib deposit can deliver robust gold recoveries of up to 94%.

For further information contact:

Patrick Evans, President and CEO

Email: [email protected]

Phone: (480) 747-3032

Web: www.mayfairgold.ca

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian

securities legislation (collectively, " forward-looking statements ") that relate to Mayfair’s current expectations and views of

future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions

or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are

expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast",

"projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may

involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those

expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and

such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only

as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties,

many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that

are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to,

the impact and progression of the COVID-19 pandemic and other factors. Mayfair undertakes no obligation to update or revise

any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required

by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of

each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those

contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly

qualified in their entirety by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.