Mayfair Gold Q1 2025 Financial and Operating Results
Mayfair Gold Q1 2025 Financial and Operating Results
VANCOUVER, British Columbia, May 14, 2025 / CNW/ – Mayfair Gold Corp. (“Mayfair” , or the “Company”) ( TSX-V: MFG;
OTCQX: MFGCF) is pleased to report its operating and financial results for the quarter ended March 31, 2025. Mayfair is
focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of
Northeast Ontario (“Fenn-Gib” or the “Project”). The full version of the financial statements and accompanying
management discussion and analysis can be viewed on the Company’s website at www.mayfairgold.ca or on SEDAR+ at
www.sedarplus.com. Unless otherwise stated, all amounts are presented in Canadian dollars.
Mayfair’s Chief Executive OƯicer Nicholas Campbell commented,
“Dear Stakeholders,
I am pleased to provide an update on our progress at Mayfair Gold and the Fenn-Gib Gold project in Northern Ontario. In
the current elevated gold price environment, we believe that the Fenn-Gib gold project is one of the few open pit gold
development projects in Canada that can be uniquely advanced through an Ontario Provincial permitting process, with
potential to be developed into a new gold mine during the current elevated gold price environment. We continue to advance
the Fenn-Gib gold project with ongoing programs on metallurgy, engineering, mine planning and environmental base line
data collection and review to support commencement of the Ontario permitting process and the completion of a pre-
feasibility study on a 4,800 tonne per day starter operation targeting the near surface high-grade mineralization at the
Project. This should be an exciting year for Mayfair Gold Stakeholders. We look forward to sharing our progress in 2025. "
Exploration Highlights
Subsequent to March 31, 2025, the Company provided 2025 outlook and Fenn-Gib advancement program. The program
includes;
Metallurgical test work
Environmental baseline data review
Community engagement
Election of pre-feasibility consultants
Site investigation works
High-grade starter pit confidence drilling program
Provincial permitting and prefeasibility study
Selected Financial Data
The following selected financial data is summarized from the Company’s financial statements and related notes thereto
(the “Financial Statements”) for the three months and year ended March 31, 2025, and 2024.
Three months ended
March 31,
Year ended
March 31,
2025 2024 2025 2024
Loss and comprehensive loss (1,815,633) (3,309,813) (12,682,632) (10,917,212)
Loss per share – basic and diluted (0.02) (0.03) (0.12) (0.12)
Cash and cash equivalents and
short-term investments
7.684,882 9,534,129
Total assets 22,667,265 24,489,347
Total current liabilities 507,521 749,934
Total liabilities 507,521 749,934
Total shareholders’ equity 22,159,744 23,739,413
About Mayfair Gold
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 open pit constrained mineral resource estimate with an eƯective date of September 3, 2024 with a total
Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M
tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut- oƯ grade. Please see the Company’s news
release dated September 10, 2024, for further information.
The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P .Eng.,
M.Eng, Chief Operating OƯicer of the Company, and a Qualified Person as defined by Canadian Securities Administrators’
National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
For further information, please visit www.mayfairgold.ca or direct enquiries to:
Nicholas Campbell
CEO
Mayfair Gold Corp.
489 McDougall St
Matheson, ON P0K 1N0 Canada
+1 (800) 342-6705
Cautionary Notes to U.S. Investors Concerning Resource Estimates
This news release has been prepared in accordance with the requirements of the securities laws in eƯect in Canada, which
diƯer from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing,
the terms “inferred mineral resources, ” “indicated mineral resources” and “mineral resources” used or referenced in this
presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out
in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves,
Definitions and Guidelines, May 2014 (the “CIM Standards”). The CIM Standards diƯer from the mineral property disclosure
requirements of the U.S. Securities and Exchange Commission (the “SEC”) in Regulation S-K Subpart 1300 (the “SEC
Modernization Rules”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”). As a foreign private issuer
that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not
required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide
disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company’s disclosure of mineralization and other
technical information may diƯer significantly from the information that would be disclosed had the Company prepared the
information under the standards adopted under the SEC Modernization Rules.
Forward Looking Information
This news release contains forward-looking information which reflects management’s expectations regarding the
Company’s growth, results of operations, performance and business prospects and opportunities. Forward-looking
statements in this news release include, but are not limited to, statements regarding the design, development and
execution of the Fenn-Gibb Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gibb Gold
Project to operation and the timing thereof, the Company’s ability to unlock value for its stakeholders, and the advancing
of environmental approvals and project designs. the ability of the start pit to provide free cash flow and the ability to help
pay down debt in the early stages of operation, and the ability of the Company to commence detailed engineering work
immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions
including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the
Company can access financing, appropriate equipment and suƯicient labour; and that the political environment where the
Company operates will continue to support the development and operation of mining projects. Should underlying
assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may
vary materially from those described in forward-looking statements.
Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to
diƯer from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating
to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or
unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary
governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology,
grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be
consistent with the Compan y’s expectations; the potential for and e Ưects of labor disputes or other unanticipated
diƯiculties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined
varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of
production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain
political and economic environments; and changes in laws or policies.
The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of
new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking
statements reflect management’s beliefs, opinions and projections as of the date of this news release.
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy of this news release.