Mayfair Gold Q2 2025 Financial and Operating Results
Mayfair Gold Q2 2025 Financial and Operating Results
VANCOUVER, British Columbia, August 25, 2025 (GLOBE NEWSWIRE) – 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 June 30, 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’s 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 Officer 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
Q2 2025, Mayfair announced the results of a comprehensive metallurgical testing program, which demonstrated gold
recoveries of 88.4% fo r material grading 1.5 g/t gold or higher and recovery of 82.5% for material grading 0.8 g/t gold or
higher. This work was integral to derisking the design of the process flow sheet for the upcoming Pre-Feasibility Study
(“PFS”). This also further support s the proposed advancement of Fenn -Gib by focusing on the development of a smaller
scale, higher grade operation with higher associated recoveries to begin operations.
The Company also completed an audit of the environmental baseline data collected on the project. With roughly three
years of environmental base line data collected by the end of Summer 2025, the Company is confident sufficient data has
been collected to support the commencement of formal Ontario Provincial Permitting activities shortly after the PFS has
been completed.
During the quarter, the Company also selected and executed agreements with all of the required engineering contractors
to support the completion of the PFS by the end of 2025. The Company plans to commence a confidence drilling program
in August 2025, which will give Mayfair more data to better define waste to ore boundaries and improve confidence in the
grade profile for the mine over the first several years of production. Mayfair continues to focus on derisking the Fenn -Gib
gold project. As we work to complete the PFS for the Project, Mayfair plans to submit a project description to the Ontario
Ministry of Mines (the “Ministry”) in Q3 2025. This gives the Ministry notice of Mayfair's intention to begin the formal
permitting process, which allow for the Ministry to properly resource Mayfair' s process and establish points of contact for
Mayfair to advance permitting activities for Fenn-Gib.
For the second half of 2025, Mayfair continues to advance site investigation work, engineering, and permitting preparation
with the intention of moving directly into detailed engineering of the Project and commencement of formal permitting
activities at the start of 2026. We look forward to sharing our progress over the remainder of 2025. "
Exploration Highlights
On April 3, 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
In May 2025, the Company signed all major engineering contracts to advance the Fenn-Gib PFS and provided an update on
2025 metallurgical test results supporting the 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 and six months ended June 30, 2025 and 2024.
Three months ended
June 30,
Six months ended
June 30,
2025 2024 2025 2024
Loss and comprehensive loss (2,113,058) (5,711,375) (3,928,691) (9,021,188)
Loss per share – basic and diluted (0.02) (0.06) (0.04) (0.09)
June 30,
2025
December 31,
2024
Cash and cash equivalents and
short-term investments
5,913,937 9,534,129
Total assets 20,930,574 24,489,347
Total current liabilities 694,637 749,934
Total liabilities 694,637 749,934
Total shareholders’ equity 20,235,937 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 effective 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 -off 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 Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators’
National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
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 effect in Canada, which
differ from the requirements of the U.S. securi ties 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 differ 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 con tinue to provide
disclosure under NI 43 -101 and the CIM Standards. Accordingly, the Company’s disclosure of mineralization and other
technical information may differ 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-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib 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 starter 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. Forwardlooking information is based on vari ous 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 sufficient 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
differ 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; dela ys 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, developmen t or mining results will not be
consistent with the Company’s expectations; the potential for and effects of labor disputes or other unanticipated
difficulties 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; uncerta in
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.