Mayfair Gold Q3 2025 Financial and Operating Results
Mayfair Gold Q3 2025 Financial and Operating
Results
VANCOUVER, BC
,
Nov. 17, 2025
/CNW/ - Mayfair Gold Corp. ("
Mayfair
", or the "
Company
") (TSXV: MFG)
(OTCQX: MFGCF) is pleased to report its operating and financial results for the quarter ended
September 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 Q3 2025,
Mayfair
completed a
$40 million
LIFE Offering which secured substantial funding to support
the Mayfair Gold and advance the Fenn-Gib gold project through permitting, detailed engineering and community
engagement. The company continued to advance work on the Pre-Feasibility Study ("
PFS
") for a 4,800 tpd open
pit operation targeting the high-grade near surface zone of mineralization at Fenn-Gib.
The Company commenced a confidence drilling program in
October 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. Results of the drill program are expected to be available in Q1 2026.
Mayfair
continues to focus on derisking the Fenn-Gib gold project. The PFS remains on track to be completed in Q4 2025
with formal Provincial permitting activities expected to commence at the start of 2026.
With a strong balance sheet, an established team to advance the Fenn-Gib Project, execute the construction of
the mine and with the upcoming PFS to illustrate the potential economics of 4,800 tpd open pit targeted the high-
grade zone at Fenn-Gib, Mayfair Gold is very excited about the prospects for the Company as we unlock the
value of Fenn-Gib and work to advance Mayfair Gold into a new Canadian Gold producer."
Corporate Highlights During the Quarter
On
September 4, 2025
, the Company held the Annual General and Special Meeting of Shareholders.
Mayfair
shareholders approved the re-election of
Darren McLean
,
Carson Block
,
Zach Allwright
,
Sean Pi
and
Christine Hsieh
; the re-appointment of Davidson & Company LLP as auditors of the Company; and the
approval of a new 10% rolling Omnibus Incentive Plan to replace the existing stock option plan.
On
September 16, 2025
, the Company closed the LIFE offering resulting in the issuance of 24,244,000
common shares at a price of
$1.65
per common share for gross proceeds of
$40,002,600
. The Company
intends to use the net proceeds from the offering for metallurgical and detailed engineering at its Fenn
Gib
gold project in
Timmins, Ontario
, and for working capital and general corporate purposes.
Subsequent to
September 30, 2025
, the Company filed its Annual Information Form for the year ended
December 31, 2024
, on SEDAR
Exploration Highlight
Subsequent to
September 30, 2025
, the Company filed a technical reported prepared in accordance
with
National Instrument 43-101 Standards of Disclosure for Mineral Projects
for the Fenn-Gib Gold Project.
The effective date of this updated mineral resource estimate is
September 3, 2024
.
Selected Financial Data
The following selected financial data is summarized from the Company's financial statements and related notes
thereto for the three and nine months ended
September 30, 2025
and 2024.
Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
$
$
$
$
Loss and comprehensive loss
(2,241,177)
(1,434,837)
(6,169,868)
(10,456,025)
Loss per share – basic and diluted
(0.02)
(0.01)
(0.06)
(0.10)
September 30,
2025
December 31,
2024
$
$
Cash and cash equivalents and short-term investments
41,814,681
9,534,129
Total assets
56,748,042
24,489,347
Total current liabilities
1,182,371
749,934
Total liabilities
1,182,371
749,934
Total shareholders' equity
55,565,671
23,739,413
About Mayfair Gold
Mayfair Gold is a well-funded Canadian gold development company focused on advancing the 100%-owned
Fenn-Gib gold project in the
Timmins
region of
Northern Ontario
. The Fenn-Gib gold deposit hosts an Indicated
Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold.
Mayfair
is focused on advancing Fenn-
Gib through the Ontario Provincial permitting process to transition
Mayfair
into a new Canadian gold producer in
the current gold cycle.
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
").
Neither the TSX Venture Exchange 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.
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. 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 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 continue 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 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, advancing Fenn-Gib to production and cash flow expected to
help fund potential future growth opportunities, and including the potential to permit and develop a larger operation
at Fenn-Gib. 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 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; 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 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; 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.
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For further information:
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,
CO: Mayfair Gold Corp.
CNW 22:03e 17-NOV-25