Mayfair Gold Corp (MINE) News & EventsMINEMayfair Gold Corp

Mayfair Gold Signs C$310M Financing Agreement

Mayfair Gold has entered into a subscription agreement in connection with a strategic equity investment of C$10M and an engagement letter and non-binding term sheet with Macquarie Bank for a proposed C$300M project finance facility for a total proposed financing package of up to C$310M. The financing would support development of Mayfair's 100%-owned Fenn-Gib Gold Project in the Timmins region of Northern Ontario. Highlights: Equity investment - Macquarie has entered into a subscription agreement for C$10M of Mayfair common shares, priced at $C4.26, representing a 10% premium to the 5-day VWAP, aligning a leading global resources bank with Mayfair's shareholders. Project finance facility - non-binding engagement letter to arrange a C$300M project finance facility which, if completed on the terms contemplated, would fund the majority of the C$450M initial development capital estimated in the 2026 Pre-Feasibility Study. Early draw feature - the proposed Facility includes a C$25M early drawdown tranche expected to be available on closing, which would provide financial flexibility to fund early works, long-lead equipment purchases and detailed engineering ahead of full construction drawdowns. Interest rate - Adjusted Term Canadian Overnight Repo Rate Average "CORRA" plus 4.75% per annum, stepping down to Adjusted Term CORRA plus 4.25% per annum following project completion, with up to C$20M of interest capitalizable during construction. Repayment terms aligned with the mine plan - quarterly repayments would commence six months after the start of commercial production, with full repayment no later than 72 months after initial drawdown of the Facility following the early drawdown tranche. Gold offtake - the financing package includes an offtake right in favour of Macquarie over the first 50,000 ounces of gold produced each year, to a maximum of 300,000 ounces, priced at a published reference price less $50 per ounce, with 50% of such gold offtake vesting concurrently with signing of the engagement letter and closing of Macquarie's equity investment and the remaining 50% of such gold offtake vesting on closing of the Facility. Under the non-binding term sheet, Macquarie would act as Mandated Lead Arranger, Agent and Sole Underwriter of the Facility, which would be structured as a project finance facility. The proceeds would be used to partially fund the development, construction, commissioning and start-up of Fenn-Gib, together with associated working capital and project costs. The Facility would be secured by first-ranking security over the Project. Macquarie may, in consultation with Mayfair, arrange participation by additional lenders or risk participants in respect of a minimum of 30% of the Facility amount.

Mayfair Gold Appoints New Executives to Advance Projects

Mayfair Gold announced the appointments of Desmond "Des" Tranquilla as Chief Projects Officer and Ruben Wallin as Senior Vice President, Sustainability. The appointments deepen the Company's management as the project advances on two critical fronts: The Ontario government's One Project, One Process approvals process and a construction decision in 2028. Desmond Tranquilla is a seasoned mining executive and Professional Engineer with more than 35 years of experience in project development, construction, operations, and strategic leadership. A University of New Brunswick Civil Engineering graduate, he has held senior roles with Canada Nickel Company, SNC-Lavalin, Ausenco, AMEC, and Detour Gold. Most recently, Tranquilla served as Vice President, Projects at Canada Nickel Company, helping advance the Crawford Nickel Project. His career includes leadership roles on major developments such as Vale's C$1.6B Atmospheric Emission Reduction Project, the C$1.5B Detour Lake Mine Project, and significant potash expansions in Saskatchewan.

Mayfair Gold Completes Grade Control Drilling at Fenn-Gib Project

Mayfair Gold announced final results and evaluation of the tight-spaced Grade Control drilling program. Highlights and analysis from the Grade Control drilling test area: Grade Control program tested ~1.0M tonnes of the probable mineral reserves from the 2026 Pre-Feasibility Study, about 25% of Phase 1; Reserve model validated in test area; At a 0.8 g/t Au cut-off grade, the Grade Control model returned the similar grade as the reserve model, with approximately 2% more contained metal; 28% more tonnes at 7% higher grade for material above 3.0 g/t Au; De-risking of early years' high-grade feed and cash flow profile; Improved confidence in early cash flows will facilitate project financing discussions with counter parties; Potential to bring forward higher-grade production. Mayfair Gold reports results from the analysis of the grade control program completed in late 2025 at the Fenn-Gib Project, confirming approximately 1 million tonnes of ore-grade material that was categorized as probable reserves in the PFS, or roughly 25% of the Phase 1 planned design. The program was designed to validate the distribution and continuity of mineralization and refine planning assumptions related to ore shapes, dilution and ore loss. Drew Anwyll, CEO said, "The grade control drilling program has reinforced our confidence and further de-risked the Fenn-Gib deposit. The results confirm that the Mineral Reserve Estimate is an accurate representation of the orebody, demonstrating strong predictability between the model and what we are seeing in the field. Importantly, the program gives us confidence that the high-grade material scheduled for the early years of the mine plan is present and can be delivered as modeled. Grade control drilling has also identified the potential strengthening of the early production profile by utilizing more tonnes of a higher-grade material."