Welcome to our dedicated page for Mayfair Gold news (Ticker: MFGCF), a resource for investors and traders seeking the latest updates and insights on Mayfair Gold stock.
Mayfair Gold Corp (MFGCF) generates a steady flow of news as it advances its 100%-owned Fenn-Gib gold project in the Timmins region of Northern Ontario. As a Canadian gold development and mineral exploration company, its updates often center on technical studies, resource estimates, financing activities, and project milestones related to Fenn-Gib.
Readers following Mayfair Gold news can expect detailed coverage of NI 43-101 technical reports, including mineral resource estimate updates and the filing of formal technical reports for the Fenn-Gib project. The company also issues news on its Pre-Feasibility Study, outlining mine plans, production scenarios, capital cost estimates, and project economics for a proposed open-pit operation targeting near-surface high-grade mineralization.
News items frequently highlight project development progress, such as drilling programs to refine the geological model and starter pit design, geotechnical and hydrogeological investigations for the tailings storage facility, and steps in the Ontario Provincial permitting process. Corporate developments, including equity financings, share consolidations, listing applications, and management appointments, are also regular themes in Mayfair’s disclosures.
Because Mayfair Gold’s strategy is closely tied to the Fenn-Gib deposit, its news flow provides insight into how the company is working to derisk the project through technical work, environmental baseline studies, and stakeholder engagement, including agreements with nearby Indigenous communities. For investors and observers interested in gold development projects in the Timmins Gold District, this news page offers an organized view of Mayfair’s ongoing announcements and project updates.
Bookmark this page to access a chronological feed of Mayfair Gold press releases, from resource and reserve updates to financing transactions and conference participation, all connected to the company’s efforts to advance Fenn-Gib toward potential production.
Mayfair Gold (OTCQX: MFGCF) filed an NI 43-101 technical report for the Fenn-Gib Gold Project in the Timmins district with an effective mineral resource date of September 3, 2024 and an assay cut-off of April 30, 2024. The report raised the gold price assumption to US$2,000/oz (from US$1,765/oz), which lowered the cut-off grade from 0.4 g/t Au to 0.3 g/t Au and expanded the resource pit shell footprint.
The report adds detailed mineral processing and metallurgical testing results and is intended to support a pre-feasibility study expected later in 2025. The report was prepared by T. Maunula & Associates and Haggarty Technical Services.
Mayfair Gold Corp. announced that several employees, except Patrick Evans, have rescinded their termination notices and will continue their employment with the company. This decision returns approximately $2.47 million from the Change of Control Payment to the company. The Change of Control Payments originated from a settlement agreement following termination notices by key executives, including the CEO and CFO, due to change of control provisions. These funds were held in trust until the company's annual and special general meeting on June 5, 2024. Patrick Evans's portion of the payment remains in trust.
Mayfair Gold announced that the Supreme Court of British Columbia has overturned an ex parte order obtained by Muddy Waters Capital. This order, dated May 27, 2024, had restricted the distribution of $4 million in termination payments to certain employees.
The court found that Muddy Waters failed to provide full disclosure and dismissed their request for a new injunction. This decision allows Mayfair Gold to fulfill its contractual obligations to these employees as per the Settlement Agreement dated May 6, 2024. The ruling removes any restrictions on the distribution of these funds.
Chairman Harry Pokrandt stated that the court's decision confirms the meritless nature of Muddy Waters' lawsuit.
Mayfair Gold Corp. announced that certain employees who had previously submitted termination notices under change of control provisions may withdraw those notices and continue with the company if acceptable settlement terms are reached. This could result in approximately $2.47 million, part of a larger $4.0 million Change of Control Payment, being returned to the company. An ex parte order by Muddy Waters Capital currently restricts the distribution of these funds. The final decision hinges on the outcome of negotiations and the upcoming annual general meeting on June 5, 2024. Shareholders are advised to vote by June 3, 2024.
Mayfair Gold has released a letter from Independent Chairman Harry Pokrandt, addressing shareholders ahead of a important vote at the Annual General Meeting on June 5, 2024. The letter details the actions taken by the Board to protect the company during a proxy contest with Muddy Waters Capital. Key points include the Board's efforts to engage with stakeholders, maintain transparency, and honor contractual obligations with employees. Two independent proxy advisors, ISS and Glass Lewis, recommend voting for management resolutions. Shareholders are urged to vote by June 3, 2024.
Mayfair Gold Corp. (TSX-V: MFG; OTCQB: MFGCF) has supplemented its management information circular dated May 6, 2024, for the upcoming shareholder meeting on June 5, 2024. The amendments focus on employment agreements and change of control provisions following concerns over potential changes in company control. Critical changes include inserting specific language on 'Change of Control' that addresses board composition and share ownership thresholds. The company highlights its strong financial performance, noting a 27% share price increase over the past year and successful capital raises totaling $23.4 million in 2023. A settlement agreement has been reached to keep senior management in place until the shareholder meeting, aiming to avoid disruption amid ongoing proxy contest pressures from Muddy Waters Capital
Mayfair Gold Corp (TSX-V: MFG; OTCQB: MFGCF) has responded to an ex parte order by Muddy Waters Capital , restricting the distribution of $4 million held in trust for termination payments due to the company's management and employees. Mayfair believes the lawsuit is baseless and aims to coerce the board and management into acting against shareholder interests. The company plans to challenge the order vigorously. Mayfair's Chairman, Harry Pokrandt, criticized Muddy Waters for engaging in costly litigation instead of constructive dialogue. Shareholders are advised to vote using the WHITE Proxy form before June 3, 2024, for the annual meeting on June 5, 2024. Additional details are available on Mayfair's website.
Mayfair Gold Corp. has filed its management information circular and related proxy materials, urging shareholders to re-elect its experienced board of directors and reject the resolutions proposed by Muddy Waters. The Company highlights the stark contrast in experience between the two sets of nominees, emphasizing the successful execution and positive results achieved by the current board. Mayfair's share price has outperformed its peer group, and the Company faces risks of losing its management team and potential delisting if Muddy Waters' resolutions are approved. The Board emphasizes the importance of good governance and value creation, urging shareholders to vote in favor of the WHITE Proxy Card.
Mayfair Gold Corp. provided an update on the Fenn-Gib Gold Project, highlighting the successful completion of the Phase 6 drill program focused on extending the Footwall Zone mineralization. The project hosts a significant gold resource estimate and promising metallurgical test results, with ongoing environmental field programs and pre-feasibility studies. Mayfair President Patrick Evans expressed satisfaction with the program's progress and future drilling plans.
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