MAYFAIR GOLD ADVANCES DISTRICT-SCALE EXPLORATION STRATEGY

Rhea-AI Summary

Mayfair Gold (NYSE American:MINE) launched a regional exploration program across its Timmins camp after acquiring the Guibord, Marriott and Holloway properties. The work complements the 4.3‑million‑ounce indicated Fenn-Gib resource, advanced by a positive 2026 PFS, and targets high-grade structures along the Porcupine–Destor Fault Zone.

AI-generated analysis. Not financial advice.

Positive

• 4.3 Moz indicated Fenn-Gib resource with positive January 2026 PFS
• Consolidated district-scale land package along Porcupine–Destor Fault Zone
• South Block covers 6.4 km strike with confirmed gold mineralization
• Recent drilling returned up to 12.7 g/t Au over 0.5 m
• Historical targets show grades up to 265 g/t Au over 0.5 m at Guibord
• Exploration program planned to continue throughout 2026, building a pipeline of targets

Negative

• None.

Key Figures

Indicated resource: 4.3 million ounces gold Resource tonnage: 181.3 Mt at 0.74 g/t Net loss: $7.3M +5 more

8 metrics

Indicated resource 4.3 million ounces gold Fenn-Gib Gold Project indicated mineral resource

Resource tonnage 181.3 Mt at 0.74 g/t Fenn-Gib indicated mineral resource grade and tonnage

Net loss $7.3M Q1 2026 net loss reported in 6-K

Exploration expenses $5.3M Q1 2026 exploration and evaluation expenses

Cash balance $32.3M Cash and cash equivalents at end of Q1 2026

Working capital $31.9M Working capital at end of Q1 2026

Initial development capital $450M Initial Fenn-Gib development capital from January 2026 PFS

LOM production 920,000 ounces Life-of-mine production over 14.3 years from PFS

Market Reality Check

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$2.89 Last Close

Volume Volume 11,673 is 0.31x the 20-day average of 38,153, indicating light trading ahead of this news. low

Technical Shares at 3.04 are trading above the 200-day MA of 1.37, but sit at the 52-week low and 37.7% below the 52-week high of 4.88.

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Peers on Argus

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No peers from the Gold industry appeared in the momentum scanner, and no peer headlines were flagged, suggesting the -1.3% move was stock-specific rather than part of a sector-wide rotation.

Historical Context

5 past events · Latest: May 13 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
May 13	Q1 2026 results	Neutral	+0.0%	Reported Q1 2026 operating and financial results and referenced prior project update.
May 13	Leadership additions	Positive	-3.5%	Appointed new VP Exploration and VP Mineral Resource Management for Fenn-Gib and regional assets.
May 04	New CEO named	Positive	+0.7%	Appointed Drew Anwyll as CEO to lead Fenn-Gib development and permitting.
Apr 27	Project work update	Positive	-2.7%	Outlined Q1 2026 technical, environmental and permitting progress at Fenn-Gib.
Apr 16	Insider placement	Positive	+0.9%	CFO completed a private placement to fund continued advancement of Fenn-Gib.

Pattern Detected

Recent news has often been operationally positive, but price reactions have been mixed, with both gains and pullbacks following corporate and project updates.

Recent Company History

Over the last few months, Mayfair Gold has focused on advancing its Fenn-Gib project and corporate infrastructure. A private placement with the CFO on Apr 16, 2026, a project work update on Apr 27, 2026, and the appointment of a new CEO on May 4, 2026 all supported the development narrative. Additional leadership appointments and Q1 2026 results on May 13, 2026 further underlined this transition phase. The new regional exploration program complements this history by expanding potential resource growth beyond the core Fenn-Gib deposit.

Market Pulse Summary

This announcement expands Mayfair Gold’s story beyond its core Fenn-Gib deposit, which hosts a 4.3 m...

Analysis

This announcement expands Mayfair Gold’s story beyond its core Fenn-Gib deposit, which hosts a 4.3 million ounce indicated resource, by outlining a district-scale exploration program along the Porcupine–Destor Fault Zone. The news builds on recent project work and leadership changes aimed at advancing development. Investors may track how capital is allocated given the Q1 2026 $7.3M net loss, $5.3M in exploration expenses, the PFS’s $450M initial capital, and progress converting emerging targets into defined resources.

Key Terms

indicated mineral resource, pre-feasibility study, ni 43-101, quartz-carbonate vein systems, +1 more

5 terms

indicated mineral resource technical

"flagship Fenn-Gib Gold Project, which hosts a 4.3 million ounce indicated mineral resource of gold"

A quantified portion of a mineral deposit where geological evidence and sampling give a reasonable level of confidence in the quantity, grade and continuity of the minerals — think of it as a well-marked stretch on a treasure map rather than a vague hunch. It matters to investors because it provides a credible estimate that can be used for preliminary economic studies and valuation, reducing uncertainty compared with less-certain resource categories.

pre-feasibility study technical

"advanced toward development through a positive Pre-Feasibility Study (the "PFS") released in January 2026"

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

ni 43-101 regulatory

"technical report entitled "Fenn-Gib Gold Project NI 43-101 Technical Report and pre-Feasibility Study""

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

quartz-carbonate vein systems technical

"associated with shear zones and quartz-carbonate vein systems developed along secondary splays"

Quartz-carbonate vein systems are networks of fractures in bedrock that have been filled by quartz and carbonate minerals deposited from hot, mineral-rich fluids as they cooled. Think of them like nature’s plumbing where dissolved metals can concentrate, forming bands of higher-grade ore. For investors, these veins matter because their presence, size, continuity and metal content strongly influence a mining project’s potential value, recoverable resources and exploration risk.

orogenic gold systems technical

"consistent with orogenic gold systems in the Timmins camp"

Orogenic gold systems are natural concentrations of gold formed in rocks that were squeezed, heated and fractured during mountain-building events deep within the Earth; the metal is often trapped in veins and structural zones where fluids moved through cracks. Investors care because these systems can host large, high-grade gold deposits that drive mining projects and exploration value — think of gold concentrated along seams in a folded fabric where miners search for the richest threads.

AI-generated analysis. Not financial advice.

TORONTO, May 21, 2026 /PRNewswire/ - Mayfair Gold Corp. ("Mayfair", "Mayfair Gold", or the "Company") (TSXV: MFG) (NYSE American: MINE) is pleased to announce that it is initiating a regional exploration program across its Timmins camp land package, following the acquisition of the Guibord, Marriott, and Holloway properties and the continued advancement of exploration at the South Block. These properties complement the Company's flagship Fenn-Gib Gold Project, which hosts a 4.3 million ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t) and was advanced toward development through a positive Pre-Feasibility Study (the "PFS") released in January 2026.¹

The consolidated land package is located along and adjacent to the Porcupine–Destor Fault Zone ("PDFZ"), one of the most prolific gold-bearing structural corridors in the Abitibi Greenstone Belt. This consolidation positions Mayfair to systematically evaluate a district-scale land package along a well-endowed segment of the corridor.

Strategic Highlights

• Regional exploration program initiated to test the high-conviction PDFZ, with the goal of enhancing mineral resource scale and growth opportunities
• Previous drilling confirms structurally controlled gold mineralization, including high-grade intervals exceeding 5 g/t Au (see Figure 2)
• Pipeline of targets advancing toward Phase 1 drill testing via a staged approach to maximize capital efficiency
• Prioritize higher-grade potential for processing at the planned Fenn-Gib operation to improve projected return on invested capital, as highlighted in the 2026 PFS

___________________________

1Please refer to the technical report entitled "Fenn-Gib Gold Project NI 43-101 Technical Report and pre-Feasibility Study" dated effective December 19, 2025 available on SEDAR+ at www.sedarplus.ca for further details.

"Mayfair's regional land package provides the Company with a compelling district-scale exploration opportunity along the Porcupine-Destor Fault Zone," said Drew Anwyll, P.Eng and CEO of Mayfair Gold. "The Company's primary focus remains advancing Fenn-Gib towards production via the provincial permitting path. However, we are excited to relaunch exploration activities across the broader property portfolio as there is a tremendous opportunity to create value through mineral resource growth. With a measured approach to exploration, Mayfair intends to develop an exploration pipeline to highlight another avenue for growth and investment potential that complements what we expect to be the significant value creation of taking Fenn-Gib into production."

"I joined Mayfair because of the strong exploration upside across its property portfolio and its highly prospective position along the Porcupine-Destor Fault Zone," said Adree DeLazzer, VP Exploration. "The South Block, in particular, displays compelling litho-structural characteristics within a largely underexplored segment of the fault zone. The combination of favourable stratigraphy, structural complexity, and localized high-grade gold mineralization underscores the broader exploration potential of the Mayfair land package and supports continued systematic target development across the property."

Regional Exploration Focus

Mayfair's regional properties are located within a well-endowed segment of the PDFZ that hosts a range of gold deposit styles, including high-grade systems.

These include the Black Fox Mine, a high-grade underground gold operation within the Timmins camp, as well as the past-producing Croesus Mine, historically recognized for high-grade gold mineralization, with reported historical production averaging approximately 95 g/t Au from quartz vein systems *(ODM Vol. LX, Part VIII, 1951) (see Figure 1).²

Gold mineralization within the corridor is commonly associated with shear zones and quartz-carbonate vein systems developed along secondary splays and flexures of the deformation corridor, commonly at contacts between volcanic units and sedimentary rocks.  Structural complexity, competency contrasts, and localized dilation zones are interpreted to be important controls on higher-grade mineralization within the district. The Company believes the consolidated land package provides exposure to multiple underexplored structural corridors prospective for both bulk-tonnage and high-grade gold mineralization.

_____________________________

2 Ontario Department of Mines (ODM Vol. LX, Part VIII, 1951)

Emerging Regional Exploration Targets

The South Block comprises 1491 hectares and covers 6.4 kilometres of strike length along the PDFZ.  The property is situated between McEwen Mining Inc.'s Fox Complex and STLLR Gold Inc.'s Tower Gold Project, both of which host multiple gold deposits along the PDFZ (see Figure 2).

The South Block represents a structurally prospective and underexplored portion of Mayfair's land package, where favourable stratigraphy and structural complexity coincide with limited modern drilling. While portions of the North Block have been extensively drilled and form the basis of the current mineral resource estimate, exploration across the South Block remains at an early stage.

Modern drilling on the South Block has comprised 27 diamond drill holes totaling approximately 5,700 metres targeting gold mineralization, excluding earlier kimberlite testing. The 2022 program tested two primary gold target areas, while the 2024 program advanced drilling across multiple structurally defined targets identified through integrated geophysical and geological interpretation.

Recent drilling has confirmed the presence of structurally controlled gold mineralization across multiple targets, including repeated intervals exceeding 0.5 g/t Au and narrow higher-grade intervals exceeding 5 g/t Au, with the best reported assay of 12.7 g/t Au over 0.5 metres (see Appendix 1). Mineralization is associated with shear zones and quartz-carbonate veining developed along secondary structures, consistent with orogenic gold systems in the Timmins camp.

In addition to the South Block, Mayfair continues to evaluate multiple regional exploration targets across the North Block and broader property package, including the Johns-Manville trend, American Eagle, G-101, and Central Syenite target areas. Historical exploration at American Eagle reportedly returned grab samples up to 42.0 g/t Au proximal to the Pipestone Fault, while drilling at the G-101 target reportedly returned intersections including 4.47 g/t Au over 13.2 metres, including 13.56 g/t Au over 2.77 metres. Historical drilling at the Central Syenite target also reportedly returned high-grade gold mineralization, including intervals up to 19.55 g/t Au over 1.7 metres associated with intrusive-related structural targets.  

At Guibord, historical drilling intersected 265 g/t Au over 0.50 metres in hole G09-01 associated with a syenite dyke and visible gold (see Plato Gold PR Dec. 22, 2009), while previous operators tested the North Zone returning an intersection of 8.22 g/t Au over 2.1 metres, including 13.7 g/t Au over 1.22 metres. These targets remain relatively underexplored and represent potential opportunities for additional gold discoveries beyond the existing Fenn-Gib resource area.

Exploration Strategy

Mayfair is advancing a phased exploration program focused on a staged approach that maximizes capital efficiency.

• Integration of historical and modern datasets
• Refinement of structural controls on mineralization
• Target generation across Mayfair's regional Timmins camp properties
• Advancement of priority targets toward Phase 1 drill testing
• Prioritization of high-grade targets that may offer production advantages within the Fenn-Gib deposit

This approach is designed to systematically evaluate the Company's expanded land position and prioritize high-quality exploration opportunities.

Next Steps

Initial work programs are underway and will include:

• Field mapping and validation of geological and geophysical targets
• Structural interpretation and refinement of priority zones
• Surface geochemical sampling in target areas
• Potential Induced Polarization or other geophysical surveys
• Advancement of priority targets toward follow-up drilling

Mayfair expects exploration activities to continue throughout 2026 as the Company advances priority targets across its regional Timmins camp land package.

About Mayfair Gold

Mayfair Gold is a Canadian gold company focused on advancing the Fenn-Gib Project in the Timmins region of Northern Ontario. The 2026 Pre-Feasibility Study (the "PFS") outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow of US$896 million over the first six years of production based on a US$3,100/oz gold price. The Company is advancing permitting activities and stakeholder engagement with the goal of starting construction in 2028 and initial production in 2030.

The content of this news release has been reviewed on behalf of the Company and approved by Adree DeLazzer, P.Geo., VP Exploration of Mayfair, a QP as defined in NI 43-101. The Qualified Person has reviewed the available historical exploration data referenced in this release, including historical reports and assay information where available, and considers the information to be relevant as an indication of the exploration potential of the properties. The Company has not independently verified all historical exploration results referenced in this news release and readers are cautioned that such results should not be relied upon.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain forward-looking information within the meaning of applicable Canadian securities legislation and forward-looking statements within the meaning of applicable United States securities legislation (collectively "forward-looking information"). The use of the words "will" and "expect" and similar expressions are intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, the building and operating of the Fenn-Gib Project, the growth of the Company's exploration pipeline, the Company's broader land package presenting a compelling opportunity to evaluate additional targets along the Porcupine-Destor Fault Zone, the advancement of exploration programs focused on defining and prioritizing structurally controlled high-grade gold targets and all disclosure related to the PFS, including the expected commencement of construction and production. Although Mayfair Gold believes that the expectations reflected in such forward-looking information are reasonable, readers are cautioned that actual results may vary from the forward-looking information. The Company has based this forward-looking information on its current expectations and assumptions about future events. This information also involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking information, including the risks, uncertainties and other factors identified in the annual information form and form 40-F of the Company for the year ended December 31, 2025 available at on the Company's profile at www.sedarplus.ca and EDGAR at www.sec.gov, respectively. Furthermore, the forward-looking information contained in this news release is made as of the date of this news release and except as required by applicable securities laws, Mayfair does not undertake any obligation to publicly update or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise.

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.

For further information, please visit www.mayfairgold.ca or direct enquiries to:

Drew Anwyll, P.Eng.
CEO, Mayfair Gold Corp.
489 McDougall St.
 Matheson, ON P0K 1N0, Canada
+1 (855) 350-5600 
info@mayfairgold.ca

Appendix One – 2024 South Block Exploration Diamond Drill Program

Table 1:  2024 Diamond Drill Collar Parameters

Hole ID	UTM Easting	UTM Northing	Elev. (m)	Azimuth (°)	Dip (°)	Hole Depth (m)
FGS-24-001	562354	5368480	314	357	-43	259.3
FGS-24-002	562746	5368120	324	8	-45	189.0
FGS-24-003	561849	5367998	312	155	-45	291.0
FGS-24-004	561860	5367721	320	0	-44	280.0
FGS-24-005	561852	5367423	322	46	-39	303.0
FGS-24-006	562111	5367250	327	31	-36	249.0
FGS-24-007	561324	5367461	316	356	-45	186.0
FGS-24-008	561247	5367385	311	339	-44	236.0
FGS-24-009A	560865	5368311	307	231	-43	282.0
FGS-24-010A	559676	5368136	305	72	-44	234.0
FGS-24-011	559674	5368133	302	160	-45	261.0
FGS-24-012	559543	5368676	305	184	-48	276.0
FGS-24-013	562354	5368464	312	2	-61	375.0

Table 2:  2024 Diamond Drill Hole Results

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Composite / Included Interval
FGS-24-001	170.0	171.0	1.0	1.08	15.0 m @ 0.82 g/t Au (170–185 m)
FGS-24-001	173.0	174.0	1.0	0.81
FGS-24-001	174.0	175.0	1.0	1.06
FGS-24-001	176.0	177.0	1.0	1.42
FGS-24-001	178.0	179.0	1.0	0.54
FGS-24-001	179.0	180.0	1.0	1.34
FGS-24-001	180.0	181.0	1.0	1.23
FGS-24-001	181.0	182.0	1.0	0.73
FGS-24-001	182.0	183.2	1.2	0.86
FGS-24-001	184.0	185.0	1.0	1.37
FGS-24-003	219.0	220.0	1.0	0.68
FGS-24-003	273.5	275.0	1.5	0.88
FGS-24-003	275.0	275.9	0.9	0.57
FGS-24-003	284.0	285.0	1.0	0.52
FGS-24-004	146.0	147.7	1.7	0.50
FGS-24-004	187.0	188.0	1.0	0.59
FGS-24-004	201.0	202.0	1.0	0.54
FGS-24-004	213.6	214.1	0.5	12.73	0.5 m @ 12.73 g/t Au (213.6–214.1 m)
FGS-24-007	82.5	84.0	1.5	0.52
FGS-24-007	113.0	114.5	1.5	2.49
FGS-24-010A	204.5	206.0	1.5	2.44
FGS-24-013	121.5	123.0	1.5	0.66	9.9 m @ 1.36 g/t Au (121.5–131.4 m)
FGS-24-013	123.0	124.5	1.5	0.77
FGS-24-013	124.5	126.0	1.5	0.51
FGS-24-013	128.0	129.0	1.0	0.73
FGS-24-013	129.0	130.0	1.0	0.55
FGS-24-013	130.0	130.6	0.6	1.20
FGS-24-013	130.6	131.4	0.8	7.14
FGS-24-013	180.0	180.5	0.5	0.72
FGS-24-013	197.0	197.5	0.5	5.50	3.0 m @ 1.53 g/t Au (197–200 m)
FGS-24-013	198.0	199.0	1.0	0.52
FGS-24-013	199.5	200.0	0.5	1.49
FGS-24-013	355.5	357.0	1.5	1.16

View original content to download multimedia:https://www.prnewswire.com/news-releases/mayfair-gold-advances-district-scale-exploration-strategy-302778393.html

SOURCE Mayfair Gold Corp.

FAQ

What exploration program did Mayfair Gold (NYSE American:MINE) announce on May 21, 2026?

Mayfair Gold announced a regional exploration program across its Timmins camp land package. According to Mayfair Gold, the program follows recent property acquisitions and will systematically test high-priority targets along the Porcupine–Destor Fault Zone to support potential mineral resource growth and future development options.

How large is the Fenn-Gib gold resource for Mayfair Gold (MINE) and what did the 2026 PFS conclude?

Fenn-Gib hosts an indicated mineral resource of 4.3 million ounces of gold. According to Mayfair Gold, this 181.3 Mt resource at 0.74 g/t Au was advanced toward development by a positive Pre-Feasibility Study released in January 2026, supporting progress along the provincial permitting path.

Where are Mayfair Gold's South Block and regional properties located within the Timmins camp?

Mayfair Gold’s South Block covers 1,491 hectares and 6.4 kilometres of strike along the Porcupine–Destor Fault Zone. According to Mayfair Gold, the property lies between McEwen Mining’s Fox Complex and STLLR Gold’s Tower Gold Project, within a well-endowed gold corridor in the Timmins camp.

What drill results support Mayfair Gold’s district-scale exploration potential at the South Block and other targets?

Recent and historical work has returned multiple high-grade gold intersections across the land package. According to Mayfair Gold, South Block drilling includes 12.7 g/t Au over 0.5 m, while regional targets reported intervals such as 4.47 g/t Au over 13.2 m and 265 g/t Au over 0.5 m.

What is Mayfair Gold’s exploration strategy for its Timmins regional program in 2026?

Mayfair Gold plans a phased, capital-efficient exploration program across its Timmins properties. According to Mayfair Gold, the strategy integrates historical and modern data, refines structural controls, generates targets, and advances high-priority zones toward Phase 1 drilling, with activities expected to continue throughout 2026.

How does Mayfair Gold’s regional exploration relate to the planned Fenn-Gib operation for MINE shareholders?

Regional exploration is intended to complement advancing Fenn-Gib toward production, not replace it. According to Mayfair Gold, higher-grade regional targets could provide potential processing feed for the planned Fenn-Gib operation, aiming to enhance projected returns on invested capital outlined in the 2026 PFS.