MAYFAIR GOLD APPOINTS CHIEF PROJECTS OFFICER AND SENIOR VICE PRESIDENT, SUSTAINABILITY AS FENN-GIB ADVANCES TOWARD DEVELOPMENT
Rhea-AI Summary
Mayfair Gold (NYSE American: MINE) appointed Desmond “Des” Tranquilla as Chief Projects Officer and Ruben Wallin as Senior Vice President, Sustainability, to support advancing the 100%-owned Fenn-Gib gold project toward permitting under Ontario’s 1P1P process and a targeted 2028 construction decision.
Both executives bring over 30 years of mining, project development, and environmental approvals experience. Mayfair Gold granted each appointee options to acquire 200,000 common shares, exercisable at the 5-day VWAP ending August 24, 2026, for five years to August 24, 2031, under its Omnibus Incentive Plan. The company also granted 2,452,500 Performance Restricted Share Units to officers and employees, vesting over up to three years upon achieving Fenn-Gib advancement milestones.
The Fenn-Gib project hosts a 4.3 Moz indicated resource and a 1 Moz probable reserve near surface. The 2026 Pre-Feasibility Study outlines initial capital of C$450 million, a 2.7-year payback, and US$896 million cumulative free cash flow over six years at US$3,100/oz gold, with construction targeted for 2028 and first production in 2030.
Positive
- Experienced project and sustainability leaders appointed to support Fenn-Gib permitting and execution
- 400,000 stock options granted to new executives, aligning compensation with share performance
- 2,452,500 PRSUs tied to Fenn-Gib advancement milestones, linking incentives to project progress
- 4.3 Moz indicated resource and 1 Moz probable reserve support Fenn-Gib’s development case
- Initial capital C$450 million with 2.7-year payback in PFS base case
- US$896 million cumulative free cash flow projected over first six years at US$3,100/oz gold
Negative
- C$450 million initial development capital required for Fenn-Gib in PFS base case
- Up to 2,852,500 additional shares from options and PRSUs may dilute existing shareholders if fully settled in equity
- Project timelines target construction in 2028 and initial production in 2030, implying multi-year pre-cash-flow period
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 12 | Q2 earnings report | Neutral | -0.8% | Reported Q2 operating and financial results while reiterating Fenn-Gib development plans |
| Jul 23 | Project advancement update | Positive | -4.1% | Advanced engineering, permitting, grade-control work, property acquisitions, and stakeholder activities |
| Jun 25 | Annual meeting results | Neutral | -1.1% | Shareholders approved directors, auditor, incentive plan, and employee stock-option grants |
| Jun 18 | Grade-control results | Positive | -2.6% | Drilling indicated more tonnes, higher grade, and more gold in the test area |
| May 28 | Project-team appointment | Positive | +7.0% | Added a project director to support Fenn-Gib development toward a 2028 decision |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Mayfair's recent project and operating announcements generally recorded negative 24-hour reactions, with the prior project-team appointment as an exception.
Key Terms
pre-feasibility study technical
indicated mineral resource technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Drew Anwyll, P.Eng., CEO of Mayfair Gold, stated: "I am pleased to welcome Des and Ruben to Mayfair Gold as we advance Fenn-Gib toward a construction decision. Their appointments strengthen two critical areas of project execution on an accelerated timeline. Des brings the integrity, collaborative approach, and proven leadership across project development experience needed to lead mining projects through engineering, construction, commissioning, and operations, while Ruben brings extensive experience in environmental approvals stewardship, permitting, government relations, and Indigenous and community engagement across the full mining lifecycle. Together with, and working alongside our experienced team, they will help strengthen our ability to advance Fenn-Gib safely, efficiently, and with discipline through the 1P1P framework, while continuing to build strong relationships with Indigenous communities."
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, Mr. 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
Mr. Tranquilla, P.Eng., incoming Chief Projects Officer, added: "I am excited to join Mayfair Gold at a pivotal stage in Fenn-Gib's development. My immediate priority will be to build on the Project's strong technical foundation and translate its development strategy into a practical, well-coordinated execution plan as it progresses through detailed engineering and into construction. Beyond advancing Fenn-Gib, I see a compelling opportunity to help establish Mayfair as a leading Canadian gold company."
Mr. Wallin has over 30 years of experience working at the intersection of mining operations, environmental stewardship, permitting, government relations, and community engagement. His background combines technical engineering education with corporate and site-level experience on major mining projects and operations, giving him extensive expertise in navigating the environmental, regulatory, and stakeholder requirements associated with mine development and production.
Throughout his career, Mr. Wallin has held positions with Placer Dome, De Beers Canada, Barrick, Osisko, and Detour Gold. Most recently, he served as Vice President, Sustainability at Generation Mining, where he played a key role in advancing the environmental approvals for the Marathon Project.
Mr. Wallin, P.Eng., added: "I am excited to join Mayfair Gold and contribute to the responsible development of Fenn-Gib. I look forward to working with the site team, Indigenous communities, regulators, and other stakeholders to advance the Project's environmental approvals and build durable relationships grounded in a culture of respect, transparency, and collaboration, with a clear focus on excellence."
The Company also announces the grant of stock options to Mr. Tranquilla and Mr. Wallin to each acquire 200,000 common shares in the capital of the Company at an exercise price which shall be the 5-day volume weighted average trading price of the Company's common shares on the TSX Venture Exchange on and including August 24, 2026 for a five-year term expiring on August 24, 2031 in accordance with the Omnibus Incentive Plan.
The Company further announces the grant of 2,452,500 Performance Restricted Share Units "PRSUs" to certain officers and employees of the Company in accordance with the Omnibus Incentive Plan. These PRSUs will vest after specific milestones related to the advancement of the Fenn-Gib Project, which are expected to significantly increase shareholder value, are met, as prescribed and approved by the Company's board of directors. The PRSUs will vest at the latter of the milestone being achieved or 1-year, with a maximum vesting period of 3 years, as per the Company's Omnibus Incentive Plan.
About Mayfair Gold
Mayfair Gold is a Canadian development-stage gold company focused on advancing the
The content of this news release has been reviewed on behalf of the Company and approved by Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair, a QP as defined in NI 43-101.
_________________________________ |
1 Please 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. |
2 Free cash flow does not have a standardized meaning and may not be comparable to similar measures presented by other issuers, referred to as non-GAAP financial measures. As the Corporation is not in production, the Corporation does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures may not be reconciled to the nearest comparable measures under IFRS. |
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
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/mayfair-gold-appoints-chief-projects-officer-and-senior-vice-president-sustainability-as-fenn-gib-advances-toward-development-302857798.html
SOURCE Mayfair Gold Corp.