MAYFAIR GOLD PROVIDES Q2 2026 UPDATE ON FENN-GIB PROJECT ADVANCEMENT AND DE-RISKING ACTIVITIES
Rhea-AI Summary
Mayfair Gold (NYSE American: MINE) reported Q2 2026 progress on advancing and de-risking its 100% controlled Fenn-Gib gold project in Northern Ontario. Front-end engineering design for the planned 4,800 tpd process plant continued with Ausenco, including crushing, grinding and flotation optimization, geotechnical work and early contractor and equipment-supplier engagement.
The completed 56-hole grade control program confirmed reserve model confidence and, for material above 3.0 g/t Au, indicated 28% more tonnes at 7% higher grade, equating to 37% more gold in the test area versus the probable reserve model. Mayfair advanced environmental baseline programs and Ontario’s One Project, One Process submission work, powerline and access planning, mining lease conversion, and evaluation of condemnation drilling. The company also closed the acquisition of nearby Guibord, Marriott and Holloway properties and entered a C$47,000 research services agreement with Atrium and a US$400,000 six‑month digital advertising agreement with Gold Standard Media.
Positive
- Grade control drilling 28% more tonnes and 7% higher grade above 3.0 g/t Au, yielding 37% more gold than the probable reserve model in the test area
- Planned 4,800 tpd process plant advancing through FEED with Ausenco and geotechnical investigations completed for plant site infrastructure
- Environmental and permitting work progressed for Ontario’s One Project, One Process, including expanded water, wildlife and air baseline programs
- Strategic land package expanded via acquisition of Guibord, Marriott and Holloway properties along the Porcupine-Destor Fault Zone
- Project economics from PFS: 4.3 Moz indicated resource and 1.0 Moz probable reserve, initial capex C$450M, 2.7-year payback and US$896M cumulative free cash flow over six years at US$3,100/oz gold
- Capital markets outreach strengthened through a C$47,000 Atrium research agreement and a US$400,000 Gold Standard Media digital campaign
Negative
- Initial development capital of C$450M required to build Fenn-Gib, as outlined in the 2026 Pre-Feasibility Study
- Marketing and research spend of approximately C$47,000 and US$400,000 paid upfront, representing non-operational cash outflows from cash on hand
Market reaction after Q2 2026 project update: MINE -4.07% in the Jul 23 session
In the Jul 23 session, MINE declined 4.07%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 25 | Annual meeting results | Neutral | -1.1% | Shareholders approved meeting resolutions and the company granted 475,000 stock options. |
| Jun 18 | Grade control results | Positive | -5.6% | Grade control drilling identified more higher-grade tonnes and gold in the tested area. |
| May 28 | Leadership appointment | Positive | +7.0% | Ayaz Kassam joined as Director of Projects to support Fenn-Gib development. |
| May 21 | Exploration strategy | Positive | -4.9% | Mayfair launched regional exploration following acquisition of nearby properties. |
| May 13 | Q1 earnings report | Neutral | +0.0% | Mayfair reported Q1 operating and financial results without a reported price change. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent positive project-related announcements showed mixed reactions, including a 6.99% gain and declines of 5.64% and 4.93%.
Key Terms
feed technical
sag mill technical
ni 43-101 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Key Highlights:
- Engineering & Design: Advancing front-end engineering design with Ausenco leading plant engineering, and site layout work for the planned 4,800 tonne-per-day process plant
- Grade Control Drilling: Concluded the grade control drilling program, which confirmed Resource model confidence and identified upside in higher-grade material
- Environmental Work and Advancing Permitting: Progressing environmental baseline studies and preparing the
Ontario -led One Project, One Process environmental approval submission - Infrastructure: Advanced powerline planning and engagement with HONI and IESO, while progressing site access options; advanced condemnation drilling review and geotechnical investigations for key infrastructure and plant site locations
- Exploration: Advancing compilation, mapping and prospecting across the expanded regional land package
- Capital Markets: Initiated early engagement with potential project financing parties
- Planned Activities for Q3: Plans to complete process plant FEED and tender detailed engineering, advance the 1P1P submissions and project financing discussions, and further de-risk earthworks, tailings storage facility and water management designs
Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair Gold, stated: "Q2 was an important quarter for Mayfair as we continued to de-risk Fenn-Gib and move the Project toward development. This is the phase of project development where the foundations of great projects are built — through disciplined technical work, practical execution planning and strong collaboration. Since stepping into the CEO role, my focus has been on driving progress across the Fenn-Gib project design, permitting and execution strategies, while ensuring momentum is sustained across the critical work programs now underway. The progress achieved during the quarter reflects the strength of Mayfair's team, technical specialists and interdisciplinary consultants, and reinforces our confidence in Fenn-Gib as a made-in-
During Q2 2026, Mayfair advanced a broad range of technical, environmental, permitting, infrastructure, exploration, stakeholder engagement and capital markets initiatives in support of the Company's strategy to progress Fenn-Gib through
Key Q2 and ongoing 2026 activities include advancing front-end engineering design ("FEED") work, encompassing process plant and infrastructure design optimization; evaluating grade control and condemnation drilling results; completing geotechnical investigations; progressing ongoing environmental baseline and permitting support programs; advancing electrical transmission planning and mining lease conversion activities; undertaking regional exploration; and maintaining ongoing engagement with Indigenous communities, investors and potential project financing counterparties.
Engineering and Project Design
During the quarter, Mayfair continued to advance FEED activities for the Fenn-Gib process plant, with Ausenco leading the plant engineering work. The Company's technical team and engineering partners are progressing design updates and working to finalize the site layout for the planned 4,800 tonne-per-day plant. These efforts are intended to support constructability, reduce execution risk, refine capital cost estimates, and advance the Project beyond the 2026 Pre-Feasibility Study stage toward detailed engineering and pre-construction readiness.
Key areas of engineering focus include optimization of the plant primary crushing and grinding circuit design, including crushing and comminution optimization. Additional work included ore hardness testing to confirm SAG mill sizing and energy requirements, and continued evaluation of the flotation circuit to assess opportunities to reduce initial capital intensity while maintaining process performance. Mayfair has also initiated early engagement with leading process equipment suppliers to validate the plant process design and optimize equipment selection.
Earthworks, Geotechnical Investigations and Site Infrastructure
Mayfair commenced further de-risking and evaluation of key earthworks assumptions, including open pit pre-stripping, construction laydown and site development, road construction, tailings storage facility design, and water management infrastructure. The Company has also initiated early contractor engagement to refine construction execution strategies, material sourcing and movement requirements, and schedule planning. These activities are intended to improve confidence in the Project's development path and support future procurement and construction planning.
During Q2, Mayfair completed a geotechnical site investigation program in collaboration with Knight Piésold and Ausenco to support the design and engineering of the proposed process plant and associated site infrastructure. The investigation was undertaken to characterize subsurface ground conditions and provide foundation design information for planned infrastructure. The program included diamond drilling, test pitting, detailed geotechnical logging, in-situ testing, and laboratory testing of soil and rock samples, comprising 11 geotechnical drill holes and six test pits across the proposed plant site area. The data collected will be used to inform detailed engineering studies and support ongoing project development activities.
Permitting and Environmental Baseline Programs
Mayfair continued to advance environmental design and baseline programs required to support the Company's permitting strategy, including work associated with the One Project, One Process ("1P1P") submission. Q2 activities included expansion of water quality and monitoring programs, targeted aquatic field work to improve understanding of fish community conditions, focused wildlife and species-at-risk surveys, continuation of air emissions baseline monitoring, and expansion of geochemistry programs for static and kinetic testing to inform tailings and waste rock management design.
Long-term geochemical test work is expected to continue to inform water quality predictions for operations and closure planning. The Company is also advancing supporting studies related to hydrology, aquatic habitat, terrestrial ecology and related environmental disciplines to support future regulatory submissions and detailed project design.
Grade Control Drilling
All results and evaluation of the Company's grade control drilling program were finalized in Q2. The 56-hole, 4,200-metre diamond drilling program was carried out in late 2025 to confirm approximately one million tonnes of the probable mineral reserves from the 2026 Pre-Feasibility Study ("PFS")1, representing approximately
Results from the program confirmed Mineral Reserve estimated grade and metal content in the tested area while providing future operational information on ore-waste contacts. For material above a 0.80 g/t gold cut-off grade ("COG"), the GC model returned similar grade and
The findings support the accuracy of the mineral reserve block model in the Stage 1 starter pit test area and validate the higher-grade component of the mineral reserve for mine planning. The results also suggest potential opportunities to process higher-grade ore earlier in the initial mining sequence.
Powerline and Access Infrastructure
Mayfair continued to progress planning for the proposed 115 kV powerline required to support future operations at Fenn-Gib. The Company has engaged with Hydro One Networks Inc. ("HONI") and the Independent Electricity System Operator ("IESO") regarding power allocation and grid connection requirements and has selected a primary engineering partner and Class Environmental Assessment consultant to advance the powerline design and related approvals work.
The Company is also advancing access infrastructure planning, including work related to the Highway 101 realignment Environmental Assessment process. This work is intended to support reliable site access, construction planning and future operations logistics.
Mining Lease Conversion
On June 20, 2025, Mayfair submitted a Letter of Intent to convert 62 mining cell claims to mining leases, including applications for both mineral and surface rights. In May 2026, the Ontario Ministry of Energy and Mines contacted the Company to request confirmation of the surveying firm that would conduct the required perimeter surveys, as survey instructions were being prepared by the Ministry. In June 2026, Mayfair retained a registered Ontario Land Surveyor ("OLS") to complete the perimeter surveys required to support the lease conversion process. Commencement of survey work is pending issuance of survey instructions by the Ministry.
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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. |
Condemnation Drilling
During Q1 2026, Mayfair commenced a condemnation diamond drilling program designed to evaluate the potential for economically significant mineralization underlying key proposed mining infrastructure locations within the planned mining footprint. The program was completed on May 19, 2026 and consisted of 23 NQ drill holes totaling 6,031 metres. To ensure a comprehensive evaluation of mineralization potential, all drill holes were sampled continuously over their entire length, from bedrock contact to end-of-hole. All assay results were received by the end of Q2, and the Company is currently evaluating the results.
Strategic Land Position and Exploration
On April 2, 2026, Mayfair announced the acquisition of the Guibord, Marriott and Holloway properties from Plato Gold Corp. The exploration properties are located in proximity to Fenn-Gib and overlay the regionally important Porcupine-Destor Fault Zone, providing additional exploration leverage and strategic land adjacent to the Project. 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, while previous operators tested the North Zone returning 8.22 g/t Au over 2.1 metres, including 13.7 g/t Au over 1.22 metres. Mayfair is undertaking compilation work, mapping and prospecting during the current field season.
A dedicated exploration team is also completing prospecting and mapping on the Southern and Northern claim blocks, including litho-geochemical sampling and structural mapping to improve geological understanding of target areas. A geophysical survey is planned for late summer to early fall on the Southern Claim Block.
Planned Next-Quarter Work Programs
Planned work for the next quarter includes completion of the process plant FEED work, continued engagement with key process plant equipment suppliers, and tendering for detailed engineering of the plant. Mayfair also expects to advance submission of the 1P1P applications, continue project financing discussions, and further de-risk key earthworks, tailings storage facility and water management designs.
The Company also plans to continue advancing Indigenous community relationships, including ongoing engagement with AAN and other regional Indigenous communities, and increased coordination and interactions with the
Sponsored Research and Advertising Service Agreements
The Company has entered into a research services agreement with Atrium Research Corporation ("Atrium") as of July 21, 2026 to assist in presenting its investment case and strategy to potential investors. Atrium will provide the Company with services which include in-depth research reports, media content and interviews, and research content distribution services. Pursuant to the agreement, the Company has agreed to pay a one-time fee in advance of
The Company has also entered into an advertising service agreement as of July 22, 2026 with Gold Standard Media LLC ("GSM") and its affiliates in connection with a digital advertising campaign. GSM will provide the Company with services which include landing pages, digital advertising, media buying, content distribution services and influencer marketing. Pursuant to the agreement, the Company has agreed to pay a one-time fee in advance of
About Mayfair Gold
Mayfair Gold is a Canadian development-stage gold company focused on advancing the
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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. |
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.
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.
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SOURCE Mayfair Gold Corp.