MAYFAIR GOLD REPORTS Q2 2026 OPERATING AND FINANCIAL RESULTS

Rhea-AI Summary

Mayfair Gold (NYSE American: MINE; TSXV: MFG) reported its operating and financial results for the quarter ended June 30, 2026, with full statements available on its website, SEDAR+ and EDGAR. The company is advancing its 100% controlled Fenn-Gib gold project in the Timmins region, which hosts a 4.3 million ounce indicated mineral resource (181.3Mt at 0.74 g/t) and a higher-grade 1 million ounce probable mineral reserve (25.1Mt at 1.29 g/t) near surface. A 2026 Pre-Feasibility Study outlines 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 at a gold price of US$3,100/oz. Mayfair Gold is progressing permitting, detailed engineering and stakeholder engagement targeting construction start in 2028 and initial production in 2030, while continuing exploration across the broader land package.

Positive

• Fenn-Gib indicated resource of 4.3Moz (181.3Mt at 0.74 g/t)
• Probable reserve of 1Moz (25.1Mt at 1.29 g/t) near surface
• PFS base case outlines C$450 million initial development capital
• PFS shows base-case payback period of 2.7 years
• PFS projects US$896 million cumulative free cash flow in first six years
• Targeted construction start in 2028 and initial production in 2030

Negative

• Initial development capital requirement of C$450 million
• Project timeline extends to targeted construction in 2028 and production in 2030

Market Context

The tag-specific comparison includes news_id 1057265, the prior Q1 earnings event. Low short positio...

Analysis

The tag-specific comparison includes news_id 1057265, the prior Q1 earnings event. Low short positioning was also reported, while permitting and construction milestones remain the key platform checks on the project's forward targets.

Key Figures

Indicated Resource: 4.3 million ounces Probable Reserve: 1 million ounces Initial Development Capital: C$450 million +5 more

8 metrics

Indicated Resource 4.3 million ounces Fenn-Gib indicated mineral resource

Probable Reserve 1 million ounces Higher-grade near-surface probable mineral reserve

Initial Development Capital C$450 million 2026 Pre-Feasibility Study

Base-Case Payback 2.7 years 2026 Pre-Feasibility Study

Cumulative Free Cash Flow US$896 million First six years of production

Gold Price Assumption US$3,100/oz 2026 Pre-Feasibility Study production case

Construction Target 2028 Targeted construction start

Initial Production Target 2030 Targeted initial production

Previous Earnings Reports

1 past event · Latest: May 13 (Neutral)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
May 13	Q1 earnings results	Neutral	+0.0%	Reported Q1 operating and financial results; prior 24-hour price reaction was 0%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The tag-specific record contains one prior earnings event with a 0% 24-hour reaction, so no recurring response pattern is established.

Key Terms

pre-feasibility study, ni 43-101, non-gaap financial measures, mineral resource, +1 more

5 terms

pre-feasibility study technical

"the expected strategy outlined in the 2026 Pre-Feasibility Study"

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

"a QP as defined in NI 43-101"

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.

non-gaap financial measures financial

"Free cash flow does not have a standardized meaning and may not be comparable"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

mineral resource technical

"hosts a 4.3 million ounce indicated mineral resource of gold"

A mineral resource is a naturally occurring concentration of minerals in the ground that is considered valuable and likely recoverable based on geological evidence and preliminary studies. For investors, it signals the potential size and worth of a deposit—like a marked treasure area on a map—while also carrying uncertainty about how much can actually be mined and at what cost, affecting project value and risk.

probable mineral reserve technical

"targeting the higher-grade 1 million ounce probable mineral reserve"

A probable mineral reserve is the portion of a mineral deposit that geologists and engineers judge likely to be economically mineable based on available data and reasonable assumptions about extraction, costs and market conditions; it carries a moderate level of confidence, higher than a resource estimate but lower than a proven reserve. Investors care because it represents the amount of commodity a company can reasonably expect to convert into saleable product—like a cautiously optimistic shopping list that helps estimate future production, revenue and project risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, Aug. 12, 2026 /PRNewswire/ -- Mayfair Gold Corp. ("Mayfair", "Mayfair Gold", or the "Company") (TSXV: MFG) (NYSE American: MINE) is pleased to report its operating and financial results for the quarter ended June 30, 2026. The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at www.mayfairgold.ca or under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. For a detailed update on project work completed during the quarter, refer to the news release issued July 23, 2026 "Mayfair Gold Provides Q2 Update on Fenn-Gib Project Advancement and Derisking Activities".

About Mayfair Gold

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3 million ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t) and the expected strategy outlined in the 2026 Pre-Feasibility Study (the "PFS")¹ is to develop the project under the provincial permitting process, targeting the higher-grade 1 million ounce probable mineral reserve (25.1Mt at an average grade of 1.29g/t) sitting near-surface, highlighting the optionality and scalability provided by the deposit.  The PFS also 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 flow² 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, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.

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 United States securities legislation (collectively, "forward-looking information"). The use of the words "will" and "expected" and similar expressions is intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, the expected strategy to develop the project under the provincial permitting process, targeting the higher-grade 1-million-ounce mineral reserve, building and operating the Fenn-Gib Project, and all disclosure related to the PFS, including expected commencement of construction and production. Although Mayfair Gold believes that the expectations reflected in such forward-looking information is reasonable, readers are cautioned that actual results may vary from the forward-looking information. The Company has based the forward-looking information on the Company's current expectations and assumptions about future events. This information also involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such 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 under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, respectively. Furthermore, the forward-looking information contained in this news release is as at the date of this news release, and Mayfair does not undertake any obligation to publicly update or revise any of this forward-looking information except as may be required by applicable securities laws. 

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.

FAQ

What did Mayfair Gold (NYSE American: MINE) announce in its Q2 2026 results on August 12, 2026?

Mayfair Gold reported operating and financial results for Q2 2026 and highlighted progress at its Fenn-Gib project. According to Mayfair Gold, full financial statements are available on its website, SEDAR+ and EDGAR, alongside a separate project update issued July 23, 2026.

How large is the Fenn-Gib gold resource for Mayfair Gold (MINE)?

Fenn-Gib hosts an indicated mineral resource of 4.3 million ounces of gold. According to Mayfair Gold, this corresponds to 181.3 million tonnes at an average grade of 0.74 grams per tonne, with additional higher-grade probable reserves sitting near surface within the same deposit.

What are the key Pre-Feasibility Study metrics for Mayfair Gold's Fenn-Gib project?

The 2026 Pre-Feasibility Study outlines initial development capital of C$450 million and a 2.7-year base-case payback. According to Mayfair Gold, it also shows cumulative free cash flow of US$896 million over the first six years at a US$3,100/oz gold price.

When does Mayfair Gold (MINE) expect construction and first production at Fenn-Gib?

Mayfair Gold is targeting construction start in 2028 and initial production in 2030. According to Mayfair Gold, current work focuses on permitting activities, detailed engineering and stakeholder engagement to support these project development timelines at the Fenn-Gib gold project.

What is Mayfair Gold’s development strategy for the Fenn-Gib gold project?

Mayfair Gold plans to develop Fenn-Gib under the provincial permitting process, initially targeting the higher-grade 1 million ounce probable reserve. According to Mayfair Gold, this near-surface reserve supports optionality and scalability, with ongoing exploration to enhance resource scale and growth potential.

How much free cash flow could Mayfair Gold’s Fenn-Gib project generate according to the 2026 PFS?

The PFS base case projects cumulative free cash flow of US$896 million over the first six years of production. According to Mayfair Gold, this projection assumes a gold price of US$3,100 per ounce and is presented as a non-GAAP financial measure.

Where can investors find Mayfair Gold’s Q2 2026 financial statements and technical reports?

Investors can access Q2 2026 financial statements on Mayfair Gold’s website, SEDAR+ and EDGAR. According to Mayfair Gold, the detailed Fenn-Gib NI 43-101 Technical Report and Pre-Feasibility Study dated December 19, 2025 is also available through SEDAR+ for further project information.