Mayfair Gold Reports Q3 2026 Operating and Financial Results

Rhea-AI Summary

Mayfair Gold (MINE) reported quarterly operating and financial results, with pro forma liquidity of approximately C$25.6 million.

This comprises C$15.6 million in cash and cash equivalents at September 30, 2026, and approximately C$10.0 million in gross proceeds from Macquarie Bank's investment, which closed October 14, 2026. A non-binding term sheet covers up to C$300 million in project financing, with C$25 million available for early drawdown once binding. Fenn-Gib received designation under Ontario's One Project One Process. Mayfair also granted Daniel Janusauskas options to acquire 125,000 common shares, with a five-year term expiring November 11, 2031.

3 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointMacquarie Bank's investment closed October 14, 2026, providing approximately C$10.0 million in gross proceeds.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Macquarie's term sheet contemplates up to C$300 million in project financing.
• Minor pointFenn-Gib received designation under Ontario's One Project One Process.

Negative

• Moderate pointProject financing remains non-binding; C$25 million is available for early drawdown only once binding.
• Minor point. Forward-looking: it has not happened yet and may not happen.Options for 125,000 common shares create potential dilution, with exercise price based on the five-day volume-weighted average through November 11, 2026.

News Explained

Mayfair Gold granted Daniel Janusauskas options to acquire 125,000 shares at an exercise price set by the five-day TSX Venture Exchange volume-weighted average through November 11, 2026; the release gives the pricing formula, not a numeric exercise price.

Key Figures

Pro forma liquidity: approximately C$25.6 million Cash and cash equivalents: C$15.6 million Macquarie proceeds: approximately C$10.0 million +3 more

Pro forma liquidity

approximately C$25.6 million

After quarter end, including cash and subsequent Macquarie proceeds

Cash and cash equivalents

C$15.6 million

As at September 30, 2026

Macquarie proceeds

approximately C$10.0 million

Gross proceeds received subsequent to quarter end; investment closed October 14, 2026

Project financing

up to C$300 million

Non-binding term sheet

Early drawdown

C$25 million

Available once the project financing becomes binding

Stock options granted

125,000 common shares

Granted to Daniel Janusauskas

Key Terms

volume weighted average trading price, non-binding term sheet

2 terms

volume weighted average trading price financial

"the 5-day volume weighted average trading price of the Company's common shares"

Volume weighted average trading price (VWAP) is the average price of a security over a set period, calculated by giving more weight to prices where more shares were traded — in other words, prices with higher volume count more. Investors use VWAP as a benchmark to judge trade execution and market activity: it helps tell whether a buy or sell occurred at a better or worse price than the market’s typical traded level, like comparing your purchase to the crowd’s average.

non-binding term sheet financial

"a non-binding term sheet for up to C$300 million in project financing"

A non-binding term sheet is a written outline of the main points parties expect to agree on in a business deal, like price, structure and timing, but it is not a final, enforceable contract. Think of it as a handshake on paper that sets expectations and a roadmap for negotiation and due diligence. Investors watch these because they signal intent and basic economics of a potential transaction, but terms can change before a binding agreement is signed, so the initial outline is informative but not guaranteed.

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

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Toronto, Ontario--(Newsfile Corp. - November 12, 2026) - Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) ("Mayfair", "Mayfair Gold", or the "Company") is pleased to report its operating and financial results for the quarter ended September 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.

Pro forma liquidity of approximately C$25.6 million, comprising Cash and Cash Equivalents of C$15.6 million as at September 30, 2026 and approximately C$10.0 million in gross proceeds received subsequent to quarter end from the previously announced strategic investment by Macquarie Bank Limited, which closed on October 14, 2026.

Kevin Annett, CFO of Mayfair, said: "With C$15.6 million in cash at quarter end, an additional C$10 million received from Macquarie subsequent to quarter end as part of its strategic placement, and Fenn-Gib's designation under Ontario's One Project One Process (1P1P), we are well funded and well positioned heading into 2027. Macquarie's investment came alongside a non-binding term sheet for up to C$300 million in project financing, with C$25 million available for early drawdown once binding. Our experienced team continues to execute on the catalysts that create shareholder value as we advance Fenn-Gib towards a construction decision."

The Company also announces the grant of stock options to Daniel Janusauskas to acquire 125,000 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 November 11, 2026 for a five-year term expiring on November 11, 2031 in accordance with the Omnibus Incentive Plan.

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 C$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.

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.

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

Drew Anwyll, P.Eng.
CEO, Mayfair Gold Corp.
2770 Plymouth Dr - Suite 101
Oakville, ON L6H 6Y4 Canada
+1 (855) 350-5600
info@mayfairgold.ca

---

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 or cash flows do 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 Company is not in production, the Company 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323833

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much liquidity did Mayfair Gold report for Q3 2026?

Mayfair Gold reported approximately C$25.6 million in pro forma liquidity. This comprises C$15.6 million in cash and cash equivalents at September 30, 2026, plus approximately C$10.0 million in gross proceeds received after quarter-end from Macquarie Bank's investment, which closed October 14, 2026.

Is Mayfair Gold's Macquarie project financing binding?

The term sheet for up to C$300 million in project financing is non-binding. It provides for C$25 million to be available for early drawdown once binding.

What are the terms of Mayfair Gold's option grant to Daniel Janusauskas?

The grant allows Daniel Janusauskas to acquire 125,000 common shares at an exercise price set by the five-day volume-weighted average trading price on the TSX Venture Exchange through and including November 11, 2026. The options have a five-year term expiring November 11, 2031, under the Omnibus Incentive Plan.