Mayfair Gold (NYSE: MINE) ramps Fenn-Gib spending as Q1 2026 loss grows

Q: How did Mayfair Gold (MINE) perform financially in Q1 2026?

Mayfair Gold reported a net loss of $7.32 million in Q1 2026. The loss mainly reflects higher exploration and evaluation spending of $5.26 million and increased general and administrative and share-based payment expenses as the Fenn-Gib project advances.

Q: What is Mayfair Gold’s (MINE) cash position and liquidity after Q1 2026?

Mayfair Gold ended Q1 2026 with $32.31 million in cash and cash equivalents. Working capital totaled $31.90 million , compared with current liabilities of $2.97 million , giving the company a solid liquidity buffer to fund exploration and early project development activities.

Q: What mineral reserves does Mayfair Gold (MINE) report at Fenn-Gib?

Mayfair Gold reports open-pit probable reserves of 25.13 million tonnes at 1.29 g/t gold , containing about 1.042 million ounces . These reserves are based on converting indicated resources within the ultimate pit limits under NI 43-101-compliant technical work.

Q: What recent corporate and listing developments has Mayfair Gold (MINE) announced?

Mayfair Gold began trading on the NYSE American on January 27, 2026 under ticker MINE . It also completed a two-for-one share consolidation in December 2025 and subsequently announced that former COO Drew Anwyll was appointed Chief Executive Officer in May 2026.

Q: How much is Mayfair Gold (MINE) spending on Fenn-Gib exploration and studies?

In Q1 2026, Mayfair spent $5.26 million on exploration and evaluation at Fenn-Gib. Major items included drilling, environmental assessment and pre-feasibility studies, personnel support, and community relations, reflecting a transition toward permitting, geotechnical work and early engineering for potential mine development.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Mayfair Gold Corp. reported a Q1 2026 net loss of $7.3M, significantly higher than Q1 2025, as it accelerated spending on its flagship Fenn-Gib gold project in Ontario. Exploration and evaluation expenses rose to $5.3M, with additional pressure from higher general and administrative and share-based payment costs.

The company ended the quarter with $32.3M in cash and cash equivalents and working capital of $31.9M, with no debt reported. A January pre-feasibility study outlined initial development capital of $450M and life-of-mine production of 920,000 ounces over 14.3 years, plus $896M in cumulative free cash flow over the first six years at a US$3,100/oz gold price. Subsequent events include a $2.5M cash asset acquisition from Plato Gold, a small private placement, stock option grants, an NYSE American listing under the symbol MINE, and a CEO transition.

Insights

Mayfair is burning more cash to advance Fenn-Gib toward development while maintaining a strong balance sheet.

Mayfair Gold posted a Q1 2026 loss of $7.3M, driven mainly by Fenn-Gib exploration and evaluation spending of $5.3M and higher corporate costs. This reflects a deliberate shift into intensive technical work, permitting and engineering rather than any operating shortfall, as the company has no producing mines.

The pre-feasibility study outlines a conventional open-pit project with initial capital of $450M, probable reserves of 1.04Moz at 1.29 g/t Au, and projected life-of-mine output of 920koz over 14.3 years. Economics are quoted using a high gold price of US$3,100/oz, so robustness at lower prices would be key.

Liquidity remains solid with $32.3M of cash and cash equivalents against current liabilities of $3.0M. Near-term cash outflows will include the $2.5M Plato property acquisition and ongoing drilling and studies. Future filings may clarify project financing strategy, updated budgets and how the CEO change influences execution priorities.

Key Figures

Q1 2026 net loss: $7,321,839 Exploration and evaluation expense: $5,264,894 Cash and cash equivalents: $32,306,392 +5 more

8 metrics

Q1 2026 net loss $7,321,839 Three months ended March 31, 2026

Exploration and evaluation expense $5,264,894 Fenn-Gib Project, Q1 2026

Cash and cash equivalents $32,306,392 As of March 31, 2026

Working capital $31,896,695 As of March 31, 2026

Initial development capital $450,000,000 Fenn-Gib pre-feasibility study

Cumulative free cash flow $896,000,000 First six years of production at US$3,100/oz gold

Probable gold reserves 1,042,000 ounces Open-pit probable reserve at 1.29 g/t Au

Plato asset purchase price $2,500,000 Cash consideration for Guibord, Marriott and Holloway properties

Key Terms

Pre-feasibility study, NI 43-101, Probable reserves, Net Smelter Royalty (NSR), +2 more

6 terms

Pre-feasibility study financial

"In early Q1 2026, the Company released the results of the pre-feasibility study (the “PFS”)"

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

"filed an NI 43-101 Technical Report titled, “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.

Probable reserves financial

"Open pit Probable 25,130,000 tonnes at 1.29 g/t Au for 1,042,000 ounces"

Probable reserves are quantities of natural resources (like oil, gas, or minerals) that geologists and engineers judge to be more likely than not recoverable under current technology and economic conditions—roughly a better-than-50% chance. For investors, probable reserves signal the size and likelihood of future production and revenue, helping assess a project’s value and risk much like judging how promising a partly tested treasure map is before deciding to fund a dig.

Net Smelter Royalty (NSR) financial

"The Company would be subject to a 1% Net Smelter Royalty (NSR) over the sixteen claims"

A net smelter royalty (NSR) is a contract right to receive a fixed percentage of the revenue from the sale of refined metals produced by a mine after they are processed and sold, similar to collecting a toll on finished goods rather than on raw output. Investors care because an NSR reduces the cash the mine operator keeps from each sale, so it lowers project cash flow, affects valuation and returns, and remains a long‑term claim even if ownership of the mine changes.

Notice of Project Status regulatory

"On February 5, 2026, the Company formally submitted a Notice of Project Status (“NPS”) for the Fenn-Gib Project"

A notice of project status is a formal update that summarizes where a company’s specific project stands—what work is complete, what remains, any delays, cost changes, or milestones reached. For investors it acts like a project progress report you might get on a home renovation: it signals whether the project is on track, highlights risks or extra spending that could affect future revenue, and helps assess management’s execution.

Internal control over financial reporting financial

"The CEO and CFO are responsible for establishing and maintaining internal control over financial reporting (“ICFR”)"

Internal control over financial reporting is a company’s system of procedures and checks designed to make sure its financial statements are accurate and complete, like a set of guardrails and verification steps that catch mistakes or fraud before numbers are published. Investors care because strong controls make reported results more trustworthy, lower the risk of surprise restatements or regulatory problems, and give greater confidence when valuing the company or comparing it to peers.

Form 6-K: How Foreign Companies Report to the SEC →

05/13/2026 - 07:41 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-43060

Mayfair Gold Corp.

(Translation of registrant’s name into English)

489 McDougall Street
Matheson, Ontario P0K 1N0, Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

- 2 -

INCORPORATION BY REFERENCE

Exhibits 99.1, 99.2, and 99.5 to this Report on Form 6-K are hereby incorporated by reference as exhibits to the Registration Statement on Form F-10 of Mayfair Gold Corp. (File No. 333-295084) .

DOCUMENTS FILED AS PART OF THIS FORM 6-K

Exhibit	Description

99.1	Unaudited Condensed Interim Financial Statements for the three months ended March 31, 2026 and 2025

99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended March 31, 2026

99.3	CEO Certification

99.4	CFO Certification

99.5	Consent of Drew Anwyll, P.Eng.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 13, 2026

Mayfair Gold Corp.

By:	/s/ Kevin Annett
Name:	Kevin Annett
Title:	Chief Financial Officer

Exhibit 99.1

Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

MAYFAIR GOLD CORP.

Condensed Interim Statements of Financial Position

(Unaudited - Expressed in Canadian dollars)

	Note	March 31, 2026			December 31, 2025
		$			$
ASSETS
Current
Cash and cash equivalents	5		32,306,392			38,193,983
Other receivables			499,678			166,961
Current portion of prepaid expenses and deposits	7		2,059,536			416,890
			34,865,606			38,777,834

Prepaid expenses and deposits	7		-			120,322
Property, plant and equipment	8		386,302			377,198
Mineral properties	9		13,997,500			13,997,500
Total assets			49,249,408			53,272,854

LIABILITIES
Current
Accounts payable and accrued liabilities	12		2,968,911			1,167,556
Total liabilities			2,968,911			1,167,556

SHAREHOLDERS’ EQUITY
Share capital	10		117,579,506			116,281,919
Share-based payments reserve	10		6,508,575			6,309,124
Deficit			(77,807,584	)		(70,485,745	)
Total shareholders’ equity			46,280,497			52,105,298
Total liabilities and shareholders’ equity			49,249,408			53,272,854

Nature of operations (Note 1)

Subsequent events (Note 15)

Approved and authorized for issue on behalf of the Board of Directors:

/s/ Sean Pi		/s/ Christine Hsieh
Director		Director

The accompanying notes are an integral part of these condensed interim financial statements.

MAYFAIR GOLD CORP.

Condensed Interim Statements of Loss and Comprehensive Loss

(Unaudited - Expressed in Canadian dollars, except number of shares)

		Three months ended March 31,
	Note	2026			2025
		$			$
Operating expenses
Depreciation	8		7,228			7,114
Exploration and evaluation	9, 12		5,264,894			1,200,222
General and administrative	11, 12		1,724,389			421,432
Share-based payments	10, 12		563,508			235,964
			7,560,019			1,864,732
Other income (expenses)
Foreign exchange gain (loss)			2,510			(300	)
Interest income	5, 6		234,499			49,399
Other income			1,171			-
Loss and comprehensive loss			(7,321,839	)		(1,815,633	)

Loss per share:
Basic and diluted			(0.11	)		(0.04	)

Weighted average number of common shares outstanding:
Basic and diluted			66,999,767			52,103,344

The accompanying notes are an integral part of these condensed interim financial statements.

MAYFAIR GOLD CORP.

Condensed Interim Statements of Cash Flows

(Unaudited - Expressed in Canadian dollars)

	Three months ended March 31,
	2026			2025
	$			$
Operating activities
Loss and comprehensive loss for the period		(7,321,839	)		(1,815,633	)
Adjustments for:
Depreciation		7,228			7,114
Share-based payments		563,508			235,964
Foreign exchange (gain) loss		(2,510	)		300
Interest income on GIC		-			(11,123	)
Changes in non-cash working capital:
Other receivables		(332,717	)		(66,878	)
Prepaid expenses and deposits		(1,522,324	)		34,466
Accounts payable and accrued liabilities		1,801,435			(242,713	)
Cash used in operating activities		(6,807,219	)		(1,858,503	)

Investing activities
Purchase of short-term investment		-			(3,000,000	)
Purchases of property, plant and equipment		(16,332	)		(1,867	)
Cash used in investing activities		(16,332	)		(3,001,867	)

Financing activities
Proceeds from exercise of warrants		933,530			-
Cash provided by financing activities		933,530			-

Effect of exchange rate on changes in cash and cash equivalents		2,430			-
Change in cash and cash equivalents		(5,887,591	)		(4,860,370	)
Cash and cash equivalents, beginning of period		38,193,983			9,534,129
Cash and cash equivalents, end of period		32,306,392			4,673,759

Supplemental cash flow information:
Fair value of warrants exercised		364,057			-
Cash interest income received		234,499			38,276
Interest paid in cash		-			-
Income tax paid in cash		-			-

The accompanying notes are an integral part of these condensed interim financial statements.

MAYFAIR GOLD CORP.

Condensed Interim Statements of Changes in Shareholders’ Equity

(Unaudited - Expressed in Canadian dollars, except number of shares)

	Common shares (Note 1)		Share Capital			Share-based payments reserve			Deficit			Total shareholders’ equity
	#		$			$			$			$
Balance, December 31, 2024		54,641,514		79,605,844			4,660,036			(60,526,467	)		23,739,413
Share-based payments		-		-			235,964			-			235,964
Loss and comprehensive loss for the period		-		-			-			(1,815,633	)		(1,815,633	)
Balance, March 31, 2025		54,641,514		79,605,844			4,896,000			(62,342,100	)		22,159,744
Issuance of common shares - private placement		12,122,002		40,002,600			-			-			40,002,600
Share issue costs		-		(3,482,903	)		877,484			-			(2,605,419	)
Exercise of warrants		34,092		156,378			(43,874	)		-			112,504
Share-based payments		-		-			579,514			-			579,514
Loss and comprehensive loss for the period		-		-			-			(8,143,645	)		(8,143,645	)
Balance, December 31, 2025		66,797,608		116,281,919			6,309,124			(70,485,745	)		52,105,298
Exercise of warrants		282,888		1,297,587			(364,057	)		-			933,530
Share-based payments		-		-			563,508			-			563,508
Loss and comprehensive loss for the period		-		-			-			(7,321,839	)		(7,321,839	)
Balance, March 31, 2026		67,080,496		117,579,506			6,508,575			(77,807,584	)		46,280,497

The accompanying notes are an integral part of these condensed interim financial statements.

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

1.            NATURE OF OPERATIONS

Mayfair Gold Corp. (the “Company”) was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company’s registered office is located at Suite 2200 - 885 West Georgia Street Vancouver, BC V6C 3E8. The Company’s principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is engaged in the operation, acquisition, exploration and development of mineral properties.

The Company was listed for trading on the TSX Venture Exchange under the symbol “MFG.V”, the Frankfurt Stock Exchange under the symbol “9M5”, and the OTCQX under the symbol “MFGCF”. On January 27, 2026, the Company commenced trading on the NYSE American stock exchange under the ticker symbol “MINE”. The Company will remain listed on the TSX Venture Exchange under the symbol “MFG.V” and ceased trading on the OTCQX market.

These unaudited condensed interim financial statements for the three months ended March 31, 2026 and 2025 (“financial statements”) have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least the next twelve months. The Company has not generated revenue from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

December 2025 Share consolidation

On December 18, 2025, the Company consolidated its outstanding common shares on the basis of two pre-consolidated common shares for one post-consolidated common share (the “Share Consolidation”). All current and comparative references to the number of common shares, weighted average number of common shares, loss per share, stock options and warrants have been restated to give effect to the Share Consolidation.

2.            BASIS OF PREPARATION

Statement of compliance

These financial statements were approved by the Board of Directors and authorized for issue on May 13, 2026.

These financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee applicable to the preparation of interim financial statements including International Accounting Standard 34 Interim Financial Reporting. These financial statements do not include all disclosures required for annual audited financial statements. Accordingly, they should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2025 and 2024 (the “Annual Financial Statements”).

Basis of presentation

The financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS Accounting Standards, as well as information presented in the statements of cash flows. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

Functional and presentation currency

The financial statements are presented in Canadian dollars (“CAD”), which is the Company’s functional and presentation currency. The functional currency is the currency of the primary economic environment in which an entity operates. References to “US$” or “USD” are to United States dollars.

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

3.            MATERIAL ACCOUNTING POLICY INFORMATION

The same accounting policies and methods of computation are followed in these financial statements as compared with the Annual Financial Statements.

4.            SIGNIFICANT JUDGMENTS AND SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements under IFRS Accounting Standards requires management to make judgments in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgments and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgments and estimates is pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgments and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

In preparing these financial statements, the Company applied the same significant judgments in applying its accounting policies and is exposed to the same sources of estimation uncertainty as disclosed in its Annual Financial Statements.

5.            CASH AND CASH EQUIVALENTS

Cash is comprised of cash deposits held in reputable financial institutions and cash equivalents consist of redeemable guaranteed investment certificates (“GICs”).

A summary of the Company’s cash and cash equivalents is as follows:

	March 31, 2026		December 31, 2025
	$		$
Cash		32,209,825		38,097,832
Cash equivalents ⁽¹⁾		96,567		96,151
		32,306,392		38,193,983

(1)

Cash equivalents consist of redeemable GICs with maturities of 1 to 7 months and interest rates between 1.75% and 2.25%.

During the three months ended March 31, 2026, interest income from GICs and deposits in the Company’s savings account totaled $234,499 (2025 - $38,276).

6.            SHORT-TERM INVESTMENT

On February 13, 2025, the Company purchased a short-term investment which consisted of a non-redeemable six-month GIC with a value of $3,000,000 and an interest rate of 2.95%, which matured on August 12, 2025.

During the three months ended March 31, 2026, interest income from the short-term investment totaled $nil (2025 - $11,123)

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

7.            PREPAID EXPENSES AND DEPOSITS

Prepaid expenses and deposits consist of insurance policy prepayments, listing fee prepayments and other expenses.

A summary of the Company’s prepaid expenses and deposits is as follows:

	March 31, 2026		December 31, 2025
	$		$
Prepaid expenses		1,235,817		489,740
Deposits with suppliers		823,719		47,472
		2,059,536		537,212
Current portion		2,059,536		416,890
Non-current portion		-		120,322

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

8.            PROPERTY, PLANT AND EQUIPMENT

A summary of the Company’s property, plant and equipment is as follows:

	Computers		Furniture and fixtures		Building		Land		Machinery and equipment		Vehicles		Total
	$		$		$		$		$		$		$
Cost
Balance, December 31, 2024		68,003		13,210		358,420		69,000		56,288		130,050		694,971
Additions		5,302		-		-		-		-		3,000		8,302
Balance, December 31, 2025		73,305		13,210		358,420		69,000		56,288		133,050		703,273
Additions		-		-		16,332		-		-		-		16,332
Balance, March 31, 2026		73,305		13,210		374,752		69,000		56,288		133,050		719,605

Accumulated depreciation
Balance, December 31, 2024		67,795		9,887		51,108		-		36,809		130,050		295,649
Depreciation		2,332		2,662		14,338		-		10,961		133		30,426
Balance, December 31, 2025		70,127		12,549		65,446		-		47,770		130,183		326,075
Depreciation		690		406		3,748		-		2,162		222		7,228
Balance, March 31, 2026		70,817		12,955		69,194		-		49,932		130,405		333,303

Carrying amount
Balance, December 31, 2025		3,178		661		292,974		69,000		8,518		2,867		377,198
Balance, March 31, 2026		2,488		255		305,558		69,000		6,356		2,645		386,302

Depreciation during the three months ended March 31, 2026 was $7,228 (2025 - $7,114).

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

9.            MINERAL PROPERTIES

On June 8, 2020, the Company entered into a binding asset purchase agreement (the “Asset Purchase Agreement”) with Lake Shore Gold Corp. (“Lake Shore”). Pursuant to the terms of the Asset Purchase Agreement, the Company agreed to acquire 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada (the “Fenn-Gib Property” collectively).

As consideration for the acquisition of the Fenn-Gib Property the Company agreed to:

Pay Lake Shore a cash payment of US$11,000,000; and

ii.

Grant Lake Shore a 1.0% net smelter returns royalty derived from the future production of minerals from the Fenn-Gib Property.

On December 31, 2020, the transaction closed and $13,997,500 (US$11,000,000) was paid and recorded as mineral properties. The balance of mineral properties as at March 31, 2026 and December 31, 2025 was $13,997,500, representing the historical acquisition cost.

A summary of the Company’s exploration and evaluation expenses at the Fenn-Gib Property for the three months ended March 31, 2026 and 2025 is as follows:

	2026		2025
	$		$
Camp maintenance, supplies, mobilization, general costs		104,482		25,910
Drilling		1,074,804		336,159
Environmental assessment and pre-feasibility studies		2,430,576		488,578
Exploration contractors		-		8,700
Exploration personnel and program support (Note 12)		1,150,932		227,334
Laboratory analysis		121,399		-
Other exploration and evaluation		46,993		43,287
Permitting		44,269		70,254
Community relations		291,439		-
		5,264,894		1,200,222

10.          SHARE CAPITAL

Authorized share capital

The Company is authorized to issue an unlimited number of common shares without par value.

Issued share capital

The number of shares issued and fully paid as at March 31, 2026 is 67,080,496 (December 31, 2025 - 66,797,608).

During the three months ended March 31, 2026, the Company had the following share capital transaction:

The Company issued 282,888 common shares pursuant to the exercise of 282,888 warrants with a weighted average exercise price of $3.30 for gross proceeds of $933,530 The fair value of the warrants was determined to be $364,057 at initial recognition, resulting in $364,057 being transferred to share capital from share-based payment reserves.

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

10.          SHARE CAPITAL (continued)

During the year ended December 31, 2025, the Company had the following share capital transactions:

On September 16, 2025, the Company closed a brokered private placement and issued 12,122,002 common shares at a price of $3.30 per share for gross proceeds of $40,002,600. Share issuance costs of $2,605,419 were incurred in connection with the offering. Pursuant to this private placement, the Company issued 681,843 warrants to certain finders. Each warrant entitles the holder to purchase one common share of the Company at a price of $3.30 per warrant and will expire on September 16, 2027. The Company attributed a fair value of $877,484 to the warrants which was determined using the Black-Scholes option pricing model (“BSM”).

The Company issued 34,092 common shares pursuant to the exercise of 34,092 warrants with a weighted average exercise price of $3.30 for gross proceeds of $112,504. The fair value of the warrants was determined to be $43,874 at initial recognition, resulting in $43,874 being transferred to share capital from share-based payment reserves.

Stock options

The Company has an omnibus equity incentive plan (“the Plan”) under which non-transferable options, deferred share units, and restricted share units may be granted to directors, officers, employees or service providers of the Company. Under the Plan, the maximum number of shares which may be reserved for issuance is 10% of the number of issued and outstanding common shares. The Board of Directors has the authority and discretion to grant stock options as identified in the Plan, which includes provisions limiting the issuance of options to qualified persons and employees of the Company to maximums identified in the Plan and the vesting terms.

During the three months ended March 31, 2026, the Company had the following stock option transactions:

On January 26, 2026, the Company granted 645,000 stock options to directors, officers, employees, and advisors with each option exercisable into common shares at an exercise price of $5.94 per share. The options are exercisable for a five-year term expiring on January 26, 2031. Of the options granted, one third of the options will vest and become exercisable if the option holder is actively employed or engaged with the Company on January 26, 2027, the remaining options will vest and become exercisable on each calendar month starting on February 26, 2027 for twenty-four months thereafter for each subsequent month that the option holder remains actively employed with the Company. The fair value of the options was determined to be $1,677,777 using the BSM.

On February 2, 2026, the Company granted 100,000 stock options to an advisor with each option exercisable into common shares at an exercise price of $5.36 per share. The options are exercisable for a five-year term expiring on February 2, 2031. Of the options granted, one third of the options vested on the grant date, one third of the options will vest and become exercisable if the option holder is actively engaged with the Company on February 2, 2027, the remaining options will vest and become exercisable on February 2, 2028 if the option holder remains actively engaged with the Company. The fair value of the options was determined to be $242,615 using the BSM.

During the year ended December 31, 2025, the Company had the following stock option transactions:

On January 28, 2025, the Company granted 87,500 options to an officer of the Company with each option exercisable into common shares at an exercise price of $3.40 per share. The options are exercisable for a five-year term expiring on January 28, 2030. Of the stock options granted, 29,167 of the options vested immediately, 29,167 will vest on January 28, 2026, and 29,166 will vest on January 28, 2027. The fair value of the options was determined to be $217,623 using the BSM.

On February 13, 2025, the Company granted 175,000 options to an officer of the Company with each option exercisable into common shares at an exercise price of $3.70 per share. The options are exercisable for a five-year term expiring on February 13, 2030. Of the stock options granted, 58,333 will vest on March 1, 2026, and the remaining 116,667 will vest on a monthly basis thereafter until March 1, 2028. The fair value of the options was determined to be $466,630 using the BSM.

On November 20, 2025, the Company granted 300,000 options to an officer and consultants of the Company with each option exercisable into common shares at an exercise price of $4.34 per share. The options are exercisable for a five-year term expiring on November 20, 2030. Of the options granted, one third of the options will vest and become exercisable if the option holder is actively employed or engaged with the Company on November 20, 2026, the remaining options will vest and become exercisable on each calendar month starting on December 20, 2026 for twenty-four months thereafter for each subsequent month that the option holder remains actively employed with the Company. The fair value of the options was determined to be $896,871 using the BSM.

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

10.          SHARE CAPITAL (continued)

A summary of the Company’s stock option activity is as follows:

	Stock options outstanding			Weighted average exercise price
	#			$
Balance, December 31, 2024		811,500			3.33
Granted		562,500			3.99
Expired		(156,500	)		3.80
Balance, December 31, 2025		1,217,500			3.58
Granted		745,000			5.86
Balance, March 31, 2026		1,962,500			4.44

A summary of the Company’s outstanding and exercisable stock options as at March 31, 2026 is as follows:

Expiry date	Number of options outstanding		Number of options exercisable		Weighted average exercise price		Weighted average remaining life
	#		#		$		Years
February 3, 2028		50,000		50,000		3.00		1.85
November 14, 2028		112,500		112,500		4.28		2.63
April 17, 2029		50,000		50,000		5.08		3.05
June 20, 2029		50,000		16,667		3.80		3.22
October 27, 2029		150,000		100,000		4.06		3.58
January 28, 2030		87,500		58,333		3.40		3.83
February 13, 2030		175,000		58,333		3.70		3.88
December 31, 2030		100,000		100,000		0.94		4.76
November 20, 2030		300,000		-		4.34		4.64
January 6, 2032		50,000		50,000		1.80		5.77
December 6, 2032		92,500		92,500		2.58		6.69
January 26, 2031		645,000		-		5.94		4.83
February 2, 2031		100,000		33,333		5.36		4.85
		1,962,500		721,666		4.44		4.40

A summary of the Company’s weighted average inputs used in the BSM to calculate the fair value of the stock options granted during the three months ended March 31, 2026 and year ended December 31, 2025 is as follows:

	2026			2025
Share price		5.78		$	3.90
Exercise price		5.86		$	3.90
Risk-free interest rate		2.91	%		2.82	%
Expected life (years)		5.00			5.00
Expected volatility		47.86	%		90.30	%
Expected annual dividend yield		0.00	%		0.00	%

During the three months ended March 31, 2026, the Company recognized share-based payments of $563,508 (2025 - $235,964) from the vesting of stock options.

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

10.          SHARE CAPITAL (continued)

Warrants

During the three months ended March 31, 2026, the Company had the following warrant transaction:

During the year ended December 31, 2025, the Company had the following warrant transactions:

On September 16, 2025, the Company closed a brokered private placement and issued 681,843 warrants with a fair value of $877,484 as share issuance costs. Each warrant entitles the holder to purchase one common share at a price of $3.30 per share until September 16, 2027.

The Company issued 34,092 common shares pursuant to the exercise of 34,092 warrants with a weighted average exercise price of $3.30 for gross proceeds of $112,504. The weighted average share price on the date of exercise for warrants during the year was $4.33 per common share. The fair value of the warrants was determined to be $43,874 at initial recognition, resulting in $43,874 being transferred to share capital from share-based payment reserves.

A summary of the Company’s warrant activity is as follows:

	Warrants outstanding			Weighted average exercise price
	#			$
Balance, December 31, 2024		-			-
Issued		681,843			3.30
Exercised		(34,092	)		3.30
Balance, December 31, 2025		647,751			3.30
Exercised		(282,888	)		3.30
Balance, March 31, 2026		364,863			3.30

A summary of the Company’s outstanding warrants as at March 31, 2026, is as follows:

Date of expiry	Number of warrants		Weighted average exercise price		Weighted average remaining life
	#		$		Years
September 16, 2027		364,863		3.30		1.46
		364,863		3.30		1.46

A summary of the Company’s weighted average inputs used in the BSM to calculate the fair value of the warrants granted during the three months ended March 31, 2026 and year ended December 31, 2025 is as follows:

	2026		2025
Share price	$	Nil	$	4.04
Exercise price	$	Nil	$	3.30
Expected life (years)		Nil		2.00
Risk-free interest rate		Nil		2.46	%
Expected volatility		Nil		37.90	%
Expected annual dividend yield		Nil		0.00	%

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

11.          GENERAL AND ADMINISTRATIVE

A summary of the Company’s general and administrative expenses for the three months ended March 31, 2026 and 2025 is as follows:

	2026		2025
	$		$
Directors’ fees (Note 12)		12,820		12,820
Management fees (Note 12)		530,271		150,045
Marketing and public relations		239,133		764
Insurance expense		286,601		29,713
Other general and administrative ⁽¹⁾		170,410		56,802
Professional fees		453,871		131,821
Transfer agent and regulatory fees		31,283		39,467
		1,724,389		421,432

(1)

The Company reclassified $29,713 from other general and administrative to insurance expense in the prior period for consistency with the current period presentation.

12.          RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company’s related parties include directors, key management personnel of the Company, including the Chief Executive Officer, Chief Operating Officer (the “COO”), Chief Financial Officer (“CFO”), Vice President of Capital Markets and their companies and close family members.

A summary of the Company’s related party transactions and key management compensation for the three months ended March 31, 2026 and 2025 is as follows:

	2026		2025
	$
Directors’ fees		12,820		12,820
Exploration personnel and program support ⁽¹⁾		419,654		103,092
Management fees		530,271		148,066
Share-based payments		355,751		230,837
		1,318,496		494,815

(1)

Amounts relating to the compensation of COO are included in exploration and evaluation expenses.

A summary of the amounts due to related parties in accounts payable and accrued liabilities as at March 31, 2026 and December 31, 2025 is as follows:

	March 31, 2026		December 31, 2025
	$		$
Payable to a company partially owned by the interim CFO		65,353		50,291
Payable to key management personnel		12,954		61,229
Payable to other related party		-		5,040
		78,307		116,560

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

13.          FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Financial instruments measured at fair value are classified into one of Three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The Three levels of the fair value hierarchy are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 - Inputs that are not based on observable market data.

The Company’s financial instruments consist of cash and cash equivalents, other receivables (excluding sales tax recoverable), deposits and accounts payable and accrued liabilities, which are classified as and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company’s financial statements are summarized below.

Credit risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to fulfill its contractual obligations. The Company’s credit risk relates primarily to cash and cash equivalents and deposits. The Company minimizes its credit risk related to cash and cash equivalents by placing these financial instruments with major financial institutions. The Company considers the credit risk related to cash and cash equivalents and deposits to be minimal.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of interest risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has no significant financial instruments with variable interest rates and has assessed interest rate risk as minimal.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. For the three months ended March 31, 2026, the Company incurred a loss of $7,321,839 (2025 - $1,815,633). The Company’s cash and cash equivalents are held in business accounts and are available on demand for the Company’s programs. As at March 31, 2026, the Company had a cash and cash equivalents balance of $32,306,392 (December 31, 2025 - $38,193,983) to settle current liabilities of $2,968,911 (December 31, 2025 - $1,167,556) and has assessed the liquidity risk as minimal.

MAYFAIR GOLD CORP.

Notes to the Condensed Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited - Expressed in Canadian dollars)

13.          FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

Foreign exchange risk

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar on its cash and accounts payable balances.

A summary of the Company’s financial instruments held in USD, expressed in Canadian dollars is as follows:

	March 31, 2026			December 31, 2025
	$			$
Cash and cash equivalents		364,945			936,603
Accounts payable and accrued liabilities		716,831			19,421
		(351,886	)		917,182

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company’s profit or loss by approximately $35,189 (December 31, 2025 - $91,718). The Company has assessed the foreign exchange risk as minimal.

14.          CAPITAL MANAGEMENT

The Company's objectives when managing capital are to safeguard the Company’s ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders’ equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company’s capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the three months ended March 31, 2026.

15.          SUBSEQUENT EVENTS

On April 2, 2026, the Company entered into an asset purchase agreement with Plato Gold Corp. to acquire Plato's interests in the Guibord, Marriott and Holloway properties for $2.5 million in cash. The transaction is expected to close during Q2 2026. The acquisition is expected to be accounted for as an asset acquisition from an accounting perspective.

On April 7, 2026, the Company granted 250,000 stock options to an officer with each option exercisable into common shares at an exercise price of $4.38 per share. The options are exercisable for a five-year term expiring on April 7, 2031. Of the options granted, one third of the options will vest and become exercisable if the option holder is actively employed or engaged with the Company on April 7, 2027, the remaining options will vest and become exercisable on each calendar month starting on May 7, 2027 for twenty-four months thereafter for each subsequent month that the option holder remains actively employed with the Company.

On April 16, 2026 the Company closed a private placement and issued 58,000 common shares at a price of $4.38 per share for gross proceeds of $254,040. These shares are subject to a four month hold period expiring on August 17, 2026.

Exhibit 99.2

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars)

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) supplements, but does not form part of, the condensed interim financial statements of Mayfair Gold Corp. (the “Company”) as well as the notes thereto for the three months ended March 31, 2026 and 2025 (collectively referred to hereafter as the “Financial Statements”). The Financial Statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and interpretations of the International Financial Reporting Interpretations Committee, including International Accounting Standards 34 Interim Financial Reporting.

In this MD&A, unless the context otherwise dictates, a reference to “us”, “we”, “our”, or similar terms refers to the Company. The functional currency of the Company is disclosed in the notes to the Financial Statements. All dollar amounts are presented in Canadian dollars, the presentation and functional currency of the Company, except where otherwise noted. References to US$ are to United States dollars. The first, second, third and fourth quarters of the Company’s fiscal years are referred to as “Q1”, “Q2”, “Q3” and “Q4”, respectively.

This MD&A is prepared by management and approved by the Board of Directors as of May13, 2026 (the “MD&A Date”). This discussion covers the three months ended March 31, 2026 and 2025 and the subsequent period up to the MD&A Date.

Management is responsible for the preparation and integrity of the Financial Statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is responsible for ensuring that information disclosed externally, including the information contained within the Financial Statements and MD&A, is complete and reliable.

DESCRIPTION OF BUSINESS

Mayfair Gold Corp. was incorporated pursuant to the Business Corporations Act (British Columbia) on July 30, 2019. The Company’s registered office is located at Suite 2200 - 885 West Georgia Street Vancouver, BC V6C 3E8. The Company’s principal place of business is 489 McDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is engaged in the operation, acquisition, exploration and development of mineral properties.

During the three months ended March 31, 2025, the Company was listed for trading on the TSX Venture Exchange under the symbol “MFG”, the Frankfurt Stock Exchange under the symbol “9M5”, and the OTCQX under the symbol “MFGCF”. On January 27, 2026, the Company commenced trading on the NYSE American stock exchange under the symbol “MINE” and ceased trading on the OTCQX.

The Company acquired an undivided 100% interest in the Fenn-Gib gold project (the “Project”) on December 31, 2020. The Fenn-Gib Project comprises 6 leases on mining lands, 18 patents on mining lands, 145 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada.

On April 2, 2026, The Company announced that it was acquiring from Plato Gold its 100% interest in the Marriott properties, its 100% interest in the Holloway properties and its 50% interest in the Guibord properties with the transaction expected to close during Q2 2026 (See subsequent events section below for further details). The Marriott property comprises 142 cell claims, the Holloway property comprises 1 lease on mining lands, and the Guibord property comprises 2 leases on mining lands that is contiguous to the Fenn-Gib project. Refer to the subsequent events section below for further details on the transaction.

December 2025 Share Consolidation

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

FENN-GIB PROJECT OVERVIEW

The Fenn-Gib Project now comprises five property packages following the announced land acquisition from Plato on April 2, 2026. The original properties, referred to as the Fenn-Gib North and South Blocks, are separated by approximately three kilometres. The newly acquired property interests are referred to as the Guibord, Marriott and Holloway properties with the Guibord property being adjacent to the North Block. In early Q1 2026, the Company released the results of the pre-feasibility study (the “PFS”), which outlines the potential to develop Fenn-Gib into a new Canadian gold producer for initial development capital of C$450 million, with a base case payback period of 2.7 years and cumulative free cash flow 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. See the Company’s news release dated January 8, 2026, titled “Mayfair Delivers Robust Pre-Feasibility Study for the Fenn-Gib Gold Project” for further information.

In addition to releasing the results of the PFS and filing the technical report during Q1 2026, the Company continued to advance the project with additional trade-off studies, community engagement along with environmental and permitting work, including formally submitting a Notice of Project Status (“NPS”) with the Ministry of Energy and Mines (“MEM”).

Mineral Resource Estimate (“MRE”) confidence drilling data allowed for an initial assessment of the grade reconciliation; further work will be advanced once all assays are received. The Company advanced condemnation drilling during Q1 2026, along with tailings storage facility (“TSF”) site investigation, pump testing and hydrogeology modelling. For the remainder of 2026, the Company intends on performing further geotechnical studies for plant location, continuing to advance design on the plant front end engineering and design to freeze the project design to allow for commencement of detailed engineering in the second half of 2026. Further TSF geotechnical work and TSF water management design work are also expected to take place.

A summary of the Company’s exploration and evaluation expenses at the Fenn-Gib Project is as follows:

	Q1 2026		Q1 2025
	$		$
Camp maintenance, supplies, mobilization, general costs		104,482		25,910
Drilling		1,074,804		336,159
Environmental assessment and pre-feasibility studies		2,430,576		488,578
Exploration contractors		-		8,700
Exploration personnel and program support		1,150,932		227,334
Laboratory analysis		121,399		-
Other exploration and evaluation		46,993		43,287
Permitting		44,269		70,254
Community relations		291,439		-
		5,264,894		1,200,222

Deposit

The Fenn-Gib Deposit (see “Fenn-Gib Deposit” below) is located on the North Block along the regional Contact Fault, an east-west to south-east trending shear zone on the Pipestone Fault, which is interpreted to be a splay off the Porcupine-Destro Fault. The Fenn-Gib Deposit hosts principal concentrations of overlapping gold mineralization within two zones: (i) the Main Zone, and (ii) the Deformation Zone. A third zone of mineralization, known as the Footwall Zone, is located approximately 100 metres to the northwest of the Fenn-Gib Deposit and a fourth zone of mineralization, known as the Contact Zone, is located at depth below the current pit-constrained resource.

Sixteen claims encompass the current conceptual pit supported by the Fenn-Gib Deposit. The Company would be subject to a 1% Net Smelter Royalty (NSR) over the sixteen claims, with an additional 1.5% NSR over nine of the sixteen claims.

On January 15, 2026, the Company filed an NI 43-101 Technical Report titled, “Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study” dated January 14, 2026 with an effective date of December 19, 2025 (the “Technical Report”).

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

2026 Fenn-Gib Resource Estimate Using 0.3 g/t Au Cut-Off

US$2,000/oz Gold

Style

Class

Tonnes

Au (g/t)

Au (ounces)

Open pit

Indicated

181,302,000

0.74

4,313,000

Open pit

Inferred

8,921,000

0.49

141,000

The 2026 resource estimate was unchanged from the 2025 resource estimate.

The mineral resources reported demonstrate a reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued drilling. There are no known environmental, permitting, legal, marketing, and other relevant issues that would materially affect the reported mineral resources.

2026 Fenn-Gib Mineral Reserve Estimate Using a 0.8 g/t Cut-Off

The Technical Report was the first financial study on the Fenn-Gib Project. The reserves for the Fenn-Gib Gold project are based on the conversion of the indicated mineral resources in the study mine plan within the ultimate open pit limits. No measured mineral resources are within the ultimate pit design. The level of information from drill holes and degree of certainty on assumptions used in the mine plan estimates provides reasonable support to classify indicated mineral resources conversion directly to probable reserves.

US$1,750/oz Gold

Style

Class

Tonnes (t)

Au (g/t)

Au (ounces)

Open pit

Proven

Open pit

Probable

25,130,000

1.29

1,042,000

All mineral resources and mineral reserves have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions, as required under NI 43-101. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.

Exploration Program

As of March 31, 2026, the Company has completed a total of 455 surface drill holes on the Fenn-Gib Project, representing 209,288 metres.

A summary of the Company’s drilling program for the Fenn-Gib Project is as follows:

	Holes		Metres
North Block Surface DDH Drilling		#		m
2021 Mayfair holes DDH		90		54,937
2022 Mayfair holes DDH		118		61,997
2023 Mayfair holes DDH		89		54,976
2023 Geotech holes DDH		7		3,230
2024 Mayfair holes DDH		42		18,230
2025 Mayfair holes DDH		59		4,282
2026 Mayfair holes DDH		17		4,515
		405		202,167
South Block Surface DDH Drilling
2022 holes DDH		18		3,457
2024 holes DDH		15		3,664
		33		7,121
Total Fenn-Gib Drilling		455		209,288

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

In February 2026, the Company reported initial results from its 2025 Grade Control Drilling Program, which comprised 56 tightly spaced (10 m x 10 m) vertical diamond drill holes totaling approximately 4,204 metres within the core of the Phase 1 starter pit. These interim results, representing assays from 36 of the 56 completed holes, indicate a modest positive grade reconciliation relative to the 2026 Pre-Feasibility Study (“PFS”) block model and provide increased confidence in the near-surface grade distribution and ore geometry expected during the early years of mining. The program is designed to validate local grade variability, support improved ore-waste boundary definition, and inform dilution and ore-loss assumptions in advance of project financing and construction. These results were not incorporated into the 2026 PFS, and no conclusions regarding impacts to the mineral resource estimate or mine plan will be drawn until the remaining assays are received and QA/QC procedures are complete.

Metallurgical Test Program

In late 2024, metallurgical testing commenced with the intention of improving the understanding of the mineralization response to potential plant flow sheets with the testing of grind size, rougher flotation and concentrate mass pull, flotation concentrate regrind sizing and cyanidation response for various plant feed gold grades, sulphide concentration, mineralogical content, rock hardness, at various depths, and lithologies. In summary, metallurgical testing of Fenn-Gib composite samples over a range in head grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S2-resulted in the development of a hybrid process approach, which is applicable to all associated deposit lithologies and rock types. Treatment of Fenn-Gib mineralization considers a P80 106 µm flotation feed size with an approximate 23% mass pull to a rougher concentrate. Subsequent regrinding of the concentrate to P80 10 to 13 µm is followed by cyanidation yielding an estimated overall 89.6% Au extraction at a 1.5 g/t Au feed grade.

Metallurgical test work and associated process criteria defined to date is representative and supports the associated Mineral Resource Estimate and the Mineral Reserve Estimate and is complete to support the Pre-Feasibility study (“PFS”). The Company has included the test results in the PFS and have defined metallurgical performance for the 4,800 tonne per day plant.

Future test work will focus on specific parameters required for process design and advanced engineering, along with additional variability test work to improve technical confidence and statistical accuracy of gold recovery estimates.

Pre-Feasibility Study (“PFS”)

On January 8, 2026, the Company announced the results of the Pre-Feasibility study (“PFS”) and on January 15, 2026, the Company filed the Technical Report titled “ Fenn - Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study”. The study outlines Mayfair’s strategy to reduce execution risk and prioritize high-margin material early in the mine plan, supported by a reasonable initial capital outlay and a reasonable expectation of finance ability. This approach enables rapid free cash flow generation from Fenn-Gib while preserving long-term flexibility to deploy that free cash flow toward regional growth opportunities or advancing secondary assets to diversify and expand production. Economic results are presented on an unlevered basis to highlight the strong standalone project returns. Mayfair intends to prudently utilize project-level debt and other financing options to minimize overall cost of capital and maximize per-share economic returns. Initial capital expenditures are estimated at $450 million, including a 26% contingency on direct costs. The PFS considers a conventional open-pit mining operation and incorporates modular processing plant designs, allowing for a simplified construction schedule of less than 24 months, reducing inflation and execution risks. The Project will proceed under the Provincial Class Environmental Assessment (“EA”) process and does not trigger a Comprehensive EA or federal Impact Assessment under current regulations. Social and community engagement has focused primarily on the Apitipi Anicinapek Nation (“AAN”) due to its proximity to the Fenn-Gib site.

The Company and AAN have an active Exploration Agreement in place and will continue to advance consultation collaboratively, with the intention of developing a Community Benefit Agreement for the Project.

The Project plans to advance three key strategies in parallel: Ontario-led environmental approvals, Indigenous agreements, and engineering-design-procurement. These initiatives aim to enable major construction within 24-36 months, with commercial operations targeted within five years. The PFS assumes an average annual gold production of 71.3 koz over the first 6-years of operation and a total life of mine (“LOM”) production of 920 koz over 14.3 years of operation.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

Site Investigations

During Q2 2024, GeoCentric Environmental Inc completed a site investigation to assess the overburden material and hydrogeological characteristic of the Fenn-Gib property. The scope included vertical geotechnical drilling, in situ testing, monitoring well installation, overburden and bedrock logging, and laboratory analysis. 19 drillholes were completed throughout and adjacent to the Fenn-Gib property.

During Q3-Q4 2024 and Q1 2025, Terracon Geotechnique completed a site investigation to support the overall site development and infrastructure locations. The scope included vertical geotechnical, in situ testing, monitoring well installations, overburden and bedrock logging, test pit excavations, sample collection, and laboratory testing of representative samples. The site investigation included 25 drillholes and 21 test pits.

During Q3 and Q4 2025, Knight Piésold Ltd. (“KP”) carried out a site investigation for the PFS level design arrangements for the Tailings Storage Facility (“TSF”) and associated water management infrastructure. The scope included vertical geotechnical, in situ testing, monitoring well installations, overburden and bedrock logging, test pit excavations, sample collection, and laboratory testing of representative samples. 8 drillholes and 18 test pits were completed in the proposed TSF location and 2 drillholes and 7 tests pits were completed in the Open Pit location for a program total of 10 drillholes and 25 test pits.

Notice of Project Status (“NPS”)

On February 5, 2026, the Company formally submitted a Notice of Project Status (“NPS”) for the Fenn-Gib Project. The NPS submission represents a meaningful milestone in the continued advancement of the Project.

The submission of the NPS formally registers the Fenn-Gib Project with the Province of Ontario and notifies the Ministry of Energy and Mines (“MEM”) that the company intends to advance the Project toward the commencement of mine production, in compliance with applicable Ontario mining legislation. With the submission of the NPS, the Company will continue to advance the technical studies, consultation processes, and permitting and approvals processes required to support planned future development.

This milestone is underscored by the Company’s ongoing dedication to meaningful engagement with the Apitipi Anicinapek Nation, a local First Nation rightsholder within the Treaty 9 area, as well as with other regional Indigenous and local communities and stakeholders as the Project continues to advance. Advancing the Project reflects the Company’s proactive approach to regulatory compliance and supports continued derisking through environmental, technical and socioeconomic work that will underpin future construction and operating approvals.

TECHNICAL INFORMATION

Technical information included in this MD&A has been reviewed on behalf of the Company and approved by Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair, and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

SUMMARY OF QUARTERLY RESULTS

A summary of the Company’s quarterly results is as follows:

	Q1 2026			Q4 2025			Q3 2025			Q2 2025
	$			$			$			$
Operating expenses		(7,560,019	)		(4,105,042	)		(2,324,575	)		(2,165,132	)
Loss for the period		(7,321,839	)		(3,789,410	)		(2,241,177	)		(2,113,058	)
Loss per share - basic and diluted⁽¹⁾		(0.11	)		(0.05	)		(0.04	)		(0.04	)
Total assets		49,249,408			53,272,854			56,748,042			22,667,265

	Q1 2025			Q4 2024			Q3 2024			Q2 2024
	$			$			$			$
Operating expenses		(1,864,732	)		(2,410,002	)		(1,484,124	)		(6,032,285	)
Loss for the period		(1,815,633	)		(2,226,607	)		(1,434,837	)		(5,711,375	)
Loss per share - basic and diluted⁽¹⁾		(0.04	)		(0.04	)		(0.02	)		(0.12	)
Total assets		22,667,265			24,489,347			20,238,119			22,181,209

(1)

Comparative loss per share numbers were re-presented on a “after share consolidation” basis. (See page 3 of this MD&A)

During the last eight quarters, the Company’s loss ranged between $1,434,837 and $7,321,839. Loss during the quarters mainly comprised exploration and evaluation expenses, consulting fees, legal and professional fees, management fees and office expenses to support the exploration activities for the Fenn-Gib Project and to maintain the public listing of the Company.

During Q1 2026, the net loss was higher compared to other quarters due to $5,264,894 in exploration and evaluation expenses on mineral properties, including drilling programs and a focus towards the completion of studies for the permitting process and engineering work for mine infrastructure, waste management, and electrical infrastructure.

SOURCES AND USES OF CASH

A summary of the Company’s sources and uses of cash is as follows

	Q1 2026			Q1 2025
	$			$
Net cash used in operating activities		(6,807,219	)		(1,858,503	)
Net cash used in investing activities		(16,332	)		(3,001,867	)
Net cash provided by financing activities		933,530			-

Effect of exchange rate on changes in cash and cash equivalents		2,430			-
Change in cash and cash equivalents		(5,887,591	)		(4,860,370	)
Cash and cash equivalents, beginning of period		38,193,983			9,534,129
Cash and cash equivalents, end of period		32,306,392			4,673,759

Cash used in investing activities was $16,332 compared to $3,001,867 in the prior year comparable period mainly due to the investment in a short-term guaranteed investment certificate (“GIC”) in the prior year comparable period.

Cash provided by financing activities was $933,530 compared to $nil in the prior year comparable period. Cash provided by financing activities in the current year resulted from issuance of shares due to warrant exercises for net proceeds of $933,530.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

RESULTS OF OPERATIONS

A summary of the Company’s results of operations is as follows:

	Q1 2026			Q1 2025
	$			$
Operating expenses
Depreciation		7,228			7,114
Exploration and evaluation		5,264,894			1,200,222
General and administrative		1,724,389			421,432
Share-based payments		563,508			235,964
		7,560,019			1,864,732

Other income (expenses)
Foreign exchange gain (loss)		2,510			(300	)
Interest income		234,499			49,399
Other income		1,171			-
Loss for the period		(7,321,839	)		(1,815,633	)

Q1 2026 compared to Q1 2025

Loss for the period increased to $7,321,839 compared to $1,815,633 in the prior year comparable period. The primary drivers of this increase were as follows:

Exploration and evaluation expenses increased to $5,264,894 from $1,200,222 in the prior year comparable period due to advanced condemnation drilling along with tailings storage facility site investigation, pump testing and hydrogeology modelling

General and administrative expenses increased to $1,724,389 from $421,432 in the prior year comparable period primarily due to higher professional fees associated with the completion of the NYSE American listing, as well as increased expenditures related to directors’ and officers’ insurance. The Company appointed a Vice President, Capital Markets, effective November 19, 2025, which resulted in higher management fees and was a key driver of increased marketing activities and related costs in Q1 2026.

Share-based payments increased to $563,508 from $235,964 in the prior year comparable period mainly due to vesting of 745,000 options granted in Q1 2026 as well as the vesting of 175,000 options granted to the Company’s CEO and 350,000 options granted to the Company’s COO in Q1 2025.

Partially offsetting the increase in loss for the period was an increase in other income. Interest income increased to $234,499 from $49,399 in the prior year comparable period primarily due to increase in average cash balances compared to the prior period.

SHARE CAPITAL HIGHLIGHTS

The number of shares issued and fully paid as at March 31, 2026 is 67,080,496 (December 31, 2025 - 66,797,608).

During the three months ended March 31, 2026, the Company had the following share capital transaction:

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

During the year ended December 31, 2025, the Company had the following share capital transactions:

On September 16, 2025, the Company closed a brokered private placement and issued 12,122,002 common shares at a price of $3.30 per share for gross proceeds of $40,002,600. Share issuance costs of $2,605,419 were incurred in connection with the offering. Pursuant to this private placement, the Company issued 681,843 warrants to certain finders. Each warrant entitles the holder to purchase one common share of the Company at a price of $3.30 per share and will expire on September 16, 2027. The Company attributed a fair value of $877,484 to the warrants which was determined using the Black-Scholes option pricing model. The proceeds from the private placement will be used to continue to advance the Fenn-Gib project, as previously disclosed at the time of the announcement.

LIQUIDITY AND CAPITAL RESOURCES

The Company has financed its operations primarily through the issuance of common shares. The Company continues to seek capital through various means including the issuance of equity and debt. The Financial Statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

As at March 31, 2026, the Company has an accumulated deficit of $77,807,584 (December 31, 2025 - $70,485,745), cash and cash equivalents of $32,306,392 (December 31, 2025 - $38,193,983), and accounts payable and accrued liabilities of $2,968,911 (December 31, 2025 - $1,167,556).

As at March 31, 2026, the Company had working capital of $31,896,695 (December 31, 2025 - $37,610,278). In addition to the Company’s accumulated deficit, the Company has not generated revenues from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties.

RELATED PARTY TRANSACTIONS

A summary of the Company’s related party transactions and key management compensation for the three months ended March 31, 2026 and 2025 is as follows:

	2026		2025
	$		$
Directors’ fees		12,820		12,820
Exploration personnel and program support ⁽¹⁾		419,654		103,092
Management fees		530,271		148,066
Share-based payments		355,751		230,837
		1,318,496		494,815

(1)

Amounts relating to the compensation of the COO are included in exploration and evaluation expenses.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

A summary of the amounts due to related parties in accounts payable and accrued liabilities as at March 31, 2026 and December 31, 2025 is as follows:

	2026		2025
	$		$
Payable to a company partially owned by the interim CFO		65,353		50,291
Payable to key management personnel		12,954		61,229
Payable to other related party		-		5,040
		78,307		116,560

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 - Inputs that are not based on observable market data.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company’s Financial Statements are summarized below.

Credit risk

Interest rate risk

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. For the three months ended March 31, 2026, the Company incurred a loss of $7,321,839 (2025 - $1,815,633). The Company’s cash and cash equivalents are held in business accounts and are available on demand for the Company’s programs. As at March 31, 2026, the Company had cash and cash equivalents $32,306,392 (December 31, 2025 - $38,193,983) to settle current liabilities of $2,968,911 (December 31, 2025 - $1,167,556) and has assessed the liquidity risk as minimal.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

Foreign currency risk

A summary of the Company’s financial instruments held in USD, expressed in Canadian dollars is as follows:

	March 31,			December 31,
	2026			2025
	$			$
Cash and cash equivalents		364,945			936,603
Accounts payable and accrued liabilities		716,831			19,421
		(351,886	)		917,182

CAPITAL MANAGEMENT

Historically, the Company has depended on external financing to fund its activities. The capital structure of the Company currently consists of shareholders’ equity, which was $46,280,497 as at March 31, 2026 (December 31, 2025 - $52,105,298). The Company manages its capital structure and makes adjustments to it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

SUBSEQUENT EVENTS

On April 7, 2026, the Company granted 250,000 stock options to the incoming Chief Financial Officer, Kevin Annett, of the Company, exercisable into an equal number of common shares of the Company at an exercise price of $4.38 per share. The options are exercisable for a five-year term expiring on April 7, 2031. Of the options granted, one third of the options will vest and become exercisable if the option holder is actively employed with the Company on April 7, 2027, the remaining options will vest and become exercisable on each calendar month starting on May 7, 2027 for twenty-four months thereafter for each subsequent month that the option holder remains actively employed with the Company.

On April 16, 2026, the Company closed a private placement with Kevin Annett and issued 58,000 common shares at a price of $4.38 per share for gross proceeds of $254,040. These shares are subject to a four month hold period expiring on August 17, 2026.

On May 4, 2026, the Company announced the stepping down of Nick Campbell, Chief Executive Officer. Concurrently, the Company appointed Drew Anwyll, P.Eng., formerly Chief Operating Officer, as Chief Executive Officer.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

OUTSTANDING SHARE DATA

A summary of the Company’s issued and outstanding securities is as follows

	March 31, 2026		MD&A Date
	#		#
Common shares		67,080,496		67,138,496
Stock options		1,962,500		2,212,500
Warrants		364,863		364,863

PROPOSED TRANSACTIONS

As at March 31, 2026 and the MD&A Date, the Company has no proposed transactions.

OFF-BALANCE SHEET ARRANGEMENTS

As at March 31, 2026 and the MD&A Date, the Company has no off-balance sheet arrangements.

SIGNIFICANT ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY

All significant accounting judgements and sources of estimation uncertainty are fully disclosed in the Financial Statements.

DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by the Company in its annual filings, interim filings and other reports filed or furnished under applicable securities legislation is recorded, processed, summarized and reported within the time periods specified under applicable securities laws, and that such information is accumulated and communicated to management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

The Company’s disclosure controls and procedures were designed, or are being designed, under the supervision of the CEO and CFO. An evaluation of the effectiveness of the Company’s disclosure controls and procedures was conducted as of March 31, 2026. Based on this evaluation, the CEO and CFO concluded that the disclosure controls and procedures were effective, taking into consideration the changes in the Company’s reporting obligations during the quarter as a result of ceasing to be a venture issuer.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

INTERNAL CONTROL OVER FINANCIAL REPORTING

The CEO and CFO are responsible for establishing and maintaining internal control over financial reporting (“ICFR”). ICFR is designed to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards.

During the quarter ended March 31, 2026, the Company ceased to qualify as a venture issuer under Canadian securities laws as a result of its listing on the NYSE American. Accordingly, management has commenced enhancements to the design and documentation of the Company’s ICFR in order to align with the requirements applicable to a non-venture issuer and to support compliance with both Canadian and U.S. regulatory requirements.

As part of this process, management has initiated the implementation of an internal control framework based on the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) Internal Control - Integrated Framework. These enhancements include, among other things, additional formalization of control activities, documentation of processes and controls, and evaluation procedures related to financial reporting.

These changes constitute changes in ICFR during the period. Management expects that the design and implementation of these enhancements will continue during subsequent quarters and expect to have them in place by year end, including adequate control testing. As the implementation process is currently ongoing, certain elements of the Company’s ICFR are continuing to be designed and refined. Accordingly, management believes the changes being implemented will strengthen the Company’s ICFR.

RISKS AND UNCERTAINTIES

For a detailed listing of the risks and uncertainties faced by the Company, please refer to the Company’s annual information form for the year ended December 31, 2025, which is also included in the Company’s Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission (the “SEC”).

ADDITIONAL INFORMATION

Additional information about the Company, including the Company’s annual information form for the year ended December 31, 2025, is available on the Company’s website at https://mayfairgold.ca/ and on SEDAR+ at http://www.sedarplus.ca. The Company’s documents filed with, or furnished to, the SEC, including its Annual Report on Form 40-F for the year ended December 31, 2025 that contains such annual information form, are available through the SEC’s Electronic Data Gathering and Retrieval System at www.sec.gov.

CAUTIONARY NOTES

Cautionary Note Regarding Forward-Looking Information

This MD&A contains forward-looking statement and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable Canadian and United States securities legislation. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “proposes”, “expects”, “estimates”, “intends”, “anticipates”, or “believes”, or variations (including negative and grammatical variations) of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by the forward-looking information. Forward-looking information relates to future events or the Company’s future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking information. In particular, forward-looking information in this MD&A includes, but is not limited to, information concerning: the expected timing of the Company’s plans and strategy for the Fenn-Gib Project; general exploration and development plans and activities, including costs and timing related thereto; the interpretation of drill results, and mineral resource and mineral reserve estimates; the future price of minerals, particularly gold; mineral resource and mineral reserve estimates and the realization thereof; the development, operational and economic results of economic studies, including with respect to the PFS; results of the PFS being consistent with management’s expectations and with the results of the metallurgical test program; other plans with respect to the Fenn-Gib Project; statements regarding perceived merit of the Fenn-Gib Project; magnitude of mineral deposits; exploration and drilling results at the Company’s mineral properties; prospecting licenses and permits; budgets (including the cost of the recommended work program in the Technical Report (as defined below)); work programs (including the recommended work program in the Technical Report, and the ability to achieve the desired results thereof); permitting or other timelines; strategic plans; market price of precious metals; success of exploration activities; and government regulation. Estimates regarding the anticipated timing, amount and cost of exploration and drilling activities are based on assumptions underlying mineral resource and mineral reserve estimates and the realization of such estimates.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

Forward-looking information is necessarily based upon a number of factors and assumptions that, if untrue, could cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such information. Such forward-looking information is based on the opinions, assumptions and estimates of management, which management considered reasonable as at the date the information is provided. The material factors or assumptions used to develop forward-looking information herein include, but are not limited to: general business, financial and economic conditions, including stress in the global economy; supply and demand for, and the level and volatility of prices of precious metals, in particular, gold; the availability of financing for the Company’s exploration and development projects on reasonable terms; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the ability to attract and retain skilled staff; the accuracy of mineral resource and mineral reserve estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which it is based; prevailing and projected market prices and foreign exchange rates; exploitation and drilling estimates and results will not change in a materially adverse manner; proposed developments of mineral projects will be viable operationally and economically as planned; exploration and development activities will be completed as planned and yield expected results; permitting and construction on a continual basis; the Company not experiencing unforeseen delays, issues, unexpected geological or other effects, equipment failures, permitting delays or issues with prospecting licenses and permits; and general economic, market or business conditions will not change in a materially adverse manner. Assumptions relating to the mineral resource and mineral reserve estimates, development, and future economic benefit reported in respect of the Fenn-Gib Project are discussed in the Technical Report. Forward-looking information and other information contained herein concerning mineral exploration and our general expectations concerning mineral exploration are based on estimates prepared by us using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable.

Forward-looking information involves risks and uncertainties relating to, among other things, the Company’s reliance on the Fenn-Gib Project; the Company’s operating losses and no history of earnings; liquidity and financing risk; risks related to title to the Company’s property interests; the Company’s ability to obtain necessary permits and licenses, including renewals thereof, in a timely manner or at all; there being no mineral resources or mineral reserves in production at the Fenn-Gib Project; uncertainty of calculation of mineral resources, mineral reserves and metal recoveries; risks related to exploration cost estimates; risks inherent in mineral exploration and development; environmental risks and hazards; reclamation costs and risks; the Company’s ability to secure infrastructure, energy and water supplies; business risk and dependence on personnel; shareholder activism; reputational risk; litigation risks; acquisitions and integration risks; volatility in trading price and volume; risks related to relationships with local communities; geotechnical, hydrological and climate events; adverse economic conditions; compliance with Canada’s Extractive Sector Transparency Measures Act; government regulation risks; breach of confidentiality; management of growth risks; liability for actions of employees, contractors and consultants; competition; market conditions; fluctuations in commodity prices; possible dilution to present and prospective shareholders; political uncertainty; the current global financial condition; international conflicts; inflationary risks; risks related to increasing interest rates; failure to comply with anti-bribery and anti-corruption laws; uninsurable risks; stress in the global economy; tariffs and imposition of other restrictions on trade; public health crises; natural disasters, terrorist acts, civil unrest and other disruptions; information systems and cybersecurity threats; limitation of internal controls and disclosure controls and procedures; conflicts of interest; substantial number of authorized but unissued Common Shares; future sales of Common Shares by existing shareholders; the Company’s dividend policy and tax risks, specifically related to the Company’s classification as a passive foreign investment company, as these factors are discussed under the “Risk Factors” section of the Company’s annual information form for the year ended December 31, 2025 available under the Company’s SEDAR+ profile at www.sedarplus.ca and filed as part of the Company’s Annual Report on Form 40-F filed with the SEC and available at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and accordingly, the foregoing list is not exhaustive. There can be no assurance that forward-looking information will prove to be accurate, and the Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. Accordingly, investors should not place undue reliance on forward-looking information.

MAYFAIR GOLD CORP.

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except where noted otherwise)

Disclosure of Mineral Resources and Mineral Reserves

Disclosure about our exploration properties in this MD&A uses the terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, “mineral reserves”, “proven mineral reserves” and “probable mineral reserves”, which are Canadian geological and mining terms as defined in accordance with NI 43-101, set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended.

Mineral resources are not mineral reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and indicated mineral resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the mineral resource. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves.

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources

This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada as of the respective dates thereof, which differ in certain material respects from the disclosure requirements of United States securities laws. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The definitions of these terms and other mining terms, such as “inferred mineral resource”, differ from the definitions of such terms, if any, for purposes of the disclosure requirements of the SEC. Accordingly, information contained in this MD&A that describes the Company’s mineral deposits may not be comparable to similar information made public by issuers subject to the SEC’s reporting and disclosure requirements applicable to domestic United States issuers.

Under Canadian rules, estimates of inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and, accordingly, may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Exhibit 99.3

Form 52-109F2 – IPO/RTO

Certification of Interim Filings Following

an Initial Public Offering, Reverse Takeover or

Becoming a Non-Venture Issuer

I, Drew Anwyll, Chief Executive Officer of Mayfair Gold Corp., certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Mayfair Gold Corp. (the “issuer”) for the interim period ended March 31, 2026.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 13, 2026

/s/ Drew Anwyll
Drew Anwyll
Chief Executive Officer

NOTE TO READER

In contrast to the usual certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), namely, Form 52-109F2, this Form 52-109F2 – IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i)       controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii)      a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.

Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 in the first financial period following

·    completion of the issuer’s initial public offering in the circumstances described in s. 4.3 of NI 52-109;

·    completion of a reverse takeover in the circumstances described in s. 4.4 of NI 52-109; or

·    the issuer becoming a non-venture issuer in the circumstances described in s. 4.5 of NI 52-109;

may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

Exhibit 99.4

Form 52-109F2 – IPO/RTO

Certification of Interim Filings Following

an Initial Public Offering, Reverse Takeover or

Becoming a Non-Venture Issuer

I, Kevin Annett, Chief Financial Officer of Mayfair Gold Corp., certify the following:

Date: May 13, 2026

/s/ Kevin Annett
Kevin Annett
Chief Financial Officer

NOTE TO READER

ii)       a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

·    completion of the issuer’s initial public offering in the circumstances described in s. 4.3 of NI 52-109;

·    completion of a reverse takeover in the circumstances described in s. 4.4 of NI 52-109; or

·    the issuer becoming a non-venture issuer in the circumstances described in s. 4.5 of NI 52-109;

may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

Exhibit 99.5

CONSENT OF DREW ANWYLL

The undersigned hereby consents to the inclusion in the Management’s Discussion & Analysis of Financial Condition and Results of Operation of Mayfair Gold Corp. (the “Company”) for the three month period ended March 31, 2026 of references to the undersigned as a non-independent qualified person and the undersigned's name with respect to the disclosure of technical information contained therein.

The undersigned further consents to the inclusion or incorporation of all references to the undersigned in the Company’s Registration Statement on Form F-10 (No. 333-295084). This consent extends to any amendments to the Form F-10, including post-effective amendments.

/s/ Drew Anwyll
Drew Anwyll, P. Eng.
May 13, 2026

Source: View Original Filing on SEC EDGAR

FAQ

How did Mayfair Gold (MINE) perform financially in Q1 2026?

Mayfair Gold reported a net loss of $7.32 million in Q1 2026. The loss mainly reflects higher exploration and evaluation spending of $5.26 million and increased general and administrative and share-based payment expenses as the Fenn-Gib project advances.

What is Mayfair Gold’s (MINE) cash position and liquidity after Q1 2026?

Mayfair Gold ended Q1 2026 with $32.31 million in cash and cash equivalents. Working capital totaled $31.90 million, compared with current liabilities of $2.97 million, giving the company a solid liquidity buffer to fund exploration and early project development activities.

What are the key pre-feasibility study metrics for Mayfair Gold’s Fenn-Gib project?

The Fenn-Gib pre-feasibility study outlines initial capital of $450 million and life-of-mine production of 920,000 ounces over 14.3 years. It projects cumulative free cash flow of $896 million in the first six years at a US$3,100/oz gold price assumption.

What mineral reserves does Mayfair Gold (MINE) report at Fenn-Gib?

Mayfair Gold reports open-pit probable reserves of 25.13 million tonnes at 1.29 g/t gold, containing about 1.042 million ounces. These reserves are based on converting indicated resources within the ultimate pit limits under NI 43-101-compliant technical work.

What recent corporate and listing developments has Mayfair Gold (MINE) announced?

Mayfair Gold began trading on the NYSE American on January 27, 2026 under ticker MINE. It also completed a two-for-one share consolidation in December 2025 and subsequently announced that former COO Drew Anwyll was appointed Chief Executive Officer in May 2026.

What acquisitions and equity activities did Mayfair Gold (MINE) pursue after Q1 2026?

On April 2, 2026, Mayfair agreed to acquire Plato Gold’s Guibord, Marriott and Holloway properties for $2.5 million in cash. On April 16, 2026, it closed a private placement of 58,000 shares at $4.38 each, raising $254,040 in gross proceeds.

How much is Mayfair Gold (MINE) spending on Fenn-Gib exploration and studies?

In Q1 2026, Mayfair spent $5.26 million on exploration and evaluation at Fenn-Gib. Major items included drilling, environmental assessment and pre-feasibility studies, personnel support, and community relations, reflecting a transition toward permitting, geotechnical work and early engineering for potential mine development.

Filing Exhibits & Attachments

5 documents

Mayfair Gold (NYSE: MINE) ramps Fenn-Gib spending as Q1 2026 loss grows

Rhea-AI Filing Summary

Positive

Negative

Insights

Key Figures

Key Terms

FAQ

How did Mayfair Gold (MINE) perform financially in Q1 2026?

What is Mayfair Gold’s (MINE) cash position and liquidity after Q1 2026?

What are the key pre-feasibility study metrics for Mayfair Gold’s Fenn-Gib project?

What mineral reserves does Mayfair Gold (MINE) report at Fenn-Gib?

What recent corporate and listing developments has Mayfair Gold (MINE) announced?

What acquisitions and equity activities did Mayfair Gold (MINE) pursue after Q1 2026?

How much is Mayfair Gold (MINE) spending on Fenn-Gib exploration and studies?

Filing Exhibits & Attachments

Press Releases

Mayfair Gold (NYSE: MINE) ramps Fenn-Gib spending as Q1 2026 loss grows

Rhea-AI Filing Summary

Positive

Negative

Insights

Mining equity analyst neutral

Key Figures

Key Terms

FAQ

How did Mayfair Gold (MINE) perform financially in Q1 2026?

What is Mayfair Gold’s (MINE) cash position and liquidity after Q1 2026?

What are the key pre-feasibility study metrics for Mayfair Gold’s Fenn-Gib project?

What mineral reserves does Mayfair Gold (MINE) report at Fenn-Gib?

What recent corporate and listing developments has Mayfair Gold (MINE) announced?

What acquisitions and equity activities did Mayfair Gold (MINE) pursue after Q1 2026?

How much is Mayfair Gold (MINE) spending on Fenn-Gib exploration and studies?

Filing Exhibits & Attachments

Press Releases