Name of the Project
Fenn-Gib gold project.

Location
Timmins Gold District, Ontario, Canada.

Project Owner/s
Exploration-stage mining company Mayfair Gold Corp.

Project Description
The 2026 prefeasibility study (PFS) outlines a staged and financeable development strategy designed to prioritise early access to higher-grade ore, reduce execution risk and limit upfront capital requirements while preserving longer-term optionality for expansion. 

The proposed development is a conventional openpit, truck-and-shovel operation, with mining structured into three main mining phases and two smaller satellite pits. 

Total mined tonnes are projected to peak at about 16-million tonnes a year. 

Over the first six years of operations, the project is expected to treat higher-grade ore at an average grade of 1.47 g/t gold, supporting average production of 71 336 oz/y of gold. 

Over the full reserve life, the project is expected to process an average grade of 1.29 g/t gold and deliver average yearly production of 64 096 oz/y over a 14.3-year mine life. 

The process plant is designed to produce doré bars using a conventional flowsheet supported by metallurgical testwork. 

The circuit includes crushing and grinding to a P80 of 106 µm, sulphide flotation, concentrate regrinding to a P80 of 13 µm, cyanidation and a carbon-in-leach circuit with adsorption, desorption and regeneration, as well as the detoxification of tailings. 

The modular plant design is intended to reduce construction timelines and improve cost predictability through off-site fabrication. 

Tailings storage is planned as a paddock-style facility using a downstream design, with staged construction and water reclaim systems, and is engineered for the co-disposal of tailings and potentially acid generating, or PAG, mine rock.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Using a base case gold price of $3 100/oz gold, the project has an after-tax net present value, at a 5% discount rate, of $652-million and an after-tax internal rate of return of 24%, with a payback period of 2.7 years.

Capital Expenditure
Initial development capital costs are estimated at $450-million, including contingency of $66-million.

Planned Start/End Date
A final investment decision is expected within three years, and commercial operation within five years. Construction is targeted for 2028, with initial production targeted for 2030.

Latest Developments
Mayfair has been undertaking environmental baseline studies since 2021, with work considered sufficiently advanced to support an early start in 2026 of the environmental assessment and Ontario permitting processes. Community and Indigenous engagement has focused primarily on the Apitipi Anicinapek Nation, with an exploration agreement in place and the intention to develop a Community Benefit Agreement for the project.

Key Contracts, Suppliers and Consultants
Ausenco Engineering (lead author), with contributions from Knight Piésold, AGP Mining Consultants Inc, Ecometrix Inc and T Maunula & Associates Consulting Inc.

Contact Details for Project Information
Mayfair Gold Corp; tel +1 855 350 5600 or email info@mayfairgold.ca.