Mayfair Gold's Fenn-Gib Project: A Golden Opportunity for 2028 and Beyond

Amid a global rush for safe-haven assets, gold has emerged as a pillar of investor portfolios, with prices hovering near historic highs. Nowhere is this dynamic more promising than in Canada's prolific Abitibi Gold Belt, where Mayfair Gold is advancing its flagship Fenn-Gib project—a high-margin, low-risk gold asset poised to deliver production by 2028. With a robust 4.3 million-ounce indicated resource, a capital-efficient 4,800-tonne-per-day design, and a strategic focus on Indigenous collaboration and permitting acceleration, Mayfair is positioning itself to capitalize on the gold market's bullish momentum. This is an investment opportunity that demands immediate attention.

The Resource: A Foundation of Scale and Flexibility

At the heart of the Fenn-Gib project lies its 4.3 million-ounce indicated resource, contained within 181.3 million tonnes of ore at a grade of 0.74 g/t. This resource is not just large—it is strategically positioned for early high-margin production. A key feature is the high-grade starter pit, which hosts a significant portion of the indicated ounces in near-surface deposits. Metallurgical testing by SGS Lakefield labs has confirmed a 94% gold recovery rate, enabling a processing design that prioritizes efficiency.

The project's flexibility is underscored by its grade-tonnage curve: even at higher cut-off grades, such as 0.5 g/t, the resource remains substantial (3.4 million ounces), offering a buffer against potential price volatility. This scalability positions Fenn-Gib to thrive in varying gold price environments.

The Design: Low Capital, High Returns

Mayfair's decision to target a 4,800-tonne-per-day processing capacity is a masterstroke of strategic capital allocation. By focusing on the high-grade starter pit, the company avoids overbuilding and minimizes upfront costs, aiming for a $300 million+ annual free cash flow (FCF) in early years at current gold prices. This design philosophy is a stark contrast to the industry's historical overcapitalization, reducing execution risk and accelerating returns.

The PFS, due for completion by end-2025, will further refine these metrics. Early estimates suggest an after-tax net present value (NPV) of over $1 billion at a $2,000/oz gold price—a conservative assumption given today's market. With gold prices near $2,000/oz and geopolitical tensions fueling demand, the Fenn-Gib project is primed to outperform.

Partnerships and Permitting: Mitigating Risk, Accelerating Timelines

Mayfair's credibility is bolstered by its alliances with world-class engineering firms, including Ausenco (process plant design), AGP Mining Consultants (mine planning), and Knight Piésold (tailings/water management). These partnerships ensure technical rigor and regulatory compliance, critical for navigating Ontario's permitting process.

Equally vital is the company's engagement with the Apitipi Anicinapek Nation, whose support is central to social license. By prioritizing Indigenous collaboration, Mayfair has de-risked a key hurdle, aligning with Canada's regulatory environment and fostering long-term stakeholder trust. Environmental baseline studies, now 90% complete, confirm no major permitting roadblocks, with the final gap analysis set for resolution by mid-2025.

Market Conditions: Gold's Bull Run and Fenn-Gib's Timing

The gold market is in a sweet spot. Geopolitical instability, inflation, and central bank diversification have propelled gold to $2,000/oz, with further upside likely. For Fenn-Gib, this means immediate value creation: every $100/oz rise boosts the project's NPV by ~$200 million.

Mayfair's agility is evident in its three-year path to production post-PFS, a timeline achievable thanks to Ontario's streamlined permitting process. With construction starting as early as 2026, the project could begin generating cash by 2028, aligning perfectly with the next phase of gold's secular bull market.

Risks? Mitigated by Prudence and Scale

While no project is risk-free, Fenn-Gib's strengths overshadow its challenges. Permitting delays? Advanced community engagement and environmental studies mitigate this. Cost overruns? The 4,800-tpd design's scalability and focus on high-grade ore reduce capital exposure. Even gold price dips? The project's robust economics at $1,500/oz ensure resilience.

A Call to Action: Act Before the Catalysts Strike

Mayfair Gold is at a pivotal juncture. The Q2/Q3 2025 milestones—including final metallurgical results, permitting submissions, and starter pit drilling data—are catalysts that could propel the stock. With a $183 million market cap and $15 million in cash, the company is lean and agile, ready to capitalize on its PFS outcomes.

Investors should act now:

• Buy the dip: The stock's recent consolidation presents a buying opportunity ahead of PFS completion.
• Hedge against uncertainty: Gold's defensive role in portfolios is amplified by Fenn-Gib's production timeline.
• Capture the upside: With a potential tripling of value by 2028, this is a multi-year growth story.

The Fenn-Gib project is more than a mine—it's a strategic bet on Canada's gold renaissance, backed by resources, engineering, and execution. For investors seeking exposure to a high-margin, low-risk gold producer with a clear 2028 production target, Mayfair Gold is the call.

Act now—before the next catalyst lifts this story to its next phase.