Mayfair Gold (MFG) Investor presentation summary

Strategic development approach

• Focus on unlocking value from a 4.3 Moz indicated gold resource at Fenn-Gib, with a strategic path to production emphasizing accelerated provincial permitting and lower capital requirements for reduced execution risk.

• Targeting high-margin material for improved payback and the quickest path to free cash flow in the current gold cycle, enabling reinvestment opportunities.

• Project located in the prolific Timmins gold district with excellent infrastructure, workforce access, and proximity to established producers.

• Management team with a proven track record in advancing assets to production and significant insider ownership (~35%).

Project economics and financial highlights

• 2026 PFS outlines a 1 Moz reserve at US$3,100/oz gold, with optionality on 3.3 Moz not mined in the PFS.

• LOM average annual gold production of 64,096 oz at 1.29 g/t, with LOM average AISC of US$1,292/oz and C$1.7B cumulative free cash flow.

• Initial capex of C$450M, payback in 2.7 years, after-tax NPV (5%) of C$652M, and IRR of 24% at base case gold price.

• Spot gold scenario (US$4,450/oz) increases after-tax NPV (5%) to C$1.4B, IRR to 38%, and reduces payback to 1.7 years.

• Sensitivity analysis shows strong leverage to gold price, with NPV and IRR rising significantly at higher gold prices.

Operational and technical details

• Project designed for <5,000 tpd throughput, enabling a streamlined permitting process and reduced execution risk.

• Modular construction and shorter construction period (<2 years) further mitigate inflation and execution risks.

• High-grade core targeted, with first six years averaging 71,336 oz/year at 1.47 g/t.

• Metallurgical testwork supports a conventional flowsheet with 90% gold recovery for 1.5 g/t head grade.

• Plant design includes three-stage crushing, ball mill grinding, flotation, CIL, and cyanide detoxification.