Mayfair Gold (MFG) Q1 2025 earnings summary

Executive summary

• Advanced the Fenn-Gib gold project in Ontario with ongoing metallurgy, engineering, mine planning, and environmental baseline programs to support permitting and pre-feasibility study for a 4,800 tpd starter operation targeting near-surface high-grade mineralization.

• Outlined a comprehensive 2025 advancement program including metallurgical test work, environmental data review, community engagement, consultant selection, confidence drilling, site investigation, and permitting.

Financial highlights

• Reported a net loss and comprehensive loss of $1.82M for Q1 2025, compared to $3.31M for Q1 2024.

• Loss per share was $0.02 for Q1 2025, compared to $0.03 for Q1 2024.

• Cash and cash equivalents plus short-term investments totaled $7.68M as of March 31, 2025, down from $9.53M a year earlier.

• Total assets were $22.67M at March 31, 2025, compared to $24.49M at March 31, 2024.

• Total shareholders’ equity stood at $22.16M at quarter-end, down from $23.74M a year prior.

Outlook and guidance

• Pre-feasibility study for the Fenn-Gib project is targeted for completion, with detailed engineering to follow.

• Management expects the starter pit to generate free cash flow and help pay down debt in early operations, contingent on successful permitting and gold price environment.

• Advancement of environmental approvals and project design remains a key focus for 2025.