Mayfair Gold (MFG) Q3 2024 earnings summary

Executive summary

• Advanced pre-feasibility study and metallurgical test programs for the Fenn-Gib gold project are underway, with results expected in early 2025.

• The company remains well-funded and is strengthening its technical and capital markets capacity to support the transition into the development phase.

• Appointment of Nicholas Campbell as VP of Corporate Development, bringing over 20 years of industry experience.

Financial highlights

• Reported a net loss of $1.43 million for Q3 2024, compared to a net loss of $2.70 million in Q3 2023.

• Loss per share was $0.01 for Q3 2024, compared to $0.03 in Q3 2023.

• Cash and cash equivalents stood at $20.24 million as of September 30, 2024, down from $28.49 million at year-end 2023.

• Total assets were $13.50 million as of September 30, 2024.

• Completed a non-brokered private placement post-quarter for gross proceeds of $6.01 million.

Outlook and guidance

• Pre-feasibility study for Fenn-Gib project is a major milestone, with a focus on metallurgical, geotechnical, hydrogeology, and environmental evaluations.

• Results from the expanded metallurgical test program are expected in Q1 2025.