Mayfair Gold Provides Update on Project Work in the First Quarter of 2026 Advancing and Derisking the Fenn-Gib Gold Project

Mayfair Gold reported substantive Q1 2026 progress at its Fenn‑Gib gold project: environmental baseline consolidation, submission of a Notification of Project Status to Ontario authorities, EA and permitting mandate awarded to Egis, FEED initiated with Ausenco for a 4,800 tpd plant, expanded site and geotechnical programs, pump testing and metallurgical sampling plans, and work on Highway 101 realignment and power‑to‑site evaluation. The company targets a construction decision in 2028 and first production in 2030; the PFS cited initial capex of C$450m, 2.7 years payback and US$896m cumulative FCF (first six years) at US$3,100/oz gold. For the gold market (XAUUSD) the release is supportive on sentiment — it signals de‑risking and potential future supply growth from a Canadian project — but has limited near‑term price impact given the multi‑year development timeline and modest scale relative to global supply.