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Toronto, Ontario--(Newsfile Corp. - November 12, 2026) - Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) ("Mayfair", "Mayfair Gold", or the "Company") is pleased to report its operating and financial results for the quarter ended September 30, 2026. The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at www.mayfairgold.ca or under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

Pro forma liquidity of approximately C$25.6 million, comprising Cash and Cash Equivalents of C$15.6 million as at September 30, 2026 and approximately C$10.0 million in gross proceeds received subsequent to quarter end from the previously announced strategic investment by Macquarie Bank Limited, which closed on October 14, 2026.

Kevin Annett, CFO of Mayfair, said: "With C$15.6 million in cash at quarter end, an additional C$10 million received from Macquarie subsequent to quarter end as part of its strategic placement, and Fenn-Gib's designation under Ontario's One Project One Process (1P1P), we are well funded and well positioned heading into 2027. Macquarie's investment came alongside a non-binding term sheet for up to C$300 million in project financing, with C$25 million available for early drawdown once binding. Our experienced team continues to execute on the catalysts that create shareholder value as we advance Fenn-Gib towards a construction decision."

The Company also announces the grant of stock options to Daniel Janusauskas to acquire 125,000 common shares in the capital of the Company at an exercise price which shall be the 5-day volume weighted average trading price of the Company's common shares on the TSX Venture Exchange on and including November 11, 2026 for a five-year term expiring on November 11, 2031 in accordance with the Omnibus Incentive Plan.

About Mayfair Gold

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3 million ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t) and the expected strategy outlined in the 2026 Pre-Feasibility Study (the "PFS")1 is to develop the project under the provincial permitting process, targeting the higher-grade 1 million ounce probable mineral reserve (25.1Mt at an average grade of 1.29g/t) sitting near-surface, highlighting the optionality and scalability provided by the deposit. The PFS also outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow2 of C$896 million over the first six years of production based on a US$3,100/oz gold price. The Company is advancing permitting activities, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.

The content of this news release has been reviewed on behalf of the Company and approved by Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair, a QP as defined in NI 43-101.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain forward-looking information within the meaning of applicable Canadian securities legislation and forward-looking statements within the meaning of applicable United States securities legislation (collectively, "forward-looking information"). The use of the words "will" and "expected" and similar expressions is intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, the expected strategy to develop the project under the provincial permitting process, targeting the higher-grade 1-million-ounce mineral reserve, building and operating the Fenn-Gib Project, and all disclosure related to the PFS, including expected commencement of construction and production. Although Mayfair Gold believes that the expectations reflected in such forward-looking information is reasonable, readers are cautioned that actual results may vary from the forward-looking information. The Company has based the forward-looking information on the Company's current expectations and assumptions about future events. This information also involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties, and other factors identified in the annual information form and Form 40-F of the Company for the year ended December 31, 2025, available under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, respectively. Furthermore, the forward-looking information contained in this news release is as at the date of this news release, and Mayfair does not undertake any obligation to publicly update or revise any of this forward-looking information except as may be required by applicable securities laws.

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

1 Please refer to the technical report entitled "Fenn-Gib Gold Project NI 43-101 Technical Report and pre-Feasibility Study" dated effective December 19, 2025 available on SEDAR+ at www.sedarplus.ca for further details.
2 Free cash flow or cash flows do not have a standardized meaning and may not be comparable to similar measures presented by other issuers, referred to as non-GAAP financial measures. As the Company is not in production, the Company does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures may not be reconciled to the nearest comparable measures under IFRS

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323833