Mayfair Gold (MFG) Q2 2024 earnings summary

Executive summary

• Smooth leadership transition enabled uninterrupted progress on the Fenn-Gib project.

• Pre-feasibility study for Fenn-Gib is underway, with a focus on optimizing and de-risking the project.

• Board reconstituted following a shareholder meeting, with new directors bringing mining and legal expertise.

Financial highlights

• Net loss for Q2 2024 was $5.71M (loss per share $0.06), compared to $3.88M (loss per share $0.04) in Q2 2023.

• Six-month net loss was $9.02M (loss per share $0.09), compared to $8.22M (loss per share $0.09) for the same period in 2023.

• Cash and cash equivalents at June 30, 2024 were $7.17M, down from $13.50M at December 31, 2023.

• Total assets at June 30, 2024 were $22.18M; total shareholders’ equity was $20.75M.

Outlook and guidance

• Pre-feasibility study for Fenn-Gib commenced in Q1 2024, advancing metallurgical, geotechnical, and environmental work.

• Focus shifting from exploration to development, with a goal to define a project description for environmental assessment.