Mayfair Gold (MFG) Q2 2025 earnings summary

Executive summary

• Advanced metallurgical testing showed gold recoveries of 88.4% for higher-grade material and 82.5% for lower-grade material, supporting a smaller, higher-grade operation at Fenn-Gib.

• Completed three years of environmental baseline data, enabling the start of formal Ontario permitting after the Pre-Feasibility Study (PFS) completion.

• All required engineering contracts for the PFS were executed, with completion targeted by year-end 2025.

• Confidence drilling program to refine ore boundaries and grade profile will commence in August 2025.

• Ongoing site investigation, engineering, and permitting preparation aim for detailed engineering and formal permitting in early 2026.

Financial highlights

• Net loss for Q2 2025 was $2.1M (loss per share $0.02), compared to $5.7M (loss per share $0.06) in Q2 2024.

• Net loss for the first six months of 2025 was $3.9M (loss per share $0.04), compared to $9.0M (loss per share $0.09) in the same period of 2024.

• Cash and cash equivalents plus short-term investments totaled $5.9M as of June 30, 2025.

• Total assets were $20.9M and total shareholders’ equity was $20.2M as of June 30, 2025.

Outlook and guidance

• PFS completion is targeted by the end of 2025, with formal permitting to begin shortly after.

• Detailed engineering and formal permitting activities are planned to commence at the start of 2026.

• Confidence drilling and further site investigations are scheduled for the second half of 2025.