Mayfair Gold (MFG) Q3 2025 earnings summary

Executive summary

• Advanced the Fenn-Gib gold project in Ontario, focusing on permitting, engineering, and community engagement.

• Completed a $40 million LIFE Offering to fund project development and corporate purposes.

• Initiated a confidence drilling program in October 2025 to refine ore boundaries and grade profile.

• Pre-Feasibility Study (PFS) for a 4,800 tpd open pit operation remains on track for Q4 2025 completion.

Financial highlights

• Reported a net loss of $2.24 million for Q3 2025, compared to $1.43 million in Q3 2024.

• Loss per share was $0.02 for Q3 2025, versus $0.01 in Q3 2024.

• Cash and cash equivalents plus short-term investments totaled $41.8 million as of September 30, 2025.

• Total assets reached $56.7 million, with total liabilities at $1.18 million as of September 30, 2025.

Outlook and guidance

• PFS for the Fenn-Gib project expected to be completed in Q4 2025.

• Provincial permitting activities for Fenn-Gib anticipated to start in early 2026.

• Results from the confidence drilling program expected in Q1 2026.