Mayfair Gold (MFG) Q3 2026 earnings summary

Executive summary

• Fenn-Gib advanced toward a 2028 construction target and initial production in 2030; no operating revenue had been generated.

• Q3 2026 net loss was $8.20M and 9M net loss was $22.87M, compared with $2.24M and $6.17M in the prior-year periods.

• September 30 cash and cash equivalents were $15.64M; pro forma liquidity was C$25.6M after Macquarie’s October investment.

Financial highlights

• Q3 operating expenses were $8.31M versus $2.32M YoY; 9M expenses were $23.36M versus $6.35M.

• 9M exploration and evaluation expense was $14.68M and G&A was $6.37M; Q3 amounts were $4.72M and $2.13M, respectively.

• 9M share-based payment expense was $2.27M versus $598,945 YoY; interest income was $526,798 versus $158,400.

• Total assets were $34.60M at September 30, down from $53.27M at December 31, 2025.

Outlook and guidance

• The 2026 PFS estimates C$450M initial capital, a 2.7-year base-case payback and $896M cumulative free cash flow over the first six production years at US$3,100/oz gold.

• PFS forecasts average annual production of 71.3 koz in the first six years and 920 koz over a 14.3-year mine life; construction is targeted for 2028 and initial production for 2030.

• The PFS outlines a near-surface, higher-grade 1.0 million oz probable reserve within a 4.3 million oz indicated resource.

• Q4 priorities include selecting detailed engineering, advancing procurement, awarding long-lead equipment contracts, and completing site investigations and final condemnation drilling.