Mayfair Gold (MFG) Q4 2024 earnings summary

Executive summary

• Advanced the Fenn-Gib gold project in Ontario with ongoing metallurgy, engineering, mine planning, and environmental data collection to support permitting and pre-feasibility study for a 4,800 tpd starter operation targeting near-surface high-grade mineralization.

• Completed a non-brokered private placement raising $6,012,000 in October 2024.

• Appointed Nicholas Campbell as CEO and Drew Anwyll as COO after December 31, 2024.

Financial highlights

• Reported a net loss of $2.23M ($0.02/share) for Q4 2024, compared to a net loss of $5.03M ($0.05/share) in Q4 2023.

• Full-year 2024 net loss was $12.68M ($0.12/share), compared to $10.92M ($0.12/share) in 2023.

• Cash and cash equivalents at year-end 2024 were $9.53M, down from $13.50M at year-end 2023.

• Total assets at year-end 2024 were $24.49M, compared to $28.49M at year-end 2023.

• Total shareholders' equity at year-end 2024 was $23.74M, down from $25.95M in 2023.

Outlook and guidance

• 2025 advancement program includes metallurgical test work, environmental baseline review, community engagement, pre-feasibility consultant selection, site investigation, and high-grade starter pit drilling.

• Pre-feasibility study and provincial permitting targeted for 2025.