Mayfair Gold (MFG) Q4 2025 earnings summary

Executive summary

• Advanced the Fenn-Gib Project with a completed Pre-Feasibility Study (PFS) confirming technical and economic viability, targeting open-pit gold mining in Ontario, Canada.

• Achieved a significant increase in indicated mineral resources to 4.3 million ounces of gold and declared first probable reserves of 1.04 million ounces.

• Raised $40 million in a brokered private placement, strengthening the balance sheet and supporting ongoing project development.

• Listed on the NYSE American under the ticker “MINE” in January 2026, enhancing market visibility and access to capital.

Financial highlights

• Net loss for 2025 was $9.96 million, an improvement from $12.68 million in 2024, mainly due to lower exploration and administrative expenses.

• Cash and cash equivalents increased to $38.2 million as of December 31, 2025, up from $9.5 million at year-end 2024.

• Working capital stood at $37.6 million at year-end 2025, supporting ongoing exploration and development activities.

• Shareholders’ equity rose to $52.1 million from $23.7 million year-over-year, reflecting successful equity financings.

Outlook and guidance

• PFS supports a technically feasible and economically robust mine plan with a 14.3-year life and average annual gold production of 64,000 ounces.

• After-tax NPV (5%) is C$652 million, IRR is 24.1%, and payback period is 2.7 years at a US$3,100/oz gold price.

• Initial capital cost is estimated at $450 million, with sustaining capital of $61 million and closure costs of $49 million.

• Focus for 2026 is on advancing permitting, Indigenous and community engagement, and front-end engineering to position for a construction decision.