# EDGAR Filing Document

**Accession Number:** 0001823255
**File Stem:** 0001193125-26-016557
**Filing Date:** 2026-1
**Character Count:** 2404374
**Document Hash:** 7739ce4518c024145fe182df6678b193
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-016557.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001193125-26-016557

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 268

**FILED AS OF DATE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAYFAIR GOLD CORP.
- **CENTRAL INDEX KEY:** 0001823255

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43060
- **FILM NUMBER:** 26542847

**BUSINESS ADDRESS:**
- **STREET 1:** 489 MCDOUGALL STREET
- **CITY:** MATHESON
- **STATE:** A6
- **ZIP:** P0K 1N0
- **BUSINESS PHONE:** 18003426705

**MAIL ADDRESS:**
- **STREET 1:** 489 MCDOUGALL STREET
- **CITY:** MATHESON
- **STATE:** A6
- **ZIP:** P0K 1N0

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 40-F** 

**(Check One)** 

☒ **Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934** 

**or** 

☐ **Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934** 

**For the fiscal year ended _______________** 

**Commission file number _______________** 

## MAYFAIR GOLD CORP.
**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **1000** | **N/A** |
| **(Province or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number (if applicable))** | **(I.R.S. Employer**<br> **Identification Number (if Applicable))** |

---

**489 McDougall Street** 

**Matheson, Ontario P0K 1N0** 

**Canada** 

**866-360-5600** 

**(Address and Telephone Number of Registrant's Principal Executive Offices)** 

**Puglisi & Associates** 

**850 Library Avenue, Suite 204** 

**Newark, Delaware 19711** 

**(302) 738-6680** 

**(Name, Address (Including Zip Code) and Telephone Number (Including Area Code)** 

**of Agent For Service in the United States)** 

**Securities registered or to be registered pursuant to Section 12(b) of the Act.** 

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol** | **Name of each exchange**<br> **on which registered** |
| **Common Shares, no par value** | **MINE** | **NYSE American LLC** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act. None** 

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None** 

**For annual reports, indicate by check mark the information filed with this Form:** 

---

| | |
|:---|:---|
| ☐ **Annual Information Form** | ☐ **Audited Annual Financial Statements** |

---

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **_______________**

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ☐ No ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

------

**FORM 40-F** 

**Principal Documents** 

The documents filed as Exhibits 99.1 through 99.68 hereto, each of which is incorporated by reference into this registration statement, contain all information material to an investment decision that Mayfair Gold Corp. ("Mayfair Gold"), since the beginning of its last completed fiscal year, (i) made or was required to make public pursuant to the laws of British Columbia or Canada, (ii) filed or was required to file with the TSX Venture Exchange (the "TSXV") and which was made public by the TSXV, or (iii) distributed or was required to distribute to its security holders.

Our independent auditor is Davidson & Company LLP (PCAOB Firm ID 731).

Mayfair Gold's Audited Financial Statements included in this Registration Statement on Form 40-F have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. Therefore, they are not comparable in all respects to financial statements of United States companies that are prepared in accordance with United States generally accepted accounting principles.

**Resource and Reserve Estimates** 

The information included or incorporated by reference into this Registration Statement on Form 40-F regarding mineral deposits has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - *CIM Definition Standards on Mineral Resources and Mineral Reserves*, adopted by the CIM Council, as amended. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The definitions of these differ from the definitions of such terms for purposes of the disclosure the requirements of the Securities and Exchange Commission (the "Commission").

Accordingly, information contained and incorporated by reference into this Registration Statement on Form 40-F that describes Mayfair Gold's mineral deposits may not be comparable to similar information made public by issuers subject to the Commission's reporting and disclosure requirements applicable to domestic United States issuers.

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**Off-Balance Sheet Arrangements.** 

Mayfair Gold does not have any off-balance sheet arrangements.

**Cash Requirements** 

Mayfair Gold's material cash obligations from known contractual and other obligations are discussed in the Mayfair Gold's annual and interim management's discussion and analysis, incorporated by reference into this Registration Statement.

**Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.** 

Not applicable.

**Recovery of Erroneously Awarded Compensation** 

Not applicable.

**NYSE American Statement of Governance Differences** 

As a Canadian corporation listed on the NYSE American and the TSXV, Mayfair Gold is not required to comply with most of the NYSE American's corporate governance standards, so long as Mayfair Gold complies with Canadian corporate governance practices. In order to claim such an exemption, however, the NYSE American Company Guide requires that Mayfair Gold provide to NYSE American written certification from independent Canadian counsel that the non-complying practice is not prohibited by Canadian law. In addition, Mayfair Gold must disclose the significant differences between its corporate governance practices and those required to be followed by U.S. domestic issuers under the NYSE American corporate governance standards.

Mayfair Gold has included a description of such significant differences in corporate governance practices on its website: www.mayfairgold.ca. In addition, Mayfair Gold has included a description of such significant differences below:

<u>Shareholder Meeting Quorum Requirement</u>: The NYSE American minimum quorum requirement for a shareholder meeting is one-third of the outstanding common shares. In addition, a company listed on the NYSE American is required to state its quorum requirement in its bylaws. Mayfair Gold's quorum requirement is set forth in its Articles and Notice of Articles. The quorum for the transaction of business at a meeting of Mayfair Gold's shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to be voted at the meeting are, present in person or represented by proxy, irrespective of the number of persons actually present at the meeting.

<u>Shareholder Approval Requirement</u>: The NYSE American Company Guide requires a listed company to obtain the approval of its shareholders for (i) certain

------

types of securities issuances, including private placements that may result in the issuance of common shares (or securities convertible into common shares) equal to 20% or more of presently outstanding shares for less than minimum price permitted by the NYSE American, and (ii) the adoption of, or material amendment to, certain equity compensation plans and arrangements. Mayfair Gold will follow the shareholder approval requirements of the TSXV in connection with certain securities issuances, including private placements, and the adoption and material amendment of equity compensation plans and other compensation arrangements.

<u>Proxy Delivery Requirement</u>: The NYSE American Company Guide requires the solicitation of proxies and delivery of proxy statements for all shareholder meetings, and requires that these proxies be solicited pursuant to a proxy statement that conforms to the proxy rules of the U.S. Securities and Exchange Commission. Mayfair Gold solicits proxies in accordance with British Columbia securities laws.

------

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS** 

**A.** **Undertaking.** 

Mayfair Gold undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**B.** **Consent to Service of Process.** 

Mayfair Gold has filed a Form F-X concurrently with the filing of this registration statement.

Any change to the name or address of the agent for service of process of Mayfair Gold shall be communicated promptly to the Commission by an amendment to the Form F-X referencing the file number of Mayfair Gold.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, Mayfair Gold Corp. certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, on January 20, 2026.

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.** | **MAYFAIR GOLD CORP.** |
| By: | */s/ Nicholas Campbell* |
| Name: | Nicholas Campbell |
| Title: | Chief Executive officer |

---

------

**EXHIBIT INDEX** 

The following documents are being filed with the SEC as Exhibits to this Registration Statement on Form 40-F.

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
|  | ***Filings*** |
| 99.1 | [Annual Information Form for the year ended December 31, 2024](d83619dex991.htm) |
| 99.2 | [Annual Management's discussion and Analysis for the year ended December 31, 2023 and 2024](d83619dex992.htm) |
| 99.3 | [Audited Financial Statements for the years ended December 31, 2023 and 2024](d83619dex993.htm) |
| 99.4 | [Unaudited Condensed Interim Financial Statements for the three months ended March 31, 2024 and 2025](d83619dex994.htm) |
| 99.5 | [Interim Management's Discussion and Analysis for the three months ended March 31, 2024 and 2025](d83619dex995.htm) |
| 99.6 | [Unaudited Condensed Interim Financial Statements for the three and six months ended June 30, 2024 and 2025](d83619dex996.htm) |
| 99.7 | [Interim Management's Discussion and Analysis for the three and six months ended June 30, 2024 and 2025](d83619dex997.htm) |
| 99.8 | [Unaudited Condensed Interim Financial Statements for the three and nine months ended September 30, 2024 and 2025](d83619dex998.htm) |
| 99.9 | [Interim Management's Discussion and Analysis for the three and nine months ended September 30, 2024 and 2025](d83619dex999.htm) |
| 99.10 | [CEO Certification of Annual filings in connection with filing of MD&A and Financial Statements dated April 30, 2025](d83619dex9910.htm) |
| 99.11 | [CFO Certification of Annual filings in connection with filing of MD&A and Financial Statements dated April 30, 2025](d83619dex9911.htm) |
| 99.12 | [CEO Certification of Interim Filings for the quarter ended March 31, 2025](d83619dex9912.htm) |
| 99.13 | [CFO Certification of Interim Filings for the quarter ended March 31, 2025](d83619dex9913.htm) |
| 99.14 | [CEO Certification of Interim Filings for the quarter ended June 30, 2025](d83619dex9914.htm) |
| 99.15 | [CFO Certification of Interim Filings for the quarter ended June 30, 2025](d83619dex9915.htm) |
| 99.16 | [CEO Certification of Interim Filings for the quarter ended September 30, 2025](d83619dex9916.htm) |
| 99.17 | [CFO Certification of Interim Filings for the quarter ended September 30, 2025](d83619dex9917.htm) |
| 99.18 | [CEO Certification of Annual Filings in Connection with Voluntarily Filed AIF dated October 28, 2025](d83619dex9918.htm) |
| 99.19 | [CFO Certification of Annual Filings in Connection with Voluntarily Filed AIF dated October 28, 2025](d83619dex9919.htm) |

---

------

---

| | |
|:---|:---|
| 99.2 | [Management Information Circular, dated August 1, 2025, in respect of annual general and special meeting of shareholders](d83619dex9920.htm) |
| 99.21 | [Form of Proxy](d83619dex9921.htm) |
| 99.22 | [Omnibus Incentive Plan](d83619dex9922.htm) |
| 99.23 | [Statement of Executive Compensation for the year ended December 31, 2024](d83619dex9923.htm) |
| 99.24 | [Form 45-106F1 – Report of Exempt Distribution](d83619dex9924.htm) |
| 99.25 | [Material Change Report dated January 28, 2025](d83619dex9925.htm) |
| 99.26 | [Material Change Report dated September 9, 2025](d83619dex9926.htm) |
| 99.27 | [Offering Document Under the Listed Issuer Financing Exemption dated September 8, 2025](d83619dex9927.htm) |
| 99.28 | [Technical Report titled "National Instrument 43-101 Technical Report–Mineral Resource Estimate Update" dated October 10, 2025 (effective date September 3, 2024)](d83619dex9928.htm) |
| 99.29 | [News release, dated January 28, 2025](d83619dex9929.htm) |
| 99.3 | [News release, dated February 13, 2025](d83619dex9930.htm) |
| 99.31 | [News release, dated April 3, 2025](d83619dex9931.htm) |
| 99.32 | [News release, dated April 30, 2025](d83619dex9932.htm) |
| 99.33 | [News release, dated May 14, 2025](d83619dex9933.htm) |
| 99.34 | [News release, dated May 26, 2025](d83619dex9934.htm) |
| 99.35 | [News release, dated May 27, 2025](d83619dex9935.htm) |
| 99.36 | [News release, dated June 9, 2025](d83619dex9936.htm) |
| 99.37 | [News release, dated August 25, 2025](d83619dex9937.htm) |
| 99.38 | [News release, dated September 8, 2025](d83619dex9938.htm) |
| 99.39 | [News release, dated October 8, 2025](d83619dex9939.htm) |
| 99.4 | [News release, dated October 29, 2025](d83619dex9940.htm) |
| 99.41 | [News release, dated October 30, 2025](d83619dex9941.htm) |
| 99.42 | [News release, dated October 30, 2025](d83619dex9942.htm) |
| 99.43 | [News release, dated November 10, 2025](d83619dex9943.htm) |
| 99.44 | [News release, dated November 17, 2025](d83619dex9944.htm) |
| 99.45 | [News release, dated November 20, 2025](d83619dex9945.htm) |
| 99.46 | [AB Form 13-501F1 – Participation Fee](d83619dex9946.htm) |
| 99.47 | [ON Form 13-502F1 – Participation Fee](d83619dex9947.htm) |
| 99.48 | [Material Change Report dated December 19, 2025](d83619dex9948.htm) |
| 99.49 | [News release, dated December 15, 2025](d83619dex9949.htm) |
| 99.5 | [News release, dated December 18, 2025](d83619dex9950.htm) |
| 99.51 | [Letter of Transmittal dated December 30, 2025](d83619dex9951.htm) |
| 99.52 | [News release, dated January 8, 2026](d83619dex9952.htm) |
| 99.53 | [Material Change Report dated January 13, 2026](d83619dex9953.htm) |
| 99.54 | [Technical Report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" dated January 14, 2026 (effective date December 19, 2025)](d83619dex9954.htm) |
| 99.55 | [News release, dated January 15, 2026](d83619dex9955.htm) |
|  | ***Consents*** |
| 99.56 | [Consent of Davidson and Company LLP](d83619dex9956.htm) |
| 99.57 | [Consent of Steven Haggarty, P.Eng.](d83619dex9957.htm) |
| 99.58 | [Consent of Tim Maunula, P.Geo.](d83619dex9958.htm) |
| 99.59 | [Consent of Drew Anwyll, P.Eng.](d83619dex9959.htm) |

---

------

---

| | |
|:---|:---|
| 99.6 | [Consents of Ausenco Engineering ULC and Tommaso Roberto Raponi, P.Eng.](d83619dex9960.htm) |
| 99.61 | [Consent of Knight Piésold Ltd.](d83619dex9961.htm) |
| 99.62 | [Consent of AGP Mining Consultants Inc.](d83619dex9962.htm) |
| 99.63 | [Consent of Ecometrix Inc.](d83619dex9963.htm) |
| 99.64 | [Consent of T. Maunula & Associates Consulting Inc.](d83619dex9964.htm) |
| 99.65 | [Consent of Gordon Zurowski, P.Eng.](d83619dex9965.htm) |
| 99.66 | [Consent of Craig Hall, P.Eng.](d83619dex9966.htm) |
| 99.67 | [Consent of Richard Cook. P.Geo.](d83619dex9967.htm) |
| 99.68 | [Consent of Sarah Barabash, P.Geo.](d83619dex9968.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g83619g1216142618596.jpg)

**MAYFAIR GOLD CORP.** 

**ANNUAL INFORMATION FORM** 

**FOR THE YEAR ENDED DECEMBER 31, 2024** 

**October 28, 2025** 

**489 MacDougall Street** 

**Matheson, Ontario, P0K 1N0, Canada** 

**www.mayfairgold.ca** 

------

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  CAUTIONARY NOTES | 3 |
|  CORPORATE STRUCTURE | 6 |
|  GENERAL DEVELOPMENT OF THE BUSINESS | 6 |
|  DESCRIPTION OF THE BUSINESS | 8 |
|  MATERIAL MINERAL PROPERTY | 11 |
|  RISK FACTORS | 11 |
|  DIVIDENDS | 27 |
|  DESCRIPTION OF CAPITAL STRUCTURE | 27 |
|  MARKET FOR SECURITIES | 28 |
|  ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTIONS ON TRANSFER | 28 |
|  DIRECTORS AND OFFICERS | 29 |
|  PROMOTERS | 31 |
|  LEGAL PROCEEDINGS AND REGULATORY ACTIONS | 31 |
|  INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | 32 |
|  TRANSFER AGENTS AND REGISTRARS | 32 |
|  MATERIAL CONTRACTS | 32 |
|  INTERESTS OF EXPERTS | 32 |
|  AUDIT COMMITTEE | 32 |
|  ADDITIONAL INFORMATION | 35 |
|  SCHEDULE "A" – SUMMARY FROM TECHNICAL REPORT | 36 |
|  SCHEDULE "B" – AUDIT COMMITTEE CHARTER | 42 |

---

------

This Annual Information Form ("**AIF**") is prepared in the form prescribed by National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators. All dollar amounts in this AIF are expressed in Canadian dollars unless otherwise indicated. All information in this AIF is as of December 31, 2024, unless otherwise indicated. References in this AIF to "Mayfair", the "Company" or "our" are to Mayfair Gold Corp. References in this AIF to the "Fenn-Gib Project" is as defined under "*Description of the Business – Overview*". References in this AIF to "Common Shares" are to common shares in the capital of the Company. References in this AIF to the "Board" are to the board of directors of the Company.

All scientific and technical information contained in this AIF has been reviewed and approved by Drew Anwyll, P.Eng., Chief Operating Officer of the Company, a "Qualified Person", as defined by National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("**NI 43-101**").

**<u>CAUTIONARY NOTES</u>**

**Cautionary Note Regarding Forward-Looking Information** 

This AIF contains forward-looking information within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "proposes", "expects", "estimates", "intends", "anticipates", or "believes", or variations (including negative and grammatical variations) of such words and phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Mayfair Gold Corp. ("**Mayfair**" or the "**Company**") to be materially different from future results, performance or achievements expressed or implied by the forward-looking information. Forward-looking information relates to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking information. In particular, forward-looking information in this AIF includes, but is not limited to, information concerning: the expected timing of the Company's plans and strategy for the Fenn-Gib Project; general exploration and development plans and activities, including costs and timing related thereto; the interpretation of drill results, and mineral resource estimates; the future price of minerals, particularly gold; mineral resource estimates and realization thereof; the development, operational and economic results of economic studies, including with respect to a PFS (as defined below); timing and completion of the PFS; results of the PFS being consistent with management's expectations and with the results of the metallurgical test program; other plans with respect to the Fenn-Gib Project; statements regarding perceived merit of the Fenn-Gib Project; magnitude of mineral deposits; exploration and drilling results at the Company's mineral properties; prospecting licenses and permits; budgets (including the cost of the recommended work program in the Technical Report (as defined below); work programs (including the recommended work program in the Technical Report, and the ability to achieve the desired results thereof); permitting or other timelines; strategic plans; market price of precious metals; success of exploration activities; and government regulation. Such information is also included, among other places, in this AIF under the headings "General Development of the Business", "Description of the Business", "Risk Factors" and Schedule "A" to this AIF and in the documents incorporated by reference herein. Estimates regarding the anticipated timing, amount and cost of exploration and drilling activities are based on assumptions underlying mineral resource estimates and the realization of such estimates.

Forward-looking information is necessarily based upon a number of factors and assumptions that, if untrue, could cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such information. Such forward-looking information is based on the opinions, assumptions and estimates of management, which management considered reasonable as at the date the information is provided. The material factors or assumptions used to develop

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forward-looking information herein include, but are not limited to: general business, financial and economic conditions, including stress in the global economy; supply and demand for, and the level and volatility of prices of precious metals, in particular, gold; the availability of financing for the Company's exploration and development projects on reasonable terms; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the ability to attract and retain skilled staff; the accuracy of mineral resource estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which it is based; prevailing and projected market prices and foreign exchange rates; exploitation and drilling estimates and results will not change in a materially adverse manner; proposed developments of mineral projects will be viable operationally and economically as planned; exploration and development activities will be completed as planned and yield expected results; permitting and construction on a continual basis; the Company not experiencing unforeseen delays, issues, unexpected geological or other effects, equipment failures, permitting delays or issues with prospecting licenses and permits; and general economic, market or business conditions will not change in a materially adverse manner. Assumptions relating to the mineral resource estimates, development, and future economic benefit reported in respect of the Fenn-Gib Project are discussed in the Technical Report. Forward-looking information and other information contained herein concerning mineral exploration and our general expectations concerning mineral exploration are based on estimates prepared by us using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable.

Forward-looking information involves risks and uncertainties relating to, among other things, the Company's reliance on the Fenn-Gib Project; the Company's ability to continue as a going concern; the Company's operating losses and no history of earnings; liquidity and financing risks; risks related to title to the Company's property interests; the Company's ability to obtain necessary permits and licenses, including renewals thereof, in a timely manner or at all; there being no mineral resources or mineral reserves in production at the Fenn-Gib Project; uncertainty of calculation of mineral resources and metal recoveries; risks related to exploration cost estimates; risks inherent in mineral exploration and development; environmental risks and hazards; reclamation costs and risks; the Company's ability to secure infrastructure, energy and water supplies; business risks and dependence on personnel; reputational risks; litigation risks; volatility in trading price and volume; risks related to relationships with local communities; geotechnical, hydrological and climate events; adverse economic conditions; compliance with Canada's *Extractive Sector Transparency Measures Act*; government regulation risks; breach of confidentiality; growth risks; liability for actions of employees, contractors and consultants; competition; market conditions; fluctuations in commodity prices; possible dilution to present and prospective shareholders; political uncertainty; the current global financial condition; international conflicts; inflationary risks; risks related to increasing interest rates; failure to comply with anti-bribery and anti-corruption laws; uninsurable risks; stress in the global economy; tariffs and imposition of other restrictions on trade; public health crises; natural disasters, terrorists acts, civil unrest and other disruptions; information systems and cybersecurity threats; internal control systems and disclosure controls and procedures; conflicts of interest; acquisition and integration risks; shareholder activism; substantial number of authorized but unissued Common Shares; future sales of Common Shares by existing shareholders; and the Company's dividend policy, as these factors are discussed under the "Risk Factors" section of this AIF, as well as the risk factors in the Company's annual Management's Discussion and Analysis ("**MD&A**") as at and for the years ended December 31, 2024 and 2023 available under the Company's SEDAR+ profile at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and accordingly, the foregoing list is not exhaustive. There can be no assurance that forward-looking information will prove to be accurate, and the Company undertakes no obligation to update forward-looking information if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. Accordingly, investors should not place undue reliance on forward-looking information.

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Mineral resources are not mineral reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and indicated mineral resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the mineral resource. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. As at the date of this AIF, the Company has not declared a mineral reserve estimate in respect of the Fenn-Gib Project and there is no certainty that mineral resources of any classification can be upgraded to mineral reserves through continued exploration.

The Company's mineral resource figures are estimates and the Company can provide no assurances that the indicated levels of mineral will be economically produced, or at all. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that its mineral resource estimates are well established and the best estimates of the Company's management, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon the analysis of drilling results and statistical inferences which may ultimately prove unreliable. If the Company's mineral resource estimates are inaccurate or are reduced in the future, this could have an adverse effect on the Company's future cash flows, earnings, results of operations and financial condition.

Mineral resource estimates and other scientific and technical information contained herein are based on assumptions and parameters set out herein, in the Technical Report and on the opinion of the qualified person.

**Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Resources** 

Any Mineral Reserve and Mineral Resource estimates in this AIF and any documents incorporated by reference herein have been disclosed in accordance with NI 43-101, which differs from the requirements of the U.S. Securities and Exchange Commission (the "**SEC**"), and information with respect to mineralization and Mineral Reserves and Mineral Resources contained herein may not be directly comparable to similar information disclosed by U.S. companies.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the "**SEC Modernization Rules**") with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, were rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources." In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be "substantially similar" to the corresponding standards under NI 43-101. While the SEC will now recognize "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", U.S. readers should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. readers are cautioned not to assume that any Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources that the Company reports are or will be economically or legally mineable. Further, "Inferred Mineral Resources" have a greater amount of uncertainty as to their existence and as to whether

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they can be mined legally or economically. Therefore, U.S. readers are also cautioned not to assume that all or any part of the "Inferred Mineral Resources" exist. There is no assurance that any Mineral Reserves or Mineral Resources that the Company may report as "Proven Mineral Reserves", "Probable Mineral Reserves", "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

**<u>CORPORATE STRUCTURE</u>**

The Company was incorporated pursuant to the *Business Corporations Act* (British Columbia) (the "**BCBCA**") on July 30, 2019. The Company's registered office is located at Suite 700 – 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's head office is located at 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0.

The Company does not have any subsidiaries as at the date of this AIF.

**<u>GENERAL DEVELOPMENT OF THE BUSINESS</u>**

**Three Year History** 

***During the Year Ended December 31, 2022***

On June 30, 2022, the Company announced that the Common Shares had commenced trading on the OTCQX Best Market under the ticker symbol MFGCF.

On June 30, 2022, the Company completed a non-brokered private placement, issuing 4,300,000 Common Shares on a flow-through basis at a price of $1.63 per share for gross proceeds of $7,009,000.

On October 18, 2022, the Company announced an updated mineral resource estimate for the Fenn-Gib Project, with an effective date of October 14, 2022, of a pit constrained indicated mineral resource of 3.06 million ounces of gold and an inferred mineral resource of 0.31 million ounces of gold.

On December 19, 2022, the Company completed the first tranche of a non-brokered private placement, issuing 3,000,000 Common Shares on a flow-through basis at a price of $1.66 per Common Share for gross proceeds of $4,980,000.

***During the Year Ended December 31, 2023***

On January 11, 2023, the Company completed the second tranche of a non-brokered private placement, issuing 3,000,000 Common Shares at a price of $1.15 per Common Share for gross proceeds of $3,450,000.

On May 17, 2023, the Company completed a non-brokered private placement, issuing 2,420,000 Common Shares on a flow-through basis at a price of $2.48 per Common Share for gross proceeds of $6,001,600.

On June 8, 2023, the Company completed a non-brokered private placement, issuing 1,729,000 Common Shares at a price of $1.75 per Common Share for gross proceeds of $3,025,750 to two subscribers: a director of the Company and funds under the direction and control of Muddy Waters Capital, LLC (**"Muddy Waters"**).

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On June 14, 2023, the Company announced an updated mineral resource estimate for the Fenn-Gib Project, with an effective date of April 6, 2023, increasing indicated mineral resources to 3.38 million ounces of gold, supported by the Technical Report. See below under "*Material Mineral Property*".

On November 3, 2023, the Company completed a non-brokered private placement, issuing 2,040,000 Common Shares on a flow-through basis at a price of $2.94 per Common Share and 2,881,000 Common Shares at a price of $2.10 per Common Share for gross proceeds of $12,047,700.

***During the Year Ended December 31, 2024***

On March 19, 2024, Muddy Waters, on behalf of certain investment funds managed by it with control and direction over aggregate shares representing approximating 16.77% of the issued and outstanding Common Shares, announced its intent to reconstitute the Board at the next meeting of shareholders of the Company.

On March 28, 2024, the Company announced that it had received a shareholder meeting requisition (the "**Requisition**") submitted by MWCGOF SPV III LP, an investment fund controlled by Muddy Waters, indicating their intent to seek shareholder support for the removal of all the directors of the Company at that time and the appointment of Muddy Waters' nominees to the Board.

On April 17, 2024, the Company announced it had scheduled its annual general and special meeting (the **"Meeting"**) to be held on June 5, 2024, in response to the Requisition.

On April 18, 2024, the Company announced the appointment of Richard Klue as Vice President, Technical Services of the Company.

On June 5, 2024, the Company held the Meeting at which shareholders voted overwhelmingly in favor of a new slate of directors nominated by Muddy Waters. As a result, Darren McLean, Carson Block, Freddy Brick and Anthony Jew were elected to the Board. Following the Meeting, Sean Pi, a co-founder of the Company, was appointed as an additional director. Subsequently, Darren McLean was appointed as Chair of the Board and also assumed the roles of Interim Chief Executive Officer and President. This Board reconstitution followed a contested proxy campaign and represented a significant shift in the Company's governance and strategic direction.

On June 10, 2024, the Company announced the appointment of Darren Prins as Interim Chief Financial Officer and Corporate Secretary of the Company, effective July 7, 2024, and the resignations of Justin Byrd as Chief Financial Officer and Corporate Secretary of the Company, effective July 6, 2024, and Howard Bird as Vice President, Exploration of the Company, effective June 6, 2024.

On June 20, 2024, the Company announced the appointment of Zach Allwright and Christine Hsieh to the Board, replacing Freddy Brick and Anthony Jew.

On September 10, 2024, the Company announced an updated mineral resource estimate for the Fenn-Gib Project, with an effective date of September 3, 2024, increasing indicated mineral resources to 4.31 million ounces of gold.

On October 17, 2024, the Company completed a non-brokered private placement, issuing 3,340,000 Common Shares at a price of $1.80 per Common Share for gross proceeds of $6,012,000.

On October 28, 2024, the Company announced the appointment of Nicholas Campbell to the position of Vice President of Corporate Development of the Company.

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***Subsequent to the Year Ended December 31, 2024***

On January 28, 2025, the Company announced the appointment of Nicholas Campbell to the position of Chief Executive Officer of the Company.

On February 13, 2025, the Company announced the appointment of Drew Anwyll to the position of Chief Operating Officer of the Company effective March 1, 2025.

On May 27, 2025, the Company provided an update on its metallurgical test program conducted to advance the Pre-Feasibility Study ("**PFS**"). The program demonstrated excellent gold discovery in rougher flotation concentrate across all flotation feed grades, achieving between 94-97% recovery of gold to the concentrate. After rougher concentrate regrind and cyanidation, the tests indicate an overall metallurgical gold recovery of approximately 82.5% at a feed grade of 0.8 g/t and 88.4% at 1.5 g/t. The results from this program will contribute to the PFS scheduled to be completed by year-end 2025.

On September 16, 2025, the Company completed a brokered private placement, issuing 24,244,000 Common Shares at a price of $1.65 per Common Share for gross proceeds of $40,002,600 (the "**September 2025 Financing**").

**<u>DESCRIPTION OF THE BUSINESS</u>**

**Overview** 

The Company is an exploration and development stage company primarily focused on the exploration, development and operation of the 100% owned Fenn-Gib Project (the "**Fenn-Gib Project**"), a mineral property located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada. The Company acquired the Fenn-Gib Project on December 31, 2020 from Lake Shore Gold Corp. ("**Lake Shore**") for US$11 million in cash and the grant to Lake Shore of a 1.0% net smelter returns royalty. As of the date hereof, the Fenn-Gib Project has not commenced commercial production.

Further information about the Company can be found in the Company's regulatory filings available on SEDAR+ at www.sedarplus.ca and on the Company's website at<sub> </sub>www.mayfairgold.ca.

**Specialized Skill and Knowledge** 

The Company's business requires specialized skills and knowledge, including in the areas of mining, environmental permitting, engineering, geology, drilling, metallurgy, construction, community engagement, government relations, logistical planning, project management and implementation of exploration and development programs as well as legal compliance, finance and accounting. The Company competes with numerous other companies for the recruitment and retention of qualified employees and consultants in such fields. In particular, the success of the Company is currently largely dependent on the performance of its directors and officers. To date, the Company has been able to meet its staffing requirements. See "*Risk Factors – Business Risk and Dependence on Personn*e*l*" for more information.

**Competitive Conditions** 

The precious metal mineral exploration and development business is competitive in all phases. The Company competes with a number of other companies that have resources significantly in excess of those of the Company in the search for and the acquisition of attractive mineral properties, qualified service providers, labour, equipment and suppliers. The Company also competes with other mining companies for production from mineral concessions, claims, leases and other interests, as well as for the recruitment and

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retention of qualified employees and consultants. The ability of the Company to acquire mineral properties in the future will depend not only on its ability to develop its present property, but also on its ability to select and acquire suitable producing properties or prospects for development or mineral exploration. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company. Factors beyond the control of the Company may affect the marketability of minerals discovered by the Company. See "*Risk Factors – Competition*".

**Components** 

The Company uses critical components such as water, diesel, drilling consumables and electrical power in its business, all of which are readily available.

**Cycles** 

The Company's business is not cyclical or seasonal. The Company is able to conduct exploration activities throughout the entire year, however, work is made difficult during transitional seasons where the ground is saturated with water from the melting snow in spring, and before winter when lakes are not frozen. Further, the precious metals sector is volatile and cyclical, and mining in general is subject to commodity price cycles. These cycles can create a weaker financial market for the general mining sector, and in particular for earlier stage development and exploration focused companies within the sector. The Company's ability to continue to fund exploration and development is impacted by the availability of financing which in turn may be driven by the strength of the precious metals market environment. There is no certainty that gold prices will remain at current levels and that there will be a robust financial market for the precious metals sector.

**Economic Dependence** 

The Company's business is not substantially dependent on any single commercial contract or group of contracts either from suppliers or contractors.

**Changes to Contracts** 

It is not expected that the Company's business will be materially affected in the current financial year by the renegotiation or termination of any contracts or sub-contracts.

**Environmental Protection** 

The mining industry is subject to environmental regulations pursuant to applicable legislation. Such legislation provides for restrictions and prohibitions on release or emission of various substances produced in association with certain mining industry operations, in addition to environmental monitoring, reporting and reclamation.

Environmental legislation is evolving in a manner that means stricter standards, and enforcement, fines and penalties for non-compliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies including their directors, officers and employees.

Due to the early stage of the Company's activities, environmental protection requirements have had a minimal impact on the Company's capital expenditures and competitive position. If needed, the Company will make and will continue to make expenditures to ensure compliance with applicable laws and regulations. New environmental laws and regulations, amendments to existing laws and regulations, or more stringent implementations of existing laws and regulations, as well as the costs of complying with such laws and regulations, could have a material adverse effect on the Company by potentially increasing capital and/or operating costs and reducing potential for profitability, see "*Risk Factors*". The Company did not have any environmental liabilities as at December 31, 2024.

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**Employees and Contractors** 

As of December 31, 2024, the Company had approximately six full-time employees. In addition, the Company retains a number of geologists, engineers and other consultants on a temporary contract basis, as required. To continue with the development of its assets, the Company is likely to require additional experienced employees and/or third-party consultants and contractors. The Company has not experienced, and does not expect to experience, significant difficulty in attracting and retaining qualified personnel. However, no assurance can be given that the Company will be able to retain a sufficient number of qualified employees and contractors when necessary. See "*Risk Factors – Business Risk and Dependence on Personn*e*l*" for more information.

**Social and Environmental Policies** 

Protecting the environment and maintaining a social license with the communities in which the Company operates is integral to the success of the Company. The Company's approach to social and environmental policies is informed by both the legal guidelines in the jurisdictions in which the Company operates, as well as by a combination of Company-specific policies and standards with a commitment to best practice management. In connection with the latter, the Company is guided by the following principles and practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upholding responsible operations that protect environmental conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being a responsible member of the communities in which the Company operates by engaging in open dialogue and
supporting local development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promoting a positive workplace culture that empowers growth and protects work safety as well as diversity and
inclusivity.

The Company's current exploration and development activities are, and any future exploration or development projects will be, subject to environmental laws and regulations in the jurisdictions in which it operates. There are environmental laws in Canada that apply to the Company's operations, exploration and development projects and land holdings. These laws address such matters as protection of the natural environment, employee health and safety, waste disposal, remediation of environmental sites, reclamation, control of toxic substances, air and water quality and emissions standards. See "*Risk Factors – Environmental Risks and Hazards*" for more information. The Company seeks to adopt leading practice environmental programs to manage environmental matters and ensure compliance with applicable legislation.

On February 1, 2024, the Company announced the publication of the Company's third annual ESG report from Digbee. In Digbee's latest assessment, Mayfair achieved an overall ESG score of "A" from Digbee's independent panel of qualified mining ESG experts who reviewed the Company's performance against rigorous and standardized scoring criteria.

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**<u>MATERIAL MINERAL PROPERTY</u>**

As of the date hereof, the only mineral property material to the Company is the Fenn-Gib Project. The summary set out in Schedule "A" to this AIF is extracted from, and is qualified in its entirety with reference to, the full text of the technical report entitled "National Instrument 43-101 Technical Report – Mineral Resource Estimate Update Fenn-Gib Project, Ontario, Canada" dated September 23, 2025, with an effective date of September 3, 2024 (the "**Technical Report**") prepared by T. Maunula & Associates Consulting Inc. The Technical Report is incorporated by reference in this AIF. Readers are encouraged to review the full text of the Technical Report, available under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> or on its website at <u>www.mayfairgold.ca</u>. The Technical Report supports the scientific and technical information set out in this AIF. All capitalized terms not otherwise defined herein are defined in the Technical Report.

**<u>RISK FACTORS</u>**

The principal activity of the Company is the acquisition and exploration of mineral property assets which is inherently risky. There is intensive government legislation from provincial, federal, municipal and First Nations governments surrounding the exploration for and production of minerals from our and any mining operations. Exploration and development is capital intensive and the Company currently has no source of income. Only the skills of its management and staff in mineral exploration and exploration financing serve to mitigate these risks, and therefore constitute one of the main assets of the Company. The following risk factors could materially affect the Company's financial condition and/or future operating results and could cause actual events to differ materially from those described in forward-looking information relating to the Company. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company's business.

**Reliance on the Fenn-Gib Project** 

The Company's sole mineral property is the Fenn-Gib Project, and as a consequence, the Company may be exposed to some heightened degree of risk due to the lack of property diversification. Adverse changes or developments affecting Fenn-Gib Project would have a material and adverse effect on the Company's business, financial condition, results of operations and prospects. The chance of ever reaching the development or production stage at the Fenn-Gib Project is uncertain. If the Company does not obtain new financings, the amount of funds available to the Company to pursue any further exploration or development activities at the Fenn-Gib Project could be reduced and the Company's plan of operations may be adversely affected. The Company has relied primarily on equity financings to fund our exploration and development programs, including our drilling programs at the Fenn-Gib Project. The Company will continue to require additional financing to complete our plan of operations to carry out any further exploration and development activities on the Fenn-Gib Project. Any impairment in the Company's ability to raise additional funds through financings would reduce the available funds for such exploration activities, with the result that the Company's plan of operations may be adversely affected.

**Operating Losses and No History of Earnings** 

To date, the Company has not generated revenues from operations and the Company will continue to incur operating losses and there is no guarantee that we will achieve operating profits. The Company has incurred operating losses on an annual basis for a number of years, primarily arising out of the costs related to continued exploration of mineral resource properties. As of December 31, 2024, the Company had an accumulated deficit of $60,526,467. It is anticipated that the Company could experience an operating loss in future periods until the Company discovers economically mineable mineralized material and successfully develops a mine. There can be no assurance that the Company will ever achieve significant revenues or profitable operations. The Company has no history of earnings or of a return on investment, and there is no assurance that the Fenn-Gib Project or any other property or business that the Company may acquire or undertake will generate earnings, operate profitably or provide a return on investment in the future.

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**Liquidity and Financing Risk** 

The Company has no source of operating cash flow and may need to raise additional funding in the future through the sale of equity or debt securities or by optioning or selling its properties. Any additional equity financing will dilute shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities. No assurance can be given that additional funding will be available for further exploration and development of the Company's properties when required, upon terms acceptable to the Company or at all. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties, or even a loss of property interest, which would have a material adverse impact upon the Company.

**Title** 

Title to mineral properties, as well as the location of boundaries on the grounds, may be disputed. Moreover, additional amounts may be required to be paid to surface right owners in connection with any mining development. At the properties where there are current or planned exploration activities, the Company believes that it has either contractual, statutory, or common law rights to make such use of the surface as is reasonably necessary relating to those activities. Although the Company believes it has taken reasonable measures to ensure proper title to its properties, there is no guarantee that title to its properties will not be challenged or impaired. Successful challenges to the title of the Company's properties could impair the development of operations on those properties.

**Permits and Licenses** 

Although the Company either currently holds or has applied for or is about to apply for all consents which it requires to carry out its current drilling programs, the Company cannot be certain that it will receive the necessary permits and licenses on acceptable terms or at all, to conduct further exploration and to develop its properties. The failure to obtain such permits, or delays in obtaining such permits, could adversely affect the operations of the Company. Government approvals and permits are currently and may in the future be required in connection with the operations of the Company. To the extent such approvals are required and not obtained, the Company may be curtailed or prohibited from continuing its mining operations or from proceeding with planned exploration or development of mineral properties.

If the Company discovers economically mineable mineralized material, the Company must obtain various approvals, licenses or permits pertaining to environmental protection and use of water resources in connection with the development, if any, of the Fenn-Gib Project. In addition to requiring permits for the development of our mineral concessions where the Fenn-Gib Project is located, the Company may need to obtain other permits and approvals during the life of the project. Obtaining, renewing and continuing to comply with the necessary governmental permits and approvals can be a complex and time-consuming process. The failure to obtain or renew the necessary permits or licenses or continue to meet their requirements could delay future development and could increase the costs related to such activities.

**No Mineral Resources or Mineral Reserves in Production** 

The Fenn-Gib Project is in the pre-development stage only and is without a known body of ore in commercial production. Mineral resources are not mineral reserves and have a greater degree of uncertainty as to their existence and feasibility. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no assurance that mineral resources will be converted to proven or probable mineral reserves. Inferred and indicated mineral resources have a substantial degree of uncertainty as to their existence, and economic and legal feasibility. Accordingly, there is no assurance that inferred or indicated mineral resources reported herein or incorporated by reference herein will ever be upgraded to a higher category. Investors are cautioned not to assume that part or all of an inferred or indicated mineral resource exists, or is economically or legally mineable.

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**Uncertainty of Calculation of Mineral Resources and Metal Recoveries** 

Although the Company's reported mineral resources have been prepared by qualified persons, these amounts are estimates only by independent geologists, and the Company cannot be certain that any specified level of recovery of mineral will in fact be realized or that any identified mineral deposit will ever qualify as a commercially mineable (or viable) ore body that can be economically exploited. Mineral resources have not demonstrated economic viability. Any material changes in the quantity of mineralization, grade or stripping ratio, or the metal price may affect the economic viability of the Company's properties. In addition, the Company cannot be certain that metal recoveries in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.

The mineral resource figures included herein and in the documents incorporated by reference are estimates, which are, in part, based on forward-looking information, and no assurance can be given that the indicated level of precious or base metals will be produced. Although resource estimates require a high degree of assurance in the underlying data when the estimates are made, unforeseen events and uncontrollable factors can have significant adverse or positive impacts on the estimates. Factors such as inherent sample variability, metal price fluctuations, variations in mining and processing parameters, increased production costs, reduced recovery rates and adverse changes in environmental or mining laws and regulations may render the present proven and probable reserves unprofitable to develop at a particular site or sites for periods of time and/or may require a reassessment of the commercial feasibility of a particular project. Such a reassessment may be the result of a management decision related to a particular project. Even if a project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays in development or may interrupt operations, if any, until the reassessment can be completed. Further, it may take many years before production is possible, and during that time the economic feasibility of exploiting a discovery may change. These estimates may, therefore, require adjustments or downward revisions based upon further exploration or development work, drilling or actual production experience.

Mineral resource estimates are based on drill hole information, which is not necessarily indicative of conditions between and around the drill holes. Accordingly, such mineral resource estimates may require revision as more geologic and drilling information becomes available and as actual production experience is gained. There is a degree of uncertainty in estimating mineral resources and of the grades and tonnages that are forecast to be mined and, as a result, the grade and volume of gold that the Company mines, processes and recovers (if any) may not be the same as currently anticipated. Any material reductions in estimates of mineral resources, or of the Company's ability to economically extract these mineral resources, could have a material adverse effect on the Fenn-Gib Project and the Company's business, financial condition, results of operations, cash flows or prospects.

**Exploration Cost Estimates** 

The Company prepares future exploration and capital cost estimates. Actual costs may vary from the estimates for a variety of reasons such as adverse weather conditions, unexpected labour shortages or strikes, equipment failures and other interruptions in development capabilities. Exploration and development costs may also be affected by increased mine development costs, increases in drilling costs, labour costs, raw material costs, inflation and fluctuations in currency exchange rates. Failure to achieve cost estimates could have a material adverse impact on the Company's cash flow and overall financial performance.

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The Company's actual financial position and results of operations may differ materially from management's expectations. As a result, the Company's revenue, net income and cash flow may differ materially from the Company's projected revenue, net income and cash flow. The process for estimating the Company's revenue, net income and cash flow requires the use of judgment in determining the appropriate assumptions and estimates. These estimates and assumptions may be revised as additional information becomes available and as additional analyses are performed. In addition, the assumptions used in planning may not prove to be accurate, and other factors may affect the Company's financial condition or results of operations.

**Risks Inherent in Mineral Exploration and Development** 

Mineral exploration and development involves a high degree of risk and few properties which are explored are developed into producing mines. The exploration and development efforts of the Company on the Fenn-Gib Project may not result in the discovery of commercial bodies of mineralization which would require the Company to discontinue the Fenn-Gib Project. Substantial expenditures are required to determine if the Fenn-Gib Project has economically mineable mineralized material. It could take several years (or may prove impossible) to establish proven and probable mineral reserves. There is no certainty that the expenditures to be made by the Company in the exploration and development of its Fenn-Gib Project will result in discoveries of mineralized material in commercial quantities or any level of recovery of ore reserves being realized or that any identified mineral deposit will ever be qualify as a commercially mineable (or viable) ore body which can be legally and economically exploited.

Due to these uncertainties, there can be no assurance that current and future exploration and development programs will result in the discovery of mineral reserves.

**Environmental Risks and Hazards** 

All phases of the Company's operations are subject to environmental regulation. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations. Environmental hazards may exist on the properties on which the Company holds interests which are unknown to the Company at present which have been caused by previous or existing owners or operators of the properties. The Company may become liable for such environmental hazards caused by previous owners and operators of the properties even where it has attempted to contractually limit its liability.

Compliance with existing regulations governing the discharge of materials into the environment, or otherwise relating to environmental protection, in the jurisdictions where the Company has property interests, may have a material adverse effect on its exploration activities, results of operations and competitive position. New or expanded regulations, if adopted, could affect the exploration, development, or operation of the Company's projects or otherwise have a material adverse effect on its operations. Mining and processing gold from the Company's future development projects will require mining, environmental, and other permits and approvals from the applicable governmental authorities. The increases in permitting requirements could affect the Company's environmental management activities including, but not limited to, tailings disposal facilities and water management projects at its mines. As a result of the foregoing risks, project expenditures, production quantities and rates, estimates of rehabilitation expenditures and cash operating costs, among other things, could be materially and adversely affected and could differ materially from anticipated expenditures, production quantities and rates, and costs. In addition, estimated production dates could be delayed materially. Any such events could have a materially adverse effect on the Company's business, financial condition, results of operations and cash flows.

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**Reclamation Costs and Risks** 

Reclamation requirements for the Company's Fenn-Gib Project and any future properties may be burdensome. There is a risk that monies allotted for reclamation may not be sufficient to cover all risks, due to changes in the nature of any potential waste rock and/or tailings and/or revisions to government regulations. Therefore, additional funds, or reclamation bonds or other forms of financial assurance may be required over the tenure of the properties to cover potential risks. These additional costs may have material adverse impact on the financial condition and results of the Company.

**Infrastructure, Energy and Water Supplies** 

The Company's business activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important elements of infrastructure, which affect capital and operating costs. If adequate infrastructure becomes unavailable in the future, there can be no assurance that operations will be able to proceed as anticipated; or that the anticipated ongoing operating costs will not be higher than anticipated. Furthermore, unusual, or infrequent weather phenomena, sabotage, government neglect or other interference in the maintenance or provision of necessary infrastructure could adversely affect the Company's operations and profitability.

**Business Risk and Dependence on Personnel** 

The success of the operations and activities of the Company is dependent to a significant extent on the efforts, abilities, experience and expertise of its management, outside contractors, experts and other advisors, a reliance that is expected to continue in the foreseeable future. As operations grow, the Company may require additional human and material resources to support its development. There is no assurance the Company can maintain the services of its directors, officers or other qualified personnel required to operate its business. Due to the relatively small size of the Company, the loss of these persons or the Company's inability to attract and retain additional highly skilled employees may lead to the Company having to delay our exploration activities or adversely affect our business and future operations. Although the Company has done so in the past, the Company cannot assure that it will be successful in attracting and re-training skilled and experienced personnel.

The Company's ability to remain competitive and achieve its growth objectives depends on timely and cost-effective access to skilled labour, equipment, and critical components. There is no assurance that these resources will be consistently available when needed. Any inability to attract or retain qualified personnel, or to secure necessary equipment and supplies, could have a material adverse impact on the Company's operations and overall performance.

If the loss of any of the Company's key technical personnel occurs at the Fenn-Gib Project, the Company may have difficulty finding qualified replacements. The Company's inability to hire and retain the services of qualified persons for these positions in a timely manner could impede the Company's exploration activities at the Fenn-Gib Project, which would have a material adverse effect on the Company's ability to conduct business.

**Shareholder Activism** 

Publicly traded companies are often subject to demands or publicity campaigns from activist shareholders advocating for changes to corporate governance practices, such as executive compensation practices, social issues, or for certain corporate actions or reorganizations. The Company faced such a contested proxy campaign in 2024. There can be no assurance that the Company will not again be subject to such campaigns in the future, including proxy contests, media campaigns, or other activities. Responding to challenges from

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activist shareholders can be costly and time consuming and may divert the attention and resources of the Company's management, which could have an adverse effect on the Company's business and results of operations. Even if the Company were to undertake changes or actions in response to activism, activist shareholders may continue to promote or attempt to effect further changes and may attempt to acquire control of the Company. If shareholder activists are ultimately elected to the Board, this could adversely affect the Company's business and future operations. This type of activism can also create uncertainty about the Company's future strategic direction, resulting in loss of future business opportunities, which could adversely affect the Company's business, future operations, profitability, and the Company's ability to attract and retain qualified personnel.

**Reputation Risk** 

As a result of the increased usage and the speed and global reach of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users, companies today are at much greater risk of losing control over how they are perceived in the marketplace. Damage to the Company's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity (for example, with respect to the Company's handling of environmental matters or the Company's dealings with community groups), whether true or not. The Company places a great emphasis on protecting its image and reputation, but does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and an impediment to the Company's overall ability to advance its operations, thereby having a material adverse impact on financial performance, cash flows and growth prospects

**Litigation Risks** 

All industries, including the mining industry, are subject to legal claims, with and without merit. Although the Company is not currently aware of any threatened or pending legal proceedings, there is no guarantee that the Company will not become subject to additional proceedings in the future. There can be no guarantee of the outcome of any such claim. In addition, defense and settlement costs for any legal proceeding can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed on appeal, there can be no assurance that the resolution of any particular legal proceeding will not have a material effect on the Company's financial position or results of operations.

**Acquisitions and Integration** 

From time to time, the Company may examine opportunities to acquire additional mining assets and businesses. Any acquisition that the Company may choose to complete may be of a significant size, may change the scale of the Company's business and operations, and may expose the Company to new geographic, political, operating, financial and geological risks. The Company's success in its acquisition activities depends on its ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of the Company. Any acquisitions would be accompanied by risks. For example, there may be a significant change in commodity prices after the Company has committed to complete the transaction and established the purchase price or exchange ratio; a material property may prove to be below expectations; the Company may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; the integration of the acquired business or assets may disrupt the Company's ongoing business and its relationships with employees, customers,

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suppliers and contractors; and the acquired business or assets may have unknown liabilities which may be significant. In the event that the Company chooses to raise debt capital to finance any such acquisition, the Company's leverage will be increased. If the Company chooses to use equity as consideration for such acquisition, existing shareholders may experience dilution. Alternatively, the Company may choose to finance any such acquisition with its existing resources. There can be no assurance that the Company would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions, nor can there be any assurance that any acquisitions materialize into a viable business opportunity.

**Trading Price and Volume** 

The trading volume of the Common Shares may limit the liquidity of an investment in the Common Shares. The market price for the Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond the Company's control, including the following: (i) actual or anticipated changes in gold prices; (ii) actual or anticipated fluctuations in the Company's quarterly financial performance; (iii) recommendations by securities research analysts; (iv) changes in the economic performance or market valuations of other companies that investors deem comparable to the Company; (v) the addition or departure of the Company's executive officers and other key personnel; (vi) sales or perceived sales of additional Common Shares; (vii) significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving the Company or its competitors; and (viii) news reports relating to trends, concerns, technological or competitive developments, regulatory changes and other related issues in the Company's industry or target markets.

Financial markets have experienced significant price and volume fluctuations in the last several years that have particularly affected the market prices of equity securities of companies and that have, in many cases, been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market price of the Common Shares may decline even if the Company's operating results, underlying asset values or prospects, have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses.

As well, certain institutional investors may base their investment decisions on consideration of the Company's environmental, governance and social practices and performance against such institutions' respective investment guidelines and criteria, and failure to meet such criteria may result in a limited or no investment in the Common Shares by those institutions, which could adversely affect the trading price of the Common Shares. There can be no assurance that continuing fluctuations in the price and volume of publicly traded equity securities will not occur. If such increased levels of volatility and market turmoil continue, the Company's operations could be adversely impacted, and the trading price of the Common Shares may be adversely affected.

In the past, securities class action litigation has often been initiated following periods of volatility in the market price of a company's securities. Such litigation, if brought against the Company, could result in substantial costs and a diversion of management's attention and resources, which could have a material adverse effect on the Company's business, financial position and results of operations.

**Relationships with Local Communities** 

First Nations interests and rights as well as related consultation issues may impact the Company's ability to pursue exploration, development and mining at its properties. The Company intends to enter into agreements with First Nations communities in order to manage its relationship with those groups but there is no assurance that claims or other assertions of rights by First Nations communities or consultation issues will not arise on or with respect to the Company's properties or activities. These could result in significant costs and delays or materially restrict the Company's activities.

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**Geotechnical, Hydrological and Climatic Events** 

All mining operations face geotechnical, hydrological and climate challenges. Unanticipated adverse geotechnical and hydrological conditions, such as landslides, subsidence and uplift, embankment failures and natural hazards may occur in the future and such events may not be detected in advance. Geotechnical instabilities and adverse climatic conditions can be difficult to predict and are often affected by risks and hazards outside of the Company's control, such as severe weather and seismic activity. Geotechnical failures could result in limited or restricted access to mines, suspension of operations, environmental damage, government investigations, increased monitoring costs, remediation costs, loss of ore and other impacts, which could result in increased costs, and could result in a material adverse effect on the Company's business, financial condition, results of operations, and prospects.

**Adverse Economic Conditions** 

Any credit crisis and related instability in the global financial system, has had, and may continue to have, an impact on the Company's business and the Company's financial condition. The Company may face significant challenges if conditions in the financial markets do not continue to improve. The Company's ability to access the capital markets may be severely restricted at a time when the Company wishes or needs to access such markets, which could have a materially adverse impact on the Company's flexibility to react to changing economic and business conditions or carry on our operations.

Market events and conditions, including the disruptions in the international credit markets and other financial systems and the deterioration of global economic conditions have caused significant volatility in commodity prices. These conditions also caused a loss of confidence in global credit and financial markets and resulted in the collapse of, and government intervention in, major banks, financial institutions and insurers and created a climate of greater volatility, less liquidity, widening of credit spreads, a lack of price transparency, increased credit losses and tighter credit conditions. The possibility of a global recession and attempts to control it may impact metals demand and prices. More recently, there has been mounting government debt in many western nations and significant volatility in the price of commodities. Further, the imposition of protectionist or retaliatory trade tariffs by countries may impact the Company's ability to import materials needed to conduct its operations, construct its projects, or to export its products at prices that are economically feasible.

These events are illustrative of the effect that events beyond the Company's control may have on commodity prices, demand for metals, availability of credit, investor confidence and general financial market liquidity, all of which may affect the Company's business. Any or all of these economic factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, resulting in impairment losses. If such increased levels of volatility and market turmoil reoccur, the Company's operations could be adversely impacted and the trading price of the Common Shares may be adversely affected.

**Canada's Extractive Sector Transparency Measures Act** 

The Canadian *Extractive Sector Transparency Measures Act* ("**ESTMA**"), which became effective June 1, 2015, requires public disclosure of payments to governments by entities engaged in the commercial development of oil, gas and minerals who are either publicly listed in Canada or with business or assets in Canada. Mandatory annual reporting is required for extractive companies with respect to payments made to foreign and domestic governments at all levels, including entities established by two or more

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governments, including indigenous groups. ESTMA requires reporting on the payments of any taxes, royalties, fees, production entitlements, bonuses, dividends, infrastructure improvement payments and any other prescribed payment over $100,000. Failure to report, false reporting or structuring payments to avoid reporting may result in fines of up to $250,000 (which may be concurrent). The Company is currently compliant with its obligations under ESTMA.

**Government Regulation** 

The exploration and development activities of the Company are subject to various federal, provincial and local laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substance and other matters. Exploration and development activities are also subject to various federal, provincial and local laws and regulations relating to the protection of the environment. These laws mandate, among other things, the maintenance of air and water quality standards, and land reclamation. These laws also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Although the Company's exploration and development activities are currently carried out in accordance with all applicable rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner which could limit or curtail production or development.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions there under, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs or reduction in levels of production at producing properties or require abandonment or delays in development of new mining properties.

**Breach of Confidentiality** 

While discussing potential business relationships or other transactions with third parties, the Company may disclose confidential information relating to the business, operations, or affairs of the Company. Although confidentiality agreements are to be signed by third parties prior to the disclosure of any confidential information, a breach of such confidentiality agreement could put the Company at competitive risk and may cause significant damage to its business. The harm to the Company's business from a breach of confidentiality cannot presently be quantified but may be material and may not be compensable in damages. There can be no assurance that, in the event of a breach of confidentiality, the Company will be able to obtain equitable remedies, such as injunctive relief from a court of competent jurisdiction in a timely manner, if at all, in order to prevent or mitigate any damage to its business that such a breach of confidentiality may cause.

**Management of Growth** 

The Company may be subject to growth-related risks including capacity constraints and pressure on its internal systems and controls. The ability of the Company to manage growth effectively will require it to continue to implement and improve its operational and financial systems and to expand, train and manage its employee base. The inability of the Company to deal with this growth may have a material adverse effect on the Company's business, financial condition, results of operations and prospects.

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**Liability for Actions of Employees, Contractors and Consultants** 

The Company could be liable for fraudulent or illegal activity by its employees, contractors and consultants resulting in significant financial losses to claims against the Company. The Company is exposed to the risk that its employees, contractors and consultants may engage in fraudulent or other illegal activity. It is not always possible for the Company to identify and deter misconduct by its employees and other third parties and the precautions taken by the Company to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting the Company from governmental investigations or other actions or lawsuits stemming from a failure to comply with such laws or regulations. If any such actions are instituted against the Company and it is not successful in defending itself or asserting its rights, those actions could have a significant impact on its business, including the imposition of civil, criminal and administrative penalties, damages, monetary fines, contractual damages, reputational harm, diminished profits and future earnings, the curtailment of the Company's operations or asset seizures, any of which could have a material adverse effect on the Company's business, financial condition and results of operations.

**Competition** 

The mining industry is intensively competitive in all its phases. The Company competes with companies possessing greater financial resources and technical facilities than itself for the acquisition of mineral interests as well as for the recruitment and retention of qualified personnel.

**Market Conditions** 

Share market conditions may affect the value of the Company's quoted securities regardless of the Company's operating performance. Market prices for shares of early-stage companies are often volatile. Share market conditions are affected by many factors such as: announcement of mineral discoveries; financial results; general economic outlook; introduction of tax reform or other new legislation; interest rates and inflation rates; changes in investor sentiment toward particular market sectors; the demand for, and supply of, capital; and terrorism or other hostilities. The market price of securities can fall as well as rise and may be subject to varied and unpredictable influences on the market for equities in general and resource exploration stocks in particular.

**Commodity Prices** 

The future profitability of the Company will be directly related to the market price of metals, particularly the future price of gold. Metal prices fluctuate considerably and are affected by numerous factors beyond the Company's control, such as industrial demand, inflation and expectations with respect to the rate of inflation, the strength of the U.S. dollar and of other currencies, interest rates, forward sales by producers, production and cost levels and changes in investment trends. The effect of these factors on the prices of metals, and therefore the economic viability of the Fenn-Gib Project, cannot be accurately determined. If these prices were to decline significantly or for an extended period of time, the Company might be unable to continue its operations, develop its properties or fulfill its obligations under its agreements with its partners or under its permits and licenses. As a result, the Company might lose its interest in, or be forced to sell, some of its properties. In the event of a sustained, significant drop in metal prices, the Company may be required to reevaluate its assets, resulting in reduced estimates of reserves and resources and in material write-downs of the Company's investment in mining properties and increased amortization, reclamation and closure charges. Furthermore, since metal prices are established in U.S. dollars, a significant increase in the value of the Canadian dollar relative to the U.S. dollar, coupled with stable or declining metal prices, could adversely affect the Company's results with respect to development of, and eventual sale of these metals.

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**Possible Dilution to Present and Prospective Shareholders** 

To support its ongoing operations and strategic objectives, the Company may issue additional equity securities or securities convertible into equity, and may also consider debt financing. Any such issuance of Common Shares or convertible instruments could result in dilution—potentially significant—to both current and future shareholders. The Company cannot predict the size of future sales and issuances of equity securities or the effect, if any, that future sales and issuances of equity securities will have on the market price of the Common Shares. Sales or issuances of a substantial number of equity securities, or the perception that such sales could occur, may adversely affect prevailing market prices for the Common Shares. With any additional sale or issuance of equity securities, investors will suffer dilution of their voting power and may experience dilution in our earnings per Common Share.

Furthermore, the exercise of existing convertible securities, including stock options and share purchase warrants, may also dilute the ownership interests of shareholders. As the Company continues to rely on equity-based financing to fund exploration and development activities, the risk of dilution remains a material consideration for investors.

**Political Uncertainty** 

Political, legal, and regulatory changes in Canada, and other countries can impact the Company's operations and business performance. In 2024 and in 2025 to date, there were national elections in several of the world's largest economies, including Japan, India, the European Union, France, the United Kingdom, Mexico, the United States, Canada and Germany. These elections have brought, or may bring, new political leadership with substantially different political, social, and economic policy priorities than their predecessors on both domestic and foreign policy matters, including the environment, trade and tariffs, and energy.

These political shifts may create uncertainty about future government policies, regulations, and trade relationships between major global economies which could result in broad-based volatility and decreased investor confidence.

Political risks faced by the Company that could impact its operations or planned operation include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in government policy and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new interpretations of existing laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementation of new, or expansion of existing, tariffs on exported and/or imported products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• opposition from government or other political actors to industrial activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended regulatory review periods and third-party consultation requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or denials of necessary permits and licenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruption of critical third-party infrastructure and supply chains.

Changing environmental regulations pose additional challenges. Changes in assessment processes and expanding stakeholder consultation requirements and expectations, including with stakeholders, may extend project timelines, increase compliance costs, increase project execution risk, and limit business opportunities.

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Other potential governmental impacts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher government royalty rates, including possible retroactive claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new efficiency standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• alternative fuel mandates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax and other subsidies for competing energy sources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government support for research into, and mandated uses of, alternative energy technologies.

These government initiatives, particularly those promoting emissions reductions and alternative energy sources, could reduce demand for the Company's future products.

**Current Global Financial Condition** 

In recent years, global financial markets have experienced significant volatility, affecting a wide range of industries, including the mining and exploration sector. These conditions remain susceptible to sudden disruptions triggered by economic shocks, geopolitical events, or shifts in government policy. The ability of governments and financial institutions to respond effectively to future crises may be constrained by limited fiscal and monetary capacity.

A prolonged or sharp downturn in global economic conditions—such as rising inflation, fluctuating interest rates, constrained credit markets, or declining investor confidence—could adversely impact Mayfair's ability to raise capital, manage costs, or advance its exploration and development activities. Factors such as commodity price volatility, geopolitical instability, armed conflict, natural disasters, and broader macroeconomic uncertainty may further amplify these risks.

Should global financial conditions deteriorate, the Company may face challenges in securing equity or debt financing on favorable terms, or at all. This could delay or impair the advancement of the Fenn-Gib Project or other strategic initiatives and may have a material adverse effect on Mayfair's financial condition, business operations, and long-term growth prospects.

**International Conflicts** 

International conflicts and other geopolitical tensions and events, including war, military action, terrorism, trade disputes and international responses thereto have historically led to, and may in the future, lead to, uncertainty or volatility in global commodity and financial markets and supply chains. Russia's invasion of Ukraine in February 2022 has led to sanctions being levied against Russia by the international community and may result in additional sanctions or other international action, any of which may have a destabilizing effect on commodity prices, supply chains and global economies more broadly. In October 2023, Israel and Palestine engaged in a series of violent exchanges, primarily in southern Israel and the Gaza Strip. This has resulted in a significant increase in tension in the region and may have far reaching effects on the global economy. Volatility in commodity prices and supply chain disruptions may adversely affect the Company's business, financial condition and results of operations. The extent and duration of the current conflicts in the Ukraine and Palestine and related international action cannot be accurately predicted at this time and the effects of such conflict may magnify the impact of the other risks identified in this AIF, including those relating to commodity price volatility and global financial conditions. The outcome of these conflicts is uncertain, and these conflicts may escalate and may result in escalating tensions within and outside of Eastern Europe and the Middle East, respectively. This could result in significant disruption of supplies of base and precious metals from the region and could cause a significant worldwide supply shortage of base and precious metals and have a significant impact on worldwide prices of metals. The situation is rapidly changing and unforeseeable impacts, including on the shareholders of the Company and counterparties on which the Company relies and transacts with, may materialize and may have an adverse effect on the Company's operations and trading price of the Common Shares.

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**Inflationary Risks** 

The global economic economy has recently experienced relatively high rates of inflation. High inflation rates could cause the prices of materials obtained to be higher. Generally, the Company's operating costs could escalate and become uncompetitive due to supply chain disruptions, inflationary cost pressures, equipment limitations, escalating supply costs, commodity prices and additional government intervention through stimulus spending or additional regulations. The Company's inability to manage costs may impact, among other things, future development decisions, which could have a material adverse impact on the Company's financial performance.

**Interest Rate Risks** 

Increases to benchmark interest rates may have an impact on the Company's cost of borrowing under any debt financing the Company may negotiate, resulting in a reduced amounts available to fund the Company's operating activities and could negatively impact the market price of its Common Shares and/or the price of metals, which could have a material adverse effect on the Company's operations and/or financial condition.

**Failure to Comply with Anti-Bribery and Anti-Corruption Laws** 

The Company's activities are subject to a number of laws that prohibit various forms of corruption, including local laws that prohibit both commercial and official bribery and anti-bribery laws that have a global reach. The increasing number and severity of enforcement actions in recent years present particular risks with respect to the Company's business activities, to the degree that any employee or other person acting on the Company's behalf might offer, authorize or make an improper payment to a foreign government official, party official, candidate for political office, or political party, an employee of a foreign state-owned or state-controlled enterprise, or an employee of a public international organization. A failure to comply with antibribery and anticorruption laws could have an adverse impact on the Company's reputation, future profitability and financial condition.

**Uninsurable Risks** 

In the course of exploration, development and production of mineral properties, risks and hazards, including, but not limited to, unexpected or unusual geological or operating conditions, natural disasters, inclement weather conditions, pollution, rock bursts, cave-ins, fires, flooding, earthquakes, civil unrest, terrorism and political violence may occur. These occurrences could result in damage to, or the destruction of, processing facilities, personal injury or death, environmental damage, delays in the Company's operating activities, asset write-downs, monetary losses and possible legal liability. It is not always possible to fully insure against all risks associated with the Company's operations or the Company may decide not to take out insurance against certain risks where the premium costs are disproportionate to the Company's perception of the relevant risks or for other reasons. In other cases, insurance may not be available for certain risks. Should such liabilities arise, they could reduce the funds available for exploration activities or reduce or eliminate any future profitability, and result in increasing costs and a decline in the value of the securities of the Company.

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**Stress in the Global Economy** 

Reduction in credit, combined with reduced economic activity and the fluctuations in the U.S. dollar may adversely affect businesses and industries that purchase commodities, affecting commodity prices in more significant and unpredictable ways than the normal risks associated with commodity prices. The availability of services such as drilling contractors and geological service companies and/or the terms on which these services are provided may be adversely affected by the economic impact on the service providers. The adverse effects on the capital markets generally make the raising of capital by equity or debt financing much more difficult and the Company is dependent upon the capital markets to raise financing. Any of these events, or any other events causing turmoil in world financial markets, may have a material adverse effect on the Company's business, operating results and financial condition.

**Tariffs and Imposition of Other Restrictions on Trade** 

The Company's ability to procure inputs and equipment required for its operations in Canada, and access to markets for the Canada's future products, may be subject to interruptions or trade barriers due to policies and tariffs or import/export restrictions of individual countries. The Company's future products may also be subject to tariffs that do not apply to producers based in other countries which could result in changes to its customer base and disrupt the Company anticipated sales processes. Any disruption to current trade practices could have a material impact on the Company's ability to procure inputs and equipment for its operations and projects and to market its future products. The Company is reviewing its exposure to the potential tariffs and alternatives to inputs sourced from suppliers that may be subject to the tariffs. There is uncertainty as to whether current tariffs will be enforceable or whether proposed or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect on the Company's supply chain and costs. Other countries may also adopt other protectionist measures including tariffs, trade barriers and other protectionist or retaliatory measures that could limit the Company's ability to procure goods and services either in response to the imposition of tariffs or otherwise. Such tariffs or retaliatory actions taken by governments could adversely impact the Company's business, financial condition and profitability.

**Public Health Crises** 

The Company's business, financial condition, and results of operations could be materially adversely affected by the outbreak of public health crises, including epidemics, pandemics, or the emergence of new infectious diseases. These events can lead to significant disruptions in global supply chains, financial markets, and labor availability, and may result in increased operational costs, reduced productivity, and delays in project development.

In particular, such crises may impact the Company's ability to raise capital, maintain workforce health and safety, and access critical services, equipment, and personnel. Restrictions on travel, quarantines, and other public health measures could delay exploration and development activities at the Company's properties. Additionally, public health emergencies may result in the suspension of operations, cancellation of contracts, or increased insurance premiums and medical-related costs.

There is no assurance that future public health events will not adversely affect global economic conditions in a manner that negatively impacts the demand for precious metals, investor sentiment, or the Company's share price. The extent and duration of any such impact are inherently uncertain and will depend on future developments beyond the Company's control, including the effectiveness of governmental responses and the resilience of global markets.

**Natural Disasters, Terrorist Acts, Civil Unrest and Other Disruptions** 

Natural disasters, armed conflicts, civil unrest, and other large-scale disruptive events can significantly impair the ability of affected regions to recover efficiently, potentially resulting in adverse consequences for the Company, its stakeholders, and its operations. Events such as wars, terrorist attacks, public health emergencies, trade disruptions, infrastructure failures, and technological threats can destabilize local and global supply chains, restrict the movement of goods and people, and create volatility in financial markets.

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**Information Systems and Cybersecurity Threats** 

The Company relies on secure and adequate operations of information technology systems in the conduct of its operations. Access to and security of the information technology systems are critical to the Company's operations. To the Company's knowledge, it has not experienced any material losses relating to disruptions to its information technology systems. The Company has implemented ongoing policies, controls and practices to manage and safeguard the Company and its stakeholders from internal and external cybersecurity threats and to comply with changing legal requirements and industry practice. Given that cyber risks cannot be fully mitigated and the evolving nature of these threats, the Company may not have the resources or technical sophistication to anticipate, prevent, or recover from cyber-attacks and cannot assure that its information technology systems are fully protected from cybercrime or that the systems will not be inadvertently compromised, or without failures or defects. Disruptions to the Company's information technology systems, including, without limitation, security breaches, power loss, theft, computer viruses, cyber-attacks, natural disasters, non-compliance by third-party service providers and inadequate levels of cybersecurity expertise and safeguards of third-party information technology service providers, may adversely affect the operations of the Company as well as present significant costs and risks including, without limitation, loss or disclosure of confidential, proprietary, personal or sensitive information and third-party data, material adverse effect on its financial performance, compliance with its contractual obligations, compliance with applicable laws, damaged reputation, remediation costs, potential litigation, regulatory enforcement proceedings and heightened regulatory scrutiny.

**Internal Control Systems and Disclosure Controls and Procedures** 

Internal controls over financial reporting are procedures designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and reported. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation.

Venture issuers are not required to provide representations in the annual filings relating to the establishment and maintenance of disclosure controls and procedures ("**DC&P**") and internal control over financial reporting ("**ICFR**"), as defined in National Instrument 52-109 — *Certification of Disclosure in Issuers' Annual and Interim Filings*. In particular, the chief executive officer and chief financial officer certifying officers do not make any representations relating to the establishment and maintenance of: (a) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and (b) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in their certificates regarding the absence of misrepresentations and fair disclosure of financial information. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement, on a cost-effective basis, DC&P and ICFR may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

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**Conflicts of Interests** 

Certain directors and officers of the Company are or may become associated with other companies involved in natural resource exploration and development and consequently there exists the possibility for such directors to be in a position of conflict. In the event that a director or executive officer has a material interest in any transaction being considered by the Company, any such conflict will be subject to and governed by procedures prescribed by the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), which require a director or officer of a corporation experiencing such a conflict to disclose their interest and refrain from voting on any such matter unless otherwise permitted by the BCBCA. In addition, Section 142 of the BCBCA provides that every director must act honestly and in good faith with a view to the best interests of the Company. As a fiduciary, a director may not interfere with, or take advantage of, any opportunities that rightfully belong to the Company. Any failure of the directors or officers of the Company to address these conflicts in an appropriate manner, or to allocate opportunities that they become aware of to the Company, could have a material adverse effect on the Company's business, financial condition, results of operations or prospects.

**Substantial Number of Authorized but Unissued Shares** 

The Company has an unlimited number of Common Shares which may be issued by the Board without further action or approval of the Company's shareholders. While the Board is required to fulfil its fiduciary obligations in connection with the issuance of such Common Shares, the Common Shares may be issued in transactions with which not all shareholders agree, and the issuance of such Common Shares will cause dilution to the ownership interests of the Company's shareholders.

**Future Sales of Shares by Existing Shareholders** 

Sales of a large number of Common Shares in the public markets, or the potential for such sales, could decrease the trading price of the Common Shares and could impair the Company's ability to raise capital through future sales of Common Shares. The Company has previously completed private placements at prices per Common Share which may be, from time to time, lower than the market price of the Common Shares. Accordingly, a significant number of the Company's shareholders at any given time may have an investment profit in the Common Shares that they may seek to liquidate.

**Dividends** 

The Company has never declared or paid any cash dividends on the Common Shares. The Company currently intends to retain future earnings, if any, for future operations, expansion and/or debt repayment, if necessary. The Board does not anticipate paying dividends in the near future. Any decision to declare and pay dividends will be made at the discretion of the Board and will depend on, among other things, the Company's financial performance, current and anticipated cash requirements and surplus, financial condition, contractual restrictions and financing agreement covenants, solvency tests imposed by corporate law and other factors that the Board may consider relevant.

In addition to the foregoing, the Company's ability to institute and pay dividends now or in the future may be limited by covenants contained in the agreements governing any indebtedness that the Company may incur in the future including the terms of any credit facilities the Company may enter into with third party lenders. It is not uncommon that credit facilities will prevent a borrower from declaring or paying any dividends (excluding stock dividends) to any of its shareholders or returning any capital (including by way of dividend) to any of its shareholders.

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**<u>DIVIDENDS</u>**

The Company does not intend to pay dividends. The Company intends to retain its future earnings, if any, to fund the development and growth of its business. There are no restrictions in the articles of the Company or elsewhere which prevent the Company from paying dividends. However, the Company has not paid any dividends in the three most recently completed financial years and does not anticipate paying any dividends in the near future. Any decision to pay dividends on any shares of the Company will be made by the Board on the basis of the Company's earnings, financial requirements and other factors existing at such future time, including, but not limited to, commodity prices, production levels (if any), capital expenditure requirements, debt service requirements (if any), operating costs, royalty burdens, foreign exchange rates and the satisfaction of the liquidity and solvency tests imposed by the BCBCA for the declaration and payment of dividends.

**<u>DESCRIPTION OF CAPITAL STRUCTURE</u>**

**Authorized Capital** 

The Company is authorized to issue an unlimited number of Common Shares without par value. As of the date of this AIF, there were 133,527,007 Common Shares issued and outstanding.

**Common Shares** 

The holders of the Common Shares are entitled to receive notice of and attend all meetings of the shareholders of the Company and are entitled to one vote in respect of each Common Share held at such meetings. In the event of liquidation, dissolution or winding-up of the Company, the holders of Common Shares are entitled to share rateably the remaining property or assets of the Company.

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**<u>MARKET FOR SECURITIES</u>**

**Trading Price and Volume** 

The Common Shares are listed and posted for trading on the TSX.V under the symbol "MFG.V", on the OTCQX Market under the symbol "MFGCF" and on the Frankfurt Stock Exchange under the symbol "9M5".

The following table sets forth information relating to the monthly trading of the Common Shares on the TSX.V for the year ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| **Month** | **Low ($)** | **High ($)** | **Volume** |
|  January 2024 | 2.41 | 2.74 | 733532 |
|  February 2024 | 2.11 | 2.44 | 549659 |
|  March 2024 | 2.06 | 2.28 | 411819 |
|  April 2024 | 2.10 | 2.65 | 1586379 |
|  May 2024 | 1.90 | 2.50 | 1958447 |
|  June 2024 | 1.81 | 2.28 | 723446 |
|  July 2024 | 1.83 | 2.05 | 579819 |
|  August 2024 | 1.51 | 1.95 | 1070024 |
|  September 2024 | 1.69 | 2.04 | 987752 |
|  October 2024 | 1.88 | 2.40 | 1741671 |
|  November 2024 | 1.85 | 2.30 | 740958 |
|  December 2024 | 1.67 | 1.92 | 465312 |

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**Prior Sales** 

The only equity securities that the Company has outstanding that are not listed or quoted on a marketplace are the stock options granted under the Company's stock option plan. Set forth below is information with respect to stock options granted during the year ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| **Date of Issue** | **Date of Expiry** | **Number of stock<br>options granted** | **Exercise price of stock<br>options issued** |
|  April 17, 2024 | April 17, 2029 | 100000 | $2.54 |
|  June 20, 2024 | June 20, 2029 | 100000 | $1.90 |
|  October 28, 2024 | October 27, 2029 | 300000 | $2.03 |

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**<u>ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTIONS ON TRANSFER</u>**

As of the date hereof, there are no securities of the Company that, to the knowledge of the Company, are subject to escrow or a contractual restriction on transfer.

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**<u>DIRECTORS AND OFFICERS</u>**

The following table sets forth, for each director and executive officer of the Company, the name, province or state and country of residence, the currently-held position with the Company, the period during which each such director and executive officer of the Company has served as a director and/or executive officer, and the principal occupation during the five preceding years. All directors of the Company hold office until the next annual meeting of shareholders of the Company or until their successors are elected or appointed.

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| | | |
|:---|:---|:---|
| **Name, Residence and<br>Offices Presently Held** | **Principal Occupation, Business or<br>Employment (for last five years)<sup>(1)</sup>** | **Director and/or Executive<br>Officer Since** |
| Darren McLean<sup>(3)(4)</sup><br> *Director, Chairman*<br> Ontario, Canada | Director of Research, DFridge Capital Corp. since 2023; Consultant to Muddy Waters Capital LLC since 2023; Vice President, K2 from 2014 to 2023. | June 5, 2024 |
| Carson C. Block<sup>(2)(4)</sup><br> *Director*<br> Texas, United States | Founder and Chief Investment Officer of Muddy Waters Capital LLC since 2015. | June 5, 2024 |
| Zach Allwright<br> *Director*<br> British Columbia, Canada | Vice President - Projects and Evaluations for Faraday Copper Corp. (Lundin Group company) since October 2021; Director, North America, Mining Plus Pty Ltd from 2018 to 2021. | June 20, 2024 |
| Christine Hsieh<sup>(2)(3)(4)</sup><br> *Director*<br> Laax, Switzerland | General Counsel for Nebari Partners, LLC since September 2024; Partner, 42 Legal since September 2024; General Counsel, Promethiem AG from November 2020 to August 2024. | June 20, 2024 |
| Sean Pi<sup>(2)(3)(4)</sup><br> *Director*<br> Florida, United States | Vice President of New York private equity firm since October 2014. | June 5, 2024 |
| Nicholas Campbell<br> *Chief Executive Officer*<br> British Columbia, Canada | Vice President of Corporate Development of the Company from October 2024 to January 2025; Vice President of Capital Markets of Artemis Gold Inc. from July 2020 to February 2023, Executive Vice President of Business Development of SilverCrest Metals Inc. from October 2016 to June 2020. | January 27, 2025 |
| Drew Anwyll<br> *Chief Operating Officer*<br> Ontario, Canada | COO for Generation Mining from March 2020 to February 2025; President, Mines d'Or Orbec Inc. from 2019 to 2020; Senior Vice-President at Detour Gold from 2014 to 2018. | March 1, 2025 |

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| | | |
|:---|:---|:---|
| **Name, Residence and<br>Offices Presently Held** | **Principal Occupation, Business or<br>Employment (for last five years)<sup>(1)</sup>** | **Director and/or Executive<br>Officer Since** |
| Darren Prins<br> *Interim Chief Financial Officer and Corporate Secretary*<br> British Columbia, Canada | Interim Chief Financial Officer and Corporate Secretary of the Company since July 2024, Partner at Invictus Accounting Group LLP since 2018. | July 7, 2024 |
| Richard Klue<br> *Vice President Technical Services*<br> British Columbia, Canada | Vice President, Technical Services of the Company since April 2024; Vice President, Engineering and Studies at Hudbay Minerals Inc. from January 2023 to March 2024; Vice President, Technical Services at Copper Mountain Mining Corp from January 2021 to December 2022; Regional Director, Mining &Metals from January 2019 to December 2020. | April 18, 2024 |

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(1) The information as to principal occupation, business or employment is not within the knowledge of the
Company and has been provided by the respective directors and executive officers of the Company individually.

(2) Member of the Audit Committee.

(3) Member of the Compensation Committee.

(4) Member of the Corporate Governance Committee.

As at the date of this AIF, the directors and executive officers of the Company, as a group, beneficially owned, or controlled or directed, directly or indirectly, an aggregate of 31,671,462 Common Shares, representing approximately 23.72% of the issued and outstanding Common Shares. The information as to the number of Common Shares beneficially owned, or controlled or directed, not being within the knowledge of the Company, has been provided by the respective directors and executive officers of the Company individually and as reported on SEDI.

**Corporate Cease Trade Orders, Bankruptcies, Penalties or Sanctions** 

No director or executive officer of the Company is, as at the date hereof, or has been, within the 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. was subject to a cease trade order, an order similar to a cease trade order or an order that denied the
relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days and that was issued while the director or executive officer was acting in the capacity as director, chief
executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. was subject to a cease trade order, an order similar to a cease trade order or an order that denied the
relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or
chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

Other than as described below, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. is, as at the date hereof, or has been within the 10 years before the date hereof, a director or executive
officer of any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject
to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation
relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or
shareholder.

Mr. McLean was a director of Sonco Gaming UK Ltd. ("**Sonco**"), a private corporation incorporated in the United Kingdom which operated a land-based casino in London, United Kingdom. A liquidator was appointed on July 6, 2022 and Sonco underwent liquidation and voluntary winding-up as a result of restrictions imposed because of COVID-19.

No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable Shareholder in making an investment decision.

**Conflicts of Interest** 

To the best of the Company's knowledge, and other than as disclosed herein, there are no known existing or potential conflicts of interest between the Company and any directors or officers of the Company, except that certain of the directors and officers serve as directors and officers of other public or private companies and therefore it is possible that a conflict may arise between their duties as a director or officer of the Company and their duties as a director or officer of such other companies.

The directors and officers of the Company are required by law to act honestly and in good faith with a view to the best interests of the Company and to disclose any interests that they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board, any director in a conflict is required to disclose his or her interest and abstain from voting on such matter in accordance with the BCBCA.

**<u>PROMOTERS</u>**

No person has been a promoter of the Company within the two most recently completed financial years or during the current financial year.

**<u>LEGAL PROCEEDINGS AND REGULATORY ACTIONS</u>**

There are no material legal proceedings that the Company is or was a party to, or that any of the Company's property is or was the subject of, during the most recently completed financial year and there are no such legal proceedings that the Company knows to be contemplated.

There were no: (i) penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the most recently completed financial year; (ii) other penalties or sanctions imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision; or (iii) settlement agreements that the Company entered into before a court relating to securities legislation or with a securities regulatory authority during the most recently completed financial year.

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**<u>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</u>**

No director, executive officer or beneficial holder of 10% or more of the Common Shares, or any associate or affiliate thereof, had any interest, direct or indirect, in any transaction within the three most recently completed financial years or during the current financial year that has materially affected or is reasonably expected to materially affect the Company.

**<u>TRANSFER AGENTS AND REGISTRARS</u>**

The registrar and transfer agent for the Common Shares is Computershare Investor Services Inc. at its office in Vancouver, British Columbia.

**<u>MATERIAL CONTRACTS</u>**

The only material contract that the Company has entered into is the agency agreement dated September 16, 2025 between Mayfair and Beacon Securities Limited, as lead agent and sole bookrunner, Haywood Securities Inc., Paradigm Capital Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., and Red Cloud Securities Inc. in connection with the September 2025 Financing.

**<u>INTERESTS OF EXPERTS</u>**

Tim Maunula, P.Geo., of T. Maunula and Associates Consulting Inc. and Steven C. Haggarty, P.Eng., of Haggarty Technical Services Corporation, have prepared the Technical Report that is incorporated by reference herein.

To the best knowledge of the Company, none of the above persons or companies, held at the time of preparing the Technical Report, received after preparing the Technical Report, or will receive any registered or beneficial interests, direct or indirect, in any securities or other property of the Company or of one of the Company's associates or affiliates in connection with the preparation or certification of the Technical Report. None of the above persons or firms, nor any directors, officers or employees of such firms, is or is expected to be elected, appointed or employed as a director, officer or employee of the Company or of any associate or affiliate of the Company.

The auditor of the Company, Davidson & Company LLP, Chartered Professional Accountants, is independent of the Company within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of British Columbia.

**<u>AUDIT COMMITTEE</u>**

In accordance with applicable Canadian securities legislation and, in particular, National Instrument 52-110 – *Audit Committees* ("**NI 52-110**"), information with respect to the Company's audit committee (the "**Audit Committee**") is contained below. The full text of the Audit Committee's charter is attached hereto as Schedule "B".

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**Composition of the Audit Committee** 

The following persons are members of the Audit Committee:

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| | | |
|:---|:---|:---|
| Sean Pi | Independent | Financially Literate |
| Carson Block | Independent | Financially Literate |
| Christine Hsieh | Independent | Financially Literate |

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An Audit Committee member is independent if the member has no direct or indirect material relationship with the Company that could, in the view of the Board, reasonably interfere with the exercise of a member's independent judgment.

An Audit Committee member is financially literate if he has the ability to read and understand a set of financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements.

**Relevant Education and Experience** 

Each member of the Company's Audit Committee has adequate education and experience relevant to their performance as an Audit Committee member and, in particular, the requisite education and experience that provides the member with:

(a) an understanding of the accounting principles used by the Company to prepare its financial statements and
the ability to assess the general application of those principles in connection with estimates, accruals and reserves;

(b) experience preparing, auditing, analysing or evaluating financial statements that present a breadth and
level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company's financial statements or experience actively supervising individuals
engaged in such activities; and

(c) an understanding of internal controls and procedures for financial reporting.

The education and experience of each member of the Audit Committee relevant to the performance of his responsibilities as an Audit Committee member is set forth below.

***Sean Pi***

Mr. Sean Pi, a partner at Heeney Capital, is a co-founder of the Company and previously served as a director since the formation of the Company in 2019 until March 26, 2024. Previously, Mr. Pi was an investment banker at Evercore Partners, primarily covering diversified industrial companies, and started his career with the same coverage at Wells Fargo. Mr. Pi holds a bachelor's degree in economics from Princeton University and is a Chartered Financial Analyst charter holder.

***Carson C. Block***

Mr. Carson C. Block is the founder and Chief Investment Officer of Muddy Waters. Mr. Block began his career in investment banking and equity research prior to moving to Shanghai, China to work as an attorney with the international law firm Jones Day. While at Jones Day, he focused on mergers and acquisitions and foreign direct investment. He subsequently started what is believed to be the first self-storage business in Mainland China. Mr. Block started the predecessor activist investment firm to Muddy Waters in 2010. Bloomberg BusinessWeek named Mr. Block One of the 50 Most Influential in Global Finance" in 2011. He obtained his Juris Doctorate with high honors from the Chicago-Kent College of Law and a Bachelor of Science in Business Administration from the University of Southern California.

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***Christine Hsieh***

Ms. Christine Hsieh is an international commercial lawyer with 25 years of global practice experience, including 13 years focusing on resources. In her most recent role, Ms. Hsieh was the General Counsel for Nebari Partners and a Partner at 42 Legal. Previously Ms. Hsieh was the Group General Counsel for Promethiem and the Executive Director – M&A of Eurasian Resources Group where she dealt with legal matters related to mining and infrastructure projects. Additionally, she served as Legal Counsel at Glencore International AG and gained early career experience at various law firms in Texas, Switzerland, Singapore, China and Australia, specializing in the global energy and resources sector. She holds a Bachelor of Arts in Economics from the University of California, Berkeley and a law degree from Georgetown University.

**Reliance on Certain Exemptions** 

Since the commencement of the Company's most recently completed financial year, the Company has not relied on any exemptions under NI 52-110.

**Audit Committee Oversight** 

The Audit Committee has not made any recommendations to the Board to nominate or compensate any auditor other than Davidson & Company LLP, Chartered Professional Accountants.

**Pre-Approval Policies and Procedures** 

Formal policies and procedures for the engagement of non-audit services have yet to be formulated and adopted. Subject to the requirements of NI 52-110, the engagement of non-audit services is considered by, as applicable, the Board and the Audit Committee, on a case-by-case basis.

**External Auditor Services Fees** 

The Audit Committee has reviewed the nature and amount of the non-audit services provided by Davidson & Company LLP, Chartered Professional Accountants, to the Company to ensure auditor independence. Payments to Davidson & Company LLP, Chartered Professional Accountants, for audit and non-audit services in the years ended December 31, 2024 and December 31, 2023 are outlined in the following table:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Audit Fees<sup>(1)</sup>** | **Tax Fees<sup>(3)</sup>** | **All Other Fees<sup>(4)</sup>** |
| 2024 | $52128 Nil | $3500 | $26093 |
| 2023 | $59293 Nil | $5000 | Nil |

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Notes:

(1) "**Audit Fees**" include fees necessary to perform the annual audit and quarterly reviews of
the Company's financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by
legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.

(2) "**Audit-Related Fees**" include services that are traditionally performed by the auditor.
These audit-related services include employee benefit audits, due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation.

(3) "**Tax Fees**" include fees for all tax services other than those included in "Audit
Fees" and "Audit-Related Fees". This category includes fees for tax compliance, tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and
acquisitions, and requests for rulings or technical advice from tax authorities.

(4) "**All Other Fees**" include all other non-audit services.

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**<u>ADDITIONAL INFORMATION</u>**

Additional information relating to the Company may be found under the Company's SEDAR+ profile at www.sedarplus.ca.

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans is contained in the Company's management information circular dated August 1, 2025 and filed in connection with the annual general and special meeting of shareholders held on September 4, 2025.

Additional financial information is provided in the Company's annual financial statements and MD&A for the year ended December 31, 2024, each of which is available under the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>.

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**<u>SCHEDULE "A" – SUMMARY FROM TECHNICAL REPORT</u>**

The below summary has been extracted from the Technical Report:

**1. Summary**

T. Maunula & Associates Consulting Inc. (TMAC) prepared this Technical Report for Mayfair Gold Corp. (Mayfair Gold or the Company) in accordance with the Canadian Securities Administrators' National Instrument (NI) 43-101 and Form 43-101F1, collectively referred to as NI 43101 for the Fenn–Gib Project (Fenn–Gib or the Project) located in Ontario, Canada.

**1.1 Project Description, Location, and Ownership**

The Fenn–Gib Project is in Guibord and Munro Townships in northeast Ontario. The Project is 43 km northwest of Kirkland Lake and 21 km east of Matheson, south of Abitibi Lake. The property center is at UTM 17N 559078 5374037 (NAD 83) or 48°31' N 80°12' W. The Project is accessible year round by Highway 101, which passes through the Project. Highway 101 connects with the Trans-Canada Highway at Matheson. The nearest airport is 20 km north of Timmins, which itself is 80 km from the property. The Project is in a very mining-friendly jurisdiction amongst dozens of historical mines and several active mines between Rouyn and Timmins gold-mining camps.

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and six mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn–Gib Project) that cover 1,877.8 ha. Lake Shore Gold Corp (LSG) agreed to sell the Fenn–Gib Project to Mayfair Gold pursuant to an asset purchase agreement dated June 8, 2020. The Project is subject to a 1.0% net smelter royalty held by Metalla Royalty and Streaming Ltd. (Metalla).

**1.2 History**

From its initial discovery and work in 1911 the Fenn–Gib Property has been explored and developed by various operators, including Pangea Goldfields Incorporated, Lake Shore Gold Corp. (LSG), and Tahoe Resources Inc. (Tahoe).

In 2011, LSG completed a program of eight drill holes, three of which were twins used for verification purposes. In addition, SGS (2011) authored an NI 43-101 technical report and Mineral Resource estimate.

During 2012, exploration activities conducted on the Fenn–Gib Property in the southwest half of Lot 5 Concession VI consisted of LSG's drilling contractors, Norex Drilling Ltd., completing 34 diamond drill holes (DDH) totalling 15,802 m. Reconnaissance mapping and prospecting were also carried out on both the North and South claim blocks during 2012.

During 2014, LSG carried out outcrop investigations and prospecting consisting of 14 samples.

During 2017, Tahoe conducted a surface-definition diamond drilling program on the Fenn–Gib Deposit, which included 98 holes for a total of 40,235 m.

After 2017, Tahoe completed no further exploration activities or drilling at Fenn–Gib.

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**1.3 Mayfair Gold Exploration and Diamond Drilling**

The Company acquired a 100% interest in the Fenn–Gib Property on December 31, 2020, and in mid-January 2021 commenced infill and expansion resource drilling on the Fenn–Gib Deposit on the North Block. As of June 20, 2025, the Company has completed approximately 190,000 m in 339 drill holes.

Exploration conducted by Mayfair Gold since 2021 includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SHA Geophysics Ltd. (SHA) carried out a Heli-GT helicopter-towed,
three-axis magnetic gradiometer survey over the North and South property blocks in 2021 (Munroe, 2021).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface work on the North Block included an orientation soil and vegetation sample mobile-metal-ion (MMI) and soil-gas hydrocarbons (SGH) test sampling program during 2022 (Aurora Geosciences, 2023).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aurora conducted a direct current (DC) resistivity-induced polarization (IP) survey for the Company on
the North Block's Grid A and Grid B of the Fenn–Gib Project in 2022 and 2023 (Jelenic, 2023).

In 2022, a LiDAR survey and aerial photography acquisition over both the Fenn-Gib Project North and South Blocks was contracted to McElhanney (2022).

The Company commissioned three NI 43-101 Mineral Resource estimate updates on the Fenn–Gib Deposit (Kirkham et al., 2021; Mayfair Gold, 2022; Maunula, 2023).

**1.4 Geology and Mineralization**

Significant concentrations of gold mineralization on the Fenn–Gib Project primarily occur within two zones: 1) the Main Zone and 2) the Deformation Zone. These two zones overlap and are shown in Figure 11. The third zone, Footwall Zone, also contains gold mineralization and is approximately 100 m north of the Main Zone.

The Main Zone is a broad zone of disseminated gold mineralization up to 500 m wide, with grades for gold between 0.50 and 3.00 g/t Au. Massive, pillowed, and variolitic basalts crop out and can be seen in diamond drill core from holes collared near Highway 101. Hydrothermally altered variolitic basalts are the principal hosts of the Main Zone mineralization. These basalts were affected by pervasive and vein silicification, carbonatization, albitization, pervasive but weak hematization, and vein sericitization. Syenite and lamprophyre dykes intruded the basalts and are locally mineralized. Pyrite is the main sulphide mineral and occurs as disseminations and in veins, locally up to 50%, over narrow intervals (average 5% to 10%).

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![LOGO](g83619g1216142619347.jpg)

Source: Maunula (2024)

***Figure 11: Plan View of Mineralized Envelopes***

The Deformation Zone contains narrower and higher-grade intersections associated with altered sediments, intermediate dykes, and grey syenite. Gold mineralization is associated with pyrite either in quartz-healed breccias or as very fine disseminations. The Contact Fault has been interpreted to have acted as a channel for gold-bearing hydrothermal fluids and is host to the Deformation Zone and the southern boundary of the Main Zone. The Deformation Zone mineralization has been defined for approximately 2.0 km along strike.

The Footwall Zone is north of the Main Zone (Figure 11). The Footwall Zone structural and mineralized corridor strikes in a north-easterly direction and drilling has intercepted the zone over a strike length of approximately 500 m to a vertical depth of about 600 m below surface (open in all directions). The Footwall Zone consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, with a steep northerly dip. Mineralization consists of bleached, buff-altered (silica-albite-sericite-carbonate alteration), pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

**1.5 Metallurgical Testing and Mineral Processing**

Metallurgical testing of Fenn-Gib composite samples over a range in head grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S<sup>2-</sup> resulted in the development of a hybrid process approach, which is applicable to all associated deposit lithologies and rock types.

Treatment of Fenn-Gib mineralization considers a P<sub>80</sub> 106 µm flotation feed size with an approximate 23% mass pull to a rougher concentrate. Subsequent regrinding of the concentrate to P<sub>80</sub> 10 to 13 µm is followed by cyanidation yielding an estimated overall 89.6% Au extraction at a 1.5 g/t Au feed grade.

Direct cyanidation of Fenn-Gib mineralization was evaluated and established as not applicable due to losses in Au recovery with increased sulphide content at coarser material grind sizes, relative to secondary processing of a lower weight percentage reground flotation concentrate.

Metallurgical testwork and associated process criteria defined to date is representative and supports the associated Mineral Resource Estimate and is complete to support a Pre-Feasibility study. Future testwork will focus on specific parameters required for process design and advanced engineering, along with additional variability testwork to improve technical confidence and statistical accuracy of gold recovery estimates.

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**1.6 Mineral Resource Estimate**

Mr. Tim Maunula, P.Geo., Principal Geologist, of T. Maunula & Associates Consulting Inc. (TMAC), is the QP responsible for completing the Project's Mineral Resources estimate.

The Mineral Resource estimate incorporates extensive drill hole data from surface diamond drill programs combining both historical drilling completed prior to 2017 and Mayfair Gold's drilling campaigns completed from 2021–2024. The cut-off date for assay data used in the 2024 Mineral Resource estimate was April 30, 2024. All data received were in NAD 83 UTM coordinates (Zone 17).

The Mineral Resource estimate was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepared using Hexagon Mining, HxGN MinePlan 16.2.1 (MinePlan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classified according to the CIM Definition Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported at a 0.3 g/t Au cut-off grade, which is amenable to
open pit extraction.

The Mineral Resource estimate for the Project is based on diamond drill hole data consisting of gold assays, geological descriptions, and density measurements.

The drill-hole database for the Mineral Resource estimate used 457 historical drill holes (140,283 m) and 291 Mayfair Gold drill holes, which together yielded 217,334 assays used in the Mineral Resource estimate.

The primary gold mineralization for the Project was modelled in three domains: Main Zone, Deformation Zone, and Footwall Zone (which included a Footwall Zone High Grade). However, gold mineralization is also contained within the other contiguous geological domains: mafic volcanics, pyroxenite, ultramafic volcanics, and sediments (Section 14.3). Mayfair Gold modelled the rock type groups using Datamine Studio EM (Datamine). TMAC reviewed and validated these wireframes for use in the Mineral Resource estimate. Gold grades were estimated separately by rock type within each domain.

The Fenn–Gib block model was estimated using three interpolation methods: nearest neighbour (NN), inverse distance weighting squared (IDW2), and ordinary kriging (OK). Uncapped and capped gold grades were estimated for the OK model. Only capped gold grades were estimated for the NN and IDW2 models.

The Fenn-Gib Project hosts Mineral Resources at a 0.3 g/t Au cut-off grade comprised of an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional Inferred Resource of 8.9 Mt at 0.49 g/t Au containing 141,000 gold ounces. Table 11 presents the Mineral Resource estimate reported within a constraining resource pit shell and categorized by resource classification. The Mineral resource estimate has an effective date of September 3, 2024, and was prepared by TMAC.

------

***Table 11: Fenn–Gib Project Mineral Resource Estimate***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-Off<br>(Au g/t)** | **Cut-Off<br>(Au g/t)** | **Tonnes** | **Tonnes** | **Au<br>(g/t)** | **Au<br>(g/t)** | **Au (oz)** | **Au (oz)** |
|  Indicated |  | 0.3 |  | 181302000 |  | 0.74 |  | 4313000 |
|  Inferred |  | 0.3 |  | 8921000 |  | 0.49 |  | 141000 |

---

Source: Maunula (2024)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All mineral resources have been estimated in accordance with the CIM Definitions Standards, as required under
National Instrument (NI) 43-101. Mineral Resource Statement prepared by Tim Maunula, P.Geo. (TMAC) in accordance with NI 43101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other
relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Troy ounce = tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been
sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to
rounding.

**1.7 Recovery Methods**

This section is not applicable to this Technical Report.

**1.8 Conclusions and Recommendations** 

The Fenn–Gib Project represents an advanced-stage-of-exploration project with a substantial gold resource base of over 4.3 million ounces of gold in the Indicated classification category. Based on the positive results to date, TMAC recommends advancing the project through targeted work programs designed to both grow and expand the current Mineral Resource and evaluate the economic potential of both the Fenn–Gib Project and the broader property area.

The next phases of work are recommended to evaluate the economic potential of the Fenn–Gib Project are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental studies and the continued collection of baseline environmental data to support the pre-development of the Project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process engineering and design work to support a pre-feasibility study
for the development of a 4,800 t/d operation.

A summary of the proposed work program, including a budget estimate, is outlined in Table 12.

------

*Table 12: Recommended Work Programs and Cost Estimate*

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| | | |
|:---|:---|:---|
| **Activity** | **Description** | **Estimate Cost<br>($)** |
|  *Phase 1—Environmental Studies* | *Phase 1—Environmental Studies* | *Phase 1—Environmental Studies* |
|  Environmental studies including baseline data collection | Advance work and studies to understand<br> the site study area environmental baseline<br> conditions to support a 4,800 t/d<br> operation | 4000000 |
|  Phase 1 Total | Phase 1 Total | 4000000 |
|  *Phase 2—Engineering and Design* | *Phase 2—Engineering and Design* | *Phase 2—Engineering and Design* |
|  Engineering and design to advance an economic evaluation of the Project | Advance the Project designs and<br> engineering to complete a pre-feasibility<br> study to define a 4,800 t/d operation | 6000000 |
|  Phase 2 Total | Phase 2 Total | 6000000 |
|  Phases 1 and 2 Total | Phases 1 and 2 Total | 10000000 |
|  10.0% Contingency | 10.0% Contingency | 1000000 |
|  Grand Total | Grand Total | 11000000 |

---

TMAC also recommends additional infill drilling to upgrade the Inferred Mineral Resources to Indicated Mineral Resources. This program may also allow for the upgrade of all portions of the deposit to Measured Mineral Resources. The mineralized zones encountered at the Fenn–Gib Deposit remain open at depth and along strike east and west, additional targeted expansion drilling is therefore warranted.

A Pre-Feasibility study is currently underway to evaluate the economic potential of developing a 4,800 t/d operation, with completion expected in Q4 2025. Future drilling programs will be planned strategically to further expand and upgrade the resource base.

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**<u>SCHEDULE "B" – AUDIT COMMITTEE CHARTER</u>**

**<u>MAYFAIR GOLD CORP.</u>**

**<u>(the "Company")</u>**

**<u>AUDIT COMMITTEE CHARTER</u>**

**1.** **PURPOSE AND PRIMARY RESPONSIBILITY** 

1.1 This charter sets out the Audit Committee's (the "**Committee**") purpose, composition, member qualification, member appointment and removal, responsibilities, operations, manner of reporting to the Board of Directors (the "**Board**") of the Company, annual evaluation and compliance with this charter.

1.2 The primary responsibility of the Committee is that of oversight of the financial reporting process on behalf of the Board. This includes oversight responsibility for financial reporting and continuous disclosure, oversight of external audit activities, oversight of financial risk and financial management control, and oversight responsibility for compliance with tax and securities laws and regulations as well as whistle blowing procedures. The Committee is also responsible for the other matters as set out in this charter and/or such other matters as may be directed by the Board from time to time. The Committee should exercise continuous oversight of developments in these areas.

**2.** **MEMBERSHIP** 

2.1 The Committee will consist of at least three members, all of whom must be directors of the Company and whom shall be financially literate, provided that a Committee member who is not financially literate may be appointed to the Committee if such member becomes financially literate within a reasonable period of time following his or her appointment. Upon graduating to a more senior stock exchange, if required under the rules or policies of such exchange, the Committee will consist of at least three members, all of whom shall meet the experience, financial literacy, and independence requirements of such exchange and of National Instrument 52- 110 – *Audit Committees.*

2.2 The members of the Committee will be appointed annually (and from time to time thereafter to fill vacancies on the Committee) by the Board. A Committee member may be removed or replaced at any time at the discretion of the Board and will cease to be a member of the Committee on ceasing to be a director.

2.3 The chairperson (the "**Chair**") of the Committee will be appointed by the Board.

2.4 A majority of the members of the Committee must not be officers, employees or control persons of the Company or any of its associates or affiliates.

------

**3.** **AUTHORITY** 

3.1 In addition to all authority required to carry out the duties and responsibilities included in this charter, the Committee has specific authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage, set and pay the compensation for independent counsel and other advisors as it determines necessary
to carry out its duties and responsibilities, and any such consultants or professional advisors so retained by the Committee will report directly to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) communicate directly with management and any internal auditor, and with the external auditor without
management involvement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) incur ordinary administrative expenses that are necessary or appropriate in carrying out its duties, which
expenses will be paid for by the Company.

**4.** **DUTIES AND RESPONSIBILITIES** 

4.1 The duties and responsibilities of the Committee include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recommending to the Board the external auditor to be nominated by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recommending to the Board the compensation of the external auditor to be paid by the Company in connection
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) preparing and issuing the audit report on the Company's financial statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) performing other audit, review or attestation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reviewing the external auditor's annual audit plan, fee schedule and any related services proposals
(including meeting with the external auditor to discuss any deviations from or changes to the original audit plan, as well as to ensure that no management restrictions have been placed on the scope and extent of the audit examinations by the
external auditor or the reporting of their findings to the Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) overseeing the work of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ensuring that the external auditor is independent by receiving a report annually from the external auditors
with respect to their independence, such report to include disclosure of all engagements (and fees related thereto) for non-audit services provided to Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ensuring that the external auditor is in good standing with the Canadian Public Accountability Board by
receiving, at least annually, a report by the external auditor on the audit firm's internal quality control processes and procedures, such report to include any material issues raised by the most recent internal quality control review, or peer
review, of the firm, or any governmental or professional authorities of the firm within the preceding five years, and any steps taken to deal with such issues;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ensuring that the external auditor meets the rotation requirements for partners and staff assigned to the
Company's annual audit by receiving a report annually from the external auditors setting out the status of each professional with respect to the appropriate regulatory rotation requirements and plans to transition new partners and staff onto
the audit engagement as various audit team members' rotation periods expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reviewing and discussing with management and the external auditor the annual audited and quarterly unaudited
financial statements and related Management Discussion and Analysis ()"**MD&A** "), including the appropriateness of the Company's accounting policies, disclosures (including material transactions with related parties),
reserves, key estimates and judgements (including changes or variations thereto) and obtaining reasonable assurance that the financial statements are presented fairly in accordance with International Financial Reporting Standards and the MD&A is
in compliance with appropriate regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reviewing and discussing with management and the external auditor major issues regarding accounting
principles and financial statement presentation, including any significant changes in the selection or application of accounting principles to be observed in the preparation of the financial statements of the Company and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reviewing and discussing with management and the external auditor the external auditor's written
communications to the Committee in accordance with generally accepted auditing standards and other applicable regulatory requirements arising from the annual audit and quarterly review engagements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) reviewing the external auditor's report to the shareholders on the Company's annual financial
statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) reporting on and recommending to the Board the approval of the annual financial statements and the external
auditor's report on those financial statements, the quarterly unaudited financial statements, and the related MD&A and press releases for such financial statements, prior to the dissemination of these documents to shareholders, regulators,
analysts and the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) satisfying itself on a regular basis through reports from management and related reports, if any, from the
external auditors, that adequate procedures are in place for the review of the Company's disclosure of financial information extracted or derived from the Company's financial statements that such information is fairly presented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) overseeing the adequacy of the Company's system of internal accounting controls and obtaining from
management and the external auditor summaries and recommendations for improvement of such internal controls and processes, together with reviewing management's remediation of identified weaknesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) reviewing with management and the external auditors the integrity of disclosure controls and internal
controls over financial reporting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) reviewing and monitoring the processes in place to identify and manage the principal risks that could impact
the financial reporting of the Company and assessing, as part of its internal controls responsibility, the effectiveness of the over-all process for identifying principal business risks and report thereon to
the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) satisfying itself that management has developed and implemented a system to ensure that the Company meets
its continuous disclosure obligations through the receipt of regular reports from management and the Company's legal advisors on the functioning of the disclosure compliance system (including any significant instances of non-compliance with such system), in order to satisfy itself that such system may be reasonably relied upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) resolving disputes between management and the external auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) as necessary or required, establishing procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the receipt, retention and treatment of complaints received by the Company from employees and others
regarding accounting, internal accounting controls or auditing matters and questionable practices relating thereto, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable
accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) as necessary or required, reviewing and approving the Company's hiring policies with respect to
partners or employees (or former partners or employees) of either a former or the present external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) pre-approving all non-audit services to be provided to the Company or any subsidiaries by the Company's external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) overseeing compliance with regulatory authority requirements for disclosure of external auditor services and
Committee activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) as necessary or required, establishing procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reviewing the adequacy of the Company's insurance coverage, including the Directors' and
Officers' insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reviewing activities, organizational structure, and qualifications of the chief financial officer
(" **CFO**") and the staff in the financial reporting area and ensuring that matters related to succession planning within the Company are raised for consideration at the Board;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtaining reasonable assurance as to the integrity of the chief executive officer ()"**CEO** ")
and other senior management and that the CEO and other senior management strive to create a culture of integrity throughout the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reviewing fraud prevention policies and programs, and monitoring their implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reviewing regular reports from management and others (e.g., external auditors, legal counsel) with respect
to the Company's compliance with laws and regulations having a material impact on the financial statements including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) tax and financial reporting laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) legal withholding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) environmental protection laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other laws and regulations which expose directors to liability.

4.2 A regular part of Committee meetings involves the appropriate orientation of new members as well as the continuous education of all members. Items to be discussed include specific business issues as well as new accounting and securities legislation that may impact the organization. The Chair of the Committee will regularly canvass the Committee members for continuous education needs and in conjunction with the Board education program, arrange for such education to be provided to the Committee on a timely basis.

4.3 On an annual basis the Committee shall review and assess the adequacy of this charter taking into account all applicable legislative and regulatory requirements as well as any best practice guidelines recommended by regulators or stock exchanges with whom the Company has a reporting relationship and, if appropriate, recommend changes to the Committee charter to the Board for its approval.

**5.** **MEETINGS** 

5.1 The quorum for a meeting of the Committee is a majority of the members of the Committee.

5.2 The Chair of the Committee shall be responsible for leadership of the Committee, including scheduling and presiding over meetings, preparing agendas, overseeing the preparation of briefing documents to circulate during the meetings as well as pre-meeting materials, and making regular reports to the Board. The Chair of the Committee will also maintain regular liaison with the CEO, CFO, and the lead external audit partner.

5.3 The Committee will meet in camera separately with each of the CEO and the CFO of the Company at least annually to review the financial affairs of the Company.

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5.4 The Committee will meet with the external auditor of the Company in camera at least once each year, at such time(s) as it deems appropriate, to review the external auditor's examination and report.

5.5 The external auditor must be given reasonable notice of, and has the right to appear before and to be heard at, each meeting of the Committee.

5.6 Each of the Chair of the Committee, members of the Committee, Chairperson of the Board, external auditor, CEO, CFO or secretary shall be entitled to request that the Chair of the Committee call a meeting which shall be held within 48 hours of receipt of such request to consider any matter that such individual believes should be brought to the attention of the Board or the shareholders.

**6.** **REPORTS** 

6.1 The Committee will report, at least annually, to the Board regarding the Committee's examinations and recommendations.

6.2 The Committee will report its activities to the Board to be incorporated as a part of the minutes of the Board meeting at which those activities are reported.

**7.** **MINUTES** 

7.1 The Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

## Exhibit 99.2

**Exhibit 99.2** 

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
| MANAGEMENT'S DISCUSSION AND ANALYSIS | 3 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION | 3 |
| DESCRIPTION OF BUSINESS | 4 |
| SHAREHOLDER PROXY CONTEST | 4 |
| FENN-GIB PROJECT OVERVIEW | 5 |
| Deposit | 5 |
| Exploration Program | 6 |
| Metallurgical Test Program | 7 |
| Pre-Feasibility Study | 7 |
| SELECTED ANNUAL INFORMATION | 7 |
| SUMMARY OF QUARTERLY RESULTS | 8 |
| SOURCES AND USES OF CASH | 8 |
| RESULTS OF OPERATIONS | 9 |
| SHARE CAPITAL HIGHLIGHTS | 10 |
| LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN | 10 |
| RELATED PARTY TRANSACTIONS | 11 |
| FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 12 |
| SUBSEQUENT EVENTS | 13 |
| OUTSTANDING SHARE DATA | 13 |
| CAPITAL MANAGEMENT | 13 |
| PROPOSED TRANSACTIONS | 13 |
| OFF-BALANCE SHEET ARRANGEMENTS | 13 |
| SIGNIFICANT ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY | 13 |
| RISKS AND UNCERTAINTIES | 14 |
| Title | 14 |
| Permits and licenses | 14 |
| Exploration and development efforts may be unsuccessful | 14 |
| Uncertainty of calculation of resources and metal recoveries | 14 |
| Government regulation | 15 |
| Environmental risks and hazards | 15 |
| Competition | 15 |
| Business risk and dependence on personnel | 15 |
| Conflicts of interests | 16 |
| Liquidity and financing risk | 16 |
| Exploration cost estimates | 16 |
| Uninsurable risks | 16 |
| Market conditions | 16 |
| Commodity prices | 17 |
| Stress in the global economy | 17 |
| Tariffs and imposition of other restrictions on trade | 17 |
| Litigation risks | 17 |
| ADDITIONAL INFORMATION | 17 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

This Management's Discussion and Analysis ("MD&A") of the results of operations and financial condition of Mayfair Gold Corp. (the "Company") should be read in conjunction with the company's audited financial statements for the years ended December 31, 2024 and 2023 (collectively referred to hereafter as the "Financial Statements"). The Financial Statements are prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board.

In this MD&A, unless the context otherwise dictates, a reference to "us", "we", "our", or similar terms refers to the Company. The functional currency of the Company is disclosed in the notes to the Financial Statements. All amounts are presented in Canadian dollars, the Company's presentation and functional currency, unless otherwise stated. All dollar amounts are presented in Canadian dollars, the presentation currency of the Company, except where otherwise noted. References to US$ are to United States dollars. The first, second, third and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3" and "Q4", respectively. The years ended December 31, 2024 and 2023 are referred to as "Fiscal 2024" and "Fiscal 2023" respectively. Additional information relating to the Company is available on the Company's website at <u>https://mayfairgold.ca/</u> and on SEDAR+ at <u>www.sedarplus.ca</u> under Mayfair Gold Corp.

This MD&A is prepared by management and approved by the Board of Directors as of April 30, 2025 (the "MD&A Date"). This discussion covers the three months and the years ended December 31, 2024 and 2023 and the subsequent period up to the MD&A Date.

Management is responsible for the preparation and integrity of the Company's Financial Statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is responsible for ensuring that information disclosed externally, including the information contained within the Company's Financial Statements and MD&A, is complete and reliable. Technical information included in this MD&A regarding the Company's mineral property has been reviewed by Tim Maunula, P. Geo., of T. Maunula and Associates Consulting Inc., and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Properties ("NI 43-101").

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION** 

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "intend", or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business plan and investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business strategies and objectives.

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxes and capital, operating, general and administrative as well as other costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain the required capital to finance its investment strategy and meet its
commitments and financial obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain services and personnel in a timely manner and at an acceptable cost to
carry out activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timely receipt of required regulatory approvals

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as there can be no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially than anticipated and described in the forward-looking information.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

The material risks and uncertainties include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet current and future commitments and obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty of estimates and projections relating to future costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, or in the interpretation of, laws, regulations or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to obtain required regulatory approvals in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of existing and potential lawsuits, regulatory actions, audits and assessments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties described elsewhere in this document.

The foregoing list of risks and uncertainties is not exhaustive. For more information relating to risks and uncertainties, see the section titled "Risks and Uncertainties" herein. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

**DESCRIPTION OF BUSINESS** 

Mayfair Gold is a Canadian resource company that was incorporated on July 30, 2019, under the laws of the Province of British Columbia. Mayfair Gold acquired an undivided 100% interest in the Fenn-Gib Project on June 8, 2020. The Fenn-Gib Project comprises 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada. The Company is focused on acquiring, exploring, and developing mineral deposits in Canada.

Mayfair Gold commenced trading on the TSX Venture Exchange on March 22, 2021, under the ticker symbol "MFG." Subsequently, the Company was listed on the OTCQX Markets under the ticker symbol "MFGCF" and on the Frankfurt Stock Exchange under the ticker symbol "9M5." The Company's registered and records office is located at Suite 700 - 1199 West Hastings Street, Vancouver, British Columbia V6E 3T5.

**SHAREHOLDER PROXY CONTEST** 

On March 19, 2024, Muddy Waters Capital LLC ("Muddy Waters"), on behalf of certain investment funds managed by it with control and direction over aggregate shares approximating 16.77% of the Company, announced its intent to reconstitute the board of directors at the next annual general and special meeting of the Company (the "Shareholder Proxy Contest").

On March 28, 2024, the Company announced that it had received a shareholder meeting requisition (the "Requisition") submitted by MWCGOF SPV III LP, an investment fund controlled by Muddy Waters indicating their intent to seek shareholder support for the removal of all the directors of the Company at that time (the "Prior Directors") and the appointment of Muddy Waters' board nominees (the "Nominee Directors").

On April 17, 2024, the Company announced that it had called the annual general and special meeting of shareholders of the Company (the "Meeting") to be held on June 5, 2024 in response to the Requisition.

According to the Prior Directors, on May 1, 2024, the Company's management team at the time (the "Prior Management"), including Patrick Evans (former CEO), Justin Byrd (former CFO), Howard Bird (former VP Exploration) and certain other former employees (the "Terminating Employees"), advised the Prior Directors that the actions of Muddy Waters constituted a change of control and that the Prior Management was terminating their employment with the Company (the "Terminating Notices") and required change of control payments to be made. The Prior Directors subsequently entered into the Settlement Agreement pursuant to which the Prior Management agreed to remain with the Company through the Meeting to provide for continuity of operations. On June 5, 2024, all Terminating Employees except for Patrick Evans rescinded their Terminating Notices and continued employment with the Company.

On June 5, 2024, at the Meeting, shareholders of the Company voted for the election of the Nominee Directors.

As a result of the Shareholder Proxy Contest, the Company incurred $3.3 million in non-recurring costs. These costs include a $1.5 million cash payment to Patrick Evans and $1.6 million in additional legal and related fees, of which $1.0 million was for the reimbursement of certain legal expenses incurred by other parties to the proxy contest, and $0.2 million in additional corporate insurance premiums. In December 2024, the Company filed a claim against Patrick Evans for reimbursement of the $1.5 million cash payment. The outcome of this lawsuit is not determinable as at the MD&A Date.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**FENN-GIB PROJECT OVERVIEW** 

The Fenn-Gib Project comprises two property packages, referred to as the Fenn-Gib North and South Blocks, which are separated by approximately three kilometers. The Fenn-Gib Deposit (see "Fenn-Gib Deposit" below) is located on the North Block along the regional Contact Fault, an east-west to south-east trending shear zone on the Pipestone Fault, which is interpreted to be a splay off the Porcupine-Destor Fault. The Fenn-Gib Deposit hosts significant concentrations of gold mineralization within two zones: (i) the Main Zone, and (ii) the Deformation Zone. These two zones overlap completely. A third zone of mineralization, known as the Footwall Zone, is located approximately 100 meters to the northwest of the Fenn-Gib Deposit. A fourth zone of mineralization, known as the Contact Zone, is located at depth below the current pit-constrained resource.

Sixteen claims encompass the current conceptual pit supported by the Fenn-Gib Deposit. The Company would be subject to a 1% Net Smelter Royalty ("NSR") over the sixteen claims, with an additional 1.5% NSR over nine of the sixteen claims.

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Project is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2024** | Q4 2023 | **Fiscal 2024** | Fiscal 2023 |
|  | **$** | $ | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs | **44027** | 224387 | **432641** | 1197177 |
|  Drilling | **94833** | 1388885 | **2725556** | 6865610 |
|  Environmental assessment and pre-feasibility studies | **704071** |  | **1244834** | 58892 |
|  Exploration contractors | **254** | 52354 | **442779** | 1552055 |
|  Exploration personnel and program support | **402570** | 799521 | **1736382** | 2024978 |
|  Laboratory analysis | **11896** | 296145 | **604552** | 1067634 |
|  Other exploration and evaluation expenses | **70780** | 113653 | **367144** | 564905 |
|  Permitting | **344748** | 118995 | **862235** | 371752 |
|  | **1673179** | 2993940 | **8416123** | 13703003 |

---

**Deposit** 

On March 5, 2021, Mayfair Gold filed a NI 43-101 Technical Report entitled "Fenn-Gib Project, Ontario, Canada" dated February 5, 2021 (revised on February 19, 2021), which was prepared by JDS Energy and Mining Inc. The resource for the Fenn-Gib Deposit was based on an Indicated Mineral Resource and Inferred Mineral Resource Estimate undertaken by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., a qualified person as defined by NI 43-101 and independent of Mayfair Gold. The Mineral Resource Estimate incorporated more than 420 drill holes totalling 134,546 meters. The Mineral Resource Estimate for Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2021 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,700 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 70203723 | 0.92 | 2077661 |
|  Open pit | Inferred | 3774865 | 0.62 | 74967 |

---

On October 18, 2022, Mayfair Gold announced an updated Interim Mineral Resource Estimate for the Fenn-Gib Project, which was prepared by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd. The Mineral Resource Estimate, dated October 15, 2022, expanded upon the 2021 Resource Estimate, and incorporated approximately 67,000 meters of additional drill hole results through July 31, 2022. The Interim Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2022 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,750 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 118074000 | 0.81 | 3062000 |
|  Open pit | Inferred | 13829000 | 0.7 | 311000 |
|  Underground | Inferred | 1002000 | 3.22 | 104000 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

On June 14, 2023, Mayfair Gold announced an updated Mineral Resource Estimate for the Fenn-Gib Project, which expands upon the 2022 Resource Estimate and incorporates assay results from approximately 47,000 meters of additional drilling. On July 26, 2023, Mayfair Gold filed a NI 43-101 Technical Report entitled "Fenn-Gib Project, Ontario, Canada", which was prepared by Tim Maunula, P. Geo., of T. Maunula and Associates Consulting Inc. ("TMAC"), with an effective date of April 6, 2023.

Mr. Maunula is a qualified person as defined by NI 43-101 and independent of Mayfair Gold. The updated Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.40 g/t Au cut-off, as tabulated below:

**2023 Fenn-Gib Resource Estimate by Category Using 0.40 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,765 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 113687000 | 0.93 | 3383000 |
|  Open pit | Inferred | 5724000 | 0.85 | 157000 |

---

On September 10, 2024, Mayfair Gold announced an updated Mineral Resource Estimate for the Fenn-Gib Project at US$2,000 Gold. Prepared by Tim Maunula, P. Geo., of TMAC as tabulated below:

**2024 Fenn-Gib Mineral Resource Estimate by Category Using 0.3 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$2,000 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 181302000 | 0.74 | 4313000 |
|  Open pit | Inferred | 8921000 | 0.49 | 141000 |

---

All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions, as required under NI 43-101. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.

The mineral resources reported demonstrate a reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There are no known environmental, permitting, legal, marketing, and other relevant issues that would materially affect the reported mineral resources.

**Exploration Program** 

A 2021 exploration program focused on both infill and step-out drilling, which was intended to identify additional gold mineralization within the Fenn-Gib Deposit area. The Fenn-Gib Phase 1 drill program commenced on January 19, 2021, with one drill rig and ramped up to four drill rigs by mid-July 2021. The 2021 program completed the planned 50,000 meters of drilling by December 31, 2021.

Based on positive results from the Fenn-Gib 2021 Phase 1 drill program, a 30,000-meter Phase 2 drill program continued in 2022. In addition, a 10,000-meter Phase 1 regional exploration program commenced on the Fenn-Gib North and South Blocks. The Fenn-Gib Phase 2 program and Phase 1 regional exploration drill program, comprised of North Block (7,512 meters) and South Block (3,486 meters), were completed in the third quarter of 2022. Based upon assay results from the Fenn-Gib Phase 1 and 2 drill programs received by the end of July 2022, an updated interim resource estimate was completed and announced on October 18, 2022, as described above.

With mineralization at the Fenn-Gib Deposit area remaining open in most directions, a 30,000-meter Phase 3 drill program commenced in the second half of 2022 to continue delineating mineralization. A Phase 2 regional exploration program commenced on the Fenn-Gib North Block. The Fenn-Gib Phase 3 drill program was completed in January 2023. The Company commenced a 30,000-meter Fenn-Gib Phase 4 drill program in the first quarter of 2023, which was completed in the third quarter of 2023.

As drilling continued to identify new mineralization at the Fenn-Gib Deposit, the Company commenced a 20,000-meter Phase 5 drill program in the third quarter of 2023. Drilling for this campaign completed in the fourth quarter of 2023, which reinforced the need for additional drilling. The Company commenced a 26,500-meter Phase 6 drill program at the Fenn-Gib Project in the first quarter of 2024, which was completed in the second quarter of 2024. As of the MD&A Date, Mayfair Gold has completed a total of 354 surface drill holes on the Fenn-Gib Project, representing 201,001 meters.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**Metallurgical Test Program** 

Fenn-Gib has been the subject of multiple metallurgical testing campaigns since 2011. Test work has focused on gold recovery and has included gravity concentration, whole-ore cyanide leaching, flotation, flotation-cyanidation, flotation-pressure oxidation, rock hardness and material characterization studies.

In late 2024, metallurgical testing commenced with the intention of improving the understanding of the mineralization response to potential plant flow sheets with the testing of grind size, rougher flotation and concentrate mass pull, flotation concentrate regrind sizing and cyanidation response for various plant feed gold grades, sulphide concentration, mineralogical content, rock hardness, at various depths, and lithologies.

**Pre-Feasibility Study** 

During Q1 2024, the Company announced the commencement of a pre-feasibility study on the Fenn-Gib project. In the connection with the study, the Company utilized the services of AGP Mining Consultants, Halyard Inc, Terracon Geotechnique and Environmental Applications Group as lead engineers and scientists to further the metallurgical, geotechnical, hydrogeology, and environmental evaluations completed to date to develop a clearly defined project description in support of a potential environmental assessment.

In April 2025, the Company announced a revised program for its pre-feasibility study, noting that additional metallurgical test work will continue into the first half of 2025 and will be used to advance the engineering and inform the revised 4,800 t/d pre-feasibility study.

**SELECTED ANNUAL INFORMATION** 

The selected annual information below is derived from the Company's Financial Statements.

---

| |
|:---|
|  Net loss<br>**)** |
|  Basic and diluted loss per share<br>**)** |
|  Total assets |
|  Total non-current liabilities |

---

The Company's net loss decreased over the last three years mainly due to decreasing exploration expenditures (2024 - $8,416,123; 2023 - $13,703,003; 2022 - $15,750,95) as the Company completed various exploratory drill programs and focused exploration and evaluation activities on the completion of studies and the permitting process as well as lower share-based compensation expense (2024 - $607,048; 2023 - $2,505,617; 2022 - $3,282,670) due to recognizing smaller portions of the fair value of the unvested stock options and granting of fewer stock options which vest immediately.

The decrease in total assets from 2023 to 2024 primarily reflects movements in cash. Cash provided by financing activities of $9,868,137 was offset by cash used in operating activities of $13,824,551, resulting in a net decrease in cash and total assets. The increase in total assets from 2022 to 2023 also primarily reflects movements in cash. Cash provided by financing activities of $23,505,921 was only partially offset by cash used in operating activities of $16,758,504, resulting in a net increase in cash and total assets.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**SUMMARY OF QUARTERLY RESULTS** 

A summary of the Company's quarterly results is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2024** | Q3 2024 | Q2 2024 | Q1 2024 |
|  | **$** | $ | $ | $ |
|  Expenses<br>**)** |  |  |  |  |
|  Loss for the period<br>**)** |  |  |  |  |
|  Loss per share - basic and diluted<br>**)** |  |  |  |  |
|  Total assets |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|  | $ | $ | $ | $ |
|  Expenses) |  |  |  |  |
|  Loss for the period) |  |  |  |  |
|  Loss per share - basic and diluted) |  |  |  |  |
|  Total assets |  |  |  |  |

---

During the last eight quarters, the Company's loss for the period ranged between $1,434,837 and $5,711,375. Loss during the quarters mainly comprised of consulting fees, legal and professional fees, management fees and office expenses to support the exploration activities for the Fenn-Gib Project as well as to maintain the public listing of the Company. During Q2 2024, the net loss was higher compared to other quarters due to $3.3 million in non-recurring costs related to the Shareholder Proxy Contest. During Q3 and Q4 2024, net loss was lower compared to other quarters mainly due to lower exploration and evaluation expenses resulting from the completion of various drilling programs and a focus on exploration and evaluation activities pertaining to the completion of studies and permitting processes.

**SOURCES AND USES OF CASH** 

A summary of the Company's sources and uses of cash is as follows

---

| | | |
|:---|:---|:---|
|  | **Fiscal 2024** | Fiscal 2023 |
|  | **$** | $ |
|  Net cash used in operating activities<br>**)** |  |  |
|  Net cash used in investing activities<br>**)** |  |  |
|  Net cash provided by financing activities |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents) |  |  |
|  Change in cash and cash equivalents<br>**)** |  |  |
|  Cash and cash equivalents, beginning of year |  |  |
|  Cash and cash equivalents, end of year |  |  |

---

Cash used in operating activities was $13,837,796 compared to $16,758,504 in the prior year due to the completion of several exploratory drill programs and a focus of exploration and evaluation activities on the completion of studies and the permitting process. This decrease in cash used was partially offset by additional management fees and professional fees paid as a result of the Shareholder Proxy Contest.

Cash used in investing activities was $221 compared to $25,504 in the prior year due to only a small addition to property, plant and equipment or mineral properties during the current year.

Cash provided by financing activities was $9,868,137 compared to $23,505,921 in the prior year largely due to the completion of three private placements in the prior year compared to the completion of one in the current year. Cash provided by financing activities in the current period resulted from proceeds from option exercises and a cash raised in a private placement.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**RESULTS OF OPERATIONS** 

A summary of the Company's results of operations is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2024** | Q4 2023 | **Fiscal 2024** | Fiscal 2023 |
|  | **$** | $ | **$** | $ |
|  **Operating expenses** |  |  |  |  |
|  Depreciation |  |  |  |  |
|  Exploration and evaluation |  |  |  |  |
|  General and administrative |  |  |  |  |
|  Share-based payments |  |  |  |  |
|  **Other income (expense)** |  |  |  |  |
|  Amortization of flow-through premium liability |  |  |  |  |
|  Foreign exchange gain (loss)<br>**)** |  |  |  |  |
|  Interest income |  |  |  |  |
|  Other income |  |  |  |  |
|  **Loss for the period))** |  |  |  |  |

---

**Q4 2024 compared to Q4 2023** 

Loss for the period decreased to $2,226,607 compared to $5,030,808 in the prior year comparable period. The primary drivers of this decrease were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation decreased to $1,673,179 from $2,993,940 in the prior year comparable period due to
the completion of various exploratory drill programs, which were ongoing in the prior year comparable period, and a focus towards the completion of studies and the permitting process in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative decreased to $652,877 from $998,070 in the prior year comparable period mainly due
to a reduction of senior management personnel lowering management fees paid to directors, officers and related entities in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments decreased to $75,867 from $2,012,528 in the prior year comparable period due to a larger
number of stock options to directors, consultants, officers and employees of the Company vesting in the prior year comparable period.

Partially offsetting the decrease in loss for the period were decreases to other income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of flow-through premium liability was $810,545 in the prior year comparable period due to
flow-through eligible expenditures spent in the prior year comparable period. There were no flow-through eligible expenditures in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income decreased to $49,188 from $135,058 in the prior year comparable period mainly due to lower
returns from the Company's GICs in the current period.

**Fiscal 2024 compared to Fiscal 2023** 

Loss for the year was $12,682,632 compared to $15,948,020 in the prior year. The primary drivers of this decrease were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation decreased to $8,416,123 from $13,703,003 in the prior year due to the completion of
various exploratory drill programs, which were ongoing in the prior year, and a focus towards the completion of studies and the permitting process in the current year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments decreased to $607,048 from $2,505,617 in the prior year due to a larger number of stock
options to directors, consultants, officers and employees of the Company vesting in the prior year.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

Partially offsetting the decrease in loss for the period was an increase to general and administrative expenses and decreases in other income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expenses increased to $5,326,798 from $2,804,756 in the prior year due to the non-recurring costs related to the Shareholder Proxy Contest of $3,338,453 in the current year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of flow-through premium decreased to $1,279,110 from $2,691,577 in the prior year due to higher
flow-through eligible expenditures spent in the prior year.

**SHARE CAPITAL HIGHLIGHTS** 

The number of shares issued and fully paid as at December 31, 2024 is 109,283,007 (December 31, 2023 - 100,312,107).

During the year ended December 31, 2024, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 5,630,900 common shares pursuant to the exercise of stock options with a weighted average
exercise price of $0.71 generating gross proceeds of $3,991,676.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company completed a private placement consisting of the issue of 3,340,000
common shares at a price of $1.80 per share for total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

During the year ended December 31, 2023, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 291,100 common shares pursuant to the exercise of share options with a weighted average
exercise price of $0.56 generating gross proceeds of $163,704.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 2, 2023, the Company completed a flow-through private placement consisting of the issue of
2,040,000 common shares at a price of $2.94 per share for total consideration of $5,997,600. An amount of $1,734,000 was recognized as the premium paid for the flow-through shares in excess of the fair value of the common shares and was initially
recognized as a liability. Share issuance costs of $332,192 were incurred in connection with the offering. The Company completed a non-flow-through private placement consisting of the issue 2,881,000 common
shares at a price of $2.10 per share for total consideration of $6,050,100. Share issuance costs of $305,148 were incurred in connection with the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 8, 2023, the Company completed a private placement consisting of the issue of 1,729,000 common
shares at a price of $1.75 per share for total consideration of $3,025,750. Share issuance costs of $206,221 were incurred in connection with the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 17, 2023, the Company completed a flow-through private placement consisting of the issue of
2,420,000 common shares at a price of $2.48 per share for total consideration of $6,001,600. An amount of $1,694,000 was recognized as the premium paid for the flow-through shares in excess of the fair value of the common shares and was initially
recognized as a liability. Share issuance costs of $314,012 were incurred in connection with the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 10, 2023, the Company completed a private placement consisting of the issue of 3,000,000
common shares at a price of $1.15 per share for total consideration of $3,450,000. Share issuance costs of $15,294 were incurred in connection with the offering.

**LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN** 

The Company has financed its operations primarily through the issuance of common shares. The Company continues to seek capital through various means including the issuance of equity and debt. The Company's Financial Statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

As at December 31, 2024, the Company has an accumulated deficit of $60,526,467 (December 31, 2023 - $47,843,835), a cash and cash equivalents balance of $9,534,129 (December 31, 2023 - $13,504,009), an accounts payable and accrued liabilities balance of $749,934 (December 31, 2023 - $1,267,217) and working capital of $9,190,221 (December 31, 2023 - $11,491,742).

In addition to the Company's accumulated deficit, the Company has not generated revenues and does not anticipate generating revenues in the near future to fund its operating and administrative expenses. These circumstances cast significant doubt on the validity of the going concern assumption.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

In order to continue as a going concern and to meet its corporate objectives, which primarily consist of investigating new potential properties and exploration work on those potential properties, the Company will require additional financing through debt or equity issuances. Although the Company has previously been successful in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. Factors that could affect the availability of financing include the progress and exploration results of the Company's mineral properties, the state of international debt, equity and metals markets, and investor perceptions and expectations.

The Company's Financial Statements do not include adjustments that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

**RELATED PARTY TRANSACTIONS** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the Chief Executive Officer and Chief Financial Officer, their close family members, HC Alternative I, Ltd ("HC Alternative"), a company partially owned by a director, Heeney Capital Corp ("Heeney Capital"), a company partially owned by a director, and Invictus Accounting Group LLP. ("Invictus Accounting"), a company in which the Company's CFO, is a partner.

A summary of the Company's transactions with key management personnel is as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal 2024** | Fiscal 2023 |
|  | **$** | $ |
|  Director's fees |  |  |
|  Exploration personnel and program support <sup>(1)</sup> |  |  |
|  Management fees |  |  |
|  Change of control payment to former officer in management fees <sup>(2)</sup> |  |  |
|  Professional fees |  |  |
|  Share-based payments |  |  |
|  Other income<br>**)** |  |  |

---

(1) Amounts relating to the compensation of the Vice President of Technical Servicers and former Vice President
of Exploration.

(2) In December 2024, the Company filed a claim against the former CEO for reimbursement of this amount. The
outcome of this lawsuit is not determinable as at the date of these financial statements.

During the year ended, 2024, the Company recorded other income of $130,000 (2023 - $130,000) from strategic planning services, technical advisory, and consulting services provided to a HC Alternative.

A summary of the amounts due to and due from related parties as at December 31, 2024 and December 31, 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  | **$** | $ |
|  Receivable from HC Alternative for consulting services rendered: | **130000** | 56000 |
|  Payable to Heeney Capital | **130000** | 50000 |
|  Payable to Invictus Accounting | **17779** |  |
|  Payable to key management personnel | **246** | 338534 |
|  Payable to other related party | **5000** | 38976 |
|  | **153024** | 427510 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, other receivables (excluding sales tax recoverable) and accounts payable and accrued liabilities, which are classified and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents and other receivables. The Company minimizes its credit risk related to cash and cash equivalents by placing cash and cash equivalents with major financial institutions. The Company considers the credit risk related to cash and cash equivalents and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has assessed interest rate risk as minimal.

**Liquidity risk** 

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash is held in business accounts which are available on demand for the Company's programs. As at December 31, 2024, the Company had a cash and cash equivalents balance of $9,534,129 (December 31, 2023 - $13,504,009) to settle current liabilities of $749,934 (December 31, 2023 - $2,546,327) and has assessed the liquidity risk as minimal.

**Foreign currency risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar.

A summary of the Company's financial assets and liabilities that are denominated US dollar as at December 31, 2024, is as follows:

---

| | |
|:---|:---|
|  | **USD** |
|  | $ |
|  **Financial assets** |  |
|  Cash and cash equivalents | 78627 |
|  **Financial liabilities** |  |
|  Accounts payable and accrued liabilities | 34664 |
|  **Net financial assets** | 43963 |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $4,396. The Company has assessed foreign currency risk as minimal.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**SUBSEQUENT EVENTS** 

A total of 153,000 stock options expired unexercised.

On January 28, 2025, the Company appointed Nicholas Campbell, Mayfair's Vice President of Capital Markets, as the Company's new Chief Executive Officer, effective January 27, 2025. On the same date, the Company granted 175,000 stock options to Mr. Campbell with an exercise price of $1.70. Of the stock options granted, 1/3 vested immediately and 1/3 each will vest on January 28, 2026 and January 28, 2027. The options are exercisable for a five-year term expiring on January 28, 2030.

On February 13, 2025, the Company appointed Drew Anwyll as the Company's new Chief Operating Officer, effective March 1, 2025. On the same date, the Company granted 350,000 stock options to Mr. Anwyll with an exercise price of $1.85. Of the stock options granted, 1/3 will vest on March 1, 2026 and 1/36 will vest each month for 24 months thereafter. The options are exercisable for a five-year term expiring on February 13, 2030.

**OUTSTANDING SHARE DATA** 

A summary of the Company's issued and outstanding securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31,<br>2024 | December 31,<br>2024 | MD&A<br>Date | MD&A<br>Date |
|  Common shares |  | 109283007 |  | 109283007 |
|  Stock options |  | 1623000 |  | 1995000 |

---

**CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has depended on external financing to fund its activities. The capital structure of the Company currently consists of shareholders' equity, which was $23,739,413 as at December 31, 2024 (December 31, 2023 - $25,946,860). The Company manages its capital structure and makes adjustments to it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the year ended December 31, 2024.

**PROPOSED TRANSACTIONS** 

As at December 31, 2024 and the MD&A Date, the Company has no proposed transactions.

**OFF-BALANCE SHEET ARRANGEMENTS** 

As at December 31, 2024 and the MD&A Date, the Company has no off-balance sheet arrangements.

**SIGNIFICANT ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgements in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgements and estimates are pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

All material accounting policies are disclosed in Note 3 of the Financial Statements. Significant accounting judgements and sources of estimation uncertainty are fully disclosed in Note 4 of the Financial Statements.

**RISKS AND UNCERTAINTIES** 

The principal activity of the Company is the acquisition and exploration of mineral property assets which is inherently risky. There is intensive government legislation from provincial, federal, municipal and First Nations governments surrounding the exploration for and production of minerals from our and any mining operations. Exploration and development is capital intensive and the Company currently has no source of income. Only the skills of its management and staff in mineral exploration and exploration financing serve to mitigate these risks, and therefore constitute one of the main assets of the Company.

**Title** 

Title to mineral properties, as well as the location of boundaries on the grounds, may be disputed. Moreover, additional amounts may be required to be paid to surface right owners in connection with any mining development. At the properties where there are current or planned exploration activities, the Company believes that it has either contractual, statutory, or common law rights to make such use of the surface as is reasonably necessary relating to those activities. Although the Company believes it has taken reasonable measures to ensure proper title to its properties, there is no guarantee that title to its properties will not be challenged or impaired. Successful challenges to the title of the Company's properties could impair the development of operations on those properties.

**Permits and licenses** 

Although the Company either currently holds or has applied for or is about to apply for all consents which it requires to carry out its current drilling programs, the Company cannot be certain that it will receive the necessary permits and licenses on acceptable terms or at all, to conduct further exploration and to develop its properties. The failure to obtain such permits, or delays in obtaining such permits, could adversely affect the operations of the Company. Government approvals and permits are currently and may in the future be required in connection with the operations of the Company. To the extent such approvals are required and not obtained, the Company may be curtailed or prohibited from continuing its mining operations or from proceeding with planned exploration or development of mineral properties.

**No mineral resources or reserves in production** 

The properties in which the Company has an interest or right to earn an interest are in the pre-development stages only and are without a known body of ore in commercial production.

**Exploration and development efforts may be unsuccessful** 

There is no certainty that the expenditures to be made by the Company in the exploration and development of its properties as described herein will result in discoveries of mineralized material in commercial quantities. Most exploration and development projects do not result in the discovery of commercially mineable ore deposits and no assurance can be given that any level of recovery of ore reserves will in fact be realized or that any identified mineral deposit will ever qualify as a commercially mineable (or viable) ore body which can be legally and economically exploited.

**Uncertainty of calculation of resources and metal recoveries** 

Although the Company's reported mineral resources have been prepared by qualified persons, these amounts are estimates only by independent geologists, and the Company cannot be certain that any specified level of recovery of mineral will in fact be realized or that any identified mineral deposit will ever qualify as a commercially mineable (or viable) ore body that can be economically exploited. Mineral resources have not demonstrated economic viability. Any material changes in the quantity of mineralization, grade or stripping ratio, or the metal price may affect the economic viability of the Company's properties. In addition, the Company cannot be certain that metal recoveries in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.

The mineral resource figures included in the MD&A and the documents incorporated by reference are estimates, which are, in part, based on forward-looking information, and no assurance can be given that the indicated level of precious or base metals will be produced. Although resource estimates require a high degree of assurance in the underlying data when the estimates are made, unforeseen events and uncontrollable factors can have significant adverse or positive impacts on the estimates. Factors such as inherent sample variability, metal price fluctuations, variations in mining and processing parameters, increased production costs, reduced recovery rates and adverse changes in environmental or mining laws and regulations may render the

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

present proven and probable reserves unprofitable to develop at a particular site or sites for periods of time and/or may require a reassessment of the commercial feasibility of a particular project. Such a reassessment may be the result of a management decision related to a particular project. Even if the project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays in development or may interrupt operations, if any, until the reassessment can be completed.

Until the resources are actually mined and processed, the quantities of mineralization and metal grades must be considered as estimates only. Any material change in the quantity of mineral reserves, mineral resources, grades and recoveries may affect the economic viability of the Company's properties.

**Government regulation** 

The exploration and development activities of the Company are subject to various federal, provincial and local laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substance and other matters. Exploration and development activities are also subject to various federal, provincial and local laws and regulations relating to the protection of the environment. These laws mandate, among other things, the maintenance of air and water quality standards, and land reclamation. These laws also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Although the Company's exploration and development activities are currently carried out in accordance with all applicable rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner which could limit or curtail production or development.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions there under, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs or reduction in levels of production at producing properties or require abandonment or delays in development of new mining properties.

**Environmental risks and hazards** 

All phases of the Company's operations are subject to environmental regulation. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations. Environmental hazards may exist on the properties on which the Company holds interests which are unknown to the Company at present which have been caused by previous or existing owners or operators of the properties. The Company may become liable for such environmental hazards caused by previous owners and operators of the properties even where it has attempted to contractually limit its liability.

**Competition** 

The mining industry is intensively competitive in all its phases. The Company competes with companies possessing greater financial resources and technical facilities than itself for the acquisition of mineral interests as well as for the recruitment and retention of qualified personnel.

**Business risk and dependence on personnel** 

The success of the operations and activities of the Company is dependent to a significant extent on the efforts and abilities of its management, outside contractors, experts and other advisors. Investors must be willing to rely on management's discretion and judgment as well as the expertise and competence of the outside contractors, experts and other advisors. Although the Company has done so in the past, the Company cannot assure that it will be successful in attracting and re-training skilled and experienced personnel.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**Conflicts of interests** 

Certain directors and officers of the Company are or may become associated with other companies involved in natural resource exploration and development and consequently there exists the possibility for such directors to be in a position of conflict. In the event that a director or executive officer has a material interest in any transaction being considered by the Company, any such conflict will be subject to and governed by procedures prescribed by the Business Corporations Act (British Columbia) (the "BCBCA"), which require a director or officer of a corporation experiencing such a conflict to disclose their interest and refrain from voting on any such matter unless otherwise permitted by the BCBCA. In addition, Section 142 of the BCBCA provides that every director must act honestly and in good faith with a view to the best interests of the Company. As a fiduciary, a director may not interfere with, or take advantage of, any opportunities that rightfully belong to the Company. Any failure of the directors or officers of the Company to address these conflicts in an appropriate manner, or to allocate opportunities that they become aware of to the Company, could have a material adverse effect on the Company's business, financial condition, results of operations or prospects.

**Liquidity and financing risk** 

The Company has no source of operating cash flow and may need to raise additional funding in the future through the sale of equity or debt securities or by optioning or selling its properties. Any additional equity financing will dilute shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities. No assurance can be given that additional funding will be available for further exploration and development of the Company's properties when required, upon terms acceptable to the Company or at all. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties, or even a loss of property interest, which would have a material adverse impact upon the Company.

**Exploration cost estimates** 

The Company prepares future exploration and capital cost estimates. Actual costs may vary from the estimates for a variety of reasons such as adverse weather conditions, unexpected labour shortages or strikes, equipment failures and other interruptions in development capabilities. Exploration and development costs may also be affected by increased mine development costs, increases in drilling costs, labour costs, raw material costs, inflation and fluctuations in currency exchange rates. Failure to achieve cost estimates could have a material adverse impact on the Company's cash flow and overall financial performance.

**Uninsurable risks** 

In the course of exploration, development and production of mineral properties, risks and hazards, including, but not limited to, unexpected or unusual geological or operating conditions, natural disasters, inclement weather conditions, pollution, rock bursts, cave-ins, fires, flooding, earthquakes, civil unrest, terrorism and political violence may occur. It is not always possible to fully insure against all risks associated with the Company's operations or the Company may decide not to take out insurance against certain risks where the premium costs are disproportionate to the Company's perception of the relevant risks or for other reasons. Should such liabilities arise, they could reduce the funds available for exploration activities or reduce or eliminate any future profitability, and result in increasing costs and a decline in the value of the securities of the Company.

**Market conditions** 

Share market conditions may affect the value of the Company's quoted securities regardless of the Company's operating performance. Market prices for shares of early-stage companies are often volatile. Share market conditions are affected by many factors such as: announcement of mineral discoveries; financial results; general economic outlook; introduction of tax reform or other new legislation; interest rates and inflation rates; changes in investor sentiment toward particular market sectors; the demand for, and supply of, capital; and terrorism or other hostilities. The market price of securities can fall as well as rise and may be subject to varied and unpredictable influences on the market for equities in general and resource exploration stocks in particular.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars, except where noted)

**Commodity prices** 

The future profitability of the Company will be directly related to the market price of metals. Metal prices fluctuate considerably and are affected by numerous factors beyond the Company's control, such as industrial demand, inflation and expectations with respect to the rate of inflation, the strength of the U.S. dollar and of other currencies, interest rates, forward sales by producers, production and cost levels and changes in investment trends. If these prices were to decline significantly or for an extended period of time, the Company might be unable to continue its operations, develop its properties or fulfill its obligations under its agreements with its partners or under its permits and licenses. As a result, the Company might lose its interest in, or be forced to sell, some of its properties. In the event of a sustained, significant drop in metal prices, the Company may be required to re-evaluate its assets, resulting in reduced estimates of reserves and resources and in material write-downs of the Company's investment in mining properties and increased amortization, reclamation and closure charges. Furthermore, since metal prices are established in U.S. dollars, a significant increase in the value of the Canadian dollar relative to the US dollar, coupled with stable or declining metal prices, could adversely affect the Company's results with respect to development of, and eventual sale of these metals.

**Stress in the global economy** 

Reduction in credit, combined with reduced economic activity and the fluctuations in the U.S. dollar may adversely affect businesses and industries that purchase commodities, affecting commodity prices in more significant and unpredictable ways than the normal risks associated with commodity prices.The availability of services such as drilling contractors and geological service companies and/or the terms on which these services are provided may be adversely affected by the economic impact on the service providers. The adverse effects on the capital markets generally make the raising of capital by equity or debt financing much more difficult and the Company is dependent upon the capital markets to raise financing. Any of these events, or any other events causing turmoil in world financial markets, may have a material adverse effect on the Company's business, operating results and financial condition.

**Tariffs and imposition of other restrictions on trade** 

In January 2025, the United States announced a 25% tariff on imports from countries including Canada. In response, the Canadian Government announced retaliatory tariffs on imports from the United States. The imposition of these broad tariffs was delayed for 30 days. In February 2025, the United States subsequently announced a 25% tariff on steel and aluminum currently scheduled to take effect on March 12, 2025. The Company is reviewing its exposure to the potential tariffs and alternatives to inputs sourced from suppliers that may be subject to the tariffs, if implemented. There is uncertainty as to whether these tariffs or any additional tariffs or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect on the Company's supply chain and costs. Other countries may also adopt other protectionist measures including tariffs, trade barriers and other protectionist or retaliatory measures that could limit the Company's ability to procure goods and services either in response to the U.S. Government's imposition of tariffs or otherwise. Such tariffs or retaliatory actions taken by governments could adversely impact the Company's business, financial condition and profitability.

**Litigation risks** 

All industries, including the mining industry, are subject to legal claims, with and without merit. Although the Company is not currently aware of any threatened or pending legal proceedings, there is no guarantee that the Company will not become subject to additional proceedings in the future. There can be no guarantee of the outcome of any such claim. In addition, defense and settlement costs for any legal proceeding can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, there can be no assurance that the resolution of any particular legal proceeding will not have a material effect on the Company's financial position or results of operations.

**ADDITIONAL INFORMATION** 

Additional information about the Company is available on the Company's website at <u>https://mayfairgold.ca/</u> and SEDAR+ at <u>http://www.sedarplus.ca</u>.

## Exhibit 99.3

**Exhibit 99.3** 

**MAYFAIR GOLD CORP.** 

**Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

------

![LOGO](g83619dsp20.jpg)

**INDEPENDENT AUDITOR'S REPORT** 

To the Shareholders of

Mayfair Gold Corp.

***Opinion***

We have audited the accompanying financial statements of Mayfair Gold Corp. (the "Company"), which comprise the statements of financial position as at December 31, 2024 and 2023, and the statements of loss and comprehensive loss, changes in shareholders' equity, and cash flows for the years then ended, and notes to the financial statements, including material accounting policy information.

In our opinion, these financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

***Basis for Opinion***

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our opinion.

***Material Uncertainty Related to Going Concern***

We draw attention to Note 1 of the financial statements, which indicates that the Company incurred a net loss of $12,682,632 during the year ended December 31, 2024 and, as of that date, the Company had an accumulated deficit of $60,526,467. As stated in Note 1, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

***Key Audit Matters***

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current year ended. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Except for the matter described in the Material Uncertainty Related to Going Concern section, we have determined that there are no other key audit matters to communicate in our auditor's report.

***Other Information***

Management is responsible for the other information. The other information obtained at the date of this auditor's report includes Management's Discussion and Analysis.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

![LOGO](g83619dsp20a.jpg)

------

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

***Responsibilities of Management and Those Charged with Governance for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

------

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current year ended and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Glenn Parchomchuk. ****

![LOGO](g83619dsp22.jpg)

---

| | |
|:---|:---|
| Vancouver, Canada | Chartered Professional Accountants |
| April 30, 2025 |  |

---

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**MAYFAIR GOLD CORP.** 

**Statements of Financial Position** 

(Expressed in Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **December 31,**<br>**2024** | December 31,<br>2023 |
|  | | **$** | $ |
|  **ASSETS** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of prepaid expenses and deposits | 6 |  |  |
|  Prepaid expenses and deposits | 6 |  |  |
|  Property, plant and equipment | 7 |  |  |
|  Mineral properties | 8 |  |  |
|  **Total assets** |  |  |  |
|  **LIABILITIES** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred premium on flow-through shares | 9 |  |  |
|  **Total liabilities** |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  Share capital | 10 |  |  |
|  Share-based payments reserve | 10 |  |  |
|  Deficit<br>**)** |  |  |  |
|  **Total shareholders' equity** |  |  |  |
|  **Total liabilities and shareholders' equity** |  |  |  |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 16)

Approved and authorized for issue on behalf of the Board of Directors:

---

| | |
|:---|:---|
| */s/ Sean Pi* | */s/ Carson Block* |
| Director | Director |

---

*The accompanying notes are an integral part of these financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Statements of Loss and Comprehensive Loss** 

(Expressed in Canadian dollars, except number of shares)

---

| | | | |
|:---|:---|:---|:---|
|  | | Years ended December 31, | Years ended December 31, |
|  |<br>Note | **2024** | 2023 |
|  | | **$** | $ |
|  **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation | 812 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 1112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments | 1012 |  |  |
|  **Other income (expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange loss<br>**)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 12 |  |  |
|  **Loss and comprehensive loss)** |  |  |  |
|  **Loss per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted<br>**)** |  |  |  |
|  **Weighted average number of common shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Statements of Cash Flows** 

(Expressed in Canadian dollars)

---

| | | |
|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, |
|  | **2024** | 2023 |
|  | **$** | $ |
|  **Operating activities** |  |  |
|  Loss for the year<br>**)** |  |  |
|  Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange loss |  |  |
|  Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and deposits<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities<br>**)** |  |  |
|  **Cash used in operating activities)** |  |  |
|  **Investing activities** |  |  |
|  Purchases of property, plant and equipment<br>**)** |  |  |
|  **Cash used in investing activities)** |  |  |
|  **Financing activities** |  |  |
|  Proceeds from exercise of options |  |  |
|  Proceeds from issuance of common shares, net of issuance costs |  |  |
|  Payment of lease liability) |  |  |
|  **Cash provided by financing activities** |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents) |  |  |
|  Change in cash and cash equivalents<br>**)** |  |  |
|  Cash and cash equivalents, beginning of year |  |  |
|  **Cash and cash equivalents, end of year** |  |  |
|  **Supplemental cash flow information:** |  |  |
|  Interest paid in cash |  |  |
|  Cash interest income received |  |  |
|  Income taxes paid in cash |  |  |
|  Fair value reversal on exercise of options |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Statements of Changes in Shareholders' Equity** 

(Expressed in Canadian dollars, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br>shares** | **Share<br>capital** | **Share-based<br>payments<br>reserve** | **Deficit** | **Total**<br>**shareholders'<br>equity** |
|  | # | $ | $ | $ | $ |
|  Balance, December 31, 2022 | 87951007) |  |  |  |  |
|  Issuance of common shares - private placements | 12070000 |  |  |  |  |
|  Flow-through premium - private placements) |  |  |  |  |  |
|  Share issue costs | —) |  |  |  |  |
|  Issuance of common shares - exercise of options | 291100 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss | —) |  |  |  |  |
|  Balance, December 31, 2023 | 100312107) |  |  |  |  |
|  Issuance of common shares - private placements | 3340000 |  |  |  |  |
|  Share issue costs | —) |  |  |  |  |
|  Issuance of common shares - exercise of options | 5630900 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss | —) |  |  |  |  |
|  **Balance, December 31, 2024** | **109283007)** |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Mayfair Gold Corp. (the "Company") was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company's registered office is located at Suite 700 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is listed for trading on the TSX Venture Exchange under the symbol "MFG.V" and on the OTCQX under the symbol "MFGCF". The Company is engaged in the operation, acquisition, exploration and development of mineral properties.

These financial statements for the years ended December 31, 2024 and 2023 ("financial statements") have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least the next twelve months. As at December 31, 2024, the Company has working capital of $9,190,221 (December 31, 2023 - $11,491,742) and an accumulated deficit of $60,526,467 (December 31, 2023 - $47,843,835). For the year ended December 31, 2024, the Company incurred a loss of $12,682,632 (2023 - $15,948,020). The Company's ability to continue as a going concern is dependent upon its ability to raise adequate funding through equity or debt financing to discharge its liabilities as they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. These factors may cast significant doubt upon the Company's ability to continue as a going concern.

Should the Company be unable to continue as a going concern, asset and liability realization values may be substantially different from their carrying values. These financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material.

**2.** **BASIS OF PREPARATION** 

**Statement of compliance** 

These financial statements were approved by the Board of Directors and authorized for issue on April 30, 2025.

These financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

**Basis of presentation** 

The financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS Accounting Standards, as well as information presented in the statements of cash flows. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

Certain comparative balances have been reclassified to conform to the current years presentation.

**Functional and presentation currency** 

The financial statements are presented in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. References to "US$" or "USD" are to United States dollars.

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

**a)** **Cash and cash equivalents** 

Cash and cash equivalents comprise cash, bank deposits and highly liquid short-term investments that are readily convertible into known amounts of cash.

**b)** **Financial instruments** 

Financial instruments are accounted for in accordance with IFRS 9 *Financial Instruments*. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

<u>Classification of financial instruments</u> 

The Company determines the classification of its financial instruments which are all measured at fair value on initial recognition. Upon initial recognition, a financial asset is classified as measured at: amortized cost, fair value through profit or loss ("FVTPL"), or fair value through other comprehensive income ("FVTOCI"). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial liability is classified as measured at amortized cost or FVTPL.

The Company's financial assets comprise of cash and cash equivalents, other receivables (excluding sales tax recoverable) and deposits which are classified as and measured at amortized cost.

The Company's financial liabilities comprise of accounts payable and accrued liabilities which are classified as and measured at amortized cost.

<u>Impairment of financial assets at amortized cost</u> 

The Company considers all information available, including on a forward-looking basis, to assess the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset at the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward-looking information.

**c)** **Share issuance costs** 

Professional, consulting, regulatory and other costs directly attributable to financing transactions are recorded as share issue costs.

**d)** **Equity instruments** 

Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company's common shares, stock options and share purchase warrants are classified as equity instruments.

**e)** **Related party transactions** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. In addition, parties are considered to be related if they are subject to common control or common significant influence, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

**f)** **Mineral property and exploration and evaluation costs** 

Exploration and evaluation ("E&E") costs are those costs required to find a mineral property and determine commercial viability and technical feasibility. E&E costs include costs to establish an initial mineral resource and determine whether inferred mineral resources can be upgraded to measured and indicated mineral resources and whether measured and indicated mineral resources can be converted to proven and probable reserves.

Exploration and evaluation costs consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gathering exploration data through topographical and geological studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exploratory drilling, trenching and sampling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the volume and grade of the resource;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• test work on geology, metallurgy, mining, geotechnical and environmental; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting and refining engineering, marketing and financial studies

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

Costs in relation to these activities are expensed as incurred until such time that technical feasibility and commercial viability are demonstrable. At such time, mineral properties are assessed for impairment and an impairment loss, if any, is recognized. Capitalized acquisition costs included in mineral properties are transferred to capitalized costs within property, plant and equipment, or intangible assets, as appropriate. Determination of technical feasibility and commercial viability requires management's judgment and includes assessment of legal, environmental, social and governmental factors.

The Company recognizes E&E costs as assets when acquired as part of a business combination, or asset purchase, or as a result of rights acquired relating to a mineral property. These assets are recognized at fair value or relative fair value if applicable. Capitalized mineral properties consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired interest in exploration properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts paid for acquired rights associated with exploration properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in decommissioning and restoration amounts capitalized during the period.

Management reviews its mineral property at each reporting period for signs of impairment and annually after each exploration season to consider if there is impairment in value taking into consideration current year exploration results and management's assessment of the future probability of profitable operations from the property, or likely gains from the disposition or option of the property. If a property is abandoned or inactive for a prolonged period, or considered to have no future economic potential, the acquisition costs are written off to profit or loss.

**g)** **Share capital** 

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued. Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date.

**h)** **Flow-through shares** 

Under Canadian income tax legislation, a company is permitted to issue flow-through shares whereby the Company agrees to incur qualifying expenditures and renounce the related income tax deductions to the investors. The proceeds from issuance of these shares are allocated between the offering of shares and the sale of tax benefits. The allocation is made based on the difference between the quoted price of the existing shares and the amount the investor pays for the flow-through shares. A deferred premium liability is recognized for this difference. The Company renounces the deductions for tax purposes related to the eligible exploration and evaluation expenditures on the date the flow-through shares are issued. The premium liability is reduced on a pro-rata basis and recorded in other income based on the corresponding eligible expenditures that have been incurred.

**i)** **Share-based payment transactions** 

The Company has a stock option plan that provides for the granting of options to Officers, Directors, employees and consultants to acquire shares of the Company. The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in share-based payments reserve as the options vest.

Options granted to employees and others providing similar services are measured at grant date at the fair value of instruments issued. Fair value is determined using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value. Each grant is accounted for on that basis.

Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of goods or services is recorded at the earlier of the vesting date, or the date the goods or services are received.

Over the vesting period, share-based payments are recorded as an operating expense and as share-based payments reserve. When options are exercised the consideration received is recorded as share capital and the related share-based payments originally recorded as share-based payment reserve are transferred to share capital.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**j)** **Loss per share** 

Basic loss or earnings per share is calculated by dividing loss or earnings attributable to common shares by the weighted average number of shares outstanding during the year. Diluted loss or earnings per share is calculated using the denominator of the basic loss or earnings calculation described above adjusted to include the potentially dilutive effect of outstanding stock options.

**k)** **Property, plant and equipment** 

Property, plant and equipment are recorded at cost and depreciated using the declining-balance basis at the following annual rates:

---

| | |
|:---|:---|
| **Class of property, plant and equipment** | **Depreciation rate** |
|  Computers | 50% |
|  Furniture and fixtures | 20% |
|  Building exploration office | 4% |
|  Land exploration office | nil |
|  Machinery and equipment | 20% |
|  Vehicles | 30% |

---

Additions during the year are depreciated on a pro-rated basis.

**l)** **Impairment of long-lived assets** 

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating units ("CGU") (the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflow from other assets or groups of assets). The recoverable amount of the asset (or CGU) is the greater of the asset's (or CGU's) fair value less costs to sell and its value in use to which the assets belong.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized in profit or loss for the period, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

The Company uses its best efforts to fully understand all of the aforementioned to make an informed decision based upon historical and current facts surrounding the projects. Discounted cash flow techniques often require management to make estimates and assumptions on reserves and expected future production revenues and expenses.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

**m)** **Income taxes and deferred taxes** 

The income tax expense is comprised of current and deferred income taxes. Current and deferred income tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity or equity instruments.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

Current income tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the reporting date and any adjustment to tax payable in respect of previous periods. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current income tax liabilities and assets and they relate to income taxes levied by the same tax authority for the same taxable entity. A deferred income tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related income tax benefit will be realized.

**n)** **Foreign currency** 

Transactions and balances in currencies other than the Canadian dollar, the currency of the primary economic environment in which the Company operates are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at exchange prevailing on the statement of financial position date are recognized in profit or loss.

**o)** **New accounting standards and interpretations** 

The Company adopted the following amendment to accounting standards, which are effective for annual periods beginning on or after January 1, 2024:

<u>Classification of liabilities as current or non-current - amendments to IAS 1</u>

The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What is meant by a right to defer settlement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That a right to defer must exist at the end of the reporting period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That classification is unaffected by the likelihood that an entity will exercise its deferral right

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms
of a liability not impact its classification

In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity's right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have not had an impact on the classification of the Company's liabilities.

The Company has not early-adopted any other new accounting standards, interpretations or amendments that have been issued but are not yet effective.

**p)** **Pronouncements issued but not yet effective** 

<u>IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18")</u> 

On April 9, 2024, the IASB issued IFRS 18 *Presentation and Disclosure in Financial Statements*. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it may change what an entity reports as its 'operating profit or loss'. Key new concepts introduced in IFRS 18 relate to: (i) the structure of the statement of profit or loss; (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. The Company is currently assessing the effects of IFRS 18 on the financial statements.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

<u>IFRS 9 Financial Instruments ("IFRS 9") and IFRS 7 Financial Instruments: Disclosures ("IFRS 7")</u> 

In May 2024, the IASB issued *Amendments to the Classification and Measurement of Financial Instruments* (Amendments to IFRS 9 and IFRS 7). These amendments updated classification and measurement requirements in IFRS 9 *Financial Instruments* and related disclosure requirements in IFRS 7 *Financial Instruments: Disclosures*. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the 'solely payments of principal and interest' criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company is currently assessing the effect of these amendments on the financial statements.

**4.** **SIGNIFICANT JUDGMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgements in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgements and estimates are pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

**a)** **Going concern** 

The assessment of whether the going concern assumption is appropriate requires management to take into account all available information about the future, which is at least, but not limited to, 12 months from the end of the reporting period. Material uncertainties exist related to events or conditions that may cast significant doubt upon the Company's ability to continue as a going concern.

**b)** **Economic recoverability and probability of future economic benefits of mineral properties** 

The impairment of exploration and evaluation assets is influenced by judgment in defining a cash-generating unit and determining the indicators of impairment and estimates used to measure impairment losses. The Company is required to measure the recoverable amount of exploration and evaluation assets when there are indicators that their carrying value may be impaired. The assessment of any impairment of exploration and evaluation assets is dependent upon estimates of recoverable amounts that take into account factors such as economic and market conditions and useful lives of the assets.

**c)** **Valuation of share-based compensation** 

The Company uses the Black-Scholes option pricing model for valuation of share-based compensation. Option pricing models require the input of subjective assumptions. Changes in the input assumptions can materially affect the fair value estimate and the Company's earnings and equity reserves.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**4.** **SIGNIFICANT JUDGMENTS AND SOURCES OF ESTIMATION UNCERTAINTY (continued)** 

**d)** **Recognition of deferred tax** 

The measurement of a deferred tax provision is subject to uncertainty associated with the timing of future events and changes in legislation, tax rates and interpretations by tax authorities. The estimation of taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company's ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. To the extent that management's assessment of the Company's ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and future tax provisions or recoveries could be affected.

**5.** **CASH AND CASH EQUIVALENTS** 

Cash is comprised of cash deposits held in reputable financial institutions and cash equivalents consist of short-term investments in guaranteed investment certificates ("GICs").

A summary of the Company's cash and cash equivalents is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
|  | **$** | $ |
|  Cash | **7408166** | 1289292 |
|  Cash equivalents <sup>(1)</sup> | **2125963** | 12214717 |
|  | **9534129** | 13504009 |

---

(1) Cash equivalents consist of redeemable GICs with maturities of 3 to 10 months and interest rates between
2.45% and 4.95%.

During the year ended December 31, 2024, interest income from GICs and deposits in the Company's savings account totaled $329,989 (2023 - $332,439).

**6.** **PREPAID EXPENSES AND DEPOSITS** 

Prepaid expenses and deposits consist of insurance policy prepayments, listing fee prepayments and other expenses.

A summary of the Company's prepaid expenses and deposits is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
|  | **$** | $ |
|  Prepaid expenses | **351572** | 91311 |
|  Deposits with suppliers | **3124** | 158500 |
|  | **354696** | 249811 |
|  Current portion | **202326** | 249811 |
|  Non-current portion | **152370** |  |

---

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**7.** **PROPERTY, PLANT AND EQUIPMENT** 

A summary of the Company's property, plant and equipment is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Computers** | **Furniture and<br>fixtures** | **Building<br>exploration<br>office** | **Land<br>exploration<br>office** | **Machinery<br>and<br>Equipment** | **Vehicles** | **Right-of-use<br>lease assets** | **Total** |
|  | $ | $ | $ | $ | $ | $ | $ | $ |
|  **Cost** |  |  |  |  |  |  |  |  |
|  Balance, December 31, 2022 | 67782 | 13210 | 343630 | 69000 | 45574 | 130050 | 88105 | 757351 |
|  Additions |  |  | 14790 |  | 10714 |  |  | 25504 |
|  Balance, December 31, 2023 | 67782 | 13210 | 358420 | 69000 | 56288 | 130050 | 88105 | 782855 |
|  Additions | 221 |  |  |  |  |  |  | 221 |
|  **Balance, December 31, 2024** | **68003** | **13210** | **358420** | **69000** | **56288** | **130050** | **88105** | **783076** |
|  **Accumulated depreciation** |  |  |  |  |  |  |  |  |
|  Balance, December 31, 2022 | 65249 | 4602 | 22854 |  | 14471 | 60768 | 78315 | 246259 |
|  Depreciation | 2533 | 2643 | 13917 |  | 11080 | 39015 | 9790 | 78978 |
|  Balance, December 31, 2023 | 67782 | 7245 | 36771 |  | 25551 | 99783 | 88105 | 325237 |
|  Depreciation | 13 | 2642 | 14337 |  | 11258 | 30267 |  | 58517 |
|  **Balance, December 31, 2024** | **67795** | **9887** | **51108** | **—** | **36809** | **130050** | **88105** | **383754** |
|  **Carrying amount** |  |  |  |  |  |  |  |  |
|  Balance, December 31, 2023 |  | 5965 | 321649 | 69000 | 30737 | 30267 |  | 457618 |
|  **Balance, December 31, 2024** | **208** | **3323** | **307312** | **69000** | **19479** | **—** | **—** | **399322** |

---

Depreciation during the year ended December 31, 2024 was $58,517 (2023 - $78,978).

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**8.** **MINERAL PROPERTIES** 

On June 8, 2020, the Company entered into a binding asset purchase agreement (the "Asset Purchase Agreement") with Lake Shore Gold Corp. ("Lake Shore"). Pursuant to the terms of the Asset Purchase Agreement, the Company agreed to acquire 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada (the "Fenn-Gib Property" collectively).

As consideration for the acquisition of the Fenn-Gib Property the Company agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Pay Lake Shore a cash payment of US$11,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Grant Lake Shore a 1.0% net smelter returns royalty derived from the future production of minerals from the Fenn-Gib Property.

On December 31, 2020, the transaction closed and $13,997,500 (US$11,000,000) was paid and recorded as mineral properties. The balance of mineral properties as at December 31, 2024 and 2023 was $13,997,500.

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Property for the years ended December 31, 2024 and 2023, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs | **432641** | 1197177 |
|  Drilling | **2725556** | 6865610 |
|  Environmental assessment and pre-feasibility studies | **1244834** | 58892 |
|  Exploration contractors | **442779** | 1552055 |
|  Exploration personnel and program support (Note 12) | **1736382** | 2024978 |
|  Laboratory analysis | **604552** | 1067634 |
|  Other exploration and evaluation expenses | **367144** | 564905 |
|  Permitting | **862235** | 371752 |
|  | **8416123** | 13703003 |

---

**9.** **DEFERRED PREMIUM ON FLOW-THROUGH SHARES** 

Flow-through units are issued at a premium, which is calculated as the difference between the price of a flow-through unit and the price of a unit at the issuance date. Tax deductions generated by the eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced.

Funds raised through the issuance of flow-through units are required to be expended on qualifying Canadian mineral exploration expenditures, as defined pursuant to Canadian income tax legislation. The flow-through gross proceeds less the qualified expenditures made to date represent the funds received from flow-through share issuances that have not been spent and are held by the Company for such expenditures.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**9.** **DEFERRED PREMIUM ON FLOW-THROUGH SHARES (continued)** 

A summary of the Company's flow-through funding, expenditure requirements and corresponding impact on the flow-through premium liability is as follows:

---

| | | |
|:---|:---|:---|
|  | **Flow-through<br>funding and<br>expenditure<br>requirements** | **Flow-through<br>premium<br>liability** |
|  | **$** | **$** |
|  Balance, December 31, 2022 |  |  |
|  Flow through shares funds raised on May 17, 2023 |  |  |
|  Flow through shares funds raised on November 2, 2023 |  |  |
|  Flow-through expenditures incurred, renounced, and amortization of flow-through premium liability) |  |  |
|  Balance, December 31, 2023 |  |  |
|  Flow-through expenditures incurred, renounced, and amortization of flow-through premium liability) |  |  |
|  **Balance, December 31, 2024** |  |  |

---

During the year ended December 31, 2024, the Company recognized $1,279,110 (2023 - $2,691,577) as amortization of flow-through premium liability under other income in profit or loss.

**10.** **SHARE CAPITAL** 

**Authorized share capital** 

The Company is authorized to issue an unlimited number of common shares without par value.

**Issued share capital** 

The number of shares issued and fully paid as at December 31, 2024 is 109,283,007 (December 31, 2023 - 100,312,107).

During the year ended December 31, 2024, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 5,630,900 common shares pursuant to the exercise of stock options with a weighted average
exercise price of $0.71 generating gross proceeds of $3,991,676. In connection with the exercises, the Company transferred $3,244,018 from share-based payments reserve to share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company completed a private placement consisting of the issue of 3,340,000
common shares at a price of $1.80 per share for a total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

During the year ended December 31, 2023, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 291,100 common shares pursuant to the exercise of share options with a weighted average
exercise price of $0.56 generating gross proceeds of $163,704. In connection with the exercises, the Company transferred $128,192 from share-based payments reserve to share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 2, 2023, the Company completed a flow-through private placement consisting of the issue of
2,040,000 common shares at a price of $2.94 per share for total consideration of $5,997,600. An amount of $1,734,000 was recognized as the premium paid for the flow-through shares in excess of the fair value of the common shares and was initially
recognized as a liability. Share issuance costs of $332,192 were incurred in connection with the offering. The Company completed a non-flow-through private placement consisting of the issue 2,881,000 common
shares at a price of $2.10 per share for total consideration of $6,050,100. Share issuance costs of $305,148 were incurred in connection with the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 8, 2023, the Company completed a private placement consisting of the issue of 1,729,000 common
shares at a price of $1.75 per share for total consideration of $3,025,750. Share issuance costs of $206,221 were incurred in connection with the offering.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**10.** **SHARE CAPITAL (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 17, 2023, the Company completed a flow-through private placement consisting of the issue of
2,420,000 common shares at a price of $2.48 per share for total consideration of $6,001,600. An amount of $1,694,000 was recognized as the premium paid for the flow-through shares in excess of the fair value of the common shares and was initially
recognized as a liability. Share issuance costs of $314,012 were incurred in connection with the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 10, 2023, the Company completed a private placement consisting of the issue of 3,000,000
common shares at a price of $1.15 per share for total consideration of $3,450,000. Share issuance costs of $15,294 were incurred in connection with the offering.

**Stock options** 

The Company, through its Board of Directors and shareholders, adopted a long-term equity incentive plan (the "Plan") which, among other things, allows for the maximum number of shares that may be reserved for issuance under the Plan to be 10% of the Company's issued and outstanding shares at the time of the grant. The Board of Directors has the authority and discretion to grant stock options as identified in the Plan, which includes provisions limiting the issuance of options to qualified persons and employees of the Company to maximums identified in the Plan and the vesting terms.

During the year ended December 31, 2024, the Company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 17, 2024, the Company granted 100,000 stock options to an officer of the Company with an
exercise price of $2.54. Of the stock options granted, 50% vested immediately and 50% will vest on April 17, 2025. The options are exercisable for a five-year term expiring on April 17, 2029. The fair value of the options was determined to
be $181,172 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 20, 2024, the Company granted 100,000 stock options to two directors of the Company with an
exercise price of $1.90. The options are exercisable for a five-year term expiring on June 20, 2029. Of the stock options granted, 33,332 will vest on June 20, 2025, 33,334 will vest on June 20, 2026 and 33,334 will vest on
June 20, 2027. The fair value of the options was determined to be $144,455 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 28, 2024, the Company granted 300,000 stock options to an officer of the Company with an
exercise price of $2.03. Of the stock options granted, 100,000 vested immediately and 100,000 each will vest on October 28, 2025 and October 28, 2026. The options are exercisable for a five-year term expiring on October 27, 2029. The
fair value of the options was determined to be $458,165 using the Black-Scholes option pricing model.

During the year ended December 31, 2023, the Company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 14, 2023, the Company granted 1,905,000 stock options to officers and employees of the
Company with an exercise price of $2.14 and exercisable for a five-year term expiring on November 14, 2028. The fair value of the options was determined to be $2,373,821 using the Black-Scholes option pricing model. Of the stock options
granted, 1,507,500 vested immediately, 132,500 vested on May 14, 2024, 132,500 will vest on November 14, 2024 and 132,500 will vest on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 3, 2023, the Company granted 100,000 stock options to a consultant with an exercise price of
$1.50 and exercisable for a five-year term expiring on February 3, 2028. The fair value of the options was determined to be $80,750 using the Black-Scholes option pricing model. These options vested immediately.

A summary of the Company's stock option activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Stock options<br>outstanding** | **Weighted<br>average<br>exercise price** |
|  | # | $ |
|  Balance, December 31, 2022 | 8035000 | 0.84 |
|  Granted | 2005000 | 2.11 |
|  Exercised | (291100) | 0.56 |
|  Balance, December 31, 2023 | 9748900 | 1.11 |
|  Granted | 500000 | 2.11 |
|  Exercised | (5630900) | 0.71 |
|  Expired | (2800000) | 1.69 |
|  Forfeited | (195000) | 2.14 |
|  **Balance, December 31, 2024** | **1623000** | **1.67** |

---

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**10.** **SHARE CAPITAL (continued)** 

A summary of the Company's outstanding and exercisable stock options as at December 31, 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expiry date** | **Number of**<br>**options<br>outstanding** | **Number of**<br>**options<br>exercisable** | **Weighted**<br>**average**<br>**exercise price** | **Weighted**<br>**average<br>remaining life** | **Weighted**<br>**average<br>remaining life** |
|  | # | # | $ | $Years | Years |
|  January 19, 2025 <sup>(1)</sup> (Note 15) | 13000 | 13000 |  |  | 0.05 |
|  January 19, 2025 <sup>(1)</sup> (Note 15) | 25000 | 25000 |  |  | 0.05 |
|  February 23, 2025 <sup>(1)</sup> (Note 15) | 55000 | 55000 |  |  | 0.15 |
|  February 23, 2025 <sup>(1)</sup> (Note 15) | 60000 | 60000 |  |  | 0.15 |
|  February 3, 2028 | 100000 | 100000 |  |  | 3.09 |
|  November 14, 2028 | 375000 | 350000 |  |  | 3.87 |
|  April 17, 2029 | 100000 | 50000 |  |  | 4.30 |
|  June 20, 2029 | 100000 |  |  |  | 4.47 |
|  October 27, 2029 | 300000 | 100000 |  |  | 4.82 |
|  December 31, 2030 | 210000 | 210000 |  |  | 6.00 |
|  January 6, 2032 | 100000 | 100000 |  |  | 7.02 |
|  December 6, 2032 | 185000 | 185000 |  |  | 7.94 |
|  **Balance, December 31, 2024** | **1623000** | **1248000** |  |  | **4.64** |

---

(1) Accelerated expiry dates for options relating to officers and employees no longer working for the Company.

A summary of the Company's weighted average inputs used in the Black-Scholes option pricing model to calculate the fair value of the stock options granted during the years ended December 31, 2024 and 2023, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  Share price | $**2.17** | $2.11 |
|  Exercise price | $**2.11** | $2.11 |
|  Risk-free interest rate | **3.24%** | 3.83% |
|  Expected life | **5.00** | 5.00 |
|  Expected volatility | **91.71%** | 65.75% |
|  Expected annual dividend yield | **0.00%** | 0.00% |

---

During the year ended December 31, 2024, the Company recognized share-based payments of $607,048 (2023 - $2,505,617) from the vesting of stock options.

**11.** **GENERAL AND ADMINISTRATIVE** 

A summary of the Company's general and administrative expenses for the years ended December 31, 2024 and 2023, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  | **$** | $ |
|  Directors fees (Note 12) | **123036** | 140623 |
|  Management fees (Note 12) | **2088159** | 1233647 |
|  Marketing and public relations | **238934** | 132186 |
|  Other general and administrative | **460697** | 472262 |
|  Professional fees (Note 12) | **2223564** | 680032 |
|  Transfer agent and regulatory fees | **192408** | 146006 |
|  | **5326798** | 2804756 |

---

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**12.** **RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the Chief Executive Officer and Chief Financial Officer, their companies and their close family members.

A summary of the Company's related party transactions and key management compensation for the years ended December 31, 2024 and 2023, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  | **$** | $ |
|  Director's fees |  |  |
|  Exploration personnel and program support <sup>(1)</sup>  |  |  |
|  Management fees |  |  |
|  Change of control payment to former officer in management fees <sup>(2)</sup>  |  |  |
|  Professional fees |  |  |
|  Share-based payments |  |  |
|  Other income<br>**)** |  |  |

---

(1) Amounts relating to the compensation of the Vice President of Technical Services and former Vice President
of Exploration.

(2) In December 2024, the Company filed a claim against the former CEO for reimbursement of this amount. The
outcome of this lawsuit is not determinable as at the date of these financial statements.

During the year ended December 31, 2024, the Company recorded other income of $130,000 (2023 - $130,000) from strategic planning services, technical advisory and consulting services provided to HC Alternative I, Ltd ("HC Alternative"), a corporation partially owned by a director of the Company.

A summary of the amounts due to and due from related parties as at December 31, 2024 and December 31, 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  | **$** | $ |
|  Receivable from HC Alternative for consulting services rendered: | **130000** | 56000 |
|  Payable to a corporation partially owned by a director | **130000** | 50000 |
|  Payable to a corporation partially owned by the CFO | **17779** |  |
|  Payable to key management personnel | **246** | 338534 |
|  Payable to other related party | **5000** | 38976 |
|  | **153024** | 427510 |

---

**13.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, other receivables (excluding sales tax recoverable), deposits and accounts payable and accrued liabilities, which are classified and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents and deposits. The Company minimizes its credit risk related to cash and cash equivalents by placing cash and cash equivalents with major financial institutions. The Company considers the credit risk related to both cash and cash equivalents and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has assessed interest rate risk as minimal.

**Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash and cash equivalents are held in business accounts and are available on demand for the Company's programs. As at December 31, 2024, the Company had a cash and cash equivalents balance of $9,534,129 (December 31, 2023 - $13,504,009) to settle current liabilities of $749,934 (December 31, 2023 - $2,546,327) and has assessed the liquidity risk as minimal.

**Foreign exchange risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar.

A summary of the Company's financial assets and liabilities that are denominated US dollar as at December 31, 2024, is as follows:

---

| | |
|:---|:---|
|  | **USD** |
|  | $ |
|  **Financial assets** |  |
|  Cash and cash equivalents | 78627 |
|  **Financial liabilities** |  |
|  Accounts payable and accrued liabilities | 34664 |
|  **Net financial assets** | **43963** |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $4,396. The Company has assessed the foreign exchange risk as minimal.

**14.** **CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders' equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the year ended December 31, 2024.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

(Expressed in Canadian dollars)

**15.** **INCOME TAXES** 

The Company has not recognized any deferred income tax assets. The Company recognizes deferred income tax assets based on the extent to which it is probable that sufficient taxable income will be realized during the carry forward periods to utilize all deferred tax assets.

A summary of the Company's reconciliation of income taxes at statutory rates for the years ended December 31, 2024 and 2023, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  | **$** | $ |
|  Loss for the year<br>**)** |  |  |
|  Income tax recovery at statutory rates<br>**)** |  |  |
|  Non-deductible expenditures and non-taxable revenues<br>**)** |  |  |
|  Impact of flow through shares |  |  |
|  Share issuance costs<br>**)** |  |  |
|  Change in unrecognized deferred tax assets |  |  |
|  Income tax expense |  |  |

---

The significant components of the Company's deferred tax assets and liabilities are follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | December 31,<br>2023 |
|  | **$** | $ |
|  Share issuance costs and financing fees |  |  |
|  Non-Capital losses |  |  |
|  Property and equipment |  |  |
|  Mineral resource properties |  |  |
|  Deferred tax assets |  |  |
|  Unrecognized deferred tax assets<br>**)** |  |  |
|  Deferred tax assets, net |  |  |

---

The significant components of the Company's temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,**<br>**2024** | **Expiry date range** | December 31,<br>2023 | Expiry date range |
|  | **$** | $ | $ | $ |
|  Temporary differences: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share issuance costs and financing fees |  | **2044 to 2048** |  | 2043 to 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-capital losses available for future periods |  | **2039 to 2044** |  | 2039 to 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment |  | **No expiry date** |  | No expiry date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral resource properties |  | **No expiry date** |  | No expiry date |
|  **Total** |  |  |  |  |

---

**16.** **SUBSEQUENT EVENTS** 

A total of 153,000 stock options expired unexercised.

On January 28, 2025, the Company granted 175,000 stock options to an officer of the Company. These stock options have an exercise price of $1.70 and expire on January 28, 2030. Of the stock options granted, 1/3 vested immediately and 1/3 each will vest on January 28, 2026 and January 28, 2027.

On February 13, 2025, the Company granted 350,000 stock options to an officer of the Company. These stock options have an exercise price of $1.85 and expire on February 13, 2030. Of the stock options granted, 1/3 will vest on March 1, 2026 and 1/36 will vest each month for the next 24 months thereafter.

## Exhibit 99.4

**Exhibit 99.4** 

**MAYFAIR GOLD CORP.** 

**Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Financial Position** 

(Unaudited - Expressed in Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **March 31,**<br>**2025** | December 31,<br>2024 |
|  | | **$** | **$** |
|  **ASSETS** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investment | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of prepaid expenses and deposits | 7 |  |  |
|  Prepaid expenses and deposits | 7 |  |  |
|  Property, plant and equipment | 8 |  |  |
|  Mineral properties | 9 |  |  |
|  **Total assets** |  |  |  |
|  **LIABILITIES** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 13 |  |  |
|  **Total liabilities** |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  Share capital | 11 |  |  |
|  Share-based payments reserve | 11 |  |  |
|  Deficit<br>**)** |  |  |  |
|  **Total shareholders' equity** |  |  |  |
|  **Total liabilities and shareholders' equity** |  |  |  |

---

Nature of operations and going concern (Note 1)

Approved and authorized for issue on behalf of the Board of Directors:

---

| | |
|:---|:---|
| */s/ Sean Pi* | */s/ Carson Block* |
| Director | Director |

---

*The accompanying notes are an integral part of these condensed interim financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Loss and Comprehensive Loss** 

(Unaudited - Expressed in Canadian dollars, except number of shares)

---

| | | | |
|:---|:---|:---|:---|
|  | | Three months ended March 31, | Three months ended March 31, |
|  |<br>Note | **2025** | 2024 |
|  | | **$** | $ |
|  **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation | 913 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 1213 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments | 1113 |  |  |
|  **Other income (expenses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability | 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange loss<br>**)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 56 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense<br>**)** |  |  |  |
|  **Loss and comprehensive loss)** |  |  |  |
|  **Loss per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted<br>**)** |  |  |  |
|  **Weighted average number of common shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted |  |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements* 

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Cash Flows** 

(Unaudited - Expressed in Canadian dollars)

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
|  | **2025** | 2024 |
|  | **$** | $ |
|  **Operating activities** |  |  |
|  Loss for the period<br>**)** |  |  |
|  Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income<br>**)** |  |  |
|  Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and deposits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities<br>**)** |  |  |
|  **Cash used in operating activities)** |  |  |
|  **Investing activities** |  |  |
|  Purchase of short-term investment<br>**)** |  |  |
|  Purchases of property, plant and equipment<br>**)** |  |  |
|  **Cash used in investing activities)** |  |  |
|  **Financing activities** |  |  |
|  Proceeds from exercise of options |  |  |
|  **Cash provided by financing activities** |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents) |  |  |
|  Change in cash and cash equivalents<br>**)** |  |  |
|  Cash and cash equivalents, beginning of period |  |  |
|  **Cash and cash equivalents, end of period** |  |  |
|  **Supplemental cash flow information:** |  |  |
|  Interest paid in cash |  |  |
|  Cash interest income received |  |  |
|  Income taxes paid in cash |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.* 

------

**MAYFAIR GOLD CORP** 

**Condensed Interim Statements of Changes in Shareholders' Equity** 

(Unaudited - Expressed in Canadian dollars, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br>shares** | **Share<br>capital** | **Share-based<br>payments<br>reserve** | **Deficit** | **Total**<br>**shareholders'<br>equity** |
|  | # | $ | $ | $ | $ |
|  Balance, December 31, 2023 | 100312107) |  |  |  |  |
|  Issuance of common shares - exercise of options | 66400 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  Balance, March 31, 2024 | 100378507) |  |  |  |  |
|  Issuance of common shares - private placements | 3340000 |  |  |  |  |
|  Share issue costs | —) |  |  |  |  |
|  Issuance of common shares - exercise of options | 5564500 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  Balance, December 31, 2024 | 109283007) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  **Balance, March 31, 2025** | **109283007)** |  |  |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Mayfair Gold Corp. (the "Company") was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company's registered office is located at Suite 700 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is listed for trading on the TSX Venture Exchange under the symbol "MFG.V," on the OTCQX under the symbol "MFGCF" and on the Frankfurt Stock Exchange under the symbol "9M5". The Company is engaged in the operation, acquisition, exploration and development of mineral properties.

These unaudited condensed interim financial statements for the three months ended March 31, 2025 and 2024 (the "financial statements") have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least the next twelve months. As at March 31, 2025, the Company has working capital of $7,622,859 (December 31, 2024 - $9,190,221) and an accumulated deficit of $62,342,100 (December 31, 2024 - $60,526,467). For the three months ended March 31, 2025, the Company incurred a loss of $1,815,633 (2024 - $3,309,813). The Company's ability to continue as a going concern is dependent upon its ability to raise adequate funding through equity or debt financing to discharge its liabilities as they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. These factors may cast significant doubt upon the Company's ability to continue as a going concern.

Should the Company be unable to continue as a going concern, asset and liability realization values may be substantially different from their carrying values. These financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material.

**2.** **BASIS OF PREPARATION** 

**Statement of compliance** 

These financial statements were approved by the Board of Directors and authorized for issue on May 14, 2025.

These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee applicable to the preparation of interim financial statements including International Accounting Standard 34 *Interim Financial Reporting*. These financial statements do not include all disclosures required for annual audited financial statements. Accordingly, they should be read in conjunction with the notes to the Company's audited financial statements for the years ended December 31, 2024 and 2023 (the "Annual Financial Statements").

**Basis of presentation** 

The financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS Accounting Standards, as well as information presented in the statements of cash flows. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

**Functional and presentation currency** 

The financial statements are presented in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. The functional currency is the currency of the primary economic environment in which an entity operates. References to "US$" or "USD" are to United States dollars.

**Reclassification of prior year presentation** 

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

The same accounting policies and methods of computation are followed in these financial statements as compared with the Annual Financial Statements.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**4.** **SIGNIFICANT JUDGMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgments in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgments and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgments and estimates are pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgments and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

In preparing these financial statements, the Company applied the same significant judgments in applying its accounting policies and is exposed to the same sources of estimation uncertainty as disclosed in its Annual Financial Statements.

**5.** **CASH AND CASH EQUIVALENTS** 

Cash is comprised of cash deposits held in reputable financial institutions and cash equivalents consist of redeemable guaranteed investment certificates ("GICs").

A summary of the Company's cash and cash equivalents is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | December 31,<br>2024 |
|  | **$** | $ |
|  Cash | **2527581** | 7408166 |
|  Cash equivalents <sup>(1)</sup> | **2146178** | 2125963 |
|  | **4673759** | 9534129 |

---

(1) Cash equivalents consist of redeemable GICs with maturities of 0 to 7 months and interest rates between
2.45% and 4.00%.

During the three months ended March 31, 2025, interest income from GICs and deposits in the Company's savings account totaled $38,276 (2024 - $138,526).

**6.** **SHORT-TERM INVESTMENT** 

On February 13, 2025, the Company purchased a short-term investment which consists of a non-redeemable six-month GIC with a value of $3,000,000, interest rate of 2.95% and a maturity date of August 12, 2025.

During the three months ended March 31, 2025, interest income from the short-term investment totaled $11,123 (2024 - $nil).

**7.** **PREPAID EXPENSES AND DEPOSITS** 

Prepaid expenses and deposits consist of insurance policy prepayments, listing fee prepayments and other expenses.

A summary of the Company's prepaid expenses and deposits is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | December 31,<br>2024 |
|  | **$** | $ |
|  Prepaid expenses | **317106** | 351572 |
|  Deposits with suppliers | **3124** | 3124 |
|  | **320230** | 354696 |
|  Current portion | **174920** | 202326 |
|  Non-current portion | **145310** | 152370 |

---

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**8.** **PROPERTY, PLANT AND EQUIPMENT** 

A summary of the Company's property, plant and equipment is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Computers** | **Furniture and<br>fixtures** | **Building<br>exploration<br>office** | **Land<br>exploration<br>office** | **Machinery<br>and<br>Equipment** | **Vehicles** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
|  **Cost** |  |  |  |  |  |  |  |
|  Balance, December 31, 2023 | 67782 | 13210 | 358420 | 69000 | 56288 | 130050 | 782855 |
|  Additions | 221 |  |  |  |  |  | 221 |
|  Balance, December 31, 2024 | 68003 | 13210 | 358420 | 69000 | 56288 | 130050 | 783076 |
|  Additions | 1867 |  |  |  |  |  | 1867 |
|  **Balance, March 31, 2025** | **69870** | **13210** | **358420** | **69000** | **56288** | **130050** | **784943** |
|  **Accumulated depreciation** |  |  |  |  |  |  |  |
|  Balance, December 31, 2023 | 67782 | 7245 | 36771 |  | 25551 | 99783 | 325237 |
|  Depreciation | 13 | 2642 | 14337 |  | 11258 | 30267 | 58517 |
|  Balance, December 31, 2024 | 67795 | 9887 | 51108 |  | 36809 | 130050 | 383754 |
|  Depreciation | 55 | 661 | 3584 |  | 2814 |  | 7114 |
|  **Balance, March 31, 2025** | **67850** | **10548** | **54692** | **—** | **39623** | **130050** | **390868** |
|  **Carrying amount** |  |  |  |  |  |  |  |
|  Balance, December 31, 2024 | 208 | 3323 | 307312 | 69000 | 19479 |  | 399322 |
|  **Balance, March 31, 2025** | **2020** | **2662** | **303728** | **69000** | **16665** | **—** | **394075** |

---

Depreciation during the three months ended March 31, 2025 was $7,114 (2024 - $16,813).

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**9.** **MINERAL PROPERTIES** 

On June 8, 2020, the Company entered into a binding asset purchase agreement (the "Asset Purchase Agreement") with Lake Shore Gold Corp. ("Lake Shore"). Pursuant to the terms of the Asset Purchase Agreement, the Company agreed to acquire 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada (the "Fenn-Gib Property" collectively).

As consideration for the acquisition of the Fenn-Gib Property the Company agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Pay Lake Shore a cash payment of US$11,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Grant Lake Shore a 1.0% net smelter returns royalty derived from the future production of minerals from the Fenn-Gib Property.

On December 31, 2020, the transaction closed and $13,997,500 (US$11,000,000) was paid and recorded as mineral properties. The balance of mineral properties as at March 31, 2025 and December 31, 2024 was $13,997,500.

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Property for the three months ended March 31, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs | **25910** | 264765 |
|  Drilling | **336159** | 2110426 |
|  Environmental assessment and pre-feasibility studies | **488578** |  |
|  Exploration contractors | **8700** | 342317 |
|  Exploration personnel and program support (Note 13) | **227334** | 465785 |
|  Laboratory analysis | **—** | 286609 |
|  Other exploration and evaluation | **43287** | 216483 |
|  Permitting | **70254** |  |
|  | **1200222** | 3686385 |

---

**10.** **DEFERRED PREMIUM ON FLOW-THROUGH SHARES** 

Flow-through units are issued at a premium, which is calculated as the difference between the price of a flow-through unit and the price of a unit at the issuance date. Tax deductions generated by the eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced.

Funds raised through the issuance of flow-through units are required to be expended on qualifying Canadian mineral exploration expenditures, as defined pursuant to Canadian income tax legislation. The flow-through gross proceeds less the qualified expenditures made to date represent the funds received from flow-through share issuances that have not been spent and are held by the Company for such expenditures.

A summary of the Company's flow-through funding, expenditure requirements and corresponding impact on the flow-through premium liability is as follows:

---

| | | |
|:---|:---|:---|
|  | **Flow-through<br>funding and<br>expenditure<br>requirements** | **Flow-through<br>premium<br>liability** |
|  | $ | $ |
|  Balance, December 31, 2023 |  |  |
|  Flow-through expenditures incurred, renounced, and amortization of flow-through premium liability) |  |  |
|  **Balance, March 31, 2025 and December 31, 2024** |  |  |

---

During the three months ended March 31, 2025, the Company recognized $nil (2024 - $1,038,058) as amortization of flow-through premium liability under other income in profit or loss.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**11.** **SHARE CAPITAL** 

**Authorized share capital** 

The Company is authorized to issue an unlimited number of common shares without par value.

**Issued share capital** 

The number of shares issued and fully paid as at March 31, 2025 is 109,283,007 (December 31, 2024 - 109,283,007).

During the three months ended March 31, 2025, the Company had no share capital transactions.

During the year ended December 31, 2024, the company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 5,630,900 common shares pursuant to the exercise of stock options with a weighted average
exercise price of $0.71 generating gross proceeds of $3,991,676. In connection with the exercises, the Company transferred $3,244,018 from share-based payments reserve to share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company completed a private placement consisting of the issue of 3,340,000
common shares at a price of $1.80 per share for a total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

**Stock options** 

The Company, through its Board of Directors and shareholders, adopted a long-term equity incentive plan (the "Plan") which, among other things, allows for the maximum number of shares that may be reserved for issuance under the Plan to be 10% of the Company's issued and outstanding shares at the time of the grant. The Board of Directors has the authority and discretion to grant stock options as identified in the Plan, which includes provisions limiting the issuance of options to qualified persons and employees of the Company to maximums identified in the Plan and the vesting terms.

During the three months ended March 31, 2025, the company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 28, 2025, the Company granted 175,000 options to an officer of the Company with an exercise
price of $1.70. The options are exercisable for a five-year term expiring on January 28, 2030. Of the stock options granted, 58,333 of the options vested immediately, 58,333 will vest on January 28, 2026, and 58,334 will vest on
January 28, 2027. The fair value of the options was determined to be $212,635 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 13, 2025, the Company granted 350,000 options to an officer of the Company with an exercise
price of $1.85. The options are exercisable for a five-year term expiring on February 13, 2030. Of the stock options granted, 116,667 will vest on March 1, 2026, and 9,722 options will vest on a monthly basis thereafter until March 1,
2028. The fair value of the options was determined to be $466,630 using the Black-Scholes option pricing model.

During the year ended December 31, 2024, the Company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 17, 2024, the Company granted 100,000 stock options to an officer of the Company with an
exercise price of $2.54. Of the stock options granted, 50% vested immediately and 50% will vest on April 17, 2025. The options are exercisable for a five-year term expiring on April 17, 2029. The fair value of the options was determined to
be $181,172 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 20, 2024, the Company granted 100,000 stock options to two directors of the Company with an
exercise price of $1.90. The options are exercisable for a five-year term expiring on June 20, 2029. Of the stock options granted, 33,332 will vest on June 20, 2025, 33,334 will vest on June 20, 2026 and 33,334 will vest on
June 20, 2027. The fair value of the options was determined to be $144,455 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 28, 2024, the Company granted 300,000 stock options to an officer of the Company with an
exercise price of $2.03. Of the stock options granted, 100,000 vested immediately and 100,000 each will vest on October 28, 2025 and October 28, 2026. The options are exercisable for a five-year term expiring on October 27, 2029. The
fair value of the options was determined to be $458,165 using the Black-Scholes option pricing model.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**11.** **SHARE CAPITAL (continued)** 

A summary of the Company's stock option activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Stock options<br>outstanding** | **Weighted<br>average<br>exercise price** |
|  | **#** | **$** |
|  Balance, December 31, 2023 | 9748900 | 1.11 |
|  Granted | 500000 | 2.11 |
|  Exercised | (5630900) | 0.71 |
|  Expired | (2800000) | 1.69 |
|  Forfeited | (195000) | 2.14 |
|  Balance, December 31, 2024 | 1623000 | 1.67 |
|  Granted | 525000 | 1.80 |
|  Expired | (153000) | 1.76 |
|  **Balance, March 31, 2025** | **1995000** | **1.69** |

---

A summary of the Company's outstanding and exercisable stock options as at March 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expiry date** | **Number of**<br>**options<br>outstanding** | **Number of**<br>**options<br>exercisable** | **Weighted**<br>**average**<br>**exercise price** | **Weighted**<br>**average<br>remaining life** | **Weighted**<br>**average<br>remaining life** |
|  | # | # | $ | $Years | Years |
|  February 3, 2028 | 100000 | 100000 |  |  | 2.85 |
|  November 14, 2028 | 375000 | 350000 |  |  | 3.63 |
|  April 17, 2029 | 100000 | 50000 |  |  | 4.05 |
|  June 20, 2029 | 100000 |  |  |  | 4.22 |
|  October 27, 2029 | 300000 | 100000 |  |  | 4.58 |
|  January 28, 2030 | 175000 | 58333 |  |  | 4.83 |
|  February 13, 2030 | 350000 |  |  |  | 4.88 |
|  December 31, 2030 | 210000 | 210000 |  |  | 5.76 |
|  January 6, 2032 | 100000 | 100000 |  |  | 6.77 |
|  December 6, 2032 | 185000 | 185000 |  |  | 7.69 |
|  **Balance, March 31, 2025** | **1995000** | **1153333** |  |  | **4.87** |

---

A summary of the Company's weighted average inputs used in the Black-Scholes option pricing model to calculate the fair value of the stock options granted during the three months ended March 31, 2025 and the year ended December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  Share price | $**1.81** | $2.17 |
|  Exercise price | $**1.80** | $2.11 |
|  Risk-free interest rate | **2.83%** | 3.24% |
|  Expected life | **5.00 years** | 5.00 years |
|  Expected volatility | **92.68%** | 91.71% |
|  Expected annual dividend yield | **0.00%** | 0.00% |

---

During the three months ended March 31, 2025, the Company recognized share-based payments of $235,964 (2024 - $177,536) from the vesting of stock options.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**12.** **GENERAL AND ADMINISTRATIVE** 

A summary of the Company's general and administrative expenses for the three months ended March 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Directors' fees (Note 13) | **12820** | 55906 |
|  Management fees (Note 13) | **150045** | 248172 |
|  Marketing and public relations | **764** | 42207 |
|  Other general and administrative | **86513** | 173326 |
|  Professional fees | **131821** | 48415 |
|  Transfer agent and regulatory fees | **39467** | 33315 |
|  | **421430** | 601341 |

---

**13.** **RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the Chief Executive Officer, Chief Operating Officer (the "COO") and Chief Financial Officer and their close family members.

A summary of the Company's related party transactions and key management compensation for the three months ended March 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Director's fees | **12820** | 55906 |
|  Exploration personnel and program support <sup>(1)</sup>  | **103092** | 81624 |
|  Management fees | **148066** | 245031 |
|  Share-based payments | **230837** | 69610 |
|  | **494815** | 452171 |

---

(1) Amounts relating to the compensation of the Vice President of Technical Services, the COO and the former
Vice President of Exploration.

A summary of the amounts due to related parties in accounts payable and accrued liabilities as at March 31, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Payable to a corporation partially owned by a director | **130000** | 130000 |
|  Payable to a corporation partially owned by the CFO | **16144** | 17779 |
|  Payable to key management personnel | **579** | 246 |
|  Payable to other related party | **5277** | 5000 |
|  | **152000** | 153024 |

---

As at March 31, 2025, other receivables includes $130,000 (December 31, 2024 - $130,000) for consulting services rendered to a company partially controlled by a director.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**14.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, other receivables (excluding sales tax recoverable), deposits, short-term investment and accounts payable and accrued liabilities, which are classified as and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents, short-term investment and deposits. The Company minimizes its credit risk related to cash and cash equivalents by placing cash and cash equivalents and short-term investments with major financial institutions. The Company considers the credit risk related to cash and cash equivalents, short-term investment and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of interest risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has no significant financial instruments with variable interest rates and has assessed interest rate risk as minimal.

**Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash and cash equivalents are held in business accounts and are available on demand for the Company's programs. As at March 31, 2025, the Company had a cash and cash equivalents and short-term investment balance of $7,684,882 (December 31, 2024 - $9,534,129) to settle current liabilities of $507,521 (December 31, 2024 - $749,934) and has assessed the liquidity risk as minimal.

**Foreign exchange risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar on its cash and accounts payable balances.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**14.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)** 

A summary of the Company's financial instruments held in USD, expressed in Canadian dollars is as follows:

---

| | |
|:---|:---|
|  | December 31,<br>2024 |
|  | $ |
|  Cash and cash equivalents | 78627 |
|  Accounts payable and accrued liabilities | 34664 |
|  | 43963 |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $1,103 (December 31, 2024 - $4,396). The Company has assessed the foreign exchange risk as minimal.

**15.** **CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders' equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the three months ended March 31, 2025.

## Exhibit 99.5

**Exhibit 99.5** 

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars)

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  MANAGEMENT'S DISCUSSION AND ANALYSIS | 3 |
|  CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION | 3 |
|  DESCRIPTION OF BUSINESS | 4 |
|  SHAREHOLDER PROXY CONTEST | 4 |
|  FENN-GIB PROJECT OVERVIEW | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration Program | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metallurgical Test Program | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Feasibility Study | 7 |
|  SUMMARY OF QUARTERLY RESULTS | 7 |
|  SOURCES AND USES OF CASH | 8 |
|  RESULTS OF OPERATIONS | 8 |
|  SHARE CAPITAL HIGHLIGHTS | 9 |
|  LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN | 9 |
|  RELATED PARTY TRANSACTIONS | 10 |
|  FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 10 |
|  OUTSTANDING SHARE DATA | 11 |
|  CAPITAL MANAGEMENT | 12 |
|  PROPOSED TRANSACTIONS | 12 |
|  OFF-BALANCE SHEET ARRANGEMENTS | 12 |
|  SIGNIFICANT ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY | 12 |
|  RISKS AND UNCERTAINTIES | 12 |
|  ADDITIONAL INFORMATION | 12 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

This Management's Discussion and Analysis ("MD&A") supplements, but does not form part of, the condensed interim financial statements of Mayfair Gold Corp. (the "Company") as well as the notes thereto for the three months ended March 31, 2025 and 2024 (collectively referred to hereafter as the "Financial Statements"). The Financial Statements are prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee, including International Accounting Standards 34 *Interim Financial Reporting*.

The following MD&A of the financial condition and results of operations of the Company has been prepared by management and should be read in conjunction with the Financial Statements of the Company. In addition, the MD&A should be read in conjunction with the audited financial statements for the years ended December 31, 2024 and 2023 (the "Annual Financial Statements"), as some disclosures from the Annual Financial Statements have been condensed or omitted. In this MD&A, unless the context otherwise dictates, a reference to "us", "we", "our", or similar terms refers to the Company. Additional information relating to the Company is available on the Company's website at <u>https://mayfairgold.ca</u>/ and on SEDAR+ at <u>www.sedarplus.ca</u> under Mayfair Gold Corp.

This MD&A is current as of May 14, 2025 (the "MD&A Date") and was approved and authorized by the Company's Board of Directors.

The first, second, third, and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3" and "Q4", respectively. All amounts are presented in Canadian dollars, the Company's presentation and functional currency, unless otherwise stated. References to US$ are to United States dollars.

Management is responsible for the preparation and integrity of the Company's Financial Statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is responsible for ensuring that information disclosed externally, including the information contained within the Company's Financial Statements and MD&A, is complete and reliable. Technical information included in this MD&A regarding the Company's mineral property has been reviewed by Tim Maunula, P. Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Properties ("NI 43-101").

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION** 

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "intend", or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business plan and investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business strategies and objectives.

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxes and capital, operating, general and administrative as well as other costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain the required capital to finance its investment strategy and meet its
commitments and financial obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain services and personnel in a timely manner and at an acceptable cost to
carry out activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timely receipt of required regulatory approvals

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as there can be no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially than anticipated and described in the forward-looking information.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

The material risks and uncertainties include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet current and future commitments and obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty of estimates and projections relating to future costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, or in the interpretation of, laws, regulations or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to obtain required regulatory approvals in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of existing and potential lawsuits, regulatory actions, audits and assessments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties described elsewhere in this document.

The foregoing list of risks and uncertainties is not exhaustive. For more information relating to risks and uncertainties, see the section titled "Risks and Uncertainties" herein. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

**DESCRIPTION OF BUSINESS** 

Mayfair Gold Corp. was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company's registered office is located at Suite 700 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is listed for trading on the TSX Venture Exchange under the symbol "MFG.V," on the OTCQX under the symbol "MFGCF" and on the Frankfurt Stock Exchange under the symbol "9M5". The Company is engaged in the operation, acquisition, exploration and development of mineral properties. The Company acquired an undivided 100% interest in the Fenn-Gib Project on June 8, 2020.

The Fenn-Gib Project comprises 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada. The Company is focused on acquiring, exploring, and developing mineral deposits in Canada.

**SHAREHOLDER PROXY CONTEST** 

On March 19, 2024, Muddy Waters Capital LLC, on behalf of certain investment funds managed by it, with control and direction over aggregate shares approximating 16.77% of the Company, announced its intent to reconstitute the board of directors at the next annual general and special meeting of the Company (the "Shareholder Proxy Contest").

During the year ended December 31, 2024, as a result of the Shareholder Proxy Contest, the Company incurred $3.3 million in non-recurring costs. These costs include a $1.5 million cash payment to Patrick Evans, former CEO of the Company and $1.6 million in additional legal and related fees, of which $1.0 million was for the reimbursement of certain legal expenses incurred by other parties to the proxy contest, and $0.2 million in additional corporate insurance premiums. In December 2024, the Company filed a claim against Patrick Evans for reimbursement of the $1.5 million cash payment. The outcome of this lawsuit is not determinable as at the MD&A Date.

**FENN-GIB PROJECT OVERVIEW** 

The Fenn-Gib Project comprises two property packages, referred to as the Fenn-Gib North and South Blocks, which are separated by approximately three kilometers. The Fenn-Gib Deposit (see "Fenn-Gib Deposit" below) is located on the North Block along the regional Contact Fault, an east-west to south-east trending shear zone on the Pipestone Fault, which is interpreted to be a splay off the Porcupine-Destor Fault. The Fenn-Gib Deposit hosts significant concentrations of gold mineralization within two zones: (i) the Main Zone, and (ii) the Deformation Zone. These two zones overlap completely. A third zone of mineralization, known as the Footwall Zone, is located approximately 100 meters to the northwest of the Fenn-Gib Deposit. A fourth zone of mineralization, known as the Contact Zone, is located at depth below the current pit-constrained resource.

Sixteen claims encompass the current conceptual pit supported by the Fenn-Gib Deposit. The Company would be subject to a 1% Net Smelter Royalty (NSR) over the sixteen claims, with an additional 1.5% NSR over nine of the sixteen claims.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Project is as follows:

---

| | | |
|:---|:---|:---|
|  | **Q1 2025** | Q1 2024 |
|  | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs | **25910** | 264765 |
|  Drilling | **336159** | 2110426 |
|  Environmental assessment and pre-feasibility studies | **488578** |  |
|  Exploration contractors | **8700** | 342317 |
|  Exploration personnel and program support | **227334** | 465785 |
|  Laboratory analysis | **—** | 286609 |
|  Other exploration and evaluation expenses | **43287** | 216483 |
|  Permitting | **70254** |  |
|  | **1200222** | 3686385 |

---

**Deposit** 

On March 5, 2021, the Company filed a NI 43-101 Technical Report entitled "Fenn-Gib Project, Ontario, Canada" dated February 5, 2021 (revised on February 19, 2021), which was prepared by JDS Energy and Mining Inc. The resource for the Fenn-Gib Deposit was based on an Indicated Mineral Resource and Inferred Mineral Resource Estimate undertaken by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., a qualified person as defined by NI 43-101 and independent of the Company. The Mineral Resource Estimate incorporated more than 420 drill holes totalling 134,546 meters. The Mineral Resource Estimate for Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2021 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,700 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 70203723 | 0.92 | 2077661 |
|  Open pit | Inferred | 3774865 | 0.62 | 74967 |

---

On October 18, 2022, the Company announced an updated Interim Mineral Resource Estimate for the Fenn-Gib Project, which was prepared by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd. The Mineral Resource Estimate, dated October 15, 2022, expanded upon the 2021 Resource Estimate, and incorporated approximately 67,000 meters of additional drill hole results through July 31, 2022. The Interim Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2022 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,750 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 118074000 | 0.81 | 3062000 |
|  Open pit | Inferred | 13829000 | 0.7 | 311000 |
|  Underground | Inferred | 1002000 | 3.22 | 104000 |

---

On June 14, 2023, the Company announced an updated Mineral Resource Estimate for the Fenn-Gib Project, which expands upon the 2022 Resource Estimate and incorporates assay results from approximately 47,000 meters of additional drilling. On July 26, 2023, the Company filed a NI 43-101 Technical Report entitled "Fenn-Gib Project, Ontario, Canada", which was prepared by Tim Maunula, P. Geo., of T. Maunula and Associates Consulting Inc. (TMAC), with an effective date of April 6, 2023.

Mr. Maunula is a qualified person as defined by NI 43-101 and independent of the Company. The updated Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.40 g/t Au cut-off, as tabulated below:

**2023 Fenn-Gib Resource Estimate by Category Using 0.40 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,765 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 113687000 | 0.93 | 3383000 |
|  Open pit | Inferred | 5724000 | 0.85 | 157000 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

On September 10, 2024, the Company announced an updated Mineral Resource Estimate for the Fenn-Gib Project at US$2,000 Gold. Prepared by Tim Maunula, P. Geo., of TMAC as tabulated below:

**2024 Fenn-Gib Mineral Resource Estimate Using 0.3 g/t Au Cut-Off)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$2,000 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 181302000 | 0.74 | 4313000 |
|  Open pit | Inferred | 8921000 | 0.49 | 141000 |

---

All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions, as required under NI 43-101. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.

The mineral resources reported demonstrate a reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There are no known environmental, permitting, legal, marketing, and other relevant issues that would materially affect the reported mineral resources.

**Exploration Program** 

A 2021 exploration program focused on both infill and step-out drilling, which was intended to identify additional gold mineralization within the Fenn-Gib Deposit area. The Fenn-Gib Phase 1 drill program commenced on January 19, 2021, with one drill rig and ramped up to four drill rigs by mid-July 2021. The 2021 program completed the planned 50,000 meters of drilling by December 31, 2021.

Based on positive results from the Fenn-Gib 2021 Phase 1 drill program, a 30,000-meter Phase 2 drill program continued in 2022. In addition, a 10,000-meter Phase 1 regional exploration program commenced on the Fenn-Gib North and South Blocks. The Fenn-Gib Phase 2 program and Phase 1 regional exploration drill program, comprised of North Block (7,512 meters) and South Block (3,486 meters), were completed in the third quarter of 2022. Based upon assay results from the Fenn-Gib Phase 1 and 2 drill programs received by the end of July 2022, an updated interim resource estimate was completed and announced on October 18, 2022, as described above.

With mineralization at the Fenn-Gib Deposit area remaining open in most directions, a 30,000-meter Phase 3 drill program commenced in the second half of 2022 to continue delineating mineralization. A Phase 2 regional exploration program commenced on the Fenn-Gib North Block. The Fenn-Gib Phase 3 drill program was completed in January 2023. The Company commenced a 30,000-meter Fenn-Gib Phase 4 drill program in the first quarter of 2023, which was completed in the third quarter of 2023.

As drilling continued to identify new mineralization at the Fenn-Gib Deposit, the Company commenced a 20,000-meter Phase 5 drill program in the third quarter of 2023. Drilling for this campaign completed in the fourth quarter of 2023, which reinforced the need for additional drilling. The Company commenced a 26,500-meter Phase 6 drill program at the Fenn-Gib Project in the first quarter of 2024, which was completed in the second quarter of 2024. As of the MD&A Date, the Company has completed a total of 379 surface drill holes on the Fenn-Gib Project, representing 200,489 meters.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's drilling program for the Fenn-Gib Project is as follows:

---

| | | |
|:---|:---|:---|
|  | **Holes** | **Meters** |
|  **North Block Surface DDH Drilling** | # | m |
|  2021 Mayfair holes DDH | 90 | 54937 |
|  2022 Mayfair holes DDH | 118 | 61997 |
|  2023 Mayfair holes DDH | 89 | 54976 |
|  2023 Geotech holes DDH | 7 | 3230 |
|  2024 Mayfair holes DDH | 42 | 18230 |
|  | 346 | 193368 |
|  **South Block Surface DDH Drilling** |  |  |
|  2022 holes DDH | 18 | 3457 |
|  2024 holes DDH | 15 | 3664 |
|  | 33 | 7121 |
|  **Total Fenn-Gib Drilling** | **379** | **200489** |

---

**Metallurgical Test Program** 

Fenn-Gib has been the subject of multiple metallurgical testing campaigns since 2011. Test work has focused on gold recovery and has included gravity concentration, whole-ore cyanide leaching, flotation, flotation-cyanidation, flotation-pressure oxidation, rock hardness and material characterization studies.

In late 2024, metallurgical testing commenced with the intention of improving the understanding of the mineralization response to potential plant flow sheets with the testing of grind size, rougher flotation and concentrate mass pull, flotation concentrate regrind sizing and cyanidation response for various plant feed gold grades, sulphide concentration, mineralogical content, rock hardness, at various depths, and lithologies. This phase of metallurgical testing is expected to be complete in Q2 2025

**Pre-Feasibility Study** 

During Q1 2024, the Company announced the commencement of a pre-feasibility study on the Fenn-Gib project. In the connection with the study, the Company utilized the services of AGP Mining Consultants, Halyard Inc, Terracon Geotechnique and Environmental Applications Group as lead engineers and scientists to further the metallurgical, geotechnical, mining, hydrogeology, and environmental evaluations completed to date, to develop a clearly defined project description in support of a potential environmental assessment.

In April 2025, the Company announced a revised program for its pre-feasibility study, noting that additional metallurgical test work will continue into the first half of 2025 and will be used to advance the engineering and inform the revised 4,800 t/d pre-feasibility study. The Company expects to complete the pre-feasibility study in Q4 2025.

**SUMMARY OF QUARTERLY RESULTS** 

A summary of the Company's quarterly results is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q1 2025** | Q4 2024 | Q3 2024 | Q2 2024 |
|  | **$** | $ | $ | $ |
|  Operating expenses |  |  |  |  |
|  Loss for the period |  |  |  |  |
|  Loss per share - basic and diluted |  |  |  |  |
|  Total assets |  |  |  |  |
|  | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|  | $ | $ | $ | $ |
|  Expenses |  |  |  |  |
|  Loss for the period |  |  |  |  |
|  Loss per share - basic and diluted |  |  |  |  |
|  Total assets |  |  |  |  |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

During the last eight quarters, the Company's loss ranged between $1,434,837 and $5,711,375. Loss during the quarters mainly comprised exploration and evaluation expenses as well as consulting fees, legal and professional fees, management fees and office expenses to support the exploration activities for the Fenn-Gib Project and to maintain the public listing of the Company. During Q2 2024, the net loss was higher compared to other quarters due to $3.3 million in non-recurring costs related to the Shareholder Proxy Contest. During Q3 2024, Q4 2024 and Q1 2025, net loss was lower compared to other quarters mainly due to the completion of various exploratory drill programs, which were ongoing in the prior year comparable period, and a focus towards the completion of studies and the permitting process in the current period.

**SOURCES AND USES OF CASH** 

A summary of the Company's sources and uses of cash is as follows:

---

| | | |
|:---|:---|:---|
|  | **Q1 2025** | Q1 2024 |
|  | **$** | $ |
|  Net cash used in operating activities<br>**)** |  |  |
|  Net cash used in investing activities<br>**)** |  |  |
|  Net cash provided by financing activities |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents) |  |  |
|  Change in cash and cash equivalents<br>**)** |  |  |
|  Cash and cash equivalents, beginning of period |  |  |
|  Cash and cash equivalents, end of period |  |  |

---

Cash used in operating activities was $1,858,503 compared to $3,592,646 in the prior year comparable period due to the completion of various exploratory drill programs, which were ongoing in the prior year comparable period, and a focus towards the completion of studies and the permitting process in the current period.

Cash used in investing activities was $3,001,867 compared to $nil in the prior year comparable period mainly due to the purchase of a short-term guaranteed investment certificate ("GIC") in Q1 2025.

Cash provided by financing activities was $nil compared to $65,421 in the prior year comparable period due to the exercise of 66,400 stock options in Q1 2024.

**RESULTS OF OPERATIONS** 

A summary of the Company's results of operations is as follows:

---

| | | |
|:---|:---|:---|
|  | **Q1 2025** | Q1 2024 |
|  | **$** | $ |
|  **Operating expenses** |  |  |
|  Depreciation |  |  |
|  Exploration and evaluation |  |  |
|  General and administrative |  |  |
|  Share-based payments |  |  |
|  **Other income (expenses)** |  |  |
|  Amortization of flow-through premium liability |  |  |
|  Foreign exchange gain (loss)<br>**)** |  |  |
|  Interest income |  |  |
|  Interest expense<br>**)** |  |  |
|  **Loss for the period)** |  |  |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**Q1 2025 compared to Q1 2024** 

Loss for the period decreased to $1,815,633 compared to $3,309,813 in the prior year comparable period. The primary drivers of this decrease were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation decreased to $1,200,222 from $3,686,385 in the prior year comparable period due to
the completion of various exploratory drill programs, which were ongoing in the prior year comparable period, and a focus towards the completion of studies and the permitting process in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative decreased to $421,430 from $601,341 in the prior year comparable period mainly due
to a reduction of senior management personnel lowering management fees paid to directors, officers and related entities in the current period.

Partially offsetting the decrease in loss for the period were decreases to other income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments increased to $235,964 from $177,536 in the prior year comparable period mainly due to
stock options granted to officers of the Company in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of flow-through premium liability was $1,038,058 in the prior year comparable period due to
flow-through eligible expenditures spent in the prior year comparable period. There were no flow-through eligible expenditures in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income decreased to $49,399 from $138,526 in the prior year comparable period mainly due to lower
returns from the Company's GICs in the current period and a GIC that matured in the prior period.

**SHARE CAPITAL HIGHLIGHTS** 

The number of shares issued and fully paid as at March 31, 2025 is 109,283,007 (December 31, 2024 - 109,283,007).

During the three months ended March 31, 2025, the Company had no share capital transactions.

During the year ended December 31, 2024, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 5,630,900 common shares pursuant to the exercise of stock options with a weighted average
exercise price of $0.71 generating gross proceeds of $3,991,676.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company completed a private placement consisting of the issue of 3,340,000
common shares at a price of $1.80 per share for total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

**LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN** 

The Company has financed its operations primarily through the issuance of common shares. The Company continues to seek capital through various means including the issuance of equity and debt. The Company's Financial Statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

As at March 31, 2025, the Company has an accumulated deficit of $62,342,100 (December 31, 2024 - $60,526,467), a cash and cash equivalents and short-term investment balance of $7,684,882 (December 31, 2024 - $9,534,129), and accounts payable and accrued liabilities balance of $507,521 (December 31, 2024 - $749,934).

As at March 31, 2025, the Company had working capital of $7,622,859 (December 31, 2024 - $9,190,221). In addition to the Company's accumulated deficit, the Company has not generated revenues and does not anticipate generating revenues in the near future to fund its operating and administrative expenses. These circumstances cast significant doubt on the validity of the going concern assumption.

In order to continue as a going concern and to meet its corporate objectives, which primarily consist of investigating new potential properties and exploration work on those potential properties, the Company will require additional financing through debt or equity issuances. Although the Company has previously been successful in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. Factors that could affect the availability of financing include the progress and exploration results of the Company's mineral properties, the state of international debt, equity and metals markets, and investor perceptions and expectations.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

The Company's Financial Statements do not include adjustments that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

**RELATED PARTY TRANSACTIONS** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the Chief Executive Officer and Chief Financial Officer, their close family members, HC Alternative I, Ltd ("HC Alternative"), a company partially owned by a director, Heeney Capital Corp ("Heeney Capital"), a company partially owned by a director, and Invictus Accounting Group LLP. ("Invictus Accounting"), a company in which the Company's CFO, is a partner.

A summary of the Company's transactions with key management personnel is as follows:

---

| | | |
|:---|:---|:---|
|  | **Q1 2025** | Q1 2024 |
|  | **$** | $ |
|  Director's fees | **12820** | 55906 |
|  Exploration personnel and program support <sup>(1)</sup> | **103092** | 81624 |
|  Management fees | **148066** | 245031 |
|  Share-based payments | **230837** | 69610 |
|  | **494815** | 452171 |

---

(1) Amounts relating to the compensation of the Vice President of Technical Services, the COO and the former
Vice President of Exploration.

A summary of the amounts due to related parties as at March 31, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Payable to Heeney Capital | **130000** | 130000 |
|  Payable to Invictus Accounting | **16144** | 17779 |
|  Payable to key management personnel | **579** | 246 |
|  Payable to other related party | **5277** | 5000 |
|  | **152000** | 153024 |

---

As at March 31, 2025, other receivables includes $130,000 (December 31, 2024 - $130,000) for consulting services rendered to HC Alternative.

**FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, a short-term investment, other receivables (excluding sales tax recoverable) and accounts payable and accrued liabilities, which are classified and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents, a short-term investment and other receivables. The Company minimizes its credit risk related to cash and cash equivalents and short-term investments by placing them with major financial institutions. The Company considers the credit risk related to cash and cash equivalents, short-term investment and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of interest risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has no significant financial instruments with variable interest rates and has assessed interest rate risk as minimal.

**Liquidity risk** 

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash is held in business accounts which are available on demand for the Company's programs. As at March 31, 2025, the Company had a cash and cash equivalents and short-term investment balance of 7,684,882 (December 31, 2024 - $9,534,129) to settle current liabilities of $507,521 (December 31, 2024 - $749,934) and has assessed the liquidity risk as minimal.

**Foreign currency risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar on its cash and accounts payable balances.

A summary of the Company's financial instruments held in USD, expressed in Canadian dollars is as follows:

---

| | |
|:---|:---|
|  | December 31,<br>2024 |
|  | $ |
|  Cash and cash equivalents | 78627 |
|  Accounts payable and accrued liabilities | 34664 |
|  | 43963 |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $1,103 (December 31, 2024 - $4,396). The Company has assessed foreign currency risk as minimal.

**OUTSTANDING SHARE DATA** 

A summary of the Company's issued and outstanding securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,<br>2025** | **March 31,<br>2025** | MD&A<br>Date | MD&A<br>Date |
|  Common shares |  | 109283007 |  | 109283007 |
|  Stock options |  | 1995000 |  | 1995000 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three months ended March 31, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders' equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the three months ended March 31, 2025.

**PROPOSED TRANSACTIONS** 

As at March 31, 2025 and the MD&A Date, the Company has no proposed transactions.

**OFF-BALANCE SHEET ARRANGEMENTS** 

As at March 31, 2025 and the MD&A Date, the Company has no off-balance sheet arrangements.

**SIGNIFICANT ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgements in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgements and estimates are pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

All significant accounting judgements and sources of estimation uncertainty are fully disclosed in the Annual Financial Statements.

**RISKS AND UNCERTAINTIES** 

For a detailed listing of the risks and uncertainties faced by the Company, please refer to the Company's MD&A for the years ended December 31, 2024 and 2023.

**ADDITIONAL INFORMATION** 

Additional information about the Company is available on the Company's website at <u>https://mayfairgold.ca</u>/ and SEDAR+ at http://<u>www.sedarplus.ca</u>.

## Exhibit 99.6

**Exhibit 99.6** 

**MAYFAIR GOLD CORP.** 

**Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Financial Position** 

(Unaudited - Expressed in Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **June 30,**<br>**2025** | December 31,<br>2024 |
|  | | **$** | $ |
|  **ASSETS** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investment | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of prepaid expenses and deposits | 7 |  |  |
|  Prepaid expenses and deposits | 7 |  |  |
|  Property, plant and equipment | 8 |  |  |
|  Mineral properties | 9 |  |  |
|  **Total assets** |  |  |  |
|  **LIABILITIES** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 13 |  |  |
|  **Total liabilities** |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  Share capital | 11 |  |  |
|  Share-based payments reserve | 11 |  |  |
|  Deficit<br>**)** |  |  |  |
|  **Total shareholders' equity** |  |  |  |
|  **Total liabilities and shareholders' equity** |  |  |  |

---

Nature of operations (Note 1)

Approved and authorized for issue on behalf of the Board of Directors:

---

| | |
|:---|:---|
| */s/ Sean Pi* | */s/ Carson Block* |
| Director | Director |

---

*The accompanying notes are an integral part of these condensed interim financial statements.*

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Loss and Comprehensive Loss** 

(Unaudited - Expressed in Canadian dollars, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended<br>June 30, | Three months ended<br>June 30, | Six months ended<br>June 30, | Six months ended<br>June 30, |
|  |<br>Note | **2025** | 2024 | **2025** | 2024 |
|  | | | | **$** | $ |
|  **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 8 | **7955** | 16812 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation | 9, 13 | **1363012** | 2002166 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 12, 13 | **604914** | 3776436 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments | 11, 13 | **189251** | 236871 |  |  |
|  |  | **2165132** | 6032285 |  |  |
|  **Other income (expenses)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability | 10 | **—** | 241052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange gain (loss) |  | **581** | (357) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 5, 6 | **51493** | 80215 |  |  |
|  **Loss and comprehensive loss** |  | **(2113058)** | (5711375)**)** |  |  |
|  **Loss per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted |  | **(0.02)** | (0.06)**)** |  |  |
|  **Weighted average number of common shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted |  | **109283007** | 102226666 |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.*

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Cash Flows** 

(Unaudited - Expressed in Canadian dollars)

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30, | Six months ended June 30, |
|  | **2025** | 2024 |
|  | **$** | $ |
|  **Operating activities** |  |  |
|  Loss for the period<br>**)** |  |  |
|  Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange (gain) loss<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income<br>**)** |  |  |
|  Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and deposits<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities<br>**)** |  |  |
|  **Cash used in operating activities)** |  |  |
|  **Investing activities** |  |  |
|  Purchase of short-term investment<br>**)** |  |  |
|  Purchases of property, plant and equipment<br>**)** |  |  |
|  **Cash used in investing activities)** |  |  |
|  **Financing activities** |  |  |
|  Proceeds from exercise of options |  |  |
|  **Cash provided by financing activities** |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents<br>**)** |  |  |
|  Change in cash and cash equivalents<br>**)** |  |  |
|  Cash and cash equivalents, beginning of period |  |  |
|  **Cash and cash equivalents, end of period** |  |  |
|  **Supplemental cash flow information:** |  |  |
|  Interest paid in cash |  |  |
|  Cash interest income received |  |  |
|  Income taxes paid in cash |  |  |
|  Proceeds from exercise of options in other receivables |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.*

------

**MAYFAIR GOLD CORP** 

**Condensed Interim Statements of Changes in Shareholders' Equity** 

(Unaudited - Expressed in Canadian dollars, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br>shares** | **Share**<br>**capital** | **Share-based<br>payments<br>reserve** | **Deficit** | **Total**<br>**shareholders'<br>equity** |
|  | # | $ | $ | $ | $ |
|  Balance, December 31, 2023 | 100312107) |  |  |  |  |
|  Issuance of common shares - exercise of options | 5018900 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  Balance, June 30, 2024 | 105331007) |  |  |  |  |
|  Issuance of common shares - private placements | 3340000 |  |  |  |  |
|  Share issue costs | —) |  |  |  |  |
|  Issuance of common shares - exercise of options | 612000 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  Balance, December 31, 2024 | 109283007) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  **Balance, June 30, 2025** | **109283007)** |  |  |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.*

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**1.** **NATURE OF OPERATIONS** 

Mayfair Gold Corp. (the "Company") was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company's registered office is located at Suite 700 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is listed for trading on the TSX Venture Exchange under the symbol "MFG.V," on the OTCQX under the symbol "MFGCF" and on the Frankfurt Stock Exchange under the symbol "9M5". The Company is engaged in the operation, acquisition, exploration and development of mineral properties.

The Company's unaudited condensed interim financial statements for the three and six months ended June 30, 2025 and 2024 (the "financial statements") have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least the next twelve months and discharge its liabilities as they come due. The Company has not generated revenue from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties.

**2.** **BASIS OF PREPARATION** 

**Statement of compliance** 

These financial statements were approved by the Board of Directors and authorized for issue on August 25, 2025.

These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee applicable to the preparation of interim financial statements including International Accounting Standard 34 *Interim Financial Reporting*. These financial statements do not include all disclosures required for annual audited financial statements. Accordingly, they should be read in conjunction with the notes to the Company's audited financial statements for the years ended December 31, 2024 and 2023 (the "Annual Financial Statements").

**Basis of presentation** 

The financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS Accounting Standards, as well as information presented in the statements of cash flows. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

**Functional and presentation currency** 

The financial statements are presented in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. The functional currency is the currency of the primary economic environment in which an entity operates. References to "US$" or "USD" are to United States dollars.

**Reclassification of prior year presentation** 

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. For the three and six months ended June 30, 2024, $30,750 was reclassified from professional fees to management fees.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

The same accounting policies and methods of computation are followed in these financial statements as compared with the Annual Financial Statements.

**4.** **SIGNIFICANT JUDGMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgments in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgments and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgments and estimates are pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgments and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

In preparing these financial statements, the Company applied the same significant judgments in applying its accounting policies and is exposed to the same sources of estimation uncertainty as disclosed in its Annual Financial Statements.

**5.** **CASH AND CASH EQUIVALENTS** 

Cash is comprised of cash deposits held in reputable financial institutions and cash equivalents consist of redeemable guaranteed investment certificates ("GICs").

A summary of the Company's cash and cash equivalents is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | December 31,<br>2024 |
|  | **$** | $ |
|  Cash | **714235** | 7408166 |
|  Cash equivalents <sup>(1)</sup> | **2166575** | 2125963 |
|  | **2880810** | 9534129 |

---

(1) Cash equivalents consist of redeemable GICs with maturities of 1 to 4 months and interest rates between
2.45% and 4.00%.

During the three and six months ended June 30, 2025, interest income from GICs and deposits in the Company's savings account totaled $29,489 and $67,765, respectively (2024 - $80,215 and $218,741, respectively).

**6.** **SHORT-TERM INVESTMENT** 

On February 13, 2025, the Company purchased a short-term investment which consists of a non-redeemable six-month GIC with a value of $3,000,000, interest rate of 2.95% and a maturity date of August 12, 2025.

During the three and six months ended June 30, 2025, interest income from the short-term investment totaled $22,004 and $33,127, respectively (2024 - $nil and $nil, respectively).

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**7.** **PREPAID EXPENSES AND DEPOSITS** 

Prepaid expenses and deposits consist of insurance policy prepayments, listing fee prepayments and other expenses.

A summary of the Company's prepaid expenses and deposits is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | December 31,<br>2024 |
|  | **$** | $ |
|  Prepaid expenses | **394555** | 351572 |
|  Deposits with suppliers | **3124** | 3124 |
|  | **397679** | 354696 |
|  Current portion | **253631** | 202326 |
|  Non-current portion | **144048** | 152370 |

---

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**8.** **PROPERTY, PLANT AND EQUIPMENT** 

A summary of the Company's property, plant and equipment is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Computers** | **Furniture and<br>fixtures** | **Building<br>exploration<br>office** | **Land<br>exploration<br>office** | **Machinery<br>and<br>Equipment** | **Vehicles** | **Total** |
|  | $ | $ | $ | $ | $ | $ | $ |
|  **Cost** |  |  |  |  |  |  |  |
|  Balance, December 31, 2023 | 67782 | 13210 | 358420 | 69000 | 56288 | 130050 | 694750 |
|  Additions | 221 |  |  |  |  |  | 221 |
|  Balance, December 31, 2024 | 68003 | 13210 | 358420 | 69000 | 56288 | 130050 | 694971 |
|  Additions | 5302 |  |  |  |  |  | 5302 |
|  **Balance, June 30, 2025** | **73305** | **13210** | **358420** | **69000** | **56288** | **130050** | **700273** |
|  **Accumulated depreciation** |  |  |  |  |  |  |  |
|  Balance, December 31, 2023 | 67782 | 7245 | 36771 |  | 25551 | 99783 | 237132 |
|  Depreciation | 13 | 2642 | 14337 |  | 11258 | 30267 | 58517 |
|  Balance, December 31, 2024 | 67795 | 9887 | 51108 |  | 36809 | 130050 | 295649 |
|  Depreciation | 951 | 1321 | 7168 |  | 5629 |  | 15069 |
|  **Balance, June 30, 2025** | **68746** | **11208** | **58276** | **—** | **42438** | **130050** | **310718** |
|  **Carrying amount** |  |  |  |  |  |  |  |
|  Balance, December 31, 2024 | 208 | 3323 | 307312 | 69000 | 19479 |  | 399322 |
|  **Balance, June 30, 2025** | **4559** | **2002** | **300144** | **69000** | **13850** | **—** | **389555** |

---

Depreciation during the three and six months ended June 30, 2025 was $7,955 and $15,069, respectively (2024 - $16,812 and $33,625, respectively).

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**9.** **MINERAL PROPERTIES** 

On June 8, 2020, the Company entered into a binding asset purchase agreement (the "Asset Purchase Agreement") with Lake Shore Gold Corp. ("Lake Shore"). Pursuant to the terms of the Asset Purchase Agreement, the Company agreed to acquire 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada (the "Fenn-Gib Property" collectively).

As consideration for the acquisition of the Fenn-Gib Property the Company agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Pay Lake Shore a cash payment of US$11,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Grant Lake Shore a 1.0% net smelter returns royalty derived from the future production of minerals from the Fenn-Gib Property.

On December 31, 2020, the transaction closed and $13,997,500 (US$11,000,000) was paid and recorded as mineral properties. The balance of mineral properties as at June 30, 2025 and December 31, 2024 was $13,997,500.

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Property is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>June 30, | Three months ended<br>June 30, | Six months ended<br>June 30, | Six months ended<br>June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $ | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs | **35091** | 95255 | **61001** | 360020 |
|  Drilling | **—** | 504722 | **336159** | 2615148 |
|  Environmental assessment and pre-feasibility studies | **690329** |  | **1178907** |  |
|  Exploration contractors | **—** | 200620 | **8700** | 542937 |
|  Exploration personnel and program support (Note 13) | **317731** | 534570 | **545065** | 1000355 |
|  Laboratory analysis | **—** | 204501 | **—** | 491110 |
|  Other exploration and evaluation | **26021** | 462498 | **69308** | 678981 |
|  Permitting | **293840** |  | **364094** |  |
|  | **1363012** | 2002166 | **2563234** | 5688551 |

---

**10.** **DEFERRED PREMIUM ON FLOW-THROUGH SHARES** 

Flow-through units are issued at a premium, which is calculated as the difference between the price of a flow-through unit and the price of a unit at the issuance date. Tax deductions generated by the eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced.

Funds raised through the issuance of flow-through units are required to be expended on qualifying Canadian mineral exploration expenditures, as defined pursuant to Canadian income tax legislation. The flow-through gross proceeds less the qualified expenditures made to date represent the funds received from flow-through share issuances that have not been spent and are held by the Company for such expenditures.

A summary of the Company's flow-through funding, expenditure requirements and corresponding impact on the flow-through premium liability is as follows:

---

| | | |
|:---|:---|:---|
|  | **Flow-through<br>funding and<br>expenditure<br>requirements** | **Flow-through<br>premium<br>liability** |
|  | $ | $ |
|  Balance, December 31, 2023 |  |  |
|  Flow-through expenditures incurred, renounced, and amortization of flow-through premium liability) |  |  |
|  **Balance, June 30, 2025 and December 31, 2024** |  |  |

---

During the three and six months ended June 30, 2025, the Company recognized $nil and $nil, respectively (2024 - $241,052 and $1,279,110, respectively) as amortization of flow-through premium liability under other income in profit or loss.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**11.** **SHARE CAPITAL** 

**Authorized share capital** 

The Company is authorized to issue an unlimited number of common shares without par value.

**Issued share capital** 

The number of shares issued and fully paid as at June 30, 2025 is 109,283,007 (December 31, 2024 - 109,283,007).

During the six months ended June 30, 2025, the Company had no share capital transactions.

During the year ended December 31, 2024, the company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 5,630,900 common shares pursuant to the exercise of stock options with a weighted average
exercise price of $0.71 generating gross proceeds of $3,991,676. In connection with the exercises, the Company transferred $3,244,018 from share-based payments reserve to share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company completed a private placement consisting of the issue of 3,340,000
common shares at a price of $1.80 per share for a total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

**Stock options** 

The Company, through its Board of Directors and shareholders, adopted a long-term equity incentive plan (the "Plan") which, among other things, allows for the maximum number of shares that may be reserved for issuance under the Plan to be 10% of the Company's issued and outstanding shares at the time of the grant. The Board of Directors has the authority and discretion to grant stock options as identified in the Plan, which includes provisions limiting the issuance of options to qualified persons and employees of the Company to maximums identified in the Plan and the vesting terms.

During the six months ended June 30, 2025, the Company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 28, 2025, the Company granted 175,000 options to an officer of the Company with an exercise
price of $1.70. The options are exercisable for a five-year term expiring on January 28, 2030. Of the stock options granted, 58,333 of the options vested immediately, 58,333 will vest on January 28, 2026, and 58,334 will vest on
January 28, 2027. The fair value of the options was determined to be $212,635 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 13, 2025, the Company granted 350,000 options to an officer of the Company with an exercise
price of $1.85. The options are exercisable for a five-year term expiring on February 13, 2030. Of the stock options granted, 116,667 will vest on March 1, 2026, and the remaining 233,333 will vest on a monthly basis thereafter until
March 1, 2028. The fair value of the options was determined to be $466,630 using the Black-Scholes option pricing model.

During the year ended December 31, 2024, the Company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 17, 2024, the Company granted 100,000 stock options to an officer of the Company with an
exercise price of $2.54. Of the stock options granted, 50% vested immediately and 50% will vest on April 17, 2025. The options are exercisable for a five-year term expiring on April 17, 2029. The fair value of the options was determined to
be $181,172 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 20, 2024, the Company granted 100,000 stock options to two directors of the Company with an
exercise price of $1.90. The options are exercisable for a five-year term expiring on June 20, 2029. Of the stock options granted, 33,332 will vest on June 20, 2025, 33,334 will vest on June 20, 2026 and 33,334 will vest on
June 20, 2027. The fair value of the options was determined to be $144,455 using the Black-Scholes option pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 28, 2024, the Company granted 300,000 stock options to an officer of the Company with an
exercise price of $2.03. Of the stock options granted, 100,000 vested immediately and 100,000 each will vest on October 28, 2025 and October 28, 2026. The options are exercisable for a five-year term expiring on October 27, 2029. The
fair value of the options was determined to be $458,165 using the Black-Scholes option pricing model.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**11.** **SHARE CAPITAL (continued)** 

A summary of the Company's stock option activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Stock options<br>outstanding** | **Weighted<br>average<br>exercise price** |
|  | # | $ |
|  Balance, December 31, 2023 | 9748900 | 1.11 |
|  Granted | 500000 | 2.11 |
|  Exercised | (5630900) | 0.71 |
|  Expired | (2800000) | 1.69 |
|  Forfeited | (195000) | 2.14 |
|  Balance, December 31, 2024 | 1623000 | 1.67 |
|  Granted | 525000 | 1.80 |
|  Expired | (153000) | 1.76 |
|  **Balance, June 30, 2025** | **1995000** | **1.69** |

---

A summary of the Company's outstanding and exercisable stock options as at June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expiry date** | **Number of**<br>**options<br>outstanding** | **Number of**<br>**options<br>exercisable** | **Weighted**<br>**average**<br>**exercise price** | **Weighted**<br>**average<br>remaining life** | **Weighted**<br>**average<br>remaining life** |
|  | # | # | $ | $Years | Years |
|  February 3, 2028 | 100000 | 100000 |  |  | 2.60 |
|  November 14, 2028 | 375000 | 375000 |  |  | 3.38 |
|  April 17, 2029 | 100000 | 100000 |  |  | 3.80 |
|  June 20, 2029 | 100000 | 33332 |  |  | 3.98 |
|  October 27, 2029 | 300000 | 100000 |  |  | 4.33 |
|  January 28, 2030 | 175000 | 58333 |  |  | 4.58 |
|  February 13, 2030 | 350000 |  |  |  | 4.63 |
|  December 31, 2030 | 210000 | 210000 |  |  | 5.51 |
|  January 6, 2032 | 100000 | 100000 |  |  | 6.52 |
|  December 6, 2032 | 185000 | 185000 |  |  | 7.44 |
|  | **1995000** | **1261665** |  |  | **4.62** |

---

A summary of the Company's weighted average inputs used in the Black-Scholes option pricing model to calculate the fair value of the stock options granted during the six months ended June 30, 2025 and the year ended December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  Share price | **$1.81** | $2.17 |
|  Exercise price | **$1.80** | $2.11 |
|  Risk-free interest rate | **2.83%** | 3.24% |
|  Expected life | **5.00 years** | 5.00 years |
|  Expected volatility | **92.68%** | 91.71% |
|  Expected annual dividend yield | **0.00%** | 0.00% |

---

During the three and six months ended June 30, 2025, the Company recognized share-based payments of $189,251 and $425,215, respectively (2024 - $236,871 and $414,407, respectively) from the vesting of stock options.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**12.** **GENERAL AND ADMINISTRATIVE** 

A summary of the Company's general and administrative expenses is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> June 30, | Three months ended<br> June 30, | Six months ended<br> June 30, | Six months ended<br> June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $ | **$** | $ |
|  Directors' fees (Note 13) | **12820** | 39991 | **25640** | 95897 |
|  Management fees (Note 13) | **229029** | 1709286 | **379074** | 1957458 |
|  Marketing and public relations | **139838** | 165279 | **140602** | 207486 |
|  Other general and administrative | **52193** | 85155 | **138708** | 258481 |
|  Professional fees | **149792** | 1715371 | **281613** | 1763786 |
|  Transfer agent and regulatory fees | **21242** | 61354 | **60709** | 94669 |
|  | **604914** | 3776436 | **1026346** | 4377777 |

---

**13.** **RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the Chief Executive Officer, Chief Operating Officer (the "COO") and Chief Financial Officer and their close family members.

A summary of the Company's related party transactions and key management compensation is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>June 30, | Three months ended<br>June 30, | Six months ended<br>June 30, | Six months ended<br>June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $ | **$** | $ |
|  Directors' fees | **12820** | 39991 | **25640** | 95897 |
|  Exploration personnel and program support <sup>(1)</sup>  | **188139** |  | **291231** |  |
|  Management fees | **191008** | 1677983 | **339074** | 1926710 |
|  Share-based payments | **186746** | 108951 | **417583** | 108951 |
|  | **578713** | 1826925 | **1073528** | 2131558 |

---

(1) Amounts relating to the compensation of the Vice President of Technical Services, the COO and the former
Vice President of Exploration included in exploration and evaluation expenses.

A summary of the amounts due to related parties in accounts payable and accrued liabilities as at June 30, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Payable to a company partially owned by a director | **130000** | 130000 |
|  Payable to a company partially owned by the CFO | **29059** | 17779 |
|  Payable to key management personnel | **18762** | 5000 |
|  Payable to other related party | **373** | 246 |
|  | **178194** | 153024 |

---

As at June 30, 2025, other receivables include $130,000 (December 31, 2024 - $130,000) for consulting services rendered to a company partially controlled by a director.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**14.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, short-term investment, other receivables (excluding sales tax recoverable), deposits and accounts payable and accrued liabilities, which are classified as and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents, short-term investment and deposits. The Company minimizes its credit risk related to cash and cash equivalents and short-term investment by placing these financial instruments with major financial institutions. The Company considers the credit risk related to cash and cash equivalents, short-term investment and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of interest risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has no significant financial instruments with variable interest rates and has assessed interest rate risk as minimal.

**Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash and cash equivalents are held in business accounts and are available on demand for the Company's programs. As at June 30, 2025, the Company had a cash and cash equivalents and short-term investment balance of $5,913,937 (December 31, 2024 - $9,534,129) to settle current liabilities of $694,637 (December 31, 2024 - $749,934) and has assessed the liquidity risk as minimal.

**Foreign exchange risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar on its cash and accounts payable balances.

A summary of the Company's financial instruments held in USD, expressed in Canadian dollars is as follows:

---

| | |
|:---|:---|
|  | December 31,<br>2024 |
|  | $ |
|  Cash and cash equivalents | 78627 |
|  Accounts payable and accrued liabilities | 34664 |
|  | 43963 |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $4,234 (December 31, 2024 - $4,396). The Company has assessed the foreign exchange risk as minimal.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and six months ended June 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**15.** **CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders' equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the six months ended June 30, 2025.

## Exhibit 99.7

**Exhibit 99.7** 

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars)

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

This Management's Discussion and Analysis ("MD&A") supplements, but does not form part of, the condensed interim financial statements of Mayfair Gold Corp. (the "Company") as well as the notes thereto for the three and six months ended June 30, 2025 and 2024 (collectively referred to hereafter as the "Financial Statements"). The Financial Statements are prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee, including International Accounting Standards 34 *Interim Financial Reporting*.

The following MD&A of the financial condition and results of operations of the Company has been prepared by management and should be read in conjunction with the Financial Statements of the Company. In addition, the MD&A should be read in conjunction with the audited financial statements for the years ended December 31, 2024 and 2023 (the "Annual Financial Statements"), as some disclosures from the Annual Financial Statements have been condensed or omitted. In this MD&A, unless the context otherwise dictates, a reference to "us", "we", "our", or similar terms refers to the Company. Additional information relating to the Company is available on the Company's website at <u>https://mayfairgold.ca/</u> and on SEDAR+ at <u>www.sedarplus.ca</u> under Mayfair Gold Corp.

This MD&A is current as of August 25, 2025 (the "MD&A Date") and was approved and authorized by the Company's Board of Directors.

The first, second, third, and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3" and "Q4", respectively. The six months ended June 30, 2025 and 2024 are referred to as "YTD 2025" and "YTD 2024", respectively. All amounts are presented in Canadian dollars, the Company's presentation and functional currency, unless otherwise stated. References to US$ are to United States dollars.

Management is responsible for the preparation and integrity of the Company's Financial Statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is responsible for ensuring that information disclosed externally, including the information contained within the Company's Financial Statements and MD&A, is complete and reliable. Technical information included in this MD&A regarding the Company's mineral property has been reviewed by Tim Maunula, P. Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Properties ("NI 43-101").

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION** 

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "intend", or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business plan and investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business strategies and objectives.

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxes and capital, operating, general and administrative as well as other costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain the required capital to finance its investment strategy and meet its
commitments and financial obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain services and personnel in a timely manner and at an acceptable cost to
carry out activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timely receipt of required regulatory approvals

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as there can be no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially than anticipated and described in the forward-looking information.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

The material risks and uncertainties include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet current and future commitments and obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty of estimates and projections relating to future costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, or in the interpretation of, laws, regulations or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to obtain required regulatory approvals in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of existing and potential lawsuits, regulatory actions, audits and assessments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties described elsewhere in this document.

The foregoing list of risks and uncertainties is not exhaustive. For more information relating to risks and uncertainties, see the section titled "Risks and Uncertainties" herein. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

**DESCRIPTION OF BUSINESS** 

Mayfair Gold Corp. was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company's registered office is located at Suite 700 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is listed for trading on the TSX Venture Exchange under the symbol "MFG.V," on the OTCQX under the symbol "MFGCF" and on the Frankfurt Stock Exchange under the symbol "9M5". The Company is engaged in the operation, acquisition, exploration and development of mineral properties. The Company acquired an undivided 100% interest in the Fenn-Gib Project on June 8, 2020.

The Fenn-Gib Project comprises 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada. The Company is focused on acquiring, exploring, and developing mineral deposits in Canada.

**SHAREHOLDER PROXY CONTEST** 

On March 19, 2024, Muddy Waters Capital LLC, on behalf of certain investment funds managed by it, with control and direction over aggregate shares approximating 16.77% of the Company, announced its intent to reconstitute the board of directors at the next annual general and special meeting of the Company (the "Shareholder Proxy Contest").

During the year ended December 31, 2024, as a result of the Shareholder Proxy Contest, the Company incurred $3.3 million in non-recurring costs. These costs include a $1.5 million cash payment to Patrick Evans, former CEO of the Company and $1.6 million in additional legal and related fees, of which $1.0 million was for the reimbursement of certain legal expenses incurred by other parties to the proxy contest, and $0.2 million in additional corporate insurance premiums. In December 2024, the Company filed a claim against Patrick Evans for reimbursement of the $1.5 million cash payment. The outcome of this lawsuit is not determinable as at the MD&A Date.

**FENN-GIB PROJECT OVERVIEW** 

The Fenn-Gib Project comprises two property packages, referred to as the Fenn-Gib North and South Blocks, which are separated by approximately three kilometers. The Fenn-Gib Deposit (see "Fenn-Gib Deposit" below) is located on the North Block along the regional Contact Fault, an east-west to south-east trending shear zone on the Pipestone Fault, which is interpreted to be a splay off the Porcupine-Destro Fault. The Fenn-Gib Deposit hosts significant concentrations of gold mineralization within two zones: (i) the Main Zone, and (ii) the Deformation Zone. These two zones overlap completely. A third zone of mineralization, known as the Footwall Zone, is located approximately 100 meters to the northwest of the Fenn-Gib Deposit. A fourth zone of mineralization, known as the Contact Zone, is located at depth below the current pit-constrained resource.

Sixteen claims encompass the current conceptual pit supported by the Fenn-Gib Deposit. The Company would be subject to a 1% Net Smelter Royalty (NSR) over the sixteen claims, with an additional 1.5% NSR over nine of the sixteen claims.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Project is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **QTD 2025** | QTD 2024 | **YTD 2025** | YTD 2024 |
|  | **$** | $ | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs | **35091** | 95255 | **61001** | 360020 |
|  Drilling | **—** | 504722 | **336159** | 2615148 |
|  Environmental assessment and pre-feasibility studies | **690329** |  | **1178907** |  |
|  Exploration contractors | **—** | 200620 | **8700** | 542937 |
|  Exploration personnel and program support | **317731** | 534570 | **545065** | 1000355 |
|  Laboratory analysis | **—** | 204501 | **—** | 491110 |
|  Other exploration and evaluation expenses | **26021** | 462498 | **69308** | 678981 |
|  Permitting | **293840** |  | **364094** |  |
|  | **1363012** | 2002166 | **2563234** | 5688551 |

---

**Deposit** 

On March 5, 2021, the Company filed a NI 43-101 Technical Report titled "Fenn-Gib Project, Ontario, Canada" dated February 5, 2021 (revised on February 19, 2021), which was prepared by JDS Energy and Mining Inc. The resource for the Fenn-Gib Deposit was based on an Indicated Mineral Resource and Inferred Mineral Resource Estimate undertaken by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., a qualified person as defined by NI 43-101 and independent of the Company. The Mineral Resource Estimate incorporated more than 420 drill holes totalling 134,546 meters. The Mineral Resource Estimate for Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2021 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,700 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 70203723 | 0.92 | 2077661 |
|  Open pit | Inferred | 3774865 | 0.62 | 74967 |

---

On October 18, 2022, the Company announced an updated Interim Mineral Resource Estimate for the Fenn-Gib Project, which was prepared by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd. The Mineral Resource Estimate, dated October 15, 2022, expanded upon the 2021 Resource Estimate, and incorporated approximately 67,000 meters of additional drill hole results through July 31, 2022. The Interim Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2022 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,750 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 118074000 | 0.81 | 3062000 |
|  Open pit | Inferred | 13829000 | 0.7 | 311000 |
|  Underground | Inferred | 1002000 | 3.22 | 104000 |

---

On June 14, 2023, the Company announced an updated Mineral Resource Estimate for the Fenn-Gib Project, which expands upon the 2022 Resource Estimate and incorporates assay results from approximately 47,000 meters of additional drilling. On July 26, 2023, the Company filed a NI 43-101 Technical Report titled "Fenn-Gib Project, Ontario, Canada", which was prepared by Tim Maunula, P. Geo., of T. Maunula and Associates Consulting Inc. ("TMAC"), with an effective date of April 6, 2023.

Mr. Maunula is a qualified person as defined by NI 43-101 and independent of the Company. The updated Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.40 g/t Au cut-off, as tabulated below:

**2023 Fenn-Gib Resource Estimate by Category Using 0.40 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,765 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 113687000 | 0.93 | 3383000 |
|  Open pit | Inferred | 5724000 | 0.85 | 157000 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

On September 10, 2024, the Company announced an updated Mineral Resource Estimate for the Fenn-Gib Project at US$2,000 Gold. Prepared by Tim Maunula, P. Geo., of TMAC as tabulated below:

**2024 Fenn-Gib Mineral Resource Estimate Using 0.3 g/t Au Cut-Off)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$2,000 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 181302000 | 0.74 | 4313000 |
|  Open pit | Inferred | 8921000 | 0.49 | 141000 |

---

All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions, as required under NI 43-101. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.

The mineral resources reported demonstrate a reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There are no known environmental, permitting, legal, marketing, and other relevant issues that would materially affect the reported mineral resources.

**Exploration Program** 

A 2021 exploration program focused on both infill and step-out drilling, which was intended to identify additional gold mineralization within the Fenn-Gib Deposit area. The Fenn-Gib Phase 1 drill program commenced on January 19, 2021, with one drill rig and ramped up to four drill rigs by mid-July 2021. The 2021 program completed the planned 50,000 meters of drilling by December 31, 2021.

Based on positive results from the Fenn-Gib 2021 Phase 1 drill program, a 30,000-meter Phase 2 drill program continued in 2022. In addition, a 10,000-meter Phase 1 regional exploration program commenced on the Fenn-Gib North and South Blocks. The Fenn-Gib Phase 2 program and Phase 1 regional exploration drill program, comprised of North Block (7,512 meters) and South Block (3,486 meters), were completed in the third quarter of 2022. Based upon assay results from the Fenn-Gib Phase 1 and 2 drill programs received by the end of July 2022, an updated interim resource estimate was completed and announced on October 18, 2022, as described above.

With mineralization at the Fenn-Gib Deposit area remaining open in most directions, a 30,000-meter Phase 3 drill program commenced in the second half of 2022 to continue delineating mineralization. A Phase 2 regional exploration program commenced on the Fenn-Gib North Block. The Fenn-Gib Phase 3 drill program was completed in January 2023. The Company commenced a 30,000-meter Fenn-Gib Phase 4 drill program in the first quarter of 2023, which was completed in the third quarter of 2023.

As drilling continued to identify new mineralization at the Fenn-Gib Deposit, the Company commenced a 20,000-meter Phase 5 drill program in the third quarter of 2023. Drilling for this campaign completed in the fourth quarter of 2023, which reinforced the need for additional drilling. The Company commenced a 26,500-meter Phase 6 drill program at the Fenn-Gib Project in the first quarter of 2024, which was completed in the second quarter of 2024. As of the MD&A Date, the Company has completed a total of 379 surface drill holes on the Fenn-Gib Project, representing 200,489 meters.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's drilling program for the Fenn-Gib Project is as follows:

---

| | | |
|:---|:---|:---|
|  | **Holes** | **Meters** |
|  **North Block Surface DDH Drilling** | # | m |
|  2021 Mayfair holes DDH | 90 | 54937 |
|  2022 Mayfair holes DDH | 118 | 61997 |
|  2023 Mayfair holes DDH | 89 | 54976 |
|  2023 Geotech holes DDH | 7 | 3230 |
|  2024 Mayfair holes DDH | 42 | 18230 |
|  | 346 | 193368 |
|  **South Block Surface DDH Drilling** |  |  |
|  2022 holes DDH | 18 | 3457 |
|  2024 holes DDH | 15 | 3664 |
|  | 33 | 7121 |
|  **Total Fenn-Gib Drilling** | **379** | **200489** |

---

**Metallurgical Test Program** 

Fenn-Gib has been the subject of multiple metallurgical testing campaigns since 2011. Test work has focused on gold recovery and has included gravity concentration, whole-ore cyanide leaching, flotation, flotation-cyanidation, flotation-pressure oxidation, rock hardness and material characterization studies.

In late 2024, metallurgical testing commenced with the intention of improving the understanding of the mineralization response to potential plant flow sheets with the testing of grind size, rougher flotation and concentrate mass pull, flotation concentrate regrind sizing and cyanidation response for various plant feed gold grades, sulphide concentration, mineralogical content, rock hardness, at various depths, and lithologies. This phase of metallurgical testing is complete. Refer to the news release dated May 27, 2025 "Mayfair Provides Update on 2025 Metallurgical Test Results Supporting the Fenn-Gib Pre-feasibility Study". In summary the optimum process flowsheet comprises of 3-stage crushing, ball mill grinding to an 80% passing 106 -micron, sulphide-gold rougher flotation, a concentrate regrind to 80% passing 9 to 14 microns, for gold extraction applying carbon-in-leach (CIL) cyanidation. Testing results demonstrate excellent gold recovery in rougher flotation concentrate across all flotation feed grades, achieving between 94-97% recover of gold to the concentrate. After rougher concentrate regrind and cyanidation, the more than 50 composite metallurgical samples indicated an overall metallurgical gold recovery of approximately 82.5% at a feed grade of 0.8 g/t and 88.4% at 1.5 g/t gold. With this phase of metallurgical testing along with the past work, we have improved confidence going into the PFS and have defined metallurgical performance for the 4,800 tonne per day plant targeting a feed grade of 1.2 g/t to 1.7 g/t gold for the first six years of production.

**Pre-Feasibility Study** 

During Q1 2024, the Company announced the commencement of a pre-feasibility study on the Fenn-Gib project. In connection with the study, the Company utilized the services of AGP Mining Consultants, Halyard Inc, Terracon Geotechnique and Environmental Applications Group as lead engineers and scientists to further the metallurgical, geotechnical, mining, hydrogeology, and environmental evaluations completed to date, to develop a clearly defined project description in support of a potential environmental assessment.

In April 2025, the Company announced a revised program for its pre-feasibility study, noting that additional metallurgical test work will continue into the first half of 2025 and will be used to advance the engineering and inform the revised 4,800 t/d pre-feasibility study. The Company expects to complete the pre-feasibility study in Q4 2025.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**SUMMARY OF QUARTERLY RESULTS** 

A summary of the Company's quarterly results is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q1 2025 | Q4 2024 | Q3 2024 |
|  | **$** | $ | $ | $ |
|  Operating expenses |  |  |  |  |
|  Loss for the period |  |  |  |  |
|  Loss per share - basic and diluted |  |  |  |  |
|  Total assets |  |  |  |  |
|  | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|  | $ | $ | $ | $ |
|  Expenses |  |  |  |  |
|  Loss for the period |  |  |  |  |
|  Loss per share - basic and diluted |  |  |  |  |
|  Total assets |  |  |  |  |

---

During the last eight quarters, the Company's loss ranged between $1,434,837 and $5,711,375. Loss during the quarters mainly comprised exploration and evaluation expenses as well as consulting fees, legal and professional fees, management fees and office expenses to support the exploration activities for the Fenn-Gib Project and to maintain the public listing of the Company. During Q2 2024, the net loss was higher compared to other quarters due to $3.3 million in non-recurring costs related to the Shareholder Proxy Contest. During Q3 2024, Q4 2024, Q1 2025 and Q2 2025, net loss was lower compared to other quarters mainly due to the completion of various exploratory drill programs, which were ongoing in the prior year comparable periods, and a focus towards the completion of studies and the permitting process in the current period.

**SOURCES AND USES OF CASH** 

A summary of the Company's sources and uses of cash is as follows

---

| | | |
|:---|:---|:---|
|  | **YTD 2025** | YTD 2024 |
|  | **$** | $ |
|  Net cash used in operating activities<br>**)** |  |  |
|  Net cash used in investing activities<br>**)** |  |  |
|  Net cash provided by financing activities |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents<br>**)** |  |  |
|  Change in cash and cash equivalents<br>**)** |  |  |
|  Cash and cash equivalents, beginning of period |  |  |
|  Cash and cash equivalents, end of period |  |  |

---

Cash used in operating activities was $3,647,621 compared to $9,651,136 in the prior year comparable period due additional management fees and professional fees incurred as a result of the Shareholder Proxy Contest as well as the completion of various exploratory drill programs, which were ongoing in the prior year comparable period, and a focus towards the completion of studies and the permitting process in the current period.

Cash used in investing activities was $3,005,302 compared to $nil in the prior year comparable period mainly due to the purchase of a short-term guaranteed investment certificate ("GIC") in Q1 2025.

Cash provided by financing activities was $nil compared to $3,325,096 in the prior year comparable period due to the exercise of 5,018,900 stock options.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**RESULTS OF OPERATIONS** 

A summary of the Company's results of operations is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **QTD 2025** | QTD 2024 | **YTD 2025** | YTD 2024 |
|  | **$** | $ | **$** | $ |
|  **Operating expenses** |  |  |  |  |
|  Depreciation |  |  |  |  |
|  Exploration and evaluation |  |  |  |  |
|  General and administrative |  |  |  |  |
|  Share-based payments |  |  |  |  |
|  **Other income (expenses)** |  |  |  |  |
|  Amortization of flow-through premium liability |  |  |  |  |
|  Foreign exchange gain (loss) |  |  |  |  |
|  Interest income |  |  |  |  |
|  **Loss for the period))** |  |  |  |  |

---

**Q2 2025 compared to Q2 2024** 

Loss for the period decreased to $2,113,058 compared to $5,711,375 in the prior year comparable period. The primary drivers of this decrease were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation decreased to $1,363,012 from $2,002,166 in the prior year comparable period due to
the completion of various exploratory drill programs, which were ongoing in the prior year comparable period, and a focus towards the completion of studies and the permitting process in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative decreased to $604,914 from $3,776,436 in the prior year comparable period mainly
due to a payment to the former CEO as well as legal fees related to the Shareholder Proxy Contest in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments decreased to $189,251 from $236,871 in the prior year comparable period mainly due to the
immediate vesting of options granted to an officer of the Company in the prior period.

Partially offsetting the decrease in loss for the period were decreases to other income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of flow-through premium liability was $241,052 in the prior year comparable period due to
flow-through eligible expenditures spent in the prior year comparable period. There were no flow-through eligible expenditures in the current period due to the flow-through premium becoming fully amortized in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income decreased to $51,493 from $80,215 in the prior year comparable period primarily due to lower
interest rates compared to the primary period.

**YTD 2025 compared to YTD 2024** 

Loss for the period decreased to $3,928,691 compared to $9,021,188 in the prior year comparable period. The primary drivers of this decrease were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation decreased to $2,563,234 from $5,688,551 in the prior year comparable period due to
the completion of various exploratory drill programs, which were ongoing in the prior period, and a focus towards the completion of studies and the permitting process in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative decreased to $1,026,346 from $4,377,777 in the prior year comparable period mainly
due to a payment to the former CEO as well as legal fees related to the Shareholder Proxy Contest in the prior period.

Partially offsetting the decrease in loss for the period were decreases to other income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of flow-through premium liability was $1,279,110 in the prior year comparable period due to
flow-through eligible expenditures spent in the prior year comparable period. There were no flow-through eligible expenditures in the current period due to the flow-through premium becoming fully amortized in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income decreased to $100,892 from $218,741 in the prior year comparable period primarily due to
decreases in both average cash balances and interest rates compared to the prior period.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**SHARE CAPITAL HIGHLIGHTS** 

The number of shares issued and fully paid as at June 30, 2025 is 109,283,007 (December 31, 2024 - 109,283,007).

During the six months ended June 30, 2025, the Company had no share capital transactions.

During the year ended December 31, 2024, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued 5,630,900 common shares pursuant to the exercise of stock options with a weighted average
exercise price of $0.71 generating gross proceeds of $3,991,676.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company completed a private placement consisting of the issue of 3,340,000
common shares at a price of $1.80 per share for total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

**LIQUIDITY AND CAPITAL RESOURCES** 

The Company has financed its operations primarily through the issuance of common shares. The Company continues to seek capital through various means including the issuance of equity and debt. The Company's Financial Statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

As at June 30, 2025, the Company has an accumulated deficit of $64,455,158 (December 31, 2024 - $60,526,467), a cash and cash equivalents and short-term investment balance of $5,913,937 (December 31, 2024 - $9,534,129), and accounts payable and accrued liabilities balance of $694,637 (December 31, 2024 - $749,934).

As at June 30, 2025, the Company had working capital of $5,704,834 (December 31, 2024 - $9,190,221). In addition to the Company's accumulated deficit, the Company has not generated revenues from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties.

**RELATED PARTY TRANSACTIONS** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the Chief Executive Officer and Chief Financial Officer, their close family members, HC Alternative I, Ltd ("HC Alternative"), a company partially owned by a director, Heeney Capital Corp ("Heeney Capital"), a company partially owned by a director, and Invictus Accounting Group LLP ("Invictus Accounting"), a company in which the Company's CFO is a partner.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's transactions with key management personnel is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **QTD 2025** | QTD 2024 | **YTD 2025** | YTD 2024 |
|  | **$** | $ | **$** | $ |
|  Directors' fees | **12820** | 39991 | **25640** | 95897 |
|  Exploration personnel and program support <sup>(1)</sup> | **188139** |  | **291231** |  |
|  Management fees | **191008** | 1677983 | **339074** | 1926710 |
|  Share-based payments | **186746** | 108951 | **417583** | 108951 |
|  | **578713** | 1826925 | **1073528** | 2131558 |

---

(1) Amounts relating to the compensation of the Vice President of Technical Services, the COO and the former Vice
President of Exploration included in exploration and evaluation expenses.

A summary of the amounts due to related parties as at June 30, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Payable to Heeney Capital | **130000** | 130000 |
|  Payable to Invictus Accounting | **29059** | 17779 |
|  Payable to key management personnel | **18762** | 5000 |
|  Payable to other related party | **373** | 246 |
|  | **178194** | 153024 |

---

As at June 30, 2025, other receivables include $130,000 (December 31, 2024 - $130,000) for consulting services rendered to HC Alternative.

**FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, short-term investment, other receivables (excluding sales tax recoverable), deposits and accounts payable and accrued liabilities, which are classified as and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents, short-term investment and deposits. The Company minimizes its credit risk related to cash and cash equivalents and short-term investment by placing these financial instruments with major financial institutions. The Company considers the credit risk related to cash and cash equivalents, short-term investment and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of interest risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has no significant financial instruments with variable interest rates and has assessed interest rate risk as minimal.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash and cash equivalents are held in business accounts and are available on demand for the Company's programs. As at June 30, 2025, the Company had a cash and cash equivalents and short-term investment balance of $5,913,937 (December 31, 2024 - $9,534,129) to settle current liabilities of $694,637 (December 31, 2024 - $749,934) and has assessed the liquidity risk as minimal.

**Foreign currency risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar on its cash and accounts payable balances.

A summary of the Company's financial instruments held in USD, expressed in Canadian dollars is as follows:

---

| | |
|:---|:---|
|  | December 31,<br>2024 |
|  | $ |
|  Cash and cash equivalents | 78627 |
|  Accounts payable and accrued liabilities | 34664 |
|  | 43963 |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $4,234 (December 31, 2024 - $4,396). The Company has assessed foreign currency risk as minimal.

**OUTSTANDING SHARE DATA** 

A summary of the Company's issued and outstanding securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2025** | **June 30,**<br>**2025** | MD&A<br>Date | MD&A<br>Date |
|  Common shares |  | 109283007 |  | 109283007 |
|  Stock options |  | 1995000 |  | 1995000 |

---

**CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders' equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the six months ended June 30, 2025.

**PROPOSED TRANSACTIONS** 

As at June 30, 2025 and the MD&A Date, the Company has no proposed transactions.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and six months ended June 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**OFF-BALANCE SHEET ARRANGEMENTS** 

As at June 30, 2025 and the MD&A Date, the Company has no off-balance sheet arrangements.

**SIGNIFICANT ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgements in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgements and estimates are pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

All significant accounting judgements and sources of estimation uncertainty are fully disclosed in the Annual Financial Statements.

**RISKS AND UNCERTAINTIES** 

For a detailed listing of the risks and uncertainties faced by the Company, please refer to the Company's MD&A for the years ended December 31, 2024 and 2023.

**ADDITIONAL INFORMATION** 

Additional information about the Company is available on the Company's website at <u>https://mayfairgold.ca/</u> and SEDAR+ at <u>http://www.sedarplus.ca</u>.

## Exhibit 99.8

**Exhibit 99.8** 

**MAYFAIR GOLD CORP.** 

**Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Financial Position** 

(Unaudited - Expressed in Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **September 30,**<br>**2025** | December 31,<br>2024 |
|  | | **$** | $ |
|  **ASSETS** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of prepaid expenses and deposits | 7 |  |  |
|  Prepaid expenses and deposits | 7 |  |  |
|  Property, plant and equipment | 8 |  |  |
|  Mineral properties | 9 |  |  |
|  **Total assets** |  |  |  |
|  **LIABILITIES** |  |  |  |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 13 |  |  |
|  **Total liabilities** |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  Share capital | 11 |  |  |
|  Share-based payments reserve | 11 |  |  |
|  Deficit<br>**)** |  |  |  |
|  **Total shareholders' equity** |  |  |  |
|  **Total liabilities and shareholders' equity** |  |  |  |

---

Nature of operations (Note 1)

Approved and authorized for issue on behalf of the Board of Directors:

---

| | |
|:---|:---|
| */s/ Sean Pi* | */s/ Carson Block* |
| Director | Director |

---

*The accompanying notes are an integral part of these condensed interim financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Loss and Comprehensive Loss** 

(Unaudited - Expressed in Canadian dollars, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
|  |<br>Note | **2025** | 2024 | **2025** | 2024 |
|  | | **$** | $ | **$** | $ |
|  **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation | 913 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 1213 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments | 1113 |  |  |  |  |
|  **Other income (expenses)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability | 10 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 56 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  |  |  |  |
|  **Loss and comprehensive loss))** |  |  |  |  |  |
|  **Loss per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted<br>**))** |  |  |  |  |  |
|  **Weighted average number of common shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted |  |  |  |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Condensed Interim Statements of Cash Flows** 

(Unaudited - Expressed in Canadian dollars)

---

| | | |
|:---|:---|:---|
|  | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
|  | **2025** | 2024 |
|  | **$** | $ |
|  **Operating activities** |  |  |
|  Loss for the period<br>**)** |  |  |
|  Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of flow-through premium liability) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange (gain) loss<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income<br>**)** |  |  |
|  Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and deposits<br>**)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities) |  |  |
|  **Cash used in operating activities)** |  |  |
|  **Investing activities** |  |  |
|  Purchase of short-term investment<br>**)** |  |  |
|  Maturity of short-term investment |  |  |
|  Purchases of property, plant and equipment<br>**)** |  |  |
|  **Cash provided by investing activities** |  |  |
|  **Financing activities** |  |  |
|  Proceeds from issuance of common shares, net of issuance costs |  |  |
|  Proceeds from exercise of options |  |  |
|  **Cash provided by financing activities** |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents) |  |  |
|  Change in cash and cash equivalents) |  |  |
|  Cash and cash equivalents, beginning of period |  |  |
|  **Cash and cash equivalents, end of period** |  |  |
|  **Supplemental cash flow information:** |  |  |
|  Interest paid in cash |  |  |
|  Cash interest income received |  |  |
|  Income taxes paid in cash |  |  |
|  Finders' warrants issued |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.* 

------

**MAYFAIR GOLD CORP** 

**Condensed Interim Statements of Changes in Shareholders' Equity** 

(Unaudited - Expressed in Canadian dollars, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br>shares** | **Share**<br>**capital** | **Share-based<br>payments<br>reserve** | **Deficit** | **Total**<br>**shareholders'<br>equity** |
|  | **#** | **$** | **$** | **$** | **$** |
|  Balance, December 31, 2023 | 100312107) |  |  |  |  |
|  Issuance of common shares - exercise of options | 5503900 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  Balance, September 30, 2024 | 105816007) |  |  |  |  |
|  Issuance of common shares - private placements | 3340000 |  |  |  |  |
|  Share issue costs | —) |  |  |  |  |
|  Issuance of common shares - exercise of options | 127000 |  |  |  |  |
|  Fair value of share options exercised from share-based payments reserve | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  Balance, December 31, 2024 | 109283007) |  |  |  |  |
|  Issuance of common shares - private placement | 24244000 |  |  |  |  |
|  Share issue costs | —) |  |  |  |  |
|  Share-based payments |  |  |  |  |  |
|  Loss and comprehensive loss for the period | —) |  |  |  |  |
|  **Balance, September 30, 2025** | **133527007)** |  |  |  |  |

---

*The accompanying notes are an integral part of these condensed interim financial statements.* 

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**1.** **NATURE OF OPERATIONS** 

Mayfair Gold Corp. (the "Company") was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company's registered office is located at Suite 700 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is listed for trading on the TSX Venture Exchange under the symbol "MFG.V," on the OTCQX under the symbol "MFGCF" and on the Frankfurt Stock Exchange under the symbol "9M5". The Company is engaged in the operation, acquisition, exploration and development of mineral properties.

The Company's unaudited condensed interim financial statements for the three and nine months ended September 30, 2025 and 2024 (the "financial statements") have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least the next twelve months and discharge its liabilities as they come due. The Company has not generated revenue from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties.

**2.** **BASIS OF PREPARATION** 

**Statement of compliance** 

These financial statements were approved by the Board of Directors and authorized for issue on November 14, 2025.

These financial statements have been prepared in accordance with IFRS<sup>®</sup> Accounting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee applicable to the preparation of interim financial statements including International Accounting Standard 34 *Interim Financial Reporting*. These financial statements do not include all disclosures required for annual audited financial statements. Accordingly, they should be read in conjunction with the notes to the Company's audited financial statements for the years ended December 31, 2024 and 2023 (the "Annual Financial Statements").

**Basis of presentation** 

The financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS Accounting Standards, as well as information presented in the statements of cash flows. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

**Functional and presentation currency** 

The financial statements are presented in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. The functional currency is the currency of the primary economic environment in which an entity operates. References to "US$" or "USD" are to United States dollars.

**Reclassification of prior period presentation** 

Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. A summary of the Company's reclassifications for the financial statements is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the three and nine months ended September 30, 2024, $46,125 and $61,500, respectively was
reclassified from professional fees to management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the six months ended June 30, 2025, $36,741 was reclassified from general and administrative to
exploration and evaluation.

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

The same accounting policies and methods of computation are followed in these financial statements as compared with the Annual Financial Statements.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**4.** **SIGNIFICANT JUDGMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgments in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgments and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgments and estimates is pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgments and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

In preparing these financial statements, the Company applied the same significant judgments in applying its accounting policies and is exposed to the same sources of estimation uncertainty as disclosed in its Annual Financial Statements.

**5.** **CASH AND CASH EQUIVALENTS** 

Cash is comprised of cash deposits held in reputable financial institutions and cash equivalents consist of redeemable guaranteed investment certificates ("GICs").

A summary of the Company's cash and cash equivalents is as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | December 31,<br>2024 |
|  | **$** | **$** |
|  Cash | **41717765** | 7408166 |
|  Cash equivalents <sup>(1)</sup> | **96916** | 2125963 |
|  | **41814681** | 9534129 |

---

(1) Cash equivalents consist of redeemable GICs with maturities of 1 to 7 months and interest rates between
2.45% and 2.95%.

During the three and nine months ended September 30, 2025, interest income from GICs and deposits in the Company's savings account totaled $46,991 and $114,756, respectively (2024 - $62,060 and $280,801, respectively).

**6.** **SHORT-TERM INVESTMENT** 

On February 13, 2025, the Company purchased a short-term investment which consisted of a non-redeemable six-month GIC with a value of $3,000,000 and an interest rate of 2.95%, which matured on August 12, 2025. The redemption resulted in interest income of $43,644, which was recognized in profit and loss.

During the three and nine months ended September 30, 2025, interest income from the short-term investment totaled $10,517 and $43,644, respectively (2024 - $nil and $nil, respectively).

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**7.** **PREPAID EXPENSES AND DEPOSITS** 

Prepaid expenses and deposits consist of insurance policy prepayments, listing fee prepayments and other expenses.

A summary of the Company's prepaid expenses and deposits is as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | December 31,<br>2024 |
|  | **$** | $ |
|  Prepaid expenses | **444298** | 351572 |
|  Deposits with suppliers | **3124** | 3124 |
|  | **447422** | 354696 |
|  Current portion | **305345** | 202326 |
|  Non-current portion | **142077** | 152370 |

---

The Company's non-current portion of prepaid expenses consists of a directors and officers insurance policy lasting through June 5, 2030.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**8.** **PROPERTY, PLANT AND EQUIPMENT** 

A summary of the Company's property, plant and equipment is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Computers** | **Furniture and<br>fixtures** | **Building<br>exploration<br>office** | **Land<br>exploration<br>office** | **Machinery<br>and<br>equipment** | **Vehicles** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
|  **Cost** |  |  |  |  |  |  |  |
|  Balance, December 31, 2023 | 67782 | 13210 | 358420 | 69000 | 56288 | 130050 | 694750 |
|  Additions | 221 |  |  |  |  |  | 221 |
|  Balance, December 31, 2024 | 68003 | 13210 | 358420 | 69000 | 56288 | 130050 | 694971 |
|  Additions | 5302 |  |  |  |  |  | 5302 |
|  **Balance, September 30, 2025** | **73305** | **13210** | **358420** | **69000** | **56288** | **130050** | **700273** |
|  **Accumulated depreciation** |  |  |  |  |  |  |  |
|  Balance, December 31, 2023 | 67782 | 7245 | 36771 |  | 25551 | 99783 | 237132 |
|  Depreciation | 13 | 2642 | 14337 |  | 11258 | 30267 | 58517 |
|  Balance, December 31, 2024 | 67795 | 9887 | 51108 |  | 36809 | 130050 | 295649 |
|  Depreciation | 1642 | 1982 | 10752 |  | 8443 |  | 22819 |
|  **Balance, September 30, 2025** | **69437** | **11869** | **61860** | **—** | **45252** | **130050** | **318468** |
|  **Carrying amount** |  |  |  |  |  |  |  |
|  Balance, December 31, 2024 | 208 | 3323 | 307312 | 69000 | 19479 |  | 399322 |
|  **Balance, September 30, 2025** | **3868** | **1341** | **296560** | **69000** | **11036** | **—** | **381805** |

---

Depreciation during the three and nine months ended September 30, 2025 was $7,750 and $22,819, respectively (2024 - $16,813 and $50,438, respectively).

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**9.** **MINERAL PROPERTIES** 

On June 8, 2020, the Company entered into a binding asset purchase agreement (the "Asset Purchase Agreement") with Lake Shore Gold Corp. ("Lake Shore"). Pursuant to the terms of the Asset Purchase Agreement, the Company agreed to acquire 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada (the "Fenn-Gib Property" collectively).

As consideration for the acquisition of the Fenn-Gib Property the Company agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Pay Lake Shore a cash payment of US$11,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Grant Lake Shore a 1.0% net smelter returns royalty derived from the future production of minerals from the Fenn-Gib Property.

On December 31, 2020, the transaction closed and $13,997,500 (US$11,000,000) was paid and recorded as mineral properties. The balance of mineral properties as at September 30, 2025 and December 31, 2024 was $13,997,500.

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Property is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $ | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs |  | 28594 | **81430** | 388614 |
|  Drilling |  | 15575 | **353988** | 2630723 |
|  Environmental assessment and pre-feasibility studies |  | 401609 | **2109433** | 540763 |
|  Exploration contractors |  | 4924 | **13322** | 442525 |
|  Exploration personnel and program support (Note 13) |  | 333457 | **882338** | 1333812 |
|  Laboratory analysis |  | 101546 | **—** | 592656 |
|  Other exploration and evaluation (recovery)<br>**)** |  | 49132 | **67324** | 296364 |
|  Permitting |  | 119556 | **641174** | 517487 |
|  |  | 1054393 | **4149009** | 6742944 |

---

**10.** **DEFERRED PREMIUM ON FLOW-THROUGH SHARES** 

Flow-through units are issued at a premium, which is calculated as the difference between the price of a flow-through unit and the price of a unit at the issuance date. Tax deductions generated by the eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced.

Funds raised through the issuance of flow-through units are required to be expended on qualifying Canadian mineral exploration expenditures, as defined pursuant to Canadian income tax legislation. The flow-through gross proceeds less the qualified expenditures made to date represent the funds received from flow-through share issuances that have not been spent and are held by the Company for such expenditures.

A summary of the Company's flow-through funding, expenditure requirements and corresponding impact on the flow-through premium liability is as follows:

---

| | | |
|:---|:---|:---|
|  | **Flow-through<br>funding and<br>expenditure<br>requirements** | **Flow-through<br>premium<br>liability** |
|  | **$** | **$** |
|  Balance, December 31, 2023 |  |  |
|  Flow-through expenditures incurred, renounced, and amortization of flow-through premium liability) |  |  |
|  **Balance, September 30, 2025 and December 31, 2024** |  |  |

---

During the three and nine months ended September 30, 2025, the Company recognized $nil and $nil, respectively (2024 - $nil and $1,279,110, respectively) as amortization of flow-through premium liability under other income in profit or loss.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**11.** **SHARE CAPITAL** 

**Authorized share capital** 

The Company is authorized to issue an unlimited number of common shares without par value.

**Issued share capital** 

The number of shares issued and fully paid as at September 30, 2025 is 133,527,007 (December 31, 2024 - 109,283,007).

During the nine months ended September 30, 2025, the Company had the following share capital transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 16, 2025, the Company closed a brokered private placement and issued 24,244,000 common
shares at a price of $1.65 per share for gross proceeds of $40,002,600. Share issuance costs of $2,605,419 were incurred in connection with the offering. Pursuant to this private placement, the Company issued 1,363,686 warrants to certain finders.
Each warrant entitles the holder to purchase one common share of the Company at a price of $1.65 per warrant and will expire on September 16, 2027. The Company attributed a fair value of $877,484 to the warrants which was determined using the
Black-Scholes option pricing model ("BSM").

During the year ended December 31, 2024, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued an aggregate of 5,630,900 common shares pursuant to the exercise of stock options with a
weighted average exercise price of $0.71 generating gross proceeds of $3,991,676. In connection with the exercises, the Company transferred $3,244,018 from share-based payments reserve to share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company closed a private placement consisting of the issue of 3,340,000 common
shares at a price of $1.80 per share for a total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

**Stock options** 

The Company has an omnibus equity incentive plan ("the Plan") under which non-transferable options, deferred share units, and restricted share units may be granted to directors, officers, employees or service providers of the Company. Under the plan, the maximum number of shares which may be reserved for issuance is 10% of the number of issued and outstanding common shares. The Board of Directors has the authority and discretion to grant stock options as identified in the Plan, which includes provisions limiting the issuance of options to qualified persons and employees of the Company to maximums identified in the Plan and the vesting terms.

During the nine months ended September 30, 2025, the Company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 28, 2025, the Company granted 175,000 options to an officer of the Company with each option
exercisable into common shares at an exercise price of $1.70 per share. The options are exercisable for a five-year term expiring on January 28, 2030. Of the stock options granted, 58,333 of the options vested immediately, 58,333 will vest on
January 28, 2026, and 58,334 will vest on January 28, 2027. The fair value of the options was determined to be $217,623 using the BSM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 13, 2025, the Company granted 350,000 options to an officer of the Company with each option
exercisable into common shares at an exercise price of $1.85 per share. The options are exercisable for a five-year term expiring on February 13, 2030. Of the stock options granted, 116,667 will vest on March 1, 2026, and the remaining
233,333 will vest on a monthly basis thereafter until March 1, 2028. The fair value of the options was determined to be $466,630 using the BSM.

During the year ended December 31, 2024, the Company had the following stock option transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 17, 2024, the Company granted 100,000 stock options to an officer of the Company with an
exercise price of $2.54. Of the stock options granted, 50% vested immediately and 50% will vest on April 17, 2025. The options are exercisable for a five-year term expiring on April 17, 2029. The fair value of the options was determined to
be $181,172 using the BSM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 20, 2024, the Company granted 100,000 stock options to two directors of the Company with an
exercise price of $1.90. The options are exercisable for a five-year term expiring on June 20, 2029. Of the stock options granted, 33,332 will vest on June 20, 2025, 33,334 will vest on June 20, 2026 and 33,334 will vest on
June 20, 2027. The fair value of the options was determined to be $144,455 using the BSM.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**11. SHARE CAPITAL (continued)** 

• On October 28, 2024, the Company granted 300,000 stock options to an officer of the Company with an
exercise price of $2.03. Of the stock options granted, 100,000 vested immediately and 100,000 each will vest on October 28, 2025 and October 28, 2026. The options are exercisable for a five-year term expiring on October 27, 2029. The
fair value of the options was determined to be $458,165 using the BSM.

A summary of the Company's stock option activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Stock options<br>outstanding** | **Weighted<br>average<br>exercise price** |
|  | **#** | **$** |
|  Balance, December 31, 2023 | 9748900 | 1.11 |
|  Granted | 500000 | 2.11 |
|  Exercised | (5630900) | 0.71 |
|  Expired | (2800000) | 1.69 |
|  Forfeited | (195000) | 2.14 |
|  Balance, December 31, 2024 | 1623000 | 1.67 |
|  Granted | 525000 | 1.80 |
|  Expired | (153000) | 1.76 |
|  **Balance, September 30, 2025** | **1995000** | **1.69** |

---

A summary of the Company's outstanding and exercisable stock options as at September 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expiry date** | **Number of**<br>**options<br>outstanding** | **Number of**<br>**options<br>exercisable** | **Weighted**<br>**average**<br>**exercise price** | **Weighted**<br>**average<br>remaining life** | **Weighted**<br>**average<br>remaining life** |
|  | # | # | $ | $Years | Years |
|  February 3, 2028 | 100000 | 100000 |  |  | 2.35 |
|  November 14, 2028 | 375000 | 375000 |  |  | 3.13 |
|  April 17, 2029 | 100000 | 100000 |  |  | 3.55 |
|  June 20, 2029 | 100000 | 33332 |  |  | 3.72 |
|  October 27, 2029 | 300000 | 100000 |  |  | 4.08 |
|  January 28, 2030 | 175000 | 58333 |  |  | 4.33 |
|  February 13, 2030 | 350000 |  |  |  | 4.38 |
|  December 31, 2030 | 210000 | 210000 |  |  | 5.25 |
|  January 6, 2032 | 100000 | 100000 |  |  | 6.27 |
|  December 6, 2032 | 185000 | 185000 |  |  | 7.19 |
|  | **1995000** | **1261665** |  |  | **4.36** |

---

A summary of the Company's weighted average inputs used in the BSM to calculate the fair value of the stock options granted during the nine months ended September 30, 2025 and the year ended December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  Share price | $**1.81** | $2.17 |
|  Exercise price | $**1.80** | $2.11 |
|  Risk-free interest rate | **2.83%** | 3.24% |
|  Expected life | **5.00** | 5.00 |
|  Expected volatility | **92.68%** | 91.71% |
|  Expected annual dividend yield | **0.00%** | 0.00% |

---

During the three and nine months ended September 30, 2025, the Company recognized share-based payments of $173,730 and $598,945, respectively (2024 - $116,774 and $531,181, respectively) from the vesting of stock options.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**11.** **SHARE CAPITAL (continued)** 

**Warrants** 

During the nine months ended September 30, 2025, the Company had the following warrant transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 16, 2025, the Company closed a brokered private placement (Note 11(b)) and issued 1,363,686
warrants with a fair value of $877,484 as share issuance costs. Each warrant entitles the holder to purchase one common share at a price of $1.65 per share until September 16, 2027.

A summary of the Company's warrant activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Warrants<br>outstanding** | **Weighted<br>average<br>exercise price** |
|  | **#** | **$** |
|  Balance, December 31, 2024 and 2023 |  |  |
|  Issued | 1363686 | 1.65 |
|  **Balance, September 30, 2025** | **1363686** | **1.65** |

---

A summary of the Company's outstanding warrants as at September 30, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date of expiry** | **Number of<br>warrants** | **Weighted<br>average<br>exercise price** | **Weighted<br>average<br>remaining life** | **Weighted<br>average<br>remaining life** |
|  | # | $ | $Years | Years |
|  September 16, 2027 | 1363686 |  |  | 1.96 |
|  | **1363686** |  |  | **1.96** |

---

A summary of the Company's weighted average inputs used in the BSM to calculate the fair value of the warrants granted during the nine months ended September 30, 2025 is as follows:

---

| | |
|:---|:---|
|  Share price | $**2.02** |
|  Exercise price | $**1.65** |
|  Expected life | **2.00 years** |
|  Risk-free interest rate | **2.46%** |
|  Expected volatility | **37.90%** |
|  Expected annual dividend yield | **0.00%** |

---

**12.** **GENERAL AND ADMINISTRATIVE** 

A summary of the Company's general and administrative expenses is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $ | **$** | $ |
|  Directors' fees (Note 13) | **12819** | 14285 | **38459** | 110182 |
|  Management fees (Note 13) | **163720** | 36503 | **506053** | 1978586 |
|  Marketing and public relations | **61533** | 22796 | **202135** | 230282 |
|  Other general and administrative | **113024** | 106846 | **251732** | 365327 |
|  Professional fees | **162716** | 75161 | **444329** | 1854322 |
|  Transfer agent and regulatory fees | **80249** | 40553 | **140958** | 135222 |
|  | **594061** | 296144 | **1583666** | 4673921 |

---

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**13.** **RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the Chief Executive Officer, Chief Operating Officer (the "COO"), Chief Financial Officer ("CFO") and Vice President of Exploration and their companies and close family members.

A summary of the Company's related party transactions and key management compensation is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $ | **$** | $ |
|  Directors' fees | **12819** | 14285 | **38459** | 110182 |
|  Exploration personnel and program support <sup>(1)</sup>  | **208013** |  | **499244** |  |
|  Management fees | **163720** | 36503 | **506053** | 1978586 |
|  Share-based payments | **173730** | 47502 | **591313** | 156453 |
|  | **558282** | 98290 | **1635069** | 2245221 |

---

(1) Amounts relating to the compensation of the Vice President of Technical Services and the COO included in
exploration and evaluation expenses.

A summary of the amounts due to related parties in accounts payable and accrued liabilities as at September 30, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Payable to a company partially owned by a director | **—** | 130000 |
|  Payable to a company partially owned by the CFO | **60221** | 17778 |
|  Payable to key management personnel | **70890** | 5000 |
|  Payable to other related party | **84** | 246 |
|  | **131195** | 153024 |

---

As at September 30, 2025, other receivables include $nil (December 31, 2024 - $130,000) for consulting services rendered to a company partially controlled by a director.

**14.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, other receivables (excluding sales tax recoverable), deposits and accounts payable and accrued liabilities, which are classified as and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

------

**MAYFAIR GOLD CORP.** 

**Notes to the Condensed Interim Financial Statements** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Unaudited - Expressed in Canadian dollars)

**14.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)** 

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents and deposits. The Company minimizes its credit risk related to cash and cash equivalents by placing these financial instruments with major financial institutions. The Company considers the credit risk related to cash and cash equivalents and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of interest risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has no significant financial instruments with variable interest rates and has assessed interest rate risk as minimal.

**Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash and cash equivalents are held in business accounts and are available on demand for the Company's programs. As at September 30, 2025, the Company had a cash and cash equivalents balance of $41,814,681 (December 31, 2024 - $9,534,129) to settle current liabilities of $1,182,371 (December 31, 2024 - $749,934) and has assessed the liquidity risk as minimal.

**Foreign exchange risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar on its cash and accounts payable balances.

A summary of the Company's financial instruments held in USD, expressed in Canadian dollars is as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | December 31,<br>2024 |
|  | **$** | $ |
|  Cash and cash equivalents | **1019776** | 78627 |
|  Accounts payable and accrued liabilities | **5040** | 34664 |
|  | **1014736** | 43963 |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $101,474 (December 31, 2024 - $4,396). The Company has assessed the foreign exchange risk as minimal.

**15.** **CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders' equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the nine months ended September 30, 2025.

## Exhibit 99.9

**Exhibit 99.9** 

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars)

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

This Management's Discussion and Analysis ("MD&A") supplements, but does not form part of, the condensed interim financial statements of Mayfair Gold Corp. (the "Company") as well as the notes thereto for the three and nine months ended September 30, 2025 and 2024 (collectively referred to hereafter as the "Financial Statements"). The Financial Statements are prepared in accordance with IFRS<sup>®</sup> Accounting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee, including International Accounting Standards 34 *Interim Financial Reporting*.

The following MD&A of the financial condition and results of operations of the Company has been prepared by management and should be read in conjunction with the Financial Statements of the Company. In addition, the MD&A should be read in conjunction with the audited financial statements for the years ended December 31, 2024 and 2023 (the "Annual Financial Statements"), as some disclosures from the Annual Financial Statements have been condensed or omitted. In this MD&A, unless the context otherwise dictates, a reference to "us", "we", "our", or similar terms refers to the Company. Additional information relating to the Company is available on the Company's website at <u>https://mayfairgold.ca/</u> and on SEDAR+ at <u>www.sedarplus.ca</u> under Mayfair Gold Corp.

This MD&A is current as of November 14, 2025 (the "MD&A Date") and was approved and authorized by the Company's Board of Directors.

The first, second, third, and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3" and "Q4", respectively. The nine months ended September 30, 2025 and 2024 are referred to as "YTD 2025" and "YTD 2024", respectively. All amounts are presented in Canadian dollars, the Company's presentation and functional currency, unless otherwise stated. References to US$ are to United States dollars.

Management is responsible for the preparation and integrity of the Company's Financial Statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is responsible for ensuring that information disclosed externally, including the information contained within the Company's Financial Statements and MD&A, is complete and reliable. Technical information included in this MD&A regarding the Company's mineral property has been reviewed by Tim Maunula, P. Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Properties ("NI 43-101").

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION** 

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "intend", or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business plan and investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business strategies and objectives.

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxes and capital, operating, general and administrative as well as other costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain the required capital to finance its investment strategy and meet its
commitments and financial obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company to obtain services and personnel in a timely manner and at an acceptable cost to
carry out activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timely receipt of required regulatory approvals

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as there can be no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially than anticipated and described in the forward-looking information.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

The material risks and uncertainties include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet current and future commitments and obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty of estimates and projections relating to future costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, or in the interpretation of, laws, regulations or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to obtain required regulatory approvals in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of existing and potential lawsuits, regulatory actions, audits and assessments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties described elsewhere in this document.

The foregoing list of risks and uncertainties is not exhaustive. For more information relating to risks and uncertainties, see the section titled "Risks and Uncertainties" herein. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

**DESCRIPTION OF BUSINESS** 

Mayfair Gold Corp. was incorporated pursuant to the Business Corporations Act of British Columbia on July 30, 2019. The Company's registered office is located at Suite 700 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The Company is listed for trading on the TSX Venture Exchange under the symbol "MFG.V," on the OTCQX under the symbol "MFGCF" and on the Frankfurt Stock Exchange under the symbol "9M5". The Company is engaged in the operation, acquisition, exploration and development of mineral properties. The Company acquired an undivided 100% interest in the Fenn-Gib Project on June 8, 2020.

The Fenn-Gib Project comprises 6 leases on mining lands, 18 patents on mining lands, 144 cell claims and 3 surface rights only patents located in the Guibord, Munro, Michaud and McCool Townships in northeast Ontario, Canada. The Company is focused on acquiring, exploring, and developing mineral deposits in Canada.

**SHAREHOLDER PROXY CONTEST** 

On March 19, 2024, Muddy Waters Capital LLC, on behalf of certain investment funds managed by it, with control and direction over aggregate shares approximating 16.77% of the Company, announced its intent to reconstitute the board of directors at the next annual general and special meeting of the Company (the "Shareholder Proxy Contest").

During the year ended December 31, 2024, as a result of the Shareholder Proxy Contest, the Company incurred $3.3 million in non-recurring costs. These costs include a $1.5 million cash payment to Patrick Evans, former CEO of the Company and $1.6 million in additional legal and related fees, of which $1.0 million was for the reimbursement of certain legal expenses incurred by other parties to the proxy contest, and $0.2 million in additional corporate insurance premiums. In December 2024, the Company filed a claim against Patrick Evans for reimbursement of the $1.5 million cash payment. The outcome of this lawsuit is not determinable as at the MD&A Date.

**FENN-GIB PROJECT OVERVIEW** 

The Fenn-Gib Project comprises two property packages, referred to as the Fenn-Gib North and South Blocks, which are separated by approximately three kilometers. The Fenn-Gib Deposit (see "Fenn-Gib Deposit" below) is located on the North Block along the regional Contact Fault, an east-west to south-east trending shear zone on the Pipestone Fault, which is interpreted to be a splay off the Porcupine-Destro Fault. The Fenn-Gib Deposit hosts significant concentrations of gold mineralization within two zones: (i) the Main Zone, and (ii) the Deformation Zone. These two zones overlap completely. A third zone of mineralization, known as the Footwall Zone, is located approximately 100 meters to the northwest of the Fenn-Gib Deposit. A fourth zone of mineralization, known as the Contact Zone, is located at depth below the current pit-constrained resource.

Sixteen claims encompass the current conceptual pit supported by the Fenn-Gib Deposit. The Company would be subject to a 1% Net Smelter Royalty (NSR) over the sixteen claims, with an additional 1.5% NSR over nine of the sixteen claims.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's exploration and evaluation expenses at the Fenn-Gib Project is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3 2025** | Q3 2024 | **YTD 2025** | YTD 2024 |
|  | **$** | $ | **$** | $ |
|  Camp maintenance, supplies, mobilization, general costs |  | 28594 | **81430** | 388614 |
|  Drilling |  | 15575 | **353988** | 2630723 |
|  Environmental assessment and pre-feasibility studies |  | 401609 | **2109433** | 540763 |
|  Exploration contractors |  | 4924 | **13322** | 442525 |
|  Exploration personnel and program support |  | 333457 | **882338** | 1333812 |
|  Laboratory analysis |  | 101546 | **—** | 592656 |
|  Other exploration and evaluation (recovery)<br>**)** |  | 49132 | **67324** | 296364 |
|  Permitting |  | 119556 | **641174** | 517487 |
|  |  | 1054393 | **4149009** | 6742944 |

---

**Deposit** 

On March 5, 2021, the Company filed a NI 43-101 Technical Report titled "Fenn-Gib Project, Ontario, Canada" dated February 5, 2021 (revised on February 19, 2021), which was prepared by JDS Energy and Mining Inc. The resource for the Fenn-Gib Deposit was based on an Indicated Mineral Resource and Inferred Mineral Resource Estimate undertaken by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., a qualified person as defined by NI 43-101 and independent of the Company. The Mineral Resource Estimate incorporated more than 420 drill holes totalling 134,546 meters. The Mineral Resource Estimate for Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2021 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,700 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 70203723 | 0.92 | 2077661 |
|  Open pit | Inferred | 3774865 | 0.62 | 74967 |

---

On October 18, 2022, the Company announced an updated Interim Mineral Resource Estimate for the Fenn-Gib Project, which was prepared by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd. The Mineral Resource Estimate, dated October 15, 2022, expanded upon the 2021 Resource Estimate, and incorporated approximately 67,000 meters of additional drill hole results through July 31, 2022. The Interim Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.35 g/t Au cut-off, as tabulated below:

**2022 Fenn-Gib Resource Estimate by Category Using 0.35 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,750 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 118074000 | 0.81 | 3062000 |
|  Open pit | Inferred | 13829000 | 0.7 | 311000 |
|  Underground | Inferred | 1002000 | 3.22 | 104000 |

---

On June 14, 2023, the Company announced an updated Mineral Resource Estimate for the Fenn-Gib Project, which expands upon the 2022 Resource Estimate and incorporates assay results from approximately 47,000 meters of additional drilling. On July 26, 2023, the Company filed a NI 43-101 Technical Report titled "Fenn-Gib Project, Ontario, Canada", which was prepared by Tim Maunula, P. Geo., of T. Maunula and Associates Consulting Inc. ("TMAC"), with an effective date of April 6, 2023.

Mr. Maunula is a qualified person as defined by NI 43-101 and independent of the Company. The updated Mineral Resource Estimate for the Fenn-Gib Deposit was reported at a base case above a 0.40 g/t Au cut-off, as tabulated below:

**2023 Fenn-Gib Resource Estimate by Category Using 0.40 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$1,765 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 113687000 | 0.93 | 3383000 |
|  Open pit | Inferred | 5724000 | 0.85 | 157000 |

---

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

On September 10, 2024, the Company announced an updated Mineral Resource Estimate for the Fenn-Gib Project at US$2,000 Gold. Prepared by Tim Maunula, P. Geo., of TMAC as tabulated below:

**2024 Fenn-Gib Resource Estimate Using 0.3 g/t Au Cut-Off)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$2,000 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 181302000 | 0.74 | 4313000 |
|  Open pit | Inferred | 8921000 | 0.49 | 141000 |

---

On October 14, 2025, the Company filed an NI 43-101 Technical Report titled, "Fenn-Gib Technical Report – Mineral Resource Estimate Update" dated October 10, 2025, which was prepared by Time Maunula, P. Geo qualified of T. Maunula and Associates Consulting Inc. The mineral resource was unchanged from the prior disclosure. The document included additional disclosure associated with mineral processing and metallurgical testing, which was authored by Mr. Steve Haggarty, P.Eng. Both Mr. Maunula and Mr. Haggarty are qualified persons as defined by NI 43-101 and independent of the Company.

**2025 Fenn-Gib Resource Estimate Using 0.3 g/t Au Cut-Off** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US$2,000 Gold**<br>**Style** | <br>**Class** | <br>**Tonnes** | <br>**Au (g/t)** | <br>**Au (ounces)** |
|  Open pit | Indicated | 181302000 | 0.74 | 4313000 |
|  Open pit | Inferred | 8921000 | 0.49 | 141000 |

---

All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions, as required under NI 43-101. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.

The mineral resources reported demonstrate a reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There are no known environmental, permitting, legal, marketing, and other relevant issues that would materially affect the reported mineral resources.

**Exploration Program** 

A 2021 exploration program focused on both infill and step-out drilling, which was intended to identify additional gold mineralization within the Fenn-Gib Deposit area. The Fenn-Gib Phase 1 drill program commenced on January 19, 2021, with one drill rig and ramped up to four drill rigs by mid-July 2021. The 2021 program completed the planned 50,000 meters of drilling by December 31, 2021.

Based on positive results from the Fenn-Gib 2021 Phase 1 drill program, a 30,000-meter Phase 2 drill program continued in 2022. In addition, a 10,000-meter Phase 1 regional exploration program commenced on the Fenn-Gib North and South Blocks. The Fenn-Gib Phase 2 program and Phase 1 regional exploration drill program, comprised of North Block (7,512 meters) and South Block (3,486 meters), were completed in the third quarter of 2022. Based upon assay results from the Fenn-Gib Phase 1 and 2 drill programs received by the end of July 2022, an updated interim resource estimate was completed and announced on October 18, 2022, as described above.

With mineralization at the Fenn-Gib Deposit area remaining open in most directions, a 30,000-meter Phase 3 drill program commenced in the second half of 2022 to continue delineating mineralization. A Phase 2 regional exploration program commenced on the Fenn-Gib North Block. The Fenn-Gib Phase 3 drill program was completed in January 2023. The Company commenced a 30,000-meter Fenn-Gib Phase 4 drill program in the first quarter of 2023, which was completed in the third quarter of 2023.

As drilling continued to identify new mineralization at the Fenn-Gib Deposit, the Company commenced a 20,000-meter Phase 5 drill program in the third quarter of 2023. Drilling for this campaign completed in the fourth quarter of 2023, which reinforced the need for additional drilling. The Company commenced a 26,500-meter Phase 6 drill program at the Fenn-Gib Project in the first quarter of 2024, which was completed in the second quarter of 2024. As of the MD&A Date, the Company has completed a total of 379 surface drill holes on the Fenn-Gib Project, representing 200,489 meters.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's drilling program for the Fenn-Gib Project is as follows:

---

| | | |
|:---|:---|:---|
|  | **Holes** | **Meters** |
|  **North Block Surface DDH Drilling** | # | m |
|  2021 Mayfair holes DDH | 90 | 54937 |
|  2022 Mayfair holes DDH | 118 | 61997 |
|  2023 Mayfair holes DDH | 89 | 54976 |
|  2023 Geotech holes DDH | 7 | 3230 |
|  2024 Mayfair holes DDH | 42 | 18230 |
|  | **346** | **193368** |
|  **South Block Surface DDH Drilling** |  |  |
|  2022 holes DDH | 18 | 3457 |
|  2024 holes DDH | 15 | 3664 |
|  | 33 | 7121 |
|  **Total Fenn-Gib Drilling** | **379** | **200489** |

---

**Metallurgical Test Program** 

Fenn-Gib has been the subject of multiple metallurgical testing campaigns since 2011. Test work has focused on gold recovery and has included gravity concentration, whole-ore cyanide leaching, flotation, flotation-cyanidation, flotation-pressure oxidation, rock hardness and material characterization studies.

In late 2024, metallurgical testing commenced with the intention of improving the understanding of the mineralization response to potential plant flow sheets with the testing of grind size, rougher flotation and concentrate mass pull, flotation concentrate regrind sizing and cyanidation response for various plant feed gold grades, sulphide concentration, mineralogical content, rock hardness, at various depths, and lithologies. This phase of metallurgical testing is complete. Refer to the news release dated May 27, 2025 "Mayfair Provides Update on 2025 Metallurgical Test Results Supporting the Fenn-Gib Pre-feasibility Study" and the Technical Report titled, "Fenn-Gib Technical Report – Mineral Resource Estimate Update" (document dated 10 October 2025 with an effective date of September 3, 2024).

In summary metallurgical testing of Fenn-Gib composite samples over a range in head grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S2-resulted in the development of a hybrid process approach, which is applicable to all associated deposit lithologies and rock types.

Treatment of Fenn-Gib mineralization considers a P80 106 µm flotation feed size with an approximate 23% mass pull to a rougher concentrate. Subsequent regrinding of the concentrate to P80 10 to 13 µm is followed by cyanidation yielding an estimated overall 89.6% Au extraction at a 1.5 g/t Au feed grade.

Direct cyanidation of Fenn-Gib mineralization was evaluated and established as not applicable due to losses in Au recovery with increased sulphide content at coarser material grind sizes, relative to secondary processing of a lower weight percentage reground flotation concentrate.

Metallurgical testwork and associated process criteria defined to date is representative and supports the associated Mineral Resource Estimate and is complete to support a Pre-Feasibility study. Future test work will focus on specific parameters required for process design and advanced engineering, along with additional variability test work to improve technical confidence and statistical accuracy of gold recovery estimates.

With this phase of metallurgical testing along with the past work, the Company has improved confidence in advancing the pre-feasibility study ("PFS") and have defined metallurgical performance for the 4,800 tonne per day plant targeting a feed grade of 1.2 g/t to 1.7 g/t gold for the first six years of production.

**Pre-Feasibility Study** 

During Q1 2024, the Company announced the commencement of a pre-feasibility study on the Fenn-Gib project. In connection with the study, the Company utilized the services of AGP Mining Consultants, Halyard Inc, Terracon Geotechnique and Environmental Applications Group as lead engineers and scientists to further the metallurgical, geotechnical, mining, hydrogeology, and environmental evaluations completed to date, to develop a clearly defined project description in support of a potential environmental assessment.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

In April 2025, the Company announced a revised program for its pre-feasibility study, noting that additional metallurgical test work will continue into the first half of 2025 and will be used to advance the engineering and inform the revised 4,800 t/d pre-feasibility study. The Company expects to complete the pre-feasibility study in Q4 2025.

As of May 2025, the Company announced that all major engineering consultant firms had commenced work on the PFS. Ausenco Engineering Canada ULC will lead the PFS, with a primary focus on process plant design and metallurgical testing. AGP Mining Consultants Inc. will advance mine planning and the mineral reserve estimate; Knight Piésold Ltd., based in North Bay, will progress tailings storage facilities and water management designs; Additional scope will be advanced by TBT Engineering for the planned highway 101 diversion and TWD Engineering for the site power supply work.

**SUMMARY OF QUARTERLY RESULTS** 

A summary of the Company's quarterly results is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3 2025** | Q2 2025 | Q1 2025 | Q4 2024 |
|  | **$** | $ | $ | $ |
|  Operating expenses<br>**)** |  |  |  |  |
|  Loss for the period<br>**)** |  |  |  |  |
|  Loss per share - basic and diluted<br>**)** |  |  |  |  |
|  Total assets |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|  | $ | $ | $ | $ |
|  Operating expenses) |  |  |  |  |
|  Loss for the period) |  |  |  |  |
|  Loss per share - basic and diluted) |  |  |  |  |
|  Total assets |  |  |  |  |

---

During the last eight quarters, the Company's loss ranged between $1,434,837 and $5,711,375. Loss during the quarters mainly comprised exploration and evaluation expenses as well as consulting fees, legal and professional fees, management fees and office expenses to support the exploration activities for the Fenn-Gib Project and to maintain the public listing of the Company. During Q2 2024, the net loss was higher compared to other quarters due to $3.3 million in non-recurring costs related to the Shareholder Proxy Contest. During Q3 2024 through Q3 2025, net loss was lower compared to other quarters mainly due to the completion of various exploratory drill programs, which were ongoing in the prior year comparable periods, and a focus towards the completion of studies, the permitting process and engineering work for mine infrastructure, waste management, and electrical infrastructure in the current period.

**SOURCES AND USES OF CASH** 

A summary of the Company's sources and uses of cash is as follows

---

| | | |
|:---|:---|:---|
|  | **YTD 2025** | YTD 2024 |
|  | **$** | $ |
|  Net cash used in operating activities<br>**)** |  |  |
|  Net cash provided by investing activities |  |  |
|  Net cash provided by financing activities |  |  |
|  Effect of exchange rate on changes in cash and cash equivalents) |  |  |
|  Change in cash and cash equivalents) |  |  |
|  Cash and cash equivalents, beginning of period |  |  |
|  Cash and cash equivalents, end of period |  |  |

---

Cash used in operating activities was $5,172,703 compared to $11,914,053 in the prior year comparable period. Cash used in the nine months ended September 30, 2024 was significantly higher due to additional management fees and professional fees incurred as a result of the Shareholder Proxy Contest as well as the completion of various exploratory drill programs. Current period cash use is comprised primarily of costs related to the completion of studies and permitting.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

Cash provided by investing activities was $38,342 compared to $nil in the prior year comparable period mainly due to the maturity of a short-term guaranteed investment certificate in the current period. Interest received was offset by the purchase of $5,302 for computer equipment.

Cash provided by financing activities was $37,397,181 compared to $3,827,846 in the prior year comparable period. Cash provided by financing activities in the current period resulted from a private placement for net proceeds of $37,397,181 and from proceeds from option exercises of $3,827,846 in the prior year comparable period. The funds from the current period private placement will be used for metallurgical and detailed engineering at the Fenn-Gib Project, and for working capital and general corporate purposes.

**RESULTS OF OPERATIONS** 

A summary of the Company's results of operations is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3 2025** | Q3 2024 | **YTD 2025** | YTD 2024 |
|  | **$** | $ | **$** | $ |
|  **Operating expenses** |  |  |  |  |
|  Depreciation |  |  |  |  |
|  Exploration and evaluation |  |  |  |  |
|  General and administrative |  |  |  |  |
|  Share-based payments |  |  |  |  |
|  **Other income (expenses)** |  |  |  |  |
|  Amortization of flow-through premium liability |  |  |  |  |
|  Foreign exchange gain (loss) |  |  |  |  |
|  Interest income |  |  |  |  |
|  Other income |  |  |  |  |
|  **Loss for the period))** |  |  |  |  |

---

**Q3 2025 compared to Q3 2024** 

Loss for the period increased to $2,241,177 compared to $1,434,837 in the prior year comparable period. The primary drivers of this increase were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation expenses increased to $1,549,034 from $1,054,393 in the prior year comparable
period due an increase in environmental assessment, pre-feasibility metallurgical studies and engineering work performed for electrical, and pipeline infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expenses increased to $594,061 from $296,144 in the prior year comparable period
mainly due to the reduction of senior management, including the Company's Chief Executive Officer ("CEO"), lowering management fees paid to directors, officers, and related entities in the prior year comparable period. In Q1 2025,
the Company's new CEO and Chief Operating Officer ("COO") were appointed and regular executive compensation resumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments increased to $173,730 from $116,774 in the prior year comparable period mainly due to the
vesting of 175,000 options granted to the Company's CEO and 350,000 options granted to the Company's COO in Q1 2025.

**YTD 2025 compared to YTD 2024** 

Loss for the period decreased to $6,169,868 compared to $10,456,025 in the prior year comparable period. The primary drivers of this decrease were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation expenses decreased to $4,149,009 from $6,742,944 in the prior year comparable
period due to the completion of various exploratory drill programs, which were ongoing in the prior period, and a focus towards the completion of studies and the permitting process in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expenses decreased to $1,583,666 from $4,673,921 in the prior year comparable
period mainly due to a payment to the former CEO as well as legal fees related to the Shareholder Proxy Contest in the prior period.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

Partially offsetting the decrease in loss for the period were decreases to other income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of flow-through premium liability was $1,279,110 in the prior year comparable period due to
flow-through eligible expenditures spent in the prior period. There were no flow-through eligible expenditures in the current period due to the flow-through premium becoming fully amortized in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income decreased to $158,400 from $280,801 in the prior year comparable period primarily due to
decreases in both average cash balances and interest rates compared to the prior period.

**SHARE CAPITAL HIGHLIGHTS** 

The number of shares issued and fully paid as at September 30, 2025 is 133,527,007 (December 31, 2024 - 109,283,007).

During the nine months ended September 30, 2025, the Company had the following share capital transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 16, 2025, the Company closed a brokered private placement and issued 24,244,000 common
shares at a price of $1.65 per share for gross proceeds of $40,002,600. Share issuance costs of $2,605,419 were incurred in connection with the offering. Pursuant to this private placement, the Company issued 1,363,686 warrants to certain finders.
Each warrant entitles the holder to purchase one common share of the Company at a price of $1.65 per warrant and will expire on September 16, 2027. The Company attributed a fair value of $877,484 to the warrants which was determined using the
Black-Scholes option pricing model.

During the year ended December 31, 2024, the Company had the following share capital transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company issued an aggregate of 5,630,900 common shares pursuant to the exercise of stock options with a
weighted average exercise price of $0.71 generating gross proceeds of $3,991,676.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company closed a private placement consisting of the issue of 3,340,000 common
shares at a price of $1.80 per share for total consideration of $6,012,000. Share issuance costs of $135,539 were incurred in connection with the offering.

**LIQUIDITY AND CAPITAL RESOURCES** 

The Company has financed its operations primarily through the issuance of common shares. The Company continues to seek capital through various means including the issuance of equity and debt. The Company's Financial Statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

As at September 30, 2025, the Company has an accumulated deficit of $66,696,335 (December 31, 2024 - $60,526,467), a cash and cash equivalents balance of $41,814,681 (December 31, 2024 - $9,534,129), and accounts payable and accrued liabilities balance of $1,182,371 (December 31, 2024 - $749,934).

As at September 30, 2025, the Company had working capital of $41,044,289 (December 31, 2024 - $9,190,221). In addition to the Company's accumulated deficit, the Company has not generated revenues from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties.

**RELATED PARTY TRANSACTIONS** 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company's related parties include directors, key management personnel of the Company, including the CEO, COO, Chief Financial Officer ("CFO"), Vice President of Exploration, their close family members, HC Alternative I, Ltd ("HC Alternative"), a company partially owned by a director, Heeney Capital Corp ("Heeney Capital"), a company partially owned by a director, and Invictus Accounting Group LLP ("Invictus Accounting"), a company in which the Company's CFO is a partner.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

A summary of the Company's transactions with key management personnel is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3 2025** | Q3 2024 | **YTD 2025** | YTD 2024 |
|  | **$** | $ | **$** | $ |
|  Directors' fees | **12819** | 14285 | **38459** | 110182 |
|  Exploration personnel and program support <sup>(1)</sup> | **208013** |  | **499244** |  |
|  Management fees | **163720** | 36503 | **506053** | 1978586 |
|  Share-based payments | **173730** | 47502 | **591313** | 156453 |
|  | **558282** | 98290 | **1635069** | 2245221 |

---

(1) Amounts relating to the compensation of the Vice President of Technical Services and the COO included in
exploration and evaluation expenses.

A summary of the amounts due to related parties as at September 30, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
|  Payable to Heeney Capital | **—** | 130000 |
|  Payable to Invictus Accounting | **60221** | 17778 |
|  Payable to key management personnel | **70890** | 5000 |
|  Payable to other related party | **84** | 246 |
|  | **131195** | 153024 |

---

As at September 30, 2025, other receivables include $nil (December 31, 2024 - $130,000) for consulting services rendered to HC Alternative.

**FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and

• Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments consist of cash and cash equivalents, other receivables (excluding sales tax recoverable), deposits and accounts payable and accrued liabilities, which are classified as and measured at amortized cost. The carrying values approximate the fair value of these financial instruments due to their short-term nature.

The Company is exposed to certain financial risks by its financial instruments. The risk exposures and their impact on the Company's financial statements are summarized below.

**Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash and cash equivalents and deposits. The Company minimizes its credit risk related to cash and cash equivalents by placing these financial instruments with major financial institutions. The Company considers the credit risk related to cash and cash equivalents and deposits to be minimal.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The objective of interest risk management is to manage and control market risk exposures within acceptable parameters while optimizing returns. The Company has no significant financial instruments with variable interest rates and has assessed interest rate risk as minimal.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations when they become due. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company endeavors to ensure that sufficient funds are raised from equity offerings to meet its operating requirements, after taking into account existing cash and expected exercise of stock options and share purchase warrants. The Company's cash and cash equivalents are held in business accounts and are available on demand for the Company's programs. As at September 30, 2025, the Company had a cash and cash equivalents balance of $41,814,681 (December 31, 2024 - $9,534,129) to settle current liabilities of $1,182,371 (December 31, 2024 - $749,934) and has assessed the liquidity risk as minimal.

**Foreign currency risk** 

Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The Company is exposed to foreign exchange risk from fluctuations in the US dollar to the Canadian dollar on its cash and accounts payable balances.

A summary of the Company's financial instruments held in USD, expressed in Canadian dollars is as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | December 31,<br>2024 |
|  | **$** | $ |
|  Cash and cash equivalents | **1019776** | 78627 |
|  Accounts payable and accrued liabilities | **5040** | 34664 |
|  | **1014736** | 43963 |

---

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's profit or loss by approximately $101,474 (December 31, 2024 - $4,396). The Company has assessed foreign currency risk as minimal.

**OUTSTANDING SHARE DATA** 

A summary of the Company's issued and outstanding securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | September 30,<br>2025 | September 30,<br>2025 | **MD&A**<br>**Date** | **MD&A**<br>**Date** |
|  Common shares |  | 133527007 |  | 133527007 |
|  Stock options |  | 1995000 |  | 1995000 |
|  Warrants |  | 1363686 |  | 1363686 |

---

**CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders.

Historically, the Company has been dependent on external financing to fund its activities. The capital structure of the Company consists of shareholders' equity. The Company manages its capital structure and adjusts it for changes in economic conditions and the risk characteristics of the underlying assets, being mineral properties.

In order to maintain or adjust its capital structure, the Company may issue new shares through equity offerings or sell assets to fund operations. Management reviews the Company's capital management approach on a regular basis. The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the nine months ended September 30, 2025.

**PROPOSED TRANSACTIONS** 

As at September 30, 2025 and the MD&A Date, the Company has no proposed transactions.

------

**MAYFAIR GOLD CORP.** 

**Management's Discussion and Analysis** 

**For the three and nine months ended September 30, 2025 and 2024** 

(Expressed in Canadian dollars, except where noted)

**OFF-BALANCE SHEET ARRANGEMENTS** 

As at September 30, 2025 and the MD&A Date, the Company has no off-balance sheet arrangements.

**SIGNIFICANT ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of financial statements under IFRS Accounting Standards requires management to make judgements in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgements and estimates is pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

All significant accounting judgements and sources of estimation uncertainty are fully disclosed in the Annual Financial Statements.

**RISKS AND UNCERTAINTIES** 

For a detailed listing of the risks and uncertainties faced by the Company, please refer to the Company's MD&A for the years ended December 31, 2024 and 2023.

**ADDITIONAL INFORMATION** 

Additional information about the Company is available on the Company's website at <u>https://mayfairgold.ca/</u> and SEDAR+ at http://<u>www.sedarplus.ca</u>.

## Exhibit 99.10

**Exhibit 99.10** 

**Form 52-109FV1** 

***Certification of Annual Filings***

***Venture Issuer Basic Certificate***

I, **Nicholas Campbell**, Chief Executive Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the annual financial statements and annual MD&A (together, the
"annual filings") of **Mayfair Gold Corp.** (the "issuer") for the financial year ended **December 31, 2024**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual
financial report together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the annual filings.

Date: April 30, 2025

---

| |
|:---|
| /s/ "*Nicholas Campbell*" |
| Nicholas Campbell |
| Chief Executive Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.11

**Exhibit 99.11** 

**Form 52-109FV1** 

***Certification of Annual Filings***

***Venture Issuer Basic Certificate***

I, **Darren Prins**, Interim Chief Financial Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the annual financial statements and annual MD&A (together, the
"annual filings") of **Mayfair Gold Corp.** (the "issuer") for the financial year ended **December 31, 2024**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual
financial report together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the annual filings.

Date: April 30, 2025

---

| |
|:---|
| /s/ "*Darren Prins*" |
| Darren Prins |
| Interim Chief Financial Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.12

**Exhibit 99.12** 

**Form 52-109FV2** 

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Nicholas Campbell**, Chief Executive Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the condensed interim financial statements and interim MD&A
(together, the "interim filings") of **Mayfair Gold Corp.** (the "issuer") for the interim period ended **March 31, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect
to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.

Date: May 14, 2025

---

| |
|:---|
| /s/ "*Nicholas Campbell*" |
| Nicholas Campbell |
| Chief Executive Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.13

**Exhibit 99.13** 

**Form 52-109FV2** 

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Darren Prins**, interim Chief Financial Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the condensed interim financial statements and interim MD&A
(together, the "interim filings") of **Mayfair Gold Corp.** (the "issuer") for the interim period ended **March 31, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect
to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.

Date: May 14, 2025

---

| |
|:---|
| /s/ "*Darren Prins*" |
| Darren Prins |
| Interim Chief Financial Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.14

**Exhibit 99.14** 

**Form 52-109FV2** 

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Nicholas Campbell**, Chief Executive Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the condensed interim financial statements and interim MD&A
(together, the "interim filings") of **Mayfair Gold Corp.** (the "issuer") for the interim period ended **June 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect
to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.

Date: August 25, 2025

---

| |
|:---|
| /s/ "*Nicholas Campbell*" |
| Nicholas Campbell |
| Chief Executive Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.15

**Exhibit 99.15** 

**Form 52-109FV2** 

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Darren Prins**, interim Chief Financial Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the condensed interim financial statements and interim MD&A
(together, the "interim filings") of **Mayfair Gold Corp.** (the "issuer") for the interim period ended **June 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect
to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.

Date: August 25, 2025

---

| |
|:---|
| /s/ "*Darren Prins*" |
| Darren Prins |
| Interim Chief Financial Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.16

**Exhibit 99.16** 

**Form 52-109FV2** 

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Nicholas Campbell**, Chief Executive Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the condensed interim financial statements and interim MD&A
(together, the "interim filings") of **Mayfair Gold Corp.** (the "issuer") for the interim period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect
to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.

Date: November 17, 2025

---

| |
|:---|
| /s/ "*Nicholas Campbell*" |
| Nicholas Campbell |
| Chief Executive Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.17

**Exhibit 99.17** 

**Form 52-109FV2** 

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Darren Prins**, interim Chief Financial Officer of **Mayfair Gold Corp.**, certify the following:

1.  ***Review:*** I have reviewed the condensed interim financial statements and interim MD&A
(together, the "interim filings") of **Mayfair Gold Corp.** (the "issuer") for the interim period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect
to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.

Date: November 17, 2025

---

| |
|:---|
| /s/ "*Darren Prins*" |
| Darren Prins |
| Interim Chief Financial Officer |

---

**<u>NOTE TO READER:</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.18

**Exhibit 99.18** 

**FORM 52-109F1 - AIF** 

**CERTIFICATION OF ANNUAL FILINGS** 

**IN CONNECTION WITH VOLUNTARILY FILED AIF** 

This certificate is being filed on the same date that **MAYFAIR GOLD CORP.** (the "**issuer**") has voluntarily filed an AIF.

I, Nicholas Campbell, Chief Executive Officer of the issuer, certify the following:

1.  ***Review:*** I have reviewed the AIF, annual financial statements and annual MD&A,
including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "**annual filings**") of the issuer for the financial year ended **December 31, 2024**.

2.  ***No misrepresentations*** : Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the annual filings.

3.  ***Fair presentation*** : Based on my knowledge, having exercised reasonable diligence, the annual
financial report together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the annual filings.

**DATE**: October 28, 2025.

---

| |
|:---|
|  *"Nicholas Campbell"* |
|  Nicholas Campbell |
|  Chief Executive Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.19

**Exhibit 99.19** 

**FORM 52-109F1 - AIF** 

**CERTIFICATION OF ANNUAL FILINGS** 

**IN CONNECTION WITH VOLUNTARILY FILED AIF** 

This certificate is being filed on the same date that **MAYFAIR GOLD CORP.** (the "**issuer**") has voluntarily filed an AIF.

I, Darren Prins, Interim Chief Financial Officer of the issuer, certify the following:

1.  ***Review:*** I have reviewed the AIF, annual financial statements and annual MD&A,
including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "**annual filings**") of the issuer for the financial year ended **December 31, 2024**.

2.  ***No misrepresentations*** : Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the annual filings.

3.  ***Fair presentation*** : Based on my knowledge, having exercised reasonable diligence, the annual
financial report together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the annual filings.

**DATE**: October 28, 2025.

---

| |
|:---|
| *"Darren Prins"* |
|  Darren Prins |
|  Interim Chief Financial Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be
disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.20

**Exhibit 99.20**![LOGO](g83619dsp176.jpg)

**MANAGEMENT INFORMATION CIRCULAR** 

**MAYFAIR GOLD CORP.** 

489 MacDougall Street, Matheson, Ontario P0K 1N0

Dear Valued Shareholder,

You are cordially invited to attend the annual general and special meeting (the "**Meeting**") of shareholders of Mayfair Gold Corp. (the "**Company**") to be held on September 4, 2025, at 10am (Pacific time) at the offices of Cassels Brock & Blackwell LLP, Suite 2200, RBC Place, 885 West Georgia Street, Vancouver, BC, V6C 3E8 for the following purposes:

1. to receive the audited financial statements of the Company for the financial year ended December 31,
2024, together with the auditor's report thereon;

2. to elect directors for the ensuing year;

3. to appoint Davidson & Company LLP, Chartered Professional Accountants, as the Company's
auditors for the ensuing financial year at a remuneration to be fixed by the directors;

4. to approve a new Omnibus Incentive Plan, as more particularly described in the management information
circular (the "**Information Circular** ");

5. to amend the Company's Articles to include advance notice provisions; and

6. to transact such further or other business as may properly come before the Meeting and any adjournments
thereof.

The specific details of the foregoing matters to be put before the Meeting are set forth in the Information Circular accompanying this Notice. The audited financial statements and related MD&A for the Company for the financial year ended December 31, 2024, have already been mailed to those shareholders who have previously requested to receive them. Otherwise, they are available upon request to the Company or they can be found on SEDAR+ at <u>www.sedarplus.ca</u>.

------

The Board of Directors of the Company has by resolution fixed the close of business on July 25, 2025, as the record date for the Meeting, being the date for the determination of the registered holders of common shares of the Company entitled to notice of and to vote at the Meeting and any adjournment(s) thereof. Completed forms of proxy must be deposited at the office of the Company's transfer agent, Computershare Investor Services Inc., 9th Floor, 100 University Avenue Toronto, Ontario, M5J 2Y1, by no later than 10:00 a.m. (Pacific time) on September 2, 2025 or, if the Meeting is adjourned, by no later than 48 hours prior to the date and time on which the Meeting is reconvened, or may be deposited with the chair of the Meeting prior to the commencement of the Meeting. Solicitation will be primarily by mail, but some proxies may be solicited personally or by telephone by regular employees or directors of the Company at a nominal cost. The Company will bear all the costs of the solicitation.

Non-registered shareholders who receive these materials through their broker or other intermediary are requested to follow the instructions for voting provided by their broker or intermediary, which may include the completion and delivery of a voting instruction form.

DATED at Vancouver, British Columbia, this 1st day of August, 2025.

**BY ORDER OF THE BOARD** 

"Darren McLean"

**Darren McLean** 

Chairman of the Board of Directors

------

**MAYFAIR GOLD CORP.** 

489 MacDougall Street

Matheson, Ontario P0K 1N0

Telephone No.: 1-800-342-6705

**INFORMATION CIRCULAR** 

As at August 1, 2025 (except as otherwise indicated).

**This Information Circular is furnished in connection with the solicitation of proxies by the management of Mayfair Gold Corp. for use at the annual general & special meeting (the "Meeting") of its shareholders (the "Shareholders") to be held on September 4, 2025, at 10am Vancouver time at the offices of Cassels Brock & Blackwell LLP, Suite 2200, RBC Place, 885 West Georgia St., Vancouver, BC, V6C 3E8 for the purposes set forth in the accompanying notice of Meeting.** 

In this Information Circular, references to the "**Company**", "**we**" and "**our**" refer to **Mayfair Gold Corp.** "**Common Shares**" means common shares in the capital of the Company. "**Beneficial Shareholders**" means shareholders who do not hold Common Shares in their own name and "**intermediaries**" refers to brokers, investment firms, clearing houses and similar entities that own securities on behalf of Beneficial Shareholders. "**Registered Shareholder**" means the person whose name appears on the central securities register maintained by or on behalf of the Company and who holds Common Shares in his or her own name.

All dollar amounts referenced herein are expressed in Canadian dollars unless otherwise noted.

**GENERAL PROXY INFORMATION** 

**Solicitation of Proxies** 

The solicitation of proxies will be primarily by mail, but proxies may be solicited personally or by telephone by directors, officers and regular employees of the Company. The Company will bear, directly or indirectly, all costs of this solicitation. We have arranged for intermediaries to forward the Meeting Materials to beneficial owners of the Common Shares held of record by those intermediaries and we may reimburse the intermediaries for their reasonable fees and disbursements in that regard.

**Appointment of Proxyholders** 

The individuals named in the accompanying form of proxy (the "**Proxy**") are officers and/or directors of the Company. **If you are a Shareholder entitled to vote at the Meeting, you have the right to appoint a person or company other than either of the persons designated in the Proxy, who need not be a Shareholder, to attend and act for you and on your behalf at the Meeting. You may do so either by inserting the name of that other person in the blank space provided in the Proxy or by completing and delivering another suitable form of proxy.**

**Voting by Proxyholder** 

The persons named in the Proxy will vote or withhold from voting the Common Shares represented thereby in accordance with your instructions on any ballot that may be called for. If you specify a choice with respect to any matter to be acted upon, your Common Shares will be voted accordingly. The Proxy confers discretionary authority on the persons named therein with respect to:

(a) each matter or group of matters identified therein for which a choice is not specified, other than the
appointment of an auditor and the election of directors,

(b) any amendment to or variation of any matter identified therein, and

(c) any other matter that properly comes before the Meeting.

------

**In respect of a matter for which a choice is not specified in the Proxy, the persons named in the Proxy will vote the Common Shares represented by the Proxy for the approval of such matter.** 

**Registered Shareholders** 

Registered Shareholders may wish to vote by proxy whether or not they are able to attend the Meeting in person. Registered Shareholders electing to submit a proxy may do so by choosing one of the following methods:

(a) complete, date and sign the enclosed Proxy and return it to the Company's transfer agent,
Computershare, by fax within North America at 1-866-249-7775, outside North America at (416) 263-9524, or by mail or by hand to the 8th Floor, 100 University Avenue, Toronto, Ontario, M5J 2Y1;

(b) use a touch-tone phone to transmit voting choices to the toll-free number given in the Proxy. Registered
Shareholders must follow the instructions of the voice response system and refer to the Proxy for the toll-free number, the holder's account number and the Proxy access number; or

(c) log onto Computershare's website at www.investorvote.com. Registered Shareholders must follow the
instructions provided on the website and refer to Proxy for the holder's account number and the Proxy access number.

In either case you must ensure the Proxy is received at least 48 hours (excluding Saturdays, Sundays and statutory holidays) before the Meeting or the adjournment thereof. Failure to complete or deposit the Proxy properly may result in its invalidation. The time limit for the deposit of proxies may be waived by the chair of the Meeting in their discretion without notice. **Please note that in order to vote your Common Shares in person at the Meeting, you must attend the Meeting and register with the scrutineer before the Meeting. If you have already submitted a Proxy but choose to change your method of voting and attend the Meeting to vote, then you should register with the scrutineer before the Meeting and inform them that your previously submitted Proxy is revoked and that you personally will vote your Common Shares at the Meeting.**

**Beneficial Shareholders** 

**The following information is of significant importance to Shareholders who do not hold Common Shares in their own name.** Beneficial Shareholders should note the only proxies that can be recognized and acted upon at the Meeting are those deposited by Registered Shareholders (those whose names appear on the records of the Company as the registered holders of Common Shares) or as set out in the following disclosure.

If Common Shares are listed in an account statement provided to a Shareholder by a broker, then in almost all cases those Common Shares will not be registered in the Shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the name of the Shareholder's broker or an agent of that broker. In Canada, the vast majority of such Common Shares are registered under the name of CDS & Co. (the registration name for The Canadian Depository for Securities Limited, which acts as nominee for many Canadian brokerage firms). In the United States of America (the "**U.S.**" or the "**United States**") the vast majority of such Common Shares are registered under the name of Cede & Co. as nominee for The Depository Trust Company (which acts as depository for many United States brokerage firms and custodian banks).

Intermediaries are required to seek voting instructions from Beneficial Shareholders in advance of shareholders' meetings. Every intermediary has its own mailing procedures and provides its own return instructions to clients.

There are two kinds of Beneficial Shareholders—those who object to their name being made known to the issuers of securities which they own (called "**OBOs**" for *"Objecting Beneficial Owners"*) and those who do not object to the issuers of the securities they own knowing who they are (called "**NOBOs**" for *"Non-Objecting Beneficial Owners"*).

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The Meeting Materials are sent to both registered and non-registered (beneficial) owners of the securities of the Company. If you are a non-registered owner, and the Company or its agent sent these materials directly to you, your name, address and information about your holdings of securities, were obtained in accordance with applicable securities regulatory requirements from the intermediary holding securities on your behalf.

Beneficial Shareholders who are OBOs should follow the instructions of their intermediary carefully to ensure that their Common Shares are voted at the Meeting.

The form of proxy supplied to you by your broker will be similar to the Proxy provided to Registered Shareholders by the Company. However, its purpose is limited to instructing the intermediary on how to vote on your behalf. Most brokers now delegate responsibility for obtaining instructions from clients to Broadridge Financial Solutions Inc. ("**Broadridge")** in Canada and in the United States. Broadridge mails a voting instruction form ("**VIF**") in lieu of a proxy provided by the Company. The VIF will name the same persons as the Proxy to represent you at the Meeting. You have the right to appoint a person (who need not be a Shareholder of the Company), different from the persons designated in the VIF, to represent your Common Shares at the Meeting, and that person may be you. To exercise this right, insert the name of your desired representative (which may be you) in the blank space provided in the VIF. Once you have completed and signed your VIF return it to Broadridge by mail or facsimile, or deliver your voting instructions to Broadridge by phone or via the internet, in accordance with Broadridge's instructions. Broadridge tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Common Shares to be represented at the Meeting. **If you receive a VIF from Broadridge, it must be completed and returned to Broadridge, in accordance with Broadridge's instructions, well in advance of the Meeting in order to: (a) have your Common Shares voted at the Meeting as per your instructions; or (b) have an alternate representative chosen by you duly appointed to attend and vote your Common Shares at the Meeting.**

**Notice to Shareholders in the United States** 

The solicitation of proxies involves securities of an issuer located in Canada and is being effected in accordance with the corporate laws of the Province of British Columbia, Canada and securities laws of the provinces of Canada. The proxy solicitation rules under the United States *Securities Exchange Act of 1934*, as amended, are not applicable to the Company or this solicitation, and this solicitation has been prepared in accordance with the disclosure requirements of the securities laws of the provinces of Canada. Shareholders should be aware that disclosure requirements under the securities laws of the provinces of Canada differ from the disclosure requirements under United States securities laws.

The enforcement by Shareholders of civil liabilities under United States federal securities laws may be affected adversely by the fact that the Company is incorporated under the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), as amended, certain of its directors and its executive officers are residents of Canada and a substantial portion of its assets and the assets of such persons are located outside the United States. Shareholders may not be able to sue a foreign company or its officers or directors in a foreign court for violations of United States federal securities laws. It may be difficult to compel a foreign company and its officers and directors to subject themselves to a judgment by a United States court.

**Revocation of Proxies** 

In addition to revocation in any other manner permitted by law, a Registered Shareholder who has given a proxy may revoke it by:

1. executing a proxy bearing a later date or by executing a valid notice of revocation, either of the foregoing
to be executed by the Registered Shareholder or the Registered Shareholder's authorized attorney in writing, or, if the Shareholder is a corporation, under its corporate seal by an officer or duly authorized attorney, and by delivering the
proxy bearing a later date to Computershare or at the address of the registered office of the Company at 700-1199 West Hastings Street, Vancouver, British Columbia, V6E 3T5, at any time up to and including the
last business day that precedes the day of the Meeting or, if the Meeting is adjourned, the last business day that precedes any reconvening thereof, or to the chairman of the Meeting on the day of the Meeting or any reconvening thereof, or in any
other manner provided by law, or

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2. personally attending the Meeting and voting the Registered Shareholder's Common Shares.

A revocation of a proxy will not affect a matter on which a vote is taken before the revocation.

**INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON** 

No director or executive officer of the Company, or any person who has held such a position since the beginning of the last completed financial year of the Company, nor any nominee for election as a director of the Company, nor any associate or affiliate of the foregoing persons, has any substantial or material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted on at the Meeting other than the election of directors and the approval of the omnibus incentive plan insofar as they may participate in such plan, as further described below.

**VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES** 

Only Shareholders of record at the close of business on July 25, 2025 who either attend the Meeting personally or complete, sign and deliver a proxy in the manner and subject to the provisions described above will be entitled to vote or to have their Common Shares voted at the Meeting.

The Company is authorized to issue an unlimited number of Common Shares without par value. As of the date of this Information Circular, there were 109,283,007 Common Shares issued and outstanding, each carrying the right to one vote. No group of Shareholders has the right to elect a specified number of directors, nor are there cumulative or similar voting rights attached to the Common Shares, except as follows:

(a) on March 4, 2020, the Company entered into a board nomination rights agreement (the "123
Nomination Agreement") with 1191123 B.C. Ltd. ("123 Ltd."). Henry Heeney, a co-founder, promoter and former president and director of the Company, is the sole director and shareholder of 123
Ltd.; and

(b) on March 4, 2020, the Company entered into a board nomination rights agreement (the "495
Nomination Agreement") with 1249495 B.C. Ltd. ("495 Ltd."). Sean Pi, a co-founder, promoter and current director of the Company, is the sole director and shareholder of 495 Ltd.

Pursuant to the terms of the 123 Nomination Agreement and the 495 Nomination Agreement, each of 123 Ltd. and 495 Ltd. have the right, unless their respective common share ownership interest in the Company fall below five percent (5%), to each put forth two nominees for appointment to the Company's Board of Directors (the "**Board**") at each meeting of Shareholders. To date, these rights have not been exercised.

Other than as set forth below, to the knowledge of the directors and executive officers of the Company, no other person or company beneficially owns, directly or indirectly, or exercises control or direction over, Common Shares carrying 10% or more of the voting rights attached to the outstanding Common Shares:

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| | | |
|:---|:---|:---|
| **Name** | **Number of<br>Common<br>Shares Held** | **Percentage of<br>Common<br>Shares Held** |
|  Muddy Waters Capital, LLC | **18635241**<sup>(1)</sup> | **17.1**% |
|  Henry Heeney | **12654800** | **11.6**% |

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(1) As to 1,356,970 Common Shares held by Muddy Waters Capital Domino Master Fund LP, as to 3,153,009 Common
Shares held by Muddy Waters Capital Global Opportunities Master Fund LP, as to 2,268,946 Common Shares held by Muddy Waters Resources Fund LP and as to 11,856,316 Common Shares held by MWCGOF SPV III LP, all as reported on SEDI.

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**FINANCIAL STATEMENTS** 

The audited financial statements of the Company's financial year ended December 31, 2024, the report of the auditor thereon and the management's discussion and analysis with respect thereto, will be placed before Shareholders at the Meeting for their consideration. No formal action will be taken at the Meeting to approve the financial statements. If any Shareholder has questions regarding such financial statements, such questions may be brought forward at the Meeting. Copies of the audited financial statements are available under the Company's profile on SEDAR+, which can be accessed at <u>www.sedarplus.ca</u>.

**ELECTION OF DIRECTORS** 

At every annual general meeting of the Company, all of the directors of the Company cease to hold office immediately before the election of directors but are eligible for re-election. Unless the director's office is vacated earlier in accordance with the provisions of the BCBCA, each director elected at the Meeting will hold office until immediately before the election of directors at the next annual general meeting of the Company, or if no director is then elected, until a successor is elected or he or she otherwise ceases to hold office in accordance with the provisions of the BCBCA.

**Management Director Nominees** 

The following table sets out the names of management's nominees for election as directors, all major offices and positions with the Company and any of its significant affiliates each now holds, each nominee's current principal occupation, business or employment (for the five preceding years for each nominee), the period of time during which each has been a director of the Company and the number of Common Shares beneficially owned by each, directly or indirectly, or over which each exercised control or direction as at the date of this Information Circular.

Pursuant to the articles of the Company, all of the current directors of the Company cease to hold office immediately before the election of directors by the Shareholders at an annual general meeting of the Company but are eligible for re-election.

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| | | | |
|:---|:---|:---|:---|
| **Nominee Name, Position**<br> **with the Company and**<br> **Province or State and**<br> **Country of Residence** | **Occupation, Business or Employment <sup>(1)</sup>** | **Period as a**<br> **Director of the**<br> **Company** | **Common Shares<br>Beneficially<br>Owned or<br>Controlled <sup>(1)</sup>** |
| Darren McLean <sup>(5)(6)</sup><br> Director, Chairman<br> Ontario, Canada | Director of Research, Dfridge Capital Corp.; Consultant to Muddy Waters Capital, LLC since 2023; Vice President, K2 from 2014 – 2023 | Since June 5, 2024 | 1503232 |
| Zach Allwright<br> Director<br> British Columbia, Canada | Vice President - Projects and Evaluations for Faraday Copper Corp. (Lundin Group company) | Since June 20, 2024 | Nil |
| Carson C. Block <sup>(4)(6)</sup><br> Director<br> Texas, United States | Founder and Chief Investment Officer of Muddy Waters Capital, LLC since 2010 | Since June 5, 2024 | 18635241 <sup>(2)</sup> |
| Christine Hsieh <sup>(4)(5)(6)</sup><br> Director<br> Laax, Switzerland | General Counsel for Nebari Partners, LLC; Partner, 42 Legal | Since June 20, 2024 | 27778 |
| Sean Pi <sup>(4)(5)(6)</sup><br> Director<br> Florida, United States | Vice President of New York private equity firm since October 2014 | Since June 5, 2024 <sup>(3)</sup> | 8008619 |

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(1) The information as to principal occupation, business or employment and Common Shares beneficially owned or
controlled is not within the knowledge of management of the Company and has been furnished by the respective nominees, or obtained from information available on SEDI.

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(2) These Common Shares are held by various Muddy Waters accounts. See above under "Voting Securities and
Principal Holders of Voting Securities".

(3) Mr. Pi previously served as a director of the Company from April 8, 2020 to March 27, 2024.

(4) Member of the Audit Committee.

(5) Member of the Compensation Committee.

(6) Member of the Corporate Governance Committee.

**Biographies of Director Nominees** 

*<u>Darren McLean</u>*

Mr. Darren McLean is the Director of Research of Dfridge Capital Corp. and acts as a consultant to Muddy Waters. Mr. McLean has over ten years of experience in the mining and natural resources space. Prior to founding Dfridge, Mr. McLean was a vice president at K2, a Canadian investment manager, from 2014 to 2023, where he focused on public and private investments in K2's mining portfolio. Before K2, Mr. McLean was an analyst at Boswell Capital Corporation, where he specialized in project analysis, corporate advisory, and investment opportunities in the mining sector.

*<u>Zach Allwright</u>*

Mr. Zach Allwright is a skilled mining professional with 15 years of diversified international experience, specializing in asset optimization and technical evaluations. In his most recent role as Director, North America for Mining Plus Consulting (part of the Byrnecut Group from Australia), he successfully delivered an extensive range of technical studies and asset evaluations in team environments. Notable engagements include the delivery of technical advisory to GT Gold (supporting the subsequent acquisition by Newmont in May 2021), facilitating the mining technical due diligence for Goldcorp culminating in the Newmont/Goldcorp merger in April 2019, leading the transformation of Lac Des Illes mine through the implementation of sub-level caving 2015-2018, and the delivery of various mass mining technical studies for Newcrest. Mr. Allwright (P.Eng) holds a Mining Engineering degree from the Western Australian School of Mines and an MBA from Curtin Graduate School of Business.

*<u>Carson C. Block</u>*

Mr. Carson C. Block is the founder and Chief Investment Officer of Muddy Waters. Mr. Block began his career in investment banking and equity research prior to moving to Shanghai, China to work as an attorney with the international law firm Jones Day. While at Jones Day, he focused on mergers and acquisitions and foreign direct investment. He subsequently started what is believed to be the first self storage business in Mainland China. Mr. Block started the predecessor activist investment firm to Muddy Waters in 2010. Bloomberg BusinessWeek named Mr. Block One of the 50 Most Influential in Global Finance" in 2011. He obtained his Juris Doctorate with high honors from the Chicago-Kent College of Law and a Bachelor of Science in Business Administration from the University of Southern California.

*<u>Christine Hsieh</u>*

Ms. Christine Hsieh is an international commercial lawyer with 25 years of global practice experience, including 13 years focusing on resources. In her most recent role, Ms. Hsieh was the General Counsel for Nebari Partners and a Partner at 42 Legal. Previously Ms. Hsieh was the Group General Counsel for Promethiem and the Executive Director – M&A of Eurasian Resources Group where she dealt with legal matters related to mining and infrastructure projects. Additionally, she served as Legal Counsel at Glencore International AG and gained early career experience at various law firms in Texas, Switzerland, Singapore, China and Australia, specializing in the global energy and resources sector. She holds a Bachelor of Arts in Economics from the University of California, Berkeley and a law degree from Georgetown University.

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*<u>Sean Pi</u>*

Mr. Sean Pi, a partner at Heeney Capital, is a co-founder of the Company and previously served as a director since the formation of the Company in 2019 until March 26, 2024. Previously, Mr. Pi was an investment banker at Evercore Partners, primarily covering diversified industrial companies, and started his career with the same coverage at Wells Fargo. Mr. Pi holds a bachelor's degree in economics from Princeton University and is a Chartered Financial Analyst charterholder.

**Management recommends the election of each of the nominees listed above as a director of the Company.** 

**Cease Trade Orders or Bankruptcies** 

No director of the Company is, as at the date hereof, or has been within the 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Company) that:

(a) was subject to a cease trade or similar order that was issued while the director was acting in the capacity
as a director, chief executive officer or chief financial officer; or

(b) was subject to a cease trade or similar order that was issued after the director ceased to be a director,
chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as a director, chief executive officer or chief financial officer.

Other than as described below, no director of the Company:

(a) is, as at the date hereof, or has been within the 10 years before the date hereof, a director or executive
officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

(b) has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation
relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director.

Mr. McLean was a director of Sonco Gaming UK Ltd. ("**Sonco**"), a private corporation incorporated in the United Kingdom which operated a land-based casino in London, United Kingdom. A liquidator was appointed on July 6, 2022 and Sonco underwent liquidation and voluntary winding-up as a result of restrictions imposed because of COVID-19.

**Penalties and Sanctions** 

No director of the Company has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable Shareholder in deciding whether to vote for a director.

**APPOINTMENT OF AUDITOR** 

Davidson & Company LLP, Chartered Professional Accountants, will be nominated at the Meeting for re-appointment as auditor of the Company to hold office until the next annual general meeting of Shareholders, at a remuneration to be fixed by the directors.

At the Meeting, Shareholders shall be called upon to appoint Davidson & Company LLP, Chartered Professional Accountants, as auditor of the Company, to hold office until the next annual general meeting of Shareholders, and to authorize the directors to fix their remuneration.

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**The Board unanimously recommends that the Shareholders vote for the appointment of Davidson & Company LLP, Chartered Professional Accountants, as auditor of the Company, to hold office until the next annual general meeting of Shareholders, and to authorize the directors to fix their remuneration.** 

**AUDIT COMMITTEE DISCLOSURE** 

The provisions of National Instrument 52-110 – *Audit Committees* ("**NI 52-110**") requires the Company, as a venture issuer, disclose annually in its Information Circular certain information concerning the constitution of its audit committee (the "**Audit Committee**") and its relationship with its independent auditor, as set forth below.

**The Audit Committee's Charter** 

The Audit Committee has a charter, a copy of which is attached hereto as Schedule "A".

**Composition of Audit Committee** 

The following persons are members of the Audit Committee:

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| | | |
|:---|:---|:---|
| Sean Pi | Independent | Financially Literate |
| Carson Block | Independent | Financially Literate |
| Christine Hsieh | Independent | Financially Literate |

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An Audit Committee member is independent if the member has no direct or indirect material relationship with the Company that could, in the view of the Board, reasonably interfere with the exercise of a member's independent judgment.

An Audit Committee member is financially literate if he has the ability to read and understand a set of financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements.

**Relevant Education and Experience** 

Each member of the Company's Audit Committee has adequate education and experience relevant to their performance as an Audit Committee member and, in particular, the requisite education and experience that provides the member with:

(a) an understanding of the accounting principles used by the Company to prepare its financial statements and
the ability to assess the general application of those principles in connection with estimates, accruals and reserves;

(b) experience preparing, auditing, analysing or evaluating financial statements that present a breadth and
level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company's financial statements or experience actively supervising individuals
engaged in such activities; and

(c) an understanding of internal controls and procedures for financial reporting.

See *Biographies of Director Nominees* above, in particular the biographies of each Audit Committee member, for more information concerning each Audit Committee member's education and experience.

**Audit Committee Oversight** 

The Audit Committee has not made any recommendations to the Board to nominate or compensate any auditor other than Davidson & Company LLP, Chartered Professional Accountants.

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**Reliance on Certain Exemptions** 

The Company's auditor, Davidson & Company LLP, Chartered Professional Accountants, have not provided any material non-audit services.

**Pre-Approval Policies and Procedures** 

Formal policies and procedures for the engagement of non-audit services have yet to be formulated and adopted. Subject to the requirements of NI 52-110, the engagement of non-audit services is considered by, as applicable, the Board and the Audit Committee, on a case-by-case basis.

**External Auditor Service Fees** 

The Audit Committee has reviewed the nature and amount of the non-audit services provided by Davidson & Company LLP, Chartered Professional Accountants, to the Company to ensure auditor independence. Payments to Davidson & Company LLP, Chartered Professional Accountants, for audit and non-audit services in the years ended December 31, 2024 and December 31, 2023 are outlined in the following table.

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| | | | |
|:---|:---|:---|:---|
| **Year ended** | **Audit Fees <sup>(1)</sup>** | **Tax Fees <sup>(3)</sup>** | **All Other Fees <sup>(4)</sup>** |
| 2024 | $52128 Nil | $3500 | $26093 |
| 2023 | $59293 Nil | $3500 | Nil |

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(1) "**Audit Fees**" include fees necessary to perform the annual audit and quarterly reviews of
the Company's financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by
legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.

(2) "**Audit-Related Fees**" include services that are traditionally performed by the auditor.
These audit-related services include employee benefit audits, due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation.

(3) "**Tax Fees**" include fees for all tax services other than those included in "Audit
Fees" and "Audit-Related Fees". This category includes fees for tax compliance, tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and
acquisitions, and requests for rulings or technical advice from tax authorities.

(4) "**All Other Fees**" include all other non-audit services.

**Exemption** 

The Company is a "venture issuer" as defined in NI 52-110 and relies on the exemption in section 6.1 of NI 52-110 relating to Parts 3 (*Composition of Audit Committee*) and 5 (*Reporting Obligations*).

**CORPORATE GOVERNANCE** 

National Instrument 58-101 – *Disclosure of Corporate Governance Practices* ("**NI 58-101**") requires issuers to disclose their corporate governance practices and National Policy 58-201 – *Corporate Governance Guidelines* provides guidance on corporate governance practices. This section sets out the Company's approach to corporate governance and addresses the Company's compliance with NI 58-101.

Corporate governance refers to the policies and structure of the board of directors of a company, whose members are elected by and are accountable to the company's shareholders. Corporate governance encourages establishing a reasonable degree of independence of the board of directors from executive management and the adoption of policies to ensure the board of directors recognizes the principles of good management. The Board is committed to sound corporate governance practices as such practices are both in the interests of Shareholders and help to contribute to effective and efficient decision-making.

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**Board of Directors** 

Directors are considered to be independent if they have no direct or indirect material relationship with the Company. A "material relationship" is a relationship which could, in the Board's opinion, be reasonably expected to interfere with the exercise of a director's independent judgment.

The Board facilitates its independent supervision over management of the Company through frequent meetings of the Board at which members of management or non-independent directors are not in attendance and by retaining independent consultants where it deems necessary.

Management is delegated the responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on the Company's business in the ordinary course, managing cash flow, evaluating new business opportunities, recruiting staff and complying with applicable regulatory requirements. The Board facilitates its independent supervision over management by reviewing and approving long-term strategic, business and capital plans, material contracts and business transactions, and all debt and equity financing transactions. Through its Audit Committee, the Board examines the effectiveness of the Company's internal control processes and management information systems. The Board reviews executive compensation and recommends stock option grants.

The independent members of the Board are Darren McLean (Chair), Zach Allwright, Carson Block, Sean Pi and Christine Hsieh.

**Directorships** 

None of the directors of the Company are currently serving on boards of directors of other reporting issuers (or equivalent).

**Orientation and Continuing Education** 

While the Company does not have formal orientation and training programs, new Board members are provided with:

(a) a Board manual which provides information respecting the functioning of the Board, committees and copies of
the Company's corporate governance policies;

(b) access to recent, publicly filed documents of the Company, technical reports and the Company's
internal financial information;

(c) access to management and technical experts and consultants; and

(d) information regarding a summary of significant corporate and securities responsibilities.

Board members are encouraged to communicate with management, auditors and technical consultants; to keep themselves current with industry trends and developments and changes in legislation with management's assistance; and to attend related industry seminars and visit the Company's operations. Board members have full access to the Company's records.

**Ethical Business Conduct** 

The Board has found that the fiduciary duties placed on individual directors by the Company's governing corporate legislation and the common law and the restrictions placed by applicable corporate legislation on an individual director's participation in decisions of the Board in which the director has an interest have been sufficient to ensure that the Board operates independently of management and in the best interests of the Company.

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Under the corporate legislation, a director is required to act honestly and in good faith with a view to the best interests of the Company and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances, and disclose to the Board the nature and extent of any interest of the director in any material contract or material transaction, whether made or proposed, if the director is a party to the contract or transaction, is a director or officer (or an individual acting in a similar capacity) of a party to the contract or transaction or has a material interest in a party to the contract or transaction. The director must then abstain from voting on the contract or transaction unless the contract or transaction (i) relates primarily to their remuneration as a director, officer, employee or agent of the Company or an affiliate of the Company, (ii) is for indemnity or insurance for the benefit of the director in connection with the Company, or (iii) is with an affiliate of the Company. If the director abstains from voting after disclosure of their interest, the directors approve the contract or transaction and the contract or transaction was reasonable and fair to the Company at the time it was entered into, the contract or transaction is not invalid and the director is not accountable to the Company for any profit realized from the contract or transaction. Otherwise, the director must have acted honestly and in good faith, the contract or transaction must have been reasonable and fair to the Company and the contract or transaction be approved by the Shareholders by a special resolution after receiving full disclosure of its terms in order for the director to avoid such liability or the contract or transaction being invalid.

The Board requires that directors and executive officers who have an interest in a transaction or agreement with the Company promptly disclose that interest at any meeting of the Board at which the transaction or agreement will be discussed and abstain from discussions and voting in respect to same if the interest is material or if required to do so by corporate or securities law.

**Nomination of Directors** 

The Company has established a corporate governance committee (the "**Corporate Governance Committee**"), comprised of four members: Carson Block (Chair), Christine Hsieh, Darren McLean and Sean Pi.

In fulfilling its oversight responsibilities for the nominations to the Board, the Corporate Governance Committee shall: (i) establish criteria for selecting new directors which shall reflect, among other facts, a candidate's integrity and business ethics, strength of character, judgment, experience and independence, as well as factors relating to the composition of the Board, including its size and structure, the relative strengths and experience of current Board members and principles of diversity; (ii) consider and recruit candidates to fill new positions on the Board; (iii) review any candidate recommended by the Shareholders; (iv) be responsible for conducting appropriate inquiries to establish a candidate's compliance with the independent and other qualification requirements established by the Corporate Governance Committee; (v) assess the contributions of current directors in connection with the annual recommendation of a slate of nominees and at that time review the criteria for Board candidates in the context of the evaluation process and other perceived needs of the Board; and (vi) recommend the director nominees for election by the Shareholders.

**Compensation** 

Compensation matters are currently determined by the Board upon the recommendation of the Compensation Committee. See "*Statement of Executive Compensation—Oversight and Description of Director and Named Executive Officer Compensation*."

**Other Board Committees** 

The Board has no other committees other than the Audit Committee, the Corporate Governance Committee and the Compensation Committee.

**Assessments** 

The Board regularly monitors the adequacy of information given to directors, communications between the Board and management and the strategic direction and processes of the Board and its committees.

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**STATEMENT OF EXECUTIVE COMPENSATION** 

The following compensation information is provided as required under Form 51-102F6V – *Statement of Executive Compensation – Venture Issuers*.

For the purposes of this Statement of Executive Compensation:

"**compensation securities**" includes stock options, convertible securities, exchangeable securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the company for services provided or to be provided, directly or indirectly, to the company; and

"**NEO**" or "**named executive officer**" means each of the following individuals:

(a) each individual who, in respect of the company, during any part of the most recently completed financial
year, served as chief executive officer ("CEO"), including an individual performing functions similar to a CEO;

(b) each individual who, in respect of the company, during any part of the most recently completed financial
year, served as chief financial officer ("CFO"), including an individual performing functions similar to a CFO;

(c) in respect of the Company the most highly compensated executive officer(s) other than the individuals
identified in paragraphs (a) and (b) at the end of the most recently completed financial year whose total compensation was more than $150,000, as determined in accordance with subsection 1.3(5), for that financial year; and

(d) each individual who would be a named executive officer under paragraph (c) but for the fact that the
individual was not an executive officer of the Company, and was not acting in a similar capacity, at the end of that financial year.

For the financial year ended December 31, 2024, the NEOs of the Company were Darren McLean (Interim CEO), Patrick Evans (Former CEO), Darren Prins (Interim CFO), Justin Byrd (Former CFO) and Richard Klue (VP Technical Services).

**Director and Named Executive Officer Compensation** 

***Director and Named Executive Officer Compensation, Excluding Compensation Securities***

The following compensation table, excluding stock options, provides a summary of the compensation paid by the Company to NEOs and directors during the two most recently completed financial years ended December 31, 2024 and 2023. Stock options are disclosed under the heading "*Stock Options and Other Compensation Securities*" below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** |
| **Name and position** | **Year** | **Salary,<br>consulting<br>fee,<br>retainer or**<br>**commission<br>($)** | **Salary,<br>consulting<br>fee,<br>retainer or**<br>**commission<br>($)** | **Bonus ($)** | **Value of all<br>other<br>compensation<br>($)** | **Total<br>compensation<br>($)** | **Total<br>compensation<br>($)** |
|  Darren McLean<sup>(2)(3)</sup><br> Director (Chair), and Former Interim CEO | 2024<br> 2023 |  | Nil<br> Nil | Nil<br> Nil | Nil<br> Nil |  | Nil<br> Nil |
|  Patrick Evans <sup>(4)</sup> Former President, CEO and Director | 2024<br> 2023 | $ $ | 172222<br> 300000 | $Nil<br> 300,000<br> Nil<br> Nil | $1,554,472 <br> Nil<br><sup>(5)</sup> <br>| $ $ | 1726694<br> 600000 |

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------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Darren Prins <sup>(6)</sup><br> Interim CFO and Corporate Secretary | 2024<br> 2023 | $117,875<br> Nil | Nil<br> Nil | Nil<br> Nil | $117,875<br> Nil |
|  Justin Byrd <sup>(7)</sup><br> Former CFO and Corporate Secretary | 2024<br> 2023 | 93036<br> 161280 | $Nil<br> 80,640<br> Nil<br> Nil | $12,748<br> Nil | 105784<br> 241920 |
|  Richard Klue <sup>(8)</sup><br> VP Technical Services | 2024<br> 2023 | $225,778<br> Nil | Nil<br> Nil | $184<br> Nil | $225,962<br> Nil |
|  Zach Allwright <sup>(9)</sup><br> Director | 2024<br> 2023 | $13,194<br> Nil | Nil<br> Nil | Nil<br> Nil | $13,194<br> Nil |
|  Carson C. Block<sup>(3)</sup><br> Director | 2024<br> 2023 | Nil<br> Nil | Nil<br> Nil | Nil<br> Nil | Nil<br> Nil |
|  Chistine Hsieh <sup>(9)</sup><br> Director | 2024<br> 2023 | $13,194<br> Nil | Nil<br> Nil | Nil<br> Nil | $13,194<br> Nil |
|  Sean Pi <sup>(10)</sup><br> Director | 2024<br> 2023 | 11828<br> 30000 | Nil<br> Nil | Nil<br> Nil | 11828<br> 30000 |
|  Freddy Brick <sup>(11)</sup><br> Former Director | 2024<br> 2023 | Nil<br> Nil | Nil<br> Nil | Nil<br> Nil | Nil<br> Nil |
|  Douglas Carter<sup>(12)</sup><br> Former Director | 2024<br> 2023 | 21528<br> 30000 | Nil<br> Nil | Nil<br> Nil | 21528<br> 30000 |
|  Anthony Jew <sup>(11)</sup><br> Former Director | 2024<br> 2023 | Nil<br> Nil | Nil<br> Nil<br> Nil<br>Nil | Nil<br> Nil | Nil<br> Nil |
|  Chistopher Reynolds <sup>(12)</sup><br> Former Director | 2024<br> 2023 | 23681<br> 35000 | Nil<br> Nil | Nil<br> Nil | 23681<br> 35000 |

---

(1) "Perquisites" include perquisites provided to a NEO or a director that are not generally
available to all employees and that, in aggregate, are: (a) $15,000, if the NEO or director's total salary for the financial year is $150,000 or less, (b) 10% of the NEO or director's salary for the financial year if the NEO or
director's total salary for the financial year is greater than $150,000 but less than $500,000, or (c) $50,000 if the NEO or director's total salary for the financial year is $500,000 or greater.

(2) Mr. McLean was succeeded by Mr. Nicholas Campbell as CEO on January 28, 2025.

(3) Messrs. McLean and Block were appointed as directors of the Company on June 5, 2024.

(4) Mr. Evans resigned as President, CEO and a director of the Company on May 1, 2024.

(5) This was a cash payment made to Mr. Evans upon his ceasing to be CEO of the Company. See below under
"Employment, Consulting and Management Agreements".

(6) Mr. Prins was appointed Interim CFO and Corporate Secretary of the Company effective July 7, 2024.

(7) Mr. Byrd resigned as CFO and Corporate Secretary of the Company effective July 6, 2024.

(8) Mr. Klue was appointed Vice President Technical Services of the Company effective April 18, 2024.

(9) Mr. Allwright and Ms. Hsieh were appointed as directors of the Company on June 20, 2024.

(10) Mr. Pi resigned as a director of the Company on March 27, 2024, and was reappointed as a director
of the Company on June 5, 2024.

(11) Messrs. Brick and Jew were appointed on June 5, 2024, and resigned as directors of the Company on
June 20, 2024.

(12) Messrs. Carter, Pokrandt and Reynolds resigned as directors of the Company on June 5, 2024.

------

***Stock Options and Other Compensation Securities***

The following table provides a summary of all compensation securities granted or issued to each NEO and director by the Company in the most recently completed financial year ended December 31, 2024 for services provided or to be provided, directly or indirectly, to the Company.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** |
| **Name and position** | **Type of<br>compensation<br>security** | **Number of<br>compensation<br>securities,<br>number of<br>underlying<br>securities,<br>and**<br>**percentage of<br>class** | **Date of issue or<br>grant** | **Issue,<br>conversion<br>or exercise<br>price**<br>**($)** | **Closing<br>price of<br>security or<br>underlying<br>security<br>on date of<br>grant ($)** | **Closing<br>price of<br>security or<br>underlying<br>security at<br>year end<br>($)** | **Expiry date** |
| Darren McLean<br> Director (Chair), and Former Interim CEO | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Patrick Evans<br> Former President, CEO and Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Darren Prins<br> Interim CFO and Corporate Secretary | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Justin Byrd<br> Former CFO and Corporate Secretary | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Richard Klue<br> VP Technical Services | Stock options | 100000 | April 17, 2024 | 2.54 | 2.54 | 1.72 | April 17, 2029 |
| Zach Allwright<br> Director | Stock options | 50000 | June 20, 2024 | 1.90 | 2.00 | 1.72 | June 19, 2029 |
| Carson C. Block<br> Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Chistine Hsieh<br> Director | Stock options | 50000 | June 20, 2024 | 1.90 | 2.00 | 1.72 | June 19, 2029 |
| Sean Pi<br> Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Freddy Brick<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Douglas Carter<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |

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------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Anthony Jew<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Harry Pokrandt<br> Former Director (Chair) | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Chistopher Reynolds<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |

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**Exercise of Compensation Securities by NEOs and Directors** 

There were no compensation securities exercised by any of the NEOs or directors of the Company during the financial year ended December 31, 2024.

**Stock Options and Other Incentive Plans** 

The Company has adopted a stock option plan (the "**Option Plan**") which was last approved, as amended, by Shareholders at the Company's annual general and special meeting held on June 5, 2024. The Option Plan is a "rolling up to 10%" plan under the rules of the TSX Venture Exchange (the "**TSXV**") and, therefore, is required to be re-approved by Shareholders at the Meeting. The Company is instead seeking approval by Shareholders of a new omnibus incentive plan which covers stock options, restricted share units and deferred share units. See "Particulars of Matters to be Acted Upon – Approval of New Omnibus Incentive Plan." A summary of the Option Plan is provided below and is qualified in its entirety by the full text of the Option Plan which is available under the Company's SEDAR+ profile at <u>www.sedarplus.ca.</u>

Capitalized but undefined terms used below have the meaning ascribed to such terms in the Option Plan.

The Option Plan provides that the Board may, from time to time, in its discretion and in accordance with TSXV requirements, grant to Service Providers non-assignable and non-transferable Options, provided that the total number of Common Shares reserved for issuance under the Option Plan at any point in time is no more than 10% of the outstanding Common Shares at the time such Common Shares are reserved for issuance as a result of the grant of an Option, less any Common Shares reserved for issuance under share options granted under Share Compensation Arrangements other than the Option Plan, unless the Option Plan is amended pursuant to the requirements of the TSXV Policies.

Additionally, pursuant to the Plan, the following restrictions on issuances of the Options are applicable:

(a) no Service Provider can be granted an Option if that Option would result in the total number of Options,
together with all other Share Compensation Arrangements granted to such Service Provider in the previous 12 months, exceeding 5% of the number of issued and outstanding Common Shares of the Company at the time of grant, unless the Company has
obtained Disinterested Shareholder Approval to do so;

(b) the aggregate number of Options granted to all Service Providers conducting Investor Relations Activities in
any 12-month period cannot exceed 2% of the number of issued and outstanding Common Shares of the Company at the time of grant without the prior consent of the TSXV; and

(c) the aggregate number of Options granted to any one consultant in any 12-month period cannot exceed 2% of the number of issued and outstanding Common Shares of the Company at the time of grant without the prior consent of the TSXV.

------

The amount payable per Common Share on the exercise of an Option will be set by the Board at the time that such Option is granted under the Option Plan, and this amount cannot be less than the Discounted Market Price, as further described in the Option Plan. The Options will be exercisable for a maximum term of 10 years from the date of grant thereof by the Board. In the event an Option granted under the Option Plan expires unexercised or is terminated by reason of dismissal of the Optionee for cause or is otherwise lawfully cancelled prior to exercise of the Option, the Common Shares that were issuable to a Service Provider upon the exercise of an Option will be returned to the Option Plan and will be eligible for re-issuance.

The Options are non-assignable and non-transferable. As such, they will be exercisable only by the Optionee to whom they are granted. If the Optionee has left their employ/office or has been advised by the Company that their services are no longer required or that their service contract has expired, such Optionee may exercise their Options until the term applicable to such Option expires, except as follows:

(a) in the case of the death of an Optionee, any vested Options held by him/her at the date of death will become
exercisable by the Optionee's lawful personal representatives, heirs or executors until the earlier of one year after the date of death of such Optionee and the date of expiration of the term otherwise applicable to such Options;

(b) an Option granted to any Service Provider will expire 90 days (or such other time, not to exceed one year,
as shall be determined by the Board as at the date of grant or agreed to by the Board and the Optionee at any time prior to the expiry of the Option) after the date the Optionee ceases to be employed by or provide services to the Company, and only
to the extent that such Option was vested at the date the Optionee ceased to be so employed by or ceased to provide services to the Company; and

(c) in the case of an Optionee being dismissed from employment or the provision of services are terminated for
cause, such Optionee's Options, whether or not vested at the date of dismissal or termination, will immediately be cancelled without the right to exercise such Options.

Options granted to Consultants will be subject to the four-month TSXV hold period and that the automatic extension to the expiry date of an Option following a blackout period will not be permitted where the Optionee or the Company is subject to a cease trade order (or similar order under securities laws) in respect of the Company's securities.

**Employment, Consulting and Management Agreements** 

Management functions of the Company are not, to any substantial degree, performed other than by the NEOs or the directors. There are no agreements or arrangements that provide for compensation to the NEOs or the directors, or that provide for payments to a NEO or a director upon a change of control in the Company or a change in the NEO's or the director's responsibilities, other than as set out below.

During the financial year ended December 31, 2024, as a result of the reconstitution of the Board, a cash payment of $1.5 million was made to Patrick Evans, the former CEO of the Company. Later in the year, the Company filed a claim against Patrick Evans for reimbursement of the $1.5 million cash payment, plus damages and costs. The outcome of this claim is not determinable as of the date hereof.

Each of the employment agreements include provisions concerning termination for cause, without cause and in the event of a change of control. For the purposes of these employment agreement, a change of control is defined as (each, a "**Change of Control**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale of all or substantially all of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any merger, consolidation or acquisition of the Company by or into another corporation, entity or person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition by any person or persons acting together of sufficient voting rights to affect the control of
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change in ownership of fifty percent (50%) or more of the voting capital stock of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a change in the composition of the Board that results in the current directors of the Board constituting less
than a majority of the members of the Board.

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***Darren Prins, Interim Chief Financial Officer***

The Company is party to an agreement (the "**Invictus Agreement**") with Invictus Accounting Group LLP ("**Invictus**"), an entity partially owned and controlled by Darren Prins, the Interim Chief Financial Officer of the Company. Pursuant to the terms of the Invictus Agreement, the Company pays Invictus an estimated annual base salary of $180,000, payable in monthly instalments. Invictus may terminate the Invictus Agreement at any time by providing the Company with 90 days' written notice, noting that the notice period may be shortened as mutually agreed.

***Richard Klue, Vice President Technical Services***

The Company is party to an employment agreement (the "**Klue Employment Agreement**") with Richard Klue, the Vice President Technical Services of the Company, dated April 17, 2024. Pursuant to the terms of the Klue Employment Agreement, the Company pays Mr. Klue an annual base salary of $320,000 (the "**Vice President Technical Services Base Salary**"), payable in monthly instalments. Based on performance criteria agreed to between the Company and Mr. Klue, Mr. Klue may earn an annual bonus of up to 50% of the Vice President Technical Services Base Salary.

Mr. Klue may terminate the Klue Employment Agreement at any time by providing the Company with 30 days' written notice. In the event the Company terminates Mr. Klue for any reason other than cause, Mr. Klue is entitled to severance equal to 18 months of the Vice President Technical Services Base Salary, including medical and dental insurance for 12 months following termination. If Mr. Klue is terminated for cause, he is not entitled to any severance other than as required by law. In the event the Company undergoes a Change of Control, Mr. Klue may elect to terminate the Klue Employment Agreement and he is entitled to an amount equal to 12 months of the Vice President Technical Services Base Salary, including medical and dental insurance for 12 months.

***Payments in Connection with Change of Control Payments***

The following tables discloses estimated incremental payments following termination without cause and in connection with a Change of Control for Mr. Klue, the only NEO entitled to such payments at year end, assuming that the triggering event took place on December 31, 2024.

*Termination Without Cause* 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Payment on<br>Termination ($)** | **Bonus ($)** | **Other ($)** | **Total<br>Gross Payment on<br>Termination ($)** |
|  Richard Klue<br> *Vice President,*<br> *Technical Services* | 480000 | – | 5112 | 485112 |

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*Termination in Connection with Change of Control* 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Payment on<br>Termination ($)** | **Bonus ($)** | **Other ($)** | **Total<br>Gross Payment on<br>Termination ($)** |
|  Richard Klue<br> Vice President,<br> Technical Services | 320000 | – | 5112 | 325112 |

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**Oversight and Description of Director and Named Executive Officer Compensation** 

The Company has established a compensation committee (the "**Compensation Committee**") which makes recommendations to the Board regarding compensation to be paid or awarded to the NEOs and the directors. In making its recommendations, the Compensation Committee considers the Company's size and stage of development, and ensures that compensation reflects the need to provide incentive and compensation for the time and effort expended by the NEOs, while taking into account the financial and other resources of the Company, as well as increasing shareholder value. The Company is a public junior mineral exploration company without revenue and therefore certain compensation factors were considered and not included within the compensation structure and philosophy. Some of the factors not considered were target share ownership guidelines, pension plans, specific target weightings and percentage of compensation at risk.

The Company's executive compensation program consists of a combination of base salary and long-term incentives in the form of participation in the Option Plan. In making determinations regarding the various elements of executive compensation, the Company will seek to meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incentivize extraordinary performance from key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract, retain and motivate talented executives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• align the interests of NEOs with the interests of the Shareholders.

The Company has not adopted a policy restricting its executive officers or directors from purchasing financial instruments that are designated to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly, by its executive officers or directors. To the knowledge of the Company, none of the executive officers or directors has purchased such financial instruments.

The Compensation Committee consists of three members: Sean Pi (Chair), Christine Hsieh and Darren McLean. Each of the Compensation Committee members are considered independent pursuant to NI 52-110. Each member of the Compensation Committee has business and other experience which is relevant to their position as a member of the Compensation Committee. By virtue of having differing professional backgrounds, business experience, knowledge of the Company's industry, knowledge of corporate governance practices and, where appropriate, service on compensation committees of other reporting issuers and experience interacting with external consultants and advisors, the members of the Compensation Committee are able to make decisions on the suitability of the Company's compensation policies and practices.

**Pension Disclosure** 

The Company does not have a pension plan that provides for payments or benefits to the NEOs at, following, or in connection with retirement.

------

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS** 

The following table discloses Options to purchase Common Shares outstanding pursuant to the Option Plan and Common Shares remaining available for issue upon exercise of Options to be granted pursuant to the Option Plan as at December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| ***Plan Category*** | **Number of securities to<br>be issued upon exercise<br>of outstanding Options**<br>***(a)*** | **Weighted-average<br>exercise price of<br>outstanding Options**<br>***(b)*** | **Number of securities remaining available for future<br>issuance under equity compensation plans (excluding<br>securities reflected in column (a)) <sup>(1)</sup>**<br>***(c)*** |
|  Equity compensation plans approved by securityholders<br> - the Option Plan | 1623000 | 1.67 | 9305301 |
|  Equity compensation plans not approved by securityholders | Nil | Nil | Nil |
|  **Total** | 1623000 | 1.67 | 9305301 |

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(1) Based on 109,283,007 Common Shares issued and outstanding as at December 31, 2024.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS** 

No directors, proposed nominees for election as directors, executive officers or their respective associates or affiliates, or other management of the Company were indebted to the Company as at the Company's most recently completed financial year ended December 31, 2024 or as at the date hereof.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS** 

To the knowledge of management of the Company, no informed person (a director, officer or holder of 10% or more of the Common Shares) or nominee for election as a director of the Company or any associate or affiliate of any informed person or proposed director had any interest in any transaction which has materially affected or would materially affect the Company during the financial year ended December 31, 2024, or as at the date hereof.

**MANAGEMENT CONTRACTS** 

There are no management functions of the Company, which are to any substantial degree performed by a person or company other than the directors or senior officers of the Company.

**PARTICULARS OF MATTERS TO BE ACTED UPON** 

**Approval of New Omnibus Incentive Plan** 

The Company currently has the Option Plan which is described in more detail, including the material terms of the Option Plan, above under "*Statement of Executive Compensation – Stock Options and Other Incentive Plans*."

To comply with the TSXV policies regarding "rolling up to 10%" plans, the Option Plan must be re-approved annually by the Shareholders. At the Meeting, instead of re-approving the Option Plan, Shareholders will be asked to approve an omnibus incentive plan (the "**Omnibus Incentive Plan**") to replace the Option Plan.

------

The Company wishes to establish the Omnibus Incentive Plan for directors, officers, employees and consultants (the "**Eligible Participants**"). The purpose is to permit the Company to grant stock options ("**Options**"), restricted share units ("**RSUs**") and deferred share units ("**DSUs**") (collectively, "**Awards**") to Eligible Participants who share responsibility for the management, growth and protection of the business, and to provide an incentive to such Eligible Participants to continue their services for the Company and to encourage such Eligible Participants whose skills, performance and loyalty to the objectives and interests of the Company are necessary or essential to its success, image, reputation or activities.

The Omnibus Incentive Plan allows the Company to grant Awards to Eligible Participants (the "**Participants**") as incentives to continue to provide services to the Company, as a reward for their performance and to attract and retain the talent required to fulfill the Company's business plan and strategic direction.

A copy of the Omnibus Incentive Plan, which has been conditionally accepted by the TSXV, subject to Shareholder approval at the Meeting, is attached to this Information Circular as Schedule "B". The following summary of the Omnibus Incentive Plan is qualified in its entirety by the terms of the Omnibus Incentive Plan.

**A.** **Summary of the Omnibus Incentive Plan** 

The Omnibus Incentive Plan will be administered by the Board or, if the Board so determines, by a committee appointed by the Board.

<u>Common Shares Subject to the Omnibus Incentive Plan</u> 

The maximum number of Common Shares issuable at any time pursuant to outstanding Awards under the Omnibus Incentive Plan will be 10% of the issued and outstanding Common Shares at the date of the Award.

The maximum number of Common Shares issuable to Eligible Participants who are insiders (as a group) at any time, pursuant to the Omnibus Incentive Plan and any other Share Compensation Arrangements (as defined in the Omnibus Incentive Plan) of the Company, shall not exceed 10% of the total number of Common Shares then outstanding, calculated as at the date any share compensation is granted or issued to any insider. The maximum number of Common Shares issued to insiders, within any one-year period, pursuant to the Omnibus Incentive Plan and any other Share Compensation Arrangements of the Company shall not exceed 10% of the total number of Common Shares outstanding at any point in time.

In no event can an issuance of Awards, when combined with any grants made pursuant to any other Share Compensation Arrangements, result in:

a) any one person in a 12 month period being granted such number of Common Shares issuable under Awards
equaling or exceeding 5% of the issued Common Shares (unless the Company has obtained the requisite disinterested shareholder approval); and

b) any one consultant in a 12 month period being granted such number of Common Shares issuable under Awards
equaling or exceeding 2% of the issued Common Shares;

in each case measured as of the date of grant of an Award.

<u>Vesting Provisions</u> 

No Awards, other than Options, may vest before the date that is one year following the date the Award is granted or issued, provided that the requirement may be accelerated when the Participant has died or has ceased to be an Eligible Participant in connection with a change of control, take-over-bid, reverse take-over or similar transaction.

------

<u>Investor Relations Service Providers</u> 

So long as the Company is subject to TSXV requirements, no Awards, other than Options, may be issued to any Investor Relations Service Provider (within the meaning of TSXV Policy 4.4). Options that are granted to Investor Relations Service Providers must vest in stages over a period of not less than 12 months, in accordance with the vesting restrictions set out in Section 4.4(c) of Policy 4.4 of the TSXV.

**B.** **Options** 

<u>Prior Plan</u> 

The Omnibus Incentive Plan supersedes and replaces the Option Plan which is terminated and of no force or effect as of the effective date of the Omnibus Incentive Plan. All securities granted under the Option Plan shall continue to exist and shall remain outstanding in accordance with their terms.

<u>Option Price</u> 

The option price (the "**Option Price**") shall be determined by the Board but shall not be less than the volume weighted average trading price of the Common Shares on the TSXV for the five trading days immediately preceding the relevant time as it relates to an Award, provided that it is not less than the "Discounted Market Price" (within the meaning of the policies of the TSXV), in which case it shall be the Discounted Market Price; or (ii) if the Common Shares are not listed on any stock exchange, the value as is determined solely by the Board (the "**Market Value**"), at the time of the grant.

<u>Option Term</u> 

The Board shall determine the period during which the Option is exercisable, which shall not be more than 10 years from the date the Option was granted, giving effect to any Black-Out Period (as defined in the Omnibus Incentive Plan).

<u>Exercise of Options</u> 

Prior to expiration or earlier termination in accordance with the Omnibus Incentive Plan, each Option shall be exercisable at such time or times and/or pursuant to the achievement of such performance criteria and/or other vesting conditions as the Board may determine in its discretion at the time of the grant.

Subject to the rules and policies of the TSXV, the Board may, in its discretion and at any time, determine to grant a Participant the right, when entitled to exercise Options, to deal with such Options on a "cashless exercise" basis (the "**Cashless Exercise Right**"). The Board may determine in its discretion that such Cashless Exercise Right, if any, grants a Participant the right to exercise such Options by notice in writing to the Company and receive, without payment of any cash other than pursuant to tax withholdings, that number of Common Shares, disregarding fractions, that is equal to the quotient obtained by dividing:

(a) the product of the number of Options being exercised multiplied by the difference between the Market Value
on the day immediately prior to the exercise of the Cashless Exercise Right and the Option Price; by

(b) the Market Value on the day immediately prior to the exercise of the Cashless Exercise Right.

<u>Option Agreements</u> 

Options shall be evidenced by an Option Agreement (as defined in the Omnibus Incentive Plan) in a form that is not inconsistent with the Omnibus Incentive Plan as the Board may determine from time to time.

------

**C.** **Restricted Share Units** 

An RSU is an Award that entitles the Participant to acquire Common Shares as determined by the Board, or to receive the cash equivalent or combination of Common Shares and cash equivalent, pursuant to such restrictions and conditions as the Board determines at the time of the grant.

The Board shall designate the Eligible Participants who may receive RSUs, fix the number of RSUs to be granted and determine the relevant conditions, vesting provisions and restrictive period of such RSUs, provided that the restricted period is no longer than three years from the date of the grant.

Each RSU will entitle the Participant to receive one Common Share or the cash equivalent, provided that relevant conditions and vesting provisions have been met.

All unvested RSUs shall be cancelled no later than the last day of the restricted period.

RSUs shall be evidenced by an RSU Agreement (as defined in the Omnibus Incentive Plan) in such form not inconsistent with the Omnibus Incentive Plan as the Board may determine from time to time.

**D.** **Deferred Share Units** 

A DSU is an Award attributable to a Participant's duties as a director of the Company and that, upon settlement, entitles the Participant to receive such number of Common Shares as determined by the Board, or receive the cash equivalent or combination thereof, and is payable after termination of service by the Participant.

The Board shall, from time to time by resolution, in its discretion, designate the Participants who may receive DSUs, fix the number of DSUs to be granted and fix the date or dates on which such DSUs shall be granted, subject to terms and conditions in the Omnibus Incentive Plan. Each DSU awarded will entitle the Participant to receive one Common Share or the cash equivalent.

Subject to the Board determining otherwise, each Participant may elect to receive in DSUs any portion of their annual base compensation by completing and delivering a written election to the Company on or before the 5<sup>th</sup> day of November of the calendar year ending immediately before the calendar year with respect to which the election is made. Such election will be effective with respect to compensation payable for fiscal quarters beginning during the calendar year following the date of the election. All DSUs granted will be credited to the Participant's account. The number of DSUs are determined by dividing the dollar amount of the compensation payable in DSUs on the grant date by the Market Value.

A Participant may receive their Common Shares, or cash equivalent, or combination thereof, upon their Termination of Service (as defined in the Omnibus Incentive Plan) by filing a redemption notice. Payment will be made as soon as reasonably possible following the filing date of the notice.

For determining the cash equivalent of DSUs, such calculation will be made on the filing date based on the Market Value multiplied by the number of vested DSUs in the Participant's account.

DSUs shall be evidenced by a DSU Agreement (as defined in the Omnibus Incentive Plan) in such form not inconsistent with the Omnibus Incentive Plan as the Board may determine of time to time.

**E.** **General Provisions** 

The Omnibus Incentive Plan includes general conditions regarding termination with or without cause, resignation, retirement, disability and death of the Participants; adjustments to price or number of Common Shares; Board powers in the event of a change of control; amendments to or discontinuance of the Omnibus Incentive Plan; tax withholding; clawbacks and reorganization of the Company.

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<u>Amendment or Discontinuance of the Omnibus Incentive Plan</u> 

The Board may suspend or terminate the Omnibus Incentive Plan at any time. The Board may also, in its discretion and without approval of the Shareholders, make the following types of amendments to the Omnibus Incentive Plan or any Award, subject to any regulatory or TSXV requirement at the time of such amendment: (a) amendments of a "housekeeping" nature, including any amendment that is necessary to (i) clarify an existing provision of the Omnibus Incentive Plan, (ii) correct or supplement any provision of the Omnibus Incentive Plan that is inconsistent with any other provision of the Omnibus Incentive Plan, (iii) comply with applicable law or the requirements of the TSXV or any other regulatory body; or (iv) correct any grammatical or typographical errors in the Omnibus Incentive Plan; and (b) amendments regarding the administration of the Omnibus Incentive Plan.

With approval of the Shareholders (including disinterested shareholder approval, as applicable), the Board may amend the Omnibus Incentive Plan, including amendments to the provisions of the Omnibus Incentive Plan that:

(a) amend the definition of an Eligible Participant under the Omnibus Incentive Plan;

(b) increase the maximum number of Common Shares issuable under the Omnibus Incentive Plan (either as a fixed
number or fixed percentage of the Outstanding Issue (as defined in the Omnibus Incentive Plan), except in the event of an adjustment;

(c) increase the maximum number of Common Shares that may be (i) issuable to insiders at any time, or
(ii) issued to insiders under the Omnibus Incentive Plan and any other proposed or established Share Compensation Arrangement in a one-year period, except in the event of an adjustment;

(d) amend the method for determining the Option Price;

(e) extend the maximum term of any Award;

(f) amend the expiry and termination provisions applicable to an Award; and

(g) amend the amendment provisions of the Omnibus Incentive Plan.

Subject to the Common Shares being listed on the TSXV, any shareholder approval required for (a) any extension to the Option Term (as defined in the Omnibus Incentive Plan) or decrease in the Option Price for Options granted to individuals who are insiders at the time of the proposed amendment, or (b) any amendment that could result in the limits of share issuances to insiders and of the TSXV Share Limits (as defined in the Omnibus Incentive Plan) being exceeded, will require disinterested shareholder approval.

**Shareholder Approval** 

The TSXV requires that the Omnibus Incentive Plan be approved by Shareholders. Accordingly, the Shareholders will be asked to consider, and if thought fit, pass the following ordinary resolution to approve the Omnibus Incentive Plan:

"RESOLVED AS AN ORDINARY RESOLUTION THAT:

1. The Company's Omnibus Incentive Plan, approved by the directors on August 1, 2025, is approved,
including the reserving for issuance under the Omnibus Incentive Plan at any time of a maximum of 10% of the issued and outstanding common shares of the Company, subject to any amendments that may be required by the TSX Venture Exchange;

2. The Company be authorized to abandon or terminate all or any part of the Omnibus Incentive Plan if the
directors of the Company deem it appropriate and in the best interests of the Company to do so;

3. The Company is hereby authorized to grant Options, Restricted Share Units and Deferred Share Units subject
to the terms and conditions of the Omnibus Incentive Plan; and

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4. Any one or more of the directors and officers of the Company be authorized and directed to perform all such
act, deeds and things and execute all such documents and other writings, including treasury orders, as may be required to give effect to the true intent of this resolution."

**The Board recommends that Shareholders vote <u>FOR</u> the approval of the Omnibus Incentive Plan.** 

**ADDITIONAL INFORMATION** 

Financial information is provided in the Company's audited financial statements for the year ended December 31, 2024 and the related management's discussion and analyses (the "**Financial Statements**"). The Financial Statements will be placed before the Meeting.

Additional information relating to the Company and a copy of the Financial Statements may be obtained under the Company's SEDAR+ profile at <u>www.sedarplus.ca</u> or upon request from the Company at 489 MacDougall Street, Matheson, Ontario P0K 1N0, Telephone No.: 1-800-342-6705. The Company may require payment of a reasonable charge from any person or company who is not a securityholder of the Company, who requests a copy of any such document.

**OTHER MATTERS** 

The Board is not aware of any other matters which it anticipates will come before the Meeting as of the date of mailing of this Information Circular.

The contents of this Information Circular and its distribution to Shareholders have been approved by the Board of the Company.

**DATED** at Vancouver, British Columbia, as of this 1st day of August 2025.

**BY ORDER OF THE BOARD** 

*(signed) "Darren McLean"* 

**Darren McLean** 

**Chairman of the Board of Directors** 

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**SCHEDULE "A"** 

**AUDIT COMMITTEE CHARTER** 

**<u>MAYFAIR GOLD CORP.</u>**

**<u>(the "Company")</u>**

**<u>AUDIT COMMITTEE CHARTER</u>**

**1. PURPOSE AND PRIMARY RESPONSIBILITY** 

1.1 This charter sets out the Audit Committee's (the "**Committee**") purpose, composition, member qualification, member appointment and removal, responsibilities, operations, manner of reporting to the Board of Directors (the "**Board**") of the Company, annual evaluation and compliance with this charter.

1.2 The primary responsibility of the Committee is that of oversight of the financial reporting process on behalf of the Board. This includes oversight responsibility for financial reporting and continuous disclosure, oversight of external audit activities, oversight of financial risk and financial management control, and oversight responsibility for compliance with tax and securities laws and regulations as well as whistle blowing procedures. The Committee is also responsible for the other matters as set out in this charter and/or such other matters as may be directed by the Board from time to time. The Committee should exercise continuous oversight of developments in these areas.

**2. MEMBERSHIP** 

2.1 The Committee will consist of at least three members, all of whom must be directors of the Company and whom shall be financially literate, provided that a Committee member who is not financially literate may be appointed to the Committee if such member becomes financially literate within a reasonable period of time following his or her appointment. Upon graduating to a more senior stock exchange, if required under the rules or policies of such exchange, the Committee will consist of at least three members, all of whom shall meet the experience, financial literacy, and independence requirements of such exchange and of National Instrument 52- 110 – Audit Committees.

2.2 The members of the Committee will be appointed annually (and from time to time thereafter to fill vacancies on the Committee) by the Board. A Committee member may be removed or replaced at any time at the discretion of the Board and will cease to be a member of the Committee on ceasing to be a director.

2.3 The chairperson (the "**Chair**") of the Committee will be appointed by the Board.

2.4 A majority of the members of the Committee must not be officers, employees or control persons of the Company or any of its associates or affiliates.

**3. AUTHORITY** 

3.1 In addition to all authority required to carry out the duties and responsibilities included in this charter, the Committee has specific authority to:

(a) engage, set and pay the compensation for independent counsel and other advisors as it determines necessary
to carry out its duties and responsibilities, and any such consultants or professional advisors so retained by the Committee will report directly to the Committee;

(b) communicate directly with management and any internal auditor, and with the external auditor without
management involvement; and

(c) incur ordinary administrative expenses that are necessary or appropriate in carrying out its duties, which
expenses will be paid for by the Company.

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**4. DUTIES AND RESPONSIBILITIES** 

4.1 The duties and responsibilities of the Committee include:

(a) recommending to the Board the external auditor to be nominated by the Board;

(b) recommending to the Board the compensation of the external auditor to be paid by the Company in connection
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) preparing and issuing the audit report on the Company's financial statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) performing other audit, review or attestation services;

(c) reviewing the external auditor's annual audit plan, fee schedule and any related services proposals
(including meeting with the external auditor to discuss any deviations from or changes to the original audit plan, as well as to ensure that no management restrictions have been placed on the scope and extent of the audit examinations by the
external auditor or the reporting of their findings to the Committee);

(d) overseeing the work of the external auditor;

(e) ensuring that the external auditor is independent by receiving a report annually from the external auditors
with respect to their independence, such report to include disclosure of all engagements (and fees related thereto) for non-audit services provided to Company;

(f) ensuring that the external auditor is in good standing with the Canadian Public Accountability Board by
receiving, at least annually, a report by the external auditor on the audit firm's internal quality control processes and procedures, such report to include any material issues raised by the most recent internal quality control review, or peer
review, of the firm, or any governmental or professional authorities of the firm within the preceding five years, and any steps taken to deal with such issues;

(g) ensuring that the external auditor meets the rotation requirements for partners and staff assigned to the
Company's annual audit by receiving a report annually from the external auditors setting out the status of each professional with respect to the appropriate regulatory rotation requirements and plans to transition new partners and staff onto
the audit engagement as various audit team members' rotation periods expire;

(h) reviewing and discussing with management and the external auditor the annual audited and quarterly unaudited
financial statements and related Management Discussion and Analysis ()"**MD&A** "), including the appropriateness of the Company's accounting policies, disclosures (including material transactions with related parties),
reserves, key estimates and judgements (including changes or variations thereto) and obtaining reasonable assurance that the financial statements are presented fairly in accordance with International Financial Reporting Standards and the MD&A is
in compliance with appropriate regulatory requirements;

(i) reviewing and discussing with management and the external auditor major issues regarding accounting
principles and financial statement presentation, including any significant changes in the selection or application of accounting principles to be observed in the preparation of the financial statements of the Company;

(j) reviewing and discussing with management and the external auditor the external auditor's written
communications to the Committee in accordance with generally accepted auditing standards and other applicable regulatory requirements arising from the annual audit and quarterly review engagements;

(k) reviewing the external auditor's report to the shareholders on the Company's annual financial
statements;

(l) reporting on and recommending to the Board the approval of the annual financial statements and the external
auditor's report on those financial statements, the quarterly unaudited financial statements, and the related MD&A and press releases for such financial statements, prior to the dissemination of these documents to shareholders, regulators,
analysts and the public;

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(m) satisfying itself on a regular basis through reports from management and related reports, if any, from the
external auditors, that adequate procedures are in place for the review of the Company's disclosure of financial information extracted or derived from the Company's financial statements that such information is fairly presented;

(n) overseeing the adequacy of the Company's system of internal accounting controls and obtaining from
management and the external auditor summaries and recommendations for improvement of such internal controls and processes, together with reviewing management's remediation of identified weaknesses;

(o) reviewing with management and the external auditors the integrity of disclosure controls and internal
controls over financial reporting;

(p) reviewing and monitoring the processes in place to identify and manage the principal risks that could impact
the financial reporting of the Company and assessing, as part of its internal controls responsibility, the effectiveness of the over-all process for identifying principal business risks and report thereon to
the Board;

(q) satisfying itself that management has developed and implemented a system to ensure that the Company meets
its continuous disclosure obligations through the receipt of regular reports from management and the Company's legal advisors on the functioning of the disclosure compliance system (including any significant instances of non-compliance with such system), in order to satisfy itself that such system may be reasonably relied upon;

(r) resolving disputes between management and the external auditor regarding financial reporting;

(s) as necessary or required, establishing procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the receipt, retention and treatment of complaints received by the Company from employees and others
regarding accounting, internal accounting controls or auditing matters and questionable practices relating thereto, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable
accounting or auditing matters;

(t) as necessary or required, reviewing and approving the Company's hiring policies with respect to
partners or employees (or former partners or employees) of either a former or the present external auditor;

(u) pre-approving all non-audit services to be provided to the Company
by the Company's external auditor;

(v) overseeing compliance with regulatory authority requirements for disclosure of external auditor services and
Committee activities;

(w) as necessary or required, establishing procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reviewing the adequacy of the Company's insurance coverage, including the Directors' and Officers' insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reviewing activities, organizational structure, and qualifications of the chief financial officer
(" **CFO**") and the staff in the financial reporting area and ensuring that matters related to succession planning within the Company are raised for consideration at the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtaining reasonable assurance as to the integrity of the chief executive officer ()"**CEO** ")
and other senior management and that the CEO and other senior management strive to create a culture of integrity throughout the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reviewing fraud prevention policies and programs, and monitoring their implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reviewing regular reports from management and others (e.g., external auditors, legal counsel) with respect
to the Company's compliance with laws and regulations having a material impact on the financial statements including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) tax and financial reporting laws and regulations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) legal withholding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) environmental protection laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other laws and regulations which expose directors to liability.

4.2 A regular part of Committee meetings involves the appropriate orientation of new members as well as the continuous education of all members. Items to be discussed include specific business issues as well as new accounting and securities legislation that may impact the organization. The Chair of the Committee will regularly canvass the Committee members for continuous education needs and in conjunction with the Board education program, arrange for such education to be provided to the Committee on a timely basis.

4.3 On an annual basis the Committee shall review and assess the adequacy of this charter taking into account all applicable legislative and regulatory requirements as well as any best practice guidelines recommended by regulators or stock exchanges with whom the Company has a reporting relationship and, if appropriate, recommend changes to the Committee charter to the Board for its approval.

**5. MEETINGS** 

5.1 The quorum for a meeting of the Committee is a majority of the members of the Committee.

5.2 The Chair of the Committee shall be responsible for leadership of the Committee, including scheduling and presiding over meetings, preparing agendas, overseeing the preparation of briefing documents to circulate during the meetings as well as pre-meeting materials, and making regular reports to the Board. The Chair of the Committee will also maintain regular liaison with the CEO, CFO, and the lead external audit partner.

5.3 The Committee will meet in camera separately with each of the CEO and the CFO of the Company at least annually to review the financial affairs of the Company.

5.4 The Committee will meet with the external auditor of the Company in camera at least once each year, at such time(s) as it deems appropriate, to review the external auditor's examination and report.

5.5 The external auditor must be given reasonable notice of, and has the right to appear before and to be heard at, each meeting of the Committee.

5.6 Each of the Chair of the Committee, members of the Committee, Chairperson of the Board, external auditor, CEO, CFO or secretary shall be entitled to request that the Chair of the Committee call a meeting which shall be held within 48 hours of receipt of such request to consider any matter that such individual believes should be brought to the attention of the Board or the shareholders.

**6. REPORTS** 

6.1 The Committee will report, at least annually, to the Board regarding the Committee's examinations and recommendations.

6.2 The Committee will report its activities to the Board to be incorporated as a part of the minutes of the Board meeting at which those activities are reported.

**7. MINUTES** 

7.1 The Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

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**SCHEDULE "B"** 

**OMNIBUS INCENTIVE PLAN** 

**MAYFAIR GOLD CORP.** 

**(the "Company")** 

Mayfair Gold Corp. (the "**Company**") hereby establishes an omnibus incentive plan for directors, officers, key employees and Consultants (as defined herein) of the Company and any of its Subsidiaries (as defined herein).

**ARTICLE 1** 

**INTERPRETATION** 

**Section 1.1 Definitions.** 

Where used herein or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms shall have the following meanings, respectively, unless the context otherwise requires:

"**Account**" means an account maintained for each Participant on the books of the Company which will be credited with Awards in accordance with the terms of this Plan;

"**Affiliate**" has the meaning ascribed thereto in TSXV Policy 1.1;

"**Annual Base Compensation**" means an annual compensation amount payable to directors and officers, as established from time to time by the Board;

"**Award**" means any of an Option, DSU or RSU granted to a Participant pursuant to the terms of this Plan;

"**Black-Out Period**" means a formally imposed period of time when, pursuant to any internal trading policies of the Company (including the Company's insider trading policy), securities of the Company may not be traded by certain Persons designated by the Company as a result of the bona fide existence of undisclosed material information;

"**Board**" has the meaning ascribed thereto in Section 2.2(1);

"**Business Day**" means a day other than a Saturday, Sunday or statutory holiday, when banks are generally open for business in Toronto, Ontario or Vancouver, British Columbia for the transaction of banking business;

"**Cash Equivalent**" means the amount of money equal to the Market Value multiplied by the number of vested RSUs or DSUs, as applicable, in the Participant's Account, net of any applicable taxes in accordance with Section 8.2, on the RSU Settlement Date or the Filing Date, as applicable;

"**Cashless Exercise Right**" has the meaning ascribed thereto in Section 3.6(3);

"**Cause**" has the meaning ascribed thereto in Section 6.2(1);

"**Change of Control**" means, unless the Board determines otherwise, the happening, in a single transaction or in a series of related transactions, of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, as a result of or in connection with the election of directors, the people who were directors (or who
were entitled under a contractual arrangement to be directors) of the Company before the election cease to constitute a majority of the Board, unless the directors have been nominated by management or approved of by a majority of the previously
serving directors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any transaction at any time and by whatever means pursuant to which any Person or any group of two or more
Persons acting jointly or in concert as a single control group or any Affiliate (other than a wholly-owned Subsidiary or in connection with a reorganization of the Company) or any one or more directors thereof hereafter beneficially owns, directly
or indirectly, or acquires the right to exercise control or direction over, voting securities of the Company representing 50% or more of the then issued and outstanding voting securities of the Company, as the case may be, in any manner whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale, assignment, lease or other transfer or disposition of more than 50% of the assets of the Company
to a Person or any group of two or more Persons acting jointly or in concert (other than a wholly-owned Subsidiary or in connection with a reorganization of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the occurrence of a transaction requiring approval of the Company's shareholders whereby the Company
is acquired through consolidation, merger, exchange of securities involving all of the Company's voting securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any Person or any group of two or more Persons acting
jointly or in concert (other than a short-form amalgamation of the Company or an exchange of securities with a wholly-owned Subsidiary or a reorganization of the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any sale, lease, exchange or other disposition of all or substantially all of the assets of the Company
other than in the ordinary course of business.

For purposes of this definition of "Change of Control", the terms jointly or in concert, beneficial ownership and voting securities shall have the respective meanings given to those terms in National Instrument 62-104 – *Take-Over Bids and Issuer Bids* ("**NI 62-104**") and the number of securities outstanding shall be determined in accordance with NI 62-104;

"**Company**" means Mayfair Gold Corp., a corporation existing under the *Business Corporations Act* (British Columbia), as amended from time to time;

"**Consultant**" means, in relation to the Company, an individual (other than a director, officer or employee of the Company or of any of its Subsidiaries) or corporation that: (a) is engaged to provide on an ongoing *bona fide* basis, consulting, technical, management or other services to the Company or to any of its Subsidiaries, other than services provided in relation to a Distribution (as such term is defined in TSXV Policy 1.1); (b) provides the services under a written contract between the Company or any of its Subsidiaries and the individual or the corporation, as the case may be; and (c) in the reasonable opinion of the Company, spends or will spend a significant amount of time and attention on the affairs and business of the Company or of any of its Subsidiaries;

"**Consulting Agreement**" means, with respect to any Participant, any written consulting agreement between the Company or a Subsidiary and such Participant;

"**Dividend Equivalent**" means a cash credit equivalent in value to a dividend paid on a Share credited to a Participant's Account;

"**DSU**" or "**Deferred Share Unit**" means a right awarded to a Participant to receive a payment in the form of Shares, Cash Equivalent or a combination thereof upon Termination of Service, as provided in Article 5 and subject to the terms and conditions of this Plan;

"**DSU Agreement**" means a document evidencing the grant of DSUs and the terms and conditions thereof;

"**DSU Settlement Amount**" means the amount of Shares, Cash Equivalent or combination thereof, calculated in accordance with Section 5.6, to be paid to settle a DSU Award after the Filing Date;

"**Effective Date**" means the effective date of this Plan as provided in Section 8.11;

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"**Eligibility Date**" means the effective date on which a Participant becomes eligible to receive long-term disability benefits (provided that, for greater certainty, such effective date shall be confirmed in writing to the Company by the insurance company providing such long-term disability benefits);

"**Eligible Participants**" means any director, officer, employee or Consultant of the Company or any of its Subsidiaries, but for the purposes of Article 5, this definition shall be limited to directors of the Company;

"**Employment Agreement**" means, with respect to any Participant, any written employment agreement between the Company or a Subsidiary and such Participant;

"**Exercise Notice**" means a notice in writing signed by a Participant and stating the Participant's intention to exercise a particular Award, if applicable;

"**Filing Date**" has the meaning set out in Section 5.5(1), as applicable;

"**Grant Agreement**" means an agreement evidencing the grant to a Participant of an Award, including an Option Agreement, a DSU Agreement, an RSU Agreement, an Employment Agreement or a Consulting Agreement;

"**Incentive Stock Option**" or "**ISO**" means an Option that is granted to a U.S. Participant, as described in 0;

"**Insider**" has the meaning ascribed thereto in TSXV Policy 1.1;

"**Market Value**" means at any date when the market value of Shares is to be determined, (i) if the Shares are listed on a Stock Exchange, the volume weighted average trading price of the Shares on such Stock Exchange for the five trading days immediately preceding the relevant time as it relates to an Award, provided that it is not less than the "Discounted Market Price" (within the meaning of the policies of the TSX Venture Exchange), in which case it shall be the Discounted Market Price; or (ii) if the Shares are not listed on any stock exchange, the value as is determined solely by the Board, acting reasonably and in good faith, and such determination shall be conclusive and binding on all Persons;

"**Option**" means an option granted by the Company to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Option Price, but subject to the provisions hereof, and includes an ISO;

"**Option Agreement**" means a document evidencing the grant of Options and the terms and conditions thereof;

"**Option Price**" has the meaning ascribed thereto in Section 3.2;

"**Option Term**" has the meaning ascribed thereto in Section 3.4;

"**Outstanding Issue**" means the number of Shares that are issued and outstanding, on a non-diluted basis;

"**Participants**" means Eligible Participants that are granted Awards under this Plan;

"**Performance Criteria**" means specified criteria, other than the mere continuation of employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award;

"**Performance Period**" means the period determined by the Board at the time any Award is granted or at any time thereafter during which any Performance Criteria and any other vesting conditions specified by the Board with respect to such Award are to be measured;

"**Person**" means an individual, corporation, company, cooperative, partnership, trust, unincorporated association, entity with juridical personality or governmental authority or body, and pronouns which refer to a Person shall have a similarly extended meaning;

"**Plan**" means this Omnibus Incentive Plan, including any amendments or supplements hereto made after the Effective Date;

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"**Prior Plan**" means the stock option plan of the Company in effect immediately prior to the Effective Date;

"**Restricted Period**" means the period determined by the Board pursuant to Section 4.3;

"**RSU**" or "**Restricted Share Unit**" means a right awarded to a Participant to receive a payment in the form of Shares, Cash Equivalent or a combination thereof as provided in Article 4 and subject to the terms and conditions of this Plan;

"**RSU Agreement**" means a document evidencing the grant of RSUs and the terms and conditions thereof;

"**RSU Settlement Date**" has the meaning ascribed thereto in Section 4.5(1);

"**RSU Vesting Determination Date**" has the meaning ascribed thereto in Section 4.4;

"**Shares**" means the common shares in the share capital of the Company;

"**Share Compensation Arrangement**" means a stock option, stock option plan, deferred share unit, deferred share unit plan, restricted share unit, restricted share unit plan, employee stock purchase plan, long-term incentive plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to one or more employees, directors, officers, Insiders or Consultants, including a share purchase from treasury by an employee, director, officer, Insider or Consultant which is financially assisted by the Company or a Subsidiary by way of a loan, guarantee or otherwise provided, however, that any such arrangements that do not involve the issuance from treasury or potential issuance from treasury of Shares are not "Share Compensation Arrangements" for the purposes of this Plan;

"**Stock Exchange**" means the TSX Venture Exchange (or any other stock exchange on which the Shares are then listed and trading, if the Shares are not listed and trading on the TSX Venture Exchange as designated by the Board from time to time);

"**Subsidiary**" means a corporation, company or partnership that is controlled, directly or indirectly, by the Company;

"**Tax Act**" means the *Income Tax Act* (Canada) and its regulations thereunder, as amended from time to time;

"**Termination**" means that a Participant has ceased to be an Eligible Participant, including for greater certainty, the earliest date on which both of the following conditions are met: (i) the Participant has ceased to be employed by, or otherwise have a service relationship with, the Company or any Subsidiary thereof for any reason whatsoever; and (ii) the Participant has ceased to be a director of the Company or any of its Subsidiaries;

"**Termination Date**" means (i) in the event of a Participant's resignation, the date on which such Participant ceases to be a director, officer, employee or Consultant of the Company or any of its Subsidiaries, and (ii) in the event of the termination of the Participant's employment, or position as an officer of the Company or any of its Subsidiaries, or as a Consultant of the Company or any of its Subsidiaries, the effective date of the termination as specified in the notice of termination provided to the Participant by the Company or the Subsidiary, as the case may be, and, for greater certainty, without regard to any period of notice, pay in lieu of notice, or severance that may follow the Termination Date pursuant to the terms of the Participant's employment or services agreement (if any), the applicable employment standards legislation or the common law (if applicable), and regardless of whether the Termination was lawful or unlawful, except as may otherwise be required to meet minimum standards prescribed by the applicable employment standards legislation;

"**Termination of Service**" means that a Participant has ceased to be an Eligible Participant, and for greater certainty, for those Eligible Participants who are not solely directors of the Company, the earliest date on which both of the following conditions are met: (i) the Participant has ceased to be employed by, or has ceased providing ongoing services as a Consultant to, the Company or any Subsidiary thereof for any reason whatsoever; and (ii) the Participant ceases to be a director of the Company or any of its Subsidiaries;

"**TSXV Policy 1.1**" means Policy 1.1 – *Interpretation* of the TSX Venture Exchange;

"**TSXV Policy 4.4**" means Policy 4.4 – *Security Based Compensation* of the TSX Venture Exchange;

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"**TSXV Share Limits**" means: (i) the maximum number of Shares issuable to any one Participant under Awards in any 12-month period shall not exceed 5% of the Outstanding Issue (unless requisite disinterested shareholder approval has been obtained to exceed); (ii) the maximum number of Shares issuable to any one Consultant in any 12-month period shall not exceed 2% of the Outstanding Issue; and (iii) Investor Relations Service Providers (within the meaning of TSXV Policy 4.4) (A) may only be granted Options under an Award, (B) the maximum number of Shares issuable to all Investor Relations Service Providers under any Options awarded shall not exceed 2% of the Outstanding Issue in any 12-month period, in each case measured as of the date of grant of an Award, and (C) may not be granted a Cashless Exercise Right;

"**United States**" means the United States of America, its territories and possessions, any State of the United States and the District of Columbia;

"**U.S. Participant**" means any Participant who, at any time during the period from the date an Award is granted to the date such award is exercised, redeemed or otherwise paid to the Participant, is subject to income taxation in the United States on the income received for services provided to the Company or a Subsidiary and who is not otherwise exempt from United States income taxation under the relevant provisions of the U.S. Tax Code or the Canada-U.S. Income Tax Convention, as amended;

"**U.S. Securities Act**" means the United States Securities Act of 1933, as amended; and

"**U.S. Tax Code**" means the United States Internal Revenue Code of 1986, as amended.

**Section 1.2 Interpretation.** 

(1) Whenever the Board is to exercise discretion or authority in the administration of the terms and conditions
of this Plan, the term "discretion" or "authority" means the sole and absolute discretion of the Board.

(2) The division of this Plan into Articles, Sections and other subdivisions and the insertion of headings are
for convenient reference only and do not affect the interpretation of this Plan.

(3) In this Plan, words importing the singular shall include the plural, and *vice versa* and words
importing any gender include any other gender.

(4) The words "including", "includes" and "include" and any derivatives of
such words mean "including (or includes or include) without limitation". As used herein, the expressions "Article", "Section" and other subdivision followed by a number, mean and refer to the specified Article,
Section or other subdivision of this Plan, respectively.

(5) Unless otherwise specified in a Participant's Grant Agreement, all references to money amounts are to
Canadian currency.

(6) For purposes of this Plan, the legal representatives of a Participant shall only include the administrator,
the executor or the liquidator of the Participant's estate or will.

(7) If any action may be taken within, or any right or obligation is to expire at the end of, a period of days
under this Plan, then the first day of the period is not counted, but the day of its expiry is counted.

**ARTICLE 2** 

**PURPOSE AND ADMINISTRATION OF THIS PLAN; GRANTING OF AWARDS** 

**Section 2.1 Purpose of this Plan.** 

The purpose of this Plan is to permit the Company to grant Awards to Eligible Participants, subject to certain conditions as hereinafter set forth, for the following purposes:

(a) to increase the interest in the Company's welfare of those Eligible Participants, who share
responsibility for the management, growth and protection of the business of the Company or a Subsidiary;

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(b) to provide an incentive to such Eligible Participants to continue their services for the Company or a
Subsidiary and to encourage such Eligible Participants whose skills, performance and loyalty to the objectives and interests of the Company or a Subsidiary are necessary or essential to its success, image, reputation or activities;

(c) to reward Participants for their performance of services while working for the Company or a Subsidiary; and

(d) to provide a means through which the Company or a Subsidiary may attract and retain able Persons to enter
its employment or service.

**Section 2.2 Implementation and Administration of this Plan.** 

(1) This Plan shall be administered and interpreted by the board of directors of the Company (the
" **Board**") or, if the Board by resolution so decides, by a committee appointed by the Board. If such committee is appointed for this purpose, all references to the "Board" herein will be deemed references to such
committee. Nothing contained herein shall prevent the Board from adopting other or additional Share Compensation Arrangements or other compensation arrangements, subject to any required approval.

(2) Subject to Article 7 and any applicable rules of the Stock Exchange, the Board may, from time to time, as it
may deem expedient, adopt, amend and rescind rules and regulations or vary the terms of this Plan and/or any Award hereunder for carrying out the provisions and purposes of this Plan and/or to address tax or other requirements of any applicable
jurisdiction.

(3) Subject to the provisions of this Plan, the Board is authorized, in its discretion, to make such
determinations under, and such interpretations of, and take such steps and actions in connection with, the proper administration and operations of this Plan as it may deem necessary or advisable. The Board may delegate to officers or managers of the
Company, or committees thereof, the authority, subject to such terms as the Board shall determine, to perform such functions, in whole or in part. Any such delegation by the Board may be revoked at any time at the Board's discretion. The
interpretation, administration, construction and application of this Plan and any provisions hereof made by the Board, or by any officer, manager, committee or any other Person to which the Board delegated authority to perform such functions, shall
be final and binding on the Company, its Subsidiaries and all Eligible Participants.

(4) No member of the Board or any Person acting pursuant to authority delegated by the Board hereunder shall be
liable for any action or determination taken or made in good faith in the administration, interpretation, construction or application of this Plan or any Award granted hereunder. Members of the Board and any person acting at the direction or on
behalf of the Board, shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.

(5) This Plan shall not in any way fetter, limit, obligate, restrict or constrain the Board with regard to the
allotment or issuance of any Shares or any other securities in the capital of the Company. For greater certainty, the Company shall not by virtue of this Plan be in any way restricted from declaring and paying stock dividends, repurchasing Shares or
varying or amending its share capital or corporate structure.

**Section 2.3 Participation in this Plan.** 

(1) The Company makes no representation or warranty as to the future market value of the Shares or with respect
to any income tax matters affecting any Participant resulting from the grant of an Award, the exercise of an Option or transactions in the Shares or otherwise in respect of participation under this Plan. Neither the Company, nor any of its
directors, officers, employees, shareholders or agents shall be liable for anything done or omitted to be done by such Person or any other Person with respect to the price, time, quantity or other conditions and circumstances of the issuance of
Shares hereunder, or in any other manner related to this Plan. For greater certainty, no amount will be paid to, or in respect of, a Participant under this Plan or pursuant to any other arrangement, and no additional Awards will be granted to such
Participant to compensate for a downward fluctuation in the price of the Shares, nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose. The Company and its Subsidiaries do not assume and shall not
have responsibility for the income or other tax consequences resulting to any Participant and each Participant is advised to consult with such Participant's own tax advisors.

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(2) Participants (and their legal representatives) shall have no legal or equitable right, claim or interest in
any specific property or asset of the Company or any of its Subsidiaries. No asset of the Company or any of its Subsidiaries shall be held in any way as collateral security for the fulfillment of the obligations of the Company or any of its
Subsidiaries under this Plan. Unless otherwise determined by the Board, this Plan shall be unfunded. To the extent any Participant or the Participant's estate holds any rights by virtue of a grant of Awards under this Plan, such rights (unless
otherwise determined by the Board) shall be no greater than the rights of an unsecured creditor of the Company.

(3) Unless otherwise determined by the Board and subject to Policy 4.4 of the TSX Venture Exchange, the Company
shall not offer financial assistance to any Participant in regard to the exercise of any Award granted under this Plan.

(4) The Board may require that any Eligible Participant in this Plan provide certain representations, warranties
and certifications to the Company to satisfy the requirements of applicable laws, including, without limitation, exemptions from the registration requirements of the U.S. Securities Act, and applicable U.S. state securities laws.

(5) In connection with an Award to be granted to any Eligible Participant, it shall be the responsibility of
such person and the Company to confirm that such person is a *bona fide* Eligible Participant for the purposes of participation under this Plan.

**Section 2.4 Shares Subject to this Plan.** 

(1) Subject to adjustment pursuant to Article 7, the securities that may be acquired by Participants under this
Plan shall consist of authorized but unissued Shares from treasury.

(2) The maximum number of Shares issuable at any time pursuant to outstanding Awards under this Plan shall be
10% of the Outstanding Issue, as measured as at the date of any Award grant.

(3) No Award that can be settled in Shares issued from treasury may be granted if such grant would have the
effect of causing the total number of Shares subject to such Award to exceed the above-noted maximum numbers of Shares reserved for issuance pursuant to the settlement of Awards.

(4) This Plan includes an "evergreen" stock option plan, as Shares covered by Options which have
been exercised or settled, as applicable, and Options which have expired or are forfeited, surrendered, cancelled or otherwise terminated or lapsed for any reason without having been exercised, will be available for subsequent grants under this Plan
and the number of Options that may be granted under this Plan increases if the total number of issued and outstanding Shares increases. Shares will not be deemed to have been issued pursuant to this Plan with respect to any portion of an Award that
is settled in cash.

**Section 2.5 Limits with Respect to other Share Compensation Arrangements, Insiders, Individual Limits and Annual Grant Limits.** 

(1) The maximum number of Shares issuable pursuant to this Plan and any other Share Compensation Arrangement
shall not exceed the limits set out in Section 2.4(2).

(2) The maximum number of Shares issuable to Eligible Participants who are Insiders (as a group), at any time,
under this Plan and any other Share Compensation Arrangement, shall not exceed 10% of the Outstanding Issue at any point in time.

(3) The maximum number of Shares issuable to Eligible Participants who are Insiders (as a group), within any one-year period, under this Plan and any other Share Compensation Arrangement, shall not exceed 10% of the Outstanding Issue, calculated as at the date any Share Compensation is granted or issued to any Insider.

(4) Subject to the policies of the Stock Exchange, any Shares issued or Awards granted pursuant to this Plan, or
securities issued under any other Share Compensation Arrangement, prior to a Participant becoming an Insider, shall be included for the purposes of the limits set out in Section 2.5(2) and Section 2.5(3).

(5) Subject to the policies of the Stock Exchange, in the event of the death of a Participant, the legal
representative, liquidator, executor or administrator, as the case may be, of the estate of the Participant is not entitled to make a claim in respect of an Award granted to such Participant after the first anniversary of the death of such
Participant.

(6) The TSXV Share Limits shall apply to the Shares issued or issuable under any Award granted under this Plan
and any other Share Compensation Arrangement, subject to the Shares being listed for trading on the TSX Venture Exchange.

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**Section 2.6 Granting of Awards.** 

Any Award granted under this Plan shall be subject to the requirement that, if at any time the Company shall determine that the listing, registration or qualification of the Shares subject to such Award, if applicable, upon any Stock Exchange or under any law or regulation of any jurisdiction, or the consent or approval of any Stock Exchange or any governmental or regulatory body, is necessary as a condition of, or in connection with, the grant of such Awards or exercise of any Option or the issuance or purchase of Shares thereunder, if applicable, such Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration, qualification, consent or approval.

**Section 2.7 TSX Venture Exchange Vesting Restrictions.** 

While the Shares are listed for trading on the TSX Venture Exchange:

(a) no Award (other than Options), may vest before the date that is one year following the date the Award is
granted or issued, provided that this requirement may be accelerated for a Participant who dies or who ceases to be an Eligible Participant under the provisions hereof in connection with a Change of Control, take-over bid, reverse take-over or other
similar transaction;

(b) any Options granted to any Investor Relations Service Provider must vest in stages over a period of not less
than 12 months, in accordance with the vesting restrictions set out in Section 4.4(c) of Policy 4.4 of the TSX Venture Exchange; and

(c) there can be no acceleration of the vesting requirements applicable to Option grants to an Investor
Relations Service Provider without the prior written approval of the TSX Venture Exchange.

**Section 2.8 Relationship with the Prior Plan.** 

This Plan supersedes and replaces the Prior Plan, which is terminated and of no force or effect as of the Effective Date. All securities granted under the Prior Plan shall continue to exist and shall remain outstanding in accordance with their terms, provided that from the Effective Date, such securities shall be governed by this Plan.

**ARTICLE 3** 

**OPTIONS** 

**Section 3.1 Nature of Options.** 

An Option is an option granted by the Company to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Option Price, but subject to the provisions hereof. For the avoidance of doubt, no Dividend Equivalents shall be granted in connection with an Option.

**Section 3.2 Option Awards.** 

Subject to the provisions set forth in this Plan and any shareholder or regulatory approval which may be required, the Board shall, from time to time by resolution, in its discretion, (i) designate the Eligible Participants who may receive Options under this Plan, (ii) fix the number of Options, if any, to be granted to each Eligible Participant and the date or dates on which such Options shall be granted, (iii) determine the price per Share to be payable upon the exercise of each such Option (the "**Option Price**") and the relevant vesting provisions (including Performance Criteria, if applicable) and the Option Term, the whole subject to the terms and conditions prescribed in this Plan or in any Option Agreement, and any applicable rules of the Stock Exchange.

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**Section 3.3 Option Price.** 

The Option Price for Shares that are the subject of any Option shall be determined and approved by the Board when such Option is granted, but shall not be less than the Market Value of such Shares at the time of the grant.

**Section 3.4 Option Term.** 

(1) The Board shall determine, at the time of granting the particular Option, the period during which the Option
is exercisable, which shall not be more than ten years from the date the Option is granted (the "**Option Term** ").

(2) Should the expiration date for an Option fall within a Black-Out Period, such expiration date shall be automatically extended without any further act or formality to that date which is the tenth Business Day after the end of the Black-Out Period, such tenth Business Day to
be considered the expiration date for such Option for all purposes under this Plan.

**Section 3.5 Exercise of Options.** 

Prior to its expiration or earlier termination in accordance with this Plan, each Option shall be exercisable at such time or times and/or pursuant to the achievement of such Performance Criteria and/or other vesting conditions as the Board, at the time of granting the particular Option, may determine in its discretion. For greater certainty, any exercise of Options by a Participant shall be made in accordance with any insider trading policies implemented by the Company.

**Section 3.6 Method of Exercise and Payment of Purchase Price.** 

(1) Subject to the provisions of this Plan, an Option granted under this Plan shall be exercisable (from time to
time as provided in Section 3.5) by the Participant (or by the liquidator, executor or administrator, as the case may be, of the estate of the Participant) by delivering a fully completed Exercise Notice to the Company at its head office as
designated on SEDAR to the attention of the Corporate Secretary of the Company (or the individual that the Corporate Secretary of the Company may from time to time designate) or give notice in such other manner as the Company may from time to time
designate, which notice shall specify the number of Shares in respect of which the Option is being exercised and shall be accompanied by full payment, by cash, certified cheque, bank draft or any other form of payment deemed acceptable by the Board
of the purchase price for the number of Shares specified therein and, if required by Section 8.2, the amount necessary to satisfy any taxes.

(2) Upon exercise, the Company shall, as soon as practicable after such exercise but no later than ten Business
Days following such exercise, forthwith cause the transfer agent and registrar of the Shares either to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver to the Participant (or to the liquidator, executor or administrator, as the case may be, of the
estate of the Participant) a certificate in the name of the Participant representing in the aggregate such number of Shares as the Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant)
shall have then paid for and as are specified in such Exercise Notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Shares issued in uncertificated form, cause the issuance of the aggregate number of Shares as
the Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant) shall have then paid for and as are specified in such Exercise Notice to be evidenced by a book position on the register of the
shareholders of the Company to be maintained by the transfer agent and registrar of the Shares.

(3) Subject to the rules and policies of the Stock Exchange (including the TSXV Share Limits, as applicable),
the Board may, in its discretion and at any time, determine to grant a Participant the right, when entitled to exercise Options, to deal with such Options on a "cashless exercise" basis (the "**Cashless Exercise Right** ").
The Board may determine in its discretion that such Cashless Exercise Right, if any, grants a Participant the right to exercise such Options by notice in writing to the Company and receive, without payment of any cash other than pursuant to
Section 8.2, that number of Shares, disregarding fractions, that is equal to the quotient obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of the number of Options being exercised multiplied by the difference between the Market Value
on the day immediately prior to the exercise of the Cashless Exercise Right and the Option Price; by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Market Value on the day immediately prior to the exercise of the Cashless Exercise Right.

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(4) In the event the Board grants and the Participant exercises Options pursuant to a Cashless Exercise Right:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall make an election pursuant to subsection 110(1.1) of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Options exercised, and not the number of Shares issued by the Company pursuant to such
Cashless Exercise Right shall be included in calculating the limitation in Sections 2.4 and 2.5 and the TSXV Share Limits, as applicable.

**Section 3.7 Option Agreements.** 

Options shall be evidenced by an Option Agreement, in such form not inconsistent with this Plan as the Board may from time to time determine. The Option Agreement may contain any such terms that the Company considers necessary in order that the Option will comply with any provisions respecting options in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be resident or citizen or the rules of any regulatory body having jurisdiction over the Company.

**Section 3.8 Incentive Stock Options.** 

(1) ISOs are available only for Participants who are employees of the Company, or a "parent
corporation" or "subsidiary corporation" (as such terms are defined in Section 424(e) and (f) of the U.S. Tax Code), on the date the Option is granted. In addition, a Participant who holds an ISO must continue as an
employee, except that upon termination of employment the Option will continue to be treated as an ISO for up to three months, after which the Option will no longer qualify as an ISO, except as provided in this Section 1.1(1). A
Participant's employment will be deemed to continue during any period of sick leave, military leave or other bona fide leave of absence, provided the leave of absence does not exceed three months, or the Participant's return to
employment is guaranteed by statute or contract. If a termination of employment is due to permanent disability, an Option may continue its ISO status for up to one year, and if the termination is due to death, the ISO status may continue for the
balance of the Option's term. Nothing in this Section 1.1(1) will be deemed to extend the original expiry date of an Option.

(2) A Participant who owns, or is deemed to own, pursuant to Section 424(e) of the U.S. Tax Code, Shares
possessing more than 10% of the total combined voting power of all classes of stock of the Company may not be granted an Option that is an ISO unless the Option Price is at least 110% of the Market Value of the Shares, as of the date of the grant,
and the Option is not exercisable after the expiration of five years from the date of grant.

(3) To the extent the aggregate Market Value (determined as of the date of grant) of Shares with respect to
which ISOs are exercisable for the first time by a Participant during any calendar year (under all plans of the Company and any affiliates) exceeds One Hundred Thousand United States Dollars (US$100,000), the Options or portions thereof that exceed
such limit (according to the order in which they were granted) shall be treated as Options other than ISOs, notwithstanding any contrary provision in the applicable Option Agreement.

**ARTICLE 4** 

**RESTRICTED SHARE UNITS** 

**Section 4.1 Nature of RSUs.** 

A "Restricted Share Unit" (or "**RSU**") is an Award in the nature of a bonus for services rendered that, upon settlement, entitles the recipient Participant to acquire Shares as determined by the Board or to receive the Cash Equivalent or a combination thereof, as the case may be, pursuant and subject to such restrictions and conditions as the Board may determine at the time of grant, unless such RSU expires prior to being settled. Vesting conditions may, without limitation, be based on continuing employment (or other service relationship) and/or achievement of Performance Criteria. Unless otherwise determined by the Board in its discretion, the Award of an RSU is considered a bonus for services rendered in the calendar year in which the Award is made or as an incentive for future services rendered to the Company or its Subsidiaries.

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**Section 4.2 RSU Awards.** 

(1) The Board shall, from time to time by resolution, in its discretion, (i) designate the Eligible
Participants who may receive RSUs under this Plan, (ii) fix the number of RSUs, if any, to be granted to each Eligible Participant and the date or dates on which such RSUs shall be granted, (iii) determine the relevant conditions and
vesting provisions (including the applicable Performance Period and Performance Criteria, if any) and the Restricted Period of such RSUs, (provided, however, that no such Restricted Period shall exceed the three years referenced in
Section 4.3), and (iv) any other terms and conditions applicable to the granted RSUs, which need not be identical and which, without limitation, may include non-competition provisions, subject to the
terms and conditions prescribed in this Plan and in any RSU Agreement.

(2) Subject to the vesting and other conditions and provisions in this Plan and in the RSU Agreement, each
vested RSU awarded to a Participant shall entitle the Participant to receive one Share, the Cash Equivalent or a combination thereof upon confirmation by the Board that the vesting conditions (including the Performance Criteria, if any) have been
met no later than the last day of the Restricted Period. For greater certainty, RSUs that are subject to Performance Criteria may not become fully vested by the last day of the Restricted Period.

**Section 4.3 Restricted Period.** 

Subject to Section 2.7(a), the applicable restricted period in respect of a particular RSU shall be determined by the Board but in all cases shall end no later than the 31<sup>st</sup> of December of the third calendar year following the calendar year in which the performance of services for which such RSU is granted occurred (the "**Restricted Period**"). All unvested RSUs shall be cancelled on the RSU Vesting Determination Date (as such term is defined in Section 4.4) and, in any event, all unvested RSUs shall be cancelled no later than the last day of the Restricted Period.

**Section 4.4 RSU Vesting Determination Date.** 

The vesting determination date means the date on which the Board determines if the Performance Criteria and/or other vesting conditions with respect to an RSU have been met (the "**RSU Vesting Determination Date**") and, as a result, establishes the number of RSUs that become vested, if any. For greater certainty, the RSU Vesting Determination Date must fall after the end of the Performance Period, if any, but no later than the 15<sup>th</sup> of December of the calendar year which commences three years after the calendar year in which the performance of services for which such RSU is granted occurred. Notwithstanding the foregoing, for any U.S. Participant, the RSU Vesting Determination Date shall occur no later than March 15 of the calendar year following the end of the Performance Period.

**Section 4.5 Settlement of RSUs.** 

(1) Except as otherwise provided in the RSU Agreement, all of the vested RSUs covered by a particular grant
shall be settled as soon as practicable and in any event within ten Business Days following their RSU Vesting Determination Date and no later than the end of the Restricted Period (the "**RSU Settlement Date** ").

(2) Settlement of RSUs shall take place promptly following the RSU Settlement Date, and shall take the form
determined by the Board, in its discretion. Settlement of RSUs shall be subject to Section 8.2 and shall take place through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of settlement of RSUs for their Cash Equivalent, delivery of a cheque to the Participant
representing the Cash Equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of settlement of RSUs for Shares (which may include Shares purchased in the secondary market by
a trustee or administrative agent appointed by the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivery to the Participant (or to the liquidator, executor or administrator, as the case may be, of the
estate of the Participant) of a certificate in the name of the Participant representing in the aggregate such number of Shares as the Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant)
shall be entitled to receive (unless the Participant intends to simultaneously dispose of any such Shares); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of Shares issued in uncertificated form, issuance of the aggregate number of Shares as the
Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant) shall be entitled to receive, to be evidenced by a book position on the register of the shareholders of the Company to be maintained by
the transfer agent and registrar of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of settlement of the RSUs for a combination of Shares and the Cash Equivalent, a combination of
(a) and (b) above.

(3) Notwithstanding the foregoing, for any U.S. Participant, the RSU Settlement Date and delivery of Shares or
Cash Equivalent, if any, shall each occur no later than March 15 of the calendar year following the end of the Performance Period.

**Section 4.6 Determination of Amounts.** 

(1) For purposes of determining the Cash Equivalent of RSUs to be made pursuant to Section 4.5, such
calculation will be made on the RSU Settlement Date based on the Market Value on the RSU Settlement Date multiplied by the number of vested RSUs in the Participant's Account to settle in cash.

(2) For the purposes of determining the number of Shares to be issued or delivered to a Participant upon
settlement of RSUs pursuant to Section 4.5, such calculation will be made on the RSU Settlement Date based on the whole number of Shares equal to the whole number of vested RSUs then recorded in the Participant's Account to settle in
Shares.

**Section 4.7 RSU Agreements.** 

RSUs shall be evidenced by an RSU Agreement in such form not inconsistent with this Plan as the Board may from time to time determine. The RSU Agreement may contain any such terms that the Company considers necessary in order that the RSU will comply with any provisions respecting restricted share units in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be resident or citizen or the rules of any regulatory body having jurisdiction over the Company.

**Section 4.8 Award of Dividend Equivalents.** 

Dividend Equivalents may, as determined by the Board in its discretion, be awarded in respect of unvested RSUs in a Participant's Account on the same basis as cash dividends declared and paid on Shares as if the Participant was a shareholder of record of Shares on the relevant record date. However, to the extent that Dividend Equivalents awarded under this Section 4.8 entitle Participants to receive additional RSUs, the maximum aggregate number of Shares that might possibly be issued to satisfy this obligation must be included in the grant limits in Section 2.4(2)(b), clause (i) and (ii) of the defined term "TSXV Share Limits" and Sections 2.5(2) and (3), and if the Company does not have a sufficient number of Shares available under this Plan to satisfy its obligations in respect of such Dividend Equivalents it shall make payments in cash.

In the event that the Participant's applicable RSUs do not vest, all Dividend Equivalents, if any, associated with such RSUs will be forfeited by the Participant and returned to the Company's account.

**ARTICLE 5** 

**DEFERRED SHARE UNITS** 

**Section 5.1 Nature of DSUs.** 

A "Deferred Share Unit" (or "**DSU**") is an Award attributable to a Participant's duties as a director of the Company and that, upon settlement, entitles the recipient Participant to receive such number of Shares (which may include Shares purchased in the secondary market by a trustee or administrative agent appointed by the Board) as determined by the Board, or to receive the Cash Equivalent or a combination thereof, as the case may be, and is payable after Termination of Service of the Participant.

**Section 5.2 DSU Awards.** 

The Board shall, from time to time by resolution, in its discretion, (i) designate the Eligible Participants who may receive DSU Awards under this Plan, (ii) fix the number of DSU Awards to be granted to each Eligible Participant, and (iii) fix the date or dates on which such DSU Awards shall be granted, subject to the terms and conditions prescribed in this Plan and in any DSU Agreement. Each DSU awarded shall entitle the Participant to one Share, or the Cash Equivalent, or a combination thereof.

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**Section 5.3 Payment of Annual Base Compensation.** 

(1) Subject to the Board determining otherwise, each Participant may elect to receive in DSUs any portion or all
of their Annual Base Compensation by completing and delivering a written election to the Company on or before the 5th day of November of the calendar year ending immediately before the calendar year with respect to which the election is made. Such
election will be effective with respect to compensation payable for fiscal quarters beginning during the calendar year following the date of such election. Elections hereunder shall be irrevocable with respect to compensation earned during the
period to which such election relates.

(2) Further, where an individual becomes a Participant for the first time during a fiscal year and, for
individuals that are U.S. Participants, such individual has not previously participated in a plan that is required to be aggregated with this Plan for purposes of Section 409A of the U.S. Tax Code, such individual may elect to defer Annual Base
Compensation with respect to fiscal quarters of the Company commencing after the Company receives such individual's written election, which election must be received by the Company no later than 30 days after the later of this Plan's
adoption or such individual's appointment as a Participant. For greater certainty, new Participants will not be entitled to receive DSUs for any Annual Base Compensation earned pursuant to an election for the quarter in which they submit their
first election to the Company or any previous quarter.

(3) All DSUs granted with respect to Annual Base Compensation will be credited to the Participant's
Account when such Annual Base Compensation is payable (the "**Grant Date** ").

(4) The Participant's Account will be credited with the number of DSUs calculated to the nearest
thousandths of a DSU, determined by dividing the dollar amount of compensation payable in DSUs on the Grant Date by the Market Value of the Shares. Fractional DSUs will not be issued and any fractional entitlements will be rounded down to the
nearest whole number.

**Section 5.4 Additional Deferred Share Units.** 

In addition to DSUs granted pursuant to Section 5.3, the Board may award such number of DSUs to a Participant as the Board deems advisable to provide the Participant with appropriate equity-based compensation for the services they render to the Company or its Subsidiaries. The Board shall determine the date on which such DSUs may be granted and the date as of which such DSUs shall be credited to a Participant's Account. An award of DSUs pursuant to this Section 5.4 shall be subject to a DSU Agreement evidencing the Award and the terms applicable thereto.

**Section 5.5 Settlement of DSUs.** 

(1) A Participant may receive their Shares, or Cash Equivalent, or a combination thereof, to which such
Participant is entitled upon Termination of Service, by filing a redemption notice on or before the 15th day of December of the first calendar year commencing after the date of the Participant's Termination of Service. Notwithstanding the
foregoing, if any Participant does not file such notice on or before that 15th day of December, the Participant will be deemed to have filed the redemption notice on the 15th day of December (the date of the filing or deemed filing of the redemption
notice, the "**Filing Date** "). In all cases for each U.S. Participant, the U.S. Participant will be deemed to have filed the redemption notice on the date of their Termination of Service.

(2) The Company will make payment of the DSU Settlement Amount as soon as reasonably possible following the
Filing Date and in any event no later than the end of the first calendar year commencing after the Participant's Termination of Service. In all cases for each U.S. Participant, the Company will make payment of the DSU Settlement Amount as soon
as reasonably possible following the Filing Date and in any event no later than the 1<sup>st</sup> day of March of the calendar year following Termination of Service.

(3) In the event of the death of a Participant, the Company will, subject to Section 8.2, make payment of
the DSU Settlement Amount within two months of the Participant's death to or for the benefit of the legal representative of the deceased Participant. For the purposes of the calculation of the Settlement Amount, the Filing Date shall be the
date of the Participant's death.

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(4) Subject to Section 2.7(a) and the terms of the DSU Agreement, including the satisfaction or, at the
discretion of the Board, waiver of any vesting conditions, settlement of DSUs shall take place promptly following the Filing Date, and take the form as determined by the Board, in its discretion. Settlement of DSUs shall be subject to
Section 8.2 and shall take place through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of settlement of DSUs for their Cash Equivalent, delivery of a cheque to the Participant
representing the Cash Equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of settlement of DSUs for Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivery to the Participant (or to the liquidator, executor or administrator, as the case may be, of the
estate of the Participant) of a certificate in the name of the Participant representing in the aggregate such number of Shares as the Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant)
shall be entitled to receive (unless the Participant intends to simultaneously dispose of any such Shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of Shares issued in uncertificated form, issuance of the aggregate number of Shares as the
Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant) shall be entitled to receive, to be evidenced by a book position on the register of the shareholders of the Company to be maintained by
the transfer agent and registrar of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of settlement of the DSUs for a combination of Shares and the Cash Equivalent, a combination of
(a) and (b) above.

**Section 5.6 Determination of DSU Settlement Amount.** 

(1) For purposes of determining the Cash Equivalent of DSUs to be made pursuant to Section 5.5, such
calculation will be made on the Filing Date based on the Market Value on the Filing Date multiplied by the number of vested DSUs in the Participant's Account to settle in cash.

(2) For the purposes of determining the number of Shares to be issued or delivered to a Participant upon
settlement of DSUs pursuant to Section 5.5, such calculation will be made on the Filing Date based on the whole number of Shares equal to the whole number of vested DSUs then recorded in the Participant's Account to settle in Shares.

**Section 5.7 DSU Agreements.** 

DSUs shall be evidenced by a DSU Agreement in such form not inconsistent with this Plan as the Board may from time to time determine. The DSU Agreement may contain any such terms that the Company considers necessary in order that the DSU will comply with any provisions respecting deferred share units in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be resident or citizen or the rules of any regulatory body having jurisdiction over the Company.

**Section 5.8 Award of Dividend Equivalents.** 

Dividend Equivalents may, as determined by the Board in its discretion, be awarded in respect of DSUs in a Participant's Account on the same basis as cash dividends declared and paid on Shares as if the Participant was a shareholder of record of Shares on the relevant record date. However, to the extent that Dividend Equivalents awarded under this Section 5.8 entitle Participants to receive additional DSUs, the maximum aggregate number of Shares that might possibly be issued to satisfy this obligation must be included in the grant limits in Section 2.4(2)(b), clause (i) and (ii) of the defined term "TSXV Share Limits" and Sections 2.5(2) and (3), and if the Company does not have a sufficient number of Shares available under this Plan to satisfy its obligations in respect of such Dividend Equivalents it shall make payments in cash.

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**ARTICLE 6** 

**GENERAL CONDITIONS** 

**Section 6.1 General Conditions Applicable to Awards.** 

Each Award, as applicable, shall be subject to the following conditions:

(1) <u>Vesting Period</u>. Subject to Section 2.7, (a) each Award granted hereunder shall vest in
accordance with the terms of the Grant Agreement entered into in respect of such Award, and (b) the Board has the right to accelerate the date upon which any Award becomes exercisable notwithstanding the vesting schedule set forth for such
Award, regardless of any adverse or potentially adverse tax consequence resulting from such acceleration.

(2) <u>Employment</u>. Notwithstanding any express or implied term of this Plan to the contrary, the granting of
an Award pursuant to this Plan shall in no way be construed as a guarantee by the Company or a Subsidiary to the Participant of employment or another service relationship with the Company or a Subsidiary. The granting of an Award to a Participant
shall not impose upon the Company or a Subsidiary any obligation to retain the Participant in its employ or service in any capacity. Nothing contained in this Plan or in any Award granted under this Plan shall interfere in any way with the rights of
the Company or any of its Affiliates in connection with the employment, retention or termination of any such Participant. The loss of existing or potential profit in Shares underlying Awards granted under this Plan shall not constitute an element of
damages in the event of termination of a Participant's employment or service in any office or otherwise.

(3) <u>Grant of Awards</u>. Eligibility to participate in this Plan does not confer upon any Eligible
Participant any right to be granted Awards pursuant to this Plan. Granting Awards to any Eligible Participant does not confer upon any Eligible Participant the right to receive nor preclude such Eligible Participant from receiving any additional
Awards at any time. The extent to which any Eligible Participant is entitled to be granted Awards pursuant to this Plan will be determined in the discretion of the Board. Participation in this Plan shall be entirely voluntary and any decision not to
participate shall not affect an Eligible Participant's relationship or employment with the Company or any Subsidiary.

(4) <u>Rights as a Shareholder</u>. Neither the Participant nor such Participant's personal
representatives or legatees shall have any rights whatsoever as shareholder in respect of any Shares covered by such Participant's Awards by reason of the grant of such Award until such Award has been duly exercised, as applicable, and settled
and Shares have been issued in respect thereof. Subject to Section 4.8 and Section 5.8, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such Shares have been issued.

(5) <u>Conformity to Plan</u>. In the event that an Award is granted, or a Grant Agreement is executed, which
does not conform in all particulars with the provisions of this Plan, or purports to grant Awards on terms different from those set out in this Plan, the Award or the grant of such Award shall not be in any way void or invalidated, but the Award so
granted will be adjusted to become, in all respects, in conformity with this Plan.

(6) <u>Non-Transferrable Awards</u>. Each Award granted under this Plan
is personal to the Participant and shall not be assignable or transferable by the Participant, whether voluntarily or by operation of law, except by will or by the laws of succession of the domicile of the deceased Participant. No Award granted
hereunder shall be pledged, hypothecated, charged, transferred, assigned or otherwise encumbered or disposed of on pain of nullity.

(7) <u>Participant's Entitlement</u>. Except as otherwise provided in this Plan or unless the Board
permits otherwise, upon any Subsidiary ceasing to be a Subsidiary of the Company, Awards previously granted under this Plan that, at the time of such change, are held by a Person who is a director, officer, employee or Consultant of such Subsidiary
and not of the Company itself, whether or not then exercisable, shall automatically terminate on the date of such change.

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**Section 6.2 General Conditions Applicable to Options.** 

Each Option shall be subject to the following conditions:

(1) <u>Termination for Cause</u>. Upon a Participant ceasing to be an Eligible Participant for Cause, any vested
or unvested Option granted to such Participant shall terminate automatically and become void immediately. For the purposes of this Plan, the determination by the Company that the Participant was discharged for Cause shall be binding on the
Participant. "**Cause**" shall include, among other things, gross misconduct, theft, fraud, breach of confidentiality or breach of the Company's code of conduct and any other reason determined by the Company to be cause for
termination.

(2) <u>Termination not for Cause</u>. Upon a Participant ceasing to be an Eligible Participant as a result of
such Participant's employment or service relationship with the Company or a Subsidiary being terminated without Cause, (i) any unvested Option granted to such Participant shall terminate and become void immediately, and (ii) unless
otherwise determined by the Board, in its discretion, any vested Option granted to such Participant will cease to be exercisable on the earlier of 90 days following the Termination Date and the expiry date of the Option set forth in the Grant
Agreement, after which the Option will expire. Notwithstanding the foregoing, any vested Option must expire within a reasonable period, not exceeding 12 months, following the date the Participant ceases to be an Eligible Participant under this Plan.

(3) <u>Resignation</u>. Upon a Participant ceasing to be an Eligible Participant as a result of such
Participant's resignation from the Company or a Subsidiary, (i) any unvested Option granted to such Participant shall terminate and become void immediately upon resignation, and (ii) unless otherwise determined by the Board, in its
discretion, any vested Option granted to such Participant will cease to be exercisable on the earlier of 30 days following the Termination Date and the expiry date of the Option set forth in the Grant Agreement, after which the Option will expire.
Notwithstanding the foregoing, any vested Option must expire within a reasonable period, not exceeding 12 months, following the date the Participant ceases to be an Eligible Participant under this Plan.

(4) <u>Permanent Disability/Retirement</u>. Upon a Participant ceasing to be an Eligible Participant by reason
of retirement (in accordance with any retirement policy implemented by the Company from time to time) or permanent disability, (i) any unvested Option granted to such Participant shall terminate and become void immediately, and (ii) any
vested Option granted to such Participant will cease to be exercisable on the earlier of 90 days following the date of retirement or the date on which the Participant ceases such Participant's employment or service relationship with the
Company or any Subsidiary by reason of permanent disability and the expiry date of the Option set forth in the Grant Agreement, after which the Option will expire.

(5) <u>Death</u>. Upon a Participant ceasing to be an Eligible Participant by reason of death, (i) any
unvested Option granted to such Participant shall terminate and become void immediately, and (ii) any vested Option granted to such Participant will cease to be exercisable by the liquidator, executor or administrator, as the case may be, of
the estate of the Participant on the earlier of 12 months following the Participant's death and the expiry date of the Option set forth in the Grant Agreement, after which the Option will expire.

**Section 6.3 General Conditions Applicable to RSUs.** 

Each RSU shall be subject to the following conditions:

(1) <u>Termination for Cause and Resignation</u>. Upon a Participant ceasing to be an Eligible Participant for
Cause or as a result of such Participant's resignation from the Company or a Subsidiary, the Participant's participation in this Plan shall be terminated immediately, all RSUs credited to such Participant's Account that have not
vested shall be forfeited and cancelled, and the Participant's rights to Shares or Cash Equivalent or a combination thereof that relate to such Participant's unvested RSUs shall be forfeited and cancelled on the Termination Date. The
Participant shall not receive any payment in lieu of cancelled RSUs that have not vested.

(2) <u>Death or Termination</u>. Upon a Participant ceasing to be an Eligible Participant as a result of
(i) death, (ii) retirement, (iii) Termination for reasons other than for Cause, (iv) such Participant's employment or service relationship with the Company or a Subsidiary being terminated by reason of injury or disability, or
(v) becoming eligible to receive long-term disability benefits, all unvested RSUs in the Participant's Account as of such date relating to a Restricted Period in progress shall be terminated, and the Participant shall not receive any
payment in lieu of cancelled RSUs.

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(3) <u>General</u>. For greater certainty, where a Participant's employment or service relationship with
the Company or a Subsidiary is terminated pursuant to Section 6.3(1) or Section 6.3(2), following the satisfaction of all vesting conditions in respect of particular RSUs but before receipt of the corresponding distribution or payment in
respect of such RSUs, the Participant shall remain entitled to such distribution or payment, provided such distribution or payment is made within a reasonable period, not exceeding 12 months, following termination of such Participant's
employment or service relationship.

**ARTICLE 7** 

**ADJUSTMENTS AND AMENDMENTS** 

**Section 7.1 Adjustment to Option Price or Number of Shares.** 

In the event of (i) any subdivision of the Shares into a greater number of Shares, (ii) any consolidation of the Shares into a lesser number of Shares, (iii) any reclassification, reorganization or other change affecting the Shares, (iv) any merger, amalgamation or consolidation of the Company with or into another corporation, or (v) any distribution to all holders of Shares or other securities in the capital of the Company, of cash, evidences of indebtedness or other assets of the Company (excluding an ordinary course dividend in cash or Shares, but including for greater certainty shares or equity interests in a Subsidiary or business unit of the Company or one of its Subsidiaries or cash proceeds of the disposition of such a Subsidiary or business unit) or any transaction or change having a similar effect, then the Board shall, in its discretion, subject to the required approval of any Stock Exchange, determine the appropriate adjustments or substitutions to be made in such circumstances in order to maintain the economic rights of the Participant in respect of such Award in connection with such occurrence or change, including, without limitation:

(a) adjustments to the Option Price of such Award without any change in the total price applicable to the
unexercised portion of the Award;

(b) adjustments to the number of Shares to which the Participant is entitled upon exercise of such Award; or

(c) adjustments to the number or kind of Shares reserved for issuance pursuant to this Plan.

**Section 7.2 Change of Control.** 

(1) In the event of a potential Change of Control, the Board shall have the power, in its discretion, subject to
Section 7.3, to modify the terms of this Plan and/or the Awards to assist the Participants to tender into a take-over bid or to participate in any other transaction leading to a Change of Control.

(2) If the Company completes a transaction constituting a Change of Control and within 12 months following the
Change of Control, (i) a Participant who was also an officer or employee of, or Consultant to, the Company prior to the Change of Control has their position, employment or Consulting Agreement terminated, or the Participant is constructively
dismissed, or (ii) a director ceases to act in such capacity, then all unvested Options shall vest and become exercisable and all unvested RSUs shall immediately vest and shall be paid out. Any Options that become exercisable pursuant to this
Section 7.2(2) shall remain open for exercise until the earlier of their expiry date as set out in the Grant Agreement and the date that is 90 days after such termination or dismissal. Options that have been granted to an Investor Relations
Services Provider may not be accelerated without prior TSX Venture Exchange approval.

(3) Notwithstanding any other provision of this Plan, this Section 7.2 shall not apply with respect to any
DSUs held by a Participant where such DSUs are governed under paragraph 6801(d) of the regulations under the Tax Act or any successor to such provision.

(4) Notwithstanding any other provision of this Plan, for all U.S. Participants, "Change of Control"
as defined herein shall be as "Change in Control" is defined in 409A of the U.S. Tax Code.

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**Section 7.3 Amendment or Discontinuance of this Plan.** 

(1) The Board may suspend or terminate this Plan at any time. Notwithstanding the foregoing, any suspension or
termination of this Plan shall be such that this Plan continuously meets the requirements of paragraph 6801(d) of the regulations under the Tax Act or any successor to such provision.

(2) The Board may from time to time, in its discretion and without approval of the shareholders of the Company,
make the following types of amendments to this Plan or any Award, subject to any regulatory or Stock Exchange requirement at the time of such amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amendments of a "housekeeping" nature, including any amendment that is necessary to
(i) clarify an existing provision of this Plan, (ii) correct or supplement any provision of this Plan that is inconsistent with any other provision of this Plan, (iii) comply with applicable law or the requirements of the Stock
Exchange or any other regulatory body; or (iv) correct any grammatical or typographical errors in this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amendments regarding the administration of this Plan.

(3) With approval of the shareholders of the Company (including disinterested shareholder approval, as
applicable) and subject to any regulatory or Stock Exchange requirement at the time of such amendment, the Board may amend this Plan, including amendments to the provisions of this Plan that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend the definition of an Eligible Participant under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase the maximum number of Shares issuable under this Plan (either as a fixed number or fixed percentage
of the Outstanding Issue), except in the event of an adjustment pursuant to Article 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) increase the maximum number of Shares that may be (A) issuable to Insiders at any time, or
(B) issued to Insiders under this Plan and any other proposed or established Share Compensation Arrangement in a one-year period, except in case of an adjustment pursuant to Article 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) amend the method for determining the Option Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) extend the maximum term of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) amend the expiry and termination provisions applicable to an Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) amend the amendment provisions of this Plan.

(4) Subject to the Shares being listed on the TSX Venture Exchange, any shareholder approval required under
Section 7.3(3) for (a) any extension to the Option Term or decrease in the Option Price for Options granted to individuals who are Insiders at the time of the proposed amendment, or (b) any amendment that could result in the limits in
Section 2.5(2), Section 2.5(3) and (i) of the TSXV Share Limits being exceeded, will require disinterested shareholder approval.

(5) Notwithstanding the foregoing, any amendment of this Plan shall be such that this Plan continuously meets
the requirements of paragraph 6801(d) of the regulations under the Tax Act or any successor to such provision and complies with relevant regulations, including TSXV Policy 4.4, as applicable.

**Section 7.4 TSX Venture Exchange Acceptance of Adjustments.** 

While the Shares are listed for trading on the TSX Venture Exchange, any adjustment, other than in connection with a subdivision of the Shares into a greater number of Shares pursuant to Section 7.1(i) or a consolidation of the Shares into a lesser number of Shares pursuant to Section 7.1(ii), to any Award pursuant to the provisions hereof is subject to the prior acceptance of the TSX Venture Exchange, including adjustments related to an amalgamation, merger, arrangement, reorganization, spin-off, dividend or recapitalization.

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**ARTICLE 8** 

**MISCELLANEOUS** 

**Section 8.1 Use of an Administrative Agent and Trustee.** 

The Board may, in its discretion, appoint from time to time one or more entities to act as administrative agent or trustee to administer the Awards granted under this Plan, including for the purposes of making secondary market purchases of Shares for delivery on settlement of an Award, if applicable, and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under this Plan, the whole in accordance with the terms and conditions determined by the Board, in its discretion. The Company and the administrative agent will maintain records showing the number of Awards granted to each Participant under this Plan.

**Section 8.2 Tax Withholding.** 

Notwithstanding any other provision of this Plan, all distributions, delivery of Shares or payments to a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) under this Plan shall be made net of such withholdings, including in respect of applicable taxes and source deductions, as the Company determines. If the event giving rise to the withholding obligation involves an issuance or delivery of Shares, then the withholding may be satisfied in such manner as the Company determines, including by (a) having the Participant elect to have the appropriate number of such Shares sold by the Company, the Company's transfer agent and registrar or any trustee appointed by the Company pursuant to Section 8.1, on behalf of and as agent for the Participant as soon as permissible and practicable, with the proceeds of such sale being delivered to the Company, which will in turn remit such amounts to the appropriate governmental authorities, or (b) any other mechanism as may be required or determined by the Company as appropriate. This section will not supersede the requirements under TSX Venture Exchange Policy 4.4 nor potentially result in the alteration of the exercise price.

**Section 8.3 US Tax Compliance.** 

(1) DSU Awards granted to U.S. Participants are intended to comply with, and Option and RSU Awards granted to
U.S. Participants are intended to be exempt from, all aspects of Section 409A of the U.S. Tax Code and related regulations ()"**Section 409A** "). Notwithstanding any provision to the contrary, all taxes
associated with participation in this Plan, including any liability imposed by Section 409A, shall be borne by the U.S. Participant.

(2) For purposes of interpreting and applying the provisions of any DSU or other Award subject to
Section 409A, the term "termination of employment" or similar phrase will be interpreted to mean a "separation from service," as defined under Section 409A, provided, however, that with respect to an Award subject
to the Tax Act, if the Tax Act requires a complete termination of the employment relationship to receive the intended tax treatment, then "termination of employment" will be interpreted to only include a complete termination of the
employment relationship.

(3) If payment under any DSU or other Award subject to Section 409A is in connection with the U.S.
Participant's separation from service, and at the time of the separation from service the Participant is subject to the U.S. Tax Code and is considered a "specified employee" (within the meaning of Section 409A), then any
payment that would otherwise be payable during the six-month period following the separation from service will be delayed until after the expiration of the six-month period, to the extent necessary to avoid taxes and penalties under Section 409A, provided that any amounts that would have been paid during the six-month period may be paid in a single lump sum on the
first day of the seventh month following the separation from service.

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**Section 8.4 Clawback.** 

Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or Stock Exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or Stock Exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or Stock Exchange listing requirement). Without limiting the generality of the foregoing, the Board may provide in any case that outstanding Awards (whether or not vested or exercisable) and the proceeds from the exercise or disposition of Awards or Shares acquired under Awards will be subject to forfeiture and disgorgement to the Company, with interest and other related earnings, if the Participant to whom the Award was granted violates (i) a non-competition, non-solicitation, confidentiality or other restrictive covenant by which such Participant is bound, or (ii) any policy adopted by the Company applicable to the Participant that provides for forfeiture or disgorgement with respect to incentive compensation that includes Awards under this Plan. In addition, the Board may require forfeiture and disgorgement to the Company of outstanding Awards and the proceeds from the exercise or disposition of Awards or Shares acquired under Awards, with interest and other related earnings, to the extent required by law or applicable Stock Exchange listing standards, including any related policy adopted by the Company. Each Participant, by accepting or being deemed to have accepted an Award under this Plan, agrees to cooperate fully with the Board, and to cause any and all permitted transferees of the Participant to cooperate fully with the Board, to effectuate any forfeiture or disgorgement required hereunder. Neither the Board nor the Company nor any other person, other than the Participant and such Participant's permitted transferees, if any, will be responsible for any adverse tax or other consequences to a Participant or such Participant's permitted transferees, if any, that may arise in connection with this Section 8.3.

**Section 8.5 Securities Law Compliance.** 

(1) This Plan (including any amendments to it), the terms of the grant of any Award under this Plan, the grant
of any Award and exercise of any Option, and the Company's obligation to sell and deliver Shares in respect of any Awards, shall be subject to all applicable federal, provincial, state and foreign laws, rules and regulations, the rules and
regulations of applicable Stock Exchanges and to such approvals by any regulatory or governmental agency as may be required, as determined by the Company. The Company shall not be obliged by any provision of this Plan or the grant of any Award
hereunder to issue, sell or deliver Shares in violation of such laws, rules and regulations or any condition of such approvals.

(2) No Awards shall be granted in the United States and no Shares shall be issued in the United States pursuant
to any such Awards unless such Shares are registered under the U.S. Securities Act and any applicable state securities laws or an exemption from such registration is available. Any Awards granted in the United States, and any Shares issued pursuant
thereto, will be "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act). Any certificate or instrument representing Awards granted in the United States or Shares issued in the United States
pursuant to such Awards pursuant to an exemption from registration under the U.S. Securities Act and applicable state securities laws shall bear substantially the following legend restricting transfer under applicable United States federal and state
securities laws:

THE SECURITIES REPRESENTED HEREBY [and for Awards, the following will be added: AND THE SECURITIES ISSUABLE PURSUANT HERETO] HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144 THEREUNDER, IF AVAILABLE, OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN CONNECTION WITH ANY TRANSFERS PURSUANT TO (C)(1) OR (D) ABOVE, THE SELLER HAS FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THAT EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

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(3) No Awards shall be granted, and no Shares shall be issued, sold or delivered hereunder, where such grant,
issue, sale or delivery would require registration of this Plan or of the Shares under the securities laws of any jurisdiction or the filing of any prospectus for the qualification of same thereunder, and any purported grant of any Award or
purported issue or sale of Shares hereunder in violation of this provision shall be void.

(4) The Company shall have no obligation to issue any Shares pursuant to this Plan unless upon official notice
of issuance such Shares shall have been duly listed on a Stock Exchange. Shares issued, sold or delivered to Participants under this Plan may be subject to limitations on sale or resale under applicable securities laws.

(5) If Shares cannot be issued to a Participant upon the exercise of an Option due to legal or regulatory
restrictions, the obligation of the Company to issue such Shares shall terminate and any funds paid to the Company in connection with the exercise of such Option will be returned to the applicable Participant as soon as practicable.

**Section 8.6 Reorganization of the Company.** 

The existence of any Awards shall not affect in any way the right or power of the Company or its shareholders to make or authorize any adjustment, reclassification, recapitalization, reorganization or other change in the Company's capital structure or its business, or any arrangement, amalgamation, combination, merger or consolidation involving the Company or to create or issue any bonds, debentures, shares or other securities of the Company or the rights and conditions attaching thereto or to affect the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar nature or otherwise.

**Section 8.7 Quotation of Shares.** 

So long as the Shares are listed on one or more Stock Exchanges, the Company must apply to such Stock Exchange or Stock Exchanges for the listing or quotation, as applicable, of the Shares underlying the Awards granted under this Plan, however, the Company cannot guarantee that such Shares will be listed or quoted on any Stock Exchange.

**Section 8.8 No Fractional Shares.** 

No fractional Shares shall be issued upon the exercise or vesting of any Award granted under this Plan and, accordingly, if a Participant would become entitled to a fractional Share upon the exercise or settlement of such Award, or from an adjustment permitted by the terms of this Plan, such Participant shall only have the right to purchase or receive, as the case may be, the next lowest whole number of Shares, and no payment or other adjustment will be made with respect to the fractional interest so disregarded.

**Section 8.9 Governing Laws.** 

This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.

**Section 8.10 Severability.** 

The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be severed from this Plan.

**Section 8.11 Effective Date of this Plan.** 

This Plan was adopted by the Board on August 1, 2025, and approved by the shareholders of the Company on September 4, 2025.

## Exhibit 99.21

**Exhibit 99.21**![LOGO](g83619dsp230.jpg)

**PROXY SET UP FORM** 

**This set up form will determine the attributes and content of your customized Form of Proxy. If Notice & Access is being utilized, additional information will be required for each resolution provided.** Computershare has created this form for use with our high volume scanning using optical character recognition technology, allowing for faster processing of holder-related forms, and minimizing manual data entry. All Computershare's forms are based on standard templates to achieve consistency for ease of recognition by holders, while at the same time affording the flexibility for company-specific customisation.

In use for many years, public companies in Australia, U.K., U.S. and Canada are enjoying the benefits of the Computershare's Form of Proxy concept and holders are benefiting from their clear and consistent design.

**Please make the necessary amendments in this form for us to prepare your proxy by completing the blue sections within the form**. **Once completed, please e-mail your Proxy Set Up Form to your Relationship Manager.**

If you have any questions, please don't hesitate to contact your Relationship Manager.

**Meeting Information** 

**A.** **Company Name & Colour Company Logo** 

**Mayfair Gold Corp.** 

In most cases, we will already have on file your company's black & white logo. If Internet Voting will be offered, please also e-mail your colour company logo in .jpg or .gif format, in both English and French (as applicable). For more information and pricing for electronic proxy voting and electronic document delivery, please contact your Computershare Relationship Manager.

**B.** **Meeting Type, Meeting Date and Quorum Requirements** 

**Annual General and Special Meeting to be held on September 4, 2025** 

We also require your Company Quorum requirements for this meeting in order to prepare your proxy tabulation reports:

**At least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least 5% of the issued common shares entitled to be voted at the meeting.** 

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![LOGO](g83619dsp230.jpg)

**C.** **Notes to Proxy** 

The text displayed below conforms to the Provincial and Federal Business Corporations Acts for contents of a Form of Proxy:

1. Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the persons whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).

2. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you must sign this proxy with signing capacity stated, and you may be required to provide documentation evidencing your power to sign this proxy.

3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.

4. If this proxy is not dated, it will be deemed to bear the date on which it is mailed by Management to the holder.

5. The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, this proxy will be voted as recommended by Management.

6. The securities represented by this proxy will be voted in favor or withheld from voting or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for and, if the holder has specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.

7. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting or other matters that may properly come before the meeting or any adjournment or postponement thereof.

8. This proxy should be read in conjunction with the accompanying documentation provided by Management.

**D.** **Electronic Voting/Electronic Document Delivery Options** 

Many companies are now taking advantage of the changes in legislation to offer these options to their holders. Enter 'X' in relevant box(es) below or leave blank if you will not be offering these options to holders.

x **Telephone Voting**

x **Internet Voting**

x **Electronic Document Delivery\***

\* To web-enable your company for e-delivery, please speak with your Computershare Relationship Manager to have this set up for your company.

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![LOGO](g83619dsp230.jpg)

**E.** **Proxy Cut-off Time** 

Generally, the meeting cut-off time for voting is 48 hours prior to the meeting, or close of business 2 business days prior to the meeting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 48 hours example: For a meeting held at 10:00 a.m. on June
6<sup>th</sup> 2013, proxies submitted must be received by 10:00 a.m. on June 4<sup>th</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 business days example: For a meeting held at 10:00 a.m. on June 6<sup>th</sup> 2013, proxies submitted must be received by close of business (5:00 p.m.) on June 4<sup>th</sup>.

Proxies submitted must be received by **10:00am**, **Pacific Daylight Time** on **September 2, 2025**.

**F.** **Appointment of Proxyholder** 

I/We being holder(s) of **Mayfair Gold Corp.** hereby appoint(s): **Nicholas Campbell**, or failing him/her **Darren McLean**, or failing him/her **Darren Prins**.

**G.** **Appointment of Proxy (continued)** 

as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the shareholder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and all other matters that may properly come before the **Annual General and Special Meeting** of shareholders of **Mayfair Gold Corp.** to be held at **Suite 2200, RBC Place, 885 West Georgia, Vancouver, BC, V6C 3E8**, on **September 4, 2025** at **10am Pacific Daylight Time** and at any adjournment or postponement thereof.

**H.** **Alternate Proxy Appointee Text** 

Print the name of the person you are appointing if this person is someone other than the Chairman of the Meeting.

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![LOGO](g83619dsp230.jpg)

**Resolutions** 

**Please mark appropriate boxes below as applicable:** 

**I.** Number of Directors:

To Set the Number of Directors at **5** \*

\* Will be the first resolution on the proxy form if applicable

Please note allowable responses for setting the number of Directors are FOR and AGAINST.

**If Notice & Access is being utilized**, please provide the Section Title from the Information Circular for this resolution.

Section Title:

**J.** **Election of Directors (select one of the following options):** 

☒ Individual Voting ☐ (no Directors election)

**J a) Election of Directors – If INDIVIDUAL VOTING** 

Please list the names of each Director in each of the following lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Darren McLean &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sean Pi &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Carson Block &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Zach Allwright &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Christine Hsieh

Please note the allowable responses for Election of Directors are FOR and WITHHOLD for Individual Voting of Directors.

**If Notice & Access is being utilized**, please provide the Section Title from the Information Circular for this resolution.

Section Title:

**K.** **Appointment of Auditors** 

Appointment of **Davidson & Company LLP, Chartered Professional Accountants** as Auditors of the Corporation for the ensuing year and authorizing the Directors to fix their remuneration.

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![LOGO](g83619dsp230.jpg)

Please note allowable responses for the Appointment of Auditors are FOR and WITHHOLD.

**If Notice & Access is being utilized**, please provide the Section Title from the Information Circular for this resolution.

Section Title:

**L. Other Resolutions** 

You might have other resolutions to add to your proxy form, such as changes in the company's by-laws, special resolution on Directors' Stock Option Plan, upcoming Private Placements and other future corporate events, or any other business to be voted on at the meeting.

**Each resolution title can be a maximum of 250 characters and each resolution text can be a maximum of 3500 characters, and these are limited to the spacing available as per the document options.** 

In the below, complete **Resolution Title** and **Resolution Text** to be displayed on the Proxy form, in <u>sequential order</u>, and enter "X" in appropriate box to indicate each allowable response. We also require each Resolution Passing requirement (in %) in order to prepare our proxy tabulation reports.

**To receive audited financial statements** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR | AGAINST | WITHHOLD | % Pass |
|  To receive the audited financial statements of the Company for the financial year ended December 31, 2024, together with the auditors' report thereon | x | x |  | 50%+1 |

---

**If Notice & Access is being utilized**, please provide the Section Title from the Information Circular for this resolution.

Section Title:

**To approve Omnibus Incentive Plan** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR | AGAINST | WITHHOLD | % Pass |
|  To approve a new Omnibus Incentive Plan, as more particularly described in the management information circular | x | x |  | 66.7% |

---

**If Notice & Access is being utilized**, please provide the Section Title from the Information Circular for this resolution.

Section Title:

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![LOGO](g83619dsp230.jpg)

**To amend the Company's Articles** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR | AGAINST | WITHHOLD | % Pass |
|  To amend the Company's Articles to include advance notice provisions in preparation for a potential listing on a United States stock exchange. | x | x |  | 66.7% |

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**If Notice & Access is being utilized**, please provide the Section Title from the Information Circular for this resolution.

Section Title:

**Financial Statements Request** 

Security regulations require that securityholders be solicited on an annual basis regarding whether they wish to receive Financial Statements. The company's financial information is normally available on its website or on SEDAR; however, if securityholders wish to receive the Financial Statements by regular mail, they must reply to the questions detailed below.

Instead of including a supplemental mail list card as a separate enclosure in your mailing, we can use the Form of Proxy to collect this information for any registered holders who wish to be placed on the supplemental mail list in accordance with National Instrument 51-102, to receive Interim and Annual Financial Statements.

**Opt-Out or Opt-In question for Annual Financial Statements request** 

Many companies are now also soliciting input from their registered holders on whether they would like to decline to receive ("Opt-Out") the Annual Financial Statements. Based on your Provincial Corporations Act or your corporate by-laws, you might be able to ask your registered holders to request to receive ("Opt-In") the Annual Financial Statements.

Please indicate below if you want to solicit registered holders to receive Interim and Annual Financial Statements by inserting an "X" in the appropriate boxes:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;x | **Interim Financial Statements**<br> A tick box under the Authorized Signature(s) line will be included to say "Mark this box if you would like to receive Interim Financial Statements and accompanying management's discussion and analysis by mail." |
|  | **Annual Financial Statements / Opt-Out question**<br> A tick box under the Authorized Signature(s) line will be included to say "Mark this box if you would NOT like to receive the Annual Financial Statements and accompanying management's discussion and analysis by mail". |
| &nbsp;&nbsp;&nbsp;x | **Annual Financial Statements / Opt-In question**<br> A tick box under the Authorized Signature(s) line will be included to say "Mark this box if you would like to receive the Annual Financial Statements and accompanying management's discussion and analysis by mail". |
|  | **Information Circular – Notice & Access mailings**<br> **A tick box under the Authorized Signature(s) line will be included to say "Mark this box is you would like to receive the Information Circular for the next Securityholders' meeting** |
|  | **No NI 51-102 question/card is required** with this proxy mailing |

---

**If Notice & Access is being utilized,** a post meeting fulfillment number must be provided to securityholders to enable them to request materials after the meeting is closed. Please provide that number below.

## Exhibit 99.22

**Exhibit 99.22** 

*OMNIBUS INCENTIVE PLAN* 

**MAYFAIR GOLD CORP.** 

**(the "Company")** 

Mayfair Gold Corp. (the "**Company**") hereby establishes an omnibus incentive plan for directors, officers, key employees and Consultants (as defined herein) of the Company and any of its Subsidiaries (as defined herein).

**ARTICLE 1** 

**INTERPRETATION** 

**Section 1.1 Definitions.** 

Where used herein or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms shall have the following meanings, respectively, unless the context otherwise requires:

"**Account**" means an account maintained for each Participant on the books of the Company which will be credited with Awards in accordance with the terms of this Plan;

"**Affiliate**" has the meaning ascribed thereto in TSXV Policy 1.1;

"**Annual Base Compensation**" means an annual compensation amount payable to directors and officers, as established from time to time by the Board;

"**Award**" means any of an Option, DSU or RSU granted to a Participant pursuant to the terms of this Plan;

"**Black-Out Period**" means a formally imposed period of time when, pursuant to any internal trading policies of the Company (including the Company's insider trading policy), securities of the Company may not be traded by certain Persons designated by the Company as a result of the bona fide existence of undisclosed material information;

"**Board**" has the meaning ascribed thereto in Section 2.2(1);

"**Business Day**" means a day other than a Saturday, Sunday or statutory holiday, when banks are generally open for business in Toronto, Ontario or Vancouver, British Columbia for the transaction of banking business;

"**Cash Equivalent**" means the amount of money equal to the Market Value multiplied by the number of vested RSUs or DSUs, as applicable, in the Participant's Account, net of any applicable taxes in accordance with Section 8.2, on the RSU Settlement Date or the Filing Date, as applicable;

"**Cashless Exercise Right**" has the meaning ascribed thereto in Section 3.6(3);

"**Cause**" has the meaning ascribed thereto in Section 6.2(1);

"**Change of Control**" means, unless the Board determines otherwise, the happening, in a single transaction or in a series of related transactions, of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, as a result of or in connection with the election of directors, the people who were directors (or who
were entitled under a contractual arrangement to be directors) of the Company before the election cease to constitute a majority of the Board, unless the directors have been nominated by management or approved of by a majority of the previously
serving directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any transaction at any time and by whatever means pursuant to which any Person or any group of two or more
Persons acting jointly or in concert as a single control group or any Affiliate (other than a wholly-owned Subsidiary or in connection with a reorganization of the Company) or any one or more directors thereof hereafter beneficially owns, directly
or indirectly, or acquires the right to exercise control or direction over, voting securities of the Company representing 50% or more of the then issued and outstanding voting securities of the Company, as the case may be, in any manner whatsoever;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale, assignment, lease or other transfer or disposition of more than 50% of the assets of the Company
to a Person or any group of two or more Persons acting jointly or in concert (other than a wholly-owned Subsidiary or in connection with a reorganization of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the occurrence of a transaction requiring approval of the Company's shareholders whereby the Company
is acquired through consolidation, merger, exchange of securities involving all of the Company's voting securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any Person or any group of two or more Persons acting
jointly or in concert (other than a short-form amalgamation of the Company or an exchange of securities with a wholly-owned Subsidiary or a reorganization of the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any sale, lease, exchange or other disposition of all or substantially all of the assets of the Company
other than in the ordinary course of business.

For purposes of this definition of "Change of Control", the terms jointly or in concert, beneficial ownership and voting securities shall have the respective meanings given to those terms in National Instrument 62-104 – *Take-Over Bids and Issuer Bids* ("**NI 62-104**") and the number of securities outstanding shall be determined in accordance with NI 62-104;

"**Company**" means Mayfair Gold Corp., a corporation existing under the *Business Corporations Act* (British Columbia), as amended from time to time;

"**Consultant**" means, in relation to the Company, an individual (other than a director, officer or employee of the Company or of any of its Subsidiaries) or corporation that: (a) is engaged to provide on an ongoing *bona fide* basis, consulting, technical, management or other services to the Company or to any of its Subsidiaries, other than services provided in relation to a Distribution (as such term is defined in TSXV Policy 1.1); (b) provides the services under a written contract between the Company or any of its Subsidiaries and the individual or the corporation, as the case may be; and (c) in the reasonable opinion of the Company, spends or will spend a significant amount of time and attention on the affairs and business of the Company or of any of its Subsidiaries;

"**Consulting Agreement**" means, with respect to any Participant, any written consulting agreement between the Company or a Subsidiary and such Participant;

"**Dividend Equivalent**" means a cash credit equivalent in value to a dividend paid on a Share credited to a Participant's Account;

"**DSU**" or "**Deferred Share Unit**" means a right awarded to a Participant to receive a payment in the form of Shares, Cash Equivalent or a combination thereof upon Termination of Service, as provided in Article 5 and subject to the terms and conditions of this Plan;

"**DSU Agreement**" means a document evidencing the grant of DSUs and the terms and conditions thereof;

"**DSU Settlement Amount**" means the amount of Shares, Cash Equivalent or combination thereof, calculated in accordance with Section 5.6, to be paid to settle a DSU Award after the Filing Date;

"**Effective Date**" means the effective date of this Plan as provided in Section 8.11;

"**Eligibility Date**" means the effective date on which a Participant becomes eligible to receive long-term disability benefits (provided that, for greater certainty, such effective date shall be confirmed in writing to the Company by the insurance company providing such long-term disability benefits);

"**Eligible Participants**" means any director, officer, employee or Consultant of the Company or any of its Subsidiaries, but for the purposes of Article 5, this definition shall be limited to directors of the Company;

"**Employment Agreement**" means, with respect to any Participant, any written employment agreement between the Company or a Subsidiary and such Participant;

"**Exercise Notice**" means a notice in writing signed by a Participant and stating the Participant's intention to exercise a particular Award, if applicable;

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"**Filing Date**" has the meaning set out in Section 5.5(1), as applicable;

"**Grant Agreement**" means an agreement evidencing the grant to a Participant of an Award, including an Option Agreement, a DSU Agreement, an RSU Agreement, an Employment Agreement or a Consulting Agreement;

"**Incentive Stock Option**" or "**ISO**" means an Option that is granted to a U.S. Participant, as described in 0;

"**Insider**" has the meaning ascribed thereto in TSXV Policy 1.1;

"**Market Value**" means at any date when the market value of Shares is to be determined, (i) if the Shares are listed on a Stock Exchange, the volume weighted average trading price of the Shares on such Stock Exchange for the five trading days immediately preceding the relevant time as it relates to an Award, provided that it is not less than the "Discounted Market Price" (within the meaning of the policies of the TSX Venture Exchange), in which case it shall be the Discounted Market Price; or (ii) if the Shares are not listed on any stock exchange, the value as is determined solely by the Board, acting reasonably and in good faith, and such determination shall be conclusive and binding on all Persons;

"**Option**" means an option granted by the Company to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Option Price, but subject to the provisions hereof, and includes an ISO;

"**Option Agreement**" means a document evidencing the grant of Options and the terms and conditions thereof;

"**Option Price**" has the meaning ascribed thereto in Section 3.2;

"**Option Term**" has the meaning ascribed thereto in Section 3.4;

"**Outstanding Issue**" means the number of Shares that are issued and outstanding, on a non-diluted basis;

"**Participants**" means Eligible Participants that are granted Awards under this Plan;

"**Performance Criteria**" means specified criteria, other than the mere continuation of employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award;

"**Performance Period**" means the period determined by the Board at the time any Award is granted or at any time thereafter during which any Performance Criteria and any other vesting conditions specified by the Board with respect to such Award are to be measured;

"**Person**" means an individual, corporation, company, cooperative, partnership, trust, unincorporated association, entity with juridical personality or governmental authority or body, and pronouns which refer to a Person shall have a similarly extended meaning;

"**Plan**" means this Omnibus Incentive Plan, including any amendments or supplements hereto made after the Effective Date;

"**Prior Plan**" means the stock option plan of the Company in effect immediately prior to the Effective Date;

"**Restricted Period**" means the period determined by the Board pursuant to Section 4.3;

"**RSU**" or "**Restricted Share Unit**" means a right awarded to a Participant to receive a payment in the form of Shares, Cash Equivalent or a combination thereof as provided in Article 4 and subject to the terms and conditions of this Plan;

"**RSU Agreement**" means a document evidencing the grant of RSUs and the terms and conditions thereof;

"**RSU Settlement Date**" has the meaning ascribed thereto in Section 4.5(1);

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"**RSU Vesting Determination Date**" has the meaning ascribed thereto in Section 4.4;

"**Shares**" means the common shares in the share capital of the Company;

"**Share Compensation Arrangement**" means a stock option, stock option plan, deferred share unit, deferred share unit plan, restricted share unit, restricted share unit plan, employee stock purchase plan, long-term incentive plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to one or more employees, directors, officers, Insiders or Consultants, including a share purchase from treasury by an employee, director, officer, Insider or Consultant which is financially assisted by the Company or a Subsidiary by way of a loan, guarantee or otherwise provided, however, that any such arrangements that do not involve the issuance from treasury or potential issuance from treasury of Shares are not "Share Compensation Arrangements" for the purposes of this Plan;

"**Stock Exchange**" means the TSX Venture Exchange (or any other stock exchange on which the Shares are then listed and trading, if the Shares are not listed and trading on the TSX Venture Exchange as designated by the Board from time to time);

"**Subsidiary**" means a corporation, company or partnership that is controlled, directly or indirectly, by the Company;

"**Tax Act**" means the *Income Tax Act* (Canada) and its regulations thereunder, as amended from time to time;

"**Termination**" means that a Participant has ceased to be an Eligible Participant, including for greater certainty, the earliest date on which both of the following conditions are met: (i) the Participant has ceased to be employed by, or otherwise have a service relationship with, the Company or any Subsidiary thereof for any reason whatsoever; and (ii) the Participant has ceased to be a director of the Company or any of its Subsidiaries;

"**Termination Date**" means (i) in the event of a Participant's resignation, the date on which such Participant ceases to be a director, officer, employee or Consultant of the Company or any of its Subsidiaries, and (ii) in the event of the termination of the Participant's employment, or position as an officer of the Company or any of its Subsidiaries, or as a Consultant of the Company or any of its Subsidiaries, the effective date of the termination as specified in the notice of termination provided to the Participant by the Company or the Subsidiary, as the case may be, and, for greater certainty, without regard to any period of notice, pay in lieu of notice, or severance that may follow the Termination Date pursuant to the terms of the Participant's employment or services agreement (if any), the applicable employment standards legislation or the common law (if applicable), and regardless of whether the Termination was lawful or unlawful, except as may otherwise be required to meet minimum standards prescribed by the applicable employment standards legislation;

"**Termination of Service**" means that a Participant has ceased to be an Eligible Participant, and for greater certainty, for those Eligible Participants who are not solely directors of the Company, the earliest date on which both of the following conditions are met: (i) the Participant has ceased to be employed by, or has ceased providing ongoing services as a Consultant to, the Company or any Subsidiary thereof for any reason whatsoever; and (ii) the Participant ceases to be a director of the Company or any of its Subsidiaries;

"**TSXV Policy 1.1**" means Policy 1.1 – *Interpretation* of the TSX Venture Exchange;

"**TSXV Policy 4.4**" means Policy 4.4 – *Security Based Compensation* of the TSX Venture Exchange;

"**TSXV Share Limits**" means: (i) the maximum number of Shares issuable to any one Participant under Awards in any 12-month period shall not exceed 5% of the Outstanding Issue (unless requisite disinterested shareholder approval has been obtained to exceed); (ii) the maximum number of Shares issuable to any one Consultant in any 12-month period shall not exceed 2% of the Outstanding Issue; and (iii) Investor Relations Service Providers (within the meaning of TSXV Policy 4.4) (A) may only be granted Options under an Award, (B) the maximum number of Shares issuable to all Investor Relations Service Providers under any Options awarded shall not exceed 2% of the Outstanding Issue in any 12-month period, in each case measured as of the date of grant of an Award, and (C) may not be granted a Cashless Exercise Right;

"**United States**" means the United States of America, its territories and possessions, any State of the United States and the District of Columbia;

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"**U.S. Participant**" means any Participant who, at any time during the period from the date an Award is granted to the date such award is exercised, redeemed or otherwise paid to the Participant, is subject to income taxation in the United States on the income received for services provided to the Company or a Subsidiary and who is not otherwise exempt from United States income taxation under the relevant provisions of the U.S. Tax Code or the Canada-U.S. Income Tax Convention, as amended;

"**U.S. Securities Act**" means the United States Securities Act of 1933, as amended; and

"**U.S. Tax Code**" means the United States Internal Revenue Code of 1986, as amended.

**Section 1.2 Interpretation.** 

(1) Whenever the Board is to exercise discretion or authority in the administration of the terms and conditions
of this Plan, the term "discretion" or "authority" means the sole and absolute discretion of the Board.

(2) The division of this Plan into Articles, Sections and other subdivisions and the insertion of headings are
for convenient reference only and do not affect the interpretation of this Plan.

(3) In this Plan, words importing the singular shall include the plural, and *vice versa* and words
importing any gender include any other gender.

(4) The words "including", "includes" and "include" and any derivatives of
such words mean "including (or includes or include) without limitation". As used herein, the expressions "Article", "Section" and other subdivision followed by a number, mean and refer to the specified Article,
Section or other subdivision of this Plan, respectively.

(5) Unless otherwise specified in a Participant's Grant Agreement, all references to money amounts are to
Canadian currency.

(6) For purposes of this Plan, the legal representatives of a Participant shall only include the administrator,
the executor or the liquidator of the Participant's estate or will.

(7) If any action may be taken within, or any right or obligation is to expire at the end of, a period of days
under this Plan, then the first day of the period is not counted, but the day of its expiry is counted.

**ARTICLE 2** 

**PURPOSE AND ADMINISTRATION OF THIS PLAN; GRANTING OF AWARDS** 

**Section 2.1 Purpose of this Plan.** 

The purpose of this Plan is to permit the Company to grant Awards to Eligible Participants, subject to certain conditions as hereinafter set forth, for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to increase the interest in the Company's welfare of those Eligible Participants, who share
responsibility for the management, growth and protection of the business of the Company or a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to provide an incentive to such Eligible Participants to continue their services for the Company or a
Subsidiary and to encourage such Eligible Participants whose skills, performance and loyalty to the objectives and interests of the Company or a Subsidiary are necessary or essential to its success, image, reputation or activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to reward Participants for their performance of services while working for the Company or a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to provide a means through which the Company or a Subsidiary may attract and retain able Persons to enter
its employment or service.

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**Section 2.2 Implementation and Administration of this Plan.** 

(1) This Plan shall be administered and interpreted by the board of directors of the Company (the
" **Board**") or, if the Board by resolution so decides, by a committee appointed by the Board. If such committee is appointed for this purpose, all references to the "Board" herein will be deemed references to such
committee. Nothing contained herein shall prevent the Board from adopting other or additional Share Compensation Arrangements or other compensation arrangements, subject to any required approval.

(2) Subject to Article 7 and any applicable rules of the Stock Exchange, the Board may, from time to time, as it
may deem expedient, adopt, amend and rescind rules and regulations or vary the terms of this Plan and/or any Award hereunder for carrying out the provisions and purposes of this Plan and/or to address tax or other requirements of any applicable
jurisdiction.

(3) Subject to the provisions of this Plan, the Board is authorized, in its discretion, to make such
determinations under, and such interpretations of, and take such steps and actions in connection with, the proper administration and operations of this Plan as it may deem necessary or advisable. The Board may delegate to officers or managers of the
Company, or committees thereof, the authority, subject to such terms as the Board shall determine, to perform such functions, in whole or in part. Any such delegation by the Board may be revoked at any time at the Board's discretion. The
interpretation, administration, construction and application of this Plan and any provisions hereof made by the Board, or by any officer, manager, committee or any other Person to which the Board delegated authority to perform such functions, shall
be final and binding on the Company, its Subsidiaries and all Eligible Participants.

(4) No member of the Board or any Person acting pursuant to authority delegated by the Board hereunder shall be
liable for any action or determination taken or made in good faith in the administration, interpretation, construction or application of this Plan or any Award granted hereunder. Members of the Board and any person acting at the direction or on
behalf of the Board, shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.

(5) This Plan shall not in any way fetter, limit, obligate, restrict or constrain the Board with regard to the
allotment or issuance of any Shares or any other securities in the capital of the Company. For greater certainty, the Company shall not by virtue of this Plan be in any way restricted from declaring and paying stock dividends, repurchasing Shares or
varying or amending its share capital or corporate structure.

**Section 2.3 Participation in this Plan.** 

(1) The Company makes no representation or warranty as to the future market value of the Shares or with respect
to any income tax matters affecting any Participant resulting from the grant of an Award, the exercise of an Option or transactions in the Shares or otherwise in respect of participation under this Plan. Neither the Company, nor any of its
directors, officers, employees, shareholders or agents shall be liable for anything done or omitted to be done by such Person or any other Person with respect to the price, time, quantity or other conditions and circumstances of the issuance of
Shares hereunder, or in any other manner related to this Plan. For greater certainty, no amount will be paid to, or in respect of, a Participant under this Plan or pursuant to any other arrangement, and no additional Awards will be granted to such
Participant to compensate for a downward fluctuation in the price of the Shares, nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose. The Company and its Subsidiaries do not assume and shall not
have responsibility for the income or other tax consequences resulting to any Participant and each Participant is advised to consult with such Participant's own tax advisors.

(2) Participants (and their legal representatives) shall have no legal or equitable right, claim or interest in
any specific property or asset of the Company or any of its Subsidiaries. No asset of the Company or any of its Subsidiaries shall be held in any way as collateral security for the fulfillment of the obligations of the Company or any of its
Subsidiaries under this Plan. Unless otherwise determined by the Board, this Plan shall be unfunded. To the extent any Participant or the Participant's estate holds any rights by virtue of a grant of Awards under this Plan, such rights (unless
otherwise determined by the Board) shall be no greater than the rights of an unsecured creditor of the Company.

(3) Unless otherwise determined by the Board and subject to Policy 4.4 of the TSX Venture Exchange, the Company
shall not offer financial assistance to any Participant in regard to the exercise of any Award granted under this Plan.

(4) The Board may require that any Eligible Participant in this Plan provide certain representations, warranties
and certifications to the Company to satisfy the requirements of applicable laws, including, without limitation, exemptions from the registration requirements of the U.S. Securities Act, and applicable U.S. state securities laws.

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(5) In connection with an Award to be granted to any Eligible Participant, it shall be the responsibility of
such person and the Company to confirm that such person is a *bona fide* Eligible Participant for the purposes of participation under this Plan.

**Section 2.4 Shares Subject to this Plan.** 

(1) Subject to adjustment pursuant to Article 7, the securities that may be acquired by Participants under this
Plan shall consist of authorized but unissued Shares from treasury.

(2) The maximum number of Shares issuable at any time pursuant to outstanding Awards under this Plan shall be
10% of the Outstanding Issue, as measured as at the date of any Award grant.

(3) No Award that can be settled in Shares issued from treasury may be granted if such grant would have the
effect of causing the total number of Shares subject to such Award to exceed the above-noted maximum numbers of Shares reserved for issuance pursuant to the settlement of Awards.

(4) This Plan includes an "evergreen" stock option plan, as Shares covered by Options which have
been exercised or settled, as applicable, and Options which have expired or are forfeited, surrendered, cancelled or otherwise terminated or lapsed for any reason without having been exercised, will be available for subsequent grants under this Plan
and the number of Options that may be granted under this Plan increases if the total number of issued and outstanding Shares increases. Shares will not be deemed to have been issued pursuant to this Plan with respect to any portion of an Award that
is settled in cash.

**Section 2.5 Limits with Respect to other Share Compensation Arrangements, Insiders, Individual Limits and Annual Grant Limits.** 

(1) The maximum number of Shares issuable pursuant to this Plan and any other Share Compensation Arrangement
shall not exceed the limits set out in Section 2.4(2).

(2) The maximum number of Shares issuable to Eligible Participants who are Insiders (as a group), at any time,
under this Plan and any other Share Compensation Arrangement, shall not exceed 10% of the Outstanding Issue at any point in time.

(3) The maximum number of Shares issuable to Eligible Participants who are Insiders (as a group), within any one-year period, under this Plan and any other Share Compensation Arrangement, shall not exceed 10% of the Outstanding Issue, calculated as at the date any Share Compensation is granted or issued to any Insider.

(4) Subject to the policies of the Stock Exchange, any Shares issued or Awards granted pursuant to this Plan, or
securities issued under any other Share Compensation Arrangement, prior to a Participant becoming an Insider, shall be included for the purposes of the limits set out in Section 2.5(2) and Section 2.5(3).

(5) Subject to the policies of the Stock Exchange, in the event of the death of a Participant, the legal
representative, liquidator, executor or administrator, as the case may be, of the estate of the Participant is not entitled to make a claim in respect of an Award granted to such Participant after the first anniversary of the death of such
Participant.

(6) The TSXV Share Limits shall apply to the Shares issued or issuable under any Award granted under this Plan
and any other Share Compensation Arrangement, subject to the Shares being listed for trading on the TSX Venture Exchange.

**Section 2.6 Granting of Awards.** 

Any Award granted under this Plan shall be subject to the requirement that, if at any time the Company shall determine that the listing, registration or qualification of the Shares subject to such Award, if applicable, upon any Stock Exchange or under any law or regulation of any jurisdiction, or the consent or approval of any Stock Exchange or any governmental or regulatory body, is necessary as a condition of, or in connection with, the grant of such Awards or exercise of any Option or the issuance or purchase of Shares thereunder, if applicable, such Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration, qualification, consent or approval.

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**Section 2.7 TSX Venture Exchange Vesting Restrictions.** 

While the Shares are listed for trading on the TSX Venture Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Award (other than Options), may vest before the date that is one year following the date the Award is
granted or issued, provided that this requirement may be accelerated for a Participant who dies or who ceases to be an Eligible Participant under the provisions hereof in connection with a Change of Control, take-over bid, reverse take-over or other
similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Options granted to any Investor Relations Service Provider must vest in stages over a period of not less
than 12 months, in accordance with the vesting restrictions set out in Section 4.4(c) of Policy 4.4 of the TSX Venture Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there can be no acceleration of the vesting requirements applicable to Option grants to an Investor
Relations Service Provider without the prior written approval of the TSX Venture Exchange.

**Section 2.8 Relationship with the Prior Plan.** 

This Plan supersedes and replaces the Prior Plan, which is terminated and of no force or effect as of the Effective Date. All securities granted under the Prior Plan shall continue to exist and shall remain outstanding in accordance with their terms, provided that from the Effective Date, such securities shall be governed by this Plan.

**ARTICLE 3** 

**OPTIONS** 

**Section 3.1 Nature of Options.** 

An Option is an option granted by the Company to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Option Price, but subject to the provisions hereof. For the avoidance of doubt, no Dividend Equivalents shall be granted in connection with an Option.

**Section 3.2 Option Awards.** 

Subject to the provisions set forth in this Plan and any shareholder or regulatory approval which may be required, the Board shall, from time to time by resolution, in its discretion, (i) designate the Eligible Participants who may receive Options under this Plan, (ii) fix the number of Options, if any, to be granted to each Eligible Participant and the date or dates on which such Options shall be granted, (iii) determine the price per Share to be payable upon the exercise of each such Option (the "**Option Price**") and the relevant vesting provisions (including Performance Criteria, if applicable) and the Option Term, the whole subject to the terms and conditions prescribed in this Plan or in any Option Agreement, and any applicable rules of the Stock Exchange.

**Section 3.3 Option Price.** 

The Option Price for Shares that are the subject of any Option shall be determined and approved by the Board when such Option is granted, but shall not be less than the Market Value of such Shares at the time of the grant.

**Section 3.4 Option Term.** 

(1) The Board shall determine, at the time of granting the particular Option, the period during which the Option
is exercisable, which shall not be more than ten years from the date the Option is granted (the "**Option Term** ").

(2) Should the expiration date for an Option fall within a Black-Out Period, such expiration date shall be automatically extended without any further act or formality to that date which is the tenth Business Day after the end of the Black-Out Period, such tenth Business Day to
be considered the expiration date for such Option for all purposes under this Plan.

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**Section 3.5 Exercise of Options.** 

Prior to its expiration or earlier termination in accordance with this Plan, each Option shall be exercisable at such time or times and/or pursuant to the achievement of such Performance Criteria and/or other vesting conditions as the Board, at the time of granting the particular Option, may determine in its discretion. For greater certainty, any exercise of Options by a Participant shall be made in accordance with any insider trading policies implemented by the Company.

**Section 3.6 Method of Exercise and Payment of Purchase Price.** 

(1) Subject to the provisions of this Plan, an Option granted under this Plan shall be exercisable (from time to
time as provided in Section 3.5) by the Participant (or by the liquidator, executor or administrator, as the case may be, of the estate of the Participant) by delivering a fully completed Exercise Notice to the Company at its head office as
designated on SEDAR to the attention of the Corporate Secretary of the Company (or the individual that the Corporate Secretary of the Company may from time to time designate) or give notice in such other manner as the Company may from time to time
designate, which notice shall specify the number of Shares in respect of which the Option is being exercised and shall be accompanied by full payment, by cash, certified cheque, bank draft or any other form of payment deemed acceptable by the Board
of the purchase price for the number of Shares specified therein and, if required by Section 8.2, the amount necessary to satisfy any taxes.

(2) Upon exercise, the Company shall, as soon as practicable after such exercise but no later than ten Business
Days following such exercise, forthwith cause the transfer agent and registrar of the Shares either to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver to the Participant (or to the liquidator, executor or administrator, as the case may be, of the
estate of the Participant) a certificate in the name of the Participant representing in the aggregate such number of Shares as the Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant)
shall have then paid for and as are specified in such Exercise Notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Shares issued in uncertificated form, cause the issuance of the aggregate number of Shares as
the Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant) shall have then paid for and as are specified in such Exercise Notice to be evidenced by a book position on the register of the
shareholders of the Company to be maintained by the transfer agent and registrar of the Shares.

(3) Subject to the rules and policies of the Stock Exchange (including the TSXV Share Limits, as applicable),
the Board may, in its discretion and at any time, determine to grant a Participant the right, when entitled to exercise Options, to deal with such Options on a "cashless exercise" basis (the "**Cashless Exercise Right** ").
The Board may determine in its discretion that such Cashless Exercise Right, if any, grants a Participant the right to exercise such Options by notice in writing to the Company and receive, without payment of any cash other than pursuant to
Section 8.2, that number of Shares, disregarding fractions, that is equal to the quotient obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of the number of Options being exercised multiplied by the difference between the Market Value
on the day immediately prior to the exercise of the Cashless Exercise Right and the Option Price; by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Market Value on the day immediately prior to the exercise of the Cashless Exercise Right.

(4) In the event the Board grants and the Participant exercises Options pursuant to a Cashless Exercise Right:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall make an election pursuant to subsection 110(1.1) of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Options exercised, and not the number of Shares issued by the Company pursuant to such
Cashless Exercise Right shall be included in calculating the limitation in Sections 2.4 and 2.5 and the TSXV Share Limits, as applicable.

**Section 3.7 Option Agreements.** 

Options shall be evidenced by an Option Agreement, in such form not inconsistent with this Plan as the Board may from time to time determine. The Option Agreement may contain any such terms that the Company considers necessary in order that the Option will comply with any provisions respecting options in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be resident or citizen or the rules of any regulatory body having jurisdiction over the Company.

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**Section 3.8 Incentive Stock Options.** 

(1) ISOs are available only for Participants who are employees of the Company, or a "parent
corporation" or "subsidiary corporation" (as such terms are defined in Section 424(e) and (f) of the U.S. Tax Code), on the date the Option is granted. In addition, a Participant who holds an ISO must continue as an
employee, except that upon termination of employment the Option will continue to be treated as an ISO for up to three months, after which the Option will no longer qualify as an ISO, except as provided in this Section 1.1(1). A
Participant's employment will be deemed to continue during any period of sick leave, military leave or other bona fide leave of absence, provided the leave of absence does not exceed three months, or the Participant's return to
employment is guaranteed by statute or contract. If a termination of employment is due to permanent disability, an Option may continue its ISO status for up to one year, and if the termination is due to death, the ISO status may continue for the
balance of the Option's term. Nothing in this Section 1.1(1) will be deemed to extend the original expiry date of an Option.

(2) A Participant who owns, or is deemed to own, pursuant to Section 424(e) of the U.S. Tax Code, Shares
possessing more than 10% of the total combined voting power of all classes of stock of the Company may not be granted an Option that is an ISO unless the Option Price is at least 110% of the Market Value of the Shares, as of the date of the grant,
and the Option is not exercisable after the expiration of five years from the date of grant.

(3) To the extent the aggregate Market Value (determined as of the date of grant) of Shares with respect to
which ISOs are exercisable for the first time by a Participant during any calendar year (under all plans of the Company and any affiliates) exceeds One Hundred Thousand United States Dollars (US$100,000), the Options or portions thereof that exceed
such limit (according to the order in which they were granted) shall be treated as Options other than ISOs, notwithstanding any contrary provision in the applicable Option Agreement.

**ARTICLE 4** 

**RESTRICTED SHARE UNITS** 

**Section 4.1 Nature of RSUs.** 

A "Restricted Share Unit" (or "**RSU**") is an Award in the nature of a bonus for services rendered that, upon settlement, entitles the recipient Participant to acquire Shares as determined by the Board or to receive the Cash Equivalent or a combination thereof, as the case may be, pursuant and subject to such restrictions and conditions as the Board may determine at the time of grant, unless such RSU expires prior to being settled. Vesting conditions may, without limitation, be based on continuing employment (or other service relationship) and/or achievement of Performance Criteria. Unless otherwise determined by the Board in its discretion, the Award of an RSU is considered a bonus for services rendered in the calendar year in which the Award is made or as an incentive for future services rendered to the Company or its Subsidiaries.

**Section 4.2 RSU Awards.** 

(1) The Board shall, from time to time by resolution, in its discretion, (i) designate the Eligible
Participants who may receive RSUs under this Plan, (ii) fix the number of RSUs, if any, to be granted to each Eligible Participant and the date or dates on which such RSUs shall be granted, (iii) determine the relevant conditions and
vesting provisions (including the applicable Performance Period and Performance Criteria, if any) and the Restricted Period of such RSUs, (provided, however, that no such Restricted Period shall exceed the three years referenced in
Section 4.3), and (iv) any other terms and conditions applicable to the granted RSUs, which need not be identical and which, without limitation, may include non-competition provisions, subject to the
terms and conditions prescribed in this Plan and in any RSU Agreement.

(2) Subject to the vesting and other conditions and provisions in this Plan and in the RSU Agreement, each
vested RSU awarded to a Participant shall entitle the Participant to receive one Share, the Cash Equivalent or a combination thereof upon confirmation by the Board that the vesting conditions (including the Performance Criteria, if any) have been
met no later than the last day of the Restricted Period. For greater certainty, RSUs that are subject to Performance Criteria may not become fully vested by the last day of the Restricted Period.

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**Section 4.3 Restricted Period.** 

Subject to Section 2.7(a), the applicable restricted period in respect of a particular RSU shall be determined by the Board but in all cases shall end no later than the 31<sup>st</sup> of December of the third calendar year following the calendar year in which the performance of services for which such RSU is granted occurred (the "**Restricted Period**"). All unvested RSUs shall be cancelled on the RSU Vesting Determination Date (as such term is defined in Section 4.4) and, in any event, all unvested RSUs shall be cancelled no later than the last day of the Restricted Period.

**Section 4.4 RSU Vesting Determination Date.** 

The vesting determination date means the date on which the Board determines if the Performance Criteria and/or other vesting conditions with respect to an RSU have been met (the "**RSU Vesting Determination Date**") and, as a result, establishes the number of RSUs that become vested, if any. For greater certainty, the RSU Vesting Determination Date must fall after the end of the Performance Period, if any, but no later than the 15<sup>th</sup> of December of the calendar year which commences three years after the calendar year in which the performance of services for which such RSU is granted occurred. Notwithstanding the foregoing, for any U.S. Participant, the RSU Vesting Determination Date shall occur no later than March 15 of the calendar year following the end of the Performance Period.

**Section 4.5 Settlement of RSUs.** 

(1) Except as otherwise provided in the RSU Agreement, all of the vested RSUs covered by a particular grant
shall be settled as soon as practicable and in any event within ten Business Days following their RSU Vesting Determination Date and no later than the end of the Restricted Period (the "**RSU Settlement Date** ").

(2) Settlement of RSUs shall take place promptly following the RSU Settlement Date, and shall take the form
determined by the Board, in its discretion. Settlement of RSUs shall be subject to Section 8.2 and shall take place through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of settlement of RSUs for their Cash Equivalent, delivery of a cheque to the Participant
representing the Cash Equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of settlement of RSUs for Shares (which may include Shares purchased in the secondary market by
a trustee or administrative agent appointed by the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivery to the Participant (or to the liquidator, executor or administrator, as the case may be, of the
estate of the Participant) of a certificate in the name of the Participant representing in the aggregate such number of Shares as the Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant)
shall be entitled to receive (unless the Participant intends to simultaneously dispose of any such Shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of Shares issued in uncertificated form, issuance of the aggregate number of Shares as the
Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant) shall be entitled to receive, to be evidenced by a book position on the register of the shareholders of the Company to be maintained by
the transfer agent and registrar of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of settlement of the RSUs for a combination of Shares and the Cash Equivalent, a combination of
(a) and (b) above.

(3) Notwithstanding the foregoing, for any U.S. Participant, the RSU Settlement Date and delivery of Shares or
Cash Equivalent, if any, shall each occur no later than March 15 of the calendar year following the end of the Performance Period.

**Section 4.6 Determination of Amounts.** 

(1) For purposes of determining the Cash Equivalent of RSUs to be made pursuant to Section 4.5, such
calculation will be made on the RSU Settlement Date based on the Market Value on the RSU Settlement Date multiplied by the number of vested RSUs in the Participant's Account to settle in cash.

(2) For the purposes of determining the number of Shares to be issued or delivered to a Participant upon
settlement of RSUs pursuant to Section 4.5, such calculation will be made on the RSU Settlement Date based on the whole number of Shares equal to the whole number of vested RSUs then recorded in the Participant's Account to settle in
Shares.

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**Section 4.7 RSU Agreements.** 

RSUs shall be evidenced by an RSU Agreement in such form not inconsistent with this Plan as the Board may from time to time determine. The RSU Agreement may contain any such terms that the Company considers necessary in order that the RSU will comply with any provisions respecting restricted share units in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be resident or citizen or the rules of any regulatory body having jurisdiction over the Company.

**Section 4.8 Award of Dividend Equivalents.** 

Dividend Equivalents may, as determined by the Board in its discretion, be awarded in respect of unvested RSUs in a Participant's Account on the same basis as cash dividends declared and paid on Shares as if the Participant was a shareholder of record of Shares on the relevant record date. However, to the extent that Dividend Equivalents awarded under this Section 4.8 entitle Participants to receive additional RSUs, the maximum aggregate number of Shares that might possibly be issued to satisfy this obligation must be included in the grant limits in Section 2.4(2)(b), clause (i) and (ii) of the defined term "TSXV Share Limits" and Sections 2.5(2) and (3), and if the Company does not have a sufficient number of Shares available under this Plan to satisfy its obligations in respect of such Dividend Equivalents it shall make payments in cash.

In the event that the Participant's applicable RSUs do not vest, all Dividend Equivalents, if any, associated with such RSUs will be forfeited by the Participant and returned to the Company's account.

**ARTICLE 5** 

**DEFERRED SHARE UNITS** 

**Section 5.1 Nature of DSUs.** 

A "Deferred Share Unit" (or "**DSU**") is an Award attributable to a Participant's duties as a director of the Company and that, upon settlement, entitles the recipient Participant to receive such number of Shares (which may include Shares purchased in the secondary market by a trustee or administrative agent appointed by the Board) as determined by the Board, or to receive the Cash Equivalent or a combination thereof, as the case may be, and is payable after Termination of Service of the Participant.

**Section 5.2 DSU Awards.** 

The Board shall, from time to time by resolution, in its discretion, (i) designate the Eligible Participants who may receive DSU Awards under this Plan, (ii) fix the number of DSU Awards to be granted to each Eligible Participant, and (iii) fix the date or dates on which such DSU Awards shall be granted, subject to the terms and conditions prescribed in this Plan and in any DSU Agreement. Each DSU awarded shall entitle the Participant to one Share, or the Cash Equivalent, or a combination thereof.

**Section 5.3 Payment of Annual Base Compensation.** 

(1) Subject to the Board determining otherwise, each Participant may elect to receive in DSUs any portion or all
of their Annual Base Compensation by completing and delivering a written election to the Company on or before the 5th day of November of the calendar year ending immediately before the calendar year with respect to which the election is made. Such
election will be effective with respect to compensation payable for fiscal quarters beginning during the calendar year following the date of such election. Elections hereunder shall be irrevocable with respect to compensation earned during the
period to which such election relates.

(2) Further, where an individual becomes a Participant for the first time during a fiscal year and, for
individuals that are U.S. Participants, such individual has not previously participated in a plan that is required to be aggregated with this Plan for purposes of Section 409A of the U.S. Tax Code, such individual may elect to defer Annual Base
Compensation with respect to fiscal quarters of the Company commencing after the Company receives such individual's written election, which election must be received by the Company no later than 30 days after the later of this Plan's
adoption or such individual's appointment as a Participant. For greater certainty, new Participants will not be entitled to receive DSUs for any Annual Base Compensation earned pursuant to an election for the quarter in which they submit their
first election to the Company or any previous quarter.

(3) All DSUs granted with respect to Annual Base Compensation will be credited to the Participant's
Account when such Annual Base Compensation is payable (the "**Grant Date** ").

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(4) The Participant's Account will be credited with the number of DSUs calculated to the nearest
thousandths of a DSU, determined by dividing the dollar amount of compensation payable in DSUs on the Grant Date by the Market Value of the Shares. Fractional DSUs will not be issued and any fractional entitlements will be rounded down to the
nearest whole number.

**Section 5.4 Additional Deferred Share Units.** 

In addition to DSUs granted pursuant to Section 5.3, the Board may award such number of DSUs to a Participant as the Board deems advisable to provide the Participant with appropriate equity-based compensation for the services they render to the Company or its Subsidiaries. The Board shall determine the date on which such DSUs may be granted and the date as of which such DSUs shall be credited to a Participant's Account. An award of DSUs pursuant to this Section 5.4 shall be subject to a DSU Agreement evidencing the Award and the terms applicable thereto.

**Section 5.5 Settlement of DSUs.** 

(1) A Participant may receive their Shares, or Cash Equivalent, or a combination thereof, to which such
Participant is entitled upon Termination of Service, by filing a redemption notice on or before the 15th day of December of the first calendar year commencing after the date of the Participant's Termination of Service. Notwithstanding the
foregoing, if any Participant does not file such notice on or before that 15th day of December, the Participant will be deemed to have filed the redemption notice on the 15th day of December (the date of the filing or deemed filing of the redemption
notice, the "**Filing Date** "). In all cases for each U.S. Participant, the U.S. Participant will be deemed to have filed the redemption notice on the date of their Termination of Service.

(2) The Company will make payment of the DSU Settlement Amount as soon as reasonably possible following the
Filing Date and in any event no later than the end of the first calendar year commencing after the Participant's Termination of Service. In all cases for each U.S. Participant, the Company will make payment of the DSU Settlement Amount as soon
as reasonably possible following the Filing Date and in any event no later than the 1<sup>st</sup> day of March of the calendar year following Termination of Service.

(3) In the event of the death of a Participant, the Company will, subject to Section 8.2, make payment of
the DSU Settlement Amount within two months of the Participant's death to or for the benefit of the legal representative of the deceased Participant. For the purposes of the calculation of the Settlement Amount, the Filing Date shall be the
date of the Participant's death.

(4) Subject to Section 2.7(a) and the terms of the DSU Agreement, including the satisfaction or, at the
discretion of the Board, waiver of any vesting conditions, settlement of DSUs shall take place promptly following the Filing Date, and take the form as determined by the Board, in its discretion. Settlement of DSUs shall be subject to
Section 8.2 and shall take place through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of settlement of DSUs for their Cash Equivalent, delivery of a cheque to the Participant
representing the Cash Equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of settlement of DSUs for Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivery to the Participant (or to the liquidator, executor or administrator, as the case may be, of the
estate of the Participant) of a certificate in the name of the Participant representing in the aggregate such number of Shares as the Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant)
shall be entitled to receive (unless the Participant intends to simultaneously dispose of any such Shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of Shares issued in uncertificated form, issuance of the aggregate number of Shares as the
Participant (or the liquidator, executor or administrator, as the case may be, of the estate of the Participant) shall be entitled to receive, to be evidenced by a book position on the register of the shareholders of the Company to be maintained by
the transfer agent and registrar of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of settlement of the DSUs for a combination of Shares and the Cash Equivalent, a combination of
(a) and (b) above.

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**Section 5.6 Determination of DSU Settlement Amount.** 

(1) For purposes of determining the Cash Equivalent of DSUs to be made pursuant to Section 5.5, such
calculation will be made on the Filing Date based on the Market Value on the Filing Date multiplied by the number of vested DSUs in the Participant's Account to settle in cash.

(2) For the purposes of determining the number of Shares to be issued or delivered to a Participant upon
settlement of DSUs pursuant to Section 5.5, such calculation will be made on the Filing Date based on the whole number of Shares equal to the whole number of vested DSUs then recorded in the Participant's Account to settle in Shares.

**Section 5.7 DSU Agreements.** 

DSUs shall be evidenced by a DSU Agreement in such form not inconsistent with this Plan as the Board may from time to time determine. The DSU Agreement may contain any such terms that the Company considers necessary in order that the DSU will comply with any provisions respecting deferred share units in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be resident or citizen or the rules of any regulatory body having jurisdiction over the Company.

**Section 5.8 Award of Dividend Equivalents.** 

Dividend Equivalents may, as determined by the Board in its discretion, be awarded in respect of DSUs in a Participant's Account on the same basis as cash dividends declared and paid on Shares as if the Participant was a shareholder of record of Shares on the relevant record date. However, to the extent that Dividend Equivalents awarded under this Section 5.8 entitle Participants to receive additional DSUs, the maximum aggregate number of Shares that might possibly be issued to satisfy this obligation must be included in the grant limits in Section 2.4(2)(b), clause (i) and (ii) of the defined term "TSXV Share Limits" and Sections 2.5(2) and (3), and if the Company does not have a sufficient number of Shares available under this Plan to satisfy its obligations in respect of such Dividend Equivalents it shall make payments in cash.

**ARTICLE 6** 

**GENERAL CONDITIONS** 

**Section 6.1 General Conditions Applicable to Awards.** 

Each Award, as applicable, shall be subject to the following conditions:

(1) <u>Vesting Period</u>. Subject to Section 2.7, (a) each Award granted hereunder shall vest in
accordance with the terms of the Grant Agreement entered into in respect of such Award, and (b) the Board has the right to accelerate the date upon which any Award becomes exercisable notwithstanding the vesting schedule set forth for such
Award, regardless of any adverse or potentially adverse tax consequence resulting from such acceleration.

(2) <u>Employment</u>. Notwithstanding any express or implied term of this Plan to the contrary, the granting of
an Award pursuant to this Plan shall in no way be construed as a guarantee by the Company or a Subsidiary to the Participant of employment or another service relationship with the Company or a Subsidiary. The granting of an Award to a Participant
shall not impose upon the Company or a Subsidiary any obligation to retain the Participant in its employ or service in any capacity. Nothing contained in this Plan or in any Award granted under this Plan shall interfere in any way with the rights of
the Company or any of its Affiliates in connection with the employment, retention or termination of any such Participant. The loss of existing or potential profit in Shares underlying Awards granted under this Plan shall not constitute an element of
damages in the event of termination of a Participant's employment or service in any office or otherwise.

(3) <u>Grant of Awards</u>. Eligibility to participate in this Plan does not confer upon any Eligible
Participant any right to be granted Awards pursuant to this Plan. Granting Awards to any Eligible Participant does not confer upon any Eligible Participant the right to receive nor preclude such Eligible Participant from receiving any additional
Awards at any time. The extent to which any Eligible Participant is entitled to be granted Awards pursuant to this Plan will be determined in the discretion of the Board. Participation in this Plan shall be entirely voluntary and any decision not to
participate shall not affect an Eligible Participant's relationship or employment with the Company or any Subsidiary.

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(4) <u>Rights as a Shareholder</u>. Neither the Participant nor such Participant's personal
representatives or legatees shall have any rights whatsoever as shareholder in respect of any Shares covered by such Participant's Awards by reason of the grant of such Award until such Award has been duly exercised, as applicable, and settled
and Shares have been issued in respect thereof. Subject to Section 4.8 and Section 5.8, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such Shares have been issued.

(5) <u>Conformity to Plan</u>. In the event that an Award is granted, or a Grant Agreement is executed, which
does not conform in all particulars with the provisions of this Plan, or purports to grant Awards on terms different from those set out in this Plan, the Award or the grant of such Award shall not be in any way void or invalidated, but the Award so
granted will be adjusted to become, in all respects, in conformity with this Plan.

(6) <u>Non-Transferrable Awards</u>. Each Award granted under this Plan
is personal to the Participant and shall not be assignable or transferable by the Participant, whether voluntarily or by operation of law, except by will or by the laws of succession of the domicile of the deceased Participant. No Award granted
hereunder shall be pledged, hypothecated, charged, transferred, assigned or otherwise encumbered or disposed of on pain of nullity.

(7) <u>Participant's Entitlement</u>. Except as otherwise provided in this Plan or unless the Board
permits otherwise, upon any Subsidiary ceasing to be a Subsidiary of the Company, Awards previously granted under this Plan that, at the time of such change, are held by a Person who is a director, officer, employee or Consultant of such Subsidiary
and not of the Company itself, whether or not then exercisable, shall automatically terminate on the date of such change.

**Section 6.2 General Conditions Applicable to Options.** 

Each Option shall be subject to the following conditions:

(1) <u>Termination for Cause</u>. Upon a Participant ceasing to be an Eligible Participant for Cause, any vested
or unvested Option granted to such Participant shall terminate automatically and become void immediately. For the purposes of this Plan, the determination by the Company that the Participant was discharged for Cause shall be binding on the
Participant. "**Cause**" shall include, among other things, gross misconduct, theft, fraud, breach of confidentiality or breach of the Company's code of conduct and any other reason determined by the Company to be cause for
termination.

(2) <u>Termination not for Cause</u>. Upon a Participant ceasing to be an Eligible Participant as a result of
such Participant's employment or service relationship with the Company or a Subsidiary being terminated without Cause, (i) any unvested Option granted to such Participant shall terminate and become void immediately, and (ii) unless
otherwise determined by the Board, in its discretion, any vested Option granted to such Participant will cease to be exercisable on the earlier of 90 days following the Termination Date and the expiry date of the Option set forth in the Grant
Agreement, after which the Option will expire. Notwithstanding the foregoing, any vested Option must expire within a reasonable period, not exceeding 12 months, following the date the Participant ceases to be an Eligible Participant under this Plan.

(3) <u>Resignation</u>. Upon a Participant ceasing to be an Eligible Participant as a result of such
Participant's resignation from the Company or a Subsidiary, (i) any unvested Option granted to such Participant shall terminate and become void immediately upon resignation, and (ii) unless otherwise determined by the Board, in its
discretion, any vested Option granted to such Participant will cease to be exercisable on the earlier of 30 days following the Termination Date and the expiry date of the Option set forth in the Grant Agreement, after which the Option will expire.
Notwithstanding the foregoing, any vested Option must expire within a reasonable period, not exceeding 12 months, following the date the Participant ceases to be an Eligible Participant under this Plan.

(4) <u>Permanent Disability/Retirement</u>. Upon a Participant ceasing to be an Eligible Participant by reason
of retirement (in accordance with any retirement policy implemented by the Company from time to time) or permanent disability, (i) any unvested Option granted to such Participant shall terminate and become void immediately, and (ii) any
vested Option granted to such Participant will cease to be exercisable on the earlier of 90 days following the date of retirement or the date on which the Participant ceases such Participant's employment or service relationship with the
Company or any Subsidiary by reason of permanent disability and the expiry date of the Option set forth in the Grant Agreement, after which the Option will expire.

(5) <u>Death</u>. Upon a Participant ceasing to be an Eligible Participant by reason of death, (i) any
unvested Option granted to such Participant shall terminate and become void immediately, and (ii) any vested Option granted to such Participant will cease to be exercisable by the liquidator, executor or administrator, as the case may be, of
the estate of the Participant on the earlier of 12 months following the Participant's death and the expiry date of the Option set forth in the Grant Agreement, after which the Option will expire.

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**Section 6.3 General Conditions Applicable to RSUs.** 

Each RSU shall be subject to the following conditions:

(1) <u>Termination for Cause and Resignation</u>. Upon a Participant ceasing to be an Eligible Participant for
Cause or as a result of such Participant's resignation from the Company or a Subsidiary, the Participant's participation in this Plan shall be terminated immediately, all RSUs credited to such Participant's Account that have not
vested shall be forfeited and cancelled, and the Participant's rights to Shares or Cash Equivalent or a combination thereof that relate to such Participant's unvested RSUs shall be forfeited and cancelled on the Termination Date. The
Participant shall not receive any payment in lieu of cancelled RSUs that have not vested.

(2) <u>Death or Termination</u>. Upon a Participant ceasing to be an Eligible Participant as a result of
(i) death, (ii) retirement, (iii) Termination for reasons other than for Cause, (iv) such Participant's employment or service relationship with the Company or a Subsidiary being terminated by reason of injury or disability, or
(v) becoming eligible to receive long-term disability benefits, all unvested RSUs in the Participant's Account as of such date relating to a Restricted Period in progress shall be terminated, and the Participant shall not receive any
payment in lieu of cancelled RSUs.

(3) <u>General</u>. For greater certainty, where a Participant's employment or service relationship with
the Company or a Subsidiary is terminated pursuant to Section 6.3(1) or Section 6.3(2), following the satisfaction of all vesting conditions in respect of particular RSUs but before receipt of the corresponding distribution or payment in
respect of such RSUs, the Participant shall remain entitled to such distribution or payment, provided such distribution or payment is made within a reasonable period, not exceeding 12 months, following termination of such Participant's
employment or service relationship.

**ARTICLE 7** 

**ADJUSTMENTS AND AMENDMENTS** 

**Section 7.1 Adjustment to Option Price or Number of Shares.** 

In the event of (i) any subdivision of the Shares into a greater number of Shares, (ii) any consolidation of the Shares into a lesser number of Shares, (iii) any reclassification, reorganization or other change affecting the Shares, (iv) any merger, amalgamation or consolidation of the Company with or into another corporation, or (v) any distribution to all holders of Shares or other securities in the capital of the Company, of cash, evidences of indebtedness or other assets of the Company (excluding an ordinary course dividend in cash or Shares, but including for greater certainty shares or equity interests in a Subsidiary or business unit of the Company or one of its Subsidiaries or cash proceeds of the disposition of such a Subsidiary or business unit) or any transaction or change having a similar effect, then the Board shall, in its discretion, subject to the required approval of any Stock Exchange, determine the appropriate adjustments or substitutions to be made in such circumstances in order to maintain the economic rights of the Participant in respect of such Award in connection with such occurrence or change, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adjustments to the Option Price of such Award without any change in the total price applicable to the
unexercised portion of the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjustments to the number of Shares to which the Participant is entitled upon exercise of such Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) adjustments to the number or kind of Shares reserved for issuance pursuant to this Plan.

**Section 7.2 Change of Control.** 

(1) In the event of a potential Change of Control, the Board shall have the power, in its discretion, subject to
Section 7.3, to modify the terms of this Plan and/or the Awards to assist the Participants to tender into a take-over bid or to participate in any other transaction leading to a Change of Control.

(2) If the Company completes a transaction constituting a Change of Control and within 12 months following the
Change of Control, (i) a Participant who was also an officer or employee of, or Consultant to, the Company prior to the Change of Control has their position, employment or Consulting Agreement terminated, or the Participant is constructively

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dismissed, or (ii) a director ceases to act in such capacity, then all unvested Options shall vest and become exercisable and all unvested RSUs shall immediately vest and shall be paid out. Any Options that become exercisable pursuant to this Section 7.2(2) shall remain open for exercise until the earlier of their expiry date as set out in the Grant Agreement and the date that is 90 days after such termination or dismissal. Options that have been granted to an Investor Relations Services Provider may not be accelerated without prior TSX Venture Exchange approval. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding any other provision of this Plan, this Section 7.2 shall not apply with respect to any
DSUs held by a Participant where such DSUs are governed under paragraph 6801(d) of the regulations under the Tax Act or any successor to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding any other provision of this Plan, for all U.S. Participants, "Change of Control"
as defined herein shall be as "Change in Control" is defined in 409A of the U.S. Tax Code.

**Section 7.3 Amendment or Discontinuance of this Plan.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board may suspend or terminate this Plan at any time. Notwithstanding the foregoing, any suspension or
termination of this Plan shall be such that this Plan continuously meets the requirements of paragraph 6801(d) of the regulations under the Tax Act or any successor to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may from time to time, in its discretion and without approval of the shareholders of the Company,
make the following types of amendments to this Plan or any Award, subject to any regulatory or Stock Exchange requirement at the time of such amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amendments of a "housekeeping" nature, including any amendment that is necessary to
(i) clarify an existing provision of this Plan, (ii) correct or supplement any provision of this Plan that is inconsistent with any other provision of this Plan, (iii) comply with applicable law or the requirements of the Stock
Exchange or any other regulatory body; or (iv) correct any grammatical or typographical errors in this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amendments regarding the administration of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) With approval of the shareholders of the Company (including disinterested shareholder approval, as
applicable) and subject to any regulatory or Stock Exchange requirement at the time of such amendment, the Board may amend this Plan, including amendments to the provisions of this Plan that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend the definition of an Eligible Participant under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase the maximum number of Shares issuable under this Plan (either as a fixed number or fixed percentage
of the Outstanding Issue), except in the event of an adjustment pursuant to Article 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) increase the maximum number of Shares that may be (A) issuable to Insiders at any time, or
(B) issued to Insiders under this Plan and any other proposed or established Share Compensation Arrangement in a one-year period, except in case of an adjustment pursuant to Article 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) amend the method for determining the Option Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) extend the maximum term of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) amend the expiry and termination provisions applicable to an Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) amend the amendment provisions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Subject to the Shares being listed on the TSX Venture Exchange, any shareholder approval required under
Section 7.3(3) for (a) any extension to the Option Term or decrease in the Option Price for Options granted to individuals who are Insiders at the time of the proposed amendment, or (b) any amendment that could result in the limits in
Section 2.5(2), Section 2.5(3) and (i) of the TSXV Share Limits being exceeded, will require disinterested shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Notwithstanding the foregoing, any amendment of this Plan shall be such that this Plan continuously meets
the requirements of paragraph 6801(d) of the regulations under the Tax Act or any successor to such provision and complies with relevant regulations, including TSXV Policy 4.4, as applicable.

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**Section 7.4 TSX Venture Exchange Acceptance of Adjustments.** 

While the Shares are listed for trading on the TSX Venture Exchange, any adjustment, other than in connection with a subdivision of the Shares into a greater number of Shares pursuant to Section 7.1(i) or a consolidation of the Shares into a lesser number of Shares pursuant to Section 7.1(ii), to any Award pursuant to the provisions hereof is subject to the prior acceptance of the TSX Venture Exchange, including adjustments related to an amalgamation, merger, arrangement, reorganization, spin-off, dividend or recapitalization.

**ARTICLE 8** 

**MISCELLANEOUS** 

**Section 8.1 Use of an Administrative Agent and Trustee.** 

The Board may, in its discretion, appoint from time to time one or more entities to act as administrative agent or trustee to administer the Awards granted under this Plan, including for the purposes of making secondary market purchases of Shares for delivery on settlement of an Award, if applicable, and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under this Plan, the whole in accordance with the terms and conditions determined by the Board, in its discretion. The Company and the administrative agent will maintain records showing the number of Awards granted to each Participant under this Plan.

**Section 8.2 Tax Withholding.** 

Notwithstanding any other provision of this Plan, all distributions, delivery of Shares or payments to a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) under this Plan shall be made net of such withholdings, including in respect of applicable taxes and source deductions, as the Company determines. If the event giving rise to the withholding obligation involves an issuance or delivery of Shares, then the withholding may be satisfied in such manner as the Company determines, including by (a) having the Participant elect to have the appropriate number of such Shares sold by the Company, the Company's transfer agent and registrar or any trustee appointed by the Company pursuant to Section 8.1, on behalf of and as agent for the Participant as soon as permissible and practicable, with the proceeds of such sale being delivered to the Company, which will in turn remit such amounts to the appropriate governmental authorities, or (b) any other mechanism as may be required or determined by the Company as appropriate. This section will not supersede the requirements under TSX Venture Exchange Policy 4.4 nor potentially result in the alteration of the exercise price.

**Section 8.3 US Tax Compliance.** 

(1) DSU Awards granted to U.S. Participants are intended to comply with, and Option and RSU Awards granted to
U.S. Participants are intended to be exempt from, all aspects of Section 409A of the U.S. Tax Code and related regulations ()"**Section 409A** "). Notwithstanding any provision to the contrary, all taxes
associated with participation in this Plan, including any liability imposed by Section 409A, shall be borne by the U.S. Participant.

(2) For purposes of interpreting and applying the provisions of any DSU or other Award subject to
Section 409A, the term "termination of employment" or similar phrase will be interpreted to mean a "separation from service," as defined under Section 409A, provided, however, that with respect to an Award subject
to the Tax Act, if the Tax Act requires a complete termination of the employment relationship to receive the intended tax treatment, then "termination of employment" will be interpreted to only include a complete termination of the
employment relationship.

(3) If payment under any DSU or other Award subject to Section 409A is in connection with the U.S.
Participant's separation from service, and at the time of the separation from service the Participant is subject to the U.S. Tax Code and is considered a "specified employee" (within the meaning of Section 409A), then any
payment that would otherwise be payable during the six-month period following the separation from service will be delayed until after the expiration of the six-month period, to the extent necessary to avoid taxes and penalties under Section 409A, provided that any amounts that would have been paid during the six-month period may be paid in a single lump sum on the
first day of the seventh month following the separation from service.

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**Section 8.3 Clawback.** 

Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or Stock Exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or Stock Exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or Stock Exchange listing requirement). Without limiting the generality of the foregoing, the Board may provide in any case that outstanding Awards (whether or not vested or exercisable) and the proceeds from the exercise or disposition of Awards or Shares acquired under Awards will be subject to forfeiture and disgorgement to the Company, with interest and other related earnings, if the Participant to whom the Award was granted violates (i) a non-competition, non-solicitation, confidentiality or other restrictive covenant by which such Participant is bound, or (ii) any policy adopted by the Company applicable to the Participant that provides for forfeiture or disgorgement with respect to incentive compensation that includes Awards under this Plan. In addition, the Board may require forfeiture and disgorgement to the Company of outstanding Awards and the proceeds from the exercise or disposition of Awards or Shares acquired under Awards, with interest and other related earnings, to the extent required by law or applicable Stock Exchange listing standards, including any related policy adopted by the Company. Each Participant, by accepting or being deemed to have accepted an Award under this Plan, agrees to cooperate fully with the Board, and to cause any and all permitted transferees of the Participant to cooperate fully with the Board, to effectuate any forfeiture or disgorgement required hereunder. Neither the Board nor the Company nor any other person, other than the Participant and such Participant's permitted transferees, if any, will be responsible for any adverse tax or other consequences to a Participant or such Participant's permitted transferees, if any, that may arise in connection with this Section 8.3.

**Section 8.4 Securities Law Compliance.** 

(1) This Plan (including any amendments to it), the terms of the grant of any Award under this Plan, the grant
of any Award and exercise of any Option, and the Company's obligation to sell and deliver Shares in respect of any Awards, shall be subject to all applicable federal, provincial, state and foreign laws, rules and regulations, the rules and
regulations of applicable Stock Exchanges and to such approvals by any regulatory or governmental agency as may be required, as determined by the Company. The Company shall not be obliged by any provision of this Plan or the grant of any Award
hereunder to issue, sell or deliver Shares in violation of such laws, rules and regulations or any condition of such approvals.

(2) No Awards shall be granted in the United States and no Shares shall be issued in the United States pursuant
to any such Awards unless such Shares are registered under the U.S. Securities Act and any applicable state securities laws or an exemption from such registration is available. Any Awards granted in the United States, and any Shares issued pursuant
thereto, will be "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act). Any certificate or instrument representing Awards granted in the United States or Shares issued in the United States
pursuant to such Awards pursuant to an exemption from registration under the U.S. Securities Act and applicable state securities laws shall bear substantially the following legend restricting transfer under applicable United States federal and state
securities laws:

THE SECURITIES REPRESENTED HEREBY [and for Awards, the following will be added: AND THE SECURITIES ISSUABLE PURSUANT HERETO] HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144 THEREUNDER, IF AVAILABLE, OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN CONNECTION WITH ANY TRANSFERS PURSUANT TO (C)(1) OR (D) ABOVE, THE SELLER HAS FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THAT EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

(3) No Awards shall be granted, and no Shares shall be issued, sold or delivered hereunder, where such grant,
issue, sale or delivery would require registration of this Plan or of the Shares under the securities laws of any jurisdiction or the filing of any prospectus for the qualification of same thereunder, and any purported grant of any Award or
purported issue or sale of Shares hereunder in violation of this provision shall be void.

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(4) The Company shall have no obligation to issue any Shares pursuant to this Plan unless upon official notice
of issuance such Shares shall have been duly listed on a Stock Exchange. Shares issued, sold or delivered to Participants under this Plan may be subject to limitations on sale or resale under applicable securities laws.

(5) If Shares cannot be issued to a Participant upon the exercise of an Option due to legal or regulatory
restrictions, the obligation of the Company to issue such Shares shall terminate and any funds paid to the Company in connection with the exercise of such Option will be returned to the applicable Participant as soon as practicable.

**Section 8.5 Reorganization of the Company.** 

The existence of any Awards shall not affect in any way the right or power of the Company or its shareholders to make or authorize any adjustment, reclassification, recapitalization, reorganization or other change in the Company's capital structure or its business, or any arrangement, amalgamation, combination, merger or consolidation involving the Company or to create or issue any bonds, debentures, shares or other securities of the Company or the rights and conditions attaching thereto or to affect the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar nature or otherwise.

**Section 8.6 Quotation of Shares.** 

So long as the Shares are listed on one or more Stock Exchanges, the Company must apply to such Stock Exchange or Stock Exchanges for the listing or quotation, as applicable, of the Shares underlying the Awards granted under this Plan, however, the Company cannot guarantee that such Shares will be listed or quoted on any Stock Exchange.

**Section 8.7 No Fractional Shares.** 

No fractional Shares shall be issued upon the exercise or vesting of any Award granted under this Plan and, accordingly, if a Participant would become entitled to a fractional Share upon the exercise or settlement of such Award, or from an adjustment permitted by the terms of this Plan, such Participant shall only have the right to purchase or receive, as the case may be, the next lowest whole number of Shares, and no payment or other adjustment will be made with respect to the fractional interest so disregarded.

**Section 8.8 Governing Laws.** 

This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.

**Section 8.9 Severability.** 

The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be severed from this Plan.

**Section 8.10 Effective Date of this Plan.** 

This Plan was adopted by the Board on August 1, 2025 and approved by the shareholders of the Company on September 4, 2025.

## Exhibit 99.23

**Exhibit 99.23**![LOGO](g83619g1216142618596.jpg)

**MAYFAIR GOLD CORP.** 

(the "Company")

**STATEMENT OF EXECUTIVE COMPENSATION** 

**(For the year ended December 31, 2024)** 

The following compensation information is provided as required under Form 51-102F6V – *Statement of Executive Compensation – Venture Issuers*.

For the purposes of this Statement of Executive Compensation:

"**compensation securities**" includes stock options, convertible securities, exchangeable securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the company for services provided or to be provided, directly or indirectly, to the company or any of its subsidiaries; and

"**NEO**" or "**named executive officer**" means each of the following individuals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each individual who, in respect of the company, during any part of the most recently completed financial
year, served as chief executive officer ()"**CEO** "), including an individual performing functions similar to a CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each individual who, in respect of the company, during any part of the most recently completed financial
year, served as chief financial officer ()"**CFO** "), including an individual performing functions similar to a CFO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of the Company the most highly compensated executive officer(s) other than the individuals
identified in paragraphs (a) and (b) at the end of the most recently completed financial year whose total compensation was more than $150,000, as determined in accordance with subsection 1.3(5), for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each individual who would be a named executive officer under paragraph (c) but for the fact that the
individual was not an executive officer of the Company, and was not acting in a similar capacity, at the end of that financial year.

For the financial year ended December 31, 2024, the NEOs of the Company were Darren McLean (Interim CEO), Patrick Evans (Former CEO), Darren Prins (Interim CFO), Justin Byrd (Former CFO) and Richard Klue (VP Technical Services).

**Currency** 

In this Statement of Executive Compensation, unless otherwise indicated, all dollar amounts and references to "$" are to Canadian dollars.

------

**Director and Named Executive Officer Compensation** 

***Director and Named Executive Officer Compensation, Excluding Compensation Securities***

The following compensation table, excluding stock options, provides a summary of the compensation paid by the Company to NEOs and directors during the two most recently completed financial years ended December 31, 2024 and 2023. Stock options are disclosed under the heading "*Stock Options and Other Compensation Securities*" below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** |
| **Name and position** | **Year** | **Salary,<br>consulting<br>fee, retainer<br>or<br>commission<br>($)** | **Bonus ($)** | **Committee<br>or meeting<br>fees ($)** | **Value of<br>perquisites<br>(1) ($)** | **Value of all<br>other<br>compensation<br>($)** | **Total<br>compensation<br>($)** |
|  Darren McLean <sup>(2)(3)</sup><br> Director (Chair), and Former Interim CEO | 2024 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Darren McLean <sup>(2)(3)</sup><br> Director (Chair), and Former Interim CEO | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Patrick Evans <sup>(4)</sup> | 2024 | $172222 | Nil | Nil | Nil | $1554472<sup>(5)</sup> | $1726694 |
|  Former President, CEO and Director | 2023 | $300000 | $300000 | Nil | Nil | Nil | $600000 |
|  Darren Prins <sup>(6)</sup> | 2024 | $117875 | Nil | Nil | Nil | Nil | $117875 |
|  Interim CFO and Corporate Secretary | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Justin Byrd <sup>(7)</sup> | 2024 | $93036 | Nil | Nil | Nil | $12748 | $105784 |
|  Former CFO and Corporate Secretary | 2023 | $161280 | $80640 | Nil | Nil | Nil | $241920 |
|  Richard Klue <sup>(8)</sup> | 2024 | $225778 | Nil | Nil | Nil | $184 | $225962 |
|  VP Technical Services | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Zach Allwright <sup>(9)</sup> | 2024 | $13194 | Nil | Nil | Nil | Nil | $13194 |
|  Director | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Carson C. Block <sup>(3)</sup> | 2024 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Director | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Chistine Hsieh <sup>(9)</sup> | 2024 | $13194 | Nil | Nil | Nil | Nil | $13194 |
|  Director | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Sean Pi <sup>(10)</sup> | 2024 | $11828 | Nil | Nil | Nil | Nil | $11828 |
|  Director | 2023 | $30000 | Nil | Nil | Nil | Nil | $30000 |
|  Freddy Brick <sup>(11)</sup> | 2024 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Former Director | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Douglas Carter <sup>(12)</sup> | 2024 | $21528 | Nil | Nil | Nil | Nil | $21528 |
|  Former Director | 2023 | $30000 | Nil | Nil | Nil | Nil | $30000 |
|  Anthony Jew <sup>(11)</sup> | 2024 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Former Director | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
|  Harry Pokrandt <sup>(12)</sup> | 2024 | $26694 | Nil | Nil | Nil | Nil | $26694 |
|  Former Director (Chair) | 2023 | $40000 | Nil | Nil | Nil | Nil | $40000 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  Chistopher Reynolds <sup>(12)</sup> | 2024 | $23681.0Nil | $23681.0 |
|  Former Director | 2023.0 | $35000.0 Nil | $35000.0 |

---

(1) "Perquisites" include perquisites provided to a NEO or a director that are not generally
available to all employees and that, in aggregate, are: (a) $15,000, if the NEO or director's total salary for the financial year is $150,000 or less, (b) 10% of the NEO or director's salary for the financial year if the NEO or
director's total salary for the financial year is greater than $150,000 but less than $500,000, or (c) $50,000 if the NEO or director's total salary for the financial year is $500,000 or greater.

(2) Mr. McLean was succeeded by Mr. Nicholas Campbell as CEO on January 28, 2025.

(3) Messrs. McLean and Block were appointed as directors of the Company on June 5, 2024.

(4) Mr. Evans resigned as President, CEO and a director of the Company on May 1, 2024.

(5) This was a cash payment made to Mr. Evans upon his ceasing to be CEO of the Company. See below under
"Employment, Consulting and Management Agreements". •.

(6) Mr. Prins was appointed Interim CFO and Corporate Secretary of the Company effective July 7, 2024.

(7) Mr. Byrd resigned as CFO and Corporate Secretary of the Company effective July 6, 2024.

(8) Mr. Klue was appointed Vice President Technical Services of the Company effective April 18, 2024.

(9) Mr. Allwright and Ms. Hsieh were appointed as directors of the Company on June 20, 2024.

(10) Mr. Pi resigned as a director of the Company on March 27, 2024, and was reappointed as a director
of the Company on June 5, 2024.

(11) Messrs. Brick and Jew were appointed on June 5, 2024, and resigned as directors of the Company on
June 20, 2024.

(12) Messrs. Carter, Pokrandt and Reynolds resigned as directors of the Company on June 5, 2024.

***Stock Options and Other Compensation Securities***

The following table provides a summary of all compensation securities granted or issued to each NEO and director by the Company in the most recently completed financial year ended December 31, 2024 for services provided or to be provided, directly or indirectly, to the Company.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** |
| **Name and**<br> **position** | **Type of<br>compensation<br>security** | **Number of<br>compensation<br>securities,<br>number of<br>underlying<br>securities, and**<br>**percentage of<br>class** | **Date of**<br>**issue or**<br>**grant** | **Issue,<br>conversion<br>or exercise<br>price**<br>**($)** | **Closing<br>price of<br>security or<br>underlying<br>security<br>on date of<br>grant ($)** | **Closing<br>price of<br>security or<br>underlying<br>security at<br>year end ($)** | **Expiry**<br>**date** |
|  Darren McLean<br> Director (Chair), and Former CEO | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Patrick Evans<br> Former President, CEO and Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Darren Prins<br> CFO and Corporate Secretary | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Justin Byrd<br> Former CFO and Corporate Secretary | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Richard Klue<br> VP Technical Services | Stock options | 100000 | April 17, 2024 | 2.54 | 2.54 | 1.72 | April 17, 2029 |
|  Zach Allwright<br> Director | Stock options | 50000 | June 20, 2024 | 1.90 | 2.00 | 1.72 | June 19, 2029 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  Carson C. Block<br> Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Chistine Hsieh<br> Director | Stock options | 50000 | June 20, 2024 | 1.90 | 2.00 | 1.72 | June 19,<br>2029 |
|  Sean Pi<br> Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** |
| **Name and position** | **Type of<br>compensation<br>security** | **Number of<br>compensation<br>securities,<br>number of<br>underlying<br>securities, and**<br>**percentage of<br>class** | **Date of**<br>**issue or**<br>**grant** | **Issue,<br>conversion<br>or exercise<br>price**<br>**($)** | **Closing<br>price of<br>security or<br>underlying<br>security on<br>date of<br>grant ($)** | **Closing<br>price of<br>security or<br>underlying<br>security at<br>year end ($)** | **Expiry<br>date** |
|  Freddy Brick<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Douglas Carter<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Anthony Jew<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Harry Pokrandt<br> Former Director (Chair) | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
|  Chistopher Reynolds<br> Former Director | N/A | Nil | N/A | N/A | N/A | N/A | N/A |

---

***Exercise of Compensation Securities by NEOs and Directors***

There were no compensation securities exercised by any of the NEOs or directors of the Company during the financial year ended December 31, 2024.

**Stock Option Plans and Other Incentive Plans** 

The Company has adopted a stock option plan (the "**Option Plan**") which was last approved, as amended, by shareholders at the Company's annual general and special meeting held on June 5, 2024. The Option Plan is a "rolling up to 10%" plan under the rules of the TSX Venture Exchange (the "**TSXV**") and, therefore, will be required to be re-approved by shareholders at the Company's next shareholder meeting. A summary of the Option Plan is provided below and is qualified in its entirety by the full text of the Option Plan which is available under the Company's SEDAR+ profile at www.sedarplus.ca.

Capitalized but undefined terms used below have the meanings ascribed to such terms in the Option Plan.

The Option Plan provides that the board of directors of the Company (the "**Board**") may, from time to time, in its discretion and in accordance with TSXV requirements, grant to Service Providers non-assignable and non-transferable Options, provided that the total number of Common Shares reserved for issuance under the Option Plan at any point in time is no more than 10% of the outstanding Common Shares at the time such Common Shares are reserved for issuance as a result of the grant of an Option, less any Common Shares reserved for issuance under share options granted under Share Compensation Arrangements other than the Option Plan, unless the Option Plan is amended pursuant to the requirements of the TSXV Policies.

------

Additionally, pursuant to the Option Plan, the following restrictions on issuances of Options are applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Service Provider can be granted an Option if that Option would result in the total number of Options,
together with all other Share Compensation Arrangements granted to such Service Provider in the previous 12 months, exceeding 5% of the number of issued and outstanding Common Shares at the time of grant, unless the Company has obtained
Disinterested Shareholder Approval to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate number of Options granted to all Service Providers conducting Investor Relations Activities in
any 12-month period cannot exceed 2% of the number of issued and outstanding Common Shares at the time of grant without the prior consent of the TSXV; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate number of Options granted to any one Consultant in any 12-month period cannot exceed 2% of the number of issued and outstanding Common Shares at the time of grant without the prior consent of the TSXV.

The amount payable per Common Share on the exercise of an Option will be set by the Board at the time that such Option is granted under the Option Plan, and this amount cannot be less than the Discounted Market Price, as further described in the Option Plan. The Options will be exercisable for a maximum term of 10 years from the date of grant thereof by the Board. In the event an Option granted under the Option Plan expires unexercised or is terminated by reason of dismissal of the Optionee for cause or is otherwise lawfully cancelled prior to exercise of the Option, the Common Shares that were issuable to a Service Provider upon the exercise of an Option will be returned to the Option Plan and will be eligible for re-issuance.

The Options are non-assignable and non-transferable. As such, they will be exercisable only by the Optionee to whom they are granted. If the Optionee has left their employ/office or has been advised by the Company that their services are no longer required or that their service contract has expired, such Optionee may exercise their Options until the term applicable to such Option expires, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the death of an Optionee, any vested Options held by him/her at the date of death will become
exercisable by the Optionee's lawful personal representatives, heirs or executors until the earlier of one year after the date of death of such Optionee and the date of expiration of the term otherwise applicable to such Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Option granted to any Service Provider will expire 90 days (or such other time, not to exceed one year,
as shall be determined by the Board as at the date of grant or agreed to by the Board and the Optionee at any time prior to the expiry of the Option) after the date the Optionee ceases to be employed by or provide services to the Company, and only
to the extent that such Option was vested at the date the Optionee ceased to be so employed by or ceased to provide services to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an Optionee being dismissed from employment or the provision of services are terminated for
cause, such Optionee's Options, whether or not vested at the date of dismissal or termination, will immediately be cancelled without the right to exercise such Options.

------

Options granted to Consultants will be subject to the four-month TSXV hold period and that the automatic extension to the expiry date of an Option following a blackout period will not be permitted where the Optionee or the Company is subject to a cease trade order (or similar order under securities laws) in respect of the Company's securities.

**Employment, Consulting and Management Agreements** 

Management functions of the Company are not, to any substantial degree, performed other than by the NEOs or the directors. There are no agreements or arrangements that provide for compensation to the NEOs or the directors, or that provide for payments to a NEO or a director upon a change of control in the Company or a change in the NEO's or the director's responsibilities, other than as set out below.

During the financial year ended December 31, 2024, as a result of the reconstitution of the Board, a cash payment of $1.5 million was made to Patrick Evans, the former CEO of the Company. Later in the year, the Company filed a claim against Patrick Evans for reimbursement of the $1.5 million cash payment, plus damages and costs. The outcome of this claim is not determinable as of the date hereof.

Each of the employment agreements include provisions concerning termination for cause, without cause and in the event of a change of control. For the purposes of these employment agreements, a change of control is defined as (each, a "**Change of Control**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale of all or substantially all of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any merger, consolidation or acquisition of the Company by or into another corporation, entity or person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition by any person or persons acting together with sufficient voting rights to affect the control
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change in ownership of fifty percent (50%) or more of the voting capital stock of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a change in the composition of the Board that results in the current directors on the Board constituting less
than a majority of the members of the Board.

***Darren Prins, Interim Chief Executive Officer***

The Company is party to an agreement (the "**Invictus Agreement**") with Invictus Accounting Group LLP ("**Invictus**"), an entity partially owned and controlled by Darren Prins, the Interim Chief Financial Officer of the Company. Pursuant to the terms of the Invictus Agreement, the Company pays Invictus an estimated annual base salary of $180,000, payable in monthly instalments. Invictus may terminate the Invictus Agreement at any time by providing the Company with 90 days' written notice, noting that the notice period may be shortened as mutually agreed.

***Richard Klue, Vice President Technical Services***

The Company is party to an employment agreement (the "**Klue Employment Agreement**") with Richard Klue, the Vice President Technical Services of the Company, dated April 17, 2024. Pursuant to the terms of the Klue Employment Agreement, the Company pays Mr. Klue an annual base salary of $320,000 (the "**Vice President Technical Services Base Salary**"), payable in monthly instalments. Based on performance criteria agreed to between the Company and Mr. Klue, Mr. Klue may earn an annual bonus of up to 50% of the Vice President Technical Services Base Salary.

------

Mr. Klue may terminate the Klue Employment Agreement at any time by providing the Company with 30 days' written notice. In the event the Company terminates Mr. Klue for any reason other than cause, Mr. Klue is entitled to severance equal to 18 months of the Vice President Technical Services Base Salary, including medical and dental insurance for 12 months following termination. If Mr. Klue is terminated for cause, he is not entitled to any severance other than as required by law. In the event the Company undergoes a Change of Control, Mr. Klue may elect to terminate the Klue Employment Agreement and he is entitled to an amount equal to 12 months of the Vice President Technical Services Base Salary, including medical and dental insurance for 12 months.

***Payments in Connection with Change of Control Payments***

The following table discloses estimated incremental payments following termination without cause and in connection with a Change of Control for Mr. Klue, the only NEO entitled to such payments at year end, assuming that the triggering event took place on December 31, 2024.

*Termination Without Cause* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Payment on<br>Termination ($)** | **Bonus ($)** | **Other ($)** | **Total Gross<br>Payment on<br>Termination<br>($)** |
|  Richard Klue<br> *Vice President,*<br> *Technical Services* | 480000 | – | 5112 | 485112 |

---

*Change of Control* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Payment on<br>Termination ($)** | **Bonus ($)** | **Other ($)** | **Total Gross<br>Payment on<br>Termination<br>($)** |
|  Richard Klue<br> *Vice President,*<br> *Technical Services* | 320000 | – | 5112 | 325112 |

---

**Oversight and Description of Director and Named Executive Officer Compensation** 

The Company has established a compensation committee (the "**Compensation Committee**") which makes recommendations to the Board regarding compensation to be paid or awarded to the NEOs and the directors. In making its recommendations, the Compensation Committee considers the Company's size and stage of development, and ensures that compensation reflects the need to provide incentive and compensation for the time and effort expended by the NEOs, while taking into account the financial and other resources of the Company, as well as increasing shareholder value. The Company is a public junior mineral exploration company without revenue and therefore certain compensation factors were considered and not included within the compensation structure and philosophy. Some of the factors not considered were target share ownership guidelines, pension plans, specific target weightings and percentage of compensation at risk.

------

The Company's executive compensation program consists of a combination of base salary and long-term incentives in the form of participation in the Option Plan. In making determinations regarding the various elements of executive compensation, the Company will seek to meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incentivize extraordinary performance from key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract, retain and motivate talented executives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• align the interests of NEOs with the interests of the Company's shareholders.

The Company has not adopted a policy restricting its executive officers or directors from purchasing financial instruments that are designated to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly, by its executive officers or directors. To the knowledge of the Company, none of the executive officers or directors has purchased such financial instruments.

The Compensation Committee consists of three members: Sean Pi (Chair), Christine Hsieh and Darren McLean. Each of the Compensation Committee members are considered independent pursuant to NI 52-110. Each member of the Compensation Committee has business and other experience which is relevant to their position as a member of the Compensation Committee. By virtue of having differing professional backgrounds, business experience, knowledge of the Company's industry, knowledge of corporate governance practices and, where appropriate, service on compensation committees of other reporting issuers and experience interacting with external consultants and advisors, the members of the Compensation Committee are able to make decisions on the suitability of the Company's compensation policies and practices.

**Pension Disclosure** 

The Company does not have a pension plan that provides for payments or benefits to the NEOs or the directors at, following, or in connection with retirement.

## Exhibit 99.24

**Exhibit 99.24** 

Form 45-106F1 Report of Exempt Distribution ITEM 1—REPORT TYPE 0 New report D Amended report If amended, provide filing date of report that is being amended ..... I __ .___....___.I (YYYY-MM-DD) ITEM 2—PARTY CERTIFYING THE REPORT Indicate the party certifying the report (select only one). For guidance regarding whether an issuer is an investment fund, refer to section 1.1 of National Instrument 81-106 Investment Fund Continuous Disclosure and the companion policy to NI 81-106 (in Quebec, Regulation 81-106 respecting Investment Fund Continuous Disclosure and Policy Statement to Regulation 81-106 respecting Investment Fund Continuous Disclosure). D Investment fund issuer 0 Issuer (other than an investment fund) D Underwriter ITEM 3—ISSUER NAME AND OTHER IDENTIFIERS Provide the following information about the issuer, or if the issuer is an investment fund, about the fund. Full legal name IMayfair Gold Corp. / Mayfair Gold Corp. Previous full legal name .________________________ ___. If the issuer's name changed in the last 12 months, provide most recent previous legal name. Website Iwww. mayfairgold.ca I(if applicable) If the issuer has a legal entity identifier, provide below. Refer to Part B of the Instructions for the definition of "legal entity identifier". Legal entity identifier Is29900GNW8V7QAJGZ082 If two or more issuers distributed a single security, provide the full legal name(s) of the co-issuer(s) other than the issuer named above. Full legal name(s) of co-issuer(s) (if applicable) ITEM 4—UNDERWRITER INFORMATION If an underwriter is completing the report, provide the underwriter's full legal name, firm NRD number, and SEDAR+ profile number. Full legal name Firm NRD number (if applicable) SEDAR+ profile number

![LOGO](g83619dsp262.jpg)

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ITEM 5—ISSUER INFORMATION If the issuer is an investment fund, do not complete Item 5. Proceed to Item 6. a) Primary industry Provide the issuer's North American Industry Classification Standard (NA/CS) code (6 digits only) that in your reasonable judgment most closely corresponds to the issuer's primary business activity. NAICS industry code 1212220 I If the issuer is in the mining industry, indicate the stage of operations. This does not apply to issuers that provide services to issuers operating in the mining industry. Select the category that best describes the issuer's stage of operations. 0 Exploration D Development D Production Is the issuer's primary business to invest all or substantially all of its assets in any of the following? Ifyes, select all that apply. D Mortgages D Real estate D Commercial/business debt D Consumer debt D Private companies D Cryptoassets b) Number of employees Number of employees: 0 0-49 0 50-99 0 100-499 D 500 or more c) SEDAR+ profile number Provide the issuer's SEDAR+ profile number I000050362 I ITEM 6—INVESTMENT FUND ISSUER INFORMATION If the issuer is an investment fund, provide the following information. a) Investment fund manager information Full legal name I I Firm NRD number I I (if applicable) SEDAR+ profile number I I b) Type of investment fund Type of investment fund that most accurately identifies the issuer (select only one). D Money market 0 Equity D Fixed income D Balanced D Alternative strategies D Cryptoasset D Other (describe) I I

![LOGO](g83619dsp263.jpg)

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Indicate whether one or both of the following apply to the investment fund. D Invest primarily in other investment fund issuers 0 Is a UCITs Fund 1 1 Undertaking for the Collective Investment of Transferable Securities funds (UC/Ts Funds) are investment funds regulated by the European Union (EU) directives that allow collective investment schemes to operate throughout the EU on a passport basis on authorization from one member state. c) Net asset value (NAV) of the investment fund Select the NAV range of the investment fund as of the date of the most recent NAV calculation (Canadian$). Date of NAV calculation: D Under$5M D $SM to under $25M D $25M to under $100M D $1 QOM to under $500M D $500M to under $1 B D $1 B or over yyyy MM DD ITEM 7—INFORMATION ABOUT THE DISTRIBUTION If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include in Item 7 and Schedule 1 information about purchasers resident in that jurisdiction of Canada only. Do not include in Item 7 securities issued as payment of commissions orfinder's fees, in connection with the distribution, which must be disclosed in Item 8. The information provided in Item 7 must reconcile with the information provided in Schedule 1 of the report. a) Currency Select the currency or currencies in which the distribution was made. All dollar amounts provided in the report must be in Canadian dollars. [{] Canadian dollar D US dollar D Euro Other (describe) I I b) Distribution dates State the distribution start and end dates. If the report is being filed for securities distributed on only one distribution date, provide the distribution date as both the start and end dates. If the report is being filed for securities distribued on a continuous basis, include the start and end dates for the distribution period covered by the report. Start date I 2025 I 09 I 16 I End date I 2025 I 09 I 16 I yyyy MM DD yyyy MM DD c) Detailed purchaser information Complete Schedule 1 of this form for each purchaser and attach the schedule to the completed report. d) Types of securities distributed Provide the following information for all distributions reported on a per security basis. Refer to Part A(12) of the Instructions for how to indicate the security code. If providing the CUSIP number, indicate the full 9-digit CUSIP number assigned to the security being distributed. Canadian$ CUSIP Security number{if Description of security Number of Single or Highest Total amount code applicable) securities lowest price price CMS 57808L107 Common Shares 24,244,000.0000 1.6500 1.6500 40,002,600.0000

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e) Details of rights and convertible/exchangeable securities If any rights (e.g. warrants, options) were distributed, provide the exercise price and expiry date for each right. If any convertible/exchangeable securities were distributed, provide the conversion ratio and describe any other terms for each convertible/exchangeable security. Exercise price Convertible I Underlying Expiry date (YYYY-MM- Describe other terms (if (Canadian $) exchangeable Conversion ratio security code security code DD) applicable) Lowest Highest f) Summary of the distribution by jurisdiction and exemption State the total dollar amount ofsecurities distributed and the number of purchasers for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides and for each exemption relied on in Canada for that distribution. However, if an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include distributions to purchasers resident in that jurisdiction of Canada only. This table requires a separate line item for: (i) each jurisdiction where a purchaser resides, (ii) each exemption relied on in the jurisdiction where a purchaser resides, if a purchaser resides in a jurisdiction of Canada, and (iii) each exemption relied on in Canada, if a purchaser resides in a foreign jurisdiction. For jurisdictions within Canada, state the province or territory, otherwise state the country. Province or country Exemption relied on Number of unique Total amount (Canadian purchasers2a $) NI 45-106 5A.2 [Listed issuer financing Alberta exemption] 3 89, 100.0000 NI 45-106 5A.2 [Listed issuer financing Australia exemption] 1 172,507.5000 NI 45-106 5A.2 [Listed issuer financing Bahamas exemption] 1 89,100.0000 NI 45-106 5A.2 [Listed issuer financing British Columbia exemption] 24 2,716,743.1500 NI 45-106 5A.2 [Listed issuer financing Bermuda exemption] 1 80,124.0000 Cayman Islands NI 45-106 5A.2 [Listed issuer financing 2 792,000.0000 exemption] Hong Kong NI 45-106 5A.2 [Listed issuer financing 2 156,599.8500 exemption] Jersey NI 45-106 5A.2 [Listed issuer financing 1 103,125.0000 exemption] NI 45-106 5A.2 [Listed issuer financing Ontario 12 2,515,063.6500 exemption] Quebec NI 45-106 2.3 [Accredited investor] 1 82,500.0000 NI 45-106 5A.2 [Listed issuer financing Switzerland 1 49,999.9500 exemption] NI 45-106 5A.2 [Listed issuer financing United Arab Emirates 2 262,803.7500 exemption] United States of NI 45-106 5A.2 [Listed issuer financing 12 32,839,852.6500 America exemption] Virgin Islands British NI 45-106 5A.2 [Listed issuer financing 1 53,080.5000

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!exemption] I Total dollar amount of securities distributed $40,002,600.0000 Total number of unique purchasers2b I 64 20 In calculating the number of unique purchasers per row, count each purchaser only once. Joint purchasers may be counted as one purchaser. 2bln calculating the total number of unique purchasers to which the issuer distributed securities, count each purchaser only once, regardless of whether the issuer distributed multiple types of securities to, and relied on multiple exemptions for, that purchaser. g) Net proceeds to the investment fund by jurisdiction If the issuer is an investment fund, provide the net proceeds to the investment fund for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides.3/f an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include net proceeds for that jurisdiction of Canada only. For jurisdictions within Canada, state the province or territory, otherwise state the country. Province or country Net proceeds {Canadian $) Total net proceeds to the investment fund 3"Net proceeds" means the gross proceeds realized in the jurisdiction from the distributions for which the report is being filed, Jess the gross redemptions that occurred during the distribution period covered by the report.

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ITEM 8—COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. 0 No 0 Yes If yes, indicate number of persons compensated. D a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. 0 No 0 Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual I I I I Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual IBeacon Securities LimitedNaleurs Mobilieres Beacon Ltee I Firm NRD number 115540 I(if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal It] No D Yes b) Business contact information If a firm NRD number is not provided in Item B(a), provide the business contact information of the person being compensated. Street address I I Municipality I I Province/State I I Country I I Postal code/Zip code I I Email address I I Telephone number I I c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part 8(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. D Connected with the issuer or investment fund manager D Insider of the issuer (other than an investment fund) D Director or officer of the investment fund or investment fund manager D Employee of the issuer or investment fund manager 0 None of the above d) Compensation details

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Provide details of all compensation paid, or to be paid, to the person identified in Item B(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid 1 .... $_1_,2_4_7_,_68_3_._33_o________ o _ . Value of all securities distributed as compensation 4 1 $0.0000 Security code 1 Security code 2 Security code 3 Security codes OPT 818,212 compensation options. Each option exercisable to acquire 1 common share at $1.65 Describe terms of warrants, options or other rights until Sept 16, 2027 Other compensation 5 Describe Total compensation paid 1 .... $_1_,2_4_7_,6_8_3_.3_3_o_o______ ~ D Check box if the person will or may receive any deferred compensation (describe the terms below) 4Provide the aggregate value of all securities distributed as compensation. excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, ~options, warrants or other rights exercisable to acquire additional securities of the issuer. 500 not include deferred compensation.

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ITEM 8—COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. 0 No 0 Yes If yes, indicate number of persons compensated. D a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. 0 No 0 Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual I I I I Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual IHAYWOOD SECURITIES INC./ VALEURS MOBILIERES HAYWOOD Inc. I Firm NRD number 11630 I(if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal It] No D Yes b) Business contact information If a firm NRD number is not provided in Item B(a), provide the business contact information of the person being compensated. Street address I I Municipality I I Province/State I I Country I I Postal code/Zip code I I Email address I I Telephone number I I c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part 8(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. D Connected with the issuer or investment fund manager D Insider of the issuer (other than an investment fund) D Director or officer of the investment fund or investment fund manager D Employee of the issuer or investment fund manager 0 None of the above d) Compensation details

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Provide details of all compensation paid, or to be paid, to the person identified in Item B(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid 1 .... $_2_5_9_,9_3_4_.2_8_o_o_______ ___. Value of all securities distributed as compensation 4 1 $0.0000 Security code 1 Security code 2 Security code 3 Security codes OPT 170,461 compensation options. Each option exercisable to acquire 1 common share at $1.65 Describe terms of warrants, options or other rights until Sept 16, 2027 Other compensation 5 Describe Total compensation paid 1 .... $_2_5_9_,9_3_4_.2_8_o_o _______~ D Check box if the person will or may receive any deferred compensation (describe the terms below) 4Provide the aggregate value of all securities distributed as compensation. excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, ~options, warrants or other rights exercisable to acquire additional securities of the issuer. 500 not include deferred compensation.

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ITEM 8—COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. 0 No 0 Yes If yes, indicate number of persons compensated. D a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. 0 No 0 Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual I I I I Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual IRED CLOUD SECURITIES INC. I Firm NRD number 162810 I(if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal It] No D Yes b) Business contact information If a firm NRD number is not provided in Item B(a), provide the business contact information of the person being compensated. Street address I I Municipality I I Province/State I I Country I I Postal code/Zip code I I Email address I I Telephone number I I c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part 8(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. D Connected with the issuer or investment fund manager D Insider of the issuer (other than an investment fund) D Director or officer of the investment fund or investment fund manager D Employee of the issuer or investment fund manager 0 None of the above d) Compensation details

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Provide details of all compensation paid, or to be paid, to the person identified in Item B(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid 1$.... _1_0_3_,9_7_3_.1_0_0_0_______ ___. Value of all securities distributed as compensation 4 1 $0.0000 Security code 1 Security code 2 Security code 3 Security codes OPT 68,184 compensation options. Each option exercisable to acquire 1 common share at $1.65 Describe terms of warrants, options or other rights until Sept 16, 2027 Other compensation 5 Describe Total compensation paid 1$.... _1_0_3_,9_7_3_.1_0_0_0 _______~ D Check box if the person will or may receive any deferred compensation (describe the terms below) 4Provide the aggregate value of all securities distributed as compensation. excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, ~options, warrants or other rights exercisable to acquire additional securities of the issuer. 500 not include deferred compensation.

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ITEM 8—COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. 0 No 0 Yes If yes, indicate number of persons compensated. D a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. 0 No 0 Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual I I I I Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual IBMO NESBITT BURNS INC. I Firm NRD number I2sso I(if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal It] No D Yes b) Business contact information If a firm NRD number is not provided in Item B(a), provide the business contact information of the person being compensated. Street address I I Municipality I I Province/State I I Country I I Postal code/Zip code I I Email address I I Telephone number I I c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part 8(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. D Connected with the issuer or investment fund manager D Insider of the issuer (other than an investment fund) D Director or officer of the investment fund or investment fund manager D Employee of the issuer or investment fund manager 0 None of the above d) Compensation details

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Provide details of all compensation paid, or to be paid, to the person identified in Item B(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid 1$.... _1_0_3_,9_7_3_.1_0_0_0_______ ___. Value of all securities distributed as compensation 4 1 $0.0000 Security code 1 Security code 2 Security code 3 Security codes OPT 68,184 compensation options. Each option exercisable to acquire 1 common share at $1.65 Describe terms of warrants, options or other rights until Sept 16, 2027 Other compensation 5 Describe Total compensation paid 1$.... _1_0_3_,9_7_3_.1_0_0_0 _______~ D Check box if the person will or may receive any deferred compensation (describe the terms below) 4Provide the aggregate value of all securities distributed as compensation. excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, ~options, warrants or other rights exercisable to acquire additional securities of the issuer. 500 not include deferred compensation.

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ITEM 8—COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. 0 No 0 Yes If yes, indicate number of persons compensated. D a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. 0 No 0 Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual I I I I Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual IDESJARDINS SECURITIES INC.NALEURS MOBILIERES DESJARDINS INC. I Firm NRD number 11030 I(if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal It] No D Yes b) Business contact information If a firm NRD number is not provided in Item B(a), provide the business contact information of the person being compensated. Street address I I Municipality I I Province/State I I Country I I Postal code/Zip code I I Email address I I Telephone number I I c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part 8(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. D Connected with the issuer or investment fund manager D Insider of the issuer (other than an investment fund) D Director or officer of the investment fund or investment fund manager D Employee of the issuer or investment fund manager 0 None of the above d) Compensation details

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Provide details of all compensation paid, or to be paid, to the person identified in Item B(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid 1$.... _1_0_3_,9_7_3_.1_0_0_0_______ ___. Value of all securities distributed as compensation 4 1 $0.0000 Security code 1 Security code 2 Security code 3 Security codes OPT 68,184 compensation options. Each option exercisable to acquire 1 common share at $1.65 Describe terms of warrants, options or other rights until Sept 16, 2027 Other compensation 5 Describe Total compensation paid 1$.... _1_0_3_,9_7_3_.1_0_0_0 _______~ D Check box if the person will or may receive any deferred compensation (describe the terms below) 4Provide the aggregate value of all securities distributed as compensation. excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, ~options, warrants or other rights exercisable to acquire additional securities of the issuer. 500 not include deferred compensation.

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ITEM 8—COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. 0 No 0 Yes If yes, indicate number of persons compensated. D a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. 0 No 0 Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual I I I I Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual IPARADIGM CAPITAL INC./ PARADIGME CAPITAL INC. I Firm NRD number 13450 I(if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal It] No D Yes b) Business contact information If a firm NRD number is not provided in Item B(a), provide the business contact information of the person being compensated. Street address I I Municipality I I Province/State I I Country I I Postal code/Zip code I I Email address I I Telephone number I I c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part 8(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Quebec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. D Connected with the issuer or investment fund manager D Insider of the issuer (other than an investment fund) D Director or officer of the investment fund or investment fund manager D Employee of the issuer or investment fund manager 0 None of the above d) Compensation details

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Provide details of all compensation paid, or to be paid, to the person identified in Item B(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid .... I $_2_5_9_,9_3_4_.2_s_o_o _________, Value of all securities distributed as compensation 4 1 $0.0000 Security code 1 Security code 2 Security code 3 Security codes OPT 170,461 compensation options. Each option exercisable to acquire 1 common share at $1.65 Describe terms of warrants, options or other rights until Sept 16, 2027 Other compensation 5 Describe Total compensation paid .... I $_2_5_9_,9_3_4_.2_s_o_o _________, D Check box if the person will or may receive any deferred compensation (describe the terms below) 4Provide the aggregate value of all securities distributed as compensation. excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, i.n.d!J.diag options, warrants or other rights exercisable to acquire additional securities of the issuer. 500 not include deferred compensation. ITEM 9—DIRECTORS, EXECUTIVE OFFICERS AND PROMOTERS OF THE ISSUER If the issuer is an investment fund, do not complete Item 9. Proceed to Item 10. Indicate whether the issuer is any of the following (select the one that applies—if more than one applies, select only one). 0 Reporting issuer in a jurisdiction of Canada D Foreign public issuer D Wholly owned subsidiary of a reporting issuer ~————————————-~ in any jurisdiction of Canada 6 Provide name of reporting issuer D Wholly owned subsidiary of a foreign public issuer ~————————————-~ 6 Provide name offoreign public issuer D Issuer distributing only eligible foreign securities and the distribution is to permitted clients only 7 . If the issuer is at least one of the above, do not complete Item 9(a)—(c). Proceed to Item 10. 6 An issuer is a wholly owned subsidiary of a reporting issuer or a foreign public issuer if all of the issuer's outstanding voting securities, other than securities that are required by law to be owned by its directors, are beneficially owned by the reporting issuer

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or the foreign public issuer, respectively. 7 Check this box if it applies to the current distribution even if the issuer made previous distributions of other types ofsecurities to non-permitted clients. Refer to the definitions of "eligible foreign security'' and "permitted client" in Part 8(1 J of the Instructions. D If the issuer is none of the above, check this box and complete Item 9(a)-(c). a) Directors, executive officers and promoters of the issuer Provide the following information for each director, executive officer and promoter of the issuer. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to issuer: "D"—Director, "O"—Executive Officer, "P" -Promoter. Business location of non-individual Relationship to issuer Organization or Family First Secondary or residential jurisdiction of {select all that apply) given individual company name name name given names Province or country D 0 p b) Promoter information If the promoter listed above is not an individual, provide the following information for each director and executive officer of the promoter. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to promoter': "D"—Director, "O"—Executive Officer. Residential jurisdiction Relationship to promoter {select Organization or Family First given Secondary given of individual one or both if applicable) company name name name names Province or country D 0 c) Residential address of each individual Complete Schedule 2 of this form providing the full residential address for each individual listed in Item 9(a) and (b) and attach to the completed report. Schedule 2 also requires information to be provided about control persons. ITEM 10—CERTIFICATION Provide the following certification and business contact information of an officer, director or agent of the issuer or underwriter. If the issuer or underwriter is not a company, an individual who performs functions similar to that of a director or officer may certify the report. For example, if the issuer is a trust, the report may be certified by the issuer's trustee. If the issuer is an investment fund, a director or officer of the investment fund manager (or, if the investment fund manager is not a company, an individual who performs similar functions) may certify the report if the director or officer has been authorized to do so by the investment fund. The certification may be delegated, but only to an agent that has been authorized by an officer or director of the issuer or underwriter to prepare and certify the report on behalf of the issuer or underwriter. If the report is being certified by an agent on behalf of the issuer or underwriter, provide the applicable information for the agent in the boxes below. If the individual completing and filing the report is different from the individual certifying the report, provide the name and contact details for the individual completing and filing the report in Item 11. The signature on the report must be in typed form rather than handwritten form. The report may include an electronic signature provided the name of the signatory is also in typed form.

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Securities legislation requires an issuer or underwriter that makes a distribution of securities under certain prospectus exemptions to file a completed report of exempt distribution. By completing the information below, I certify, on behalf of the issuer/underwriter/investment fund manager, to the securities regulatory authority or regulator, as applicable, that I have reviewed this report and to my knowledge, having exercised reasonable diligence, the information provided in this report is true and, to the extent required, complete. Name of Issuer/ I investment fund Mayfair Gold Corp. manager/agent Full legal name ~I ___c_A_M_P_B_EL_L ___ ~ ____ N_i_ch_o_l_as ____ ~————~ Family name First given name Secondary given names Title IChief Executive Officer Telephone number I+1 (604) 889-3253 Email address I nick@mayfairgold.ca Signature I"Nicholas Campbell" Date 2025 09 22 YYYY MM DD ITEM 11—CONTACT PERSON Provide the following business contact information for the individual that the securities regulatory authority or regulator may contact with any questions regarding the contents of this report, if different than the individual certifying the report in Item 10. D Same as individual certifying the report Full legal name ~I ___ J_O_H_N_SO_N___ ~ ____s_a_u_n_d_ra ____ ~————~ Family name First given name Secondary given names Title ILaw Clerk Name of company ICASSELS BROCK & BLACKWELL LLP Telephone number Email address I sjohnson@cassels.com NOTICE—COLLECTION AND USE OF PERSONAL INFORMATION The personal information required under this form is collected on behalf of and used by the securities regulatory authority or regulator under the authority granted in securities legislation for the purposes of the administration and enforcement of the securities legislation. If you have any questions about the collection and use of this information, contact the securities regulatory authority or regulator in the local jurisdiction(s) where the report is filed, at the address(es) listed at the end of this form. Schedules 1 and 2 may contain personal information of individuals and details of the distribution(s). The information in Schedules 1 and 2 will not be placed on the public file of any securities regulatory authority or regulator. However, freedom of information legislation may require the securities regulatory authority or regulator to make this information available if requested. By signing this report, the issuer/underwriter confirms that each individual listed in Schedule 1 or 2 of the report who is resident in a jurisdiction of Canada:

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a) has been notified by the issuer/underwriter of the delivery to the securities regulatory authority or regulator of the information pertaining to the individual as set out in Schedule 1 or 2, that this information is being collected by the securities regulatory authority or regulator under the authority granted in securities legislation, that this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local jurisdiction, and of the title, business address and business telephone number of the public official in the local jurisdiction, as set out in this form, who can answer questions about the security regulatory authority's or regulator's indirect collection of the information, and b) has authorized the indirect collection of the information by the securities regulatory authority or regulator.

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## Exhibit 99.25

**Exhibit 99.25** 

**FORM 51-102F3** 

**MATERIAL CHANGE REPORT** 

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| | |
|:---|:---|
| **ITEM 1** | **Name and Address of Company**  |

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Mayfair Gold Corp. (the "**Company**")

489 MacDougall Street

Matheson, Ontario

P0K 1N0

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| | |
|:---|:---|
| **ITEM 2** | **Date of Material Change**  |

---

January 28, 2025.

---

| | |
|:---|:---|
| **ITEM 3** | **News Release**  |

---

The Company disseminated the news release reporting the material change described in this report through the facilities of CNW Group Ltd. on January 28, 2025 and subsequently filed the news release on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>.

---

| | |
|:---|:---|
| **ITEM 4** | **Summary of Material Change**  |

---

On January 28, 2025, the Company announced that its board of directors (the "**Board**") has appointed Mr. Nicholas Campbell as the new Chief Executive Officer ("**CEO**") of the Company effective January 27, 2025.

---

| | |
|:---|:---|
| **ITEM 5** | **5.1 Full Description of Material Change**  |

---

The Company announced that Mr. Nicholas Campbell has been appointed as CEO of the Company effective January 27, 2025. Mr. Campbell succeeds Mr. Darren McLean, who has served as interim CEO since July 7, 2024, and will remain Chairman of the Board.

Mr. Campbell has moved into the CEO role to lead the Company as it advances the Fenn-Gib gold project in Ontario, Canada and shifts its focus at Fenn-Gib from exploration to development and production, and works to add to the technical depth of the management team with the goal of releasing a Pre-Feasibility Study for the Fenn- Gib project in the second half of 2025.

Mr. Campbell has more than 20 years of experience in the mining, minerals, and metals industry, and has held several leadership positions. Prior to joining the Company, Mr. Campbell was Vice President of Capital Markets of Artemis Gold Inc., an emerging gold producer in British Columbia, Canada. Prior to that, Mr. Campbell served as Executive Vice President of Business Development of SilverCrest Metals Inc. and Chief Financial Officer of Goldsource Mines Inc.

------

The Company has granted Mr. Campbell 175,000 incentive stock options under the Company's share option plan at an exercise price of $1.70. The options vest 1/3 on each of the date of grant and the first and second anniversary of the date of grant, and are exercisable for a five-year term expiring on January 28, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 – Disclosure for Restructuring Transactions**

Not applicable.

---

| | |
|:---|:---|
| **ITEM 6** | **Reliance on Section 7.1(2) of National Instrument 51-102 of the Act**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 7** | **Omitted Information**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 8** | **Executive Officer**  |

---

The name and business number of an executive officer of the Company who is knowledgeable about the material change and this report is:

Nicholas Campbell

CEO

Tel: +1 (800) 342-6705

---

| | |
|:---|:---|
| **ITEM 9** | **Date of Report**  |

---

February 4, 2025.

## Exhibit 99.26

**Exhibit 99.26** 

**FORM 51-102F3** 

**MATERIAL CHANGE REPORT** 

---

| | |
|:---|:---|
| **Item 1** | **Name and Address**  |

---

Mayfair Gold Corp. (the "**Company**")

489 MacDougall Street

Matheson, Ontario

P0K 1N0

---

| | |
|:---|:---|
| **Item 2** | **Date of Material Change**  |

---

September 8, 2025.

---

| | |
|:---|:---|
| **Item 3** | **News Release**  |

---

The Company disseminated the news release reporting the material change described in this report through the facilities of Newsfile on September 8, 2025 and subsequently filed the news release under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change**  |

---

On September 8, 2025, the Company announced that it had entered into an agreement with Beacon Securities Limited ("**Beacon**") to act as lead agent and sole bookrunner, on behalf of a syndicate of agents to be formed (together with Beacon, the "**Agents**"), in connection with a "best efforts" private placement of up to 21,213,000 common shares in the capital of the Company (each, a "**Common Share**") at a price of $1.65 per Common Share (the "**Issue Price**") for aggregate gross proceeds to the Company of up to $35,001,450 (the "**Offering**").

---

| | |
|:---|:---|
| **Item 5** | **Full Description of Material Change**  |

---

***5.1***  ***Full Description of Material Change*** 

On September 8, 2025, the Company announced that it had entered into an agreement with Beacon to act as lead agent and sole bookrunner, on behalf of the Agents, in connection with a "best efforts" private placement of up to 21,213,000 Common Shares at the Issue Price for aggregate gross proceeds to the Company of up to $35,001,450. The Common Shares will be issued pursuant to the Listed Issuer Financing Exemption (as defined herein).

In addition, the Company has granted the Agents an option (the "**Agents' Option**") exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date (as defined herein) to sell up to an additional 3,031,000 Common Shares at the Issue Price for additional gross proceeds of up to $5,001,150.

The Company intends to use the net proceeds from the Offering for metallurgical and detailed engineering at its Fenn-Gib gold project in Timmins, Ontario, and for working capital and general corporate purposes.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – *Prospectus Exemptions* ("**NI 45-106**"), the Common Shares issuable under the Offering will be offered for sale to purchasers resident in each of the provinces of Canada, other than Quebec, and/or other qualifying jurisdictions, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – *Exemptions from Certain Conditions of the Listed Issuer Financing Exemption* (collectively, the "**Listed Issuer Financing Exemption**").

------

There is an offering document dated September 8, 2025 related to the Offering that can be accessed under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and on the Company's website at <u>www.mayfairgold.ca</u>. Prospective investors should read this offering document before making an investment decision.

The Offering is expected to close on or about September 16, 2025 (the "**Closing Date**"), and is subject to the Company receiving all necessary regulatory approvals, including the conditional acceptance of the TSX Venture Exchange (the "**TSXV**"). As the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Common Shares issued pursuant to the Offering will not be subject to a hold period under applicable Canadian securities laws.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any U.S. state securities laws, and may not be offered or sold in the "United States" (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This material change report shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

***5.2***  ***Disclosure for Restructuring Transactions*** 

Not applicable.

---

| | |
|:---|:---|
| **Item 6** | **Reliance on Subsection 7.1(2) of National Instrument 51-102**  |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Omitted Information**  |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8** | **Executive Officer**  |

---

Nicholas Campbell, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) 889-3253

---

| | |
|:---|:---|
| **Item 9** | **Date of Report**  |

---

September 8, 2025.

**Forward-Looking Statements** 

This material change report contains forward-looking information within the meaning of Canadian securities legislation (collectively, "**forward-looking statements**") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast",

------

"projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this material change report include, but are not limited to: the completion of the Offering, the issuance of the Common Shares, the intended use of the net proceeds from the Offering and the expected closing date of the Offering. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date of this material change report.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: the satisfaction of the conditions to the Offering acceptable to the Company and the Agents; the Company receiving all requisite approvals in connection with the Offering, including the acceptance of the TSXV; and the ability of the Company to close the Offering on a timely basis or at all. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this material change report are expressly qualified in their entirety by this cautionary statement.

## Exhibit 99.27

**Exhibit 99.27** 

***No securities regulatory authority or regulator has assessed the merits of these securities or reviewed this document. Any representation to the contrary is an offence. This offering may not be suitable for you and you should only invest in it if you are willing to risk the loss of your entire investment. In making this investment decision, you should seek the advice of a registered dealer.***

***The securities offered hereby have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any applicable securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act). Accordingly, these securities may not be offered, sold or delivered, directly or indirectly, within the United States unless registered under the U.S. Securities Act and any applicable securities laws of any state of the United States or unless an exemption from such registration requirements is available. This offering document does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States.***

**OFFERING DOCUMENT UNDER THE LISTED ISSUER FINANCING EXEMPTION** 

**SEPTEMBER 8, 2025**![LOGO](g83619snap287.jpg)

**MAYFAIR GOLD CORP.** 

(the "**Company**")

**SUMMARY OF OFFERING** 

**What are we offering?** 

---

| | |
|:---|:---|
| **Offering:** | Best efforts private placement (the "**Offering**") of up to 21,213,000 common shares (each, an "**Offered Share**").<br>The Offered Shares will be offered for sale by way of private placement in each of the provinces of Canada, other than Québec, pursuant to the Listed Issuer Financing Exemption (as defined herein).<br>The Offered Shares issued under the Listed Issuer Financing Exemption to Canadian resident subscribers will not be subject to a hold period in Canada. |
| **Description of the Offered Shares:** | The holders of the Offered Shares will be entitled to receive notice of and attend all meetings of the shareholders of the Company and will be entitled to one vote in respect of each Offered Share held at such meetings. In the event of liquidation, dissolution or winding-up of the Company, the holders of Offered Shares will be entitled to share rateably in the remaining property or assets of the Company. |
| **Agents' Option:** | The Company will grant the Agents (as defined herein) an option (the "**Agents' Option**") to increase the size of the Offering by up to $5,001,150, exercisable, in whole or in part, by the Agents giving written notice of the exercise of the Agents' Option to the Company at any time up to 48 hours prior to the time of closing of the Offering. |
| **Offering Price:** | $1.65 per Offered Share. |
| **Offering Amount:** | Gross proceeds of $35,001,450 ($40,002,600 in the event that the Agents' Option is exercised in full). |

---

------

---

| | |
|:---|:---|
| **Closing Date:** | The closing of the Offering is expected to occur on or about September 16, 2025, but not later than 45 days of the date hereof, or such other date or dates as may be determined by the Company and the Lead Agent (as defined herein), on behalf of the Agents, and as permitted under applicable securities laws (the "**Closing Date**"). |
| **Exchange:** | The common shares in the capital of the Company (the "**Common Shares**") are listed and posted for trading on the TSX Venture Exchange (the "**TSXV**") under the symbol "MFG", on the OTCQX<sup>®</sup> Market (the "**OTCQX**") under the symbol "MFGCF" and on the Frankfurt Stock Exchange (the "**FRA**") under the symbol "9M5". |
| **Last Closing Price:** | On September 5, 2025, the last trading day prior to the date of this offering document, the closing price of the Common Shares on the TSXV was $1.80, on the OTCQX was US$1.31 and on the FRA was €1.03. |

---

**The Company is conducting a listed issuer financing under section 5A.2 of National Instrument 45-106 – *Prospectus* Exemptions, as amended and supplemented by Coordinated Blanket Order 45-935 – *Exemptions from Certain Conditions of the Listed Issuer Financing Exemption* (the "Order") (the "Listed Issuer Financing Exemption"). In connection with the Offering, the Company represents the following is true:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **the Company has active operations and its principal asset is not cash, cash equivalents or its exchange listing;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **the Company has filed all periodic and timely disclosure documents that it is required to have filed;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **the Company is relying on the exemptions in the Order and is qualified to distribute securities in reliance on the exemptions included in the Order;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **the total dollar amount of the Offering, in combination with the dollar amount of all other offerings made under the listed issuer financing exemption and under the Order in the 12 months immediately preceding the date of the news release announcing the Offering, will not exceed $50,000,000;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **the Company will not close the Offering unless the Company reasonably believes it has raised sufficient funds to meet its business objectives and liquidity requirements for a period of 12 months following the distribution; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **the Company will not allocate the available funds from the Offering to an acquisition that is a significant acquisition or restructuring transaction under securities law or to any other transaction for which the issuer seeks security holder approval.** 

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This offering document contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "**forward-looking statements**"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "anticipates", "believes", "estimates" and similar expressions, or the negatives of such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might", or "will" be taken, occur or be achieved.

------

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this offering document speak only as of the date of this offering document or as of the date specified in such statement. Specifically, this offering document includes, but is not limited to, forward-looking statements regarding: the Company's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering, the completion of the Offering, if it is to be completed at all, the expected Closing Date, the expected compensation for the Agents, the estimated mineral resources, the design, development and execution of the Fenn-Gib Project (as defined herein), the timing for completion of the PFS (as defined herein), and the advancement of the Fenn-Gib Project to operation and the timing thereof.

Inherent in forward-looking statements are risks, uncertainties and other factors beyond the ability of the Company to predict or control. These risks, uncertainties and other factors include, but are not limited to, the inability of the Company to complete the Offering on the terms proposed (or at all); the inability of the Company to obtain required regulatory and stock exchange approvals with respect to the Offering; mineral exploration, price volatility, changes in debt and equity markets, timing and availability of external financing on acceptable terms, the uncertainties involved in interpreting geological data and confirming title to the Company's properties, the possibility that future exploration results will not be consistent with the Company's expectations, increases in costs, environmental compliance, changes in environmental and other local legislation and regulation, interest rate and exchange rate fluctuations, changes in economic and political conditions and other risks involved in the minerals exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in the offering document. Such statements are based on a number of assumptions about the following: the availability of financing for the Company's exploration and development activities; operating and exploration costs; the Company's ability to retain and attract skilled staff; timing of the receipt of regulatory and governmental approvals for exploration projects and other operations; market competition; and general business and economic conditions.

Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors including without limitation, those referred to in this offering document that may cause the Company's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

**CURRENCY** 

Unless otherwise indicated, all references to "$", "C$" or "dollars" in this offering document refer to Canadian dollars, which is the Company's functional currency.

**QUALIFIED PERSON** 

Technical information in this offering document has been approved by Drew Anwyll, P.Eng., Chief Operating Officer of the Company, an independent 'Qualified Person' as defined under National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*.

------

**SUMMARY DESCRIPTION OF BUSINESS** 

**What is our business?** 

The Company is an exploration stage company primarily focused on advancing the 100% owned Fenn-Gib gold project (the "**Fenn-Gib Project**") in the Timmins region of Northern Ontario. The Fenn-Gib Project hosts an open pit constrained mineral resource estimate with an effective date of September 3, 2024 with an estimated indicated mineral resource of 181.3 million tonnes containing 4.3 million ounces at a grade of 0.74 g/t Au and an estimated inferred mineral resource of 8.92 million tonnes containing 0.14 million ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. The Fenn-Gib Project is the only mineral project considered to be material to the Company. See the Company's news release dated September 10, 2024, for further information.

Further information about the Company can be found in the Company's regulatory filings available on SEDAR+ at www.sedarplus.ca and on the Company's website at<sub> </sub><u>www.mayfairgold.ca</u>.

**Recent developments** 

In May 2025, the Company completed a metallurgical test program to advance the pre-feasibility study (the "**PFS**") for the Fenn-Gib Project which is based on a 4,800 tonne-per-day process plant supported by an open pit mining operation targeting a high-grade starter zone of mineralization. The results from this successful metallurgical test program, along with the near-term development of improved geological modeling (alteration, lithological and structural interpretation) are expected contribute to the PFS scheduled to be completed by the end of 2025. See the Company's news release dated May 27, 2025, for further information.

**Material facts** 

There are no material facts about the securities being distributed that have not been disclosed in this offering document or in any other document filed by the Company in the 12 months preceding the date of this offering document.

**What are the business objectives that we expect to accomplish using the available funds?** 

The Company expects to use available funds to advance metallurgical and detailed engineering work at the Fenn-Gib Project, and for working capital and general corporate purposes.

------

**USE OF AVAILABLE FUNDS** 

***What will our available funds be upon the closing of the Offering?***

The following table discloses what the Company's available funds are expected to be after the Offering.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Assuming 100% of the<br>Offering and the Agents'<br>Option is not Exercised** | **Assuming 100% of the<br>Offering and the Agents'<br>Option is Exercised in Full** |
| A | Amount to be raised by the Offering | $35001450 | $40002600 |
| B | Selling commissions and fees | $2100087<sup>(1)</sup> | $2400156<sup>(1)</sup> |
| C | Estimated offering costs<br> (e.g., legal, accounting, audit) | $275000 | $275000 |
| D | Net proceeds of offering<br> *(D = A - (B + C))* | $32626363 | $37327444 |
| E | Working capital as at most recent month end | $5000000 | $5000000 |
| F | Additional sources of funding | $Nil | $Nil |
| G | Total available funds:<br> *(G = D + E + F)* | $37626363 | $42327444 |

---

(1) Assuming there are no President's List (as defined herein) purchasers.

***How will we use the available funds?***

The following table provides a detailed breakdown of how the Company expects to use the available funds.

---

| | | |
|:---|:---|:---|
| **Intended Use of Available Funds** | **Assuming 100% of<br>the Offering and the<br>Agents' Option is not<br>Exercised** | **Assuming 100% of<br>the Offering and the<br>Agents' Option is<br>Exercised in Full** |
|  Metallurgical and detailed engineering at the Fenn-Gib Project | $25000000 | $25000000 |
|  Working capital and general corporate purposes | $12626363 | $17327444 |
|  **Total:** | $**37626363** | $**42327444** |

---

The above noted allocation represents the Company's current intentions with respect to its use of proceeds based on current knowledge, planning and expectations of management of the Company. Although the Company intends to expend the proceeds from the Offering as set forth above, there may be circumstances where, for sound business reasons, a reallocation of funds may be deemed prudent or necessary and may vary materially from that set forth above, as the amounts actually allocated and spent will depend on a number of factors, including the Company's ability to execute on its business plan and financing objectives. The Company has had negative cash flow from operating activities and reported a loss for the year ended December 31, 2024.

The Company is in the exploration stage and, as such, the recoverability of amounts for exploration and evaluation of assets is dependent upon its ability to generate future cash flows and/or obtain additional financing to complete their development and upon future profitable production or proceeds from the disposition thereof. The Offering is intended to permit the Company to continue to advance work on the Fenn-Gib Project, including finalization of the PFS, metallurgical and detailed engineering work and will further provide the Company with the continued ability to operate as a going concern.

------

***How have we used the other funds we have raised in the past 12 months?***

On October 17, 2024, the Company raised gross proceeds of $6,012,000 from the sale, on a private placement basis, of 3,340,000 Common Shares at a price of $1.80 per share. The net proceeds have been used for exploration activities at the Fenn-Gib Project, and for working capital and general corporate purposes, as further described below.

---

| | | | |
|:---|:---|:---|:---|
| **Description of Use of Funds** | **Intended Use of Funds** | **Actual Use of Funds** | **Variance** |
|  Exploration at the Fenn-Gib Project | $4207706 | $4207706 |  |
|  Working capital and general corporate purposes | $1668755 | $1668057 | Proportionally<br>no variance. |
|  **Total:** | $**5876461** | $**5875763** |  |

---

**FEES AND COMMISSIONS** 

***Who are the dealers or finders that we have engaged in connection with the Offering, if any, and what are their fees?***

The Company has engaged Beacon Securities Limited (the "**Lead Agent**"), as lead agent and sole bookrunner, for and on behalf of a syndicate of agents to be formed (together with the Lead Agent, the "**Agents**") in connection with the Offering. The Company has agreed to, on the Closing Date, (a) pay the Agents a cash fee equal to 6.0% of the gross proceeds of the Offering (the "**Commission**"), and (b) issue the Agents compensation options (the "**Compensation Options**") in an amount equal to 6.0% of the number of Offered Shares issued pursuant to the Offering. Each Compensation Option will entitle the holder thereof to subscribe for one Common Share at the Offering Price for a period of 24 months following the Closing Date. Notwithstanding the foregoing, the Commission payable to, and the Compensation Options issuable to, the Agents shall be reduced to 3.0% in respect of any Offered Shares subscribed for by persons identified by the Company and agreed to by the Lead Agent pursuant to a president's list (the "**President's List**"), for aggregate gross proceeds not exceeding $5,000,000.

**Does the Lead Agent have a conflict of interest?** 

To the knowledge of the Company, it is not a "related issuer" or a "connected issuer" of the Lead Agent, as such terms are defined in National Instrument 33-105 – *Underwriting Conflicts*.

------

**PURCHASERS' RIGHTS** 

**Rights of Action in the Event of a Misrepresentation** 

**If there is a misrepresentation in this offering document, you have a right:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **to rescind your purchase of these securities with the Company, or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **to damages against the Company and may, in certain jurisdictions, have a statutory right to damages from other persons.** 

**These rights are available to you whether or not you relied on the misrepresentation. However, there are various circumstances that limit your rights. In particular, your rights might be limited if you knew of the misrepresentation when you purchased the securities.** 

**If you intend to rely on the rights described in paragraph (a) or (b) above, you must do so within strict time limitations.** 

**You should refer to any applicable provisions of the securities legislation of your province or territory for the particulars of these rights or consult with a legal adviser.** 

**ADDITIONAL INFORMATION** 

**Where can you find more information about us?** 

The Company's continuous disclosure filings are available under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>. For further information regarding the Company, visit our website at <u>www.mayfairgold.ca</u>.

------

**CERTIFICATE** 

Dated: September 8, 2025

**This offering document, together with any document filed under Canadian securities legislation on or after September 8, 2024, contains disclosure of all material facts about the securities being distributed and does not contain a misrepresentation.** 

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.** | **MAYFAIR GOLD CORP.** |
| By: | *(signed) "Nicholas Campbell"* |
| Name: | Nicholas Campbell |
| Title: | Chief Executive Officer |
| By: | *(signed) "Darren Prins"* |
| Name: | Darren Prins |
| Title: | Interim Chief Financial Officer |

---

## Exhibit 99.28

**Exhibit 99.28**![LOGO](g83619dsp295.jpg)

------

**Important Notice** 

This Technical Report was prepared as a National Instrument 43-101 Technical Report in accordance with Form 43-101F1, for Mayfair Gold Corp. (Mayfair Gold or the Company), by Qualified Persons working for T. Maunula & Associates Consulting Inc. (TMAC) or Haggarty Technical Services Corporation. The quality of information, conclusions, and estimates contained in this report are based on: i) information available at the time of preparation of data; ii) data from outside sources; and iii) the assumptions, conditions, and qualifications as put forth by the report authors. This report is intended to be used by Mayfair Gold, subject to TMAC's terms and conditions. The relationship permits Mayfair Gold to file this report as a Technical Report with applicable securities regulatory authorities pursuant to provincial securities legislation.

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**Contents** 

---

| | | | |
|:---|:---|:---|:---|
| **1** | **SUMMARY** | **SUMMARY** | **1-1** |
|  | 1.1 | Project Description, Location, and Ownership | 1-1 |
|  | 1.2 | History | 1-1 |
|  | 1.3 | Mayfair Gold Exploration and Diamond Drilling | 1-2 |
|  | 1.4 | Geology and Mineralization | 1-2 |
|  | 1.5 | Metallurgical Testing and Mineral Processing | 1-3 |
|  | 1.6 | Mineral Resource Estimate | 1-4 |
|  | 1.7 | Recovery Methods | 1-5 |
|  | 1.8 | Conclusions and Recommendations | 1-5 |
| **2** | **INTRODUCTION** | **INTRODUCTION** | **2-1** |
|  | 2.1 | Sources of Information | 2-1 |
|  | 2.2 | Qualifications and Responsibilities | 2-1 |
|  | 2.3 | Site Visit | 2-2 |
|  | 2.4 | Units, Currency, and Rounding | 2-2 |
| **3** | **RELIANCE ON OTHER EXPERTS** | **RELIANCE ON OTHER EXPERTS** | **3-1** |
| **4** | **PROPERTY DESCRIPTION AND LOCATION** | **PROPERTY DESCRIPTION AND LOCATION** | **4-1** |
|  | 4.1 | Location | 4-1 |
|  | 4.2 | Project Ownership | 4-1 |
|  | 4.3 | Mineral Tenure | 4-1 |
|  | 4.4 | Mining Rights | 4-18 |
|  |  | Patented Land | 4-18 |
|  |  | Unpatented Land | 4-18 |
|  | 4.5 | Surface Rights | 4-18 |
|  | 4.6 | Royalties and Encumbrances | 4-18 |
|  | 4.7 | Permits | 4-19 |
|  | 4.8 | Environmental Liabilities and Social License | 4-19 |
|  | 4.9 | Significant Risk Factors | 4-19 |
| **5** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY** | **5-1** |
|  | 5.1 | Accessibility | 5-1 |
|  | 5.2 | Climate | 5-1 |
|  | 5.3 | Local Resources and Infrastructure | 5-1 |
|  | 5.4 | Physiography | 5-2 |
|  | 5.5 | Sufficiency of Surface Rights | 5-2 |
| **6** | **HISTORY** | **HISTORY** | **6-1** |
|  | 6.1 | Exploration History 1911–2011 | 6-1 |
|  |  | Mineral Resource Estimate—2011 | 6-3 |
|  | 6.2 | Exploration History 2012–2019 | 6-3 |
|  | 6.3 | Exploration Targets | 6-3 |

---

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| i<br> October 10, 2025 |

---

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 6.4 | Acquisition by Mayfair Gold—2020 | Acquisition by Mayfair Gold—2020 | 6-5 |
|  | 6.5 | Historical Mineral Resource Estimates Commissioned by Mayfair Gold | Historical Mineral Resource Estimates Commissioned by Mayfair Gold | 6-5 |
| **7** | **GEOLOGICAL SETTING AND MINERALIZATION** | **GEOLOGICAL SETTING AND MINERALIZATION** | **GEOLOGICAL SETTING AND MINERALIZATION** | **7-1** |
|  | 7.1 | Regional Geology | Regional Geology | 7-1 |
|  | 7.2 | Project Geology | Project Geology | 7-1 |
|  | 7.3 | Mineralization | Mineralization | 7-3 |
|  | 7.4 | Prospects and Exploration Targets | Prospects and Exploration Targets | 7-4 |
| **8** | **DEPOSIT TYPES** | **DEPOSIT TYPES** | **DEPOSIT TYPES** | **8-1** |
| **9** | **EXPLORATION** | **EXPLORATION** | **EXPLORATION** | **9-1** |
|  | 9.1 | Diamond Drilling | Diamond Drilling | 9-1 |
|  | 9.2 | Mayfair Gold—2021–Present | Mayfair Gold—2021–Present | 9-1 |
|  |  | 9.2.1 | Geochemistry | 9-1 |
|  |  | 9.2.2 | Geophysical Surveys | 9-1 |
|  |  | 9.2.3 | Other | 9-3 |
| **10** | **DRILLING** | **DRILLING** | **DRILLING** | **10-1** |
|  | 10.1 | Historical Drilling | Historical Drilling | 10-1 |
|  | 10.2 | Mayfair Gold Drilling | Mayfair Gold Drilling | 10-1 |
|  | 10.3 | Diamond Drilling Procedures | Diamond Drilling Procedures | 10-3 |
|  |  | 10.3.1 | Spotting Drill Holes | 10-3 |
|  |  | 10.3.2 | Drilling | 10-3 |
|  |  | 10.3.3 | Collar Surveys | 10-3 |
|  |  | 10.3.4 | Downhole Surveys | 10-4 |
|  |  | 10.3.5 | Geotechnical and Hydrological Drilling | 10-4 |
|  | 10.4 | Qualified Person's Opinion | Qualified Person's Opinion | 10-11 |
| **11** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **11-1** |
|  | 11.1 | Historical Sampling Pre-2011 | Historical Sampling Pre-2011 | 11-1 |
|  | 11.2 | Historical Sampling Post 2011 | Historical Sampling Post 2011 | 11-2 |
|  | 11.3 | Mayfair Gold Sampling | Mayfair Gold Sampling | 11-2 |
|  |  | 11.3.1 | Sampling Procedure | 11-2 |
|  |  | 11.3.2 | Sample Preparation and Analysis | 11-3 |
|  |  | 11.3.3 | Quality Control Samples | 11-6 |
|  |  | 11.3.4 | QA/QC Control Charts | 11-7 |
|  | 11.4 | Density Determinations | Density Determinations | 11-14 |
|  | 11.5 | Adequacy Statement | Adequacy Statement | 11-14 |
| **12** | **DATA VERIFICATION** | **DATA VERIFICATION** | **DATA VERIFICATION** | **12-1** |
|  | 12.1 | Historical Verification | Historical Verification | 12-1 |
|  | 12.2 | TMAC Verification | TMAC Verification | 12-1 |
|  |  | 12.2.1 | Site Visits | 12-1 |
|  |  | 12.2.2 | Diamond Drilling | 12-2 |
|  |  | 12.2.3 | Database Verification | 12-2 |
|  |  | 12.2.4 | Qualified Persons' Opinion | 12-3 |
| **13** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **13-1** |
|  | 13.1 | Conclusion from Metallurgical Testing | Conclusion from Metallurgical Testing | 13-1 |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| ii<br> October 10, 2025 |

---

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 13.2 | Findings from Metallurgical Testing | Findings from Metallurgical Testing | 13-1 |
|  | 13.3 | Metallurgical Testwork | Metallurgical Testwork | 13-2 |
|  |  | 13.3.1 | Composite Sample Selection | 13-2 |
|  |  | 13.3.2 | Lithology | 13-3 |
|  |  | 13.3.3 | Composite Sample Details | 13-4 |
|  |  | 13.3.4 | Rock Hardness Characterization | 13-8 |
|  |  | 13.3.5 | Mineralogy | 13-9 |
|  |  | 13.3.6 | Previous 2015–2022 Metallurgical Studies | 13-11 |
|  |  | 13.3.2 | Metallurgical Studies—2023–2024 | 13-17 |
|  | 13.4 | Recovery Estimates | Recovery Estimates | 13-35 |
|  | 13.5 | Metallurgical Variability | Metallurgical Variability | 13-38 |
|  | 13.6 | Deleterious Elements | Deleterious Elements | 13-39 |
|  | 13.7 | Additional Metallurgical Testwork | Additional Metallurgical Testwork | 13-39 |
| **14** | **MINERAL RESOURCE ESTIMATE** | **MINERAL RESOURCE ESTIMATE** | **MINERAL RESOURCE ESTIMATE** | **14-1** |
|  | 14.1 | Key Assumptions | Key Assumptions | 14-1 |
|  | 14.2 | Data |  | 14-1 |
|  | 14.3 | Geological Model | Geological Model | 14-1 |
|  | 14.4 | Exploratory Data Analysis | Exploratory Data Analysis | 14-3 |
|  |  | 14.4.1 | Assays | 14-3 |
|  |  | 14.4.2 | Grade Capping and Outlier Restrictions | 14-3 |
|  |  | 14.4.3 | Composites | 14-7 |
|  | 14.5 | Density Assignment | Density Assignment | 14-8 |
|  | 14.6 | Variography | Variography | 14-9 |
|  | 14.7 | Block Model Definition | Block Model Definition | 14-11 |
|  | 14.8 | Estimation and Interpolation Methods | Estimation and Interpolation Methods | 14-11 |
|  | 14.9 | Block Model Validation | Block Model Validation | 14-13 |
|  |  | 14.9.1 | Visual Verification | 14-13 |
|  |  | 14.9.2 | Statistical Validation | 14-16 |
|  |  | 14.9.3 | Swath Plots | 14-16 |
|  | 14.10 | Classification of Mineral Resources | Classification of Mineral Resources | 14-19 |
|  | 14.11 | Reasonable Prospects of Economic Extraction | Reasonable Prospects of Economic Extraction | 14-19 |
|  | 14.12 | Mineral Resource Statement | Mineral Resource Statement | 14-20 |
|  | 14.13 | Factors That May Affect the Mineral Resource Estimate | Factors That May Affect the Mineral Resource Estimate | 14-21 |
| **15** | **MINERAL RESERVE ESTIMATES** | **MINERAL RESERVE ESTIMATES** | **MINERAL RESERVE ESTIMATES** | **15-1** |
| **16** | **MINING METHODS** | **MINING METHODS** | **MINING METHODS** | **16-1** |
| **17** | **RECOVERY METHODS** | **RECOVERY METHODS** | **RECOVERY METHODS** | **17-1** |
| **18** | **PROJECT INFRASTRUCTURE** | **PROJECT INFRASTRUCTURE** | **PROJECT INFRASTRUCTURE** | **18-1** |
| **19** | **MARKET STUDIES AND CONTRACTS** | **MARKET STUDIES AND CONTRACTS** | **MARKET STUDIES AND CONTRACTS** | **19-1** |
| **20** | **ENVIRONMENTAL STUDIES, PERMITTING, AND COMMUNITY IMPACTS** | **ENVIRONMENTAL STUDIES, PERMITTING, AND COMMUNITY IMPACTS** | **ENVIRONMENTAL STUDIES, PERMITTING, AND COMMUNITY IMPACTS** | **20-1** |
| **21** | **CAPITAL AND OPERATING COSTS** | **CAPITAL AND OPERATING COSTS** | **CAPITAL AND OPERATING COSTS** | **21-1** |
| **22** | **ECONOMIC ANALYSIS** | **ECONOMIC ANALYSIS** | **ECONOMIC ANALYSIS** | **22-1** |
| **23** | **ADJACENT PROPERTIES** | **ADJACENT PROPERTIES** | **ADJACENT PROPERTIES** | **23-1** |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| iii<br> October 10, 2025 |

---

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | |
|:---|:---|:---|:---|
| **24** | **OTHER RELEVANT DATA AND INFORMATION** | **OTHER RELEVANT DATA AND INFORMATION** | **24-1** |
| **25** | **INTERPRETATIONS AND CONCLUSIONS** | **INTERPRETATIONS AND CONCLUSIONS** | **25-1** |
|  | 25.1 | Interpretations | 25-1 |
|  | 25.2 | Factors That May Affect the Mineral Resource Estimate | 25-1 |
|  | 25.3 | Conclusions | 25-2 |
| **26** | **RECOMMENDATIONS** | **RECOMMENDATIONS** | **26-1** |
| **27** | **REFERENCES** | **REFERENCES** | **27-1** |
| **28** | **CERTIFICATE OF AUTHORS** | **CERTIFICATE OF AUTHORS** | **28-1** |
|  | 28.1 | Tim Maunula, P.Geo | 28-1 |
|  | 28.2 | Steven C. Haggarty, P.Eng | 28-2 |

---

**Tables** 

---

| | | |
|:---|:---|:---|
|  Table 1-1: | Fenn–Gib Project Mineral Resource Estimate | 1-5 |
|  Table 1-2: | Recommended Work Programs and Cost Estimate | 1-6 |
|  Table 2-1: | QP Responsibilities | 2-2 |
|  Table 2-2: | QP Site Visit | 2-2 |
|  Table 4-1: | Summary of Staked Claims | 4-4 |
|  Table 4-2: | Summary of Mining Patents | 4-14 |
|  Table 4-3: | Summary of Leased Claims | 4-15 |
|  Table 6-1: | Mineral Occurrences within the Fenn–Gib Project | 6-2 |
|  Table 6-2: | LSG and Tahoe Exploration Activities | 6-3 |
|  Table 10-1: | Mayfair Gold Drill-Hole Summary by Year | 10-1 |
|  Table 10-2: | Significant Drill-Hole Intersections | 10-5 |
|  Table 13-1: | Fenn–Gib Project Composite Sample Identification and Lithology | 13-3 |
|  Table 13-2: | Composite Sample Details | 13-5 |
|  Table 13-3: | Rock Hardness Characterization Test Data | 13-9 |
|  Table 13-4: | Composite Sample Gravity Recoverable Gold Content | 13-12 |
|  Table 13-5: | Direct Cyanidation Gold Extraction versus Feed Sulphide Content | 13-14 |
|  Table 13-6: | Diagnostic Leaching Tests Results | 13-15 |
|  Table 13-7: | Pressure Oxidation Amenability Testwork | 13-16 |
|  Table 13-8: | Heavy Liquid Separation Test Results | 13-17 |
|  Table 13-9: | Rougher Flotation Test Data | 13-23 |
|  Table 13-10: | Concentrate Regrind and Cyanidation Test Data | 13-27 |
|  Table 13-11: | Cyanidation Gold Dissolution Rate Kinetics | 13-30 |
|  Table 13-12: | Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 45% solids) | 13-33 |
|  Table 13-13: | Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids) | 13-33 |
|  Table 13-14: | Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids) | 13-33 |
|  Table 13-15: | Concentrate Regrinding—HIG Mill Slurry Viscosity Measurements | 13-34 |
|  Table 13-16: | Acid-Base Accounting Test Results | 13-34 |
|  Table 13-17: | Overall Gold Recovery from Flotation, Concentrate Regrind, and Cyanidation Test Data | 13-35 |
|  Table 14-1: | Geology Block Model Codes and Descriptions | 14-2 |
|  Table 14-2: | Capping Analysis Summary | 14-4 |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| iv<br> October 10, 2025 |

---

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | |
|:---|:---|:---|
|  Table 14-3: | Assigned Density Values | 14-8 |
|  Table 14-4: | Correlogram Parameters | 14-10 |
|  Table 14-5: | Block Model Workspace | 14-11 |
|  Table 14-6: | Interpolation Parameters by Domain Code | 14-12 |
|  Table 14-7: | Special Models | 14-13 |
|  Table 14-8: | Grade Comparison by Interpolation Method | 14-16 |
|  Table 14-9: | Pit Design Criteria | 14-19 |
|  Table 14-10: | Fenn–Gib Project Mineral Resource Estimate | 14-20 |
|  Table 25-1: | Fenn–Gib Project Mineral Resource Estimate | 25-1 |
|  Table 26-1: | Recommended Work Programs and Cost Estimate | 26-1 |

---

**Figures** 

---

| | | |
|:---|:---|:---|
|  Figure 1-1: | Plan View of Mineralized Envelopes | 1-3 |
|  Figure 4-1: | Fenn–Gib Project Location | 4-2 |
|  Figure 4-2: | Property Summarizing Mineral Tenure and Surface Rights (North Block) | 4-3 |
|  Figure 6-1: | Geological Map Illustrating Mineral Showings | 6-1 |
|  Figure 6-2: | Project Geology Showing Exploration Targets | 6-4 |
|  Figure 7-1: | Regional Geology of the Timmins Area | 7-2 |
|  Figure 7-2: | Plan View of Mineralized Envelopes | 7-3 |
|  Figure 9-1: | Fenn–Gib North Block Mayfair Gold Drill Hole Locations | 9-2 |
|  Figure 10-1: | Plan of Drill-Hole Locations used for the Fenn–Gib Mineral Resource Estimate | 10-2 |
|  Figure 11-1: | Core Storage Yard, Matheson, Ontario | 11-3 |
|  Figure 11-2: | Control Chart—Blank Material | 11-7 |
|  Figure 11-3: | Control Chart—CRM OREAS 251b | 11-9 |
|  Figure 11-4: | Control Chart—CRM OREAS 254b | 11-10 |
|  Figure 11-5: | Control Chart—CRM OREAS 256b | 11-11 |
|  Figure 11-6: | Control Chart—Duplicate Samples | 11-12 |
|  Figure 11-7: | Control Chart—Check Assays, Swastika vs. ActLabs | 11-13 |
|  Figure 11-8: | Control Chart—Check Assays, AGAT vs. ActLabs | 11-14 |
|  Figure 12-1: | Collar Labelling, FG23-347 | 12-2 |
|  Figure 13-1: | Composite Sample g/t Au versus Sulphide Content | 13-10 |
|  Figure 13-2: | Composite Sample, g/t Au versus Gravity Recoverable Gold Content | 13-11 |
|  Figure 13-3: | Direct Cyanidation—Feed Sulphide Content versus Overall Gold Extraction | 13-13 |
|  Figure 13-4: | Heavy Liquid Separation—Au Distribution versus Slurry Specific Gravity | 13-18 |
|  Figure 13-5: | Flotation Feed Grind Size versus %Recovery Gold and S2- to Rougher Concentrate | 13-20 |
|  Figure 13-6: | Mass Pull versus %Recovery Gold and S2- to Rougher Concentrate | 13-21 |
|  Figure 13-7: | Rougher Flotation Gold and S2- Rate Kinetics | 13-22 |
|  Figure 13-8: | Concentrate Regrind Size versus %Extraction and CN Residue g/t Au | 13-27 |
|  Figure 13-9: | Gold Extraction Rate Kinetics Relative to Cyanidation Retention Time | 13-30 |
|  Figure 13-10: | Concentrate Regrind—HIG Mill Specific Grinding Energy kWh/t Data | 13-32 |
|  Figure 13-11: | Geometallurgical Modelled Gold Head Grade versus Overall Gold Recovery | 13-38 |
|  Figure 14-1: | Plan View of Drill-Hole Traces and Geological Block Model | 14-2 |
|  Figure 14-2: | Boxplot of Uncapped Gold Grades (g/t) by Domain Code | 14-3 |
|  Figure 14-3: | Log Probability Plot, Deformation Zone (Au g/t) | 14-5 |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| v<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | |
|:---|:---|:---|
|  Figure 14-4: | Log Probability Plot, Main Zone (Au g/t) | 14-6 |
|  Figure 14-5: | 1.5 m Composites Reported by Domain Code, Capped Au (g/t) | 14-7 |
|  Figure 14-6: | 5 m Composites Reported by Domain Code, Capped Au (g/t) | 14-8 |
|  Figure 14-7: | 5180 Elevation, Composites versus Block Model (Capped Au g/t) | 14-14 |
|  Figure 14-8: | East 558500, Composites versus Block Model (Capped Au g/t) | 14-15 |
|  Figure 14-9: | Swath Plot of NN and OK Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t) | 14-17 |
|  Figure 14-10: | Swath Plot of NN and IDW2 Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t) | 14-18 |

---

**Glossary** 

*Abbreviations, Acronyms, and Units of Measure* 

---

| | |
|:---|:---|
|  $ | Canadian dollar |
|  < | less than |
|  > | greater than |
|  °C | degrees Celsius |
|  µm | micrometre |
|  % | percent |
|  AAN | Apitipi Anicinapek Nation |
|  ActLabs | Activation Laboratories Ltd. |
|  Aero-3477 | isobutyl dithiophosphate |
|  Aero-3501 | isoamyl dithiophosphate |
|  AGAT | AGAT Laboratories |
|  AGP | acid generating potential |
|  ARD | acid rock drainage |
|  Au | gold |
|  Axb | Rock Competency Index (no units) |
|  CIL | carbon-in-leach |
|  CIM | CIM Standards and Definitions for Mineral Resources and Mineral Reserves (CIM Definition Standards) |
|  CIP | carbon-in-pulp |
|  cm | centimetre |
|  CN | cyanide |
|  CNG | compressed natural gas |
|  Constantine | Constantine Metal Resources Ltd. |
|  CRM | Certified Reference Materials |
|  CV | coefficient of variation |
|  Datamine | Datamine Studio EM |
|  DC | direct current |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| vi<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | |
|:---|:---|
|  DDH | diamond drill hole |
|  Fenn–Gib or the Project | Fenn–Gib Project |
|  g | gram |
|  g/t Au | grams per tonne of gold |
|  g/t | grams per tonne |
|  Fenn–Gib or the Project | Fenn–Gib Project |
|  GEMS | Geovia GEMS 6.8.3 Desktop |
|  GeoticLog | GeoticLog 8.2.14 |
|  GJ/d | Gigajoules per day |
|  g/L | grams per litre |
|  GRG | Gravity recoverable gold |
|  ha | hectare |
|  HLS | Heavy liquid separation |
|  ID | identification |
|  IDW2 | inverse distance weighting squared |
|  IP | induced polarization |
|  km | kilometre |
|  kV | kilovolt |
|  kWh/t | kilowatt hour per tonne |
|  lb | pounds |
|  LSG | Lake Shore Gold Corp |
|  m | metres |
|  Major Drilling | Major Drilling Group International |
|  masl | metres above sea level |
|  Mayfair Gold or the Company | Mayfair Gold Corp. |
|  Metalla | Metalla Royalty and Streaming Ltd. |
|  MIBC | methyl isobutyl carbinol |
|  MinePlan | HxGN MinePlan 16.2.1 |
|  MLAS | Mining Lands Administration System |
|  mm | millimetre |
|  mm/a | millimetre per annum |
|  MMI | mobile metal ion |
|  Moneta | Moneta Gold Inc. |
|  mPa-sec | millipascal-second |
|  MRE | Mineral Resource estimate |
|  Mt | million tonnes |
|  NI | National Instrument |
|  NN | nearest neighbour |
|  non-PAG or NAG | non-potentially acid generating |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| vii<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
|  NP | neutralizing potential |
|  NPI | net profit interest |
|  NPR | net proceeds royalty |
|  NRC | National Research Council Canada |
|  NSR | net smelter return |
|  OK | ordinary kriging |
|  oz | troy ounces |
|  P80 | passing 80% |
|  PAG | potentially acid generating |
|  Pan American | Pan American Silver Corp. |
|  Pangea | Pangea Goldfields Inc. |
|  PAX | potassium amyl xanthate |
|  POX | pressure oxidation |
|  QA/QC | quality assurance and quality control |
|  QP | Qualified Person |
|  Q-Q | quartile–quartile |
|  RC | reverse circulation |
|  RQD | rock quality designation |
|  SEM | scanning electron microscopy |
|  SG | specific gravity |
|  SGH | soil gas hydrocarbons |
|  SGS | SGS Lakefield Inc. |
|  SHA | SHA Geophysics Ltd. |
|  SI | Système Métrique International (International System of Units) |
|  SMU | selective mining unit |
|  SPT | Static Pressure Test |
|  Swastika | Swastika Laboratories |
|  Tahoe Resources | Tahoe Resources Inc. |
|  TIMA-X | TESCAN Integrated Mineral Analyzer |
|  TMAC | T. Maunula & Associates Consulting Inc. |
|  w/w | weight percentage |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | TOC \| viii<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| | |
|:---|:---|
| **1** | **SUMMARY**  |

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T. Maunula & Associates Consulting Inc. (TMAC) prepared this Technical Report for Mayfair Gold Corp. (Mayfair Gold or the Company) in accordance with the Canadian Securities Administrators' National Instrument (NI) 43-101 and Form 43-101F1, collectively referred to as NI 43-101 for the Fenn–Gib Project (Fenn–Gib or the Project) located in Ontario, Canada.

**1.1** **Project Description, Location, and Ownership** 

The Fenn–Gib Project is in Guibord and Munro Townships in northeast Ontario. The Project is 43 km northwest of Kirkland Lake and 21 km east of Matheson, south of Abitibi Lake. The property center is at UTM 17N 559078 5374037 (NAD 83) or 48°31' N 80°12' W. The Project is accessible year round by Highway 101, which passes through the Project. Highway 101 connects with the Trans-Canada Highway at Matheson. The nearest airport is 20 km north of Timmins, which itself is 80 km from the property. The Project is in a very mining-friendly jurisdiction amongst dozens of historical mines and several active mines between Rouyn and Timmins gold-mining camps.

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and six mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn–Gib Project) that cover 1,877.8 ha. Lake Shore Gold Corp (LSG) agreed to sell the Fenn–Gib Project to Mayfair Gold pursuant to an asset purchase agreement dated June 8, 2020. The Project is subject to a 1.0% net smelter royalty held by Metalla Royalty and Streaming Ltd. (Metalla).

**1.2** **History** 

From its initial discovery and work in 1911 the Fenn–Gib Property has been explored and developed by various operators, including Pangea Goldfields Incorporated, Lake Shore Gold Corp. (LSG), and Tahoe Resources Inc. (Tahoe).

In 2011, LSG completed a program of eight drill holes, three of which were twins used for verification purposes. In addition, SGS (2011) authored an NI 43-101 technical report and Mineral Resource estimate.

During 2012, exploration activities conducted on the Fenn–Gib Property in the southwest half of Lot 5 Concession VI consisted of LSG's drilling contractors, Norex Drilling Ltd., completing 34 diamond drill holes (DDH) totalling 15,802 m. Reconnaissance mapping and prospecting were also carried out on both the North and South claim blocks during 2012.

During 2014, LSG carried out outcrop investigations and prospecting consisting of 14 samples.

During 2017, Tahoe conducted a surface-definition diamond drilling program on the Fenn–Gib Deposit, which included 98 holes for a total of 40,235 m. After 2017, Tahoe completed no further exploration activities or drilling at Fenn–Gib.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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**1.3** **Mayfair Gold Exploration and Diamond Drilling** 

The Company acquired a 100% interest in the Fenn–Gib Property on December 31, 2020, and in mid-January 2021 commenced infill and expansion resource drilling on the Fenn–Gib Deposit on the North Block. As of June 20, 2025, the Company has completed approximately 190,000 m in 339 drill holes.

Exploration conducted by Mayfair Gold since 2021 includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SHA Geophysics Ltd. (SHA) carried out a Heli-GT helicopter-towed,
three-axis magnetic gradiometer survey over the North and South property blocks in 2021 (Munroe, 2021).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface work on the North Block included an orientation soil and vegetation sample mobile-metal-ion (MMI) and soil-gas hydrocarbons (SGH) test sampling program during 2022 (Aurora Geosciences, 2023).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aurora conducted a direct current (DC) resistivity-induced polarization (IP) survey for the Company on
the North Block's Grid A and Grid B of the Fenn–Gib Project in 2022 and 2023 (Jelenic, 2023).

In 2022, a LiDAR survey and aerial photography acquisition over both the Fenn-Gib Project North and South Blocks was contracted to McElhanney (2022).

The Company commissioned three NI 43-101 Mineral Resource estimate updates on the Fenn–Gib Deposit (Kirkham et al., 2021; Mayfair Gold, 2022; Maunula, 2023).

**1.4** **Geology and Mineralization** 

Significant concentrations of gold mineralization on the Fenn–Gib Project primarily occur within two zones: 1) the Main Zone and 2) the Deformation Zone. These two zones overlap and are shown in Figure 1-1. The third zone, Footwall Zone, also contains gold mineralization and is approximately 100 m north of the Main Zone.

The Main Zone is a broad zone of disseminated gold mineralization up to 500 m wide, with grades for gold between 0.50 and 3.00 g/t Au. Massive, pillowed, and variolitic basalts crop out and can be seen in diamond drill core from holes collared near Highway 101. Hydrothermally altered variolitic basalts are the principal hosts of the Main Zone mineralization. These basalts were affected by pervasive and vein silicification, carbonatization, albitization, pervasive but weak hematization, and vein sericitization. Syenite and lamprophyre dykes intruded the basalts and are locally mineralized. Pyrite is the main sulphide mineral and occurs as disseminations and in veins, locally up to 50%, over narrow intervals (average 5% to 10%).

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619sp307.jpg)

Source: Maunula (2024)

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| ***Figure*** | ***1-1: Plan View of Mineralized Envelopes***  |

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The Deformation Zone contains narrower and higher-grade intersections associated with altered sediments, intermediate dykes, and grey syenite. Gold mineralization is associated with pyrite either in quartz-healed breccias or as very fine disseminations. The Contact Fault has been interpreted to have acted as a channel for gold-bearing hydrothermal fluids and is host to the Deformation Zone and the southern boundary of the Main Zone. The Deformation Zone mineralization has been defined for approximately 2.0 km along strike.

The Footwall Zone is north of the Main Zone (Figure 1-1). The Footwall Zone structural and mineralized corridor strikes in a north-easterly direction and drilling has intercepted the zone over a strike length of approximately 500 m to a vertical depth of about 600 m below surface (open in all directions). The Footwall Zone consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, with a steep northerly dip. Mineralization consists of bleached, buff-altered (silica-albite-sericite-carbonate alteration), pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

**1.5** **Metallurgical Testing and Mineral Processing** 

Metallurgical testing of Fenn-Gib composite samples over a range in head grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S2- resulted in the development of a hybrid process approach, which is applicable to all associated deposit lithologies and rock types.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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Treatment of Fenn-Gib mineralization considers a P80 106 µm flotation feed size with an approximate 23% mass pull to a rougher concentrate. Subsequent regrinding of the concentrate to P80 10 to 13 µm is followed by cyanidation yielding an estimated overall 89.6% Au extraction at a 1.5 g/t Au feed grade.

Direct cyanidation of Fenn-Gib mineralization was evaluated and established as not applicable due to losses in Au recovery with increased sulphide content at coarser material grind sizes, relative to secondary processing of a lower weight percentage reground flotation concentrate.

Metallurgical testwork and associated process criteria defined to date is representative and supports the associated Mineral Resource Estimate and is complete to support a Pre-Feasibility study. Future testwork will focus on specific parameters required for process design and advanced engineering, along with additional variability testwork to improve technical confidence and statistical accuracy of gold recovery estimates.

**1.6** **Mineral Resource Estimate** 

Mr. Tim Maunula, P.Geo., Principal Geologist, of T. Maunula & Associates Consulting Inc. (TMAC), is the QP responsible for completing the Project's Mineral Resources estimate.

The Mineral Resource estimate incorporates extensive drill hole data from surface diamond drill programs combining both historical drilling completed prior to 2017 and Mayfair Gold's drilling campaigns completed from 2021–2024. The cut-off date for assay data used in the 2024 Mineral Resource estimate was April 30, 2024. All data received were in NAD 83 UTM coordinates (Zone 17).

The Mineral Resource estimate was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepared using Hexagon Mining, HxGN MinePlan 16.2.1 (MinePlan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classified according to the CIM Definition Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported at a 0.3 g/t Au cut-off grade, which is amenable to
open pit extraction.

The Mineral Resource estimate for the Project is based on diamond drill hole data consisting of gold assays, geological descriptions, and density measurements.

The drill-hole database for the Mineral Resource estimate used 457 historical drill holes (140,283 m) and 291 Mayfair Gold drill holes, which together yielded 217,334 assays used in the Mineral Resource estimate.

The primary gold mineralization for the Project was modelled in three domains: Main Zone, Deformation Zone, and Footwall Zone (which included a Footwall Zone High Grade). However, gold mineralization is also contained within the other contiguous geological domains: mafic volcanics, pyroxenite, ultramafic volcanics, and sediments (Section 14.3). Mayfair Gold modelled the rock type groups using Datamine Studio EM (Datamine). TMAC reviewed and validated these wireframes for use in the Mineral Resource estimate. Gold grades were estimated separately by rock type within each domain.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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The Fenn–Gib block model was estimated using three interpolation methods: nearest neighbour (NN), inverse distance weighting squared (IDW2), and ordinary kriging (OK). Uncapped and capped gold grades were estimated for the OK model. Only capped gold grades were estimated for the NN and IDW2 models.

The Fenn-Gib Project hosts Mineral Resources at a 0.3 g/t Au cut-off grade comprised of an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional Inferred Resource of 8.9 Mt at 0.49 g/t Au containing 141,000 gold ounces. Table 1-1 presents the Mineral Resource estimate reported within a constraining resource pit shell and categorized by resource classification. The Mineral resource estimate has an effective date of September 3, 2024, and was prepared by TMAC.

***Table 1-1: Fenn–Gib Project Mineral Resource Estimate***

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-Off<br>(Au g/t)** | **Tonnes** | **Tonnes** | **Au<br>(g/t)** | **Au<br>(g/t)** | **Au<br>(oz)** | **Au<br>(oz)** |
|  Indicated | 0.3 |  | 181302000 |  | 0.74 |  | 4313000 |
|  Inferred | 0.3 |  | 8921000 |  | 0.49 |  | 141000 |

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Source: Maunula (2024)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All mineral resources have been estimated in accordance with the CIM Definitions Standards, as required under
National Instrument (NI) 43-101. Mineral Resource Statement prepared by Tim Maunula, P.Geo. (TMAC) in accordance with NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other
relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Troy ounce = tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been
sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to rounding.

**1.7** **Recovery Methods** 

This section is not applicable to this Technical Report.

**1.8** **Conclusions and Recommendations** 

The Fenn–Gib Project represents an advanced-stage-of-exploration project with a substantial gold resource base of over 4.3 million ounces of gold in the Indicated classification category. Based on the positive results to date, TMAC recommends advancing the project through targeted work programs designed to both grow and expand the current Mineral Resource and evaluate the economic potential of both the Fenn–Gib Project and the broader property area.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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The next phases of work are recommended to evaluate the economic potential of the Fenn–Gib Project are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental studies and the continued collection of baseline environmental data to support the pre-development of the Project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process engineering and design work to support a pre-feasibility study
for the development of a 4,800 t/d operation.

A summary of the proposed work program, including a budget estimate, is outlined in Table 1-2.

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| ***Table1-2:*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Recommended Work Programs and Cost Estimate***  |

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| **Activity** | **Description** | **Estimate Cost<br>($)** |
|  ***Phase 1—Environmental Studies*** |  |  |
|  Environmental studies including baseline data collection | Advance work and studies to understand the site study area environmental baseline conditions to support a 4,800 t/d operation | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phase 1 Total** |  | **4000000** |
|  ***Phase 2—Engineering and Design*** |  |  |
|  Engineering and design to advance an economic evaluation of the Project | Advance the Project designs and engineering to complete a pre-feasibility study to define a 4,800 t/d operation | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phase 2 Total** |  | **6000000** |
|  **Phases 1 and 2 Total** |  | **10000000** |
|  **10.0% Contingency** |  | **1000000** |
|  **Grand Total** |  | **11000000** |

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TMAC also recommends additional infill drilling to upgrade the Inferred Mineral Resources to Indicated Mineral Resources. This program may also allow for the upgrade of all portions of the deposit to Measured Mineral Resources. The mineralized zones encountered at the Fenn–Gib Deposit remain open at depth and along strike east and west, additional targeted expansion drilling is therefore warranted.

A Pre-Feasibility study is currently underway to evaluate the economic potential of developing a 4,800 t/d operation, with completion expected in Q4 2025. Future drilling programs will be planned strategically to further expand and upgrade the resource base.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| **2** | **INTRODUCTION**  |

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T. Maunula & Associates Consulting Inc. (TMAC) prepared this report, *National Instrument 43-101 Technical Report—Mineral Resource Estimate Update: Fenn–Gib Project, Ontario, Canada* (the Technical Report) for Mayfair Gold Corp. (Mayfair Gold or the Company) in accordance with the Canadian Securities Administrators' National Instrument (NI) 43-101 and Form 43-101F1, collectively referred to as NI 43-101. The Mineral Resource estimate reported herein was prepared to conform to generally accepted Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) *CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines*, published on November 29, 2019 (CIM, 2019).

This Technical Report supersedes all prior technical reports and Mineral Resource estimates prepared for the Project.

The address of the Company's registered, and records office is Suite 700–1199 West Hastings Street, Vancouver, B.C., Canada, V6E 3T5. The Company's principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The principal business of the Company is to acquire, explore, evaluate, and develop mineral properties.

**2.1** **Sources of Information** 

This Technical Report is based, in part, on internal Company technical reports and maps, published government reports, company letters and memoranda, and public information listed in Section 27. Several sections from reports authored by other consultants have been directly quoted or summarized in this Technical Report.

Mayfair Gold has reviewed a draft copy of this Technical Report for factual errors regarding the Company, history of the property, and the current Mineral Resource (which TMAC prepared).

TMAC has relied on Mayfair Gold's historical and current knowledge of the Fenn–Gib Project (the Project) and work performed thereon. Any statements made and opinions expressed in this document are made in good faith, and in the belief that such statements and opinions are not false and misleading at the date of this Technical Report.

**2.2** **Qualifications and Responsibilities** 

The Qualified Persons (QP) preparing this Technical Report are specialists in the fields of geology, exploration, Mineral Resource estimation, or metallurgy.

None of the QPs or any associates employed in preparing this Technical Report have any beneficial interest in Mayfair Gold, nor are they insiders, associates, or affiliates of Mayfair Gold. The results of this report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between Mayfair Gold and the QPs. The QPs are being paid a fee for their work in accordance with normal professional consulting practice.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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The QPs are, by virtue of their education, experience, and professional association, considered QPs as defined in the NI 43-101, and are members in good standing of appropriate professional institutions and associations. Their report responsibilities are given in Table 2-1.

***Table 2-1: QP Responsibilities***

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| **Qualified Persons** | **Company** | **QP Responsibility/Role** | **Report Section(s)** |
| Tim Maunula, P.Geo. | T. Maunula & Associates Consulting Inc. | Geology, QA/QC, Data Verification, Drilling, MRE | All of 3 to 12, 14 to 16, 18 to 24 and portions of 1, 2, 25, 26, and 27. |
| Steven Haggarty, P.Eng. | Haggarty Technical Services Corporation | Metallurgy | All of 13 and 17; and portions of 1, 2, 25, 26, and 27. |

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Source: TMAC (2025)

Note: QA/QC = Quality Assurance/Quality Control; MRE = Mineral Resource estimate.

**2.3** **Site Visit** 

In accordance with NI 43-101 guidelines, the most recent site visit, between April 15 and 17, 2024, is summarized in Table 2-2. Mr. Maunula made a prior site visit from February 6 to 7, 2023. Mr. Haggarty has not visited the Project site and has relied on observations made during Mr. Maunula's visit.

***Table 2-2: QP Site Visit***

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| **Qualified Person** | **Company** | **Date** | **Description of Inspection** |
| Tim Maunula, P.Geo. | T. Maunula & Associates Consulting Inc. | April 15–17, 2024 | The site visit included an inspection of the property, diamond drilling, core storage, and sampling and logging facilities in Matheson. |

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Source: TMAC (2025)

**2.4** **Units, Currency, and Rounding** 

The units of measure used in this report are those of the International System of Units (SI) (or metric), except for units commonly used in industry (e.g., troy ounces [oz] and pounds [lb] for the mass of precious and base metals).

All dollar figures are quoted in this report in Canadian dollars ($) unless otherwise noted.

Frequently used abbreviations and acronyms are included below the table of contents. This report includes technical information that required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the QPs do not consider them to be material.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| **3** | **RELIANCE ON OTHER EXPERTS**  |

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The QPs' opinions contained in this Technical Report are based on information Mayfair and others provided throughout the course of the study. The QPs have taken reasonable measures to confirm information provided by others.

The QPs used their experience to determine if the information from previous reports was suitable for inclusion in this Technical Report, and adjusted information that required amending.

The QPs have not verified the legal status, legal title to any permit, or the legality of any underlying agreements for the subject properties regarding mineral rights, surface rights, permitting, and environmental issues in sections of this technical report. The QPs have relied upon information provided by Mayfair Gold personnel which forms the basis for Section 4 of this report.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| **4** | **PROPERTY DESCRIPTION AND LOCATION**  |

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**4.1** **Location** 

The Fenn–Gib Project is in Guibord and Munro Townships in northeast Ontario. The Project lies 43 km northwest of Kirkland Lake and 21 km east of Matheson, south of Abitibi Lake. The property center is at UTM 17N 559078 5374037 (NAD 83) or 48°31' N 80°12' W. The Project is accessible year-round by Highway 101, which passes directly through the Project. Highway 101 connects with the Trans-Canada Highway at Matheson (Figure 4-1). The nearest airport is 20 km north of Timmins, which itself is 80 km from the property. The Project is in a very mining-friendly jurisdiction amongst dozens of historical mines and several active mines between Rouyn and Timmins gold-mining camps.

**4.2** **Project Ownership** 

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and 6 mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn–Gib Project) that cover 1,877.8 ha (Figure 4-2). Lake Shore Gold Corp (LSG) agreed to sell the Fenn–Gib Project to Mayfair Gold pursuant to an asset purchase agreement dated June 8, 2020.

**4.3** **Mineral Tenure** 

The QP's review of permits and agreements summarized in this section (Table 4-1 to Table 4-3) between third parties is based on information provided by Mayfair Gold and their third-party expert's report of the land tenure completed on Mining Lands Administration System (MLAS) in June 2024 (Poehlman, 2024). An independent verification of land title was not conducted. Mayfair Gold has confirmed that there are no known litigations potentially affecting the Fenn-Gib Project.

The QPs did not independently verify the legality of any underlying agreement that may exist concerning the licences or other agreement between third parties have instead relied on information provided by Mayfair Gold.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619sp315.jpg)

Source: Mayfair (2025)

***Figure 4-1: Fenn–Gib Project Location***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-2<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619sp316.jpg)

Source: Mayfair (2025)

***Figure 4-2: Property Summarizing Mineral Tenure and Surface Rights (North Block)***

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***Table 4-1: Summary of Staked Claims***

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 1200195 | GUIBORD | 106345 | 2027-10-20 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 341670 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 340323 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 320120 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 320119 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 320118 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 254207 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 235237 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 235236 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 199631 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 180138 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 178778 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 135440 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 135439 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200195 | GUIBORD | 123444 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 106836 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 340323 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 320120 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 302105 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 299673 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 281352 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 280132 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 280131 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 196478 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 190465 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 174433 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200196 | GUIBORD | 135439 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 106835 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 340323 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 302106 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 302105 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-4<br> October 10, 2025 |

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---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 1200197 | GUIBORD | 302104 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 281352 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 281351 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 246022 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 233345 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 225340 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 178779 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 178778 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 149502 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 122039 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 122038 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200197 | GUIBORD | 106836 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 103250 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 323679 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 287668 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 228380 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 228379 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 190465 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 174433 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 155055 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 1200198 | GUIBORD | 127124 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins | 2% NSR |
| 4258499 | GUIBORD | 230569 | 2027-07-07 | Mayfair 100% | 200 |  |  |
| 4258499 | GUIBORD | 344528 | 2027-07-07 | Mayfair 100% | 200 |  |  |
| 4258499 | GUIBORD, MUNRO | 227696 | 2027-07-07 | Mayfair 100% | 200 |  |  |
| 4258499 | GUIBORD, MUNRO | 171033 | 2027-07-07 | Mayfair 100% | 400 |  |  |
| 4258968 | GUIBORD | 106345 | 2027-10-20 | Mayfair 100% | 200 |  |  |
| 4258968 | GUIBORD | 312371 | 2027-10-20 | Mayfair 100% | 200 |  |  |
| 4258968 | GUIBORD | 305057 | 2027-10-20 | Mayfair 100% | 200 |  |  |
| 4258968 | GUIBORD | 291635 | 2027-10-20 | Mayfair 100% | 200 |  |  |
| 4258968 | GUIBORD | 110758 | 2027-10-20 | Mayfair 100% | 200 |  |  |
| 4258968 | GUIBORD | 110605 | 2027-10-20 | Mayfair 100% | 200 |  |  |
| 4272132 | GUIBORD | 110605 | 2027-10-20 | Mayfair 100% | 200 |  |  |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-5<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 4272132 | GUIBORD | 237687 | 2027-06-21 | Mayfair 100% | 200 |  |  |
| 4272132 | GUIBORD, MUNRO | 237686 | 2027-06-21 | Mayfair 100% | 200 |  |  |
| 4272132 | GUIBORD, MUNRO | 208539 | 2027-06-21 | Mayfair 100% | 200 |  |  |
| 737677 | GUIBORD | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |  |
| 737677 | GUIBORD | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |  |
| 737677 | GUIBORD, MUNRO | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |  |
| 737677 | GUIBORD, MUNRO | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |  |
| 737678 | GUIBORD | 102172 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |  |
| 737678 | GUIBORD | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |  |
| 737678 | GUIBORD | 249548 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |  |
| 737678 | GUIBORD | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |  |
| 737679 | GUIBORD | 129350 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |  |
| 737679 | GUIBORD | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |  |
| 737679 | GUIBORD | 249548 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |  |
| 737679 | GUIBORD | 230569 | 2028-07-07 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |  |
| 737680 | GUIBORD | 230569 | 2028-07-07 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 737680 | GUIBORD | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 737680 | GUIBORD, MUNRO | 171033 | 2027-07-07 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 737680 | GUIBORD, MUNRO | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758895 | GUIBORD | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758895 | GUIBORD, MCCOOL, MICHAUD, MUNRO | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758895 | GUIBORD, MICHAUD | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758895 | GUIBORD, MUNRO | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758896 | GUIBORD | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758896 | GUIBORD | 343062 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758896 | GUIBORD, MICHAUD | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758896 | GUIBORD, MICHAUD | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758897 | GUIBORD | 143705 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758897 | GUIBORD | 343062 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758897 | GUIBORD, MICHAUD | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758897 | GUIBORD, MICHAUD | 211597 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758898 | GUIBORD | 122493 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-6<br> October 10, 2025 |

---

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 758898 | GUIBORD | 343062 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758898 | GUIBORD | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758898 | GUIBORD | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758899 | GUIBORD | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758899 | GUIBORD | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758899 | GUIBORD, MUNRO | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758899 | GUIBORD, MUNRO | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758900 | MCCOOL, MUNRO | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758901 | GUIBORD, MCCOOL, MICHAUD, MUNRO | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758901 | MCCOOL, MUNRO | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758902 | GUIBORD, MCCOOL, MICHAUD, MUNRO | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758902 | MCCOOL | 141919 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758902 | MCCOOL, MICHAUD | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 758902 | MCCOOL, MUNRO | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783656 | MUNRO | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783656 | MUNRO | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783657 | GUIBORD, MUNRO | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783657 | GUIBORD, MUNRO | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783657 | MUNRO | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783657 | MUNRO | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783658 | GUIBORD, MUNRO | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783658 | GUIBORD, MUNRO | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783658 | MUNRO | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783658 | MUNRO | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783659 | MUNRO | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783659 | MUNRO | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783660 | MCCOOL, MICHAUD | 306824 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783660 | MCCOOL, MICHAUD | 344041 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783660 | MICHAUD | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783660 | MICHAUD | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783661 | MICHAUD | 164380 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783661 | MICHAUD | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-7<br> October 10, 2025 |

---

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 783661 | MICHAUD | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783661 | MICHAUD | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783662 | MICHAUD | 164380 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783662 | MICHAUD | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783662 | MICHAUD | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783662 | MICHAUD | 285056 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783663 | MICHAUD | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783663 | MICHAUD | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783663 | MICHAUD | 285056 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783663 | MICHAUD | 266322 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783664 | MICHAUD | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783664 | MICHAUD | 274289 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783664 | MICHAUD | 266322 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783664 | MICHAUD | 219132 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783665 | MICHAUD | 122689 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783665 | MICHAUD | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783665 | MICHAUD | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783665 | MICHAUD | 266322 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783666 | MICHAUD | 152983 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783666 | MICHAUD | 274289 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783666 | MICHAUD | 157789 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783666 | MICHAUD | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783667 | MICHAUD | 117934 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783667 | MICHAUD | 285056 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783667 | MICHAUD | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783667 | MICHAUD | 152983 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783673 | MCCOOL, MUNRO | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783673 | MUNRO | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783674 | GUIBORD, MCCOOL, MICHAUD, MUNRO | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783674 | GUIBORD, MUNRO | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783674 | MCCOOL, MUNRO | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783674 | MUNRO | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-8<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 783675 | GUIBORD, MUNRO | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783675 | GUIBORD, MUNRO | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783675 | MUNRO | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783675 | MUNRO | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783676 | MUNRO | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783676 | MUNRO | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783677 | GUIBORD, MCCOOL, MICHAUD, MUNRO | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783677 | GUIBORD, MICHAUD | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783677 | MCCOOL, MICHAUD | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783677 | MICHAUD | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783678 | MCCOOL, MICHAUD | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783678 | MICHAUD | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783679 | MICHAUD | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783679 | MICHAUD | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783680 | GUIBORD, MICHAUD | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783680 | GUIBORD, MICHAUD | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783680 | MICHAUD | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783680 | MICHAUD | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783681 | GUIBORD, MICHAUD | 211597 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783681 | GUIBORD, MICHAUD | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783681 | MICHAUD | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783681 | MICHAUD | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783682 | MICHAUD | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783682 | MICHAUD | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783683 | MCCOOL, MICHAUD | 306824 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783683 | MCCOOL, MICHAUD | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783683 | MICHAUD | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783683 | MICHAUD | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783684 | MICHAUD | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783684 | MICHAUD | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783684 | MICHAUD | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783684 | MICHAUD | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-9<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 783685 | MICHAUD | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783685 | MICHAUD | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783685 | MICHAUD | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783685 | MICHAUD | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783686 | GUIBORD | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783686 | GUIBORD | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783686 | GUIBORD, MUNRO | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783686 | GUIBORD, MUNRO | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783687 | GUIBORD | 122493 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783687 | GUIBORD | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783687 | GUIBORD | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783687 | GUIBORD | 127699 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783688 | GUIBORD | 102172 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783688 | GUIBORD | 324287 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783688 | GUIBORD | 324286 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783688 | GUIBORD | 127699 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783689 | GUIBORD | 102172 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783689 | GUIBORD | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783689 | GUIBORD | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783689 | GUIBORD | 127699 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783690 | GUIBORD | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783690 | GUIBORD | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783690 | GUIBORD, MUNRO | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783690 | GUIBORD, MUNRO | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783691 | MUNRO | 184751 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783691 | MUNRO | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783691 | MUNRO | 299259 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783691 | MUNRO | 251563 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783692 | MUNRO | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783692 | MUNRO | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783692 | MUNRO | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783692 | MUNRO | 184751 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-10<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 783693 | MUNRO | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783693 | MUNRO | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783694 | MUNRO | 251563 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783694 | MUNRO | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783694 | MUNRO | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783694 | MUNRO | 322405 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783695 | MUNRO | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783695 | MUNRO | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783695 | MUNRO | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783695 | MUNRO | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783696 | MUNRO | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783696 | MUNRO | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783697 | GUIBORD, MUNRO | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783697 | GUIBORD, MUNRO | 171033 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783697 | MUNRO | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783697 | MUNRO | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783698 | GUIBORD, MUNRO | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783698 | GUIBORD, MUNRO | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783698 | MUNRO | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783698 | MUNRO | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783727 | MUNRO | 153043 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783727 | MUNRO | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783727 | MUNRO | 322405 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783727 | MUNRO | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783728 | MUNRO | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783728 | MUNRO | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783728 | MUNRO | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783728 | MUNRO | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783729 | MUNRO | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783729 | MUNRO | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783730 | GUIBORD, MUNRO | 171033 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783730 | GUIBORD, MUNRO | 227696 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-11<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 783730 | MUNRO | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783730 | MUNRO | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783731 | MUNRO | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783732 | MUNRO | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783732 | MUNRO | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783733 | MUNRO | 153043 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783733 | MUNRO | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783734 | MUNRO | 121382 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783734 | MUNRO | 205680 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783734 | MUNRO | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783734 | MUNRO | 153043 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783735 | MUNRO | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783735 | MUNRO | 330899 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783735 | MUNRO | 205680 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783735 | MUNRO | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783780 | MCCOOL | 141919 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783780 | MCCOOL, MUNRO | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783781 | MCCOOL, MICHAUD | 285102 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783781 | MCCOOL, MICHAUD | 344041 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783781 | MICHAUD | 225791 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783781 | MICHAUD | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783817 | MICHAUD | 164380 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783817 | MICHAUD | 225791 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783817 | MICHAUD | 189061 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783817 | MICHAUD | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783818 | MICHAUD | 189061 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783818 | MICHAUD | 311788 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783818 | MICHAUD | 311787 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 783818 | MICHAUD | 225791 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc | 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.) |
| 894174 | GUIBORD | 203737 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894174 | GUIBORD | 276413 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894174 | GUIBORD, MUNRO | 323207 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-12<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID<br>(Cell No.)** | **Anniversary<br>Date** | **Recorded<br>Holder** | **Work<br>Required ($)** | **Royalty<br>Holders** | **Royalty % and Basis<br>(NSR, NPI)** |
| 894174 | GUIBORD, MUNRO | 294568 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894178 | GUIBORD, MUNRO | 251594 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894178 | GUIBORD, MUNRO | 294568 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894179 | GUIBORD, MUNRO | 294568 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894179 | GUIBORD, MUNRO | 323207 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894179 | MUNRO | 173320 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
| 894179 | MUNRO | 155186 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn | 5% NPR |
|  —  | MUNRO | 950149 | 2027-06-26 | Mayfair 100% | 400 | A. Fenn | 5% NPR |
| 3015737 | GUIBORD, MUNRO | 126576 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 3015737 | MUNRO | 271126 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 3015737 | MUNRO | 271125 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 3015737 | GUIBORD, MUNRO | 179863 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 109887 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 325857 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 275832 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 275831 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 259178 | 2027-04-02 | Mayfair 100% | 400 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 203147 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 172897 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 144336 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 1192489 | GUIBORD | 138341 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 4257820 | GUIBORD, MUNRO | 179863 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 4257820 | MUNRO | 271126 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 4257820 | MUNRO | 271125 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 4257820 | MUNRO | 215180 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |
| 4257820 | GUIBORD, MUNRO | 185902 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 | 2.5% NSR |

---

Notes: NSR = net smelter return; NPI = net profits interests.

Source: Mayfair (2025)

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-13<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 4-2: Summary of Mining Patents***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Patents** | **Township** | **Legal Rights** | **Description** | **Ha** | **PIN No.** | **Royalty Holder/s** | **Royalty% and Basis<br>(NSR, NPI)** |
|  ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** |  |  |  |  |  |
|  PAT-49081<sup>1</sup> | GUIBORD 4220SEC | Mining and Surface Rights | L9189, NE1/4 of S1/2 Lot 8 Con 6 | 16.946 | 65379-0191(LT) |  |  |
|  PAT-49082<sup>1</sup> | GUIBORD 4219SEC | Mining and Surface Rights | L9190, SE1/4 of S1/2 Lot 8 Con 6 | 16.946 | 65379-0192(LT) |  |  |
|  PAT-49080<sup>1</sup> | GUIBORD 4217SEC | Mining and Surface Rights | L9188, SE 1/4 of N1/2 Lot 8 Con 6 | 16.946 | 65379-0189(LT) |  |  |
|  PAT-49079<sup>1</sup> | GUIBORD 4218SEC | Mining and Surface Rights | L8290, SW1/4 of S1/2 Lot 7 Con 6 | 16.896 | 65379-0194(LT) |  |  |
|  PAT-49078<sup>1</sup> | GUIBORD 4215SEC | Mining and Surface Rights | L9252, SE1/4 of S1/2 Lot 7 Con 6 | 17.3 | 65379-0195(LT) |  |  |
|  PAT-49077<sup>1</sup> | GUIBORD 4216SEC | Mining and Surface Rights | L8289, NW1/4 of S1/2 Lot 7 Con 6 | 16.896 | 65379-0193(LT) |  |  |
|  PAT-27296<sup>1</sup> | MUNRO 2636SEC | Mining and Surface Rights | NE 1/4 OF S 1/2 OF LOT 9 CON 1 | 16.036 | 65367-0116(LT) |  |  |
|  PAT-4349<sup>1</sup> | GUIBORD 11391SEC | Mining and Surface Rights | NE 1/4 OF N 1/2 LOT 7 CON 6 - L45564 | 16.896 | 65379-0196(LT) |  |  |
|  L45561<sup>1</sup> | MUNRO 11516SEC | Surface Rights | L45561 | 16 | 65367-0145(LT) | Same land as L894178 |  |
|  L45562<sup>1</sup> | MUNRO 11393SEC | Surface Rights | L45562 | 16 | 65367-0119(LT) | Same land as L894179 |  |
|  L45563<sup>1</sup> | GUIBORD 11392SEC | Surface Rights | L45563 | 16 | 65379-0197(LT) | Same land as L894174 |  |
|  ***Backman*** | ***Backman*** | ***Backman*** | ***Backman*** | ***Backman*** | ***Backman*** | ***Backman*** | ***Backman*** |
|  PAT-48797<sup>1</sup> | MUNRO 12010SEC | Mining Rights | SE1/4 S1/2 LOT 10 CON 1 - L52228 | 15.682 | 65367-0153(LT) | Backman | 5% NPR |
|  ***Dyer*** | ***Dyer*** | ***Dyer*** | ***Dyer*** | ***Dyer*** | ***Dyer*** | ***Dyer*** | ***Dyer*** |
|  PAT-2640 | GUIBORD 4074SEC | Mining and Surface Rights | SW1/4 of N1/2 Lot 9 Con 6 | 16.744 | 65379-0186(LT) | Dyer | 2% NSR |
|  PAT-2639 | GUIBORD 281SEC | Mining and Surface Rights | NW1/4 of N1/2 Lot 9 Con 6 | 16.744 | 65379-0185(LT) | Dyer | 2% NSR |
|  PAT-2638 | GUIBORD 3920SEC | Mining and Surface Rights | NW1/4 of S1/2 Lot 1 Con 6 | 16.592 | 65379-0201(LT) | Dyer | 2% NSR |
|  PAT-2637 | GUIBORD 3929SEC | Mining and Surface Rights | NE1/4 of S1/2 Lot 2 Con 6 | 17.199 | 65379-0200(LT) | Dyer | 2% NSR |
|  ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** |
|  PAT-5494 | GUIBORD 9275SEC | Mining and Surface Rights | LOT 8 CON 3 - L37004 | 16.187 | 65379-0159(LT) | New Klondike Exploration | 2% NSR |
|  PAT-5493 | GUIBORD 9274SEC | Mining and Surface Rights | LOT 7 CON 3 - L37003 | 16.137 | 65379-0160(LT) | New Klondike Exploration | 2% NSR |
|  PAT-5492 | GUIBORD 9273SEC | Mining and Surface Rights | LOT 7 CON 3 - L37002 | 16.137 | 65379-0161(LT) | New Klondike Exploration | 2% NSR |
|  PAT-5491 | GUIBORD 9271SEC | Mining and Surface Rights | NW 1/4 OF S 1/2 LOT 5, CON 2, L36779 | 16.238 | 65379-0135(LT) | New Klondike Exploration | 2% NSR |
|  PAT-5490 | GUIBORD 9272SEC | Mining and Surface Rights | LOT 6 CON 2- L36778 | 16.238 | 65379-0134(LT) | New Klondike Exploration | 2% NSR |

---

Notes: <sup>1</sup> Subject to Barrick Gold Corporation's back-in rights, described in Section 4.4. NSR = net smelter return; NPI = net profits interests.

Source: Mayfair (2024)

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-14<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 4-3: Summary of Leased Claims***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease<br>No.** | **Legacy Claims<br>within Lease** | **Township** | **Parcel No.** | **Legal Rights** | **Lease<br>Expiry Date** | **Area<br>(ha)** | **PIN No.** | **Royalty Holder/s** | **Royalty % and Basis<br>(NSR, NPI)** |
|  ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** | ***Fenn–Gib North*** |
|  LEA-108626 | L475766 | GUIBORD | 1600 SEC LC | Mining and<br>Surface<br>Rights | 2032-03-31 | 673.854 | 65379-<br>0199(LT) | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475767 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  | L475768 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475769 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475770 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  | L475777 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  | L475778 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  | L475779 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475780 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475781 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475782 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475784 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475799 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  | L475800 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  | L475801 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475802 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L475803 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477208 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477209 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477212 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477222 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477223 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477224 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477225 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477226 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477227 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477228 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477237 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477238 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-15<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease<br>No.** | **Legacy Claims<br>within Lease** | **Township** | **Parcel No.** | **Legal Rights** | **Lease<br>Expiry Date** | **Area<br>(ha)** | **PIN No.** | **Royalty Holder/s** | **Royalty % and Basis<br>(NSR, NPI)** |
|  | L477239 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477240 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477241 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477242 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477243 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477244 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477252 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477256 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477258 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477259 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477260 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  | L477261 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  LEA-107733 | L894175 | GUIBORD |  | Mining<br>and<br>Surface<br>Rights | 2025-12-31 | 84.74 | 65379-<br>0256(LT) | A. Fenn | 5% NPR |
|  LEA-107733 | L894176 |  |  |  |  |  |  | A. Fenn | 5% NPR |
|  LEA-107733 | L894177 |  |  |  |  |  |  | A. Fenn | 5% NPR |
|  LEA-108627 | L475771 | GUIBORD | 1595<br>SEC<br>LC | Mining<br>and<br>Surface<br>Rights | 2032-01-31 | 203.472 | 65379-<br>0198(LT) | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  LEA-108627 | L475772 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  LEA-108627 | L475773 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L475774 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L475775 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L475776 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L475797 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L475798 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L477312 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L477313 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.5% NSR |
|  LEA-108627 | L477316 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |
|  LEA-108627 | L477317 |  |  |  |  |  |  | 0799714 B.C. Ltd. | 1.0% NSR on gold and 2.0% NSR on all other minerals |

---

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-16<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease<br>No.** | **Legacy Claims<br>within Lease** | **Township** | **Parcel No.** | **Legal Rights** | **Lease<br>Expiry Date** | **Area<br>(ha)** | **PIN No.** | **Royalty Holder/s** | **Royalty % and Basis<br>(NSR, NPI)** |
|  ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** | ***Fenn–Gib Horseshoe*** |
|  LEA-110178 | L427809 | GUIBORD | 1312LC | Mining and<br>Surface<br>Rights | 2045-08-31 | 84.63 | 65379-<br>0190(LT) | Croesus Gold Mines Limited, Constantine | Croesus GM—2% NSR; Constantine—1% NSR |
|  LEA-110178 | L427810 |  |  |  |  |  |  |  |  |
|  LEA-110178 | L427811 |  |  |  |  |  |  |  |  |
|  LEA-110178 | L442115 |  |  |  |  |  |  |  |  |
|  LEA-110178 | L442116 |  |  |  |  |  |  |  |  |
|  LEA-110177 | L427812 | MUNRO | 1313LC | Mining and<br>Surface<br>Rights | 2045-08-31 | 45.883 | 65367-<br>0118(LT) | Croesus Gold Mines Limited, Constantine | Croesus GM—2% NSR; Constantine—1% NSR |
|  LEA-110177 | L427813 |  |  |  |  |  |  |  |  |
|  LEA-110177 | L427814 |  |  |  |  |  |  |  |  |
|  ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** | ***Fenn–Gib South*** |
|  LEA-108908 |  | GUIBORD | 1613LC | Mining and<br>Surface<br>Rights | 2032-08-31 | 1410.139 | 65379-<br>0004(LT) |  |  |

---

Notes: NPR = net proceeds royalty; NSR = net smelter return.

Source: Mayfair (2025)

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-17<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**4.4** **Mining Rights** 

***4.4.1***  ***Patented Land*** 

The patented land parcels are the most secure form of land tenure and are subject to an annual mining tax payable to the Crown. The patented lands are described by the legal survey of individual mining claims and surveyed mining locations. The patented (or leasehold) mining lands consist of 21-year mining leases issued for mining claims that have been legally surveyed as individual mining claims or defined by the perimeter survey of groups of mining claims. Plans of a perimeter survey of multiple contiguous mining claims in unsurveyed territory include CLM (Ontario Surveyor). Leaseholders are subject to an annual rental payable to the Crown. The Ontario Mining Act contains provisions for the renewal of 21-year mining leases. Applications for renewal are subject to Ministry review and consent.

***4.4.2***  ***Unpatented Land*** 

Ontario modernized its mining claim system on April 10, 2018, transitioning from a manual ground and paper staking system to an online platform. All active, unpatented claims were converted from their legally defined location by claim posts on the ground or by township survey to a cell-based provincial grid. Mining claims are now legally defined by their cell position on the grid and coordinate location in the Mining Lands Administration System (MLAS) map viewer. The unpatented mining claims (cell mining claims) Mayfair Gold holds do not confer upon the Company any right, title, interest, or claims in or to the mining claims other than the right to proceed as is in the Ontario Mining Act, R.S.O. 1990, Chapter M. Upon registering cell mining claims (cells), the Company must perform and file exploration assessment work and apply assessment work credits on those cells to maintain them in good standing. The first unit of assessment work of $400/~20 ha is required by the second anniversary date of recording the cell, and an additional unit is required to be performed and filed for each year thereafter. Until a mining lease for the mining claims is issued, the Company does not have the right to remove or otherwise dispose of any minerals found in, upon, or under the mining claim.

**4.5** **Surface Rights** 

Mayfair Gold does not have a right, title, or claim to the surface rights of the claims except to enter upon, use, and occupy such part or parts necessary for the purpose of prospecting and exploration (Ontario Mining Act, R.S. O. 1990, Chapter M).

**4.6** **Royalties and Encumbrances** 

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and 6 mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn–Gib Project). LSG agreed to sell the Fenn–Gib Project to Mayfair pursuant to an asset purchase agreement dated June 8, 2020. Concurrent with the closing of Mayfair's acquisition of the Fenn–Gib Project, Mayfair granted LSG a 1% NSR royalty over the entirety of the Fenn– Gib Project to be paid in addition to those summarized in Table 4-1 to Table 4-3. LSG subsequently sold the interest in the 1% NSR royalty to Metalla Royalty and Smelting Ltd.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-18<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

Barrick Gold Corporation holds a back-in right to acquire a 51% interest in certain claims (as noted in Table 4-2) within the Fenn-Gib Project by paying Mayfair twice the expenditures made on the property and to advance the Fenn-Gib Project. This right is triggered if a NI 43-101 technical report demonstrates a mineral resource of at least 5 million ounces of gold on the relevant claims. This right expires on August 18, 2032.

**4.7** **Permits** 

There are two valid exploration permits in place on the Fenn–Gib North Block that includes mechanized drilling, Exploration Permit PR-23-000124 issued on June 14, 2023, and Exploration Permit PR-25-000120 issued on July 29, 2025. There are no active exploration permits on the Fenn–Gib South Block. All exploration permits are valid for a term of three years from the date of issue and issued pursuant to subsection 78.3(2) of the *Mining Act*, R.S.O. 1990, Chapter M.

**4.8** **Environmental Liabilities and Social License** 

The Fenn–Gib property benefits from straightforward permitting requirements, as it does not intersect with any federal lands, parks, or other land categories that would require additional special permits or complex negotiations. Surrounding First Nations communities hold traditional treaty rights to hunt, fish, trap, and harvest the land. An Exploration Agreement was signed between LSG and the Wahgoshig First Nation known as Apitipi Anicinapek Nation (AAN) on February 9, 2017; the agreement discusses the collaboration between the company and the Wahgoshig First Nation during exploration activities and has been transferred to Mayfair under the Asset Purchase Agreement with LSG.

Mayfair continues to consult and is working collaboratively with the AAN, under the terms of the Exploration Agreement, and expects to develop a Community–Company agreement to advance the Fenn–Gib Project.

The QP does not expect that Exploration Agreement or any other significant environmental liabilities would affect Mayfair's access, title, or the right or ability to perform work on the property.

**4.9** **Significant Risk Factors** 

The QP did not independently verify the legality of any underlying agreement that may exist concerning the licences or other agreement between third parties but have instead relied on the client's solicitors to have conducted the proper legal due diligence.

The QP is not aware of any other significant factors and risks that would affect Mayfair's access, title, or the right or ability to perform work on the property.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 4-19<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **5** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY**  |

---

**5.1** **Accessibility** 

The Property is easily accessible, east from Timmins, via Highway 101, which crosses the upper central part of the property. The highway links the provinces of Ontario and Quebec between the towns of Matheson and Duparquet; the highway becomes Autoroute 388 in the Province of Quebec. A few drill trails cross the property in a north–south direction.

**5.2** **Climate** 

Climatic conditions are continental; characterized by cold winters with snow, and warm summers with moderate precipitation. The temperature ranges between 11°C to 25°C during the summer and between -10°C to -25°C during the winter. July is the warmest month and January the coldest. Total precipitation ranges between 801 and 1,200 mm/a. The rainiest month is July, with an average of 92 mm, and January gets an average of 62 mm of snow. Exploration activities can be undertaken all year long. However, work is made difficult during transitional seasons where the ground is saturated with water from the melting snow in spring, and before winter when lakes are not frozen.

**5.3** **Local Resources and Infrastructure** 

The Project benefits from its location near multiple established mining centres, including Matheson (pop. 2,500) just 20 km west of the Project, and the larger mining hubs of Kirkland Lake (pop. 6,000), Timmins (pop. 41,000), and Rouyn-Noranda (pop. 42,000) all within a one hour drive, providing access to mining services, skilled labour, and supplies.

An Ontario Hydro 27 kV power-transmission line follows Highway 101 through the property; a high-voltage transformer station is located at Ramore, some 15 km to the southwest. Natural gas is available approximately 17.5 km away, and there is a compressed natural gas (CNG) station between Timmins and Matheson with a capacity of 10,000 GJ/d.

The Fenn–Gib Project is partially transected by Highway 101, which provides easy access to the Project. The highway is not viewed as an impediment or risk to development currently, but realignment of the highway may be required as part of future Project development.

In addition, the area is generally and intermittently covered by shallow sloughs and wetlands. Some streams and water bodies on site are considered fish habitat, as a few small-bodied fish were captured during surveys. Many streams are not well-defined channels and instead flow as braided surface water through wet, boggy forest. Studies to determine the flora and fauna that may be affected by potential mining operations and infrastructure are ongoing. However, it is not believed that these water bodies and features pose a risk to development. It is not believed there is any risk to access, permitting, or social license based on information available at this time.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 5-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**5.4** **Physiography** 

The Fenn–Gib Project lies within the extensive Abitibi Clay Belt, a continuous flat-lying sheet of glaciolacustrine sediments deposited in glacial lakes Barlow and Ojibway as the Laurentide Ice Sheet receded during the Quaternary period approximately 10,000 years ago. A large glaciofluvial deposit, the Munro Esker, flanks the Project area on the east, rising about 40 m above the clay plain.

Averaging 315 m above sea level (masl), most of the Property is covered by dense alder swamp that supports a thin growth of poorly developed black spruce. Higher parts of the area support a mature growth of black spruce, jack pine, poplar, and white birch. Most of the timber on the Project site has little commercial value, but the esker's well-drained sands and gravels support commercially valuable white pine stands. Differences in elevation are not more than 15 m throughout the Property.

**5.5** **Sufficiency of Surface Rights** 

Water resources are locally available, and the site has significant lakes and wetlands from which to service operations. Cellphone coverage extends to the property. Mayfair holds sufficient surface rights necessary for exploration activities, along with potential future mining operations.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 5-2<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| | |
|:---|:---|
| **6** | **HISTORY**  |

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**6.1** **Exploration History 1911–2011** 

Since its initial discovery and early exploration in 1911, the Fenn–Gib property has been explored and developed by various operators. In 2017 LSG carried out the last physical work prior to Mayfair's acquisition on December 31, 2020. The primary sources of information referenced and paraphrased in this section are historical, with significant reliance on the findings presented in the 2011 SGS NI 43-101 Technical Report (Dagbert & Desharnais, 2011), which also referenced Pangea's Fenn–Gib Drilling Report (Brown, 2002).

Figure 6-1 illustrates the position of various mineral showings on or around the Fenn–Gib Project. Table 6-1 summarizes the exploration activities conducted. Further details on the exploration history may be reviewed in Maunula (2023) and Dagbert & Desharnais (2011).

![LOGO](g83619snap335.jpg)

Source: SGS (2011)

***Figure 6-1: Geological Map Illustrating Mineral Showings***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 6-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| | |
|:---|:---|
| ***Table*** | ***6-1:Mineral Occurrences within the Fenn–Gib Project***  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Identifier** | **Description** | **Source Map** | **Commodity** |
| American Eagle Mine | MDI42A09SE00018 | The shaft 0.03 km north and 2.2 km east of the <br>southwest corner of Munro Township | OGS 1980, P866 Munro TP | Gold |
| Backhoe Till Sample 85-110B | MDI42A08NE00049 | Sample pit | OGS 1986 MAP 80-843 | Gold |
| Backhoe Till Sample 85-111B | MDI42A08NE00050 | Sample pit | OGS 1986 MAP 80-843 | Gold |
| Backhoe Till Sample 85-112B | MDI42A08NE00051 | Sample pit | OGS 1986 MAP 80-843 | Gold |
| Barrett—1 | MDI42A09SE00155 | Diamond drill hole | OGS 1951 MAP 1951-6 Guibord | Gold, copper, zinc |
| Bird, S. J. | MDI42A09SE00057 | Pit | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| C4 | NA | Several anomalous gold including 6.7 m at 7.1 g/t Au (C4-1A) | Rennick 2004 (Tandem Resources HW101) | Gold |
| Cameron | MDI42A09SE00062 | Trenches & DDH | OGS 1987 GDIF 399 Exploration Data Map | Gold, zinc |
| Canadian Johns Mansville | MDI42A09SE00193 | Stripped area | OGS 1987 GDIF 399 Exploration Data Map | Gold, copper |
| Cominco-1 | MDI42A09SE00054 | Diamond drill hole (G80-1: 1.9 m at 5.4 g/t Au) | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| Cominco-2 | MDI42A09SE00187 | Point | OGS 1987, GDIF 399 Exploration Data Map | Gold, copper |
| Gibb East G-213 | MDI000000000540 | DDH G-313 in assessment file KL-5295 | DDH G-213 | Gold |
| Gibb East G-215 | MDI000000000539 | Diamond drill hole G-215 | DDH G-215 | Gold |
| Gibb East G216 | MDI000000000541 | DDH G-216 in assessment file KL-5295 | DDH G-216 in file KL-5295 | Gold |
| Gibb East G217 | MDI000000000542 | DDH G-217 in assessment file KL-5295 | DDH G-217 | Gold |
| Guibord Lake East | MDI42A09SE00190 | Diamond drill hole 397 | OGS 1987 GDIF 399 Exploration Data Map | Gold, copper, zinc |
| Guibord Lake West | MDI42A08SE00121 | Diamond drill hole #398 | OGS 1987 GDIF 399 Exploration Data Map | Gold, copper, lead, zinc |
| GUI-POR#1 | MDI42A09SE00052 | Point | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| Hansen—Mcdonnell | MDI42A09SE00063 | Point | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| Hislop—East | MDI42A08SW00019 | Quartz vein | OGS 1956 MAP 1955-5 Township of Hislop | Gold |
| Sonic Drill Hole 87-42 | MDI42A09SE00066 | Diamond drill hole 87-42 | OGS 1988 Map 81-119 | Gold |
| Skjonsby | N/A | N/A | N/A | Gold |
| Talisman | MDI42A09SE00188 | Shaft | OGS 1951 AR VOL 60 PT9 MAP 1951-6 Guibord | Gold, lead, silver |

---

Notes: Refer to Figure 6-1 for location.

Mainly compiled by the Ontario Ministry of Northern Development and Mines.

Source: Dagbert & Desharnais (2011)

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 6-2<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***6.1.1***  ***Mineral Resource Estimate—2011*** 

SGS completed a Mineral Resource estimate in 2011 that included 40.8 Mt grading 0.99 g/t Au in the Indicated category and 24.5 Mt at 0.95 g/t Au in the Inferred category (Dagbert & Desharnais, 2011). The Indicated and Inferred Mineral Resources are historical estimates and use the categories set out in NI 43-101, effective as of November 17, 2011. The 2011 SGS Mineral Resource estimate is not current and should not be relied upon.

**6.2** **Exploration History 2012–2019** 

LSG carried out exploration between 2012 and 2019 as summarized in Table 6-2. Additional details regarding the programs and results can be found in Maunula (2023).

Tahoe Resources Inc. (Tahoe Resources) acquired LSG as a subsidiary on February 10, 2016. Pan American Silver Corp. (Pan American) bought Tahoe Resources on February 12, 2019, and LSG became its subsidiary.

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| | |
|:---|:---|
| ***Table*** | ***6-2: LSG and Tahoe Exploration Activities***  |

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| | | |
|:---|:---|:---|
| **Year** | **Company** | **Description** |
| 2012 | LSG | Diamond drill program: 34 drill holes totalling 15,802 m |
| 2012 | LSG | Reconnaissance mapping and prospecting: 291 field samples |
| 2014 | LSG | Outcrop investigation and prospecting: 14 samples |
| 2017 | Tahoe | Definition diamond drill programs: 80 drill holes, 32, 1013 m and 4 drill holes, 2,589 m |
| 2017 | Tahoe | Exploration diamond drill program: 14 drill holes, 5,653 m |
| 2017 | Tahoe | Metallurgical testwork: 14 composite samples from <sup>1</sup>⁄<sub>2</sub> cut NQ drill core |

---

Source: TMAC (2024)

**6.3** **Exploration Targets** 

Tahoe Resources carried out a desktop review for LSG on several early-stage exploration targets on the Fenn–Gib Project, including American Eagle, G-101, Central Syenite, Horseshoe Zone, Canamax Zone, Perry Lake Prospect, and South Block (Brace et al., 2017). The location of the exploration targets on the Fenn–Gib Project is shown in Figure 6-2. Details for the exploration targets are provided in Maunula (2023).

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 6-3<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619snap338.jpg)

Source: Brace et al. (2017)

***Figure 6-2: Project Geology Showing Exploration Targets***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 6-4<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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**6.4** **Acquisition by Mayfair Gold—2020** 

On June 8, 2020, the Company entered into a binding asset purchase agreement with LSG for the Fenn–Gib Project. Under the terms of the agreement, Mayfair Gold agreed to acquire 21 fee simple patented properties, 144 unpatented mining claims, and 153 patented leasehold mining claims located in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario. The Company assumed 100% ownership of the Fenn–Gib Project on December 31, 2020, and commenced exploration in mid-January 2021.

**6.5** **Historical Mineral Resource Estimates Commissioned by Mayfair Gold** 

Between 2020 and 2023 the Company commissioned three Mineral Resource updates on the Fenn–Gib Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An open pit-constrained NI 43-101 Mineral Resource estimate dated February 5, 2021, which reported a total Indicated Mineral Resource of 70.2 Mt containing 2.08 Moz of gold grading 0.921 g/t Au, and an Inferred Mineral Resource of
3.8 Mt containing 75,000 oz of gold grading 0.618 g/t Au at a 0.35 g/t Au cut-off grade (Kirkham et al., 2021). The 2021 Mineral Resource estimate is not current and should not be relied upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An updated NI 43-101 Mineral Resource estimate of an open pit
constrained Indicated Mineral Resource of 118.07 Mt containing 3.06 Moz of gold grading 0.81 g/t Au, and an Inferred Mineral Resource of 13.8 Mt containing 0.31 Moz of gold grading 0.70 g/t Au at a 0.35 g/t Au cut-off grade (Mayfair Gold, October 2022). The 2022 Mineral Resource estimate is not current and should not be relied upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Mineral Resources for the Fenn–Gib Project within a 50° constrained open pit at a 0.4 g/t Au cut-off grade were: Indicated Resource of 113.7 Mt at 0.93 g/t Au; and an Inferred Resource of 5.7 Mt at 0.85 g/t Au with an effective date of April 6, 2023 (Maunula, 2023). The 2023 Mineral Resource estimate
is not current and should not be relied upon.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 6-5<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **7** | **GEOLOGICAL SETTING AND MINERALIZATION**  |

---

This section is largely summarized from Pangea drilling reports (Brown, 2002; Marchand, 1996).

**7.1** **Regional Geology** 

The Fenn–Gib Project is in the southern portion of the Abitibi Subprovince, which is part of the Superior Province of the Canadian Shield. The Abitibi Subprovince is principally composed of volcanic and sedimentary assemblages that have generally been metamorphosed to greenschist facies and intruded by late tectonic plutons of tonalite and trondhjemite affinity. The Project area is underlain by rocks of the Hoyle Assemblage (sedimentary) and the Kidd–Munro Assemblage (volcanic) and lies on the northern portion of the Blake River Synclinorium and approximately 2 km north of the of the Porcupine–Destor Fault (Figure 7-1).

The main structural features of the area are the Blake River Synclinorium, the Porcupine–Destor Fault Zone and the Cadillac–Larder Lake Fault Zone. The fault zones are respectively located on the north and south limbs of the synclinorium. These structures were formed during the Kenoran Orogeny, a period of north–south compression. It appears that all known major gold deposits in the southern Abitibi are located within a few kilometres of these two fault zones.

Within the vicinity of the Fenn–Gib Project the Porcupine–Destor Fault Zone occurs as a Z-shaped sigmoidal structure that splits into three branches. Both extremities of the Z-shaped structure are east–west trending, while the central portion is more southeasterly trending. Due to poor exposure, the sense and magnitude of displacement along the structure in the Fenn–Gib Project area is unknown but based on more regional information it is thought to be mainly vertical. In the Timmins area where it is well exposed, a sinistral strike-slip movement with a vertical component is reported, whereby the south block moved up relative to the north block (Berger, 2002).

**7.2** **Project Geology** 

The Project is underlain by the dominantly volcanic Kidd–Munro assemblage to the north and the dominantly sedimentary Hoyle assemblage to the south. The two sequences are juxtaposed along the Contact Fault, an east–west to southeast trending shear zone, which is interpreted to be a splay of the Porcupine–Destor Fault Zone. Within the deposit, the Contact Fault is characterized by brittle deformation accompanied by intense carbonatization and silicification. Rocks from both assemblages were intruded by a variety of late intrusive rock including syenite and granitoid plugs and dykes, lamprophyre dykes, and diabase dykes. A 3 km-long, by 100 to 200 m-wide mafic intrusive complex intrudes the Kidd–Munro Assemblage at or near its southern contact.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 7-1<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619snap341.jpg)

Note: The location of the Fenn–Gib Project is shown by the red square.

Source: Berger (2002)

***Figure 7-1: Regional Geology of the Timmins Area***

All lithologic units in and adjacent to the Deformation Zone are moderately to intensely altered. This alteration persists for a distance north and south of the fault, outlining a major alteration halo at least 2 km long and 500 m wide. A variety of alteration styles occur within the broad alteration halo, including silicification, albitization, potash metasomatism, carbonatization, sericitization, chloritization, and hematization. Fuchsite (Mariposite) can occur within the Deformation Zone. Sulphide mineralization, mainly pyrite, occurs as disseminations and fracture fillings in concentrations ranging from trace to 20% in association with the more strongly altered areas. Gold is commonly associated with the sulphide mineralization, especially in areas of coincident silicification and albitization.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 7-2<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

Several styles of gold mineralization have been identified within the Fenn–Gib Project area. The most common style consists of quartz–carbonate veins, stringers, and breccias hosted within intensely altered volcanic rocks and granitoid intrusions (i.e., the Main Zone and Deformation Zone). A second style is characterized by gold associated with intensely altered sediments, containing variable amounts of fine crystalline pyrite within and in the hanging wall to the Deformation Zone. A third style involves gold mineralization related to alteration, shearing, and sulphide mineralization within north-northeast-trending structures including the Main Zone, Deformation Zone, and Footwall Zone.

**7.3** **Mineralization** 

Significant concentrations of gold mineralization on the Fenn–Gib Project primarily occur within two zones: the Main Zone and the Deformation Zone. These two zones overlap and are shown in Figure 7-2. The third zone, Footwall Zone, also contains gold mineralization and is approximately 100 m north of the Main Zone.

![LOGO](g83619snap342.jpg)

Source: Maunula (2024)

***Figure 7-2: Plan View of Mineralized Envelopes***

The Main Zone is a broad zone of disseminated gold mineralization up to 500 m wide, with grades for gold between 0.50 and 3.00 g/t Au. Massive, pillowed, and variolitic basalts crop out and can be seen in diamond drill core from holes collared near Highway 101. Hydrothermally altered variolitic basalts are the principal hosts of the Main Zone mineralization. These basalts were affected by pervasive and vein silicification, carbonatization, albitization, pervasive but weak hematization, and vein sericitization. Syenite and lamprophyre dykes intruded the basalts and are locally mineralized. Pyrite is the main sulphide mineral and occurs as disseminations and in veins, locally up to 50%, over narrow intervals (average 5% to 10%).

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 7-3<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

The Deformation Zone contains narrower and higher-grade intersections associated with altered sediments, intermediate dykes, and grey syenite. Gold mineralization is associated with pyrite either in quartz-healed breccias or as very fine disseminations. The Contact Fault has been interpreted to have acted as a channel for gold-bearing hydrothermal fluids and is host to the Deformation Zone and the southern boundary of the Main Zone. The Deformation Zone mineralization has been defined for approximately 2.0 km along strike.

The Footwall Zone is north of the Main Zone (Figure 7-2). The Footwall Zone's structural and mineralized corridor strikes in a north easterly direction, and drilling has intercepted the zone over a strike length of approximately 500 m and a vertical depth of about 600 m below surface (open in all directions). The Footwall Zone consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, with a steep northerly dip. Mineralization consists of bleached, buff-altered (silica-albite-sericite-carbonate alteration), pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

**7.4** **Prospects and Exploration Targets** 

A diatreme breccia was encountered in diamond drill core in the southeast part of the property; see Cominco showings in Figure 6-1. This breccia is associated with anomalous gold mineralization and represents another exploration target on the Fenn–Gib Project. Rocks in this area are ultrapotassic, pseudoleucite-bearing, and associated with fluorite.

Two historical mines were operated in the early 1900s within quartz–carbonate veins in the Hoyle sediments (Talisman and American Eagle on Figure 6-1).

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 7-4<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **8** | **DEPOSIT TYPES**  |

---

Four major types of gold deposits are recognized in the Abitibi-Greenstone Belt (which is within the Abitibi Subprovince)—Robert and Poulsen (1997) identified three major types and Berger and Amelin (1998) have suggested a fourth. In order of the timing of development, these deposit types are: synvolcanic and synsedimentary deposits, syenite-associated deposits, syntectonic mesothermal vein deposits, and remobilized post-tectonic vein deposits.

Synvolcanic deposits include volcanogenic massive sulphide-related gold deposits with ocean floor alteration and replacement facies, represented primarily by the Horne Deposit in Quebec. Synsedimentary gold deposition is considered to be a key factor in the localization of gold at the Aunor and Dome Deposits in the Timmins camp. These early mineralizing events have drawn attention to the role of volcanic and sedimentary processes.

Syntectonic plutons, intruded near regional-scale shear zones, became the focus of exploration and research due to their close spatial relationships with some gold deposits. Mineralizing fluids are interpreted to have been derived from the plutons during emplacement. Numerous examples of this type of deposit can be found in the Abitibi, including at least one phase of mineralization at the Aunor and Dome Deposits, as well as deposits associated with the Bourlamaque pluton of the Val D'Or district, the Kerr–Addison Deposit, the Hollinger McIntyre Deposit, the Holt McDermott Deposit, and the Holloway Deposit. The Fenn–Gib Deposit is best represented by this model.

Mesothermal syntectonic vein deposits are associated with carbonate–albite–tourmaline veins, which crosscut the regional foliation. The deposits are thought to have developed syntectonically, based on structural relationships, with deep crustal fluids that used the active shear zones as conduits, contemporaneous with orogenesis and peak metamorphism. Examples of such deposits include the Camflo Mine and the Sigma Mine.

A fourth, less-common type of deposit occurs as quartz veins with north–south strikes and moderate dips and is thought to be due to a remobilization of gold-bearing fluids along north–south fractures (Berger & Amelin, 1998). These deposits crosscut regional fabrics and formed late in the area's tectonic history. The Croesus Mine, perhaps the highest-grade deposit in the Abitibi, is thought to be one such deposit. This historical mine is less than 4 km northwest of the Fenn–Gib Deposit, within the volcanic rocks of the Kidd–Munro assemblage.

In the case of synvolcanic and syenite-associated deposits, the fluids were most likely derived from magmatic activity. For the syntectonic mesothermal vein deposits, fluids may have been metamorphic fluids from the deep crust. The literature suggests that there were at least three phases of gold introduction into the Abitibi: synsedimentary and synvolcanic introduction of gold, followed by intrusion-related gold mineralization, and a final metamorphism-related mineralizing event (Dubé & Mercier-Langevin, 2020).

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 8-1<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **9** | **EXPLORATION**  |

---

From 1911 through 2019, several operators undertook exploration programs on the Fenn–Gib property, consisting primarily of diamond drill programs, geophysical surveys, and limited shaft sinking and underground drifting, as reported by Satterly (1951) and Talisman (Bath, 1990) prospects. In 1988, Corona Corporation drilled discovery hole FE88-10 near the eastern boundary of the Fenn Property, at the core of what is now the Fenn–Gib Deposit. This hole penetrated a 222.51 m section of altered volcanics that averaged 1.63 g/t Au. Additional information on historical exploration activities prior to 2019 is provided in Section 6.

**9.1** **Diamond Drilling** 

The Company acquired the Fenn–Gib Project on December 31, 2020, and initiated an infill and expansion resource drilling program on the Fenn–Gib Deposit on the North Block in mid-January 2021. The Fenn–Gib Deposit extends over a strike length of more than 1.5 km, with widths exceeding 500 m. In addition to ongoing drilling at the Fenn–Gib Deposit, exploration is continuing on the Footwall Zone, northwest of the main deposit. Gold mineralization in both the Fenn–Gib Deposit and Footwall Zone remain open in all directions. To date the Company has completed 190,138 m of NQ core drilling in 339 drill holes within the Fenn–Gib North Block (Figure 9-1).

**9.2** **Mayfair Gold—2021–Present** 

***9.2.1***  ***Geochemistry*** 

Surface work on the North Block included an orientation soil and vegetation sample mobile-metal-ion (MMI) and soil-gas hydrocarbons (SGH) test sampling program during 2022, which Aurora Geosciences Ltd. (Aurora) carried out under contracted with SGH processing (Brown & Sutherland, 2022) completed at Activation Laboratories Ltd. in Ancaster, Ontario, and MMI processing completed at SGS Laboratories in Burnaby, B.C. (Aurora Geosciences, 2023).

***9.2.2***  ***Geophysical Surveys*** 

Aurora conducted a direct current (DC) resistivity-induced polarization (IP) survey for the Company on the North Block's Grid A and Grid B of the Fenn–Gib Project (Jelenic, 2023). Grid A consisted of 66 north–south IP lines totalling 102.55 line-km, and Grid B consisted of 27 northwest–southeast IP lines totalling 29.45 line-km. Aurora completed the work on Grid A using two deployments from October 5, 2022, to January 15, 2023, and the work on Grid B was completed in two deployments from April 4 to May 14, 2023. The survey used a pole–dipole electrode array with 50 m dipoles for Grid A and 25 m dipoles for Grid B.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 9-1<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619snap346.jpg)

Source: Mayfair (2025)

***Figure 9-1: Fenn–Gib North Block Mayfair Gold Drill Hole Locations***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 9-2<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

In 2021 the Company contracted SHA Geophysics Ltd. (SHA) to carry out a Heli-GT helicopter-towed, three-axis magnetic gradiometer survey over the North and South property blocks (Munro, 2021). During April 7 to 12, 2021, a total of 1,751 km of data was collected. The two property blocks were each surveyed in two orthogonal directions, for a total of four individual surveys. The North Block was flown at headings of 60° and 330° (N060 and N330); the South Block was flown at headings of 80° and 350° (S080 and S350).

***9.2.3***  ***Other*** 

LiDAR and aerial photography acquisition was contracted to McElhanney of Vancouver, B.C., over both the Fenn–Gib Project North and South Blocks; the survey was flown on June 10, 2022 (McElhanney, 2022).

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 9-3<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **10** | **DRILLING**  |

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**10.1** **Historical Drilling** 

The Fenn-Gib Project benefits from extensive historical exploration, with previous owners and operators completing 586 drill holes totaling 169,702.51 m. The historical drill holes were predominately BQ and NQ diameter drill holes prior to 2011 and then primarily NQ diameter drill holes for the 2011–2012 and 2017 campaigns. Pangea Goldfields Inc. (Pangea) completed drilling on the Fenn–Gib Deposit in the mid to late 1990s and LSG in 2011–2012 and in 2017. Other operators or joint-venture partners included NAR Resources Ltd., Tandem Resources Ltd., Lacana Mining Corp., Corona Gold Corporation, Normina Mineral Development Corporation, and Tahoe Resources Inc. Of the 586 drill holes on the Fenn–Gib Project from historical drill campaigns by several operators, 457 drill holes have been used for the 2024 Mineral Resource estimate.

**10.2** **Mayfair Gold Drilling** 

Table 10-1 summarizes Mayfair Gold's drilling campaigns completed as of the June 20, 2025. The Company completed an additional 27 drill holes totaling 11,503.6 m after the April 30, 2024, cut-off date used for this Mineral Resource estimate. The drilling program also includes an additional 21 regional drill holes which are part of Mayfair Gold's property exploration.

***Table 10-1: Mayfair Gold Drill-Hole Summary by Year***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **As of April 30, 2024 Cut-off Date** | **As of April 30, 2024 Cut-off Date** | **Total Fenn–Gib Drill Holes** | **Total Fenn–Gib Drill Holes** |
| **Year** | **No. of Holes** | **Metres** | **No. of Holes** | **Metres** |
| 2021 | 90 | 54936.70 | 90 | 54936.70 |
| 2022 | 97 | 54482.05 | 118 | 61996.55 |
| 2023 | 89 | 54975.50 | 89 | 54975.50 |
| 2024 | 15 | 14630.10 | 42 | 18229.30 |
| **Total** | **291** | **179024.35** | **339** | **190138.05** |

---

Source: Maunula (2024)

Note: MRE = Mineral Resource estimate

Figure 10-1 shows the plan view of the drill holes used in the MRE of the Fenn–Gib Project.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-1<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619snap349.jpg)

Source: Maunula (2024)

***Figure 10-1: Plan of Drill-Hole Locations used for the Fenn–Gib Mineral Resource Estimate***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-2<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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**10.3** **Diamond Drilling Procedures** 

***10.3.1***  ***Spotting Drill Holes*** 

As of January 2021, Mayfair geologists spot drill-hole collar locations referenced to UTM 17N by using a hand-held Garmin GPS using the NAD 83 geodetic datum. A wooden stake is left in the ground at the collar location and marked with flagging tape labelled with the drill-hole identification, and the planned azimuth, dip, and depth. The location and drill-hole information are reviewed and confirmed with the drilling supervisor.

***10.3.2***  ***Drilling*** 

Since January 2021, drilling on the Fenn–Gib Project has been carried out primarily by Major Drilling Group International (Major Drilling). Northtech Drilling completed a limited number of holes during the summer–winter 2021 period, and Full Force Drilling contributed additional drilling in the summer of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drilling was completed with the use of diamond drill rigs. Most of the core was drilled as NQ size. Only a
handful of holes drilled on the South Block and part of one hole from the North Block were HQ size.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core was placed in core boxes. Wood blocks are placed after each drill run labelled with the corresponding
downhole depth in metres.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core boxes were labelled with the drill-hole identification name and number in numerical sequence starting
from the beginning of the hole to the end. A lid was placed on the core box and sealed at both ends with tape.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Either the Drilling Foreperson delivered the core to the Mayfair Gold Matheson Exploration office or the
Mayfair employees picked up the core at the drill rig location, to take it back to the office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Once drilling was completed, the casing was left in the ground (unless instructed otherwise by Mayfair
geologists). The casing was capped. Affixed to the cap was roughly a 1 m-long metal flag post.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Once drilling was completed, and the drill rig moved off the collar location, the Mayfair geologists conduct a
post-drill site inspection.

***10.3.3***  ***Collar Surveys*** 

All drill-hole collar locations drilled from January 2021 to present have been professionally surveyed or surveyed using a hand-held Garmin GPS.

Initially, Mayfair geologists or geo-technicians survey the collar locations with a hand-held Garmin GPS. A final professional survey is completed for each collar location. This professional survey is done periodically throughout the drilling program. To date, Mayfair has used Talbot Survey Inc. to complete the final professional collar location surveys.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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Please note that the final professional survey data replaces the location data collected by the hand-held Garmin GPS. Data regarding the collar survey method is recorded in the drill-hole database.

***10.3.4***  ***Downhole Surveys*** 

As of January 2021, Mayfair Gold is using the following tools: REFLEX TN14 GYROCOMPASS, REFLEX EZ-GYRO, and the REFLEX GYRO SPRINT-IQ. Aurora Geoscience completed a small drilling program on the South Block during summer 2022 using the REFLEX EZ-TRAC for downhole surveys.

The driller and driller's assistant collect downhole survey data during the drilling process. Imdex Limited provided training on these tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TN14 GYROCOMPASS was used to align the drill to the planned azimuth and dip as specified by Mayfair
geologists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule of thumb for TN14 test approval was less than 1 degree of deviation on the azimuth or dip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exceptions to larger than 1-degree deviations were made; however, this
was up to the discretion of Mayfair geologists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the first approximately 150 m of drilling, after casing, the EZ-GYRO tool was used at 50 m intervals to monitor the azimuth and dip. These tests were sent to the Mayfair geologists for approval (via text and by uploading to the ImdexHUB-IQ website).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first test was taken after casing. Drillers were instructed to wait for approval from the Mayfair
geologists before continuing drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule of thumb for approval was a less-than-2-degree deviation on the azimuth or dip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exceptions to a larger-than-2-degree deviation were made; however, this was at the discretion of Mayfair geologists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After about 150 m of drilling past casing, no other downhole tests were taken to monitor the azimuth and dip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Once drilling was complete, a finalized downhole survey test was taken. This final test was completed with the
GYRO SPRINT-IQ tool. Continuous tests were taken at 3–5 m intervals as the tool was lowered down the hole (IN-Test) and as it was brought back up the hole (OUT-Test). There have been a handful of drill holes where only the EZ-GYRO tool was used at 50 m intervals for the entire length of the drill hole.

***10.3.5***  ***Geotechnical and Hydrological Drilling*** 

ALS Limited's GeoticLog 8.2.14 (GeoticLog) is the software that Mayfair uses to record all geotechnical and geological logging data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mayfair geologists complete or supervise geotechnical logging at the Matheson Exploration site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core is measured into 1 m intervals between the wooden metre blocks the drillers insert as reference.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-4<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From and to metreage of intervals with the same or similar rock quality designation (RQD) are broken out and
recorded in GeoticLog. Within the given RQD interval, the sum of all pieces of core that are longer than 10 cm is recorded in GeoticLog. GeoticLog will calculate the RQD percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Photographs are taken of the wet core after it has been measured. Core photographs are stored on
Mayfair's server.

Mayfair Gold geologists complete geological logging at the Matheson Exploration site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major geological intervals are broken out. From and to metreage, and detailed descriptions are recorded in
GeoticLog.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major Lithology intervals should be 2 m or more long. Intervals that are less than 2 m long are to be
broken out in the Minor Lithology section in GeoticLog.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are situations where including a Major Lithology interval that is <2 m long is acceptable; this is at
the discretion and critical thinking of the geologist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within the boundaries of each Major Lithology interval, the following data are recorded in GeoticLog:
alteration present and its intensity; pyrite percentage and the style of pyrite mineralization; any other sulphide minerals present and their percentage; structures present; veining present.

To ensure data integrity, drill-hole data is automatically locked upon completion of logging. Any subsequent modifications require authorization from the database manager, maintaining a secure chain of custody for all geological data. Summary of Drill Intercepts.

Table 10-2 summarizes the significant drill-hole intersections encountered in the Mayfair Gold drill holes. Subintervals contained within a primary intersection are italicized in Table 10-2.

***Table 10-2: Significant Drill-Hole Intersections***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-304 |  | 336.00 | 361.90 | 25.90 | 1.46 |
| FG23-304 | *including* | *336.00* | *337.00* | *1.00* | *14.32* |
| FG23-304 | *and* | *345.50* | *349.00* | *3.50* | *3.00* |
| FG23-304 | *and* | *360.00* | *361.90* | *1.90* | *5.88* |
| FG23-304 |  | 387.30 | 389.60 | 2.30 | 2.49 |
| FG23-304 |  | 435.50 | 437.50 | 2.00 | 2.20 |
| FG23-300 |  | 334.80 | 351.00 | 16.20 | 2.05 |
| FG23-300 | *including* | *334.80* | *341.00* | *6.20* | *3.72* |
| FG23-300 | *including* | *334.80* | *336.00* | *1.20* | *4.10* |
| FG23-300 |  | 338.00 | 339.00 | 1.00 | 9.61 |
| FG23-300 |  | 340.10 | 341.00 | 0.90 | 6.76 |
| FG23-300 | *and* | *349.00* | *351.00* | *2.00* | *2.26* |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-5<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-311 |  | 58.30 | 61.20 | 2.90 | 0.87 |
| FG23-311 |  | 145.00 | 163.00 | 18.00 | 1.15 |
| FG23-311 | *including* | *145.00* | *148.00* | *3.00* | *5.98* |
| FG23-311 | *including* | *145.00* | *146.00* | *1.00* | *14.57* |
| FG23-313 |  | 198.00 | 203.00 | 5.00 | 1.41 |
| FG23-313 | *including* | *198.00* | *200.00* | *2.00* | *2.48* |
| FG23-313 | *including* | *199.00* | *200.00* | *1.00* | *3.60* |
| FG23-314 |  | 73.00 | 81.00 | 8.00 | 2.19 |
| FG23-314 | *including* | *80.00* | *81.00* | *1.00* | *13.48* |
| FG23-314 |  | 174.00 | 191.10 | 17.10 | 2.19 |
| FG23-314 | *including* | *174.00* | *176.00* | *2.00* | *13.67* |
| FG23-314 | *and* | *188.40* | *189.30* | *0.90* | *4.66* |
| FG23-314 |  | 382.00 | 383.00 | 1.00 | 2.32 |
| FG23-318 |  | 24.40 | 25.20 | 0.80 | 3.53 |
| FG23-318 |  | 122.80 | 131.00 | 8.20 | 1.94 |
| FG23-318 | *including* | *125.00* | *131.00* | *6.00* | *2.47* |
| FG23-318 | *including* | *125.00* | *128.00* | *3.00* | *4.40* |
| FG23-323 |  | 61.50 | 62.90 | 1.40 | 1.93 |
| FG23-323 |  | 121.00 | 122.00 | 1.00 | 4.21 |
| FG23-323 |  | 184.50 | 186.00 | 1.50 | 2.86 |
| FG23-323 |  | 198.10 | 218.00 | 19.90 | 1.34 |
| FG23-323 | *including* | *198.10* | *206.00* | *7.90* | *2.59* |
| FG23-323 | *including* | *198.10* | *199.00* | *0.90* | *11.73* |
| FG23-326 |  | 48.00 | 49.00 | 1.00 | 1.72 |
| FG23-326 |  | 149.20 | 151.40 | 2.20 | 1.17 |
| FG23-326 |  | 180.00 | 188.00 | 8.00 | 3.67 |
| FG23-326 | *including* | *180.00* | *184.20* | *4.20* | *6.47* |
| FG23-326 | *including* | *181.30* | *182.20* | *0.90* | *19.89* |
| FG23-326 |  | 205.30 | 206.40 | 1.10 | 2.81 |
| FG23-328 |  | 104.00 | 105.50 | 1.50 | 15.65 |
| FG23-328 |  | 164.40 | 165.60 | 1.20 | 2.06 |
| FG23-328 |  | 174.00 | 181.00 | 7.00 | 7.94 |
| FG23-328 | *including* | *175.80* | *177.00* | *1.20* | *11.99* |
| FG23-328 | *and* | *178.60* | *181.00* | *2.40* | *16.20* |
| FG23-330 |  | 24.00 | 24.50 | 0.50 | 3782.70 |
| FG23-330 |  | 51.00 | 52.00 | 1.00 | 3.33 |
| FG23-330 |  | 204.00 | 205.00 | 1.00 | 1.93 |

---

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-6<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-339 |  | 500.10 | 513.00 | 12.90 | 1.38 |
| FG23-339 | *including* | *500.10* | *504.00* | *3.90* | *3.00* |
| FG23-339 |  | 530.80 | 541.00 | 10.20 | 1.09 |
| FG23-339 |  | 549.20 | 554.50 | 5.30 | 3.11 |
| FG23-339 |  | 675.90 | 681.00 | 5.10 | 2.79 |
| FG23-339 | *including* | *677.00* | *678.00* | *1.00* | *7.39* |
| FG23-343 |  | 554.40 | 558.00 | 3.60 | \*2.08 |
| FG23-343 | *including* | *554.40* | *555.40* | *1.00* | *4.43* |
| FG23-344A |  | 498.00 | 528.00 | 30.00 | 4.72 |
| FG23-344A | *including* | *502.00* | *521.60* | *19.60* | *6.59* |
| FG23-344A | *including* | *502.00* | *503.00* | *1.00* | *44.70* |
| FG23-344A | *and* | *517.00* | *521.00* | *4.00* | *10.05* |
| FG23-345 |  | 461.00 | 510.50 | 49.50 | 1.44 |
| FG23-345 | *including* | *461.00* | *463.50* | *2.50* | *9.20* |
| FG23-345 | *and* | *488.50* | *491.50* | *3.00* | *2.92* |
| FG23-345 | *including* | *505.00* | *506.00* | *1.00* | *4.36* |
| FG23-345 |  | 555.00 | 561.00 | 6.00 | 1.43 |
| FG23-345 | *including* | *555.00* | *557.00* | *2.00* | *2.25* |
| FG23-345 |  | 590.40 | 596.00 | 5.60 | 1.18 |
| FG23-345 | *including* | *590.40* | *592.80* | *2.40* | *2.05* |
| FG23-345 |  | 694.90 | 700.30 | 5.40 | 2.47 |
| FG23-345 | *including* | *697.00* | *698.20* | *1.20* | *8.99* |
| FG23-346 |  | 428.30 | 443.80 | 15.50 | 2.26 |
| FG23-346 | *including* | *433.00* | *435.00* | *2.00* | *3.32* |
| FG23-346 | *and* | *440.00* | *443.00* | *3.00* | *5.03* |
| FG23-346 |  | 460.00 | 463.30 | 3.30 | 19.84 |
| FG23-346 | *including* | *461.10* | *462.20* | *1.10* | *54.07* |
| FG23-347 |  | 466.00 | 467.00 | 1.00 | 3.83 |
| FG23-347 |  | 476.80 | 478.00 | 1.20 | 4.80 |
| FG23-347 |  | 483.00 | 484.50 | 1.50 | 2.59 |
| FG23-347 |  | 511.00 | 545.00 | 34.00 | 0.83 |
| FG23-347 | *including* | *529.00* | *531.00* | *2.00* | *1.75* |
| FG23-347 | *and* | *538.00* | *543.00* | *5.00* | *1.90* |
| FG23-347 | *including* | *541.50* | *543.00* | *1.50* | *3.76* |
| FG23-347 |  | 592.50 | 626.00 | 33.50 | 1.28 |
| FG23-347 | *including* | *592.50* | *595.50* | *3.00* | *4.90* |
| FG23-347 | *including* | *593.50* | *594.50* | *1.00* | *9.97* |
| FG23-347 | *and* | *622.00* | *626.00* | *4.00* | *3.34* |
| FG23-347 | *including* | *622.00* | *623.00* | *1.00* | *7.90* |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-7<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-348 |  | 514.00 | 517.00 | 3.00 | 1.10 |
| FG23-348 |  | 622.00 | 624.30 | 2.30 | 6.44 |
| FG23-348 | *including* | *623.00* | *624.30* | *1.30* | *9.30* |
| FG23-350A |  | 12.00 | 508.00 | 496.00 | 1.14 |
| FG23-350A | *including* | *38.00* | *59.00* | *21.00* | *2.84* |
| FG23-350A | *and* | *68.00* | *87.00* | *19.00* | *2.06* |
| FG23-350A | *and* | *115.00* | *146.20* | *31.20* | *2.40* |
| FG23-350A | *including* | *133.20* | *141.20* | *8.00* | *4.19* |
| FG23-350A | *and* | *169.70* | *181.00* | *11.30* | *2.31* |
| FG23-350A | *and* | *209.00* | *228.00* | *19.00* | *5.45* |
| FG23-350A | *and* | *407.00* | *417.00* | *10.00* | *2.82* |
| FG23-350A |  | 683.00 | 807.00 | 124.00 | 1.06 |
| FG23-350A | *including* | *691.40* | *693.20* | *1.80* | *6.46* |
| FG23-350A | *and* | *738.00* | *746.60* | *8.60* | *2.56* |
| FG23-350A | *including* | *738.00* | *740.00* | *2.00* | *5.73* |
| FG23-350A | *and* | *775.00* | *786.00* | *11.00* | *3.22* |
| FG23-350A | *including* | *776.00* | *778.00* | *2.00* | *9.31* |
| FG23-350A |  | 846.00 | 848.00 | 2.00 | 2.08 |
| FG23-350A |  | 899.00 | 940.00 | 41.00 | 0.74 |
| FG23-350A |  | 978.00 | 997.20 | 19.20 | 0.92 |
| FG23-351 |  | 372.50 | 374.50 | 2.00 | 5.92 |
| FG23-351 |  | 403.20 | 420.00 | 16.80 | 2.19 |
| FG23-351 | *including* | *404.20* | *411.20* | *7.00* | *3.28* |
| FG23-351 | *including* | *405.20* | *410.20* | *5.00* | *3.60* |
| FG23-351 | *and* | *413.20* | *415.20* | *2.00* | *3.21* |
| FG23-351 |  | 434.00 | 448.50 | 14.50 | 1.29 |
| FG23-351 | *including* | *434.00* | *435.20* | *1.20* | *3.10* |
| FG23-351 | *and* | *447.00* | *448.50* | *1.50* | *5.39* |
| FG23-351 |  | 727.50 | 780.00 | 52.50 | 0.67 |
| FG23-351 | *including* | *727.50* | *728.00* | *0.50* | *2.90* |
| FG23-351 | *and* | *734.00* | *736.00* | *2.00* | *3.00* |
| FG23-351 | *and* | *779.00* | *780.00* | *1.00* | *2.21* |
| FG23-353 |  | 359.30 | 362.00 | 2.70 | 2.13 |
| FG23-353 |  | 457.50 | 459.00 | 1.50 | 2.62 |
| FG23-353 |  | 528.00 | 544.00 | 16.00 | 2.10 |
| FG23-353 | *including* | *528.00* | *529.00* | *1.00* | *6.27* |
| FG23-353 | *and* | *534.70* | *543.00* | *8.30* | *2.82* |
| FG23-353 | *including* | *536.00* | *537.00* | *1.00* | *6.13* |
| FG23-353 | *and* | *540.00* | *543.00* | *3.00* | *4.07* |
| FG23-353 |  | 582.10 | 584.00 | 1.90 | 2.35 |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-8<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-354 |  | 634.90 | 647.00 | 12.10 | 1.61 |
| FG23-354 | *including* | *634.90* | *638.00* | *3.10* | *3.63* |
| FG23-354 | *and* | *646.00* | *647.00* | *1.00* | *4.24* |
| FG23-356 |  | 21.20 | 944.00 | 922.80 | 0.75 |
| FG23-356 | *including* | *145.90* | *184.00* | *38.10* | *1.14* |
| FG23-356 | *and* | *523.00* | *944.00* | *421.00* | *1.16* |
| FG23-356 | *including* | *580.00* | *801.00* | *221.00* | *1.69* |
| FG23-356 | *including* | *612.00* | *635.00* | *23.00* | *2.40* |
| FG23-356 | *and* | *654.00* | *664.00* | *10.00* | *12.42* |
| FG23-356 | *including* | *655.00* | *656.50* | *1.50* | *76.12* |
| FG23-356 | *and* | *709.00* | *710.00* | *1.00* | *26.25* |
| FG23-356 | *and* | *781.00* | *788.00* | *7.00* | *3.88* |
| FG23-356 | *including* | *781.00* | *782.00* | *1.00* | *23.24* |
| FG23-356 | *and* | *795.00* | *801.00* | *6.00* | *2.33* |
| FG23-356 | *including* | *795.00* | *796.00* | *1.00* | *9.74* |
| FG23-356 | *and* | *857.00* | *858.00* | *1.00* | *43.61* |
| FG23-359 |  | 466.10 | 468.20 | 2.10 | 27.60 |
| FG23-359 |  | 568.00 | 573.00 | 5.00 | 3.64 |
| FG23-359 | *including* | *568.00* | *570.00* | *2.00* | *7.26* |
| FG23-359 |  | 585.00 | 588.20 | 3.20 | 3.70 |
| FG23-359 | *including* | *586.00* | *587.00* | *1.00* | *6.19* |
| FG23-361 |  | 173.00 | 175.70 | 2.70 | 1.96 |
| FG23-361 | *including* | *173.00* | *173.70* | *0.70* | *6.17* |
| FG23-361 |  | 461.20 | 463.50 | 2.30 | 16.47 |
| FG23-361 |  | 469.50 | 470.00 | 0.50 | 4.18 |
| FG23-361 |  | 484.10 | 489.10 | 5.00 | 2.19 |
| FG23-361 | *including* | *485.00* | *486.00* | *1.00* | *5.26* |
| FG23-361 |  | 632.50 | 638.50 | 6.00 | 1.88 |
| FG23-361 | *including* | *637.00* | *638.50* | *1.50* | *4.56* |
| FG23-363 |  | 337.00 | 338.00 | 1.00 | 2.11 |
| FG23-363 |  | 511.10 | 532.40 | 21.30 | 1.20 |
| FG23-363 | *including* | *511.10* | *514.00* | *2.90* | *4.33* |
| FG23-366 |  | 391.50 | 392.50 | 1.00 | 2.21 |
| FG23-366 |  | 524.70 | 526.00 | 1.30 | 4.28 |
| FG23-366 |  | 594.50 | 597.40 | 2.90 | 6.23 |
| FG23-366 | *including* | *595.70* | *596.60* | *0.90* | *15.80* |
| FG23-367 |  | 908.00 | 908.70 | 0.70 | 1.66 |
| FG23-368 |  | 505.50 | 507.40 | 1.90 | 2.87 |
| FG23-368 |  | 558.50 | 568.50 | 10.00 | 3.14 |
| FG23-368 | *including* | *558.50* | *559.50* | *1.00* | *15.94* |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-9<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-370 |  | 548.00 | 549.00 | 1.00 | 2.91 |
| FG23-370 |  | 566.00 | 566.70 | 0.70 | 2.07 |
| FG23-370 |  | 586.00 | 597.00 | 11.00 | 0.85 |
| FG23-370 | *including* | *586.00* | *587.00* | *1.00* | *2.91* |
| FG23-370 | *and* | *595.50* | *597.00* | *1.50* | *2.11* |
| FG23-370 |  | 658.00 | 692.40 | 34.40 | 0.79 |
| FG23-370 | *including* | *658.00* | *677.00* | *19.00* | *1.06* |
| FG23-370 | *including* | *658.00* | *659.00* | *1.00* | *3.23* |
| FG23-370 | *and* | *667.00* | *667.70* | *0.70* | *3.04* |
| FG23-370 | *and* | *674.00* | *676.00* | *2.00* | *2.90* |
| FG23-370 | *and* | *687.00* | *692.40* | *5.40* | *1.00* |
| FG23-371 |  | 685.00 | 686.10 | 1.10 | 1.21 |
| FG23-372 |  | 334.50 | 336.00 | 1.50 | 7.24 |
| FG23-372 |  | 506.00 | 515.00 | 9.00 | 1.12 |
| FG23-372 |  | 560.60 | 572.00 | 11.40 | 2.26 |
| FG23-372 | *including* | *563.60* | *568.60* | *5.00* | *4.07* |
| FG23-378 |  | 441.50 | 442.60 | 1.10 | 3.33 |
| FG23-378 |  | 496.00 | 517.00 | 21.00 | 0.82 |
| FG23-378 | *including* | *506.00* | *511.00* | *5.00* | *1.25* |
| FG23-378 |  | 654.00 | 656.00 | 2.00 | 3.04 |
| FG23-378 |  | 666.40 | 667.30 | 0.90 | 2.37 |
| FG23-378 |  | 709.00 | 717.80 | 8.80 | 1.71 |
| FG23-378 | *including* | *711.00* | *713.00* | *2.00* | *5.13* |
| FG24-385 |  | 261.40 | 332.40 | 71.00 | 0.88 |
| FG24-385 | *including* | *296.70* | *325.00* | *28.30* | *1.40* |
| FG24-385 | *including* | *296.70* | *298.50* | *1.80* | *19.81* |
| FG24-385 | *and* | *315.00* | *316.00* | *1.00* | *3.24* |
| FG24-385 |  | 360.00 | 364.00 | 4.00 | 2.37 |
| FG24-385 | *including* | *363.00* | *364.00* | *1.00* | *5.95* |
| FG24-385 |  | 408.10 | 417.00 | 8.90 | 2.01 |
| FG24-387 |  | 313.50 | 508.00 | 194.50 | 0.80 |
| FG24-387 | *including* | *326.00* | *329.00* | *3.00* | *3.02* |
| FG24-387 | *and* | *379.10* | *380.00* | *0.90* | *4.21* |
| FG24-387 | *and* | *438.00* | *443.00* | *5.00* | *2.54* |
| FG24-387 | *and* | *464.70* | *468.00* | *3.30* | *8.56* |
| FG24-387 | *including* | *467.00* | *468.00* | *1.00* | *23.90* |
| FG24-387 | *and* | *474.50* | *476.70* | *2.20* | *4.60* |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 10-10<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG24-388 |  | 312.00 | 380.90 | 68.90 | 1.97 |
| FG24-388 | *including* | *314.00* | *323.40* | *9.40* | *4.82* |
| FG24-388 | *including* | *318.00* | *320.10* | *2.10* | *11.25* |
| FG24-388 | *and* | *339.50* | *352.00* | *12.50* | *3.01* |
| FG24-388 | *including* | *343.50* | *346.50* | *3.00* | *6.91* |
| FG24-388 | *and* | *350.90* | *352.00* | *1.10* | *6.63* |
| FG24-388 | *and* | *375.00* | *380.90* | *5.90* | *4.15* |
| FG24-390 |  | 209.00 | 210.00 | 1.00 | 10.72 |
| FG24-390 |  | 221.50 | 250.00 | 28.50 | 0.55 |
| FG24-390 |  | 244.20 | 245.20 | 1.00 | 2.96 |
| FG24-390 |  | 280.00 | 294.00 | 14.00 | 6.12 |
| FG24-390 | *including* | *281.20* | *282.10* | *0.90* | *68.13* |
| FG24-390 | *and* | *288.00* | *294.00* | *6.00* | *3.24* |
| FG24-390 | *including* | *291.00* | *292.00* | *1.00* | *9.13* |
| FG24-410 |  | 471.00 | 485.00 | 13.90 | 2.90 |
| FG24-414 |  | 377.90 | 397.00 | 19.10 | 1.04 |
| FG24-414 |  | 449.40 | 470.50 | 21.10 | 1.28 |
| FG24-415 |  | 345.50 | 362.00 | 16.50 | 1.06 |
| FG24-415 |  | 443.00 | 451.00 | 8.00 | 2.07 |

---

**10.4** **Qualified Person's Opinion** 

In the opinion of the QP, Tim Maunula, P.Geo., the drill-hole logging and survey procedures employed are consistent with generally accepted industry best practices and are therefore considered reliable for the purposes of Mineral Resource estimation.

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **11** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY**  |

---

The assay data used for this Technical Report represents a comprehensive compilation from certified laboratories, including both historical data from past owners, and recent diamond drilling by Mayfair Gold. The QP believes that certified laboratories historically employed industry best-practice in sample preparation, analyses, and security methods and procedures when developing the data used for the Mineral Resource estimate presented in this Technical Report.

**11.1** **Historical Sampling Pre-2011** 

LSG compiled a master assay table from various historical records. The database listed assay intervals accompanied by location, Hole ID, from, to, sample number, lab name, assay certificate number, and date; and for each listed interval, a variety of assay results (e.g., check, repeat, and duplicate assays). Prior to 2011, LSG undertook a program of assay certificates database verifications to ensure that the most-reliable method of analysis was selected given the value of the sample (e.g., gravimetric for samples with >3 g/t Au). This process also served to verify the database. Scans of paper drill logs and assay certificates were available to verify data in the master assay table.

Accurassay, TSL Laboratories Inc., and Bourlamaque assayed samples from the early 1986 holes on the Fenn–Gib Project, then Swastika Laboratories (Swastika) (up to 1994), Spectrolab (up to 1997), and Chimitec (1998 and 1999). Swastika Laboratories performed the assaying for the holes Barrick drilled. Swastika is in Swastika, Ontario; Accurassay is in Thunder Bay, Ontario; Bourlamaque Laboratoire D'Analyse is in Val d'Or, Quebec; Spectrolab is in Geraldton, Ontario; TSL Laboratories Inc. is in Saskatoon, Saskatchewan; and Chimitec is in Val d'Or, Quebec. All laboratories are now (except TSL Laboratories Inc. which closed in 2021) and were accredited at the time of the analyses.

Due to the historical nature of the data, it is exceedingly difficult to analyze the quality assurance and quality control (QA/QC) method used by the various companies that drilled on the property over the years. It appears that the principal method of ensuring data quality was the use of pulp duplicates that were usually sent to other independent laboratories. This is discussed further in Section 12.2. SGS Geostat (SGS, 2011) and LSG undertook a resampling and drill twin program to validate the historical data; the SGS and LSG work continues to be an excellent verification source. This is also discussed in Section 12.1.

It appears that no certified standards or blanks were used to evaluate the accuracy or contamination effects for the data collected. The assay data were almost completely produced from known laboratories in the 1990s, which were certified and had their internal controls, which included standards and blanks. Those laboratories continue to be in operation today. The verification and validation work LSG and SGS Geostat completed did not highlight any issues with bias or errors (discussed in Section 12). The sampling and analysis methods used by the previous exploration companies was adequate for the use in a Mineral Resource estimate.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**11.2** **Historical Sampling Post 2011** 

Since 2017, LSG has implemented a comprehensive QA/QC program employing industry standards and best practices for all its drill core. This included regularly inserting blind Certified Reference Materials (CRM) and field blanks randomly into the sample stream. Additionally, pulp and coarse rejects were systematically submitted to ALS in North Vancouver, B.C., for check analysis and additional quality control.

Samples were transported in security-sealed bags to SGS In Timmins, Ontario, and ALS in North Vancouver, for sample preparation by dry crush to 75% mesh to 2 mm, split to 250 g and pulverized to 85% mesh to 75 µm. The samples were then assayed for gold and silver using a 50 g charge with atomic absorption and AAS finish for values exceeding threshold.

A total of 1,356 control samples was assigned for QA/QC purposes and accounted for approximately 20% of total samples taken during the program.

Analyses of blank samples, both pulp and field blanks, consistently yielded gold values near or below the detection limit of the primary laboratory. A single failure was detected; however, the results illustrate no sample contamination.

The performance of the control samples was very good, reflecting the overall high quality of the analysis. Standard OREAS O-250 analyzed by ALS shows two failures; ALS O-210 had three failures, and CDN-GS-3P one failure. SGS had two failures on O-210. Overall, the failure rate of 1.6% for ALS and 1.6% for SGS is very low and illustrates good QC procedures.

ALS performed duplicates check analysis of coarse rejects. Results showed relatively good correlation evident at both low and high gold levels, with a correlation coefficient of 0.995, indicating excellent reproducibility. There appears to be a moderate scatter, which can be interpreted as reflecting the lack of coarse nuggety gold in the Fenn–Gib Deposit.

**11.3** **Mayfair Gold Sampling** 

***11.3.1***  ***Sampling Procedure*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample intervals are marked directly on the drill core. Sample "from" and "to" points
are marked by a vertical line drawn perpendicular to the core axis with arrows pointing towards the sample.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample information is recorded in sample booklets. The sample tag number becomes the drill core sample
identification number (sample ID). QC samples are inserted into the same sampling ID sequence as the drill core. The minimum sample length is 0.5 m, and the maximum is 1.5 m. Sampling intervals are not to cross major lithology boundaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Core Technician marks a cut line on the core prior to cutting. Drill core samples are cut lengthwise, and
half of the core is placed into a sample bag. The other half of the core is placed back into the core box in its original location. The second portion of the sample tag is stapled into the core box in its original location (end of the sample).

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-2<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample bags are labelled with the sample ID, and the third portion of the sample tag is placed into the sample
bag. Sample bags are sealed with a zip tie or staples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core is stored within a locked core yard (Figure 11-1) adjacent
to the core-shack at 489 MacDougall Street in Matheson, Ontario.

![LOGO](g83619snap361.jpg)

Source: Maunula (2023)

***Figure 11-1: Core Storage Yard, Matheson, Ontario***

***11.3.2***  ***Sample Preparation and Analysis*** 

Mayfair Gold has used four laboratories: Activation Laboratories Ltd. (ActLabs), Swastika, AGAT Laboratories (AGAT), and MSALABS. Mayfair's primary lab has been Swastika (>50%) followed by ActLabs (5.3%), and AGAT (2.3%). No photon assays from MSALABS have been used in this Mineral Resource estimate.

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***ActLabs***

ActLabs is an analytical company with global locations. Fenn–Gib Project samples are prepared and analyzed at their ISO 17025:2005-accredited Timmins location at 1752 Riverside Drive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill Core Sample Preparation Package (RX1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are crushed to 80% passing 2 mm. Samples are then split via a riffle to obtain a 250 g sample. 250 g
samples are pulverized to 95% passing 105 µm. Cleaner sand is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold Fire Assays Package (1A2b-30)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with AA finish of a 30 g sample

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 5 ppb (0.005 g/t)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over limit of 10,000 ppb (10 g/t).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold Fire Assays Package (1A2-Timmins)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assays with AA finish of a 10 g sample.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overlimit Assay Package (1A3-30)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with gravimetric finish. When assays from 1A2b-30 return with values >10 g/t they are sent for this package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 0.03 g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over limit of 10,000 g/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific Gravity (SG) Core-Timmins

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 20–50 g dry core piece is weighed (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same piece of core is then weighed while submerged completely in water (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG is calculated using following formula SG = a / (a-b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two pieces per SG sample are measured to show variance and to identify samples to be rechecked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-element Packages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1F2 QOP Total (Total Digestion ICPOES)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code 8-4 Acid Total Digestion-ICPMS.

***Swastika Laboratories***

Swastika is an ISO 17025:2017-accredited assay lab. Fenn–Gib Project samples are prepared and analyzed at their Swastika location 6 km southwest of Kirkland Lake, Ontario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill Core Sample Preparation Package

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are crushed to minimum 80% passing 1,700 µm. Samples are then split to obtain a
300–500 g sample using a rotary divider. 300–500 g samples are pulverized to minimum 85% passing 74 µm. Cleaner sand is utilized.

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold Fire Assays Package

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with AA finish of a 30 g sample

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 10 ppb (0.01 g/t).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overlimit Assay Package

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with gravimetric finish. When assays return with values >10 g/t they are sent for this
package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 0.3 g/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific Gravity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A dry and room temperature core piece is weighed (Wa)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same piece of core is then weighed while submerged completely in water (Ww)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG is calculated using following formula SG = Wa / (Wa-Ww).

***AGAT Laboratories***

AGAT is an analytical company that operates across Canada; it is ISO 17025:2017 accredited and certified to the ISO 9001: 2015 standard. Fenn–Gib Project samples are prepared at AGAT Timmins. Samples are shipped for analysis to their lab at 5623 McAdam Rd., Mississauga, Ontario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill Core Sample Preparation Package (200001 Code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are crushed to 75% passing 2 mm. Samples are then split to obtain a 250 g sample. 250 g samples are
pulverized to 85% passing 75 µm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold Fire Assays Package (202051 Code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with AAS finish of a 30 g sample

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 2 ppb (0.002 g/t).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overlimit Assay Package (202064)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with gravimetric finish. When assays return with values >10 g/t then are sent for this
package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-Element Package—(201070)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Select samples may be sent for multi element suite

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4 acid digestion with ICP-OES finish for 43 elements.

***MSALABS Timmins***

MSALABS is global provider of geochemical laboratory services for the exploration and mining industries. Fenn–Gib Project samples are submitted to the lab at 757 Algonquin Blvd East, Timmins, Ontario. MSALABS follows the guidelines of ISO17025 accreditation and ISO9001, ISO14001, and ISO45001 certification:

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample Preparation (CRU-CPA)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dry entire sample, crushed up to 1 kg to 70% 02 mm, split 500 g.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Photon Assay (CPA-Au1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gamma ray analysis of sample for gold by photon assay instrument.

***11.3.3***  ***Quality Control Samples*** 

To ensure data quality and integrity, the Fenn–Gib Project maintains a rigorous quality control program. The program systematically inserts three QC samples in every 25 samples: one CRM, one blank, and one duplicate. CRMs, sourced from certified commercial retailers, consist of homogeneous fine pulp material with known certified grades and expected variability. These selected CRMs enable assessment of the accuracy of the assay data and monitor for potential bias:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Project uses three different CRMs, at three different grade points during the sampling process. The three
different grade ranges reflect the Fenn–Gib Project's mineralization, and consist of a low grade (<1 g/t), a mid grade (1–3 g/t), and a high grade (5–9 g/t).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of January 2021, the Fenn–Gib Project has used CRMs from OREAS and CDN Resource Laboratories.

Blank samples consist of material that has negligible grade concentrations. These samples are used to monitor for sample contamination during the preparation or analysis process. As of January 2021, the Fenn–Gib Project is using sand blasting material for its blank samples. The silica sand is sourced from an auto parts store.

Duplicate samples are used to assess the precision of the assay data. A duplicate sample is split from the original sample and given its own sample identification number. As of January 2021, duplicate samples used in the Fenn–Gib Project drill program consist of "coarse" and "pulp" preparation duplicate samples. These samples are prepared at the assay lab during the sampling process. As of April 25, 2022, Mayfair uses only coarse duplicate samples in their sampling program.

Check assay samples consist of the pulp portion of drill core samples from previously assayed samples. Check assay samples are sent to a secondary lab to assess the accuracy of the assay results. Check assays are submitted on a quarterly to biannual basis, or upon completion of a drill program. Approximately 2% of drill core samples are selected for check assay samples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately half of the samples will be randomly selected from the entire core sample population.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The other half of the samples will be randomly selected from samples that returned values >0.34 g/t Au.

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***11.3.4***  ***QA/QC Control Charts*** 

Assay certificates are imported into the GeoticLog program using the "import certificate" function. This function will match the sample ID in the certificate to the correct sample ID and drill hole in GeoticLog. An access database, "Fenn–Gib database," was created as the working drill hole, assay, and QC monitoring program. The database is linked to the GeoticLog program and pulls the information from there. Query functions have been created to filter QC data by each sub type. In each query, expressions have been built to flag assay results that lie outside of the accepted control limits. The database is password protected.

The QA/QC review and control charts are based on work completed between April 2023 and May 2024.

***Blanks***

Mayfair Gold inserted 1,595 blank control samples. There were two samples reporting >0.5 g/t Au (Figure 11-2) with the remaining failures below that limit (0.13% failure rate). No batches were repeated.

![LOGO](g83619snap365.jpg)

Source: Mayfair Gold (2024)

***Figure 11-2: Control Chart—Blank Material***

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***Certified Reference Materials***

The CRM sample certificates indicate the accepted values and ranges or control limits. The reported standard deviation in the CRM certificate is used to define the warning and failure limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ±2 times standard deviation is considered a warning limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ±3 times standard deviation is considered the failure limit.

The Fenn–Gib Project uses the following parameters to identify CRM failures that require repeat assays:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any single CRM result that falls outside of 3 standard deviations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two or more CRMs that fall outside of 2 standard deviations in a single reported assay certificate. The CRMs
do not need to be from the same type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A single CRM result that falls outside of 2 standard deviations with a blank or duplicate failure in the same
certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In some cases, the database manager may consider a single CRM that is outside of 2 standard deviations as a
failure if there is an increased amount of CRM samples from multiple certificates from the same lab in the warning zone within a given time period.

The current CRMs in use by Mayfair Gold are: OREAS-256b, OREAS-251b, and OREAS-254b. Failures were less than 1%, with no repeat assays conducted, as no significant assays were in sequence. Control charts for these three CRMs are shown in Figure 11-3 to Figure 11-5. In general, the three current CRMs perform well within two standard deviations. For the photon assay conducted by MSALABS, there is not sufficient pulp material for analysis, so the samples are marked as IS (for "Insufficient Sample") and plotted at 0 g/t Au on the CRM Control Charts.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-8<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619snap367.jpg)

Source: Mayfair Gold (2024)

***Figure 11-3: Control Chart—CRM OREAS 251b***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-9<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619snap368.jpg)

Source: Mayfair Gold (2024)

***Figure 11-4: Control Chart—CRM OREAS 254b***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-10<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619snap369.jpg)

Source: Mayfair Gold (2024)

***Figure 11-5: Control Chart—CRM OREAS 256b***

***Duplicates***

Coarse duplicate samples were collected after the original sample had been crushed for Swastika (1,568 samples), ActLabs (27 samples), and MSALABS (2 samples). It is expected that duplicate results will return an assay value that is in line with its original sample:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acceptable range for coarse duplicate samples is ±25% of the original assays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the gold difference between the original and check assay is less than 0.1 g/t, a percent difference outside
of 25% it is not considered to be an outlier.

The check assays were evaluated using quartile–quartile (Q–Q) plots and relative difference statistics. For Swastika, less than 3% did not meet the QC criteria, and for ActLabs all samples passed. Figure 11-6 compares the various labs using a Q–Q plot to confirm the repeatability.

The Project's QC program identified and addressed quality control issues in 2023. Of the four QC failures, one resulted from a result of a sample mix-up with the CRM which was resolved. The remaining three samples initially showed values outside acceptable limits but were confirmed to be within specifications upon re-analysis. Additionally, twenty-three sampling errors, primarily from submitting the incorrect CRM, were identified and resolved; no re-assays were submitted.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-11<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

The 2024 quality control program identified one QC assay failure resulted from a lab mix-up in samples and resolved through re-analysis. Six QC errors, primarily due to insertion of a different CRM than recorded, were identified and resolved; no additional re-assays were required.

![LOGO](g83619snap370.jpg)

Source: Mayfair Gold (2024)

***Figure 11-6: Control Chart—Duplicate Samples***

Check assays consisting of the pulp portion of drill core samples previously assayed by Swastika (625 samples) and AGAT (137 samples) were submitted to ActLabs. Check assay samples assess the accuracy and precision of the assay data. It is expected that check assay results will return an assay value that is in line with its original sample:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acceptable range for pulp duplicate samples is ±15% of the original assays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the gold difference between the original and check assay is less than 0.1 g/t, a percent difference outside
of 15% it is not considered to be an outlier.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-12<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

The check assays were evaluated using Q–Q plots and relative difference statistics. The results demonstrate repeatability between labs if samples near the detection limit are removed from the analysis; about 6% of the check assays did not meet the criteria. Figure 11-7 and Figure 11-8 are the Q-Q plots comparing the Swastika and AGAT samples with ActLabs, and confirming the repeatability.

![LOGO](g83619snap371.jpg)

Source: Mayfair Gold (2024)

***Figure 11-7: Control Chart—Check Assays, Swastika vs. ActLabs***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-13<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619snap372.jpg)

Source: Mayfair Gold (2024)

***Figure 11-8: Control Chart—Check Assays, AGAT vs. ActLabs***

**11.4** **Density Determinations** 

Density determinations were performed on split core, primarily by Swastika, with some determinations by ActLabs. Density determinations were calculated using the formula SG = Wa / (Wa-Ww), where Wa is the weight of the dry sample, and Ww is the weight of the sample while submerged completely in water. Since 2023, density determinations have been conducted for every tenth sample submitted. In 2023, there were 1,948 density determinations, and 4,360 in 2024.

**11.5** **Adequacy Statement** 

The QP, Tim Maunula, P.Geo., believes that the historical and present-day sampling preparation, security, analytical procedures, and quality control protocols conform to generally accepted industry best practices at the time they were performed, and are therefore reliable for the purpose of Mineral Resource estimation.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 11-14<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **12** | **DATA VERIFICATION**  |

---

Data verification has been conducted historically and is ongoing; all of which adequately supports the Mineral Resource estimate.

**12.1** **Historical Verification** 

As the historical data are a large component of the database, validation and verification of the data have been part of the ongoing work. A variety of validation and verification techniques have been conducted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LSG and Dagbert & Desharnais (2011) conducted a 10% data check compared with scanned laboratory
certificates. No discrepancies were identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dagbert & Desharnais (2011) compared the pulp duplicate data with the original assays. With the
exception of a limited dataset (0.6% of the 2011 database), there appeared to be no significant bias.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LSG resampled 223 assay intervals (277.1 m) of remaining half cores from the 1986 to 1998 drilling. No
significant bias was identified (Dagbert & Desharnais, 2011).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LSG conducted an eight-hole twin drilling program in 2011. The results showed good correlation between the
original and the twinned holes (Dagbert & Desharnais, 2011).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A block model was estimated using pre-2017 data versus 2017 data. In
general, there was good correlation, except in areas of lower data density. No systematic bias was identified (Kirkham et al., 2021).

Additional details are available in the Dagbert & Desharnais (2011) and Kirkham et al. (2021) technical reports.

**12.2** **TMAC Verification** 

***12.2.1***  ***Site Visits*** 

QP Tim Maunula conducted his original site visit on February 6 and 7, 2023, including an inspection of the property, review of diamond drilling and logging, sampling, and core-storage facilities in Matheson.

A site visit, in support of the 2024 Mineral Resource estimate was conducted on April 16 and 17, 2024, including inspecting the property and reviewing diamond drilling and logging, sampling, and core storage facilities in Matheson, Ontario. Mr. Howard Bird, former Vice-President Exploration for Mayfair Gold accompanied Mr. Maunula on both site visits.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 12-1<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***12.2.2 Diamond Drilling*** 

Major Drilling currently conducts diamond drilling. Generally, casing is capped, the drill holes flagged, and the collar identification recorded on a metal strip (Figure 12-1). Mr. Maunula verified the collar locations for FG23-347, FG23-359, FG23-368, and FG24-372 within one metre.

![LOGO](g83619snap374.jpg)

Source: Maunula (2024)

***Figure 12-1: Collar Labelling, FG23-347***

Drill core from FG23-368, FG24-387, and FG24-390 was reviewed. The QP's visual inspection of the drill core confirmed there was no material bias or errors noted from comparison with the logging and sampling recorded in the drill logs.

***12.2.3***  ***Database Verification*** 

TMAC conducted data verification during the update of the 2024 Mineral Resource estimate. This included the built-in checks associated with importing data in GEMS and MinePlan, random checks of database assays compared with assay certificates, and reviewing the QA/QC performance (Section 11). As discussed in Section 14, exploratory data analysis to evaluate the grade distribution, as discussed in Section 14, was an additional component of the data verification process.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 12-2<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

TMAC completed data verification of the assay grades for three drill holes compared with the associated digital import file. This was approximately 4% of Mayfair Gold's new drilling used in the Mineral Resource estimate. TMAC did not identify any material issues and data were found to match the original certificates.

***12.2.4***  ***Qualified Persons' Opinion*** 

Upon completing the data verification process, the QP believes that the geological data collection, sampling, and QA/QC procedures Mayfair Gold used are consistent with accepted industry practices, and that the database is of suitable quality to support the Mineral Resource estimate, as reported in Section 14.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 12-3<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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|:---|:---|
| **13** | **MINERAL PROCESSING AND METALLURGICAL TESTING**  |

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Metallurgical studies associated with the Fenn–Gib Project include recent efforts of Mayfair Gold (2022–2025), and earlier programs that Lake Shore Gold (2014–2015) and Tahoe Resources (2017–2018) carried out. Section 13 provides an overview of metallurgical definition and development studies covering composite sample selection, rock hardness characterization, physical material properties, and the evaluation of applicable processes methods, including gravity concentration, whole ore cyanidation, flotation, pressure oxidation, and cyanidation of a reground flotation rougher concentrate.

**13.1** **Conclusion from Metallurgical Testing** 

Gold is the primary commodity of interest at the Fenn–Gib deposit, occurring predominantly with pyrite and as fine free gold grains. In the opinion of the metallurgical QP, testwork completed to date has maintained a high-standard, including check assays and quality control, and is well suited for future phases of project engineering and development.

With the understanding gained from the metallurgical test programs, a hybrid process approach has been developed that considers a P<sub>80</sub> 106 µm flotation feed size with 23% to 25% mass pull yielding 94% to 96% Au recovery to a rougher concentrate. Subsequent regrinding of the concentrate to P<sub>80</sub> 10 to 13 µm followed by intensive cyanidation achieved 94% to 97% Au extraction for an estimated overall 90% Au extraction at a 1.5 g/t Au feed grade.

**13.2** **Findings from Metallurgical Testing** 

Comprehensive rock hardness characterization was completed on ten composites (GCC-01 to GCC-008, GCC-10, GCC-012), considering crusher work index, JKTech Axb rock competency, SAG Power Index (SPI), Bond ball mill work index, and abrasion index. This work confirmed the mineralized material to be relatively hard and competent. The average crusher work index is 16.0 kWh/t (range: 8.4–21.6 kWh/t), and the Bond ball mill work index averages 17.8 kWh/t (range: 16.2–20.5 kWh/t). The rock demonstrates strong mechanical integrity, with an average JKTech Axb value of 25.7 (range: 22.7–36.4), and moderate abrasiveness, reflected by an average abrasion index of 0.34 g/h (range: 0.10–0.59 g/h). These results further support the robustness of the proposed processing strategy.

Test work to evaluate gravity recoverable gold (GRG) content indicates 0% to 37% of gold values in the feed are present at a grain size coarser than 20 µm and recoverable as GRG to an intermediate product for subsequent on-site cyanidation.

Metallurgical variability testing conducted in 2024–2025 included 50 composite samples representing a range of gold grades, sulphur content, lithologies, and mining phases, with an emphasis on material expected during the first seven years of production. This work established baseline criteria for process design, including flotation feed grind size, mass pull, retention time, reagent selection, regrind parameters, and dewatering requirements.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-1<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

The 2024-2025 testing program identified the presence of finely disseminated gold values within pyrite, which resulted in a slight decrease in observed cyanide soluble Au extraction on some samples typically below a feed grade of 1.2 g Au/t. The variability in metal recovery has been accounted for in the metallurgical gold recovery model.

Rougher flotation at 23%–25% mass pull consistently achieved 94%–96% gold recovery. Cleaner flotation at 5% mass pull yielded slightly lower recoveries of 90%–92%, with improved concentrate grade.

Prior to the 2024-2025 metallurgical test programs, previous efforts considered alternative process strategies and are outlined as follows:

Whole ore cyanidation tests conducted at P<sub>80</sub> 106 µm yielded variable gold extraction ranging from 32%–95%, influenced by head grade and sulphide content. Diagnostic leaching confirmed that residual gold was associated with sulphides, with minor dissemination within silicates.

Pressure oxidation (POX) trials on rougher concentrate yielded a gold extraction between 89% to 99% with 97% to 99% sulphide oxidation. Partial 72% sulphide oxidation also yielded acceptable 92% Au extraction which confirms Au-sulphide mineralization is not entirely refractory.

Gold deportment is broadly characterized as 35% fine free gold and 65% associated with sulphides, either as surface dissemination, inclusions, or solid solution within pyrite.

Notably, flotation followed by concentrate regrinding and cyanidation yielded comparable results to the more complex and higher capital cost approach that involves flotation followed by pressure oxidation.

Heavy liquid separation (HLS) testing identified that the host rock and mineral suite at P<sub>80 </sub>106 µm exhibit minimal variability in specific gravity, offering limited potential for upgrading or gangue rejection with this method.

The two viable processing options identified for the Fenn-Gib project include: (i) off-site smelting of a flotation concentrate, and (ii) on-site regrinding of a flotation concentrate followed by intensive cyanidation. Both approaches support effective water management and a practical reclamation and closure strategy. Financial analysis favors the on-site processing route, given the cost implications of concentrate transport and smelter/refining charges.

**13.3** **Metallurgical Testwork** 

***13.3.1***  ***Composite Sample Selection*** 

Composite sample selection for 2024–2025 metallurgical testwork is summarized in Table 13-2 and considered diamond drill-hole intercepts with a specific focus on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A representative distribution of lithology

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-2<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A spatial distribution of samples within the deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contiguous intervals for Geo-Met modelling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A representative grade range for g/t Au and % sulphide
(S<sup>2</sup><sup>-</sup>)

***13.3.2***  ***Lithology*** 

As outlined in Table 13-1, thirty-two (32) different deposit lithologies have been grouped into five principal rock types according to a classification matrix that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Felsic rock with >65% SiO<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intermediate rock with 55% < x < 65% SiO<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mafic rock with 45% < x < 55% SiO<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ultramafic rock with <45% SiO<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sedimentary material (from weathering and decomposition of other rock types).

For each lithology, similar chemical composition may be present as intrusive (below surface) or as volcanic (above surface), with characteristically different mineral grain size and structure. The slower rate of cooling associated with intrusive versus volcanic rock, in addition to variable silicification, hydrothermal activity, and brecciation are among the factors that contribute to observed differences in rock fracture density, material competency, abrasivity, and hardness.

Gold values present within the deposit are associated predominantly with intermediate and mafic rock types, which aligns with the cross-section of composites and lithologies selected.

***Table 13-1: Fenn–Gib Project Composite Sample Identification and Lithology***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Lithology** | **Metallurgical<br>Samples** | **Hardness<br>Samples** | **Intrusive** | **Volcanic** | **Sedimentary** |
| Felsic | FV |  |  |  | Felsic Volcanic |  |
|  | AFI |  |  | Altered Felsic Intrusive |  |  |
|  | FI |  |  | Felsic Intrusive |  |  |
|  | QCV |  |  | Quartz-Carbonate Vein |  |  |
|  | QFP |  |  | Quartz-Feldspar-Porphyry |  |  |
|  | QV |  |  | Quartz Vein |  |  |
| Intermediate | IV |  |  |  | Intermediate Volcanic |  |
|  | II | 2 | 1 | Intermediate Intrusive |  |  |
|  | AII |  |  | Altered Intermediate Intrusive |  |  |
|  | AFP |  |  | Altered Feldspar Porphyry |  |  |
|  | FP |  |  | Feldspar Porphyry |  |  |
|  | BBFP |  |  | Beige-Buff Feldspar Porphyry |  |  |
|  | CFP |  |  | Oatmeal Feldspar Porphyry |  |  |
|  | ASYN | 7 |  | Altered Syenite |  |  |
|  | SYN | 15 | 2 | Syenite |  |  |
|  | DIO |  |  | Diorite |  |  |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-3<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Lithology** | **Metallurgical<br>Samples** | **Hardness<br>Samples** | **Intrusive** | **Volcanic** | **Sedimentary** |
| Mafic | AMV | 9 | 2 |  | Altered Mafic Volcanic |  |
|  | MV | 2 | 2 |  | Mafic Volcanic |  |
|  | PMV | 1 |  |  | Pillowed Mafic Volcanic |  |
|  | VMV |  |  |  | Variolitic Volcanic |  |
|  | MI |  |  | Mafic Intrusive |  |  |
|  | AMI | 1 |  | Altered Mafic Intrusive |  |  |
|  | PYX | 10 | 2 | Pyroxenite |  |  |
| Ultra-Mafic | UMV |  |  |  | Ultramafic Volcanic |  |
|  | UI |  |  | Ultramafic Intrusive |  |  |
|  | AUV |  |  | Altered Ultramafic |  |  |
|  | CGR |  |  | Green Carbonate |  |  |
|  | KIMB |  |  | Kimberlite |  |  |
|  | LAMP | 3 |  | Lamprophyre |  |  |
| Sedimentary | OVB |  |  |  |  | Overburden |
|  | ASED |  |  |  |  | Altered Sediments |
|  | SED |  | 1 |  |  | Sedimentary |
| **Total Samples** |  | **50** | **10** |  |  |  |

---

Source: Haggarty Technical Services in conjunction with Fenn–Gib Project geologists

***13.3.3***  ***Composite Sample Details*** 

The approach towards Fenn–Gib composite sample selection has evolved over time. Recent testwork conducted between 2023 and 2025 considered variability samples as contiguous mineralized intercepts, with each sample typically derived from a single diamond drill hole.

This contrasts to the approach used prior to 2023 where bulk composites were based on extended interval lengths and potentially included material from multiple drill holes, representing a larger spatial volume.

Both approaches to composite sample preparation are valid. In some cases, a broad-scale bulk sample is necessary to obtain sufficient sample weight from drill core to support metallurgical or pilot-plant testing.

Discrete interval samples are well suited for geological–metallurgical (GeoMet) modelling, with an ability to evaluate a cross-section of gold and sulphide head grades, and varied lithological domains, to establish the expected influence of mineralogical composition on Au extraction and rock hardness.

Additional consideration was given to the mine production schedule in selecting the 50 composite samples for variability testwork. Mining Phase 1 is loosely defined as less than 80 m below surface, Phase 2 less than 130 m from surface, Phase 3 less than 200 m from surface, and future mined material as more than 200 m below surface. Samples selected from Phases 1 to 3 are indicative of process-plant feed in the initial years of the operation.

A summary of previous and more recent composite samples associated with testwork is summarized in Table 13-2, with a range in grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S<sup>2-</sup>.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-4<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***Table 13-2: Composite Sample Details***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Year** | **Drill Hole** | **Interval Depth (m)** | **Lithology** | **Au g/t** | **%Fe** | **%S<sup>2-</sup>** |
|  FG-11-05 | 2015 | FG-11-05 | 73.5 to 120 | MV | 2.38 | 7.48 | 4.02 |
|  FG-11-08 | 2015 | FG-11-08 | 36.0 to 74 | AMI | 1.33 | 7.27 | 2.68 |
|  FG-12-13 | 2015 | FG-12-13 | 313.0 to 325.1<br>361.4 to 369.2<br>387.4 to 395.3 | SED | 0.94 | 5.13 | 2.58 |
|  FG-12-29 | 2015 | FG-12-29 | 366.2 to 392.5 | UMV | 1.98 | 6.77 | 1.72 |
|  M-1 | 2017 | FG-17-49 | 194.8 to 213 | DIO | 0.76 | 5.59 | 1.59 |
|  M-2 | 2017 | FG-17-48 | 235.5 to 254.2 | DIO | 0.56 | 4.12 | 1.70 |
|  M-3 | 2017 | FG-17-51 | 371.0 to 389.5 | DIO | 0.91 | 7.71 | 3.10 |
|  M-4 | 2017 | FG-17-57 | 326.9 to 346 | MV | 0.46 | 8.54 | 2.56 |
|  M-5 | 2017 | FG-17-57 | 376.0 to 396.7 | MV | 0.44 | 8.69 | 1.64 |
|  M-6 | 2017 | FG-17-49 | 439.3 to 461.5 | MV | 0.45 | 6.98 | 1.01 |
|  M-7 | 2017 | FG-17-48 | 408.3 to 427 | MV | 1.55 | 6.29 | 3.86 |
|  M-8 | 2017 | FG-17-43 | 399.0 to 420.6 | SED | 0.65 | 8.97 | 8.08 |
|  M-9 | 2017 | FG-17-49 | 291.1 to 313.5 | MIXED | 0.97 | 6.64 | 4.15 |
|  M-10 | 2017 | FG-17-56 | 313.7 to 331 | MIXED | 1.85 | 4.26 | 2.10 |
|  M-11 | 2017 | FG-17-56 | 268.3 to 289 | MIXED | 1.09 | 8.55 | 5.94 |
|  M-12 | 2017 | FG-17-43 | 443.0 to 461.8 | MIXED | 0.88 | 6.57 | 2.69 |
|  M-13 | 2017 | FG-17-62 | 280.0 to 298 | PYX | 0.80 | 7.53 | 3.41 |
|  M-14 | 2017 | FG-17-60 | 270.0 to 288.7 | PYX | 0.40 | 4.15 | 0.60 |
|  M-15 | 2018 | FG-17-72 | 210.0 to 227.3 | SYN | 1.12 | 9.15 | 7.17 |
|  M-16 | 2018 | FG-17-72 | 296.0 to 313.4 | MV | 0.89 | 5.99 | 3.18 |
|  M-17 | 2018 | FG-17-88A | 140.5 to 157.6 | MV | 0.75 | 6.38 | 1.83 |
|  M-18 | 2018 | FG-17-93 | 46.1 to 63.5 | SYN/II | 1.19 | 4.85 | 2.76 |
|  M-19 | 2018 | FG-17-93 | 208.0 to 226.6 | MV | 0.52 | 6.43 | 1.68 |
|  M-20 | 2018 | FG-17-97 | 124.4 to 142.1 | SYN | 0.89 | 4.63 | 2.12 |
|  M-21 | 2018 | FG-17-97 | 182.2 to 200.1 | MV/SYN/II | 1.43 | 5.03 | 1.32 |
|  M-22 | 2018 | FG-17-105 | 12.0 to 30 | MV/SYN | 0.62 | 5.19 | 2.45 |
|  M-23 | 2018 | FG-17-105 | 166.0 to 183.4 | MV | 0.80 | 7.12 | 2.88 |
|  M-24 | 2018 | FG-17-67 | 250.0 to 268 | PYX | 0.98 | 12.40 | 0.88 |
|  FW (Footwall) | 2022 | FG21-158<br>FG21-158<br>FG21-158<br>FG21-161 | 30.9 to 35.0<br>61.0 to 62.0<br>85.4 to 87.0<br>37.0 to 56 | AMV | 0.56 | 8.34 | 4.44 |
|  South Pit | 2022 | FG21-147b | 47.0 to 52.0<br>83.0 to 85.0<br>132.0 to 135.0<br>138.5 to 141.8<br>158.2 to 165.4<br>181.0 to 206.5 | ASED<br>BBFP<br>CGR<br>AMV | 1.56 | 6.66 | 2.42 |

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-5<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Year** | **Drill Hole** | **Interval Depth (m)** | **Lithology** | **Au g/t** | **%Fe** | **%S<sup>2-</sup>** |
|  Central Pit Upper | 2022 | FG21-155<br>FG21-155<br>FG21-155<br>FG21-155<br>FG21-155<br>FG21-155<br>FG21-152<br>FG21-152<br>FG21-152 <br>FG21-152 | 11.5 to 21.3<br>49.0 to 50.0<br>52.0 to 53.0<br>55.0 to 57.0<br>61.5 to 72.0<br>81.2 to 82.5<br>13.2 to 17.0<br>33.0 to 34.0<br>63.0 to 69.0<br>84.0 to 89.0 | ASYN<br>ASYN<br>ASYN<br>ASYN<br>SYN/AII<br>SYN<br>SYN<br>ASYN<br>ASYN<br>SYN | 1.14 | 6.48 | 3.31 |
|  Central Pit Mid | 2022 | FG21-152<br>FG21-152<br>FG21-152<br>FG21-152<br>FG21-152<br>FG21-152<br>FG21-152<br>FG21-155<br>FG21-155 <br>FG21-155<br>FG21-155<br>FG21-155<br>FG21-155 | 94.0 to 97.0<br>100.0 to 102.0<br>112.0 to 116.0<br>126.7 to 127.7<br>129.0 to 139.0<br>142.5 to 143.4<br>150.0 to 156.0<br>87.5 to 90.0<br>95.8 to 97.0<br>99.9 to 101.7<br>110.7 to 112.0<br>130.8 to 140.0<br>160.5 to 162.0 | SYN/LAMP<br>SYN<br>AFI<br>LAMP<br>AII/SYN/AMI<br>SYN<br>VMV<br>ASYN<br>SYN<br>AII<br>AII<br>ASYN<br>AMV | 1.33 | 4.96 | 2.11 |
|  Central Pit Lower | 2022 | FG21-152<br>FG21-152<br>FG21-152<br>FG21-155<br>FG21-155<br>FG21-155<br>FG21-155<br>FG21-155<br>FG21-155 <br>FG21-155<br>FG21-155 | 178.5 to 189.0<br>204.0 to 207.0<br>219.9 to 223.1<br>165.0 to 166.0<br>170.0 to 171.0<br>173.0to 174.0<br>188.8 to 189.7<br>192.0 to 195.0<br>201.0 to 207.2<br>219.0 to 222.0<br>234.0 to 239.0 | VMV<br>VMV<br>UMV<br>AMV<br>AMV<br>AMV<br>AMV<br>AMV<br>AMV<br>AMV<br>AMV | 1.16 | 6.49 | 0.96 |
|  East Pit | 2022 | FG21-145<br>FG21-145<br>FG21-146<br>FG21-146<br>FG21-146<br>FG21-146<br>FG21-146<br>FG21-146<br>FG21-146 | 54.2 to 55.3<br>63.2 to 64.1<br>85.0 to 91.5<br>90.0 to 91.5<br>98.0 to 111.0<br>113.0 to 114.5<br>121.2 to 123.0<br>130.5 to 133.5<br>138.0 to 139.5 | ASYN<br>AII<br>LAMP<br>LAMP<br>PYX<br>PYX<br>PYX<br>PYX<br>PYX | 0.80 | 11.40 | 1.62 |
|  FW Underground | 2022 | FG21-139<br>FG21-140<br>FG21-146 | 552.0 to 562.0<br>492.5 to 499.0<br>397.3 to 405.0 | AMV<br>AMV<br>AMV | 4.15 | 8.28 | 2.53 |
|  FG-22-254 | 2023 | FG-22-254 | 368.2 to 471.0 | ASYN/LAMP/AII<br>SED/DIO/CGR | 1.28 | 5.95 | 2.41 |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-6<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Year** | **Drill Hole** | **Interval Depth<br>(m)** | **Lithology** | **Au g/t** | **%Fe** | **%S<sup>2-</sup>** |
|  Composite 1 | 2024 | FG22-250 | 13.1 to 28 | AMV | 0.55 | 7.01 | 2.53 |
|  Composite 2 | 2024 | FG22-250 | 28.0 to 40 | SYN | 0.47 | 4.88 | 2.56 |
|  Composite 3 | 2024 | FG22-250 | 50.0 to 64 | SYN/AMV | 2.22 | 7.30 | 2.86 |
|  Composite 4 | 2024 | FG22-250 | 65.0 to 81 | AMV/SYN/ASYN | 0.91 | 4.93 | 3.52 |
|  Composite 5 | 2024 | FG22-250 | 86.0 to 101 | SYN/AMV | 1.10 | 4.47 | 3.56 |
|  Composite 6 | 2024 | FG22-250 | 169.0 to 186 | AMV | 1.30 | 5.90 | 3.03 |
|  Composite 7 | 2024 | FG22-250 | 187.0 to 208 | SYN/AMV | 1.21 | 4.17 | 1.50 |
|  Composite 8 | 2024 | FG22-253 | 11.3 to 30 | CAS/ASYN/AMV | 0.46 | 3.48 | 1.94 |
|  Composite 9 | 2024 | FG22-253 | 57.0 to 69 | AMV | 2.01 | 5.31 | 3.64 |
|  Composite 10 | 2024 | FG22-253 | 69.0 to 81 | AMV/ASYN | 0.76 | 4.03 | 1.93 |
|  Composite 11 | 2024 | FG22-253 | 81.0 to 93.2 | AMV/ASYN | 1.58 | 4.49 | 2.96 |
|  Composite 12 | 2024 | FG22-253 | 95.0 to 111 | SYN | 0.93 | 3.45 | 2.29 |
|  Composite 13 | 2024 | FG22-253 | 112.7 to 129 | SYN | 0.80 | 4.88 | 2.36 |
|  Composite 14 | 2024 | FG22-253 | 153.0 to 169.5 | II/SYN | 1.14 | 6.91 | 1.81 |
|  Composite 15 | 2024 | FG22-253 | 184.5 to 197 | II/AMV | 1.50 | 4.76 | 1.78 |
|  Composite 16 | 2024 | FG22-253 | 298.2 to 310 | AMV | 1.75 | 3.86 | 1.90 |
|  Composite 17 | 2024 | FG22-253 | 321.0 to 333 | AMV/MV | 2.54 | 4.57 | 1.29 |
|  Composite 18 | 2024 | FG22-253 | 345.0 to 354.9 | AMV/ASYN | 4.67 | 5.60 | 1.89 |
|  Composite 19 | 2024 | FG23-310 | 42.9 to 56 | PYX/LAMP | 0.37 | 6.37 | 0.99 |
|  Composite 20 | 2024 | FG23-310 | 67.0 to 82.8 | PYX | 0.81 | 10.80 | 1.73 |
|  Composite 21 | 2024 | FG23-310 | 87.1 to 99 | PYX/SYN | 0.42 | 7.10 | 2.05 |
|  Composite 22 | 2024 | FG23-310 | 146.1 to 152.7 | PYX/PMV | 0.46 | 7.91 | 1.07 |
|  Composite 23 | 2024 | FG23-312 | 32.5 to 36.9 | PYX | 6.88 | 7.43 | 0.81 |
|  Composite 24 | 2024 | FG23-312 | 42.0 to 48 | PYX | 0.97 | 8.62 | 1.17 |
|  Composite 25 | 2024 | FG23-312 | 67.0 to 78.1 | PYX | 1.33 | 10.10 | 2.81 |
|  Composite 26 | 2024 | FG23-312 | 78.1 to 88.5 | PYX/AMI | 2.41 | 8.10 | 2.15 |
|  Composite 27 | 2024 | FG23-312 | 89.5 to 99.5 | PYX | 19.10 | 7.18 | 0.30 |
|  Composite 28 | 2024 | FG23-350a | 35.0 to 47.1 | MV | 2.00 | 6.33 | 2.28 |
|  Composite 29 | 2024 | FG23-350a | 49.5 to 63 | SYN | 1.69 | 5.57 | 1.61 |
|  Composite 30 | 2024 | FG23-350a | 64.0 to 77 | ASYN | 1.86 | 4.65 | 3.35 |
|  Composite 31 | 2024 | FG23-350a | 77.0 to 88.4 | ASYN | 1.62 | 7.16 | 2.15 |
|  Composite 32 | 2024 | FG23-350a | 96.0 to 108 | SYN | 0.56 | 6.78 | 2.55 |
|  Composite 33 | 2024 | FG23-350a | 108.0 to 117.7 | SYN | 1.76 | 5.69 | 2.72 |
|  Composite 34 | 2024 | FG23-350a | 119.3 to 131.2 | SYN | 1.51 | 6.45 | 1.51 |
|  Composite 35 | 2024 | FG23-350a | 131.2 to 146.2 | SYN | 3.10 | 7.09 | 3.27 |
|  Composite 36 | 2024 | FG23-350a | 147.9 to 162.7 | SYN/ASYN | Spar |  |  |
|  Composite 37 | 2024 | FG23-350a | 168.7 to 181 | ASYN | 2.12 | 4.70 | 2.82 |
|  Composite 38 | 2024 | FG23-350a | 185.0 to 201 | ASYN | 0.68 | 4.17 | 3.15 |
|  Composite 39 | 2024 | FG23-350a | 207.3 to 218 | SYN | 6.32 | 5.48 | 4.94 |
|  Composite 40 | 2024 | FG23-350a | 218.0 to 228 | ASYN/II/SYN | 2.57 | 6.48 | 3.61 |
|  Composite 41 | 2024 | FG23-350a | 337.5 to 350 | ASYN | Spare |  |  |
|  Composite 42 | 2024 | FG23-356 | 31.0 to 43.1 | SYN | 0.59 | 4.02 | 1.80 |
|  Composite 43 | 2024 | FG23-356 | 52.0 to 83 | ASYN/II/SYN/PYX | 0.49 | 5.86 | 1.09 |

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-7<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Year** | **Drill Hole** | **Interval Depth<br>(m)** | **Lithology** | **Au g/t** | **%Fe** | **%S<sup>2-</sup>** |  |
|  Composite 44 | 2024 | FG23-356 | 115.5 to 131 | PYX | 0.78 | 9.29 | 2.33 |  |
|  Composite 45 | 2024 | FG23-356 | 147.0 to 162.2 | AMV | 1.44 | 7.41 | 3.95 |  |
|  Composite 46 | 2024 | FG22-253 | 34.0 to 50 | AFI/AMV | 0.25 | 6.61 | 1.64 |  |
|  Composite 47 | 2024 | FG23-307 | 43.0 to 61 | PYX/LAMP | 0.18 | 8.61 | 1.05 |  |
|  Composite 48 | 2024 | FG23-307 | 96.0 to 115.6 | FP/PYX | 0.22 | 6.95 | 1.40 |  |
|  Composite 49 | 2024 | FG23-310 | 24.0 to 42.9 | AII/PYX/LAMP | 0.59 | 7.55 | 0.52 |  |
|  Composite 50 | 2024 | FG23-312 | 100.5 to 113 | PYX/LAMP | 0.23 | 8.26 | 0.29 |  |
|  ***Rock Hardness Characterization Samples*** | ***Rock Hardness Characterization Samples*** | ***Rock Hardness Characterization Samples*** | ***Rock Hardness Characterization Samples*** | ***Rock Hardness Characterization Samples*** | ***Rock Hardness Characterization Samples*** | ***Rock Hardness Characterization Samples*** | ***Rock Hardness Characterization Samples*** | **** |
|  GCC-01 | 2024 | FG21-137<br>FG21-137<br>FG21-137<br>FG21-142 | 15.0 to 16.3<br>18.3 to 21.4<br>23.0 to 33.8<br>25.6 to 29.2 | MV<br>MV<br>MV<br>MV |  |  |  |  |
|  GCC-02 | 2024 | GT23-03<br>GT23-03 | 14.0 to 18.0<br>54.0 to 59 | AMV<br>AMV |  |  |  |  |
|  GCC-03 | 2024 | FG23-312 | 50.2 to 66 | PYX |  |  |  |  |
|  GCC-04 | 2024 | FG22-250<br>FG23-356 | 40.0 to 50.0<br>43.1 to 49 | SYN<br>SYN |  |  |  |  |
|  GCC-05 | 2024 | FG23-302 | 117.0 to 132.2 | SED |  |  |  |  |
|  GCC-06 | 2024 | GT23-03 | 87.0 to 91.5<br>97.5 to 102 | AMV<br>SYN |  |  |  |  |
|  GCC-07 | 2024 | FG22-265 | 27.0 to 43 | SYN |  |  |  |  |
|  GCC-08 | 2024 | FG22-280 | 59.0 to 75 | MV |  |  |  |  |
|  GCC-09 | 2024 | FG22-265 | 108.0 to 124 | AMV |  |  |  |  |
|  GCC-10 | 2024 | FG23-360 | 175.0 to 185 | PYX |  |  |  |  |
|  GCC-11 | 2024 | FG23-360 | 156.0 to 167.4 | SYN |  |  |  |  |
|  GCC-12 | 2024 | FG22-294a | 120.0 to 135 | II |  |  |  |  |

---

Source: Haggarty Technical Services in conjunction with Fenn–Gib Project geologists.

***13.3.4***  ***Rock Hardness Characterization*** 

The rock hardness characterization data set includes Bond ball mill work index testwork from 2014, 2022, and 2024. Parameters determined in 2024 include JKTech Axb rock competency, abrasion index, crusher work index, SAG Power Index (SPI), SAG Circuit Specific Energy (SCSE), and high-pressure grinding roll (HPGR) Static Pressure Tests (SPT).

The samples evaluated to date, indicate the following (Table 13-3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The abrasion index is moderate to high, ranging from 0.10 to 0.59, with an average of 0.34 g/h.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JK Tech Axb rock competency is high, ranging from 22.7 to 36.4, with an average of 25.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minnovex SPI values range from 134 to 472, with an average of 210.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The crusher work index is medium, ranging from 8.4 to 21.6 kWh/t, with an average 16.0 kWh/t.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-8<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HPGR SPT results range from 1.8 to 2.2 kWh/t, with an average 2.0 kWh/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ball mill-work index ranges from 16.2 to 20.5 kWh/t, with an average 17.8 kWh/t, which is considered hard.
The 80% closing size used for ball mill work index determination ranged from 59 to 83 µm with an average of 76 µm. Ball mill Wi values determined at a finer P80 76 µm require modelling and adjustment, as the work index values are
expected to be slightly lower (approximately -10%) due to decreased energy required to achieve a coarser product grind size of P<sub>80</sub> 106 µm.

***Table 13-3: Rock Hardness Characterization Test Data*** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **DDH** | **Lithology** | **Abrasion<br>Index** | **JK<br>(Axb)** | **SPI<br>Index** | **Crusher Wi<br>(kWh/t)** | **HPGR SPT<br>(kWh/t)** | **F<sub>80</sub><br>(µm)** | **P<sub>80</sub><br>(µm)** | **Ball Mill Wi<br>(kWh/t)** |
|  FG-11-05<sup>1</sup> | FG-11-05 |  |  |  |  |  |  | 2536 | 67 | 16.9 |
|  FG-11-08<sup>1</sup> | FG-11-08 |  |  |  |  |  |  | 2523 | 70 | 16.8 |
|  FG-12-13<sup>1</sup> | FG-12-13 |  |  |  |  |  |  | 2499 | 68 | 16.6 |
|  FG-12-29<sup>1</sup> | FG-12-29 |  |  |  |  |  |  | 2616 | 69 | 16.2 |
|  Central Pit Mid<sup>2</sup> | FG-21-152<br>FG-21-155 | Mixed | 0.59 | 36.4 |  |  |  | 2549 | 59 | 18.2 |
|  GCC-01<sup>3</sup> | FG-21-137 | MV | 0.21 |  | 472 | 10.5 | 2.15 | 2493 | 78 | 18.5 |
|  GCC-02<sup>3</sup> | GT-23-03 | AMV | 0.56 |  | 176 | 16.5 | 1.93 | 2541 | 81 | 16.5 |
|  GCC-03<sup>3</sup> | FG-23-312 | PYX | 0.15 | 22.0 | 300 | 8.4 | 1.90 | 2359 | 83 | 16.7 |
|  GCC-04<sup>3</sup> | FG-22-250<br>FG-22-356 | SYN | 0.42 |  | 175 | 16.6 | 1.84 | 2429 | 82 | 17.9 |
|  GCC-05<sup>3</sup> | FG-23-302 | SED | 0.10 | 22.7 | 152 | 16.9 | 1.82 | 2385 | 80 | 19.4 |
|  GCC-06<sup>3</sup> | GT-23-03 | AMV | 0.27 |  | 141 | 19.1 | 1.91 | 2402 | 80 | 18.4 |
|  GCC-07<sup>3</sup> | FG-22-265 | SYN | 0.45 |  | 134 | 20.7 | 1.98 | 2374 | 81 | 17.5 |
|  GCC-08<sup>3</sup> | FG-22-280 | MV | 0.25 | 22.7 | 144 | 21.6 | 2.08 | 2368 | 79 | 20.5 |
|  GCC-10<sup>3</sup> | FG -23-360 | PYX | 0.51 |  | 234 | 12.9 | 2.06 | 2391 | 82 | 19.1 |
|  GCC-12<sup>3</sup> | FG-22-294a | II | 0.19 | 24.6 | 172 | 16.5 | 2.03 | 2369 | 79 | 17.4 |

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| |
|:---|
| Notes: |
| <sup>2</sup>SGS-Lakefield, Project 18831-01 Final Report, August 2022 for Mayfair Gold.  |
| <sup>3</sup>SGS-Lakefield, Project 18831-03 Metallurgical Test Results from 2024 for Mayfair Gold (report in progress). |

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***13.3.5***  ***Mineralogy*** 

Mineralogy studies at SGS-Lakefield (2022) and PMC-Vancouver (2024–2025) applied TESCAN TIMA automated scanning electron microscopy (SEM) and established that gold mineralization present includes fine free gold, electrum (Au–Ag), petzite (Ag<sub>3</sub>AuTe<sub>2</sub>), calaverite (AuTe<sub>2</sub>), and dissemination of values in association with silicates and iron sulphides.

The gold values present in the feed are surficial and fine-grained dissemination in pyrite (FeS<sub>2</sub>) and to a lesser extent arsenopyrite (FeAsS). The remainder includes fine free gold, or gold alloys with silver or tellurium. Gold grains observed vary in size from less than 2 to 26 µm.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-9<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

Metallurgical variability testing and SEM mineralogical studies revealed that a portion of the gold remaining in the cyanidation residue occur as a solid solution within pyrite. The presence of finely disseminated gold within some iron sulphide grains is accounted for in the Project's metallurgical gold recovery model. This finely disseminated gold also reflects variability in mineralogical composition and mineralization style consistent with multiple mineralizing events during the deposit genesis.

In some of the cyanidation residues, the presence of 5 to 25 µm-sized gold grains was observed which were recovered with flotation and subsequently reground, yet remained undissolved after cyanidation, even with extended leach time. These occurrences are being further investigated in collaboration with the National Research Council Canada (NRC) to determine whether the gold is present as an alloy with other metals or if gold recovery is hindered due to other forms of passivation.

The sulphide content in the flotation feed composite samples varied between 0.3% and 4.8% sulphide. A variable increase in gold grade is associated with an increase in sulphide content illustrated in Figure 13-1.

![LOGO](g83619g52m22.jpg)

Source: Haggarty Technical Services July 2025—from flotation test data in Table 13-9

***Figure 13-1: Composite Sample g/t Au versus Sulphide Content***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-10<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***13.3.6***  ***Previous 2015–2022 Metallurgical Studies*** 

***Gravity Concentration***

Gravity-recoverable gold (GRG) content was evaluated as part of the various test programs, with a comparison between metallic screen fire assays and Mozley or Knelson concentrator gravity recoverable gold content summarized in Table 13-4.

Higher gravity-concentration recoveries are typically achieved from lab-scale centrifugal gravity concentration in comparison to metallic screen fire assays at ±150 mesh. GRG content is variable and independent relative to initial head grade (Figure 13-2). The range in observed gold recovery varies from 0% to 23% from metallic fire screen data, and 0% to 37% from Mozley or Knelson centrifugal gravity concentration over a range in head grade from 0.4 to 4.2 g/t Au.

![LOGO](g83619g74x21.jpg)

Source: Haggarty Technical Services July 2025—from GRG test data in Table 13-4.

***Figure 13-2: Composite Sample, g/t Au versus Gravity Recoverable Gold Content***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-11<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 13-4: Composite Sample Gravity Recoverable Gold Content***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite Sample** | **Feed<br>(g/t Au)** | **Feed<br>(%S<sup>2-</sup>)** | **+150<br>Mesh<br>(% Mass)** | **+150<br>Mesh<br>(g/t Au)** | **+150<br>Mesh<br>(% Dist Au)** | **Centrifugal<br>Conc.<br>(%Mass)** | **Centrifugal<br>Conc.<br>(g/t Au)** | **Centrifugal<br>Conc.<br>(% Dist Au)** |
|  FG-11-05 <sup>1</sup> | 2.38 | 4.02 | 2.87 | 3.18 | 3.8 | 0.08 | 330.00 | 12 |
|  FG-11-08 <sup>1</sup> | 1.33 | 2.68 | 3.04 | 2.85 | 6.5 | 0.12 | 118.00 | 10.2 |
|  FG-12-13 <sup>1</sup> | 0.94 | 2.58 | 2.88 | 1.16 | 3.5 | 0.12 | 101.00 | 12.1 |
|  FG-12-29 <sup>1</sup> | 1.98 | 1.72 | 1.62 | 1.9 | 1.6 | 0.08 | 317.00 | 12.7 |
|  M-1 <sup>2</sup> | 0.76 | 1.59 | 2.60 | 1.03 | 3.5 | 0.09 | 45.70 | 6.4 |
|  M-2 <sup>2</sup> | 0.56 | 1.70 | 3.00 | 0.76 | 4.1 | 0.07 | 83.80 | 9.6 |
|  M-3 <sup>2</sup> | 0.91 | 3.10 | 2.08 | 1.27 | 2.9 | 0.07 | 118.00 | 10.5 |
|  M-4 <sup>2</sup> | 0.46 | 2.56 | 2.75 | 0.52 | 3.1 | 0.07 | 60.70 | 9.8 |
|  M-5 <sup>2</sup> | 0.44 | 1.64 | 1.90 | 0.44 | 1.9 | 0.09 | 225.00 | 33.7 |
|  M-6 <sup>2</sup> | 0.45 | 1.01 | 2.76 | 0.27 | 1.7 | 0.07 | 0.15 | 0 |
|  M-7 <sup>2</sup> | 1.55 | 3.86 | 3.17 | 2.80 | 5.7 | 0.07 | 394.00 | 19.2 |
|  M-8 <sup>2</sup> | 0.65 | 8.08 | 2.41 | 1.01 | 3.7 | 0.11 | 6.57 | 1.1 |
|  M-9 <sup>2</sup> | 0.97 | 4.15 | 2.78 | 1.44 | 4.1 | 0.12 | 19.80 | 2.3 |
|  M-10 <sup>2</sup> | 1.85 | 2.10 | 1.60 | 24.34 | 21.1 | 0.10 | 557.00 | 36.9 |
|  M-11 <sup>2</sup> | 1.09 | 5.94 | 1.43 | 2.21 | 2.9 | 0.10 | 24.10 | 2 |
|  M-12 <sup>2</sup> | 0.88 | 2.69 | 2.77 | 1.44 | 4.5 | 0.21 | 115.00 | 26.7 |
|  M-13 <sup>2</sup> | 0.80 | 3.41 | 1.71 | 2.72 | 5.8 | 0.19 | 34.90 | 8.1 |
|  M-14 <sup>2</sup> | 0.40 | 0.60 | 1.94 | 0.36 | 1.7 | 0.19 | 47.00 | 19.5 |
|  M-15 <sup>3</sup> | 1.12 | 7.17 | 2.54 | 2.22 | 4.8 | 0.10 | 46.30 | 4.2 |
|  M-16 <sup>3</sup> | 0.89 | 3.18 | 2.32 | 3.46 | 9.1 | 0.11 | 156.00 | 19.4 |
|  M-17 <sup>3</sup> | 0.75 | 1.83 | 2.65 | 0.69 | 2.4 | 0.07 | 97.40 | 8.6 |
|  M-18 <sup>3</sup> | 1.19 | 2.76 | 2.60 | 1.75 | 3.8 | 0.10 | 233.00 | 20.1 |
|  M-19 <sup>3</sup> | 0.52 | 1.68 | 1.73 | 0.59 | 2 | 0.12 | 41.10 | 8.6 |
|  M-20 <sup>3</sup> | 0.89 | 2.12 | 0.07 | 0.94 | 0.1 | 0.06 | 73.80 | 4.8 |
|  M-21 <sup>3</sup> | 1.43 | 1.32 | 2.55 | 12.83 | 22.9 | 0.08 | 460.00 | 34.5 |
|  M-22 <sup>3</sup> | 0.62 | 2.45 | 2.89 | 0.96 | 4.5 | 0.11 | 43.00 | 7.5 |
|  M-23 <sup>3</sup> | 0.80 | 2.88 | 3.05 | 0.65 | 2.5 | 0.08 | 164.00 | 15.9 |
|  M-24 <sup>3</sup> | 0.98 | 0.88 | 2.85 | 1.42 | 4.1 | 0.08 | 212.00 | 17.6 |
|  FW Comp. <sup>4</sup> | 0.56 | 4.44 | 2.60 | 0.60 | 2.8 |  |  |  |
|  South Pit Comp. <sup>4</sup> | 1.56 | 2.42 | 2.70 | 1.59 | 4.4 |  |  |  |
|  Central Pit Upper Comp. <sup>4</sup> | 1.14 | 3.31 | 2.60 | 1.79 | 4.7 |  |  |  |
|  Central Pit Mid Comp. <sup>4</sup> | 1.33 | 2.11 | 2.10 | 6.51 | 10.9 |  |  |  |
|  Central Pit Lower Comp. <sup>4</sup> | 1.16 | 0.96 | 3.00 | 9.21 | 9.6 |  |  |  |
|  East Pit Comp. <sup>4</sup> | 0.80 | 1.62 | 1.70 | 1.04 | 2.3 |  |  |  |
|  FW UG Comp. <sup>4</sup> | 4.15 | 2.53 | 3.00 | 2.70 | 2.4 |  |  |  |

---

---

| |
|:---|
| Notes: |
| <sup>2</sup>SGS-Lakefield, Project 16116-001, Final Report, December 2017 for Tahoe Resources. |
| <sup>3</sup>SGS-Lakefield, Project 16116-001, Batch #2 Samples, July 2018 for Tahoe Resources. |
| <sup>4</sup>SGS-Lakefield, Project 18831-01 Metallurgical Test Results, August 2022 for Mayfair Gold. |

---

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-12<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Direct Cyanidation***

Direct (whole ore) cyanidation performance indicated in Figure 13-3 and Table 13-5 confirm that at a grind size of P<sub>80</sub> 106 µm, gold extraction decreases proportionately with feed sulphide content, with a matching increase in cyanidation residue gold grade. Recovery trends are variable and decrease from approximately 84% Ext Au at 1.0% S2- to less than 70% Ext Au at greater than 3.0% S<sup>2-</sup>.

Although gold recovery is hindered by an association with sulphides, Fenn–Gib mineralization is not fully refractory. Improved gold extraction has been observed from rougher concentrates when the iron sulphide mineralization is reground to less than 15 µm.

![LOGO](g83619g19w74.jpg)

Source: Haggarty Technical Services July 2025—from Gravit–Cyanidation test data in Table 13-5.

***Figure 13-3: Direct Cyanidation—Feed Sulphide Content versus Overall Gold Extraction***

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-13<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 13-5: Direct Cyanidation Gold Extraction versus Feed Sulphide Content***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Composite Sample** | **Grind Size<br>(µm)** | **Feed** | **Feed** | **CN Residue<br>(g/t Au)** | **Overall<br>(%Ext Au)** |
| **Composite Sample** | **Grind Size<br>(µm)** | **g/t Au** | **%S<sup>2-</sup>** | **CN Residue<br>(g/t Au)** | **Overall<br>(%Ext Au)** |
|  FG-11-05<sup>1</sup> | 100 | 2.38 | 4.02 | 0.56 | 76.47 |
|  FG-11-08<sup>1</sup> | 99 | 1.33 | 2.68 | 0.37 | 72.18 |
|  FG-12-13<sup>1</sup> | 101 | 0.94 | 2.58 | 0.28 | 70.21 |
|  FG-12-29<sup>1</sup> | 95 | 1.98 | 1.72 | 0.32 | 83.84 |
|  M-1<sup>2</sup> | 106 | 0.76 | 1.59 | 0.15 | 80.26 |
|  M-2<sup>2</sup> | 86 | 0.56 | 1.70 | 0.21 | 62.50 |
|  M-3<sup>2</sup> | 99 | 0.91 | 3.10 | 0.25 | 72.53 |
|  M-4<sup>2</sup> | 95 | 0.46 | 2.56 | 0.12 | 73.91 |
|  M-5<sup>2</sup> | 95 | 0.44 | 1.64 | 0.15 | 65.91 |
|  M-6<sup>2</sup> | 90 | 0.45 | 1.01 | 0.12 | 73.33 |
|  M-7<sup>2</sup> | 88 | 1.55 | 3.86 | 0.08 | 94.84 |
|  M-8<sup>2</sup> | 105 | 0.65 | 8.08 | 0.44 | 32.31 |
|  M-9<sup>2</sup> | 101 | 0.97 | 4.15 | 0.43 | 55.67 |
|  M-10<sup>2</sup> | 102 | 1.85 | 2.10 | 0.26 | 85.95 |
|  M-11<sup>2</sup> | 101 | 1.09 | 5.94 | 0.56 | 48.62 |
|  M-12<sup>2</sup> | 102 | 0.88 | 2.69 | 0.21 | 76.14 |
|  M-13<sup>2</sup> | 99 | 0.80 | 3.41 | 0.32 | 60.00 |
|  M-14<sup>2</sup> | 96 | 0.40 | 0.60 | 0.07 | 82.50 |
|  M-15<sup>3</sup> | 106 | 1.12 | 7.17 | 0.51 | 54.46 |
|  M-16<sup>3</sup> | 93 | 0.89 | 3.18 | 0.29 | 67.42 |
|  M-17<sup>3</sup> | 97 | 0.75 | 1.83 | 0.30 | 60.00 |
|  M-18<sup>3</sup> | 104 | 1.19 | 2.76 | 0.33 | 72.27 |
|  M-19<sup>3</sup> | 97 | 0.52 | 1.68 | 0.24 | 53.85 |
|  M-20<sup>3</sup> | 100 | 0.89 | 2.12 | 0.28 | 68.54 |
|  M-21<sup>3</sup> | 103 | 1.43 | 1.32 | 0.16 | 88.81 |
|  M-22<sup>3</sup> | 84 | 0.62 | 2.45 | 0.22 | 64.52 |
|  M-23<sup>3</sup> | 95 | 0.80 | 2.88 | 0.22 | 72.50 |
|  M-24<sup>3</sup> | 93 | 0.98 | 0.88 | 0.11 | 88.78 |
|  FW Comp.<sup>4</sup> | 59 | 0.56 | 4.44 | 0.23 | 59.76 |
|  South Pit Comp.<sup>4</sup> | 63 | 1.56 | 2.42 | 0.18 | 88.77 |
|  Central Pit Upper Comp.<sup>4</sup> | 59 | 1.14 | 3.31 | 0.24 | 79.02 |
|  Central Pit Mid Comp.<sup>4</sup> | 62 | 1.33 | 2.11 | 0.27 | 79.68 |
|  Central Pit Lower Comp.<sup>4</sup> | 55 | 1.16 | 0.96 | 0.10 | 91.36 |
|  East Pit Comp.<sup>4</sup> | 59 | 0.80 | 1.62 | 0.17 | 78.75 |
|  FW UG Comp.<sup>4</sup> | 59 | 4.15 | 2.53 | 0.24 | 94.21 |
|  FW Comp.<sup>4</sup> | 59 | 0.63 | 4.44 | 0.24 | 61.93 |
|  South Pit Comp.<sup>4</sup> | 63 | 1.11 | 2.42 | 0.20 | 81.97 |
|  Central Pit Upper Comp.<sup>4</sup> | 59 | 1.11 | 3.31 | 0.23 | 79.67 |
|  Central Pit Mid Comp.<sup>4</sup> | 62 | 1.43 | 2.11 | 0.23 | 83.90 |

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-14<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Composite Sample** | **Grind Size<br>(µm)** | **Feed** | **Feed** | **CN Residue<br>(g/t Au)** | **Overall<br>(%Ext Au)** |
| **Composite Sample** | **Grind Size<br>(µm)** | **g/t Au** | **%S<sup>2-</sup>** | **CN Residue<br>(g/t Au)** | **Overall<br>(%Ext Au)** |
|  Central Pit Lower Comp.<sup>4</sup> | 55 | 2.26 | 0.96 | 0.15 | 93.37 |
|  East Pit Comp.<sup>4</sup> | 59 | 0.80 | 1.62 | 0.16 | 79.87 |
|  FW UG Comp.<sup>4</sup> | 59 | 4.05 | 2.53 | 0.42 | 89.76 |

---

---

| |
|:---|
| Source: |
| <sup>2</sup>SGS-Lakefield, Project 16116-001, Final Report, December 2017 for Tahoe Resources. |
| <sup>3</sup>SGS-Lakefield, Project 16116-001, Batch #2 Samples, July 2018 for Tahoe Resources. |
| <sup>4</sup>SGS-Lakefield, Project 18831-01 Metallurgical Test Results, August 2022 for Mayfair Gold. |

---

***Diagnostic Leaching***

Diagnostic leaching of cyanidation residue samples was conducted as part of the 2015, 2017, and 2022 metallurgical test programs to determine gold deportment within various mineral matrices.

The four separate stages of diagnostic leaching provide a qualitative indication of metal deportment from a cyanidation residue as CN soluble gold, with Fe, As or Bi oxides, with carbonates, with sulphides, or with silicates. Diagnostic test methods include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CIL Cyanidation at 40% solids w/w for 24 hours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hot HCl Acid Leach + Fresh Water Rinse + Cyanidation at 20% solids w/w, 80°C for 3 hours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hot H2SO4 Acid Leach + Fresh Water Rinse + Cyanidation at 20% solid w/w, 85°C for 3 hours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hot (HNO3 + HCl) + Fresh Water Rinse + Cyanidation at 20% solids w/w, 90°C for 6 hours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Final Residue.

Summarized in Table 13-6, remnant gold values in cyanidation residues are associated with sulphide mineralization, followed by association with carbonates, or Fe, As, and Bi oxides.

***Table 13-6: Diagnostic Leaching Tests Results***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite Sample** | **Note** | **Sample** | **Sample** | **Sample** | **%Au Extraction from Residue** | **%Au Extraction from Residue** | **%Au Extraction from Residue** | **%Au Extraction from Residue** | **%Au Extraction from Residue** |
| **Composite Sample** | **Note** | **P<sub>80 </sub>µm** | **Direct CN** | **%S<sup>2-</sup>** | **Cyanide<br>Leach** | **Hydrochloric<br>Leach** | **Sulphuric<br>Leach** | **Aqua-Regia<br>Leach** | **Au with<br>silicates** |
|  FG-11-05 | 1 | 83 | 79.5 | 4.02 | 5.1 |  | 21.5 | 70.7 | 2.7 |
|  FG-11-08 | 1 | 67 | 81.7 | 2.68 | 8.0 |  | 21.7 | 66.1 | 4.2 |
|  FG-12-13 | 1 | 78 | 75.9 | 2.58 | 11.2 |  | 25.2 | 57.1 | 6.5 |
|  FG-12-29 | 1 | 77 | 90.1 | 1.72 | 10.1 |  | 44.2 | 38.8 | 6.9 |
|  M-7 | 2 | 30 | 84.2 | 3.86 | 6.8 | 38.5 | 20.3 | 31.9 | 2.5 |
|  M-8 | 2 | 28 | 50.1 | 8.08 | 6.3 | 29.0 | 15.5 | 11.9 | 37.3 |
|  M-9 | 2 | 33 | 70.3 | 4.15 | 4.0 | 26.5 | 20.0 | 46.9 | 2.6 |
|  M-11 | 2 | 27 | 64.2 | 5.94 | 3.1 | 25.7 | 21.2 | 30.2 | 19.8 |
|  M-13 | 2 | 25 | 74.7 | 3.41 | 3.8 | 32.6 | 27.1 | 34.1 | 2.4 |

---

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-15<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite Sample** | **Note** | **Sample** | **Sample** | **Sample** | **%Au Extraction from Residue** | **%Au Extraction from Residue** | **%Au Extraction from Residue** | **%Au Extraction from Residue** | **%Au Extraction from Residue** |
| **Composite Sample** | **Note** | **P<sub>80 </sub>µm** | **Direct CN** | **%S<sup>2-</sup>** | **Cyanide<br>Leach** | **Hydrochloric<br>Leach** | **Sulphuric<br>Leach** | **Aqua-Regia<br>Leach** | **Au with<br>silicates** |
|  Central Pit Upper | 3 | 59 | 79.0 | 3.31 | 5.8 | 29.4 | 17.4 | 43.4 | 4.0 |
|  Central Pit Mid | 3 | 62 | 83.9 | 2.11 | 5.6 | 17.1 | 20.1 | 52.9 | 4.3 |
|  East Pit | 3 | 59 | 79.9 | 1.62 | 6.4 | 27.5 | 21.2 | 41.4 | 3.5 |

---

---

| |
|:---|
| Notes: |
| <sup>2</sup>SGS-Lakefield, Project 16116-001, Final Report, December 2017 for Tahoe Resources. |
| <sup>3</sup>SGS-Lakefield, Project 18831-01, Final Report, August 2022 for Mayfair Gold. |

---

***Acid Pressure Oxidation***

The amenability of the mineralization to flotation followed by acid pressure oxidation was evaluated through bench scale testwork on five different flotation concentrates. Summarized in Table 13-7, a CN gold extraction of 89% to 99% was achieved from a flotation concentrate with 72% to 100% sulphide oxidation, yielding an overall gold recovery that varied from 73% to 91% Ext Au. The results obtained from flotation followed by pressure oxidation (POX) were essentially comparable to those achieved from flotation, regrinding, and cyanidation.

The performance from high-temperature and high-pressure oxidation must be compared to other viable alternatives. With pressure oxidation applied on a flotation concentrate, the incremental increase in gold recovery from cyanidation of flotation tailings was excluded from the analysis of overall % Au extraction due to sub-economic flotation tailings grades of 0.02 to 0.07 g/t Au. There is no apparent benefit associated with the higher capital cost (CapEx) and operating cost (OpEx) pressure oxidation chemistry relative to results achieved through fine grinding and cyanidation of a flotation concentrate.

***Table 13-7: Pressure Oxidation Amenability Testwork***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **Product** | **Flotation<br>(%Rec Au)** | **POX<br>(°C)** | **POX Time<br>(min)** | **Oxidation<br>(%S2)** | **POX Residue CN<br>(%Ext Au)** | **Overall<br>(%Ext Au)** |
|  FG-11-05<sup>1</sup> | Rougher Conc. | 90.0 | 200 | 60 | 99.5 | 97.1 | 87.4 |
|  FG-11-05<sup>1</sup> | Rougher Conc. | 90.0 | 200 | 90 | 99.5 | 96.7 | 87.0 |
|  FG-11-08<sup>1</sup> | Rougher Conc. | 82.9 | 200 | 60 | 92.5 | 94.9 | 78.7 |
|  FG-11-08<sup>1</sup> | Rougher Conc. | 82.9 | 200 | 90 | 92.5 | 97.6 | 80.9 |
|  FG-12-13<sup>1</sup> | Rougher Conc. | 90.8 | 200 | 60 | 98.3 | 88.7 | 80.5 |
|  FG-12-13<sup>1</sup> | Rougher Conc. | 90.8 | 200 | 90 | 97.8 | 97.9 | 88.9 |
|  FG-12-29<sup>1</sup> | Rougher Conc. | 80.0 | 200 | 60 | 71.8 | 92.6 | 74.1 |
|  FG-12-29<sup>1</sup> | Rougher Conc. | 80.0 | 200 | 90 | 72.0 | 91.8 | 73.4 |
|  Bulk Composite<sup>2</sup> | 3rd Cleaner Conc. | 92.0 | 230 | 75 | 97.6 | 99.3 | 91.4 |

---

Notes: <sup>1</sup>SGS-Lakefield, Project 13640-01, Final Report #2, January 2015 for Lake Shore Gold. <br> <sup>2</sup>SGS-Lakefield, Project 18831-01, Final Report, August 2022 for Mayfair Gold.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-16<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***13.3.2***  ***Metallurgical Studies—2023–2024*** 

***Heavy Liquid Separation***

HLS amenability testwork was completed in 2024 to evaluate the potential to reject a lower-grade fraction and decrease the initial tonnage to be processed at higher grade.

For the single Composite #16 selected for testwork, there was no demonstrable benefit derived from HLS with proportional capture and rejection of values relative to the host rock over the range in specific gravity from 2.7 to 3.1 g/mL.

Testwork at SGS applied methylene iodide as the organic medium, with the specific gravity of the liquid phase adjusted using acetone. The prepared sample at P<sub>64</sub> 20 mesh (0.84 mm), was first introduced into the organic medium adjusted to SG 3.1 g/mL. The float fraction was removed and the sink fraction recovered. The organic medium was then adjusted to the next-lowest specific gravity, and the previous sink fraction reintroduced to recover a second-stage float fraction. The testwork was conducted at 0.10 g/mL increments to evaluate a range of specific gravities from 2.7 to 3.1 g/mL, with results summarized in Table 13-8 and in Figure 13-4.

The applicability of HLS was not demonstrated on the 1.75 g/t Au composite sample considered. No additional HLS testwork was pursued.

***Table 13-8: Heavy Liquid Separation Test Results***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Specific Gravity** | **Fraction** | **Cum % Mass** | **g/t Au** | **%Fe** | **%S** | **%Dist Au** | **%Dist Fe** | **%Dist S** |
| 2.7 | Float | 33.1 | 33.1 | 2.61 | 0.59 | 20.5 | 22.3 | 18 |
| 2.8 | Float | 92.4 | 92.4 | 3.51 | 0.89 | 87 | 83.9 | 75.3 |
| 2.9 | Float | 98.8 | 98.8 | 3.76 | 1.02 | 95.7 | 96.3 | 93.1 |
| 3.0 | Float | 99.6 | 99.6 | 3.82 | 1.06 | 98.1 | 98.5 | 97.1 |
| 3.1 | Float | 99.8 | 99.8 | 3.85 | 1.07 | 99 | 99.4 | 98.4 |
|  HLS Test Feed | HLS Test Feed | 100 | 1.75 | 3.86 | 1.09 | 100 | 100 | 100 |

---

Note: SGS-Lakefield, Project 18831-03 Metallurgical Test Results for 2025 for Mayfair Gold.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-17<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619g47j31.jpg)

Source: Haggarty Technical Services July 2025—from HLS test data in Table 13-8.

***Figure 13-4: Heavy Liquid Separation—Au Distribution versus Slurry Specific Gravity***

***Rougher Flotation Optimization***

The optimization of iron sulphide and fine free gold flotation continued from 2023 into 2025 with metallurgical test results summarized in Table 13-9.

The impact of flotation feed grind size on gold and iron sulphide recovery to rougher concentrate is illustrated in Figure 13-5. A slight decrease of approximately 1% in gold recovery is observed at P80 106 µm compared to P80 75 µm, with a similar reduction in sulphide recovery over the same particle-size range.

Testwork completed to date is adequate to support the consideration of a slightly coarser grind size of P80 106 µm. Additional testwork is required to confirm the sensitivity of gold recovery, and selectivity in rougher flotation at coarser grind sizes approaching 125 and 150 µm.

Mass pull is a significant and controllable variable which influences sulphide recovery, and the capture of slower, floating free-gold values to rougher concentrate that is summarized in Table 13-9 and Figure 13-6.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-18<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

As indicated in Table 13-7, sulphide mineralization is more responsive and exhibits faster flotation-rate kinetics when compared to fine free gold. A mass pull of 23% to 25% relative to feed weight was established from testwork as a target to achieve 94% to 96% gold recovery and 94% to 98% sulphide recovery to rougher concentrate over a range in feed grade from 0.17 to 13.55 g/t Au and 0.33% to 4.83% S<sup>2-</sup>.

Batch lab-scale flotation time to achieve 25% mass pull was determined as 20 minutes, which would be multiplied by a scale-up factor of 2.5 to define full-scale flotation equipment requirements.

Variability testing on the 46 composite samples targeted a mass pull of 23% to rougher concentrate to achieve near-optimal metal and sulphide recovery from samples tested.

Flotation testwork completed in 2015 considered potassium amyl xanthate (PAX) as the primary collector, and methyl isobutyl carbinol (MIBC) as the frother, at natural pH. Subsequent testwork during 2023–2025 involved the use of secondary collectors that included isobutyl dithiophosphate (Aero-3477) and isoamyl dithiophosphate (Aero-3501) to improve the stability of the froth and to pursue incremental gold recovery. Alternative collectors including MaxGold and Aerophine 3418A were evaluated and confirmed as comparable; however, a more brittle froth was noted in rougher flotation.

Rougher flotation rate kinetics were evaluated as a component of baseline testing indicated in Figure 13-7, with 96% Rec S<sup>2-</sup> achieved after 15 minutes, and approximately 98% Rec S<sup>2-</sup> after 20 minutes of bench-scale flotation. Gold deportment is estimated at approximately 65% with iron sulphides and 35% as fine free gold, which exhibits slightly slower rate kinetics. A nominal 93% gold recovery was achieved after 15 minutes and 95% after 20 minutes of bench-scale flotation. A target mass pull of 23% and adequate flotation retention time are equally important and supported by a bench-scale flotation time of 20 minutes, which would be subjected to a 2.5-times factor for full-scale design.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-19<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619g26g39.jpg)

Source: Haggarty Technical Services July 2025—from flotation test data in Table 13-9.

***Figure 13-5: Flotation Feed Grind Size versus %Recovery Gold and S<sup>2-</sup> to Rougher Concentrate***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-20<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619g52k60.jpg)

Source: Haggarty Technical Services July 2025—from flotation test data in Table 13-9.

***Figure 13-6: Mass Pull versus %Recovery Gold and S<sup>2-</sup> to Rougher Concentrate***

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-21<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619sp397.jpg)

Source: Haggarty Technical Services July 2025—from flotation test data in Table 13-9.

***Figure 13-7: Rougher Flotation Gold and S<sup>2-</sup> Rate Kinetics***

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-22<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 13-9: Rougher Flotation Test Data*** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **Flotation Feed** | **Flotation Feed** | **Flotation Feed** | **Rougher Conc. #1** | **Rougher Conc. #1** | **Rougher Conc. #1** | **Rougher Conc. #2** | **Rougher Conc. #2** | **Rougher Conc. #2** | **Rougher Conc. #3** | **Rougher Conc. #3** | **Rougher Conc. #3** | **Rougher Conc. #4** | **Rougher Conc. #4** | **Rougher Conc. #4** |
| **Composite** | **P<sub>80 </sub>µm** | **g/t Au** | **%S<sup>2-</sup>** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** |
|  FG11-05<sup>1</sup> | 101 | 2.2 | 4 | 9.4 | 86.5 | 91.1 | 12.1 | 91.4 | 96.4 | 15.2 | 93.1 | 97.8 | 22 | 94.5 | 98.6 |
|  FG11-08<sup>1</sup> | 101 | 1.2 | 2.5 | 8.1 | 87.7 | 88 | 12.1 | 92.2 | 95 | 16.3 | 93.5 | 96.7 | 22 | 94.5 | 97.8 |
|  FG12-13<sup>1</sup> | 103 | 0.9 | 2.6 | 10.7 | 85 | 81.4 | 15.8 | 92.7 | 94.2 | 19.8 | 94.5 | 96.5 | 23.2 | 95.2 | 97.3 |
|  FG12-29<sup>1</sup> | 100 | 1.7 | 1.9 | 6.3 | 76.2 | 82.6 | 10.2 | 82.1 | 92.6 | 14.4 | 84.7 | 94.5 | 20.2 | 86.8 | 95.7 |
|  FW<sup>2</sup> | 71 | 0.5 | 4.4 |  |  |  |  |  |  |  |  |  | 22 | 94.3 | 99.1 |
|  South Pit<sup>2</sup> | 72 | 0.9 | 2.4 |  |  |  |  |  |  |  |  |  | 24.4 | 95.1 | 98.4 |
|  Central Pit Upper<sup>2</sup> | 67 | 1.1 | 3.3 |  |  |  |  |  |  |  |  |  | 15.6 | 96 | 98.7 |
|  Central Pit Mid<sup>2</sup> | 67 | 1.1 | 2.1 |  |  |  |  |  |  |  |  |  | 12.2 | 95.3 | 97.9 |
|  Central Pit Lower<sup>2</sup> | 67 | 1.4 | 1 |  |  |  |  |  |  |  |  |  | 14.7 | 95.8 | 95.6 |
|  East Pit<sup>2</sup> | 72 | 0.8 | 1.6 |  |  |  |  |  |  |  |  |  | 20.8 | 97.9 | 97.1 |
|  FW UG<sup>2</sup> | 71 | 3.2 | 2.5 |  |  |  |  |  |  |  |  |  | 16.8 | 93.5 | 98.4 |
|  FG22-254<sup>3</sup> | 73 | 1.1 | 2.5 | 15.3 | 91.9 | 96.2 | 22.3 | 94.2 | 97.5 | 27.4 | 95.2 | 98.1 |  |  |  |
|  FG22-254<sup>3</sup> | 82 | 1.2 | 2.5 | 17 | 84.6 | 90.7 | 22 | 91.2 | 96.4 | 27.4 | 93.7 | 98 |  |  |  |
|  FG22-254<sup>3</sup> | 97 | 1.1 | 2.7 | 12.4 | 90 | 94.5 | 16.7 | 93.4 | 96.9 | 21.5 | 94.6 | 97.6 |  |  |  |
|  FG22-254<sup>3</sup> | 102 | 1.2 | 2.4 |  |  |  |  |  |  |  |  |  | 26.8 | 94.1 | 98 |
|  FG22-254<sup>3</sup> | 174 | 1.1 | 2.6 | 6.8 | 57.6 | 61.6 | 9.7 | 75.3 | 78.9 | 20.5 | 87.7 | 91.5 |  |  |  |
|  FG22-254<sup>3</sup> | 174 | 1.2 | 2.5 | 9.1 | 82.2 | 87.5 | 10 | 87.9 | 93.2 | 12.3 | 90.3 | 95.1 |  |  |  |
|  FG22-254<sup>3</sup> | 90 | 1.2 | 2.4 | 8.1 | 91.7 | 95.4 | 10.1 | 93.3 | 97.1 | 12.4 | 94.3 | 97.9 | 15.4 | 95.1 | 98.3 |
|  FG22-254<sup>3</sup> | 97 | 1.1 | 2.4 | 8.6 | 90.6 | 95.6 | 10.5 | 92.1 | 96.9 | 13.1 | 93.1 | 97.7 | 16.5 | 94.1 | 98.3 |
|  FG22-254<sup>3</sup> | 90 | 1.3 | 2.4 |  |  |  |  |  |  |  |  |  | 17.4 | 95 | 98.4 |
|  Comp. 4<sup>4</sup> | 83 | 1 | 3.5 |  |  |  |  |  |  |  |  |  | 42.4 | 97.1 | 99.2 |
|  Comp. 4<sup>4</sup> | 104 | 1 | 3.6 |  |  |  |  |  |  |  |  |  | 27.8 | 96.3 | 99 |
|  Comp. 4<sup>4</sup> | 127 | 1.3 | 4.8 |  |  |  |  |  |  |  |  |  | 36.9 | 97.6 | 99.3 |
|  Comp. 35<sup>4</sup> | 90 | 3 | 3.5 |  |  |  |  |  |  |  |  |  | 31.9 | 98.2 | 99 |
|  Comp. 35<sup>4</sup> | 130 | 3.1 | 3.9 |  |  |  |  |  |  |  |  |  | 28 | 97.9 | 99.1 |
|  Comp. 35<sup>4</sup> | 176 | 2.8 | 3.7 |  |  |  |  |  |  |  |  |  | 27.3 | 97.2 | 99 |
|  Comp. 35<sup>4</sup> | 90 | 3.3 | 3.8 |  |  |  |  |  |  |  |  |  | 19.2 | 96.6 | 98.7 |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-23<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **Flotation Feed** | **Flotation Feed** | **Flotation Feed** | **Rougher Conc. #1** | **Rougher Conc. #1** | **Rougher Conc. #1** | **Rougher Conc. #2** | **Rougher Conc. #2** | **Rougher Conc. #2** | **Rougher Conc. #3** | **Rougher Conc. #3** | **Rougher Conc. #3** | **Rougher Conc. #4** | **Rougher Conc. #4** | **Rougher Conc. #4** |
| **Composite** | **P<sub>80 </sub>µm** | **g/t Au** | **%S<sup>2-</sup>** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** |
|  Comp. 4<sup>4</sup> | 95 | 1 | 3.5 | 9.2 | 87.4 | 84.9 | 12.6 | 94 | 97.1 | 15.2 | 95.4 | 98.2 | 19.4 | 96.3 | 98.7 |
|  Comp. 4<sup>4</sup> | 95 | 0.9 | 3.5 | 13.7 | 92.1 | 95.9 | 18.8 | 94.4 | 98.3 | 21.3 | 95 | 98.7 | 23.4 | 95.5 | 98.8 |
|  Comp. 35<sup>4</sup> | 103 | 2.7 | 3.4 | 10.4 | 91.8 | 93.8 | 19.1 | 95.8 | 97.9 | 23.1 | 96.5 | 98.5 | 26.3 | 96.8 | 98.8 |
|  Comp. 35<sup>4</sup> | 103 | 3.3 | 3.9 | 10.6 | 93.9 | 92.9 | 17.9 | 96.9 | 98.2 | 21.3 | 97.4 | 98.6 | 25.3 | 97.8 | 98.9 |
|  Comp. 35<sup>4</sup> | 95 | 1.9 | 1.7 |  |  |  |  |  |  |  |  |  | 23.4 | 96 | 97.7 |
|  Comp. 31<sup>4</sup> | 95 | 1.5 | 2.3 | 9.2 | 91.6 | 93.2 | 14.5 | 95 | 97.5 | 18.3 | 95.7 | 98 | 22.3 | 96.3 | 98.2 |
|  Comp. 31<sup>4</sup> | 95 | 1.8 | 2.3 |  |  |  |  |  |  |  |  |  | 20.7 | 96.1 | 98.3 |
|  Comp. 31<sup>4</sup> | 95 | 1.5 | 2.3 |  |  |  |  |  |  |  |  |  | 26 | 96.6 | 98.4 |
|  Comp. 1<sup>5</sup> | 104 | 0.4 | 2.1 |  |  |  |  |  |  |  |  |  | 20.8 | 92.4 | 98.1 |
|  Comp. 2<sup>5</sup> | 105 | 0.5 | 2.2 |  |  |  |  |  |  |  |  |  | 20.4 | 93.1 | 98.2 |
|  Comp. 3<sup>5</sup> | 99 | 2.3 | 2.7 |  |  |  |  |  |  |  |  |  | 20.9 | 93.4 | 98.5 |
|  Comp. 4<sup>5</sup> | 102 | 1 | 3.6 |  |  |  |  |  |  |  |  |  | 24 | 96.2 | 99 |
|  Comp. 5<sup>5</sup> | 121 | 1.2 | 3.8 |  |  |  |  |  |  |  |  |  | 25.9 | 97.4 | 99 |
|  Comp. 6<sup>5</sup> | 106 | 1 | 2.9 |  |  |  |  |  |  |  |  |  | 29.5 | 94.5 | 98.8 |
|  Comp. 7<sup>5</sup> | 96 | 1.3 | 1.8 |  |  |  |  |  |  |  |  |  | 22.3 | 96.3 | 97.9 |
|  Comp. 8<sup>5</sup> | 110 | 0.4 | 2 |  |  |  |  |  |  |  |  |  | 19.8 | 94.1 | 98 |
|  Comp. 9<sup>5</sup> | 104 | 2.2 | 3.6 |  |  |  |  |  |  |  |  |  | 25.1 | 95.3 | 99 |
|  Comp. 10<sup>5</sup> | 104 | 0.6 | 2 |  |  |  |  |  |  |  |  |  | 23.1 | 95.2 | 98.1 |
|  Comp. 11<sup>5</sup> | 95 | 1.5 | 3.1 |  |  |  |  |  |  |  |  |  | 22.7 | 95.8 | 98.7 |
|  Comp. 12<sup>5</sup> | 104 | 0.9 | 2.3 |  |  |  |  |  |  |  |  |  | 18.4 | 98.1 | 98.3 |
|  Comp. 13<sup>5</sup> | 106 | 0.7 | 2.1 |  |  |  |  |  |  |  |  |  | 23.2 | 96.8 | 98.2 |
|  Comp. 14<sup>5</sup> | 132 | 1.4 | 2 |  |  |  |  |  |  |  |  |  | 22.1 | 94.3 | 98.1 |
|  Comp. 15<sup>5</sup> | 94 | 1.1 | 1.7 |  |  |  |  |  |  |  |  |  | 25.8 | 91.7 | 97.8 |
|  Comp. 17<sup>5</sup> | 98 | 3.5 | 1.5 |  |  |  |  |  |  |  |  |  | 23.1 | 95.6 | 97.5 |
|  Comp. 18<sup>5</sup> | 100 | 4.2 | 1.9 |  |  |  |  |  |  |  |  |  | 20.8 | 93.6 | 97.1 |
|  Comp. 19<sup>5</sup> | 100 | 0.3 | 1.1 |  |  |  |  |  |  |  |  |  | 24.4 | 95.2 | 96.4 |
|  Comp. 20<sup>5</sup> | 102 | 0.7 | 1.6 |  |  |  |  |  |  |  |  |  | 20.2 | 94.1 | 97.5 |
|  Comp. 21<sup>5</sup> | 116 | 0.4 | 1.9 |  |  |  |  |  |  |  |  |  | 31.5 | 96.7 | 98.2 |
|  Comp. 22<sup>5</sup> | 99 | 0.6 | 0.8 |  |  |  |  |  |  |  |  |  | 27.2 | 96 | 95 |
|  Comp. 23<sup>5</sup> | 115 | 5 | 0.9 |  |  |  |  |  |  |  |  |  | 24.1 | 96.2 | 95.6 |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-24<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **Flotation Feed** | **Flotation Feed** | **Flotation Feed** | **Rougher Conc. #1** | **Rougher Conc. #1** | **Rougher Conc. #1** | **Rougher Conc. #2** | **Rougher Conc. #2** | **Rougher Conc. #2** | **Rougher Conc. #3** | **Rougher Conc. #3** | **Rougher Conc. #3** | **Rougher Conc. #4** | **Rougher Conc. #4** | **Rougher Conc. #4** |
| **Composite** | **P<sub>80 </sub>µm** | **g/t Au** | **%S<sup>2-</sup>** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** | **%Weight** | **%Rec Au** | **%Rec S<sup>2</sup>-** |
|  Comp. 24<sup>5</sup> | 119 | 0.9 | 1.2 |  |  |  |  |  |  |  |  |  | 23.8 | 95 | 96.8 |
|  Comp. 25<sup>5</sup> | 100 | 1.8 | 3.2 |  |  |  |  |  |  |  |  |  | 29.2 | 94.6 | 98.4 |
|  Comp. 26<sup>5</sup> | 101 | 3 | 1.9 |  |  |  |  |  |  |  |  |  | 23.1 | 95.9 | 96.8 |
|  Comp. 27<sup>5</sup> | 113 | 13.6 | 0.3 |  |  |  |  |  |  |  |  |  | 23 | 97.5 | 88.2 |
|  Comp. 28<sup>5</sup> | 117 | 2.2 | 2.6 |  |  |  |  |  |  |  |  |  | 24 | 96.6 | 98.5 |
|  Comp. 30<sup>5</sup> | 116 | 1.9 | 3.9 |  |  |  |  |  |  |  |  |  | 25.3 | 97.2 | 99 |
|  Comp. 31<sup>5</sup> | 111 | 1.8 | 2.2 |  |  |  |  |  |  |  |  |  | 23.5 | 95.7 | 98.2 |
|  Comp. 32<sup>5</sup> | 97 | 0.6 | 3 |  |  |  |  |  |  |  |  |  | 22.7 | 96 | 98.7 |
|  Comp. 33<sup>5</sup> | 103 | 1.6 | 2.7 |  |  |  |  |  |  |  |  |  | 23 | 97.1 | 98.6 |
|  Comp. 34<sup>5</sup> | 91 | 1.1 | 1.1 |  |  |  |  |  |  |  |  |  | 18.6 | 93.9 | 96.4 |
|  Comp. 35<sup>5</sup> | 107 | 3.3 | 3.7 |  |  |  |  |  |  |  |  |  | 25.2 | 97.1 | 99 |
|  Comp. 37<sup>5</sup> | 104 | 2.2 | 2.9 |  |  |  |  |  |  |  |  |  | 29 | 98.7 | 98.8 |
|  Comp. 38<sup>5</sup> | 95 | 0.7 | 3.3 |  |  |  |  |  |  |  |  |  | 23.3 | 95.7 | 98.8 |
|  Comp. 39<sup>5</sup> | 101 | 6 | 4.6 |  |  |  |  |  |  |  |  |  | 23.8 | 96.1 | 99.2 |
|  Comp. 40<sup>5</sup> | 92 | 2.6 | 3.6 |  |  |  |  |  |  |  |  |  | 23.9 | 97.1 | 99 |
|  Comp. 42<sup>5</sup> | 101 | 0.6 | 2.1 |  |  |  |  |  |  |  |  |  | 27.4 | 93.2 | 98.3 |
|  Comp. 43<sup>5</sup> | 110 | 0.5 | 1 |  |  |  |  |  |  |  |  |  | 33.3 | 94.9 | 96.6 |
|  Comp. 44<sup>5</sup> | 102 | 0.9 | 2.8 |  |  |  |  |  |  |  |  |  | 27.8 | 97.6 | 98.7 |
|  Comp. 45<sup>5</sup> | 103 | 1.3 | 4 |  |  |  |  |  |  |  |  |  | 26.7 | 96.7 | 99.1 |
|  Comp. 46<sup>5</sup> | 102 | 0.3 | 1.9 |  |  |  |  |  |  |  |  |  | 21.4 | 94.5 | 97.9 |
|  Comp. 47<sup>5</sup> | 107 | 0.2 | 1 |  |  |  |  |  |  |  |  |  | 25.1 | 91.1 | 96.3 |
|  Comp. 48<sup>5</sup> | 100 | 0.3 | 1.5 |  |  |  |  |  |  |  |  |  | 30 | 95.5 | 97.7 |
|  Comp. 49<sup>5</sup> | 112 | 0.3 | 0.3 |  |  |  |  |  |  |  |  |  | 20 | 92.4 | 88 |
|  Comp. 50<sup>5</sup> | 105 | 0.2 | 0.5 |  |  |  |  |  |  |  |  |  | 21.5 | 91.6 | 91.3 |

---

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| |
|:---|
| Notes: |
| <sup>2</sup>SGS-Lakefield, Project 18331-01, Final Report, August 2022 for Mayfair Gold. |
| <sup>3</sup>SGS-Lakefield, Project 18331-02, Final Report, September 2023 for Mayfair Gold. |
| <sup>4</sup>SGS-Lakefield, Project 18831-03 Metallurgical Test Results from 2024 for Mayfair Gold. |
| <sup>5</sup>SGS-Lakefield, Project 18831-03 Metallurgical Variability Test Results from 2025 for Mayfair Gold. |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-25<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***Rougher Concentrate Regrinding and Cyanidation***

A hybrid process configuration was considered as part of the metallurgical test program during 2023–2025 which includes Grinding + Gravity Concentration + Rougher Flotation + Concentrate Regrind + Intensive Cyanidation.

Intensive cyanidation of the reground concentrate included a slurry density of 42% solids w/w, and pH 10.5, with dissolved oxygen levels maintained at greater than 5 ppm with sparge air, and cyanide concentration maintained at 1.0 g/L NaCN.

Results from 2025 variability testwork are summarized in Table 13-10 and Figure 13-8 with a range in sample feed grade from 0.2 to 9.9 g/t Au and 0.3 to 4.6% S2- and a flotation rougher concentrate grade after regrinding to cyanidation from 0.7 to 41.7 g/t Au and 1.3 to 21.0% S<sup>2-</sup>.

Variability test results from 2025 compare favorably with data previously generated in 2023–2024. The goal of variability testwork is to validate performance over a wider range in material head grade, sample lithology, and the matrix of mineralization present.

From the 2025 variability test results, a cluster of data with a range of 75% to 90% gold extraction at P<sub>80</sub> 13 µm regrind size is evident in Figure 13-8. Approximately 25% of the lower CN %Ext Au data is associated with low sample head-grade. The remainder, which represents 15% of all samples tested suggests that a fraction of contained gold values are not necessarily amenable to cyanidation, with gold disseminated at sub-micron grain-size within iron sulphides, or alloyed with other metals (Ag, Te, Bi) causing them to be less soluble. The updated gold recovery model includes the 2025 variability test data, which confirms a continued favourable response of gold mineralization to flotation, with the majority of rougher concentrate from test samples responding well to cyanidation after regrinding.

The determination of cyanide concentration in slurry was accomplished by silver nitrate titration and automated cyanide analysis of free cyanide (CNfree) and weak acid-dissociable cyanide (CNwad). CNwad is typically not indicative of CNfree levels, since CNwad includes soluble copper and zinc metal complexes. A recheck on selected tests where CNfree was found to be less than 200 ppm at the end of cyanidation was followed up with a sub-sample of the cyanidation residue subjected to an additional 24 to 48 hours of leaching at 1 g/L NaCN. Minimal to no additional gold dissolution was observed, which implies lab-scale cyanidation test results were not constrained by residual cyanide concentration, dissolved oxygen, grind size, or retention time.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-26<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619snap402.jpg)

Source: Haggarty Technical Services July 2025—from test data in Table 13-10.

***Figure 13-8: Concentrate Regrind Size versus %Extraction and CN Residue g/t Au***

The variability testwork completed in 2025 included 46 composites listed in Table 13-10. Each sample was subjected to identical baseline conditions including a flotation feed grind size of P80 106 µm, 23% to 25% mass pull to a rougher concentrate, with flotation reagents including PAX (45 g/t), Aero 3501 (20 g/t), Aero 3477 (20 g/t), and MIBC (50 g/t). The respective rougher concentrates were reground to P80 10–13 µm, followed by cyanidation for 48 hours with 1,000 ppm NaCN to establish the expected variability in overall gold recovery.

***Table 13-10: Concentrate Regrind and Cyanidation Test Data***

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite<br>Sample** | **Flotation Feed** | **Flotation Feed** | **Flotation Feed** | **Concentrate** | **Concentrate** | **Concentrate** | **Tailings<br>(Au g/t)** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** |
| **Composite<br>Sample** | **Feed<br>(P<sub>80</sub> µm)** | **Au<br>(g/t)** | **S2-**<br>**(%)** | **%Mass<br>Pull** | **%Rec<br>Au** | **%Rec<br>S2-** | **Tailings<br>(Au g/t)** | **Conc.<br>(P<sub>80 </sub>µm)** | **CN Feed<br>(g/t Au)** | **CN Feed<br>(%S2-)** | **CN Residue<br>(g/t Au)** | **%Ext<br>(Au)** | **NaCN<br>(kg/t)** | **CaO<br>(kg/t)** | **CNfree<br>(g/L)** |
|  South Pit<sup>1</sup> | 72 | 0.92 | 2.4 | 24.4 | 95.1 | 98.4 | 0.06 | 18 | 4.3 | 9.8 | 0.53 | 87.9 | 0.9 | 2.5 | 426 |
|  Central Pit Upper<sup>1</sup> | 67 | 1.05 | 3.3 | 15.6 | 96 | 98.7 | 0.05 | 17 | 7.2 | 20.9 | 0.87 | 87.9 | 1.9 | 4.6 | 330 |
|  Central Pit Mid<sup>1</sup> | 67 | 1.13 | 2.1 | 12.2 | 95.3 | 97.9 | 0.06 | 14 | 10 | 16.9 | 1.02 | 89.9 | 1.8 | 5 | 277 |
|  Central Pit Lower<sup>1</sup> | 67 | 1.43 | 1 | 14.7 | 95.8 | 95.6 | 0.07 | 12 | 10.1 | 6.2 | 0.35 | 96.6 | 1.6 | 4 | 291 |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-27<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite<br>Sample** | **Flotation Feed** | **Flotation Feed** | **Flotation Feed** | **Concentrate** | **Concentrate** | **Concentrate** | **Tailings<br>(Au g/t)** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** |
| **Composite<br>Sample** | **Feed<br>(P<sub>80</sub> µm)** | **Au<br>(g/t)** | **S2-**<br>**(%)** | **%Mass<br>Pull** | **%Rec<br>Au** | **%Rec<br>S2-** | **Tailings<br>(Au g/t)** | **Conc.<br>(P<sub>80 </sub>µm)** | **CN Feed<br>(g/t Au)** | **CN Feed<br>(%S2-)** | **CN Residue<br>(g/t Au)** | **%Ext<br>(Au)** | **NaCN<br>(kg/t)** | **CaO<br>(kg/t)** | **CNfree<br>(g/L)** |
|  East Pit<sup>1</sup> | 72 | 0.76 | 1.6 | 20.8 | 97.9 | 97.1 | 0.05 | 15 | 4.2 | 7.6 | 0.49 | 88.3 | 1.4 | 2.4 | 356 |
|  FW UG<sup>1</sup> | 71 | 3.22 | 2.5 | 16.8 | 93.5 | 98.4 | 0.25 | 15 | 20.3 | 14.8 | 0.51 | 97.5 | 1.4 | 3.7 | 356 |
|  FG-22-254<sup>2</sup> | 102 | 1.18 | 2.4 | 26.8 | 94.1 | 98 | 0.10 | 15 | 4.4 | 8.8 | 0.45 | 89.9 | 2.4 | 2.4 | 301 |
|  FG-22-254<sup>2</sup> | 102 | 1.18 | 2.4 | 26.8 | 94.1 | 98 | 0.10 | 10 | 4.5 | 8.8 | 0.29 | 93.6 | 2.8 | 2.8 | 297 |
|  FG-22-254<sup>2</sup> | 102 | 1.18 | 2.4 | 26.8 | 94.1 | 98 | 0.10 | 5 | 4.3 | 8.8 | 0.19 | 95.6 | 3.5 | 4 | 279 |
|  FG-23-350a<sup>3</sup> | 109 | 1.91 | 1.7 | 23.4 | 96 | 97.7 | 0.10 | 11 | 7.8 | 7 | 0.26 | 96.7 | 2.2 | 1.4 | 398 |
|  FG-23-350a<sup>3</sup> | 109 | 1.91 | 1.7 | 23.4 | 96 | 97.7 | 0.10 | 11 | 7.7 | 7 | 0.26 | 96.6 | 2.1 | 1.5 | 408 |
|  FG-23-350a<sup>3</sup> | 109 | 1.91 | 1.7 | 23.4 | 96 | 97.7 | 0.10 | 13 | 7.6 | 7 | 0.42 | 94.4 | 1.8 | 1.5 | 391 |
|  FG-23-350a<sup>3</sup> | 109 | 1.91 | 1.7 | 23.4 | 96 | 97.7 | 0.10 | 13 | 7.7 | 7 | 0.38 | 95.1 | 1.9 | 1.5 | 368 |
|  FG-23-350a<sup>3</sup> | 109 | 1.91 | 1.7 | 23.4 | 96 | 97.7 | 0.10 | 22 | 8 | 7 | 0.84 | 89.5 | 1.7 | 1.3 | 374 |
|  FG-23-350a<sup>3</sup> | 109 | 1.91 | 1.7 | 23.4 | 96 | 97.7 | 0.10 | 23 | 7.8 | 7 | 0.80 | 89.7 | 1.7 | 1.5 | 347 |
|  Comp. 1<sup>4</sup> | 104 | 0.57 | 2.1 | 20.8 | 94.5 | 98.1 | 0.04 | 11 | 2.6 | 10 | 0.54 | 79.6 | 0.4 | 0.6 | 354 |
|  Comp. 2<sup>4</sup> | 105 | 0.47 | 2.2 | 20.4 | 93.2 | 98.2 | 0.04 | 14 | 2.1 | 10.8 | 0.40 | 81.7 | 0.6 | 0.7 | 154 |
|  Comp. 3<sup>4</sup> | 99 | 2.35 | 2.7 | 20.9 | 93.6 | 98.5 | 0.19 | 14 | 10.5 | 12.6 | 0.61 | 94 | 0.7 | 0.6 | 124 |
|  Comp. 4<sup>4</sup> | 102 | 1.17 | 3.6 | 24 | 96.7 | 99 | 0.05 | 13 | 4.7 | 14.9 | 0.86 | 81.7 | 0.6 | 0.6 | 159 |
|  Comp. 5<sup>4</sup> | 121 | 1.12 | 3.8 | 25.9 | 97.3 | 99 | 0.04 | 14 | 4.2 | 14.4 | 0.65 | 84.5 | 0.6 | 0.5 | 202 |
|  Comp. 6<sup>4</sup> | 106 | 1.12 | 2.9 | 29.5 | 95 | 98.8 | 0.08 | 13 | 3.6 | 9.7 | 0.57 | 84.2 | 0.2 | 0.4 | 485 |
|  Comp. 7<sup>4</sup> | 96 | 1.01 | 1.8 | 22.3 | 95.4 | 97.9 | 0.06 | 14 | 4.3 | 8 | 0.30 | 93 | 0.5 | 0.4 | 130 |
|  Comp. 8<sup>4</sup> | 110 | 0.42 | 2 | 19.8 | 94.3 | 98 | 0.03 | 13 | 2 | 9.9 | 0.33 | 83.7 | 0.6 | 0.5 | 102 |
|  Comp. 9<sup>4</sup> | 104 | 2.30 | 3.6 | 25.1 | 95.4 | 99 | 0.14 | 13 | 8.8 | 14.3 | 0.72 | 91.8 | 0.9 | 0.9 | 111 |
|  Comp. 10<sup>4</sup> | 104 | 0.74 | 2 | 23.1 | 95.9 | 98.1 | 0.04 | 14 | 3.1 | 8.5 | 0.79 | 74.4 | 0.6 | 0.5 | 116 |
|  Comp. 11<sup>4</sup> | 95 | 1.52 | 3.1 | 22.7 | 95.9 | 98.7 | 0.08 | 14 | 6.4 | 13.3 | 0.69 | 89.3 | 0.6 | 0.6 | 109 |
|  Comp. 12<sup>4</sup> | 104 | 0.91 | 2.6 | 20.8 | 98.3 | 98.5 | 0.02 | 9 | 4.3 | 12.4 | 0.64 | 85.2 | 1.2 | 0.8 | 716 |
|  Comp. 13<sup>4</sup> | 106 | 1.00 | 2.1 | 23.2 | 97.7 | 98.2 | 0.03 | 14 | 4.2 | 8.8 | 1.13 | 73.3 | 0.6 | 0.5 | 139 |
|  Comp. 14<sup>4</sup> | 132 | 1.28 | 2 | 22.1 | 93.9 | 98.1 | 0.10 | 14 | 5.4 | 8.9 | 0.41 | 92.4 | 0.6 | 0.4 | 153 |
|  Comp. 15<sup>4</sup> | 94 | 1.39 | 1.6 | 25.8 | 93.6 | 97.7 | 0.12 | 14 | 5.1 | 6.3 | 0.56 | 89 | 0.6 | 0.4 | 206 |
|  Comp. 17<sup>4</sup> | 98 | 3.18 | 1.5 | 23.1 | 95.2 | 97.5 | 0.20 | 14 | 13.1 | 6.5 | 0.17 | 98.7 | 0.5 | 0.3 | 135 |
|  Comp. 18<sup>4</sup> | 100 | 4.07 | 1.9 | 20.8 | 93.4 | 97.1 | 0.34 | 11 | 18.3 | 8.9 | 0.38 | 97.9 | 0.5 | 0.4 | 129 |
|  Comp. 19<sup>4</sup> | 100 | 0.35 | 1.1 | 24.4 | 95.7 | 96.5 | 0.02 | 14 | 1.4 | 4.2 | 0.16 | 88.4 | 0.6 | 0.5 | 221 |
|  Comp. 20<sup>4</sup> | 102 | 0.87 | 1.6 | 20.2 | 95.4 | 97.5 | 0.05 | 14 | 4.1 | 7.7 | 0.29 | 93.7 | 0.6 | 0.4 | 161 |
|  Comp. 21<sup>4</sup> | 116 | 0.51 | 1.9 | 31.5 | 97.3 | 98.2 | 0.02 | 14 | 1.6 | 5.8 | 0.34 | 79.7 | 0.7 | 0.5 | 163 |
|  Comp. 22<sup>4</sup> | 99 | 0.62 | 0.7 | 27.2 | 96.5 | 95 | 0.03 | 13 | 2.2 | 2.5 | 0.13 | 94.1 | 0.5 | 0.4 | 273 |
|  Comp. 23<sup>4</sup> | 115 | 3.65 | 0.9 | 24.1 | 94.8 | 95.6 | 0.25 | 14 | 14.4 | 3.4 | 0.13 | 99.1 | 0.6 | 0.3 | 142 |
|  Comp. 24<sup>4</sup> | 119 | 1.01 | 1.2 | 23.8 | 95.5 | 96.8 | 0.06 | 14 | 4.1 | 4.8 | 0.19 | 95.3 | 0.7 | 0.4 | 141 |
|  Comp. 25<sup>4</sup> | 100 | 1.52 | 3.1 | 29.2 | 93.5 | 98.4 | 0.14 | 14 | 4.9 | 10.6 | 0.34 | 93.4 | 0.8 | 0.7 | 257 |
|  Comp. 26<sup>4</sup> | 101 | 3.70 | 1.9 | 23 | 96.7 | 96.8 | 0.16 | 14 | 15.5 | 8 | 0.32 | 98 | 0.8 | 0.6 | 156 |
|  Comp. 27<sup>4</sup> | 113 | 9.92 | 0.3 | 23 | 96.6 | 88.2 | 0.44 | 13 | 41.7 | 1.3 | 0.50 | 98.8 | 0.6 | 0.2 | 164 |
|  Comp. 28<sup>4</sup> | 117 | 2.32 | 2.6 | 24 | 96.7 | 98.5 | 0.10 | 12 | 9.4 | 10.7 | 0.31 | 96.8 | 0.7 | 0.6 | 202 |
|  Comp. 30<sup>4</sup> | 116 | 1.77 | 3.9 | 25.3 | 97 | 99 | 0.07 | 14 | 6.8 | 15.2 | 0.28 | 96 | 0.5 | 0.4 | 177 |
|  Comp. 31<sup>4</sup> | 111 | 1.82 | 2.2 | 23.5 | 95.8 | 98.2 | 0.10 | 12 | 7.4 | 9 | 0.33 | 95.7 | 0.6 | 0.9 | 85 |
|  Comp. 32<sup>4</sup> | 94 | 0.60 | 3.2 | 22.3 | 96.1 | 98.8 | 0.03 | 10 | 2.6 | 14.2 | 0.56 | 78.4 | 1.3 | 1 | 721 |
|  Comp. 33<sup>4</sup> | 103 | 1.61 | 2.7 | 23 | 97.1 | 98.6 | 0.06 | 12 | 6.8 | 11.4 | 0.29 | 95.7 | 0.6 | 0.5 | 193 |
|  Comp. 34<sup>4</sup> | 91 | 1.59 | 1.1 | 18.6 | 95.9 | 96.4 | 0.08 | 12 | 8.2 | 5.9 | 0.41 | 95 | 0.7 | 0.4 | 284 |

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-28<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite<br>Sample** | **Flotation Feed** | **Flotation Feed** | **Flotation Feed** | **Concentrate** | **Concentrate** | **Concentrate** | **Tailings<br>(Au g/t)** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** | **Cyanidation** |
| **Composite<br>Sample** | **Feed<br>(P<sub>80</sub> µm)** | **Au<br>(g/t)** | **S2-**<br>**(%)** | **%Mass<br>Pull** | **%Rec<br>Au** | **%Rec<br>S2-** | **Tailings<br>(Au g/t)** | **Conc.<br>(P<sub>80 </sub>µm)** | **CN Feed<br>(g/t Au)** | **CN Feed<br>(%S2-)** | **CN Residue<br>(g/t Au)** | **%Ext<br>(Au)** | **NaCN<br>(kg/t)** | **CaO<br>(kg/t)** | **CNfree<br>(g/L)** |
|  Comp. 35<sup>4</sup> | 107 | 3.17 | 3.7 | 25.2 | 96.9 | 99 | 0.13 | 13 | 12.2 | 14.5 | 0.40 | 97 | 0.6 | 0.5 | 127 |
|  Comp. 37<sup>4</sup> | 104 | 2.21 | 2.9 | 29 | 98.7 | 98.8 | 0.04 | 13 | 7.5 | 9.9 | 0.24 | 97.1 | 0.6 | 0.6 | 143 |
|  Comp. 38<sup>4</sup> | 95 | 0.70 | 3.3 | 23.3 | 95.6 | 98.8 | 0.04 | 13 | 2.9 | 14 | 0.42 | 85.3 | 0.7 | 0.4 | 290 |
|  Comp. 39<sup>4</sup> | 101 | 5.81 | 4.6 | 23.8 | 95.9 | 99.2 | 0.31 | 13 | 23.4 | 19 | 1.08 | 95.4 | 0.5 | 0.6 | 319 |
|  Comp. 40<sup>4</sup> | 92 | 2.56 | 3.6 | 23.8 | 97 | 98.9 | 0.10 | 14 | 10.4 | 15 | 0.66 | 93.7 | 0.8 | 0.5 | 334 |
|  Comp. 42<sup>4</sup> | 101 | 0.63 | 2.1 | 27.4 | 93.1 | 98.3 | 0.06 | 13 | 2.2 | 7.6 | 0.24 | 88.8 | 0.6 | 0.4 | 355 |
|  Comp. 43<sup>4</sup> | 110 | 0.50 | 1 | 33.3 | 94.7 | 96.6 | 0.04 | 14 | 1.4 | 2.9 | 0.10 | 93 | 0.6 | 0.7 | 429 |
|  Comp. 44<sup>4</sup> | 96 | 0.74 | 2.4 | 26.6 | 97 | 98.5 | 0.03 | 10 | 2.7 | 9 | 0.26 | 90.4 | 1.3 | 0.6 | 747 |
|  Comp. 45<sup>4</sup> | 103 | 1.39 | 4.1 | 25.6 | 96.8 | 99.1 | 0.06 | 10 | 5.3 | 15.9 | 0.81 | 84.6 | 1.9 | 0.9 | 746 |
|  Comp. 46<sup>4</sup> | 102 | 0.22 | 1.9 | 21.4 | 92.8 | 97.9 | 0.02 | 12 | 1 | 8.5 | 0.17 | 82.1 | 0.5 | 0.5 | 369 |
|  Comp. 47<sup>4</sup> | 107 | 0.20 | 1 | 25.1 | 92.4 | 96.3 | 0.02 | 14 | 0.7 | 3.9 | 0.25 | 65.3 | 0.7 | 0.5 | 318 |
|  Comp. 48<sup>4</sup> | 100 | 0.33 | 1.5 | 30 | 95.8 | 97.7 | 0.02 | 13 | 1.1 | 4.9 | 0.22 | 79 | 1 | 0.6 | 373 |
|  Comp. 49<sup>4</sup> | 112 | 0.47 | 0.3 | 20 | 94.9 | 88 | 0.03 | 13 | 2.2 | 1.5 | 0.07 | 96.9 | 0.6 | 0.3 | 253 |
|  Comp. 50<sup>4</sup> | 105 | 0.26 | 0.4 | 21.5 | 92.4 | 91.3 | 0.03 | 14 | 1.1 | 1.9 | 0.04 | 96.4 | 0.8 | 0.2 | 350 |

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| |
|:---|
| Notes: |
| <sup>2</sup>SGS-Lakefield, Project 18831-02, Final Report, September 2023 for Mayfair Gold. |
| <sup>3</sup>SGS-Lakefield, Project 18831-03 Metallurgical Test Results from 2024 for Mayfair Gold. |
| <sup>4</sup>SGS-Lakefield, Project 18831-03 Metallurgical Test Results from 2025 for Mayfair Gold. |

---

***Cyanidation Circuit Retention Time***

As a component of the variability test program, flotation concentrate gold dissolution rate kinetics were monitored during cyanidation for each composite with a solution sample withdrawn at 4, 8, 12, 24, and 48-hour time intervals.

Residual solution CNfree concentrations were adjusted as required at matching time intervals to maintain a target 1.0 g/L NaCN, equivalent to 530 ppm CNwad.

Direct cyanidation only was applied for all variability composites to determine gold dissolution rate kinetics summarized in Figure 13-9 and Table 13-11. Test results indicate that after 4 hours an average 85% of ultimate gold extraction is realized, after 8 hours 97%, after 12 hours 98%, and after 24 hours approaching 100% of ultimate extractive gold recovery.

The Fenn–Gib gold recovery circuit will include pre-aeration followed by CIL cyanidation with an approximate 24-hour retention time.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-29<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619g16k06.jpg)

Source: Haggarty Technical Services July 2025—from SGS 18831-03 Mayfair Cyanidation Testwork.xls

***Figure 13-9: Gold Extraction Rate Kinetics Relative to Cyanidation Retention Time***

***Table 13-11: Cyanidation Gold Dissolution Rate Kinetics***

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample<br>ID** | **Feed Grade** | **Feed Grade** | **Conc.<br>(P<sub>80 </sub>µm)** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Tailings<br>(g/t Au)** | **CN<sub>free</sub><sub><br></sub>(ppm)** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** |
| **Sample<br>ID** | **g/t Au** | **%S<sup>2-</sup>** | **Conc.<br>(P<sub>80 </sub>µm)** | **4 h** | **8 h** | **12 h** | **24 h** | **48 h** | **Tailings<br>(g/t Au)** | **CN<sub>free</sub><sub><br></sub>(ppm)** | **4 h** | **8 h** | **12 h** | **24 h** | **48 h** |
|  Comp. 1 | 2.6 | 10 | 11.3 | 69 | 74.8 | 75.8 | 80 | 79.2 | 0.54 | 354 | 0.87 | 0.94 | 0.95 | 1.01 | 1.00 |
|  Comp. 2 | 2.1 | 10.8 | 13.6 | 70.2 | 81.9 | 82.3 | 82.5 | 81.2 | 0.40 | 154 | 0.86 | 1.00 | 1.01 | 1.01 | 1.00 |
|  Comp. 3 | 10.5 | 12.6 | 13.5 | 64.5 | 86.1 | 89.5 | 99 | 94.2 | 0.61 | 124 | 0.68 | 0.91 | 0.95 | 1.05 | 1.00 |
|  Comp. 4 | 4.7 | 14.9 | 13.4 | 57.4 | 69.3 | 74.4 | 81.2 | 81.7 | 0.86 | 159 | 0.70 | 0.85 | 0.91 | 0.99 | 1.00 |
|  Comp. 5 | 4.2 | 14.4 | 13.5 | 77.9 | 83.3 | 82.4 | 84.1 | 84.5 | 0.65 | 202 | 0.92 | 0.99 | 0.98 | 1.00 | 1.00 |
|  Comp. 6 | 3.6 | 9.7 | 13.4 | 67.5 | 79.1 | 82.5 | 83.7 | 84.2 | 0.57 | 485 | 0.80 | 0.94 | 0.98 | 0.99 | 1.00 |
|  Comp. 7 | 4.3 | 8 | 13.7 | 80.8 | 90.5 | 93.4 | 91.1 | 93 | 0.30 | 130 | 0.87 | 0.97 | 1.00 | 0.98 | 1.00 |
|  Comp. 8 | 2 | 9.9 | 12.8 | 70.4 | 81.7 | 82.4 | 84.5 | 83.7 | 0.33 | 102 | 0.84 | 0.98 | 0.99 | 1.01 | 1.00 |
|  Comp. 9 | 8.8 | 14.3 | 12.5 | 53.8 | 81.8 | 86.6 | 90.6 | 91.8 | 0.72 | 111 | 0.59 | 0.89 | 0.94 | 0.99 | 1.00 |
|  Comp. 10 | 3.1 | 8.5 | 13.9 | 67.6 | 80.3 | 75.7 | 73.2 | 74.4 | 0.79 | 116 | 0.91 | 1.08 | 1.02 | 0.99 | 1.00 |
|  Comp. 11 | 6.4 | 13.3 | 13.8 | 81.3 | 90.5 | 86 | 89.6 | 89.3 | 0.69 | 109 | 0.91 | 1.01 | 0.96 | 1.00 | 1.00 |
|  Comp. 12 | 4.8 | 12.5 | 13.6 | 75.2 | 80.3 | 80.4 | 81.8 | 81.9 | 0.86 | 115 | 0.92 | 0.98 | 0.98 | 1.00 | 1.00 |
|  Comp. 13 | 4.2 | 8.8 | 13.9 | 54.9 | 67.3 | 63.9 | 69.3 | 73.1 | 1.13 | 139 | 0.75 | 0.92 | 0.87 | 0.95 | 1.00 |
|  Comp. 14 | 5.4 | 8.9 | 13.7 | 70.3 | 88 | 88 | 91.8 | 92.4 | 0.41 | 153 | 0.76 | 0.95 | 0.95 | 0.99 | 1.00 |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-30<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample<br>ID** | **Feed Grade** | **Feed Grade** | **Conc.<br>(P<sub>80 </sub>µm)** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Cyanidation<br>Au Dissolution Rate Kinetics** | **Tailings<br>(g/t Au)** | **CN<sub>free</sub><sub><br></sub>(ppm)** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** | **Cyanidation% of Ultimate Au Extraction** |
| **Sample<br>ID** | **g/t Au** | **%S<sup>2-</sup>** | **Conc.<br>(P<sub>80 </sub>µm)** | **4 h** | **8 h** | **12 h** | **24 h** | **48 h** | **Tailings<br>(g/t Au)** | **CN<sub>free</sub><sub><br></sub>(ppm)** | **4 h** | **8 h** | **12 h** | **24 h** | **48 h** |
|  Comp. 15 | 5.1 | 6.3 | 13.6 | 64.5 | 84.1 | 84.8 | 88.3 | 89 | 0.56 | 206 | 0.72 | 0.94 | 0.95 | 0.99 | 1.00 |
|  Comp. 17 | 13.1 | 6.5 | 13.6 | 98 | 99 | 99 | 99 | 98.7 | 0.17 | 135 | 0.99 | 1.00 | 1.00 | 1.00 | 1.00 |
|  Comp. 18 | 18.3 | 8.9 | 11.3 | 99 | 99 | 98.4 | 99.2 | 97.9 | 0.38 | 129 | 1.01 | 1.01 | 1.01 | 1.01 | 1.00 |
|  Comp. 19 | 1.4 | 4.2 | 13.6 | 80.1 | 88.2 | 86.5 | 88.7 | 88.4 | 0.16 | 221 | 0.91 | 1.00 | 0.98 | 1.00 | 1.00 |
|  Comp. 20 | 4.1 | 7.7 | 14.1 | 67.4 | 82 | 86.5 | 91.9 | 93 | 0.29 | 161 | 0.72 | 0.88 | 0.93 | 0.99 | 1.00 |
|  Comp. 21 | 1.6 | 5.8 | 13.6 | 63.8 | 69.7 | 58.9 | 71 | 78.5 | 0.34 | 163 | 0.81 | 0.89 | 0.75 | 0.90 | 1.00 |
|  Comp. 22 | 2.2 | 2.5 | 13.2 | 81.6 | 87.3 | 93.3 | 92.4 | 94.1 | 0.13 | 273 | 0.86 | 0.92 | 0.99 | 0.98 | 1.00 |
|  Comp. 23 | 14.4 | 3.4 | 14 | 71.9 | 84.1 | 88.4 | 95.4 | 99.1 | 0.13 | 142 | 0.73 | 0.85 | 0.89 | 0.96 | 1.00 |
|  Comp. 24 | 4.1 | 4.8 | 13.6 | 77.7 | 88.1 | 90.3 | 93.7 | 95.3 | 0.19 | 141 | 0.81 | 0.92 | 0.95 | 0.98 | 1.00 |
|  Comp. 25 | 4.9 | 10.6 | 13.9 | 69.8 | 86.6 | 91.2 | 90.7 | 93 | 0.34 | 257 | 0.75 | 0.93 | 0.98 | 0.98 | 1.00 |
|  Comp. 26 | 15.5 | 8 | 13.7 | 55.5 | 89.6 | 90.9 | 96.7 | 97.9 | 0.32 | 156 | 0.57 | 0.92 | 0.93 | 0.99 | 1.00 |
|  Comp. 27 | 41.7 | 1.3 | 13.4 | 58.8 | 84.1 | 97.8 | 99 | 98.8 | 0.50 | 164 | 0.60 | 0.85 | 0.99 | 1.00 | 1.00 |
|  Comp. 28 | 9.4 | 10.7 | 12.1 | 87.3 | 95.9 | 99.6 | 99 | 96.7 | 0.31 | 202 | 0.90 | 0.99 | 1.03 | 1.02 | 1.00 |
|  Comp. 30 | 6.8 | 15.2 | 13.6 | 84.5 | 93 | 89.4 | 93.3 | 95.9 | 0.28 | 177 | 0.88 | 0.97 | 0.93 | 0.97 | 1.00 |
|  Comp. 31 | 7.4 | 9 | 11.9 | 96.9 | 95.7 | 94.4 | 99 | 95.5 | 0.33 | 85 | 1.01 | 1.00 | 0.99 | 1.04 | 1.00 |
|  Comp. 32 | 2.3 | 12.9 | 13.3 | 64.4 | 77.1 | 80 | 79.9 | 76.5 | 0.54 | 383 | 0.84 | 1.01 | 1.04 | 1.04 | 1.00 |
|  Comp. 33 | 6.8 | 11.4 | 12.4 | 93.6 | 93.7 | 92.5 | 97.7 | 95.7 | 0.29 | 193 | 0.98 | 0.98 | 0.97 | 1.02 | 1.00 |
|  Comp. 34 | 8.2 | 5.9 | 12.3 | 82 | 95.6 | 96.9 | 95.8 | 95 | 0.41 | 284 | 0.86 | 1.01 | 1.02 | 1.01 | 1.00 |
|  Comp. 35 | 12.2 | 14.5 | 12.8 | 83.7 | 91.6 | 90.9 | 99 | 96.7 | 0.40 | 127 | 0.87 | 0.95 | 0.94 | 1.02 | 1.00 |
|  Comp. 37 | 7.5 | 9.9 | 12.8 | 86.8 | 93.4 | 93.4 | 98.7 | 96.8 | 0.24 | 143 | 0.90 | 0.96 | 0.96 | 1.02 | 1.00 |
|  Comp. 38 | 2.9 | 14 | 13.2 | 75.7 | 89.1 | 76.9 | 86.9 | 85.3 | 0.42 | 290 | 0.89 | 1.04 | 0.90 | 1.02 | 1.00 |
|  Comp. 39 | 23.4 | 19 | 12.8 | 69.9 | 91.6 | 96.5 | 91.5 | 95.4 | 1.08 | 319 | 0.73 | 0.96 | 1.01 | 0.96 | 1.00 |
|  Comp. 40 | 10.4 | 15 | 13.7 | 69.1 | 84.3 | 90.2 | 93.4 | 93.7 | 0.66 | 334 | 0.74 | 0.90 | 0.96 | 1.00 | 1.00 |
|  Comp. 42 | 2.2 | 7.6 | 13.4 | 88.7 | 88.3 | 88 | 85 | 88.8 | 0.24 | 355 | 1.00 | 0.99 | 0.99 | 0.96 | 1.00 |
|  Comp. 43 | 1.4 | 2.9 | 13.7 | 91.5 | 96 | 96.1 | 95.2 | 93 | 0.10 | 429 | 0.98 | 1.03 | 1.03 | 1.02 | 1.00 |
|  Comp. 44 | 2.7 | 10.1 | 13.2 | 71.7 | 83.9 | 81.8 | 89.3 | 85.4 | 0.39 | 376 | 0.84 | 0.98 | 0.96 | 1.04 | 1.00 |
|  Comp. 45 | 5.5 | 15 | 14 | 75.5 | 87.4 | 88.4 | 87.7 | 82.1 | 0.98 | 352 | 0.92 | 1.06 | 1.08 | 1.07 | 1.00 |
|  Comp. 46 | 1 | 8.5 | 12.4 | 89.2 | 101.3 | 88.1 | 90.2 | 82.1 | 0.17 | 369 | 1.09 | 1.23 | 1.07 | 1.10 | 1.00 |
|  Comp. 47 | 0.7 | 3.9 | 13.9 | 57.2 | 62.7 | 70.8 | 71.6 | 65.3 | 0.25 | 318 | 0.88 | 0.96 | 1.09 | 1.10 | 1.00 |
|  Comp. 48 | 1.01 | 4.9 | 13.3 | 70.8 | 86 | 83.1 | 82.2 | 79 | 0.22 | 373 | 0.89 | 1.08 | 1.05 | 1.03 | 1.00 |
|  Comp. 49 | 2.2 | 1.5 | 13.4 | 82.4 | 99.1 | 99.8 | 105.2 | 96.9 | 0.07 | 253 | 0.85 | 1.02 | 1.03 | 1.08 | 1.00 |
|  Comp. 50 | 1.1 | 1.9 | 13.9 | 59.6 | 77.2 | 90.8 | 94.4 | 96.4 | 0.04 | 350 | 0.62 | 0.80 | 0.94 | 0.97 | 1.00 |

---

Source: Haggarty Technical Services July 2025—from SGS 18831-03 Mayfair Cyanidation Testwork.xls

***Rougher Concentrate—Regrind-Specific Energy Testwork***

As part of the variability test program, a bulk rougher-concentrate sample was prepared from Composite 17 to determine highly-intensity grinding (HIG) mill specific grinding energy (kWh/t) required to regrind the concentrate to a series of target product sizes that included P<sub>80</sub> 10, 13, 15, and 20 µm.

As shown in Figure 13-10 and summarized in Table 13-12 to Table 13-17, an average specific grinding energy (SGE) of 15.8 kWh/t is associated with a design grind size of P<sub>80</sub> 13 µm. The SGE increases to 27.6 kWh/t at P<sub>80</sub> 10 µm, decreasing to 11.7 kWh/t at P<sub>80</sub> 15 µm, and 6.4 kWh/t at P<sub>80</sub> 20 µm. Testwork considered ceramic grinding media (3 mm and 4 mm) at 45% solids and 47 % solids w/w for SGE definition.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-31<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

Slurry viscosity measurements summarized in Table 13-15 confirmed a dynamic viscosity of 9.1 mPa-sec and constant shear viscosity 11.9 mPa-sec at a slurry temperature of 29°C, 42% solids w/w, and pH 10.5. No viscosity-related issues are anticipated within the regrind mill operating range of 42% to 47% solids w/w.

![LOGO](g83619g38t77.jpg)

Source: Haggarty Technical Services July 2025—from SGS 18831-03 Mayfair Cyanidation Testwork.xls

***Figure 13-10: Concentrate Regrind—HIG Mill Specific Grinding Energy kWh/t Data***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-32<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 13-12: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 45% solids)*** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Trial#1** | **Feed** | **Stage 1** | **Stage 2** | **Stage 3** | **Stage 4** | **Stage 5** | **Stage 6** |
|  %Solids (w/w) | 45.4 | 45.8 | 45.9 | 45.5 | 45.7 | 45.8 | 45.8 |
|  Grinding Media (mm) | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
|  SGE (kWh/t) |  | 5.6 | 11.2 | 16.8 | 22.2 | 27.5 | 33.0 |
|  P<sub>80</sub> (µm) | 33.6 | 21.2 | 15.9 | 12.4 | 11.1 | 9.3 | 8.2 |
|  P<sub>98</sub> (µm) | 149.0 | 80.0 | 69.9 | 32.6 | 39.5 | 22.2 | 18.8 |
|  SGE (kWh/t) at P<sub>80</sub> 10 µm | 24.6 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 13 µm | 15.1 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 15 µm | 11.6 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 20 µm | 6.8 |  |  |  |  |  |  |
| Source: 188831-03 SST-001 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-001 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-001 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-001 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-001 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-001 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-001 Composite 17 Ro Conc.—22 Jan 2025. |  |
| ***Table 13-13: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)*** | ***Table 13-13: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)*** | ***Table 13-13: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)*** | ***Table 13-13: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)*** | ***Table 13-13: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)*** | ***Table 13-13: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)*** | ***Table 13-13: Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)*** |  |
| **Trial#2** | **Feed** | **Stage 1** | **Stage 2** | **Stage 3** | **Stage 4** | **Stage 5** | **Stage 6** |
|  %Solids (w/w) | 47.8 | 46.9 | 47.2 | 47.7 | 47.8 | 47.9 | 47.9 |
|  Grinding Media (mm) | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
|  SGE (kWh/t) |  | 1.8 | 3.6 | 10.1 | 16.4 | 22.6 | 28.6 |
|  P<sub>80</sub> (µm) | 33.6 | 27.2 | 20.9 | 16.4 | 13.2 | 10.7 | 9.2 |
|  P<sub>98</sub> (µm) | 149.0 | 123.0 | 91.5 | 70.2 | 48.1 | 30.4 | 23.5 |
|  SGE (kWh/t) at P<sub>80</sub> 10 µm | 28.0 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 13 µm | 14.1 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 15 µm | 9.7 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 20 µm | 4.5 |  |  |  |  |  |  |
| Source: 188831-03 SST-002 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-002 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-002 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-002 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-002 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-002 Composite 17 Ro Conc.—22 Jan 2025. | Source: 188831-03 SST-002 Composite 17 Ro Conc.—22 Jan 2025. |  |
| ***Table 13-14: Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)*** | ***Table 13-14: Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)*** | ***Table 13-14: Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)*** | ***Table 13-14: Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)*** | ***Table 13-14: Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)*** | ***Table 13-14: Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)*** | ***Table 13-14: Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)*** |  |
| **Trial#3** | **Feed** | **Stage 1** | **Stage 2** | **Stage 3** | **Stage 4** | **Stage 5** | **Stage 6** |
|  %Solids (w/w) | 47.8 | 47.3 | 47.4 | 47.4 | 47.5 | 47.6 | 47.5 |
|  Grinding Media (mm) | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
|  SGE (kWh/t) |  | 7.2 | 14.4 | 21.5 | 28.5 | 35.3 | 42.0 |
|  P<sub>80</sub> (µm) | 33.6 | 20.6 | 15.0 | 12.2 | 10.4 | 9.2 | 8.2 |
|  P<sub>98</sub> (µm) | 149.0 | 72.6 | 41.3 | 29.2 | 24.3 | 21.0 | 19.1 |
|  SGE (kWh/t) at P<sub>80</sub> 10 µm | 30.2 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 13 µm | 18.2 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 15 µm | 13.9 |  |  |  |  |  |  |
|  SGE (kWh/t) at P<sub>80</sub> 20 µm | 8.0 |  |  |  |  |  |  |

---

Source: 188831-03 SST-003 Composite 17 Ro Conc.—3 Feb 2025.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-33<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***Table 13-15: Concentrate Regrinding—HIG Mill Slurry Viscosity Measurements*** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample** | **%Solids<br>(w/w)** | **pH** | **Temp<br>(°C)** | **Dynamic Viscosity<br>(mPa-sec)** | **Constant Shear Viscosity<br>(mPas-sec)** |
|  RG Feed | 42 | 7.3 | 21 | 6.2 | 7.0 |
|  RG Discharge—Natural pH | 42 | 7.3 | 29 | 7.5 | 9.7 |
|  RG Discharge—pH 10.3 | 42 | 10.5 | 29 | 9.1 | 11.9 |

---

Source: 188831-03 SST-003 Slurry Viscosity—28 November 2024.

***Environmental Acid-Base Accounting Testwork***

Modified Sobek acid-base accounting (ABA) was conducted in 2022 on Central Pit Upper, Central Pit Lower rougher flotation tailings, and rougher-concentrate cyanidation residue samples. Similar testwork was completed in 2024 on Composite #29 (DDH FG23-350a) rougher-flotation tailings, and rougher concentrate prior to cyanidation, with results summarized in Table 13-16.

***Table 13-16: Acid-Base Accounting Test Results***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Description** | **pH** | **Neutralizing Potential (NP)<br>(t CaCO<sub>3</sub>/1,000 t)** | **Acid Generating Potential (AP)<br>(Mt CaCO<sub>3</sub>/1,000 t)** | **Ratio<br>NP/AP** | **Classification** |
|  Central Pit Upper<sup>1</sup> | Rougher Tailings | 9.2 | 132.0 | 1.3 | 105.6 | non-PAG |
|  Central Pit Upper<sup>1</sup> | Conc CN Residue | 9.0 | 132.0 | 90.6 | 1.5 | PAG |
|  Central Pit Lower<sup>1</sup> | Rougher Tailings | 9.2 | 62.9 | 1.3 | 50.3 | non-PAG |
|  Central Pit Lower<sup>1</sup> | Conc CN Residue | 9.1 | 65.3 | 24.7 | 2.6 | PAG |
|  Composite 29<sup>2</sup> | Rougher Tailings | 9.2 | 142.0 | 0.3 | 456 | non-PAG |
|  Composite 29<sup>2</sup> | Rougher Conc. | 8.3 | 154.0 | 290.0 | 0.53 | PAG |

---

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| | |
|:---|:---|
| Notes: | <sup>1</sup>SGS-Lakefield, Project 18831-01 Metallurgical Test Results, August 2022 for Mayfair Gold. |
|  | <sup>2</sup>SGS-Lakefield, Project 18831-03 Metallurgical Test Results from 2024 for Mayfair Gold. |
|  | PAG = potentially acid-generating. |

---

ABA test results quantify the acid generation potential (AP) relative to the oxidation of sulphide sulphur. The method also defines the neutralization potential (NP) by initiating a reaction with excess acid, then titrating to pH 8.3 with sodium hydroxide to determine how much acid was consumed during the reaction. The ratio between NP and AP is an indicator as to the potential of the sample to generate acid rock drainage (ARD).

Modified ABA tests identified rougher flotation tailings as non-potentially acid generating (non-PAG or NAG) with abundant neutralization potential. For rougher tailings, neutralizing potential ranged from 63 to 142 tonnes CaCO<sub>3</sub> per 1,000 tonnes, while the AP ranged from 0.3 to 1.3 tonnes CaCO<sub>3</sub> per 1,000 tonnes. The NP/AP ratio varied from 50 to 456, confirming that the low-sulphide rougher tailings are expected to be non-PAG.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-34<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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Modified ABA tests on sulphide concentrate and concentrate cyanidation residue samples identified this material as PAG, with sulphide content ranging from 0.8% to 9.3% S<sup>2-</sup>. The neutralizing potential varied from 65 to 154 tonnes CaCO<sub>3</sub> per 1,000 tonnes, while the acid generation potential ranged from 25 to 290 tonnes CaCO<sub>3</sub> per 1,000 tonnes. The ratio of NP/AP was low, between 0.5 to 2.6, indicating that the sulphide concentrate is only marginally buffered.

The hybrid process approach allows for the co-disposal of non-PAG rougher tailings with the sub-aqueous deposition of PAG cyanidation residue after cyanide removal. Successfully implemented elsewhere in the mining industry, this method ensures the PAG material, comprising 20% to 25% of process feed tonnage, is consistently submerged beneath a cap of well buffered non-PAG rougher tailings in the tailings impoundment.

**13.4** **Recovery Estimates** 

Flotation testwork achieved a rougher-flotation tailings grade that was typically less than 0.10 g/t Au at a feed grind size of P<sub>80</sub> 106 µm and mass pull of 23% to 25% to concentrate as indicated in Table 13-17.

Since flotation feed-grade is an independent variable, and 23% mass pull is assumed to rougher concentrate, with a constant rougher-flotation tailings grade of 0.10 g/t Au, the resulting rougher -concentrate grade at varying feed grade can be determined. This approach provides an opportunity to model expected overall flotation -circuit gold recovery, over a range in gold head-grade.

***Table 13-17: Overall Gold Recovery from Flotation, Concentrate Regrind, and Cyanidation Test Data***

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite Sample** | **Feed<br>(P<sub>80</sub> µm)** | **Feed<br>(Au g/t)** | **Conc.%Mass<br>Pull** | **Conc.%Rec<br>Au** | **Tailings<br>(Au g/t)** | **Conc.<br>(P<sub>80</sub> µm)** | **CN<br>Feed<br>(g/t Au)** | **CN<br>Residue<br>(g/t Au)** | **CN%Ext<br>Au** | **Overall%Ext<br>Au** |
|  South Pit<sup>1</sup> | 72 | 0.92 | 24.4 | 95.1 | 0.06 | 18 | 4.3 | 0.53 | 87.9 | 83.6 |
|  Central Pit Upper<sup>1</sup> | 67 | 1.05 | 15.6 | 96 | 0.05 | 17 | 7.2 | 0.87 | 87.9 | 84.4 |
|  Central Pit Mid<sup>1</sup> | 67 | 1.13 | 12.2 | 95.3 | 0.06 | 14 | 10 | 1.02 | 89.9 | 85.7 |
|  Central Pit Lower<sup>1</sup> | 67 | 1.43 | 14.7 | 95.8 | 0.07 | 12 | 10.1 | 0.35 | 96.6 | 92.5 |
|  East Pit<sup>1</sup> | 72 | 0.76 | 20.8 | 97.9 | 0.05 | 15 | 4.2 | 0.49 | 88.3 | 86.5 |
|  FW UG<sup>1</sup> | 71 | 3.22 | 16.8 | 93.5 | 0.25 | 15 | 20.3 | 0.51 | 97.5 | 91.2 |
|  FG-22-254<sup>2</sup> | 102 | 1.18 | 26.8 | 94.1 | 0.10 | 15 | 4.4 | 0.45 | 89.9 | 84.6 |
|  FG-22-254<sup>2</sup> | 102 | 1.18 | 26.8 | 94.1 | 0.10 | 10 | 4.5 | 0.29 | 93.6 | 88 |
|  FG-22-254<sup>2</sup> | 102 | 1.18 | 26.8 | 94.1 | 0.10 | 5 | 4.3 | 0.19 | 95.6 | 90 |
|  FG23-350a<sup>2</sup> | 109 | 1.91 | 23.4 | 96 | 0.10 | 11 | 7.8 | 0.26 | 96.7 | 92.8 |
|  FG23-350a<sup>2</sup> | 109 | 1.91 | 23.4 | 96 | 0.10 | 11 | 7.7 | 0.26 | 96.6 | 92.8 |
|  FG23-350a<sup>2</sup> | 109 | 1.91 | 23.4 | 96 | 0.10 | 13 | 7.6 | 0.42 | 94.4 | 90.7 |
|  FG23-350a<sup>2</sup> | 109 | 1.91 | 23.4 | 96 | 0.10 | 13 | 7.7 | 0.38 | 95.1 | 91.3 |
|  FG23-350a<sup>2</sup> | 109 | 1.91 | 23.4 | 96 | 0.10 | 22 | 8 | 0.84 | 89.5 | 85.9 |
|  FG23-350a<sup>2</sup> | 109 | 1.91 | 23.4 | 96 | 0.10 | 23 | 7.8 | 0.80 | 89.7 | 86.1 |
|  Comp. 1<sup>3</sup> | 104 | 0.57 | 20.8 | 94.5 | 0.04 | 11 | 2.6 | 0.54 | 79.6 | 75.2 |
|  Comp. 2<sup>3</sup> | 105 | 0.47 | 20.4 | 93.2 | 0.04 | 14 | 2.1 | 0.40 | 81.7 | 76.1 |
|  Comp. 3<sup>3</sup> | 99 | 2.35 | 20.9 | 93.6 | 0.19 | 14 | 10.5 | 0.61 | 94 | 88 |
|  Comp. 4<sup>3</sup> | 102 | 1.17 | 24 | 96.7 | 0.05 | 13 | 4.7 | 0.86 | 81.7 | 79 |
|  Comp. 5<sup>3</sup> | 121 | 1.12 | 25.9 | 97.3 | 0.04 | 14 | 4.2 | 0.65 | 84.5 | 82.3 |
|  Comp. 6<sup>3</sup> | 106 | 1.12 | 29.5 | 95 | 0.08 | 13 | 3.6 | 0.57 | 84.2 | 80 |
|  Comp. 7<sup>3</sup> | 96 | 1.01 | 22.3 | 95.4 | 0.06 | 14 | 4.3 | 0.30 | 93 | 88.7 |
|  Comp. 8<sup>3</sup> | 110 | 0.42 | 19.8 | 94.3 | 0.03 | 13 | 2 | 0.33 | 83.7 | 78.9 |

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-35<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite Sample** | **Feed<br>(P<sub>80</sub> µm)** | **Feed<br>(Au g/t)** | **Conc.%Mass<br>Pull** | **Conc.%Rec<br>Au** | **Tailings<br>(Au g/t)** | **Conc.<br>(P<sub>80</sub> µm)** | **CN<br>Feed<br>(g/t Au)** | **CN<br>Residue<br>(g/t Au)** | **CN%Ext<br>Au** | **Overall%Ext<br>Au** |
|  Comp. 9<sup>3</sup> | 104 | 2.30 | 25.1 | 95.4 | 0.14 | 13 | 8.8 | 0.72 | 91.8 | 87.6 |
|  Comp. 10<sup>3</sup> | 104 | 0.74 | 23.1 | 95.9 | 0.04 | 14 | 3.1 | 0.79 | 74.4 | 71.3 |
|  Comp. 11<sup>3</sup> | 95 | 1.52 | 22.7 | 95.9 | 0.08 | 14 | 6.4 | 0.69 | 89.3 | 85.6 |
|  Comp. 12<sup>3</sup> | 104 | 0.91 | 20.8 | 98.3 | 0.02 | 9 | 4.3 | 0.64 | 85.2 | 83.7 |
|  Comp. 13<sup>3</sup> | 106 | 1.00 | 23.2 | 97.7 | 0.03 | 14 | 4.2 | 1.13 | 73.3 | 71.6 |
|  Comp. 14<sup>3</sup> | 132 | 1.28 | 22.1 | 93.9 | 0.10 | 14 | 5.4 | 0.41 | 92.4 | 86.8 |
|  Comp. 15<sup>3</sup> | 94 | 1.39 | 25.8 | 93.6 | 0.12 | 14 | 5.1 | 0.56 | 89 | 83.3 |
|  Comp. 17<sup>3</sup> | 98 | 3.18 | 23.1 | 95.2 | 0.20 | 14 | 13.1 | 0.17 | 98.7 | 93.9 |
|  Comp. 18<sup>3</sup> | 100 | 4.07 | 20.8 | 93.4 | 0.34 | 11 | 18.3 | 0.38 | 97.9 | 91.4 |
|  Comp. 19<sup>3</sup> | 100 | 0.35 | 24.4 | 95.7 | 0.02 | 14 | 1.4 | 0.16 | 88.4 | 84.6 |
|  Comp. 20<sup>3</sup> | 102 | 0.87 | 20.2 | 95.4 | 0.05 | 14 | 4.1 | 0.29 | 93.7 | 89.4 |
|  Comp. 21<sup>3</sup> | 116 | 0.51 | 31.5 | 97.3 | 0.02 | 14 | 1.6 | 0.34 | 79.7 | 77.6 |
|  Comp. 22<sup>3</sup> | 99 | 0.62 | 27.2 | 96.5 | 0.03 | 13 | 2.2 | 0.13 | 94.1 | 90.8 |
|  Comp. 23<sup>3</sup> | 115 | 3.65 | 24.1 | 94.8 | 0.25 | 14 | 14.4 | 0.13 | 99.1 | 93.9 |
|  Comp. 24<sup>3</sup> | 119 | 1.01 | 23.8 | 95.5 | 0.06 | 14 | 4.1 | 0.19 | 95.3 | 91 |
|  Comp. 25<sup>3</sup> | 100 | 1.52 | 29.2 | 93.5 | 0.14 | 14 | 4.9 | 0.34 | 93.4 | 87.3 |
|  Comp. 26<sup>3</sup> | 101 | 3.70 | 23 | 96.7 | 0.16 | 14 | 15.5 | 0.32 | 98 | 94.7 |
|  Comp. 27<sup>3</sup> | 113 | 9.92 | 23 | 96.6 | 0.44 | 13 | 41.7 | 0.50 | 98.8 | 95.4 |
|  Comp. 28<sup>3</sup> | 117 | 2.32 | 24 | 96.7 | 0.10 | 12 | 9.4 | 0.31 | 96.8 | 93.6 |
|  Comp. 30<sup>3</sup> | 116 | 1.77 | 25.3 | 97 | 0.07 | 14 | 6.8 | 0.28 | 96 | 93.2 |
|  Comp. 31<sup>3</sup> | 111 | 1.82 | 23.5 | 95.8 | 0.10 | 12 | 7.4 | 0.33 | 95.7 | 91.7 |
|  Comp. 32<sup>3</sup> | 94 | 0.60 | 22.3 | 96.1 | 0.03 | 10 | 2.6 | 0.56 | 78.4 | 75.3 |
|  Comp. 33<sup>3</sup> | 103 | 1.61 | 23 | 97.1 | 0.06 | 12 | 6.8 | 0.29 | 95.7 | 93 |
|  Comp. 34<sup>3</sup> | 91 | 1.59 | 18.6 | 95.9 | 0.08 | 12 | 8.2 | 0.41 | 95 | 91.1 |
|  Comp. 35<sup>3</sup> | 107 | 3.17 | 25.2 | 96.9 | 0.13 | 13 | 12.2 | 0.40 | 97 | 94.1 |
|  Comp. 37<sup>3</sup> | 104 | 2.21 | 29 | 98.7 | 0.04 | 13 | 7.5 | 0.24 | 97.1 | 95.8 |
|  Comp. 38<sup>3</sup> | 95 | 0.70 | 23.3 | 95.6 | 0.04 | 13 | 2.9 | 0.42 | 85.3 | 81.6 |
|  Comp. 39<sup>3</sup> | 101 | 5.81 | 23.8 | 95.9 | 0.31 | 13 | 23.4 | 1.08 | 95.4 | 91.5 |
|  Comp. 40<sup>3</sup> | 92 | 2.56 | 23.8 | 97 | 0.10 | 14 | 10.4 | 0.66 | 93.7 | 90.9 |
|  Comp. 42<sup>3</sup> | 101 | 0.63 | 27.4 | 93.1 | 0.06 | 13 | 2.2 | 0.24 | 88.8 | 82.7 |
|  Comp. 43<sup>3</sup> | 110 | 0.50 | 33.3 | 94.7 | 0.04 | 14 | 1.4 | 0.10 | 93 | 88.1 |
|  Comp. 44<sup>3</sup> | 96 | 0.74 | 26.6 | 97 | 0.03 | 10 | 2.7 | 0.26 | 90.4 | 87.7 |
|  Comp. 45<sup>3</sup> | 103 | 1.39 | 25.6 | 96.8 | 0.06 | 10 | 5.3 | 0.81 | 84.6 | 81.9 |
|  Comp. 46<sup>3</sup> | 102 | 0.22 | 21.4 | 92.8 | 0.02 | 12 | 1 | 0.17 | 82.1 | 76.2 |
|  Comp. 47<sup>3</sup> | 107 | 0.20 | 25.1 | 92.4 | 0.02 | 14 | 0.7 | 0.25 | 65.3 | 60.3 |
|  Comp. 48<sup>3</sup> | 100 | 0.33 | 30 | 95.8 | 0.02 | 13 | 1.1 | 0.22 | 79 | 75.7 |
|  Comp. 49<sup>3</sup> | 112 | 0.47 | 20 | 94.9 | 0.03 | 13 | 2.2 | 0.07 | 96.9 | 91.9 |
|  Comp. 50<sup>3</sup> | 105 | 0.26 | 21.5 | 92.4 | 0.03 | 14 | 1.1 | 0.04 | 96.4 | 89.1 |

---

---

| |
|:---|
| Notes: |
| <sup>2</sup>SGS-Lakefield, Project 18831-02 Metallurgical Test Results, September 2023 for Mayfair Gold. |
| <sup>3</sup>SGS-Lakefield, Project 18831-03 Metallurgical Test Results from 2025 for Mayfair Gold. |

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-36<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

Rougher concentrate gold recovery determined as a function of feed grade is indicated in Formula 5, with the maximum realized rougher-flotation gold recovery estimated as 97.0 %Rec Au:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Flotation %Rec Au = ((f – t) + (t x (C/F)) /f** | *to a maximum of 97%* |

---

Gold extraction from a reground rougher concentrate also varies proportionately to gold grade and at a concentrate grind size of P<sub>80</sub> 13 µm varies from 94% Au extraction at lower rougher concentrate gold grades to a maximum 96% Au extraction at higher concentrate gold grade. Completion of variability composite sample testwork defined what is considered as a relatively small cluster of samples (approximately 15 to 20%) which yielded lower than expected CN Au extraction due to finely disseminated gold within pyrite.

Cyanidation as a function of mill feed grade is expressed as Formula 6, with the maximum realized CN extractive gold recovery estimated at 96.0% CN %Ext Au:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cyanidation %Ext Au = (f +93)** | *to a maximum of 96%* |

---

Overall, gold recovery is the outcome from both unit processes and expressed as Formula 7, with an assumed constant 23% mass pull (F/C), and a flotation tailing grade of 0.10 g/t Au (t). Details are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F | = | Mill Feed tonnage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C | = | Flotation Rougher Concentrate tonnage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T | = | Flotation Tailing tonnage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C/F | = | Mass Pull to concentrate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f | = | Flotation Feed grade |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c | = | Flotation Concentrate grade |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; t | = | Flotation Tailings grade |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formula 1: | F = C + T | *tonnage in = tonnage out*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formula 2: | Ff = Cc + Tt | *metal in = metal out*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formula 3 : | Mass Pull = C/F = (f-t) /(c-t) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formula 4 | Flotation %Rec Au = Cc/Ff x 100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formula 5 | Flotation %Rec Au = ((f-t) + (t x C/F)) /f |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formula 6 | Cyanidation %Extraction Au = (f + 93) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formula 7 | Overall %Rec Au = (f+93) x ((f-t) + (t x (C/F)) /f |  |

---

Overall, Au recovery as a function of gold feed grade for Fenn-Gib mineralization, (>0.2 g/t Au), is then:

**Overall %Rec Au = (f + 93) x ((f – 0.10) + (0.10 x 0.23)) /f** *to a maximum 93%Rec Au* 

%Overall Rec Au at 1.5 g/t Au = (1.5 + 93) x ((1.5 – 0.10) + (0.10 x 0.23)) /1.5 = 89.6 % Rec Au

A comparison of modelled overall gold recovery to all testwork completed during 2022–2025 is indicated in Figure 13-11. The additional variability test data from 2025 introduced a wider range of material head grade and provided an opportunity to adjust the associated Geo-Met model for overall gold recovery.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-37<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619g42g45.jpg)

Source: Haggarty Technical Services July 2025—from test data in Table 13-12.

***Figure 13-11: Geometallurgical Modelled Gold Head Grade versus Overall Gold Recovery***

**13.5** **Metallurgical Variability** 

The composite sample variability test program included 46 composite samples listed in Table 13-2. By subjecting the respective composites to identical baseline conditions including a flotation feed grind size of P80 106 µm, 23% to 25% mass pull to a rougher-concentrate, with flotation reagents including PAX (45 g/t), Aero 3501 (20 g/t), Aero 3477 (20 g/t), MIBC (50 g/t), comparative flotation performance was established, as indicated in Table 13-9 and Figure 13-6.

Subsequent regrinding of rougher concentrates to P80 10 to 13 µm, followed by cyanidation for 48 hours with 1,000 ppm NaCN established the expected variability in overall gold extraction over a range in feed grade from 0.2 to 9.9 g/t Au and 0.3 to 4.6% S2- (Table 13-10 and Figure 13-1).

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-38<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**13.6** **Deleterious Elements** 

Since the production and shipment of a final flotation concentrate to a third-party smelter is not considered as a process alternative, there are no deleterious elements present other than sulphide content and tellurides that could influence metallurgical performance with cyanidation.

**13.7** **Additional Metallurgical Testwork** 

To support the potential for future Project definition, engineering studies, and equipment selection, there are some specific parameters and additional testwork that is suggested as required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursue additional cyanidation-carbon-in-pulp versus carbon-in-leach test work to identify any potential
upside in gold extraction from the reground pyrite concentrate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete mineralogical studies with PMC-Vancouver and the NRC to
confirm the composition of observed fine and medium-size gold grains in cyanidation residue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Define crushed-rock material properties including bulk density and angle of repose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirm process slurry specific gravity at varying slurry densities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Define process slurry and rougher-concentrate viscosity and rheology parameters for final definition and
selection of pipe work, agitator specifications, and pump selection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete concentrate solids/liquid separation testwork for pre-leach and pre-CN Detox thickener design with the potential for vendor involvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Define final settled tailings densities to establish expected tailings placement factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete CN Detox testwork on CIL tailings slurry to confirm process design criteria and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Define secondary water treatment requirements and chemistry to achieve treated-water targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consider involving and supporting original-equipment manufacturer (OEM) vendors in the final selection of
major equipment to obtain a level of performance guarantee or reassurance regarding equipment selection.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 13-39<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| | |
|:---|:---|
| **14** | **MINERAL RESOURCE ESTIMATE**  |

---

This section presents the Mineral Resource estimate for the Fenn–Gib Project, prepared and disclosed in accordance with the *CIM Standards and Definitions for Mineral Resources and Mineral Reserves* (CIM Definition Standards) (CIM, 2014). The Mineral Resource estimate includes both Indicated and Inferred Resources. TMAC's Qualified Person, Mr. Tim Maunula, P.Geo., is responsible for the Mineral Resource estimate, which has an effective date of September 3, 2024.

**14.1** **Key Assumptions** 

The Mineral Resource estimate incorporates extensive drill hole data from surface diamond drill programs, combining both historical drilling completed prior to 2017 and Mayfair Gold's drilling campaign from 2021–2024. The cut-off date for assay data used in the Mineral Resource estimate was April 30, 2024. All data received were recorded in NAD 83 UTM coordinates (Zone 17).

The Mineral Resource estimate was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepared using Hexagon Mining's HxGN MinePlan 16.2.1 (MinePlan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classified according to the CIM Definition Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported within a constraining resource pit shell at a 0.3 g/t Au cut-off grade, which is amenable to open pit extraction.

**14.2** **Data** 

The Project Mineral Resource estimate is based on drill-hole data consisting of gold assays, geological descriptions, and density measurements. Mayfair Gold provided TMAC the data in CSV and DXF file formats, which were imported into MinePlan. The database was additionally verified using the validation tool in MinePlan to determine errors and overlapping or out-of-sequence intervals. Minor errors were noted, and the database was updated.

The Mineral Resource estimate used 457 historical drill holes (totalling 145,332.81 m) and 291 Mayfair Gold drill holes (totalling 171, 120.25 m), which together yielded 217,354 assayed intervals, and 20,688 unassayed intervals that were assigned an assay value of 0 (Figure 14-1).

**14.3** **Geological Model** 

The primary gold mineralization for the Project was modelled in three domains: Main Zone, Deformation Zone, and Footwall Zone (including a Footwall Zone High Grade). However, gold mineralization is also contained within the other contiguous geological domains: mafic volcanics, pyroxenite, ultramafic volcanics, and sediments (Figure 14-1). Mayfair Gold modelled the rock-type groups using Datamine Studio EM (Datamine). TMAC reviewed and validated these rock-type group wireframes for use in the Mineral Resource estimate. Gold grades were estimated separately by rock type within each domain.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619g53h32.jpg)

Source: Maunula (2024)

***Figure 14-1: Plan View of Drill-Hole Traces and Geological Block Model***

The wireframes were used to code the block model and calculate the drill-hole solid intersections to code the assay and composite data. The domain codes assigned are listed in Table 14-1.

***Table 14-1: Geology Block Model Codes and Descriptions*** 

---

| | | |
|:---|:---|:---|
| **Rock Code** | **Domain Code** | **Description** |
|  MV | 10 | Mafic Volcanics |
|  DZ | 20 | Deformation Zone |
|  MAIN | 30 | Main Zone |
|  PYX | 40 | Pyroxenite |
|  UMV | 50 | Ultramafic Volcanics |
|  SEDS | 60 | Sediments |
|  DIA | 70 | Diabase |
|  FWZ | 90 | Footwall Zone |
|  FWZHG | 95 | Footwall Zone High Grade |
|  OVB | 99 | Overburden |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-2<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**14.4** **Exploratory Data Analysis** 

***14.4.1***  ***Assays*** 

The Mineral Resource model includes only gold assays from drill holes within or near to the interpreted geological wireframes. Exploratory data analysis was conducted on raw drill-hole data selected by mineralization zone or rock type to determine the nature of the gold grade distribution and correlation of grades with individual domains. The gold grade values were evaluated through a combination of descriptive statistics, histograms, probability plots, and box plots.

Figure 14-2 presents a boxplot which graphically illustrates the uncapped gold grade sorted by the domain codes. The highest mean gold grades are associated with the Main Zone (30) and Deformation Zone (20).

![LOGO](g83619g19n37.jpg)

Source: Maunula (2024)

***Figure 14-2: Boxplot of Uncapped Gold Grades (g/t) by Domain Code***

***14.4.2***  ***Grade Capping and Outlier Restrictions*** 

In mineral deposits with skewed distributions (characterized by a coefficient of variation [CV] greater than 2), a small number of high-grade outliers may account for a significant portion of the contained metal content. These high-grade outliers typically show limited spatial continuity.

Capping analysis by domain (Table 14-2) was carried out on assay values using disintegration analysis and log-probability plots.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-3<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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***Table 14-2: Capping Analysis Summary***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain<br>Code** | **Count** | **Uncapped Grades** | **Uncapped Grades** | **Uncapped Grades** | **Capped Grades** | **Capped Grades** | **Capped Grades** | **Capped Grades** |
| **Domain<br>Code** | **Count** | **Max<br>(g/t Au)** | **Mean<br>(g/t Au)** | **CV** | **Cap Value<br>(g/t Au)** | **No.<br>Capped** | **Mean<br>(g/t Au)** | **CV** |
| 10 | 49626 | 835.330 | 0.113 | 47.31 | 15.00 | 11 | 0.075 | 5.09 |
| 20 | 30974 | 90.550 | 0.539 | 2.65 | 20.00 | 17 | 0.531 | 2.24 |
| 30 | 44635 | 151.690 | 0.708 | 2.94 | 28.50 | 22 | 0.690 | 2.10 |
| 40 | 22978 | 392.000 | 0.320 | 12.25 | 24.50 | 23 | 0.230 | 4.63 |
| 50 | 3083 | 29.400 | 0.100 | 8.23 | 3.70 | 9 | 0.079 | 3.68 |
| 60 | 51020 | 249.810 | 0.218 | 7.37 | 23.60 | 24 | 0.206 | 4.17 |
| 70 | 581 | 4.580 | 0.028 | 7.35 | 0.70 | 4 | 0.021 | 3.71 |
| 90 | 25092 | 3782.710 | 0.357 | 66.96 | 22.00 | 10 | 0.196 | 4.15 |
| 95 | 10818 | 86.940 | 0.572 | 4.04 | 26.00 | 9 | 0.545 | 3.17 |
| 99 | 3219 | 0.480 | 0.008 | 5.53 | 0.00 | 0 | 0.001 | 0.00 |

---

Source: Maunula (2024)

Disintegration analysis uses a step function (the difference between adjacent samples sorted by grade) to denote the changes in an ordered data set and provides a degree of resolution on the plots to identify the population breaks that can be used for capping. It also provides an overall view of the continuity of the grade data set.

Figure 14-3 and Figure 14-4 illustrate the disintegration analysis for the Deformation Zone and Main Zone, respectively.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-4<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619g81k35.jpg)

Source: Maunula (2024)

***Figure 14-3: Log Probability Plot, Deformation Zone (Au g/t)***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-5<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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![LOGO](g83619snap420.jpg)

Source: Maunula (2024)

***Figure 14-4: Log Probability Plot, Main Zone (Au g/t)***

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-6<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***14.4.3***  ***Composites*** 

For purposes of normalizing the assay data for further analysis, both raw and capped assay values were composited to 1.5 m intervals starting from the top of each drill hole. Unassayed intervals were assigned a grade of 0.0 g/t Au. The resulting composite values were then categorized using the majority domain code. Figure 14-5 presents a boxplot illustrating the distribution of capped grades-by domain code.

![LOGO](g83619g70l01.jpg)

Source: Maunula (2024)

***Figure 14-5: 1.5 m Composites Reported by Domain Code, Capped Au (g/t)***

To support model validation, 5 m composites were created for use with the nearest-neighbour (NN) grade interpolation. Figure 14-6 illustrates the grade distribution for the 5 m composites.

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-7<br> October 10, 2025 |

---

------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619sp422.jpg)

Source: Maunula (2024)

***Figure 14-6: 5 m Composites Reported by Domain Code, Capped Au (g/t)***

**14.5** **Density Assignment** 

Table 14-3 reports the average density values by domain code based on 4,360 individual measurements using standard water-displacement methods. Overburden density was assigned 1.80 g/cm<sup>3</sup> and the default density was 2.81 g/cm<sup>3</sup>.

***Table 14-3: Assigned Density Values***

---

| | | | |
|:---|:---|:---|:---|
| **Domain Code** | **Lithology** | **Count** | **Density (g/cm<sup>3</sup>)** |
| 10 | Mafics | 1266 | 2.90 |
| 20 | Deformation Zone | 570 | 2.69 |
| 30 | Main Zone | 1034 | 2.81 |
| 40 | Pyroxenite | 368 | 2.90 |
| 50 | Ultramafics | 94 | 2.83 |
| 60 | Metasediments | 426 | 2.74 |
| 90 | Footwall Zone | 602 | 2.86 |
|  **Average** | **Average** | **4360** | **2.81** |

---

Source: Maunula (2024)

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-8<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**14.6** **Variography** 

Geostatisticians use a variety of tools to analyze and characterize the spatial relationships between data points, particularly how variables relate to each other across different distances (lags) and directions. One of these is the correlogram, which measures the correlation between data values as a function of their separation distance and direction. If we compare samples that are close together, it is common to observe that their values are quite similar and the correlation coefficient for closely spaced samples is near 1.0. As the separation between samples increases, there is likely to be less similarity in the values, and the correlogram tends to decrease toward 0.0. The distance at which the correlogram reaches zero is called the range of correlation, or simply the range. The range of the correlogram corresponds roughly to the more-qualitative notion of the range of influence of a sample; it is the distance over which sample values show some persistence or correlation. The shape of the correlogram describes the pattern of spatial continuity. A very rapid decrease near the origin is indicative of short-scale variability. A more gradual decrease moving away from the origin suggests more short-scale continuity. A plot of "1-correlation" is made so the result looks like the more-familiar variogram plot.

The approach used to develop the variogram models employed SAGE2001 software. Directional sample correlograms were calculated along horizontal azimuths of 0, 30, 60, 120, 150, 180, 210, 240, 270, 300, and 330 degrees. For each azimuth, sample correlograms were also calculated at dips of 30 and 60 degrees in addition to the horizontal (dip 0 degrees). Lastly, a correlogram was calculated in for the vertical (dip 90 degrees). Using the 37 sample correlograms, an algorithm determined the best-fit model nugget effect and two-nested structure variance contributions. After fitting the variance parameters, the algorithm then fitted an ellipsoid to the 37 ranges from the directional models for each structure. The anisotropy of the correlation was given by the range along the major, semi-major, and minor axes of the ellipsoids, and the orientations of these axes for each structure. TMAC reviewed the fitted variogram and adjusted to reflect the mineralization.

Table 14-4 presents the correlogram parameters for the Fenn–Gib Project by domain codes.

The rotation convention for the search anisotropy is ZXY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rotation about Z-axis—left-hand rule (clockwise rotation
positive)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rotation about new X-axis—right-hand rule (anti-clockwise
rotation positive)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rotation about new Y-axis—right-hand rule (anti-clockwise
rotation positive)

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-9<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 14-4: Correlogram Parameters* ** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain<br>Code** | **Type** | **C0** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** |
| **Domain<br>Code** | **Type** | **C0** | **C1** | **Rot Z<br>(°)** | **Rot X<br>(°)** | **Rot Y<br>(°)** | **Range X<br>(m)** | **Range Y<br>(m)** | **Range Z<br>(m)** | **C2** | **Rot Z<br>(°)** | **Rot X<br>(°)** | **Rot Y<br>(°)'** | **Range X<br>(m)** | **Range Y<br>(m)** | **Range Z<br>(m)** |
|  10 MV | SPH | 0.45 | 0.45 | 85 | 2 | -22 | 11 | 22 | 11 | 0.10 | -72 | 44 | 32 | 45 | 95 | 150 |
|  20 DZ | SPH | 0.35 | 0.45 | 70 | 2 | 10 | 15 | 20 | 15 | 0.20 | -1 | -10 | -115 | 250 | 50 | 150 |
|  30 MZ | SPH | 0.45 | 0.45 | -40 | -30 | 40 | 15 | 15 | 15 | 0.10 | -150 | 80 | -105 | 125 | 250 | 160 |
|  40 PYX | SPH | 0.10 | 0.85 | -40 | 40 | 40 | 15 | 20 | 10 | 0.05 | 45 | 55 | 35 | 225 | 250 | 100 |
|  50 UMV | SPH | 0.35 | 0.40 | -65 | 95 | -15 | 15 | 20 | 20 | 0.25 | -75 | 40 | -30 | 50 | 190 | 90 |
|  60 SEDS | SPH | 0.30 | 0.65 | -25 | 30 | -10 | 25 | 25 | 15 | 0.05 | 60 | 35 | -30 | 115 | 160 | 250 |
|  90 FWZ LG | SPH | 0.20 | 0.70 | 15 | -50 | 25 | 10 | 10 | 15 | 0.10 | 30 | 0 | 0 | 60 | 150 | 50 |
|  95 FWZ HG | SPH | 0.10 | 0.80 | -50 | 55 | 80 | 20 | 20 | 25 | 0.10 | -50 | 120 | 75 | 90 | 105 | 125 |

---

Note: Rot = rotation around axis.

Source: Maunula (2024)

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-10<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**14.7** **Block Model Definition** 

The block model matrix was designed to capture the geometry of the deposit, characterized by narrow zones of mineralization within the broader lithology, drill data-density, and the selective mining unit (SMU). No rotation was applied to the block models. Table 14-5 summarizes the block model workspace for the Fenn–Gib Project.

***Table 14-5: Block Model Workspace***

---

| | | |
|:---|:---|:---|
| **Description** | **Parameter** | **Parameter** |
|  Easting (m) |  | 556950 |
|  Northing (m) |  | 5374550 |
|  Maximum Elevation (m) |  | 5400 |
|  Rotation Angle |  | No rotation |
|  Block Size—X, Y, Z (m) |  | 5 x 5 x 5 |
|  Number of Blocks in the X Direction |  | 640 |
|  Number of Blocks in the Y Direction |  | 390 |
|  Number of Blocks in the Z Direction |  | 180 |

---

Source: Maunula (2024)

**14.8** **Estimation and Interpolation Methods** 

The Fenn–Gib block model was estimated using three interpolation methods: nearest neighbor (NN), inverse distance weighting squared (IDW2) and ordinary kriging (OK). Uncapped and capped gold grades were estimated for the OK model. Only capped gold grades were estimated for the NN and IDW2 models.

Table 14-6 provides a comprehensive overview of the interpolation parameters and search ellipses used for NN, IDW2, and OK interpolation methods. All blocks were estimated using a single interpolation pass.

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-11<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 14-6: Interpolation Parameters by Domain Code*** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** |
| **Block Model<br>Grade** | **Code** | **Grade** | **Min

# Comp.** | **Max

# Comp.** | **Max

#/DH** | **Rot Z<br>(°)** | **Rot X<br>(°)** | **Rot Y<br>(°)'** | **Major<br>(m)** | **Minor<br>(m)** | **Vertical<br>(m)** |
|  AUCNN | 10 | AUC | 1 | 1 | 1 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AUC |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 40 | AUC |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AUC |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AUC |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AUC |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |
|  AUCID | 10 | AUC | 3 | 12 | 4 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AUC |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 40 | AUC |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AUC |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AUC |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AUC |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |
|  AUCOK | 10 | AUC | 3 | 12 | 4 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AUC |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 40 | AUC |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AUC |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AUC |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AUC |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |
|  AUOK | 10 | AU | 3 | 12 | 4 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AU |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AU |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 40 | AU |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AU |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AU |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AU |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AU |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |

---

Notes: AU = uncapped Au g/t; AUC = capped Au g/t; Rot = rotation around axis.

Source: Maunula (2024)

Additional interpolation characteristics (Table 14-7) were stored for use in validation and resource classification.

---

| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-12<br> October 10, 2025 |

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------

---

| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***Table 14-7: Special Models***

---

| | | |
|:---|:---|:---|
| **Method** | **Special Model** | **Description** |
| NN | DSTNN | Distance to nearest sample used |
| ID | DSTID | Distance to nearest sample used |
| OK | DSTOK | Distance to nearest sample used |
| OK | NDDH | Number of drill holes used |
| OK | NSOK | Number of composites used |
| OK | KV | Kriging variance |
| OK | NSEC | Number of sectors |
| OK | DSTAV | Average distance of composites used |

---

Source: Maunula (2024)

**14.9** **Block Model Validation** 

For quality assurance, TMAC employs both verification and validation of the block model, defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verification is a manual check (i.e., visual inspection) or quasi-manual check (i.e., spreadsheet) of the
actual procedure used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Validation is a test for reasonableness using a parallel procedure, which may be manual or computer-based
(i.e., different interpolation methods).

**14.9.1** **Visual Verification** 

Visual inspection of the block model results, both in section and plan view, demonstrated correlation with the drill-hole composite data. As shown in Figure 14-7 (plan view) and Figure 14-8 (section view), the interpolated block grades align well with the composite data, confirming the model's reliability.

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-13<br> October 10, 2025 |

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------

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619sp428.jpg)

Source: Maunula (2025)

***Figure 14-7: 5180 Elevation, Composites versus Block Model (Capped Au g/t)***

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-14<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619sp429.jpg)

Source: Maunula (2024)

***Figure 14-8: East 558500, Composites versus Block Model (Capped Au g/t)***

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-15<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

***14.9.2***  ***Statistical Validation*** 

Statistical review of the block model across all domains demonstrated consistency between the different interpolation methods and the composite grades. Table 14-8 presents the grades for each of the different interpolation methods. While minor variations exist between methods, these are primarily attributed to data density and statistics generated by block count rather than tonnage-weighted calculations—all within expected parameters for this type of interpolation method.

***Table 14-8: Grade Comparison by Interpolation Method***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Block Model** | **Code** | **Count** | **Min** | **Max** | **Mean** | **Variance** | **SD** | **CV** |
|  AUCNN | 10 | 2240282 | 0.001 | 5.855 | 0.075 | 0.05 | 0.232 | 3.07 |
|  AUCNN | 20 | 632103 | 0.001 | 10.527 | 0.355 | 0.38 | 0.620 | 1.75 |
|  AUCNN | 30 | 300033 | 0.001 | 26.430 | 0.518 | 0.64 | 0.803 | 1.55 |
|  AUCNN | 40 | 546271 | 0.001 | 9.435 | 0.158 | 0.21 | 0.462 | 2.92 |
|  AUCNN | 50 | 132556 | 0.001 | 1.649 | 0.099 | 0.04 | 0.199 | 2.02 |
|  AUCNN | 60 | 2133135 | 0.001 | 13.291 | 0.157 | 0.09 | 0.305 | 1.94 |
|  AUCNN | 90 | 344172 | 0.001 | 11.914 | 0.175 | 0.19 | 0.433 | 2.48 |
|  AUCNN | 95 | 84624 | 0.001 | 11.029 | 0.473 | 1.05 | 1.024 | 2.16 |
|  AUCID | 10 | 2946264 | 0 | 6.500 | 0.100 | 0.02 | 0.100 | 2.41 |
|  AUCID | 20 | 658232 | 0 | 12.200 | 0.300 | 0.22 | 0.500 | 1.38 |
|  AUCID | 30 | 305769 | 0 | 18.700 | 0.500 | 0.37 | 0.600 | 1.20 |
|  AUCID | 40 | 638918 | 0 | 24.100 | 0.100 | 0.12 | 0.300 | 2.38 |
|  AUCID | 50 | 160376 | 0 | 1.900 | 0.100 | 0.02 | 0.100 | 1.65 |
|  AUCID | 60 | 2780865 | 0 | 14.200 | 0.100 | 0.06 | 0.200 | 1.90 |
|  AUCID | 90 | 432499 | 0 | 10.300 | 0.100 | 0.07 | 0.300 | 1.86 |
|  AUCID | 95 | 105199 | 0 | 11.100 | 0.400 | 0.50 | 0.700 | 1.78 |
|  AUCOK | 10 | 3277877 | 0.001 | 4.550 | 0.054 | 0.01 | 0.118 | 2.18 |
|  AUCOK | 20 | 662955 | 0.001 | 10.397 | 0.358 | 0.19 | 0.437 | 1.22 |
|  AUCOK | 30 | 305807 | 0.002 | 11.426 | 0.511 | 0.26 | 0.509 | 1.00 |
|  AUCOK | 40 | 642322 | 0.001 | 8.479 | 0.145 | 0.07 | 0.271 | 1.87 |
|  AUCOK | 50 | 175981 | 0.001 | 1.421 | 0.092 | 0.02 | 0.144 | 1.56 |
|  AUCOK | 60 | 2953290 | 0.001 | 11.783 | 0.128 | 0.05 | 0.233 | 1.81 |
|  AUCOK | 90 | 446574 | 0.001 | 7.089 | 0.140 | 0.05 | 0.214 | 1.52 |
|  AUCOK | 95 | 106186 | 0.001 | 10.218 | 0.396 | 0.36 | 0.604 | 1.52 |

---

Source: Maunula (2024)

***14.9.3***  ***Swath Plots*** 

Validation of the resource estimation included comprehensive swath plot analysis comparing gold grades across multiple interpolation methods (NN, IDW2, and OK) against composite grades. As shown in Figure 14-9 and Figure 14-10, there is a strong correlation between composite and block model grades for all interpolation methods, demonstrating the robustness of the grade estimation.

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-16<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619sp431.jpg)

Source: Maunula (2024)

---

| | |
|:---|:---|
| ***Figure*** | ***14-9: Swath Plot of NN and OK Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t)***  |

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-17<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

![LOGO](g83619sp432.jpg)

Source: Maunula (2024)

---

| | |
|:---|:---|
| ***Figure*** | ***14-10: Swath Plot of NN and IDW2 Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t)***  |

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-18<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**14.10** **Classification of Mineral Resources** 

Mineral Resources were estimated in conformity with generally accepted *CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines* (CIM, 2019). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

The Mineral Resource classification method followed a rigorous, multi-step approach. Initial classification was based on data density and mineralization continuity, followed by refinement using interpolation statistics and geological continuity assessment. To ensure classification coherence, a grooming algorithm was applied to address isolated blocks.

The nominal spacing for the Indicated Mineral Resource estimates, based on distance to nearest composite, was 32 m. For Inferred Mineral Resource estimates, the nominal spacing was 108 m, constrained within a maximum distance of 250 m. No Measured Mineral Resource was defined for the Fenn–Gib Project.

Table 14-7 summarizes interpolation characteristics stored in the special models.

**14.11** **Reasonable Prospects of Economic Extraction** 

The cut-off grade used for the Mineral Resource estimates is 0.3 g/t Au based on the assumptions outlined in Table 14-9. Mineral Resource estimates can be sensitive to the reporting cut-off grade used. To satisfy reasonable prospects for eventual economic extraction, a conceptual constraining resource pit shell was defined using a 50° pit slope based on the assumptions listed in Table 14-9.

***Table 14-9: Pit Design Criteria***

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Assumption** |
|  Gold Price | US$/oz Au | 2000 |
|  Exchange Rate | C$:US$ | 0.77 |
|  Payable Metal | % | 100.00 |
|  TC/RC/Transport | C$/oz Au | 6.50 |
|  Net Gold Price | C$/oz Au | 2590 |
|  Net Gold Price | C$/g | 83.30 |
|  ***OPEX Estimates*** |  |  |
|  OP Mining Cost | C$/t mined | 3.25 |
|  OP Ore Mining Cost | C$/t ore<br>mined | 3.25 |
|  Process Cost | C$/t processed | 15.50 |
|  G&A | C$/t processed | 2.00 |

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-19<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

---

| | | |
|:---|:---|:---|
| **Recovery and Dilution** | **Recovery and Dilution** | **Recovery and Dilution** |
|  ***External Mining Dilution***% |  | 0 |
|  Mining Recovery% |  | 100 |
|  Process Recovery% |  | 94 |
|  ***Other*** |  |  |
|  Pit Slope in Rock | degrees | 50 |
|  ***Cut-Off Grade (COG)*** |  |  |
|  Reporting COG | g/t | 0.30 |
|  Resource Class |  | MII |

---

Source: Maunula (2024)

Notes: G&A = general and administrative; OB = overburden; OP = open pit OPEX = operating expenditure; <br> RC = refining costs; TC = treatment costs

**14.12** **Mineral Resource Statement** 

The Fenn-Gib Project hosts Mineral Resources at a 0.3 g/t Au cut-off grade comprised of an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional Inferred Resource of 8.9 Mt at 0.49 g/t Au containing 141,000 gold ounces. Table 14-10 presents the Mineral Resource estimate categorized by resource classification, effective date of September 3, 2024, and reported within a constraining resource pit shell.

***Table 14-10: Fenn–Gib Project Mineral Resource Estimate***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-Off<br>(Au g/t)** | **Cut-Off<br>(Au g/t)** | **Tonnes** | **Tonnes** | **Au<br>(g/t)** | **Au<br>(g/t)** | **Au<br>(oz)** | **Au<br>(oz)** |
|  Indicated |  | 0.3 |  | 181302000 |  | 0.74 |  | 4313000 |
|  Inferred |  | 0.3 |  | 8921000 |  | 0.49 |  | 141000 |

---

Source: Maunula (2024)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All mineral resources have been estimated in accordance with the CIM Definitions Standards (CIM, 2014), as
required under National Instrument (NI) 43-101. Mineral Resource statement prepared by Tim Maunula, P.Geo. (T. Maunula & Associates Consulting Inc.) in accordance with NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other
relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Troy ounce = tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been
sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to rounding.

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-20<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

**14.13** **Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the Mineral Resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metal price and exchange rate assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the assumptions used to generate the gold cut-off grade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in local interpretations of mineralization geometry and continuity of mineralized zones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to geological interpretation and geological and grade continuity assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Density and domain assignments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to geotechnical, mining, and metallurgical recovery assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change to the input and design parameter assumptions that pertain to the conceptual pit constraining the
Mineral Resource estimate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain
environment and other regulatory permits, and maintain the social license to operate.

There are no other known environmental, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that would materially affect the estimation of Mineral Resources that are not discussed in this Technical Report.

---

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 14-21<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **15** | **MINERAL RESERVE ESTIMATES**  |

---

There are no Mineral Reserves for the Project.

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 15-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **16** | **MINING METHODS**  |

---

This section is not applicable to this Technical Report.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 16-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **17** | **RECOVERY METHODS**  |

---

This section is not applicable to this Technical Report.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 17-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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|:---|:---|
| **18** | **PROJECT INFRASTRUCTURE**  |

---

This section is not applicable to this Technical Report.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 18-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **19** | **MARKET STUDIES AND CONTRACTS**  |

---

This section is not applicable to this Technical Report.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 19-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **20** | **ENVIRONMENTAL STUDIES, PERMITTING, AND COMMUNITY IMPACTS**  |

---

This section is not applicable to this Technical Report.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 20-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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|:---|:---|
| **21** | **CAPITAL AND OPERATING COSTS**  |

---

This section is not applicable to this Technical Report.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 21-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **22** | **ECONOMIC ANALYSIS**  |

---

This section is not applicable to this Technical Report.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 22-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **23** | **ADJACENT PROPERTIES**  |

---

The Fenn–Gib property is surrounded by claims or leases held by other exploration companies. The most active of the neighbouring companies are STLLR Gold Inc. (formerly Moneta Gold Inc.) and Onyx Gold.

STLLR Gold's combined Golden Highway and Garrison areas are collectively called the Tower Gold Project, which currently hosts an NI 43-101 Mineral Resource found primarily within sedimentary host rocks along the Destor–Porcupine fault corridor (Raponi et al., 2022). The Mineral Resource estimate combines nine deposits, which have been classified as structurally controlled orogenic gold deposits in an Archean greenstone belt setting.

InnovExplo, a member of Norda Stelo, updated the Tower Gold Project Mineral Resources with an effective date of May 2, 2025 (STLLR, 2025). The combined Mineral Resource estimate for all nine deposits includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A total of 3,656,400 oz of gold in open pit Indicated Mineral Resources contained within 135,230 Kt at
0.84 g/t Au, and 4,133,600 oz of open pit Inferred Mineral Resources contained within 157,837 Kt at 0.81 g/t Au, at a cut-off grade of 0.30 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 345,800 oz of underground Indicated Mineral Resources contained within 5,194 Kt at 2.07 g/t Au, and
2,827,100 oz of underground Inferred Mineral Resources within 42,456 Kt at 2.07 g/t Au, using variable cut-off grades based on mining method, ranging from 1.3 to 2.09 g/t Au.

The QP was not able to independently verify the information STLLR Gold (2025) provided. The mineralization for the Tower Gold Project is not necessarily indicative of the mineralization present at the Fenn–Gib property.

Onyx Gold is an exploration-stage company that is exploring the Munro-Croesus Gold Project is located approximately 75 km east of Timmins, Ontario along Highway 101. Their land package includes the past-producing Croesus Mine, which yielded some of the highest-grade gold ever mined in Ontario. The geology is proximal to the Porcupine-Destor Deformation Fault Zone and Pipestone Fault and located approximately 3 km northwest and along trend of the Fenn-Gib gold deposit. The mineralization for the Munro-Croesus Gold Project is not necessarily indicative of the mineralization present at the Fenn–Gib property.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 23-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **24** | **OTHER RELEVANT DATA AND INFORMATION**  |

---

To the best of the QPs' knowledge there are no other relevant data, additional information, or explanations necessary to make this Technical Report understandable and not misleading.

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| | |
|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 24-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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| | |
|:---|:---|
| **25** | **INTERPRETATIONS AND CONCLUSIONS**  |

---

**25.1** **Interpretations** 

Table 25-1 presents the Mineral Resource estimate reported within a constraining resource pit shell and categorized by resource classification. The Mineral resource estimate has an effective date of September 3, 2024, and was prepared by TMAC.

***Table 25-1: Fenn–Gib Project Mineral Resource Estimate***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-Off<br>(Au g/t)** | **Cut-Off<br>(Au g/t)** | **Tonnes** | **Tonnes** | **Au<br>(g/t)** | **Au<br>(g/t)** | **Au<br>(oz)** | **Au<br>(oz)** |
|  Indicated |  | 0.3 |  | 181302000 |  | 0.74 |  | 4313000 |
|  Inferred |  | 0.3 |  | 8921000 |  | 0.49 |  | 141000 |

---

Source: Maunula (2024)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All mineral resources have been estimated in accordance with the CIM Definitions Standards, as required under
NI 43-101. Mineral Resource Statement prepared by Tim Maunula, P.Geo. (T. Maunula & Associates Consulting Inc.) in accordance with NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other
relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Troy ounce = tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been
sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to rounding.

The Fenn-Gib Project demonstrates amenability to open pit extraction methods, with a single commodity focus on gold recovery.

**25.2** **Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the Mineral Resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metal price and exchange rate assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the assumptions used to generate the gold grade cut-off

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in local interpretations of mineralization geometry and continuity of mineralized zones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to geological and mineralization shape and geological and grade continuity assumptions

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 25-1<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Density and domain assignments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to geotechnical, mining, and metallurgical recovery assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the input and design parameter assumptions that pertain to the conceptual pit and stope designs
constraining the estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain
environmental, and other regulatory permits, and maintain the social license to operate.

There are no other known environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors that would materially affect the estimation of Mineral Resources that are not discussed in this Technical Report.

**25.3** **Conclusions** 

The Fenn–Gib Project is an advanced-stage exploration project that hosts substantial gold mineralization. The current Mineral Resource estimate demonstrates a robust deposit containing 4.3 million ounces of gold in the Indicated classification category. TMAC concludes that the opportunity exists to expand the mineral resource for the Fenn–Gib Deposit, including the Footwall Zone as the mineralized zones remain open at depth and along strike to both the east and west. Additionally, further diamond drilling at the Fenn–Gib Deposit has strong potential to upgrade the present Inferred Mineral Resources to Indicated Mineral Resources, potentially adding to the project's resource base.

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|:---|:---|
| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 25-2<br> October 10, 2025 |

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| | |
|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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|:---|:---|
| **26** | **RECOMMENDATIONS**  |

---

The Fenn–Gib Project represents an advanced-stage-of-exploration project with a substantial gold resource base of over 4.3 million ounces of gold in the Indicated classification category. Based on the positive results to date, TMAC recommends advancing the project through targeted work programs designed to both grow and expand the current Mineral Resource and evaluate the economic potential of both the Fenn–Gib Project and the broader property area.

The next phases of work are recommended to evaluate the economic potential of the Fenn–Gib Project are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental studies and the continued collection of baseline environmental data to support the pre-development of the Project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process engineering and site infrastructure design work to support a pre-feasibility study for the development of a 4,800 t/d operation.

A summary of the proposed work program, including a budget estimate, is given in Table 26-1.

***Table 26-1: Recommended Work Programs and Cost Estimate***

---

| | | | |
|:---|:---|:---|:---|
| **Activity** | **Description** | **Estimate Cost<br>($)** |  |
|  ***Phase 1—Environmental Studies*** | ***Phase 1—Environmental Studies*** | ***Phase 1—Environmental Studies*** | **** |
|  Environmental studies including baseline data collection | Advance work and studies to understand the site study area environmental baseline conditions to support a 4,800 t/d operation | 4000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phase 1 Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phase 1 Total** | **4000000** |  |
|  ***Phase 2—Engineering and Design Work*** | ***Phase 2—Engineering and Design Work*** | ***Phase 2—Engineering and Design Work*** | **** |
|  Engineering and design to advance an economic evaluation of the Project | Advance the Project designs and engineering to complete a pre-feasibility study to define a 4,800 t/d operation | 6000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phase 2 Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phase 2 Total** | **6000000** |  |
|  **Phases 1 and 2 Total** | **Phases 1 and 2 Total** | **10000000** |  |
|  **10.0% Contingency** | **10.0% Contingency** | **1000000** |  |
|  **Grand Total** | **Grand Total** | **11000000** |  |

---

TMAC also recommends additional infill drilling to upgrade the Inferred Mineral Resources to Indicated Mineral Resources. This program may also allow for the upgrade to Measured Mineral Resources. The mineralized zones encountered at the Fenn–Gib Deposit remain open at depth and along strike east and west, additional targeted expansion drilling is therefore warranted.

A Pre-Feasibility study is currently underway to evaluate the economic potential of developing a 4,800 t/d operation, with completion expected in Q4 2025. Future drilling programs will be planned strategically to further expand and upgrade the resource base.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 26-1<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

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|:---|:---|
| **27** | **REFERENCES**  |

---

Aurora Geosciences Ltd. (2023). *Fenn–Gib North Block Soil Sampling MMI Results, Au ppb.* SGS Laboratories, Burnaby, B.C.

Bath, A. C. (1990). Mineral *occurrences, deposits, and mines of the Black River-Matheson area*. Open File Report 5735. Ontario Geological Survey.

Berger, B. (2002). *Geological Synthesis of the Highway 101 Area, East of Matheson, Ontario.* Open File Report 6091, 149 p.6. Ontario Geological Survey

Berger, B., & Amelin, Y. (1998)*.* Project Unit 97-024. Geological investigations along Highway 101; Guibord, Michaud and Garrison townships. In J. A. Ayer, C. L. Baker, J. C. Ireland, R. I. Kelly, & P. C. Thurston (Eds.), *Summary of field work and other activities 1998* (Miscellaneous Paper 169, pp. 25–32). Ontario Geological Survey.

Brace, T., Campbell, I., Koch, R., & Mancini, L. (2017, October 17). *2017 Summary Report on 2017 Work Activities Fenn–Gib Project*. MPH Consulting Ltd.

Brown, J., & Sutherland, D. (2022, December 1). *Mayfair Gold Corp. Fenn–Gib SGH Surveys.* Activation Laboratories Ltd.

Brown, P. (2001, June). *Report on Geological Potential, Fenn–Gib property*. Pangea Goldfields Inc.

Brown, P. (2002). *Fenn Gib Drilling Report. March/April 2002. Assessment report*. Pangea Goldfields Inc.

CIM Standing Committee on Reserve Definitions. (2014). *CIM Definition Standards for Mineral Resources and Mineral Reserves*. Canadian Institute of Mining, Metallurgy and Petroleum.

Crary, T., & Jackman, R. (2015). *An Investigation into Gold Recovery from the Fenn–Gib Deposit*. SGS Lakefield Inc.

Cregheur, P. (1996, August). *In House Prefeasibility Study, Fenn–Gib Project*. Pangea Goldfield Inc.

Daezali, A., Dietrich, J., Elfen, S., & Meintjes, T. (2020, May 28). *Pan American Silver Fenn–Gib Due Diligence.* Ausenco on behalf of Henney Capital.

Dagbert, M., & Desharnais, G. (2011, November 17). *Fenn–Gib Resource Estimate Technical Report, Timmins Ontario.* SGS Lakefield Inc.

Dubé, B., & Mercier-Langevin, P. (2020). Gold Deposits of the Archean Abitibi Greenstone Belt, Canada. In R. H. Sillitoe, R. J. Goldfarb, F. Robert, & S. F. Simmons (Eds.), *Geology of the World's Major Gold Deposits and Provinces* (pp. 669-708). Society of Economic Geologists.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 27-1<br> October 10, 2025 |

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|:---|:---|
| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

Dyck, D., & Sparling, J. (1997, April). *Environmental studies Report Barton Creek and Little Pike River Watersheds*. Agra Earth & Environmental Ltd.

G Mining Services Inc. (2025, June). *Preliminary Economic Assessment NI 43-101 Technical Report, Tower Gold Project, Ontario, Canada*. Prepared for STLLR Gold Inc.

Hennessey, B., & Gowans, R. (2019, February). *A Mineral Resource Estimate for the Golden Highway Project*, *Michaud and Garrison Townships, Black River–Matheson Area, Northeastern Ontario*. Micon International Limited prepared for Moneta Porcupine Mines Inc.

Hobbs, L. G. (1986, February). *A Report on the 1978 Exploration project on the Wood–Croesus gold mines property*. Wood-Croesus Gold Mines.

Jelenic, A. (2023). *Fenn–Gib Project 2022-2023 Geophysics—North Block IP Surveys Field Report.* Aurora Geosciences Ltd.

Kirkham, G., Makarenko, M., & Crowie, T. (2021, February). *NI 43-101 Technical Report Fenn–Gib Project, Ontario, Canada.* JDS Energy & Mining Inc. Prepared for Mayfair Gold Corp.

Live, P. (2005, January). *Fenn–Gib Gold Project Open Pit Economics Evaluation Briefing Report* (Report Nº 5686001-001). Breton, Blainville & Associates.

Mancini, L., & Conquer, S. (2012, May). *Summary of Work Report for the Diamond Drill Program on the Fenn–Gib property, Guibord Township*. Lake Shore Gold Corp.

Mancini, L. (2014, June). *Spring 2014 Assessment Report for Fenn–Gib property Claims 4272132 and 4258968*. Lake Shore Gold Corp.

Mancini, L. (2018, October). *Diamond Drilling on the Fenn–Gib property 2017.* Prepared for the Ministry of Northern Development and Mines Ladner Lake Mining Division, Northeastern Ontario. Lake Shore Gold Corp.

Marchand, K. (1996, August). *Summary of Exploration work 1993 to 1996, Fenn–Gib property*, *Munro and Guibord Townships*. Pangea Goldfields Inc.

Maunula, T. (2023, July). *Mayfair Gold National Instrument 43-101 Technical Report, Fenn–Gib Project, Ontario, Canada*. Prepared by T. Maunula & Associates Consulting Inc.

Mayfair Gold Corp. (2021, February). *Fenn–Gib Core Logging Procedures.* Internal document.

Mayfair Gold Corp. (2022, May). *Fenn–Gib QAQC Protocol.* Internal document.

Mayfair Gold Corp. (2022, October 18). *Mayfair Gold Increases Fenn–Gib Open Pit Indicated Resource by 47% to 3.06 M Ounces and Inferred Resource by 315% to 0.31 M Ounces* [Press release]*.* https://financialpost.com/globe-newswire/mayfair-gold-increases-fenn-gib-open-pit-indicated-resource-by-47-to-3-06m-ounces-and-inferred- resource-by-315-to-0-31m-ounces

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

---

Mayfair Gold Corp. (2023, July). *Fenn–Gib Drillhole Related Protocols.* Internal document.

McElhanney Ltd. (2022, October). *Fenn–Gib LiDAR and Orthophoto*.

MPH Consulting Limited. (1994, June). *Assessment Report on the Fenn and Gib Projects, Guibord and Munro Townships, Larder Lake Mining Division, Ontario for Pangea Goldfields Inc. Volume VII.* Prepared for Pangea Goldfields Inc.

Munro, S. (2021, April 28). *Heli-GT Three-Axis Magnetometer Gradiometer Survey, Fenn–Gib Project, Matheson, Ontario.* SHA Geophysics Ltd.

Poehlman, T. (2024): *Mayfair Gold Land Report, 23 April 2024.* Report Generated on Mining Lands Administration System by In Good Standing Corporation.

Province of Ontario. (1990). *Mining Act. R.S.O. 1990, Chapter M.14*. June 5, 2025, Version. https://www.ontario.ca/laws/statute/90m14.

Raponi, T. R., Elfen, S., Weston, S, Hasanloo, D., Dufresne, M., Lill, J., & Farmer, N. (2022, September 7). *NI 43-101 Report & Preliminary Economic Assessment of the Tower Gold Project, Northeastern Ontario*. Prepared by Ausenco Engineering Canada Inc. for Moneta Gold Inc. https://minedocs.com/23/Moneta_Gold_Tower_Gold_Project_PEA_09072022.pdf

Rennick, M. W. (2004, May). *Report on the Tandem Resources Ltd., Highway 101 Property*, *Guibord Township, District of Cochrane, Larder Lake Mining District*.

Robert, F., & Poulsen, K. H. (1997). World-class Archean gold deposits in Canada: an overview*. Australian Journal of Earth Sciences*, *44*, 329–351.

Rollwagen, D. W., Salter, R. S., & Furey, J. T. (1989). *Investigation of the Recovery of Gold from Fenn Project Samples*. Submitted to Corona Corporation. Lakefield Research Inc.

Satterly, J. (1951). *Geology of Munro Township.* Sixtieth Annual Report of the Ontario Department of Mines [Volume LX, Part VII], p. 45. Legislative Assembly of Ontario.

Scobie, B. J. (1995). *An Investigation of the Recovery of Gold from Fenn–Gib Bulk Samples. Progress Report No. 2. L.R. 4758*. Submitted by Pangea Goldfields Inc. Lakefield Research Inc.

Scobie, B. J. (1996). *An Investigation of the Recovery of Gold from Fenn–Gib Bulk Samples. Progress Report No. 3. L.R. 4758*. Submitted by Pangea Goldfields Inc. Lakefield Research Inc.

Scobie, B. J. (1997). *An Investigation of the Recovery of Gold from Fenn–Gib Bulk Samples. Progress Report No. 4. L.R. 4758*. Submitted by Pangea Goldfields Inc. Lakefield Research Inc.

SGS Canada Inc. (2014, August). *Gold Recovery from the Fenn–Gib Deposit. Project 13640-01*. Prepared by SGS-Lakefield for Lake Shore Gold Corp.

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 27-3<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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SGS Canada Inc. (2015, January). *Gold Recovery from the Fenn–Gib Deposit*. *Project 13640-01*. Prepared by SGS-Lakefield for Lake Shore Gold Corp.

SGS Canada Inc. (2017, December). *Gold Recovery for Fenn–Gib Deposit Samples*. *Project 16116-01*. Prepared by SGS-Lakefield for Lake Shore Gold Corp.

SGS Canada Inc. (2018, July). *Gold Recovery for Fenn–Gib Deposit Samples*. *Project 16116-01*. Prepared by SGS-Lakefield for Lake Shore Gold Corp.

SGS Canada Inc. (2022, August). *The* R*ecovery of Gold from Fenn–Gib Project Samples. Project 18831-01*. Prepared by SGS-Lakefield for Lake Shore Gold Corp.

SGS Canada Inc. (2023, March). *Recovery of Gold from a Fenn–Gib Project Sample. Project 18831-02*. Prepared by SGS-Lakefield for Lake Shore Gold Corp.

Sparling, J. (1997, May). *Geotechnical investigation North of Highway 101*. Prepared by Agra Earth & Environmental Ltd.

Stalker, M. (2003, September). *Report of Work Geological Survey Wood–Croesus Property*. Prepared by Croesus Gold Inc.

STLLR Gold Inc. (2025). *STLLR Gold Delivers Updated Mineral Resource Estimate and PEA Demonstrating US$1.0 Billion After-Tax NPV5% for the Large-Scale Tower Gold Project in Ontario, Canada. May 15, 2025* [Press release]*.* https://stllrgold.com/news/stllr-gold-delivers-updated-mineral-resource-estimate-and-pea-demonstrating-us-1-0-billion-after-tax-npv5-for-the-large- scale-tower-gold-project-in-ontario-canada

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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| **28** | **CERTIFICATE OF AUTHORS**  |

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**28.1** **Tim Maunula, P.Geo.** 

I, Tim Maunula, P.Geo., of Chatham, Ontario, a QP of this Technical Report titled *National Instrument43-101 Technical Report—Mineral Resource Estimate Update, Fenn–Gib Project, Ontario, Canada*, dated October 10, 2025, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am Principal Geologist of T. Maunula & Associates Consulting Inc., 15 Valencia Drive, Chatham,
Ontario, N7L 0A9, Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am a graduate of Lakehead University with an Honours Bachelor of Science in Geology (1979). In addition, I
graduated from the Citation in Applied Geostatistics at the University of Alberta in 2004.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am a member in good standing of the Association of Professional Geoscientists of Ontario (Registration
Number 1115).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have worked as a Geologist for over 40 years since my graduation from university. This experience comprised
15 years in exploration (including airborne and ground geophysical surveys and data processing) and over 25 years in Mineral Resource estimation and associated activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have read the definition of Qualified Person set out in NI 43-101 and certify that by reason of education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be a Qualified Person for NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am responsible for Sections 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14 to 16, 18 to 24, and portions of Sections 1,
2, 25, 26, and 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I completed a site visit on April 15–17, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have no prior involvement with property that is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am independent of the Issuer, applying all of the tests in Section 1.5 of the Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have read NI 43-101 and Form 43-101F1, and this Technical Report has been prepared in compliance with that instrument and form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of the effective date of this Technical Report, to the best of my knowledge, information, and belief, the
portions of this Technical Report for which I am responsible contain all scientific and technical information required to be disclosed to make this Technical Report not misleading.

Dated this 10<sup>th</sup> day of October 2025 in Chatham, Ontario.

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|:---|
| *Original Signed and Sealed* |
| **Tim Maunula, P.Geo.** |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 28-1<br> October 10, 2025 |

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| **MAYFAIR GOLD CORP.**<br>| ![LOGO](g83619snap305.jpg)  |
| National Instrument 43-101 Technical Report—Mineral Resource Estimate Update<br> Fenn–Gib Project, Ontario, Canada | ![LOGO](g83619snap305.jpg)  |

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**28.2** **Steven C. Haggarty, P.Eng.** 

I, Steven C. Haggarty, P.Eng., of Burlington, Ontario, a QP of this Technical Report titled *National Instrument 43-101 Technical Report—Mineral Resource Estimate Update, Fenn–Gib Project, Ontario, Canada,* dated October 10, 2025, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am the Managing Director of Haggarty Technical Services Corporation, 2083 Country Club Drive, Burlington,
Ontario, L7M 3V3, Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am a graduate of McGill University with a Bachelor's degree in Metallurgical Engineering (1980).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am a member in good standing of the Professional Engineers of Ontario (PEO #100177647) and am a member of
the Ontario Society of Professional Engineers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have worked as a metallurgical engineer in the mining industry for over 40 years since graduation. This
experience includes 28 years in direct site management as General Manager, Process Manager, Mine Superintendent, and Metallurgist, with an additional 10 years at a corporate Senior Director level supporting operating sites globally. Experience
includes direct involvement in multiple feasibility studies associated with seven greenfield EPCM projects through project definition, engineering, construction, and start-up as part of the Owner's team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have read the definition of Qualified Person set out in NI 43-101 and certify that by reason of education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be a Qualified Person for NI 43101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am responsible for Section 13 and 17 and portions of Sections 1, 2, and 25 to 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have not yet had the opportunity to visit the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have no prior involvement with the property that is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I am independent of the Issuer, applying all of the tests in Section 1.5 of the Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have read NI 43-101 and Form 43-101F1, and this Technical Report has been prepared in compliance with that instrument and form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of the effective date of this Technical Report, to the best of my knowledge, information, and belief, the
portions of this Technical Report for which I am responsible contain all scientific and technical information required to be disclosed to make this Technical Report not misleading.

Dated this 10<sup>th</sup> day of October 2025 in Burlington, Ontario.

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|:---|
| *Original Signed and Sealed* |
| **Steven C. Haggarty, P.Eng.** |

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| ![LOGO](g83619g1217025624866.jpg)  | PAGE \| 28-2<br> October 10, 2025 |

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## Exhibit 99.29

**Exhibit 99.29**![LOGO](g83619dsp1.jpg)

Mayfair Gold Names Nicholas Campbell as CEO

VANCOUVER, British Columbia, January 28, 2025 – Mayfair Gold Corp. ("**Mayfair**", or the "**Company**") (**TSX-V: MFG; OTCQX: MFGCF**) is pleased to announce that its board of directors ("**Board**") has appointed Nicholas Campbell, Mayfair's Vice President of Capital Markets, as the Company's new Chief Executive Officer ("**CEO**"), effective January 27, 2025. He succeeds Darren McLean, who has served as interim CEO since July 7, 2024, and will remain as Chairman of the Board.

"We are excited for Nicholas to move into the CEO role to lead Mayfair as the Company advances the Fenn-Gib gold project ("**Fenn-Gib**", or the "**Project**") in Ontario, Canada," said Mr. McLean. "Nick recently served as Vice President of Capital Markets at Artemis Gold (ARTG: TSX-V) and Executive Vice President of Business Development at SilverCrest Metals (SIL:TSX). This provides Nick with invaluable experience to help navigate Mayfair as the Company shifts its focus at Fenn-Gib from exploration to development and production."

Mr. Campbell stated, "This is an exciting time to lead the Mayfair Gold team. I look forward to working with the Board to advance the Fenn-Gib gold project with a commitment to safety, stakeholder engagement and environmental stewardship. The Fenn-Gib gold project has an established 4.3 million-ounce indicated mineral resource with a higher-grade near surface starter zone which we believe could enhance the Project's economics. Highway access to site and nearby power availability provide Mayfair with the opportunity to advance the Fenn-Gib project quickly, targeting a smaller scale operation to start with a focus on the higher-grade starter zone. In 2025, we will be working to add to the technical depth of the management team with the goal of releasing a Pre-Feasibility Study for the Fenn-Gib project in the second half of 2025."

Mr. Campbell has more than 20 years of experience in the mining, minerals, and metals industry, and has held several leadership positions. Prior to joining Mayfair, Mr. Campbell was Vice President of Capital Markets of Artemis Gold Inc., an emerging gold producer in British Columbia, Canada. Prior to that, Mr. Campbell served as Executive Vice President of Business Development of SilverCrest Metals Inc. and Chief Financial Officer of Goldsource Mines Inc.

Mayfair has granted Mr. Campbell 175,000 incentive stock options under the Company's share option plan at an exercise price of $1.70. The options vest 1/3 on each of the date of grant and the first and second anniversary of the date of grant, and are exercisable for a five-year term expiring on January 28, 2030.

**About the Fenn-Gib Project** 

The Fenn-Gib project comprises two property packages, referred to as the Fenn-Gib North and South Blocks, which are separated by approximately three kilometers. The Fenn-Gib Deposit is located on the North Block along the regional Contact Fault, an east-west to south-east trending shear zone on the Pipestone Fault, which is interpreted to be a splay off the Porcupine-Destor Fault. The Fenn-Gib Deposit hosts significant concentrations of gold mineralization within two zones: (i) the Main Zone, and (ii) the Deformation Zone. These two zones overlap completely. A third zone of mineralization, known as the Footwall Zone, is located approximately 100 meters to the northwest of the Fenn-Gib Deposit. A fourth zone of mineralization, known as the Contact Zone, is located at depth below the current pit-constrained resource.

September 3, 2024 Fenn-Gib Resource Estimate by Category Using 0.30 g/t Au Cut-Off

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Style** | **Class** | **Tonnes** | **Tonnes** | **Au (g/t)** | **Au (g/t)** | **Au (ounces)** | **Au (ounces)** |
|  Open pit | Indicated |  | 181302000 |  | 0.74 |  | 4313000 |
|  Open pit | Inferred |  | 8921000 |  | 0.49 |  | 141000 |

---

All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions, as required under National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("**NI 43-101**"). Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate. Please refer to Mayfair's news release dated September 10, 2024 titled "Mayfair Gold Updates Fenn-Gib Open-Pit Mineral Resource and Initiates an Expanded Metallurgical Test Program".

------

**Qualified Person** 

Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc, is a qualified person for the purposes of NI 43-101 and was responsible for the completion of the updated mineral resource estimation. Mr. Maunula has reviewed and approved the technical content with respect to the mineral resource estimate in this news release. All other technical information in this news release has been reviewed by Ali Gelinas-Dechene, P.Geo., Senior Geologist for Mayfair Gold, and serves as a Qualified Person under the definition of NI 43-101.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.313M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade.

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "**CIM Standards**"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "**SEC**") in Regulation S-K Subpart 1300 (the "**SEC Modernization Rules**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, the anticipated benefits of Mr. Campbell's skills and experience to the Company as CEO, the anticipated opportunities for the Company's growth, the Company's shift in focus at Fenn-Gib from exploration to development and production, the expected enhancement of the Fenn-Gib project's economics through the higher-grade near-surface starter zone, the plans to advance the Project quickly with a smaller-scale initial operation, the goal of strengthening the management team's technical expertise in 2025, and the timing and contents of the Pre-Feasibility Study for the Fenn-Gib project in the second half of 2025. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; changes in laws or policies.

------

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("**TSXV**") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (800) 342-6705, <u>info@mayfairgold.ca</u>.

## Exhibit 99.30

**Exhibit 99.30**![LOGO](g83619g1217002457958.jpg)

Mayfair Gold Names Drew Anwyll as COO

VANCOUVER, British Columbia, February 13, 2025 – Mayfair Gold Corp. ("**Mayfair**", "**Mayfair Gold**" or the "**Company**") (TSX-V: MFG; OTCQX: MFGCF) is pleased to announce its board of directors has appointed Drew Anwyll, P.Eng. as Mayfair's new Chief Operating Officer ("**COO**"), effective March 1, 2025.

Mr. Anwyll is a Professional Engineer (Ontario) with over 30 years of experience in project and operating in Canada and globally. Mr. Anwyll has worked extensively with companies including Generation Mining, Detour Gold, Barrick Gold, and Placer Dome along with various other junior and intermediate mining companies in Northern Ontario, across Canada and internationally. He is broadly regarded as being technically strong with extensive operating experience in both open pit and underground operations. Mr. Anwyll has contributed to or directly lead the start-up, commissioning and operation of multiple mines.

Most recently, Mr. Anwyll was COO for Generation Mining where he led the team in Project studies, design and pre- construction planning; he helped advance the Project successfully through a joint federal and provincial review panel for the environmental assessment approval and supported the team with the permitting process; he also contributed to developing strong relationships with key indigenous communities. Prior to this, he was Senior Vice-President – Technical Services and Vice-President Operations \| Mine General Manager at Detour Gold's open pit gold mine in Northern Ontario. He held these positions during the critical construction, commissioning and start-up of the largest gold mine in Canada.

Nick Campbell, Chief Executive Officer of Mayfair stated, "Drew is a key member of the Mayfair team as we shift focus to the design, development and execution of the Fenn-Gibb Gold Project in Ontario. He has a proven track record of advancing mining projects from study and design, through environmental approvals, permitting and execution on construction into successful operations. His extensive recent experience on projects and mines in Ontario makes Drew particularly suited to lead the technical team as we advance the Fenn-Gibb gold project. I am very excited for the opportunity to work together with Drew to unlock the value of Fenn-Gibb for Mayfair stakeholders."

Mr. Anwyll commented, "I'm happy to be joining the Mayfair Gold team and look forward to making contributions and advancing the environmental approvals and project design quickly and efficiently. It is a solid Project that, I believe, can be advanced to operation swiftly."

Mayfair has granted Mr. Anwyll 350,000 incentive stock options under the Company's share option plan at an exercise price of $1.85. 1/3 of the options will vest on March 1, 2026 and 1/36 will vest each subsequent month thereafter, subject to Mr. Anwyll being actively employed at the time of vesting. Once vested, the options will remain exercisable for a five-year term expiring on February 13, 2030.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.313M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-of grade.

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions

------

and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may difer significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gibb Gold Project, the advancement of the Fenn-Gibb Gold Project to operation and the timing thereof, the Company's ability to unlock value for its stakeholders, and the advancing of environmental approvals and project designs. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labor; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("**TSXV**") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (800) 342-6705, <u>info@mayfairgold.ca</u>.

## Exhibit 99.31

**Exhibit 99.31**![LOGO](g83619dsp1.jpg)

**Mayfair Gold Provides 2025 Outlook & Fenn-Gib Advancement Program** 

**Key Targets for Completing in 2025** 

**•** **Complete Fenn-Gib Gold Project Pre-Feasibility Study** 

**•** **Commence Ontario Provincial Permitting Process** 

VANCOUVER, British Columbia, April 3, 2025 – Mayfair Gold Corp. ("**Mayfair**", "**Mayfair Gold**" or the "**Company**") (TSX-V: MFG; OTCQX: MFGCF) is pleased to provide an update on the 2025 Outlook for the Company and its Fenn-Gib Gold Project advancement program.

Mayfair is focused on advancing its 100%-owned Fenn-Gib gold project ("**Fenn-Gib**" or the "**Project**") in the Timmins area of Northern Ontario. The 2025 advancement program is focused on preparations for the start of the Ontario provincial environmental approvals process and permitting activities and the completion of a Pre-Feasibility Study ("**PFS**") for a 4,800 tonne per day ("**tpd**") open pit development scenario for Fenn-Gib. 2025 Advancement Program includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Metallurgical Test Work**: The metallurgical program currently being conducted at SGS Lakefield labs is
designed to understand the metallurgical response and inform the process flow sheet designs for the Fenn-Gib Project. Additionally, the results of this program will help determine optimal grind size,
cyanidation levels and retention time for higher grade (greater than1 g/t gold) and lower grade (less than 1 g/t gold) material. The metallurgical performance will inform the site geological-metallurgical model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Environmental Baseline Data Review**: Mayfair is committed to the disciplined development and principled
environmental stewardship in its approach to the design, development and operation of Fenn-Gib. Mayfair has been collecting environmental baseline data since 2022. The Company is conducting a gap analysis review of environmental baseline date to
determine if any additional work is required prior to commencing the provincial environmental and permitting approvals process and ensure that high environmental standards are applied throughput the design and permitting process. The program is
designed to support the start of Ontario provincial permitting activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Community Engagement**: Community engagement and consultation activities will be advanced with the goal
of providing information on proposed plans, mine design, economic potential benefits and mitigation strategies in support of the disciplined development of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Selection of Pre-Feasibility Consultants**: In support of the
delivery of a PFS by the end of 2025, the Company is in advanced discussions with consulting groups to support design, costing and economic analysis for the mine design, process plant, tailings storage facility, power supply and infrastructure for
Fenn-Gib. The selection of consultants will help support the delivery of the PFS by the end of 2025. It is anticipated that Mayfair will move directly from PFS work into detailed engineering to advance designs in parallel with permitting activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Site Investigation Works**: Geotechnical drilling, hydro-geological test work, test pitting will support
the designs associated with the tailings facility storage designs, key infrastructure designs and locations and site layout requirements and are critical to derisking the design and execution of the Fenn-Gib Project. This work will be ongoing beyond the scope of the 2025 program to further support permitting activities and inform the final design prior to the start of construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High-Grade Starter Pit Confidence Drilling Program**: Fenn-Gib has a near surface high-grade starter zone which Mayfair interprets to be a key economic driver to support higher-grade mill feed over the initial years of the mine life, based on a 4,800 tpd throughput scenario. The confidence drilling program is
designed to provide improved granularity and additional data on the high-grade zone definition to allow for optimized mine planning and operational predictability at the beginning of mine operations. More accurate data on the zones will help derisk
the first few years of operations at Fenn-Gib, which are critical to determine production profile and costs in support of free cash flow and debt repayment early in the mine life. The confidence drilling is
expected to include reverse circulation drilling and diamond drilling as conditions dictate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commence Provincial Permitting & Complete 2025 PFS Study**: The above work program is designed
to support a start of Ontario provincial permitting activities and the completion of the PFS study for Fenn-Gib, before the end of 2025.

------

Nick Campbell, Chief Executive Officer of Mayfair stated, "The 2025 work program is designed to support the provincial permitting process and ensure that the design and execution of the development adheres to high environmental standards. With the proper planning and discipline, Mayfair is preparing to begin the Ontario provincial environmental assessment process in 2025. I would also add that the recent addition of Drew Anwyll as Chief Operating Officer ("**COO**") for Mayfair has been critical to Mayfair's ability to move forward on the proposed plan. His recent experience working through the permitting process for Generation Mining's Marathon PGM project makes him uniquely qualified to help Mayfair prepare to start the Ontario Provincial permitting process. Drew is also a serial mine builder, who has the experience and knowledge to allow us to move from design to permitting to execution in a time frame that provides Mayfair stakeholders with the opportunity to benefit from production during the generational opportunity of the current gold cycle."

Drew Anwyll, COO of Mayfair Gold, commented, "The work program advancing to the completion of the PFS study in 2025 should allow Mayfair to move directly into detailed engineering in parallel to the Ontario mine permitting activities. As we advance the Fenn-Gib project, we also plan to expand the owner's team to add technical bench strength to the management team, support community engagement and prepare and commence the environmental approvals activities."

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information.

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

**Cautionary Notes to U.S. Investors Concerning Resource Estimates.** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

------

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gibb Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gibb Gold Project to operation and the timing thereof, the Company's ability to unlock value for its stakeholders, and the advancing of environmental approvals and project designs. the ability of the start pit to provide free cash flow and the ability to help pay down debt in the early stages of operation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("**TSXV**") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (800) 342-6705, <u>info@mayfairgold.ca</u>.

## Exhibit 99.32

**Exhibit 99.32** 

Mayfair Gold Q4 2024 Financial and Operating Results

VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) – Mayfair Gold Corp. ("Mayfair", or the "Company") (**TSX-V: MFG; OTCQX: MFGCF**) is pleased to report its operating and financial results for the quarter ended December 31, 2024. Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario ("Fenn-Gib" or the "Project"). The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company's website at <u>www.mayfairgold.ca</u> or on SEDAR+ at <u>www.sedarplus.com</u>. Unless otherwise stated, all amounts are presented in Canadian dollars.

Mayfair's Chief Executive Officer Nicholas Campbell commented,

"Dear Stakeholders,

I am pleased to provide an update on our progress at Mayfair Gold and the Fenn-Gib Gold project in Northern Ontario. In the current elevated gold price environment, we believe that the Fenn-Gib gold project is one of the few open pit gold development projects in Canada that can be uniquely advanced through an Ontario Provincial permitting process, with potential to be developed into a new gold mine during the current elevated gold price environment. We continue to advance the Fenn-Gib gold project with ongoing programs on metallurgy, engineering, mine planning and environmental base line data collection and review to support commencement of the Ontario permitting process and the completion of a pre-feasibility study on a 4,800 tonne per day starter operation targeting the near surface high-grade mineralization at the Project. This should be an exciting year for Mayfair Gold Stakeholders. We look forward to sharing our progress in 2025. "

**Corporate Highlights During the Quarter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2024, the Company announced its completion of a non-brokered private placement of 3.340.000 for aggregate proceeds of $6,012,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to December 31, 2024, the Company named Nicholas Campbell as chief executive officer and Drew
Anwyll as chief operating officer.

**Exploration Highlights** 

Subsequent to December 31, 2024, the Company provided 2025 outlook and Fenn-Gib advancement program. The program includes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metallurgical test work

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental baseline data review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Community engagement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of pre-feasibility consultants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Site investigation works

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-grade starter pit confidence drilling program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provincial permitting and prefeasibility study

------

**Selected Financial Data** 

The following selected financial data is summarized from the Company's financial statements and related notes thereto (the "Financial Statements") for the three months and year ended December 31, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>December 31, | Three months ended<br>December 31, | Year ended<br>December 31, | Year ended<br>December 31, |
|  | **2024** | 2023 | **2024** | 2023 |
|  Loss and comprehensive loss | **(2226607)** | (5030808) | **(12682632)** | (10917212) |
|  Loss per share – basic and diluted | **(0.02)** | (0.05) | **(0.12)** | (0.12) |
|  Cash and cash equivalents |  |  | **9534129** | 13504009 |
|  Total assets |  |  | **24489347** | 28493187 |
|  Total current liabilities |  |  | **749934** | 2546327 |
|  Total liabilities |  |  | **749934** | 2546327 |
|  Total shareholders' equity |  |  | **23739413** | 25946860 |

---

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information.

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

*For further information, please visit* <u>www.mayfairgold.ca</u> *or direct enquiries to:*

Nicholas Campbell

CEO

Mayfair Gold Corp.

489 McDougall St

Matheson, ON P0K 1N0 Canada

+1 (800) 342-6705

info@mayfairgold.ca

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

------

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gibb Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gibb Gold Project to operation and the timing thereof, the Company's ability to unlock value for its stakeholders, and the advancing of environmental approvals and project designs. the ability of the start pit to provide free cash flow and the ability to help pay down debt in the early stages of operation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

## Exhibit 99.33

**Exhibit 99.33** 

Mayfair Gold Q1 2025 Financial and Operating Results

VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) – Mayfair Gold Corp. ("Mayfair", or the "Company") (**TSX-V: MFG; OTCQX: MFGCF**) is pleased to report its operating and financial results for the quarter ended March 31, 2025. Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario ("Fenn-Gib" or the "Project"). The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company's website at <u>www.mayfairgold.ca</u> or on SEDAR+ at <u>www.sedarplus.com</u>. Unless otherwise stated, all amounts are presented in Canadian dollars.

Mayfair's Chief Executive Officer Nicholas Campbell commented,

"Dear Stakeholders,

I am pleased to provide an update on our progress at Mayfair Gold and the Fenn-Gib Gold project in Northern Ontario. In the current elevated gold price environment, we believe that the Fenn-Gib gold project is one of the few open pit gold development projects in Canada that can be uniquely advanced through an Ontario Provincial permitting process, with potential to be developed into a new gold mine during the current elevated gold price environment. We continue to advance the Fenn-Gib gold project with ongoing programs on metallurgy, engineering, mine planning and environmental base line data collection and review to support commencement of the Ontario permitting process and the completion of a pre-feasibility study on a 4,800 tonne per day starter operation targeting the near surface high-grade mineralization at the Project. This should be an exciting year for Mayfair Gold Stakeholders. We look forward to sharing our progress in 2025. "

**Exploration Highlights** 

Subsequent to March 31, 2025, the Company provided 2025 outlook and Fenn-Gib advancement program. The program includes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metallurgical test work

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental baseline data review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Community engagement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of pre-feasibility consultants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Site investigation works

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-grade starter pit confidence drilling program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provincial permitting and prefeasibility study

**Selected Financial Data** 

The following selected financial data is summarized from the Company's financial statements and related notes thereto (the "Financial Statements") for the three months and year ended March 31, 2025, and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, | Year ended<br>March 31, | Year ended<br>March 31, |
|  | **2025** | 2024 | **2025** | 2024 |
|  Loss and comprehensive loss | **(1815633)** | (3309813) | **(12682632)** | (10917212) |
|  Loss per share – basic and diluted | **(0.02)** | (0.03) | **(0.12)** | (0.12) |
|  Cash and cash equivalents and short-term investments |  |  | **7.684882** | 9534129 |
|  Total assets |  |  | **22667265** | 24489347 |
|  Total current liabilities |  |  | **507521** | 749934 |
|  Total liabilities |  |  | **507521** | 749934 |
|  Total shareholders' equity |  |  | **22159744** | 23739413 |

---

------

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information.

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

*For further information, please visit* <u>www.mayfairgold.ca</u> *or direct enquiries to:*

Nicholas Campbell

CEO

Mayfair Gold Corp.

489 McDougall St

Matheson, ON P0K 1N0 Canada

+1 (800) 342-6705

info@mayfairgold.ca

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gibb Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gibb Gold Project to operation and the timing thereof, the Company's ability to unlock value for its stakeholders, and the advancing of environmental approvals and project designs. the ability of the start pit to provide free cash flow and the ability to help pay down debt in the early stages of operation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

------

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

## Exhibit 99.34

**Exhibit 99.34**![LOGO](g83619dsp1.jpg)

Mayfair Gold Signs All Major Engineering Contracts

to Advance 2025 Fenn-Gib Pre-Feasibility Study

**•** **Ausenco Engineering Canada ULC to Lead Pre-Feasibility Study and focus on Process Plant design and Metallurgical test work** 

**•** **AGP Mining Consultants Inc. to advance mine planning and the mineral reserve estimate** 

**•** **Knight Piésold Ltd. to advance tailings design and water management** 

**•** **Environment Application Group Inc. to continue advancing environmental baseline work to support the Ontario Provincial Permitting Process** 

VANCOUVER, British Columbia, May 26, 2025 - Mayfair Gold Corp. ("**Mayfair**", **"Mayfair Gold**" or the "**Company**") (TSX-V:MFG; OTCQX:MFGCF) is pleased to announce that it has executed all required contracts with the major engineering companies that will participate in the Pre-Feasibility Study ("**PFS**") on the Fenn-Gib Gold Project in Northeastern Ontario ("**Fenn-Gib"** or the **"Project**"). The PFS is expected to be completed towards the end of 2025.

The PFS will evaluate and outline the design, costs and economic potential for Fenn-Gib based on a conventional open-pit mining operation and gold processing plant, with a targeted throughput of 4,800 tonne-per-day (**"tpd"**) capacity. The study will also provide detail on the necessary site and regional infrastructure required to bring the project into production.

Focusing on a 4,800 tpd design allows Mayfair to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focus on the higher-grade near surface mineralization at Fenn-Gib;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce the potential scale of the upfront initial capital cost to get into production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Develop Fenn-Gib on a shorter construction timeline, which is expected
to help mitigate inflationary pressures and potential for delays relative to a larger development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provides a clear provincial permitting pathway for the Company to transition into a new Canadian Gold
Producer.

------

Ausenco Engineering Canada ULC will lead the PFS, with a primary focus on process plant design and metallurgical testing. Several consulting firms will contribute to various aspects of the study: AGP Mining Consultants Inc. will handle mine planning and the mineral reserve estimate; Knight Piésold Ltd., based in North Bay, will advance tailings and water management; and Terracon Geotechnique and Environmental Applications Group Inc. will oversee site geotechnical and environmental studies, respectively. Additional scope will be advanced by TBT Engineering for the planned highway 101 diversion and TWD Engineering for the site power supply work.

Nick Campbell, Chief Executive Officer of Mayfair Gold, stated, "*We have engaged with an outstanding group of consultants with established track records of achievement in the mining sector to support the Mayfair team and advance the Pre-Feasibility Study for the Fenn-Gib Gold Project near Timmins, Ontario. These firms, along with the Mayfair team, key equipment manufacturers and construction contractors, will be vital in advancing the Project designs with their expertise to help position Fenn-Gib as a shovel-ready project on an accelerated timeline. Mayfair is positioning itself to be a nimble gold development company, focusing on a smaller, higher-grade, higher margin mine development that can be permitted and built to take advantage of the strong current Canadian gold price market. Through this approach, Mayfair can mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation. This lower risk approach should provide Mayfair with the time and capital required to consider a longer-term project scope that considers the entire 4.3 million ounce indicated gold resource in the future. We anticipate the PFS to be complete by year-end 2025, with the Ontario permitting timelines allowing for a construction decision as early as three-years from now."* 

The execution of contracts with engineering consultants is an important step towards advancing Fenn-Gib; however, Mayfair is also committed to meaningful engagement with the local communities of Matheson, Timmins and the regional Indigenous Communities. Specifically, the Fenn-Gib project is roughly 10 kilometers from the community of the Apitipi Anicinapek Nation, therefore, Mayfair has a special focus on collaborating with this Nation. This collaboration will be guided by principles of robust environmental stewardship and high-quality design, ensuring that the Project is developed responsibly, with sustainability and respect for the local ecosystem and community at its core.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information.

------

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

**Cautionary Notes to U.S. Investors Concerning Resource Estimates.** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

------

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, the advancing of environmental approvals, permits and project designs, *mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation* the ability of the Company to mitigate upfront capital requirements, reduce execution risk and accelerate cash flow generation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("**TSXV**") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (800) 342-6705, <u>info@mayfairgold.ca</u>.

## Exhibit 99.35

**Exhibit 99.35**![LOGO](g83619dsp11.jpg)

**<u>Mayfair Provides Update on 2025 Metallurgical Test Results</u>**

**<u>Supporting the Fenn-Gib Pre-Feasibility Study</u>**

VANCOUVER, British Columbia, May 27, 2025 – Mayfair Gold Corp. **("Mayfair"**, **"Mayfair Gold"** or the **"Company"**) (TSX-V: MFG; OTCQX: MFGCF) is pleased to provide an update on the recent results of the metallurgical test program conducted to advance the Pre-Feasibility Study (**"PFS"**) for the Fenn-Gib Gold Project ("Fenn-Gib" or the "Project"). The PFS work is focused on advancing Fenn-Gib based on a 4,800 tonne-per-day (**"tpd"**) process plant supported by an open pit mining operation targeting a high-grade starter zone of mineralization.

The 2025 metallurgical test program commenced in early 2025 and continued through the second quarter. The test work evaluated the performance of fifty composite samples selected to represent the variability of the overall deposit lithologies, across a head grade range of 0.20 to 9.92 g/t gold. The variability test program was designed to evaluate key operational parameters, including flotation feed grind size (comminution), flotation retention time, flotation reagents, concentrate regrinding, and concentrate cyanidation requirements. The insights gained from this test program will support process plant design by informing equipment selection, operational cost estimates, and expectations for overall gold recovery. Testing was undertaken at SGS Laboratories (Lakefield, ON) with the support of Steve Haggarty, P.Eng of Haggarty Technical Services (Burlington, ON).

The findings confirmed the suitability of an 80% passing 106-micron product grind size to feed sulphide/gold rougher flotation, determined the optimal flotation retention time, and identified the required concentrate regrind size range (80% passing 9 to14-microns) for gold extraction applying carbon-in-leach (CIL) cyanidation.

Metallurgical testing results demonstrate excellent gold recovery in rougher flotation concentrate across all flotation feed grades, achieving between 94-97% recovery of gold to the concentrate. After rougher concentrate regrind and cyanidation, the tests indicate an overall metallurgical gold recovery of approximately 82.5% at a feed grade of 0.8 g/t and 88.4% at 1.5 g/t.

Nick Campbell, President and CEO of Mayfair Gold, stated, "This testwork marks a significant milestone in the advancement of the Fenn-Gib Project. The results are instrumental in determining the predicted metallurgical recovery, and importantly, validated a largely conventional process flow sheet including crush and grind, rougher flotation, concentrate regrind and cyanidation for the Project PFS. With this phase of metallurgical testing along with the past work, we have improved confidence going into the PFS and have appropriately defined metallurgical performance for the 4,800 tonne per day plant targeting a feed grade of 1.2 g/t to 1.7g/t gold for the high-grade open pit designs."

------

Approximately 35% of the gold within the Fenn-Gib deposit is present as free fine-grained gold, while the majority is associated with pyrite, occurring as inclusions and disseminations ranging from 2 to 26 microns in size. A small fraction of the deposit mineralization contains gold at microscopic levels as a solid solution. Ongoing studies at Process Mineralogical Consulting Ltd. ("PMC") in Vancouver will define the deportment of the more finely disseminated gold grains.

The PFS is designed to target a high-grade open pit during the initial years of production. Stockpiling strategies may be incorporated into potential future plans for project phasing to a larger-scale operation. Unlocking this optionality may be achieved through metallurgical performance insights in optimizing long-term recovery and efficiency.

The results from the successful 2025 metallurgical test program, along with the near-term development of improved geological modeling (alteration, lithological and structural interpretation) will contribute to the PFS scheduled to be completed by year-end 2025.

**Technical Disclosure** 

All metallurgical test work in referenced in this press release has been completed by SGS Laboratories, based in Lakefield, ON, Canada.

Data verification consisted of ensuring that the samples selected came from within the area where Mineral Resources were estimated. The Qualified Person ("**QP**") checked that the sampling protocol used was applicable for the planned testwork. In the QP's opinion, the testwork conducted was completed by a reputable metallurgical testing facility and used industry-standard methods.

**Qualified Persons** 

Steve Haggarty, P. Eng (Haggarty Technical Services Corp.), independent of the Company and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical information in this news release.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information.

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects (**"NI 43-101"**).

------

**Cautionary Notes to U.S. Investors Concerning Resource Estimates.** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, the Company's ability to unlock value for its stakeholders, and the advancing of environmental approvals and project designs, the ability of the starter pit to provide free cash flow and the ability to help pay down debt in the early stages of operation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

------

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("**TSXV**") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (800) 342-6705, <u>info@mayfairgold.ca</u>.

## Exhibit 99.36

**Exhibit 99.36**![LOGO](g83619dsp1.jpg)

**<u>Mayfair Provides Details on Open Pit Design Consideration and</u>**

**<u>Confidence Drill Program to Support Preparation of Fenn-Gib Pre-</u>**

**<u>Feasibility Study</u>**

**•** **Targeting near surface high-grade mineralization to support open pit mining operation** 

**•** **Reverse circulation drill program planned to improve confidence in the zone targeted for early years of operations at Fenn-Gib** 

VANCOUVER, British Columbia, June 9, 2025 – Mayfair Gold Corp. ("**Mayfair**", "**Mayfair Gold**" or the "**Company**") (TSX-V: MFG; OTCQX: MFGCF) is pleased to provide an update on the conceptual pit designs being progressed to advance the Pre-Feasibility Study ("**PFS**") for the Fenn-Gib Gold Project in Ontario ("Fenn-Gib" or the "Project"). The PFS work is focused on advancing Fenn-Gib based on an open pit mining operation targeting a high-grade starter zone of mineralization.

The Company's updated mineral resource estimate for the Fenn-Gib Project was released with an effective date of September 3, 2024 and originally presented in a news release dated September 10, 2024. At a 0.30 g/t gold cutoff, there is a total Indicated Mineral Resource estimate of 181.3 million tonnes at a grade of 0.74 g/t gold containing 4.3 million ounces of gold and an Inferred Mineral Resource estimate of 8.92 million tonnes at a grade of 0.49 g/t gold containing 0.14 million ounces of gold. The mineral resource estimate ("**MRE**") will be the basis for the PFS which is currently in progress and is expected to be completed by the end of 2025.

For the PFS, the Company is targeting a mine design focused on the high-grade mineralization in the upper elevations of the open pit MRE to maximize the feed grade to the proposed processing plant. It is anticipated that the design will include a conventional drill and blast, with truck and shovel open pit mining operation supplying the plant. By applying a strategy that emphasizes an elevated cut-off grade targeting the high-grade near surface mineralization within the MRE, the result will maximize the value of the Fenn-Gib asset in the short-term while maintaining the integrity of the overall resource.

Figure 1 shows the possible pit outline of a design using 0.8g/t COG and targeting a high-grade pit.

------

*Figure 1: Section 558500 East (Looking West), Fenn-Gib conceptual Open Pit Phases within Open Pit Constrained Mineral Resource (Capped Au g/t)*![LOGO](g83619dsp16.jpg)

*Table 1: Fenn-Gib Open-Pit MRE effective date: 3 Sept 2024* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cutoff**<br> (Au g/t) | **Tonnes**<br> ('000) | **Au**<br> (g/t) | **Au**<br>(oz) |
|  | >0.7 | 64563 | 1.26 | 2615000 |
|  **INDICATED** | >0.6 | 82125 | 1.13 | 2984000 |
|  | >0.5 | 105644 | 1.00 | 3397000 |
|  | >0.4 | 137251 | 0.87 | 3839000 |
|  | **>0.3** | **181302** | **0.74** | **4313000** |
|  | **Cutoff**<br> (Au g/t) | **Tonnes**<br> ('000) | **Au**<br> (g/t) | **Au**<br>(oz) |
|  | >0.7 | 1140 | 0.96 | 35000 |
|  **INFERRED** | >0.6 | 1799 | 0.85 | 49000 |
|  | >0.5 | 2710 | 0.75 | 65000 |
|  | >0.4 | 4729 | 0.62 | 94000 |
|  | **>0.3** | **8921** | **0.49** | **141000** |

---

Notes:

*1. Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource estimate was April 30, 2024.* 

------

*2. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions, as required under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mineral Resource Statement prepared by Tim Maunula, P. Geo (T. Maunula & Associates Consulting Inc.) in accordance with NI 43-101.* 

*3. Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.* 

*4. Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.* 

*5. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.* 

*6. The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.* 

*7. Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to rounding.* 

**Reverse Circulation Drilling Program to Commence in Summer 2025** 

To provide additional data and improve confidence in the near surface high-grade zone of mineralization targeted in the early years of the proposed mine plan, Mayfair plans to complete a 20,000-metre reverse circulation ("**RC**") drill program at Fenn-Gib. The RC drilling program is to be completed in two stages. The first stage of the RC drill program is planned to begin in the summer of 2025, utilizing the existing onsite road network to partially test the near surface high grade zone. The second stage of the RC drill program will begin after the 2025 winter freeze-up, when ground conditions improve to allow Mayfair to more effectively complete the remaining RC drill program. This program will also advance additional diamond drilling with open pit geotechnical holes for improved clarity on pit wall designs needed for future operations.

------

Nick Campbell, President and CEO of Mayfair Gold, stated, "*Many open pit gold deposits have better grade deeper in the deposit. We believe Fenn-Gib is unique in that some of the highest grade mineralization occurs near surface. This allows for the potential to start operations at Fenn-Gib with a smaller, targeted, mining operation, focused on the near-surface, high-grade gold mineralization. Rather than targeting a larger scale operation, we think this approach allows Mayfair to focus operations on higher margin material at the start of operations, it mitigates construction execution risk, reduces initial capital requirements and provides a clear Ontario Provincial permitting path. With a current Canadian gold price in excess of C$4,600/oz, Mayfair is excited about the opportunity to advance Fenn-Gib into a new gold producer within the current gold cycle. The PFS is expected to be completed by the end of 2025. A nimble, smaller, targeted, high-grade operation should provide a path forward for the company to consider a production decision within the next three years. Advancing Fenn-Gib to production and cash flow should help fund potential future growth opportunities, including the potential to permit and develop a larger operation at Fenn-Gib that optimizes the full MRE."*

**Mayfair Evaluating Potential to Uplist to NYSE American Exchange** 

The Company is pleased to report that it is reviewing the potential to uplist to the NYSE American Exchange from the current OTCQX listing in the United States. Mayfair is reviewing the listing requirements and potential timelines to complete the uplisting process. The Company intends to provide further updates on the potential uplisting for Mayfair shares in the future.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Mineral Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Mineral Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information.

Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., is a qualified person for the purposes of NI 43-101 and was responsible for the completion of the updated mineral resource estimate. Mr. Maunula has reviewed and approved the scientific and technical content with respect to the mineral resource estimate in this news release. Scientific and technical information with respect to diamond drilling in this news release has been reviewed and approved by Ali Gelinas-Dechene, P.Geo., Senior Geologist for Mayfair Gold, who oversaw the Mayfair Gold drill program, QA/QC and serves as a Qualified Person as defined under NI 43-101.

The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined under NI 43-101.

------

**Cautionary Notes to U.S. Investors Concerning Resource Estimates.** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Cautionary Note Regarding Forward-Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, advancing Fenn-Gib to production and cash flow expected to help fund potential future growth opportunities, including the potential to permit and develop a larger operation at Fenn-Gib, and the potential uplisting in the United States. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

------

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("**TSXV**") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (800) 342-6705, <u>info@mayfairgold.ca</u>.

## Exhibit 99.37

**Exhibit 99.37** 

Mayfair Gold Q2 2025 Financial and Operating Results

VANCOUVER, British Columbia, August 25, 2025 (GLOBE NEWSWIRE) – Mayfair Gold Corp. ("Mayfair", or the "Company") (**TSX-V: MFG; OTCQX: MFGCF**) is pleased to report its operating and financial results for the quarter ended June 30, 2025. Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario ("Fenn-Gib" or the "Project"). The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at <u>www.mayfairgold.ca</u> or on SEDAR+ at <u>www.sedarplus.com</u>. Unless otherwise stated, all amounts are presented in Canadian dollars.

Mayfair's Chief Executive Officer Nicholas Campbell commented,

"Dear Stakeholders,

I am pleased to provide an update on our progress at Mayfair Gold and the Fenn-Gib Gold project in Northern Ontario. In Q2 2025, Mayfair announced the results of a comprehensive metallurgical testing program, which demonstrated gold recoveries of 88.4% for material grading 1.5 g/t gold or higher and recovery of 82.5% for material grading 0.8 g/t gold or higher. This work was integral to derisking the design of the process flow sheet for the upcoming Pre-Feasibility Study ("PFS"). This also further supports the proposed advancement of Fenn-Gib by focusing on the development of a smaller scale, higher grade operation with higher associated recoveries to begin operations.

The Company also completed an audit of the environmental baseline data collected on the project. With roughly three years of environmental base line data collected by the end of Summer 2025, the Company is confident sufficient data has been collected to support the commencement of formal Ontario Provincial Permitting activities shortly after the PFS has been completed.

During the quarter, the Company also selected and executed agreements with all of the required engineering contractors to support the completion of the PFS by the end of 2025. The Company plans to commence a confidence drilling program in August 2025, which will give Mayfair more data to better define waste to ore boundaries and improve confidence in the grade profile for the mine over the first several years of production. Mayfair continues to focus on derisking the Fenn-Gib gold project. As we work to complete the PFS for the Project, Mayfair plans to submit a project description to the Ontario Ministry of Mines (the "Ministry") in Q3 2025. This gives the Ministry notice of Mayfair's intention to begin the formal permitting process, which allow for the Ministry to properly resource Mayfair' s process and establish points of contact for Mayfair to advance permitting activities for Fenn-Gib.

For the second half of 2025, Mayfair continues to advance site investigation work, engineering, and permitting preparation with the intention of moving directly into detailed engineering of the Project and commencement of formal permitting activities at the start of 2026. We look forward to sharing our progress over the remainder of 2025."

**Exploration Highlights** 

On April 3, 2025, the Company provided 2025 outlook and Fenn-Gib advancement program. The program includes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metallurgical test work

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental baseline data review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Community engagement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of pre-feasibility consultants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Site investigation works

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-grade starter pit confidence drilling program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provincial permitting and prefeasibility study

In May 2025, the Company signed all major engineering contracts to advance the Fenn-Gib PFS and provided an update on 2025 metallurgical test results supporting the study.

------

**Selected Financial Data** 

The following selected financial data is summarized from the Company's financial statements and related notes thereto (the "Financial Statements") for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>June 30, | Three months ended<br>June 30, | Six months ended<br>June 30, | Six months ended<br>June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  Loss and comprehensive loss | **(2113058)** | (5711375) | **(3928691)** | (9021188) |
|  Loss per share – basic and diluted | **(0.02)** | (0.06) | **(0.04)** | (0.09) |
|  |  |  | **June 30,**<br>**2025** | December 31,<br>2024 |
|  Cash and cash equivalents and short-term investments |  |  | **5913937** | 9534129 |
|  Total assets |  |  | **20930574** | 24489347 |
|  Total current liabilities |  |  | **694637** | 749934 |
|  Total liabilities |  |  | **694637** | 749934 |
|  Total shareholders' equity |  |  | **20235937** | 23739413 |

---

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024 for further information.

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

*For further information, please visit* <u>www.mayfairgold.ca</u> *or direct enquiries to:*

Nicholas Campbell

CEO

Mayfair Gold Corp.

489 McDougall St

Matheson, ON P0K 1N0 Canada

+1 (800) 342-6705

info@mayfairgold.ca

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

------

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, the Company's ability to unlock value for its stakeholders, and the advancing of environmental approvals and project designs, the ability of the starter pit to provide free cash flow and the ability to help pay down debt in the early stages of operation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forwardlooking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

## Exhibit 99.38

**Exhibit 99.38**![LOGO](g83619g1217012136654.jpg)

Mayfair Gold Announces LIFE Offering of up to $35 Million

***NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR***

***FOR DISSEMINATION IN THE UNITED STATES***

VANCOUVER, British Columbia, September 8, 2025 – Mayfair Gold Corp. ("**Mayfair**" or the "**Company**") (TSX-V: MFG) is pleased to announce that it has entered into an agreement with Beacon Securities Limited ("**Beacon**") to act as lead agent and sole bookrunner, on behalf of a syndicate of agents to be formed (together with Beacon, the "**Agents**"), in connection with a "best efforts" private placement of up to 21,213,000 common shares in the capital of the Company (each, a "**Common Share**") at a price of $1.65 per Common Share (the "**Issue Price**") for aggregate gross proceeds to the Company of up to $35,001,450 (the "**Offering**"). The Common Shares will be issued pursuant to the Listed Issuer Financing Exemption (as defined herein).

In addition, the Company has granted the Agents an option (the "**Agents' Option**") exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date (as defined herein) to sell up to an additional 3,031,000 Common Shares at the Issue Price for additional gross proceeds of up to $5,001,150.

The Company intends to use the net proceeds from the Offering for metallurgical and detailed engineering at its Fenn-Gib gold project in Timmins, Ontario, and for working capital and general corporate purposes.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – *Prospectus Exemptions* ("**NI 45-106**"), the Common Shares issuable under the Offering will be offered for sale to purchasers resident in each of the provinces of Canada, other than Quebec, and/or other qualifying jurisdictions, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – *Exemptions from Certain Conditions of the Listed Issuer Financing Exemption* (collectively, the "**Listed Issuer Financing Exemption**").

There is an offering document dated September 8, 2025 related to the Offering that can be accessed under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and on the Company's website at <u>www.mayfairgold.ca</u>. Prospective investors should read this offering document before making an investment decision.

The Offering is expected to close on or about September 16, 2025 (the "**Closing Date**"), and is subject to the Company receiving all necessary regulatory approvals, including the conditional acceptance of the TSX Venture Exchange (the "**TSXV**"). As the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Common Shares issued pursuant to the Offering will not be subject to a hold period under applicable Canadian securities laws.

------

The securities have not been and will not be registered under the United States *Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), or any U.S. state securities laws, and may not be offered or sold in the "United States" (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

***About Mayfair Gold***

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 (as defined herein) open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information.

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng., Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 – *Standards of Disclosure for Mineral* Projects ("**NI 43-101**").

*For further information, please visit* <u>www.mayfairgold.ca</u> *or direct enquiries to:*

Nicholas Campbell

CEO

Mayfair Gold Corp.

289 McDougall St

Matheson, ON P0K 1N0 Canada

+1 (800) 342-6705

<u>info@mayfairgold.ca</u> 

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.* 

------

**Forward-Looking Information** 

This news release contains forward-looking information within the meaning of Canadian securities legislation (collectively, "**forward-looking statements**") that relate to Mayfair's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release include, but are not limited to: the completion of the Offering, the issuance of the Common Shares, the intended use of the net proceeds from the Offering and the expected closing date of the Offering. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: the satisfaction of the conditions to the Offering acceptable to the Company and the Agents; the Company receiving all requisite approvals in connection with the Offering, including the acceptance of the TSXV; and the ability of the Company to close the Offering on a timely basis or at all. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

## Exhibit 99.39

**Exhibit 99.39**![LOGO](g83619dsp21.jpg)

Mayfair Gold Files Technical Report for Fenn-Gib Gold Project

VANCOUVER, British Columbia, October 8, 2025 - Mayfair Gold Corp. **("Mayfair", "Mayfair Gold"** or the **"Company")** (TSX-V:MFG; OTCQX:MFGCF) is pleased to announce that it has filed a technical report prepared in accordance with *National Instrument 43-101- Standards of Disclosure for Mineral Projects* for the Fenn-Gib Gold Project located in the Timmins Gold District in Northeastern Ontario. The report is titled "National Instrument 43- 101 Technical Report- Mineral Resource Estimate Update Fenn-Gib Project, Ontario, Canada" A copy of the technical report is available under the Company's profile on SEDAR+.

The prior Nl 43-101 Technical Report for the Fenn-Gib project was filed on **July 26, 2023,** with an effective date of **April 6, 2023.** The effective date of this updated mineral resource estimate is **September 3, 2024.** The assay cut-off date for drill holes included in the mineral resource was **April 30, 2024.** The gold price in this updated technical report was increased from US$1, 765/oz Au (used in the prior technical report) to US$2,000/oz Au but all other costs and recoveries are unchanged. The increase in metal price resulted in lowering the cut-off grade from 0.4 g/t Au to 0.3 g/t Au and increased the footprint of the resource pit shell. In addition, this new technical report adds further detail relating to the Mineral Processing and Metallurgical Testing completed to date as follow-on from the news release dated 27 May 2025. This mineral resource and metallurgical results will support the pre-Feasibility Study that is currently underway and expected to be released later in 2025.

This technical report was prepared by T. Maunula & Associates Consulting Inc. and Haggarty Technical Services Corporation.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated Nl 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade.

------

**Cautionary Notes to U.S. Investors Concerning Resource Estimates.** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and ''mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with Nl 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under Nl 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, the advancing of environmental approvals, permits and project designs, *mitigate* the *upfront capital requirements, reduce execution risk and* accelerate *cash flow generation* the ability of the Company to mitigate upfront capital requirements, reduce execution risk and accelerate cash flow generation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

------

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSXVenture Exchange **("TSXV")** nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

**For further information,** please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON POK 1 NO Canada, +1 (855) 350-5600, <u>info@mayfairgold.ca</u>.

## Exhibit 99.40

**Exhibit 99.40**![LOGO](g83619dsp21.jpg)

Mayfair Gold Announces Filing of Annual Information Form

VANCOUVER, British Columbia, October 29, 2025 - Mayfair Gold Corp. (**"Mayfair Gold**" or the "**Company**") (TSX-V:MFG; OTCQX:MFGCF) is pleased to announce that it has filed an Annual Information Form (**"AIF"**) for the year ended December 31, 2024 on SEDAR+. An electronic copy of the AIF is available on the Company's website at <u>www.mayfairgold.ca</u> or under the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>.

**About Mayfair Gold** 

Mayfair Gold is a well-funded Canadian gold development company focused on advancing the 100%-owned Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit hosts an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold. Mayfair is focused on advancing Fenn-Gib through the Ontario Provincial permitting process to transition Mayfair into a new Canadian gold producer in the current gold cycle.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (855) 350-5600, <u>info@mayfairgold.ca</u>.

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release*

## Exhibit 99.41

**Exhibit 99.41**![LOGO](g83619dsp21.jpg)

Mayfair Gold to Participate in Red Cloud's 2025 Fall Mining Showcase

VANCOUVER, British Columbia, October 30, 2025 - Mayfair Gold Corp. ("**Mayfair**", **"Mayfair Gold**" or the "**Company**") (TSX-V:MFG; OTCQX:MFGCF) is pleased to announce that it will be participating in the Red Cloud Fall Mining Showcase 2025. Shareholders and interested parties are invited to attend the event and learn more about the company's latest developments.

The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel on November 4 & 5, 2025, bringing together investors, mining companies and industry leaders.

Drew Anwyll, Chief Operating Officer, will be presenting on November 4th at 10:20 am Eastern Standard time.

**About Mayfair Gold** 

Mayfair Gold is a well-funded Canadian gold development company focused on advancing the 100%-owned Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit hosts an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold. Mayfair is focused on advancing Fenn-Gib through the Ontario Provincial permitting process to transition Mayfair into a new Canadian gold producer in the current gold cycle.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (855) 350-5600, <u>info@mayfairgold.ca</u>.

## Exhibit 99.42

**Exhibit 99.42**![LOGO](g83619dsp21.jpg)

Mayfair Gold to Participate in New Orleans Investment Conference

VANCOUVER, British Columbia, October 30, 2025 - Mayfair Gold Corp. ("**Mayfair**", **"Mayfair Gold**" or the "**Company**") (TSX-V:MFG; OTCQX:MFGCF) is pleased to announce that it will be participating at the 51st Annual New Orleans Investment Conference at the Hilton New Orleans Riverside November 2-5, 2025. Nicholas Campbell, CEO of Mayfair Gold Corp. will be presenting on Monday, November 3rd, from 10:50 a.m. – 11:30 a.m. Our team will be in Booth 107 and looks forward to networking with investors and attendees.

The New Orleans Investment Conference gathers some of the world's brightest and most successful analysts, newsletter writers and investors.

**About Mayfair Gold** 

Mayfair Gold is a well-funded Canadian gold development company focused on advancing the 100%-owned Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit hosts an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold. Mayfair is focused on advancing Fenn-Gib through the Ontario Provincial permitting process to transition Mayfair into a new Canadian gold producer in the current gold cycle.

**For further information**, please visit <u>www.mayfairgold.ca</u> or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (855) 350-5600, <u>info@mayfairgold.ca</u>.

## Exhibit 99.43

**Exhibit 99.43**![LOGO](g83619dsp27.jpg)

**MAYFAIR PROVIDES FENN-GIB PROJECT UPDATE** 

• Pre-Feasibility Study on track for completion in Q4 2025

• Open pit mine plan to target near-surface high-grade mineralization

• Drill program underway to further delineate the high-grade starter zone at Fenn-Gib

• Tailing Storage Facility site investigation program – Phase 1 Complete

VANCOUVER, BC, Nov. 10, 2025 /CNW/ - Mayfair Gold Corp. ("**Mayfair**", "**Mayfair Gold**" or the "**Company**") (TSXV: MFG) (OTCQX: MFGCF) is pleased to provide an update on the 2025 Mineral Resource Drilling Program, Geotechnical Site Investigations for the tailing storage facility and a progress update on the Pre-Feasibility Study ("**PFS**") work.

The Company's upcoming PFS will be based on the recently updated NI 43-101 Mineral Resource Estimate ("**MRE**") for the Fenn-Gib Project (see news release October 8, 2025, titled "Mayfair Gold Files Technical Report for Fenn-Gib Project"). The mine plan will prioritize near-surface high-grade zones within the open pit to maximize feed grade to the proposed on-site processing facility and optimize early-stage cash flow. The open pit operation is expected to incorporate conventional drill-and-blast methods, supported by a truck and shovel fleet.

By applying an elevated cut-off grade strategy focused on near-surface high-grade zones, the Company aims to enhance short-term project economics while preserving the integrity of the broader resource base. Figure 1 illustrates a conceptual open pit based on a 0.7 g/t Au cut-off grade, highlighting the potential configuration of a high-grade starter pit.

Nick Campbell, CEO of Mayfair Gold, stated, "*The Fenn-Gib deposit is unique in that the highest-grade material occurs near the surface which allows for the potential to start operations with a smaller, targeted mining operation focused on low strip ratio, high-grade gold mineralization. Rather than pursue a larger scale operation, the grade distribution at Fenn-Gib provides Mayfair the optionality to fast-track the extraction of high margin material while at the same time mitigating construction risk and initial capital requirements. It also has the benefit of allowing us to follow the well-defined Ontario Provincial permitting process."*

Nick further commented, *"With the Canadian gold price currently above C$5,000 per ounce, Mayfair is encouraged by the opportunity to rapidly advance the Fenn-Gib Project as a potential new gold producer within the current cycle. The Pre-Feasibility Study remains on track for completion in Q4 2025. "We believe a nimble, high-grade, and targeted operation offers a practical path toward a potential production decision within the next three years."*

![LOGO](g83619dsp27a.jpg)

Figure 1: Section 558500 East (Looking West), Fenn-Gib conceptual Open Pit within Open Pit Constrained Mineral Resource (Capped Au g/t) (CNW Group/Mayfair Gold Corp.)

------

**High-Density Drilling Program Underway to Support PFS and Starter Pit Development** 

Although the deposit has been drilled to a 97% indicated confidence level, Mayfair has initiated a tightly spaced diamond drilling program within the planned starter pit to further support mine design and optimize future mining operations. The program is similar to the grade-control processes that would be used in an operating mine environment. It comprises 56 vertical holes, drilled on a 10 metre by 10 metre pattern, with holes drilled to a depth of roughly 75 metres, totaling approximately 4,200 metres.

The drilling is designed to confirm and delineate near-surface high-grade mineralization expected to be mined and processed during the early years of operation. The results will enhance confidence in the geological model and contribute to de-risking the Project as it advances toward development.

Mayfair has engaged Black Diamond Drilling, a highly skilled contractor from the neighbouring Apitipi Anicinapek Nation, to execute the program. Drilling commenced on 21 October 2025 and is expected to continue through December 2025.

In addition to improved grade-control definition, the program will support further calibration of surficial geology and subsurface hydrogeological models within the open pit. Additional samples will also be used for ongoing metallurgical testing to further refine the geological-metallurgical recovery model.

**Geotechnical Site Investigations for the Tailing Storage Facility** 

The Project has completed additional site investigations to support the design of the tailing storage facility ("**TSF**"). The site investigation program included 25 test pits and 347 meters of drilling over 10 holes around the perimeter of the proposed TSF footprint. Work was completed under the oversight of Knight Piesold who are the designers of the TSF. The geotechnical and hydrogeological information collected during the program will assist in better defining the design of the TSF. Additional site investigations will continue in 2026.

Drew Anwyll, P.Eng, Chief Operating Officer noted, "*The tailings storage facility and broader site investigations are critical to de-risking the Fenn-Gib Project. A thorough understanding of the material properties of the overburden and underfoot conditions will lead to improved foundation and building designs and significantly enhances execution confidence. This phase is often undervalued and overlooked, yet it plays a significant role in setting projects up for success."* 

**Pre-Feasibility Study on Track for Release in Q4 2025** 

The PFS for the Fenn-Gib Project continues to progress in line with the forecasted schedule, with completion anticipated in Q4 2025. Remaining work includes incorporating results from recent site investigations into the earthworks scope to optimize construction efficiency and cost estimates, as well as finalizing the integration of overall PFS costs into the broader economic analysis.

The Company notes that suppliers, vendors, and contractors are experiencing elevated demand due to the recent increase in gold prices, contributing to a highly active procurement environment.

With Canadian gold prices above C$5,000 per ounce, management sees a compelling case to advance Fenn-Gib to production in the current gold cycle. The release of the PFS is a key milestone for Mayfair as it transitions into permitting and development to position Mayfair to emerge as a new Canadian gold producer.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024. The Fenn-Gib Project hosts Mineral Resources at a 0.3 g/t Au cut-off grade comprised of an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional Inferred Resource of 8.9 Mt at 0.49 g/t Au containing 141,000 gold ounces.

------

Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., is a qualified person for the purposes of NI 43-101 and was responsible for the completion of the updated mineral resource estimate. Mr. Maunula has reviewed and approved the scientific and technical content with respect to the mineral resource estimate in this news release. Scientific and technical information with respect to diamond drilling in this news release has been reviewed and approved by Ali Gelinas-Dechene, P.Geo., Senior Geologist for Mayfair Gold, who oversaw the Mayfair Gold drill program, QA/QC and serves as a Qualified Person as defined under NI 43-101.

The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined under NI 43-101.

**Cautionary Notes to U.S. Investors Concerning Resource Estimates.** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "**CIM Standards**"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "**SEC**") in Regulation S-K Subpart 1300 (the "**SEC Modernization Rules**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Cautionary Note Regarding Forward-Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, advancing Fenn-Gib to production and cash flow expected to help fund potential future growth opportunities, including the potential to permit and develop a larger operation at Fenn-Gib, and the potential uplisting in the United States. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

------

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

Neither the TSX Venture Exchange ("***TSXV***") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

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%SEDAR: 00050362E

**For further information:** For further information, please visit www.mayfairgold.ca or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1-855-350-5600, info@mayfairgold.ca

CO: Mayfair Gold Corp.

CNW 07:00e 10-NOV-25

## Exhibit 99.44

**Exhibit 99.44**![LOGO](g83619dsp469.jpg)

Mayfair Gold Q3 2025 Financial and Operating Results

VANCOUVER, British Columbia, November 17, 2025 – Mayfair Gold Corp. ("**Mayfair**", or the "**Company**") (TSX-V: MFG; OTCQX: MFGCF) is pleased to report its operating and financial results for the quarter ended September 30, 2025. Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario ("**Fenn-Gib**" or the "**Project**"). The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at <u>www.mayfairgold.ca</u> or on SEDAR+ at <u>www.sedarplus.com</u>. Unless otherwise stated, all amounts are presented in Canadian dollars.

Mayfair's Chief Executive Officer Nicholas Campbell commented,

"Dear Stakeholders,

I am pleased to provide an update on our progress at Mayfair Gold and the Fenn-Gib Gold project in Northern Ontario. In Q3 2025, Mayfair completed a $40 million LIFE Offering which secured substantial funding to support the Mayfair Gold and advance the Fenn-Gib gold project through permitting, detailed engineering and community engagement. The company continued to advance work on the Pre-Feasibility Study ("**PFS**") for a 4,800 tpd open pit operation targeting the high-grade near surface zone of mineralization at Fenn-Gib.

The Company commenced a confidence drilling program in October 2025, which will give Mayfair more data to better define waste to ore boundaries and improve confidence in the grade profile for the mine over the first several years of production. Results of the drill program are expected to be available in Q1 2026. Mayfair continues to focus on derisking the Fenn-Gib gold project. The PFS remains on track to be completed in Q4 2025 with formal Provincial permitting activities expected to commence at the start of 2026.

With a strong balance sheet, an established team to advance the Fenn-Gib Project, execute the construction of the mine and with the upcoming PFS to illustrate the potential economics of 4,800 tpd open pit targeted the high-grade zone at Fenn-Gib, Mayfair Gold is very excited about the prospects for the Company as we unlock the value of Fenn-Gib and work to advance Mayfair Gold into a new Canadian Gold producer."

**Corporate Highlights During the Quarter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 4, 2025, the Company held the Annual General and Special Meeting of Shareholders. Mayfair
shareholders approved the re-election of Darren McLean, Carson Block, Zach Allwright, Sean Pi and Christine Hsieh; the re-appointment of Davidson & Company LLP
as auditors of the Company; and the approval of a new 10% rolling Omnibus Incentive Plan to replace the existing stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 16, 2025, the Company closed the LIFE offering resulting in the issuance of 24,244,000
common shares at a price of $1.65 per common share for gross proceeds of $40,002,600. The Company intends to use the net proceeds from the offering for metallurgical and detailed engineering at its Fenn-Gib gold project in Timmins, Ontario, and for working capital and general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to September 30, 2025, the Company filed its Annual Information Form for the year ended
December 31, 2024, on SEDAR

------

![LOGO](g83619dsp469.jpg)

**Exploration Highlight** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to September 30, 2025, the Company filed a technical reported prepared in accordance with *National Instrument 43-101 Standards of Disclosure for Mineral Projects* for the Fenn-Gib Gold Project. The effective date of this updated mineral resource
estimate is September 3, 2024.

**Selected Financial Data** 

The following selected financial data is summarized from the Company's financial statements and related notes thereto for the three and nine months ended September 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $ | **$** | $ |
|  Loss and comprehensive loss<br>**))** |  |  |  |  |
|  Loss per share – basic and diluted<br>**)** |  |  |  |  |
|  |  |  | **September 30,**<br>**2025** | December 31,<br>2024 |
|  |  |  | **$** | $ |
|  Cash and cash equivalents and short-term investments |  |  |  |  |
|  Total assets |  |  |  |  |
|  Total current liabilities |  |  |  |  |
|  Total liabilities |  |  |  |  |
|  Total shareholders' equity |  |  |  |  |

---

**About Mayfair Gold** 

Mayfair Gold is a well-funded Canadian gold development company focused on advancing the 100%-owned Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit hosts an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold. Mayfair is focused on advancing Fenn-Gib through the Ontario Provincial permitting process to transition Mayfair into a new Canadian gold producer in the current gold cycle.

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("**NI 43-101**").

*For further information, please visit* <u>www.mayfairgold.ca</u> *or direct enquiries to:*

Nicholas Campbell

CEO

Mayfair Gold Corp.

489 McDougall St

Matheson, ON P0K 1N0 Canada

+1 (800) 342-6705

info@mayfairgold.ca

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.* 

------

![LOGO](g83619dsp469.jpg)

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "**CIM Standards**"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "**SEC**") in Regulation S-K Subpart 1300 (the "**SEC Modernization Rules**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

**Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, advancing Fenn-Gib to production and cash flow expected to help fund potential future growth opportunities, and including the potential to permit and develop a larger operation at Fenn-Gib. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

## Exhibit 99.45

**Exhibit 99.45**![LOGO](g83619dsp27.jpg)

**MAYFAIR STRENGTHENS MANAGEMENT TEAM** 

VANCOUVER, BC, Nov. 20, 2025 /CNW/ - Mayfair Gold Corp. ("**Mayfair**", "**Mayfair Gold**" or the "**Company**") (TSXV: MFG) (OTCQX: MFGCF) is pleased to announce the appointment of Mr. Zayem Lakhani as Vice President, Capital Markets, effective November 19, 2025.

Nick Campbell, CEO of Mayfair Gold, stated, "*We are excited that Zayem has agreed to join the Mayfair Gold team. The gold industry has started to attract new kinds of investor interest that have largely ignored gold mining investment opportunities over the past 15 years. With gold and gold equities outperforming, generalist investors are now seriously looking at opportunities to build exposure to the current gold cycle. Zayem's background as a generalist fund manager gives him a unique skillset and network to help Mayfair engage with a broader set of investors. With shareholdings of 335,000 shares of Mayfair, Zayem has built a position that gives him skin in the game, which is a core management philosophy for Mayfair. With the addition of Zayem, Management and Insiders have acquired more than C$15 million of Mayfair equity in the past 12 months. We are lucky to have Zayem as part of the management team and look forward to working with him and seeing his efforts to make Mayfair Gold as success."*

Zayem Lakhani, VP Capital Markets for Mayfair Gold, stated, "*The investment landscape is undergoing a paradigm shift, with gold and gold equities increasingly being recognized as essential components of a diversified multi-asset portfolio. Developers in Tier 1 jurisdictions with a timely and credible path to production and a management team with a track-record of execution offer one of the best risk-adjusted ways to leverage this favourable backdrop. Mayfair Gold exemplifies these characteristics and I am eager to contribute towards building value for all Mayfair stakeholders."*

**Grants and Security Based Compensation** 

Mayfair also announces that 275,000 options to purchase an equivalent number of common shares of the Company were granted to Zayem Lakhani and 325,000 options were granted to key consultants working with the company. The 600,000 options were granted, effective November 20, 2025 at a strike price of $2.17 with a five year expiry. These options will vest over the following period:

• One-third (1/3) of the options shall vest and become exercisable if the
executive/consultant is actively employed on November 20, 2026

• 1/36 of the Options shall vest and become exercisable on each calendar month starting on December 20, 2026
for twenty-four (24) months thereafter for each subsequent month that executive/consultant remains actively employed.

Such grants have been made under the Company's omnibus equity incentive plan (the "Omnibus Plan") that was approved by the shareholders of the Company on September 4, 2025. The Omnibus Plan is a "rolling" 10% plan and provides for the grant of options, restricted share units, performance share units and deferred share units. The aggregate number of common shares reserved for issuance pursuant to the Omnibus Plan and all other security-based compensation arrangements of the Company, at any time, must not exceed 10% of the Company's total issued and outstanding common shares.

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.* 

------

**About Mayfair Gold** 

Mayfair Gold is focused on the advancement of its 100%-owned Fenn-Gib gold project in Ontario, Canada. Fenn-Gib is located 80km east of Timmins. Fenn-Gib hosts a 4.3 million-ounce indicated NI 43-101 open pit constrained mineral resource estimate. Located in the prolific Timmins gold district accessible by way of Highway 101, which runs right through the project, Mayfair is focused on utilizing existing access and infrastructure to advance the Fenn-Gib Gold project to production with discipline and efficacy with a commitment to safety, environmental stewardship and stakeholder engagement.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

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%SEDAR: 00050362E

**For further information:** For further information, please visit www.mayfairgold.ca or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1-855-350-5600, info@mayfairgold.ca

CO: Mayfair Gold Corp.

CNW 17:23e 20-NOV-25

## Exhibit 99.46

**Exhibit 99.46** 

***Note: [09 Jun 2023]*** *– The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017 and June 9, 2023. This consolidation is provided for your convenience and should not be relied on as authoritative.* 

**FORM 13-501F1** 

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION** 

I, PRINS, Darren, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

---

| | |
|:---|:---|
|  Name: PRINS, Darren | Date: April 30, 2025 |
|  Title: Interim CFO |  |

---

---

| | | |
|:---|:---|:---|
|  **Reporting Issuer Name:** | Mayfair Gold Corp. / Mayfair Gold Corp. (000050362) | Mayfair Gold Corp. / Mayfair Gold Corp. (000050362) |
|  **End date of previous financial year:** | 31 Dec 2024 |  |
|  **Type of Reporting Issuer:** | ☒ **Class 1 reporting issuer** | ☐ **Class 3B reporting issuer** |
|  **Highest Trading Marketplace:** | TSX Venture (TSXV) |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  **<u>Market value of listed or quoted equity securities:</u>** | **<u>Market value of listed or quoted equity securities:</u>** | **<u>Market value of listed or quoted equity securities:</u>** |  |
|  **<u>Equity Symbol</u>** |  | MFG |  |
|  **1st Specified Trading Period** (dd/mm/yy) |  | 01/01/24 to 31/03/24 |  |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $2.12 | (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 100378507 | (ii) |
|  Market value of class or series | (i) x (ii) | $212802434.84 | (A) |
|  **2nd Specified Trading Period** (dd/mm/yy) |  | 01/04/24 to 30/06/24 |  |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $2.00 | (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 105331007 | (iv) |
|  Market value of class or series | (iii) x (iv) | $210662014.00 | (B) |
|  **3rd Specified Trading Period** (dd/mm/yy) |  | 01/07/24 to 30/09/24 |  |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $2.00 | (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 105816007 | (vi) |
| Market value of class or series | (v) x (vi) | $211632014.00 | (C) |
|  **4th Specified Trading Period** (dd/mm/yy) |  | 01/10/24 to 31/12/24 |  |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $1.72 | (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 109283007 | (viii) |
| Market value of class or series | (vii) x (viii) | $187966772.04 | (D) |
|  **5th Specified Trading Period** (dd/mm/yy) |  | N/A to N/A |  |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $N/A | (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | N/A | (x) |
| Market value of class or series | (ix) x (x) | $N/A | (E) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) |  | $205765808.72 | (**1**) |
| (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year) | (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year) | (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year) | (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year) |
|  **Fair value of outstanding debt securities:** |  |  |  |
|  (Provide details of how value was determined) |  | $0.00 | **(2)** |
|  **Capitalization for the previous financial year** | (1) + (2) | $205765808.72 |  |
|  **Participation Fee** |  | $6500 |  |

---

## Exhibit 99.47

**Exhibit 99.47** 

**FORM 13-502F1** 

**CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE** 

**MANAGEMENT CERTIFICATION** 

I, PRINS, Darren, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

---

| | |
|:---|:---|
| (s) PRINS, Darren | April 30, 2025 |
|  Name: PRINS, Darren | Date: |
|  Title: Interim CFO |  |

---

---

| | | |
|:---|:---|:---|
|  **Reporting Issuer Name:** | Mayfair Gold Corp. / Mayfair Gold Corp. (000050362) | Mayfair Gold Corp. / Mayfair Gold Corp. (000050362) |
|  **End date of previous financial year:** | 31 Dec 2024 |  |
|  **Type of Reporting Issuer:** | ☒ **Class 1 reporting issuer** | ☐ **Class 3B reporting issuer** |
|  **Highest Trading Marketplace:** | TSX Venture (TSXV) |  |
| (refer to the definition of "highest trading marketplace" under OSC Rule 13-502 *Fees*) | (refer to the definition of "highest trading marketplace" under OSC Rule 13-502 *Fees*) | (refer to the definition of "highest trading marketplace" under OSC Rule 13-502 *Fees*) |

---

---

| | | | |
|:---|:---|:---|:---|
|  **<u>Market value of listed or quoted equity securities:</u>**<br> (in Canadian Dollars - refer to section 36 of OSC Rule 13-502 *Fees*) | **<u>Market value of listed or quoted equity securities:</u>**<br> (in Canadian Dollars - refer to section 36 of OSC Rule 13-502 *Fees*) | **<u>Market value of listed or quoted equity securities:</u>**<br> (in Canadian Dollars - refer to section 36 of OSC Rule 13-502 *Fees*) |  |
|  **Equity Symbol** |  | MFG |  |
|  **1<sup>st</sup> Quarterly Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 *Fees)* |  | 01/01/24 to 31/03/24 |  |
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace |  | $2.12 | (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period |  | 100378507 | (ii) |
|  Market value of class or series | (i) x (ii) | $212802434.84 | (A) |
|  **2<sup>nd</sup> Quarterly Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 *Fees)* |  | 01/04/24 to 30/06/24 |  |
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace |  | $2.00 | (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period |  | 105331007 | (iv) |
|  Market value of class or series | (iii) x (iv) | $210662014.00 | (B) |
|  **3<sup>rd</sup> Quarterly Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 *Fees)* |  | 01/07/24 to 30/09/24 |  |
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace |  | $2.00 | (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period |  | 105816007 | (vi) |
| Market value of class or series | (v) x (vi) | $211632014.00 | (C) |
|  **4<sup>th</sup> Quarterly Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 *Fees)* |  | 01/10/24 to 31/12/24 |  |
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace |  | $1.72 | (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period |  | 109283007 | (viii) |
| Market value of class or series | (vii) x (viii) | $187966772.04 | (D) |
|  |  | N/A to N/A |  |
| **Average Market Value of Class or Series**<br> (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) |  | $205765808.72 | (**1**) |
| (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 *Fees*, if applicable) that was listed or quoted on a marketplace at the end of the trading day of each quarterly period in the previous financial year of the reporting issuer.) | (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 *Fees*, if applicable) that was listed or quoted on a marketplace at the end of the trading day of each quarterly period in the previous financial year of the reporting issuer.) | (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 *Fees*, if applicable) that was listed or quoted on a marketplace at the end of the trading day of each quarterly period in the previous financial year of the reporting issuer.) | (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 *Fees*, if applicable) that was listed or quoted on a marketplace at the end of the trading day of each quarterly period in the previous financial year of the reporting issuer.) |
|  **Fair value of outstanding debt securities:** |  |  |  |
|  (See paragraph 9(1)(c), and if applicable, paragraphs 9(1)(d) and (e) of OSC Rule 13-502 *Fees*) |  | $0.00 | **(2)** |
| (Provide details of how value was determined) |  |  |  |
|  **Capitalization for the previous financial year** | (1) + (2) | $205765808.72 |  |
|  **Participation Fee** |  | $12700.00 |  |
| (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) |  |  |  |
| (For Class 3B reporting issuers, from Appendix B of OSC Rule 13-502 *Fees*, select the participation fee) |  |  |  |
| **Late Fee**, if applicable |  | $0.00 |  |
| (As determined under section 8 of OSC Rule 13-502 *Fees*) |  |  |  |
| **Total Fee Payable** |  | $12700.00 |  |
| (Participation Fee plus Late Fee) |  |  |  |

---

## Exhibit 99.48

**Exhibit 99.48** 

**FORM 51-102F3** 

**MATERIAL CHANGE REPORT** 

---

| | |
|:---|:---|
| **ITEM 1** | **NAME AND ADDRESS**  |

---

**MAYFAIR GOLD CORP**. (the "**Company**")

489 McDougall Street

Matheson, Ontario, P0K 1N0

---

| | |
|:---|:---|
| **ITEM 2** | **DATE OF MATERIAL CHANGE**  |

---

December 18, 2025

---

| | |
|:---|:---|
| **ITEM 3** | **NEWS RELEASE**  |

---

The Company issued a news release on December 18, 2025 relating to the material change, which was disseminated through newswire distribution and subsequently filed on SEDAR+ at <u>www.sedarplus.ca</u>.

---

| | |
|:---|:---|
| **ITEM 4** | **SUMMARY OF MATERIAL CHANGE:**  |

---

On December 18, 2025, the common shares of the Company were consolidated at a ratio of two (2) pre-consolidation common shares to one (1) post-consolidation common share issued and outstanding (the "**Consolidation**").

---

| | |
|:---|:---|
| **ITEM 5** | **FULL DESCRIPTION OF MATERIAL CHANGE**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Full Description of Material Change** 

At the close of business on December 17, 2025, the Company consolidated its outstanding common share capital on the basis of one (1) post-Consolidation common share for every two (2) pre-Consolidation common shares outstanding.

At the opening of markets on December 18, 2025, the common shares of the Company commenced trading on a post-Consolidation basis under the existing ticker symbol "MFG" and new CUSIP: 57808L305. Following completion of the Consolidation there were 66,643,858 common shares and 153,750 restricted common shares issued and outstanding.

No fractional shares were issued as a result of the Consolidation whereby fractional interests were rounded up to the nearest whole number of common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Disclosure for Restructuring Transactions** 

Not applicable

---

| | |
|:---|:---|
| **ITEM 6** | **RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102**  |

---

Not applicable. This report is not being filed on a confidential basis.

---

| | |
|:---|:---|
| **ITEM 7** | **OMITTED INFORMATION**  |

---

None.

---

| | |
|:---|:---|
| **ITEM 8** | **EXECUTIVE OFFICER**  |

---

Darren Prins

Interim Chief Financial Officer

Telephone: (855) 350-5600

---

| | |
|:---|:---|
| **ITEM 9** | **DATE OF REPORT**  |

---

December 19, 2025

## Exhibit 99.49

**Exhibit 99.49**![LOGO](g83619dsp12.jpg)

**MAYFAIR ANNOUNCES SHARE CONSOLIDATION AND FILING OF NYSE AMERICAN LISTING APPLICATION**

VANCOUVER, BC, Dec. 15, 2025 /CNW/ - Mayfair Gold Corp. ("**Mayfair**", "**Mayfair Gold**" or the "**Company**") (TSXV: MFG) (OTCQX: MFGCF) is pleased to announce that the Company will consolidate its common shares at a ratio of two pre-consolidation shares to one post-consolidation share (the "**Consolidation**"), in support of its pursuit of a listing on the NYSE American Stock Exchange (the "**NYSE American**"). The Company has applied to list its common shares on the NYSE American, and the Consolidation is intended to ensure that the trading price of the Company's common shares meets the minimum share price required by the NYSE American.

The Company currently has 133,595,191 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have approximately 66,797,595 common shares issued and outstanding. Some slight variance is expected due to fractional rounding. Fractional shares will be rounded up to the nearest whole number of common shares. As is customary, to reflect the Consolidation, all outstanding warrants and incentive stock options will be adjusted to increase their exercise price by a factor of two and to reduce the number of common shares issued upon exercise by dividing by two.

The Consolidation has been conditionally accepted by the TSX Venture Exchange (the "**TSXV**") and the Company expects to complete the Consolidation at the close of business on December 17, 2025, such that effective at the open of markets on December 18, 2025, the common shares of the Company will commence trading on a post-Consolidation basis.

Holders of common shares of the Company who hold uncertificated shares (that is shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by the Company's transfer agent or, in the case of beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in street name for their benefit. Such holders generally do not need to take any additional actions to exchange their pre-consolidation shares for post-consolidation shares. If you hold your shares with such a bank, broker or other nominee, and if you have questions in this regard, you are encouraged to contact your nominee.

Registered shareholders holding share certificates will be mailed a letter of transmittal advising of the Consolidation and instructing them to surrender the share certificates representing pre-Consolidation shares for replacement certificates or a direct registration advice representing their post-Consolidation shares. Until surrendered for exchange, each share certificate formerly representing pre-Consolidation shares will be deemed to represent the number of whole post-consolidation shares to which the holder is entitled as a result of the Consolidation.

**About Mayfair Gold**

Mayfair Gold is focused on the advancement of its 100%-owned Fenn-Gib gold project in Ontario, Canada. Fenn-Gib is located 80km east of Timmins. Fenn-Gib hosts a NI 43-101 open pit constrained indicated mineral resource estimate of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces.<sup>1</sup> Located in the prolific Timmins gold district accessible by way of Highway 101, which runs right through the project, Mayfair is focused on utilizing existing access and infrastructure to advance the Fenn-Gib Gold project to production with discipline and efficacy with a commitment to safety, environmental stewardship and stakeholder engagement.

The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, P.Eng., M.Eng., Chief Operating

Officer of the Company, and a Qualified Person as defined under NI 43-101.

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.*

1 Additional details regarding the mineral resource estimate can be found in the technical report entitled "National Instrument 43-101 Technical Report – Mineral Resource Estimate Update Fenn-Gib Project, Ontario, Canada" dated September 23, 2025, with an effective date of September 3, 2024.

**Cautionary Note Regarding Forward-Looking Information**

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the implementation of the Consolidation, including receipt of all required regulatory approvals therefor, the timing for implementing the Consolidation, including the effective date and the date the common shares will commence trading on the TSXV on a post- Consolidation basis, the pursuit of the listing on the NYSE American, including, whether the listing application will be approved and such listing will be obtained, mineral resource estimates and advancement of the Fenn-Gib Gold Project. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management, that the Consolidation will be completed as anticipated, that the NYSE American listing application will be approved and the listing will be obtained, the assumed long-term price of gold, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to inability to obtain regulatory approvals required for the Consolidation, risks that the Consolidation may not be effected, risks that the NYSE American listing application may not be approved and the listing not obtained, foreign currency fluctuations, risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding, delays or the inability to obtain necessary governmental permits or financing, risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor, failure of plant, equipment or processes to operate as anticipated, actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations, uncertain political and economic environments and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

c View original content to download multimedia:

<u>https://www.prnewswire.com/news-releases/mayfair-announces-share-consolidation-and-filing-of-nyse-american-listing-application-302641939.html</u>

SOURCE Mayfair Gold Corp.

c View original content to download multimedia: <u>http://www.newswire.ca/en/releases/archive/December 2025/15/c0190.html</u>

%SEDAR: 00050362E

**For further information:** For further information, please visit www.mayfairgold.ca or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1-855-350-5600, info@mayfairgold.ca

CO: Mayfair Gold Corp.

CNW 07:00e 15-DEC-25

## Exhibit 99.50

**Exhibit 99.50**![LOGO](g83619dsp14.jpg)

**MAYFAIR CONFIRMS COMPLETION OF SHARE CONSOLIDATION** 

VANCOUVER, BC, Dec. 18, 2025 /CNW/ - Mayfair Gold Corp. **("Mayfair", "Mayfair Gold"** or the **"Company")** (TSXV: MFG) (OTCQX: MFGCF) is pleased to confirm that, pursuant to its news release dated December 15, 2025, the Company's common shares have been consolidated at a ratio of two pre-consolidated shares to one post-consolidation share (the **"Consolidation").** The common shares will begin trading on a post-consolidation basis on the TSX Venture Exchange at market open today, December 18, 2025.

The Company now has 66,797,608 common shares issued and outstanding and all outstanding warrants and incentive stock options have been adjusted to increase their exercise price by a factor of two and to reduce the number of common shares issued upon exercise by dividing by two.

**About Mayfair Gold** 

Mayfair Gold is focused on the advancement of its 100%-owned Fenn-Gib gold project in Ontario, Canada. Fenn-Gib is located 80km east of Timmins. Fenn-Gib hosts a Nl 43-101 open pit constrained indicated mineral resource estimate of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces. <sup>1</sup> Located in the prolific Timmins gold district accessible by way of Highway 101, which runs right through the project, Mayfair is focused on utilizing existing access and infrastructure to advance the Fenn-Gib Gold project to production with discipline and efficacy with a commitment to safety, environmental stewardship and stakeholder engagement.

The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, P.Eng., M.Eng., Chief Operating Officer of the Company, and a Qualified Person as defined under Nl 43-101.

<sup>1</sup> Additional details regarding the mineral resource estimate can be found in the technical report entitled "National Instrument 43-101 Technical Report – Mineral Resource Estimate Update Fenn-Gib Project, Ontario, Canada" dated September 23, 2025, with an effective date of September 3, 2024. 

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.* 

**Cautionary Note Regarding Forward-Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the date the common shares will commence trading on the TSXV on a post-Consolidation basis, the pursuit of the listing on the NYSE American, including, whether the listing application will be approved and such listing will be obtained, mineral resource estimates and advancement of the Fenn-Gib Gold Project. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations, risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding, delays or the inability to obtain necessary governmental permits or financing, risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor, failure of plant, equipment or processes to operate as anticipated, actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations, uncertain political and economic environments and changes in laws or policies.

------

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.

c View original content to download multimedia:

<u>https://www.prnewswire.com/news-releases/mayfair-confirms-completion-of-share-consolidation-302645473.html</u> 

SOURCE Mayfair Gold Corp.

c View original content to download multimedia:

<u>http://www.newswire.ca/en/releases/archive/December 2025/18/c4179.html</u> 

%SEDAR: 00050362E

**For further information:** For further information, please visit www.mayfairgold.ca or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1-855-350-5600, info@mayfairgold.ca

CO: Mayfair Gold Corp.

CNW 07:00e 18-DEC-25

## Exhibit 99.51

**Exhibit 99.51**![LOGO](g83619dsp016.jpg)

MAYFAIR GOLD CORP. 320 Bay Street, 14th Floor Toronto, Ontario M5H 4A6 www.computershare.com Toll Free Canada and US 1-800-564-6253 International 1-514-982-7555 Fold TOTAL SHARES MAYFAIR GOLD CORP.—LETTER OF TRANSMITTAL TO: Computershare Investor Services Inc. The undersigned hereby represents and warrants that the undersigned is the owner of the number of Common Shares ("shares") of Mayfair Gold Corp. ("Mayfair") which shares are represented by the share certificate(s) described below and delivered herewith and the undersigned has good title to the shares represented by the said certificate(s) or DRS, free and clear of all liens, charges and encumbrances, and has full power and authority to herewith deposit such shares. The below-listed shares are hereby surrendered in exchange for shares representing consolidated Common Shares of Mayfair on the basis of two (2) old shares of Mayfair for one (1) post-consolidated share of Mayfair. Mayfair will not issue any fractional shares as a result of the consolidation. Instead, all fractional shares resulting from the consolidation will round up to the nearest whole number, otherwise, the fractional share will be cancelled. The undersigned authorizes and directs Computershare Investor Services Inc. to issue a Direct Registration ("DRS") advice for Mayfair to which the undersigned is entitled as indicated below and to mail such advice to the address indicated below or, if no instructions are given, in the name and to the address if any, of the undersigned as appears on the share register maintained by Mayfair. In the event that a DRS advice is not available, a Mayfair share certificate will be issued and mailed to the address indicated below. Lost Certificates: If you cannot locate some or all of your certificates, read and complete Box A—Lost Certificate(s) on the back of this form and mark the boxes below with an X corresponding to the certificate numbers you cannot locate. Lost Certificate Number Shares Lost Certificate Number Shares Totals Shares Total Certificated Shares Fold Total Uncertificated Shares Total Shares 2. Signatures: Sign and date this form. The names of the registered holders are listed in the Name and Address at the top of this form. All registered holders MUST sign exactly as the name is printed above. Signature of Registered Owner or Authorized Representative Signature of Registered Owner or Authorized Representative Signing Capacity Signing Capacity Daytime Phone number MM / DD / YY Date MYYQ 1ECALT 024XBC MYYQ.SEDAR.E.suppress/000001/000001/i

------

![LOGO](g83619dsp017.jpg)

Instructions for completing the Letter of Transmittal 1. Use of Letter of Transmittal a. Each shareholder holding share certificates of Mayfair must send or deliver this Letter of Transmittal duly completed and signed together with the share certificates described herein to Computershare Investor Services Inc. ("Computershare") at the office listed below. The method of delivery to Computershare is at the option and risk of the shareholder, but if mail is used, registered mail is recommended. b. Shares registered in the name of the person by whom (or on whose behalf) the Letter of Transmittal is signed need not be endorsed or accompanied by any share transfer power of attorney. c. Shares not registered in the name of the person by whom (or on whose behalf) the Letter of Transmittal is signed must be endorsed by the registered holder thereof or deposited together with a share transfer power of attorney properly completed by the registered holder. Such signature must be guaranteed by an Eligible Institution or in some other manner satisfactory to Computershare. An "Eligible Institution" means a Canadian schedule 1 chartered bank, a member of the Securities Transfer Agent Medallion Program (STAMP), a member of the Stock Exchanges Medallion Program (SEMP) or a member of the New York Stock Exchange Inc. Medallion Signature Program (MSP). Members of these programs are usually members of a recognized stock exchange in Canada and the United States, members of the Investment Industry Regulatory Organization of Canada, members of the Financial Industry Regulatory Authority or banks and trust companies in the United States. d. Where the Letter of Transmittal is executed on behalf of a corporation, partnership or association or by an agent, executor, administrator, trustee, guardian or any person acting in a representative capacity, the Letter of Transmittal must be accompanied by satisfactory evidence of the representative's authority to act. e. Mayfair reserves the right if it so elects in its absolute discretion to instruct Computershare to waive any defect or irregularity contained in any Letter of Transmittal received by it. 2. Lost Share Certificates If a share certificate has been lost or destroyed, shareholders may complete Box A below (only valid until 12-Jun-26) and replace their certificate(s) under Computershare's blanket bond with Aviva Canada. Shareholders with replacement requests in excess of $200,000.00, or shareholders who wish to replace their certificates outside of Computershare's blanket bond program must sign and complete this Letter of Transmittal and forward to Computershare together with a letter stating the loss. Computershare will respond with the replacement requirements, which must be properly completed and returned prior to effecting the exchange. 3. Miscellaneous Additional copies of the Letter of Transmittal may be obtained from Computershare at the office location listed below. Any questions should be directed to Computershare Toll Free at 1-800-564-6253 between the hours of 8:30 a.m. - 8:00 p.m. E.S.T, or by e-mail to corporateactions@computershare.com. BOX A - LOST CERTIFICATES If your lost certificate(s) forms part of an estate or trust, or are valued at more than CAD $200,000.00, please contact Computershare for additional instructions. Any person who, knowingly and with intent to defraud any insurance company or other person, files a statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime. Premium Calculation: Number of lost Company Shares X CAD $0.11500 = Premium Payable $ The option to replace your certificate by completing this Box A will expire on 12-Jun-26. After this date, shareholders must contact Computershare for alternative replacement options. Note: Payment is NOT required if premium is less than $5.00 I enclose my certified cheque, bank draft or money order payable to Computershare Investor Services Inc.. If you are unsure of the premium calculations, please contact Computershare Toll Free at: 1-800-564-6253. STATEMENT OF LOST CERTIFICATES: The undersigned (solitarily, jointly and severally, if more than one) represents and agrees to the following: (i) the undersigned is (and, if applicable, the registered owner of the original share certificates (the "Originals"), at the time of their death, was) the lawful and unconditional owner of the Original(s) and is entitled to the full and exclusive possession thereof; (ii) the missing certificate(s) representing the Original(s) have been lost, stolen or destroyed, and have not been endorsed, cashed, negotiated, transferred, assigned, pledged, hypothecated, encumbered in any way, or otherwise disposed of; (iii) a diligent search for the certificate(s) has been made and they have not been found; and (iv) the undersigned makes this statement for the purpose of transferring or exchanging the Original(s) (including, if applicable, without probate or letters of administration or certification of estate trustee(s) or similar documentation having been granted by any court), and hereby agrees to surrender the certificate(s) representing the Original(s) for cancellation should the undersigned, at any time, find the certificate(s). The undersigned hereby agrees, for itself/myself and the undersigned's heirs, assigns and personal representatives, in consideration of the transfer or exchange of the Original(s), to completely indemnify, protect and hold harmless Mayfair Gold Corp., Computershare Investor Services Inc., Aviva Insurance Company of Canada, each of their directors, officers, employees, agents, lawful successors and assigns, and any other party to the transaction (the "Obligees"), from and against all losses, costs and damages, including court costs and attorneys' fees that they may be subject to or liable for in respect of the cancellation and/or replacement of the Original(s) and/or the certificate(s) representing the Original(s) and/or the transfer or exchange of the Originals represented thereby, upon the transfer, exchange or issue of the Originals and/or a cheque for any cash payment. The rights accruing to the Obligees under the preceding sentence shall not be limited by the negligence, inadvertence, accident, oversight or breach of any duty or obligations on the part of the Obligees or their respective directors, officers, employees and agents or their failure to inquire into, contest, or litigate any claim, whenever such negligence, inadvertence, accident, oversight, breach or failure may occur or have occurred. The undersigned acknowledges that a fee of CAD $0.11500 per lost Mayfair share is payable by the undersigned. Surety protection for the Obligees is provided under Blanket Lost Original Instruments/ Waiver of Probate or Administration Bond No. 35900-16 issued by Aviva Insurance Company of Canada. Enclose the certificate(s) in the envelope provided and send it with the completed form to Computershare, or for any questions contact Computershare. By Mail: PO Box 7023 By Registered Mail, 320 Bay Street, 31 Adelaide Street East Hand or Courier 14th Floor Toronto, ON M5C 2K4 Toronto, ON M5H 4A6 Attn: Corporate Actions Attn: Corporate Actions Privacy Notice: Computershare is committed to protecting your personal information. In the course of providing services to you and our corporate clients, we receive non-public personal information about you-from transactions we perform for you, forms you send us, other communications we have with you or your representatives, etc. This information could include your name, contact details (such as residential address, correspondence address, email address), social insurance number, survey responses, securities holdings and other financial information. We use this to administer your account, to better serve your and our clients' needs and for other lawful purposes relating to our services. Computershare may transfer personal information to other companies located outside of your province within Canada or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides. Where we share your personal information with other companies to provide services to you, we ensure they have adequate safeguards to protect your personal information as per applicable privacy laws. We also ensure the protection of rights of data subjects under the General Data Protection Regulation, where applicable. We have prepared a Privacy Code to tell you more about our information practices, how your privacy is protected and how to contact our Chief Privacy Officer. It is available at our website, www.computershare.com, or by writing to us at 320 Bay Street, 14th Floor, Toronto, Ontario M5H 4A6. Computershare will use the information you are providing in order to process your request and will treat your signature(s) as your consent to us so doing. 024XCB

## Exhibit 99.52

**Exhibit 99.52**![LOGO](g83619g0110000901631.jpg)

**Mayfair Delivers Robust Pre-Feasibility Study for the** 

**Fenn-Gib Gold Project** 

*<u>All amounts are in Canadian Dollars unless otherwise noted</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Base Case - US$3,100/oz Au and C$/US$ exchange rate of 1.35:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **After-Tax NPV (5%): $652 million** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Payback Period: 2.7 years** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **NPV to Capex: 1.4x** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cumulative Free Cash Flow** <sup>1</sup> **Years 1-6: $896 million** 

VANCOUVER, British Columbia, January 8, 2026 - Mayfair Gold Corp. ("**Mayfair**", **"Mayfair Gold**" or the "**Company**") (TSX-V:MFG; OTCQX:MFGCF) is pleased to announce the results of its 2026 Pre-Feasibility Study (**"PFS"**) for the Fenn-Gib gold project in the Timmins Gold District of Ontario, Canada. The study has been prepared in accordance with *National Instrument 43-101 – Standards of Disclosure for Mineral Projects* (**"NI 43-101"**). The NI 43-101 Technical Report for the PFS will be filed within the next 45 days and will be made available under the Company's profile on SEDAR+ and on the Company's website. Unless otherwise stated, all dollars in this news release are expressed in Canadian dollars.

**Highlights of the 2026 PFS for the Fenn-Gib Gold Project in Ontario**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **After-tax NPV(5%)<sub> </sub>of $652 million, IRR of 24% at US$3,100/oz base case gold price and 1.35 C$/US$ exchange rate<sup>2</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **After-tax NPV(5%)<sub> </sub>of $1.37 billion, IRR of 38% at US$4,450/oz spot gold price<sup>3</sup> and 1.38 C$/US$ exchange rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Average grade processed of 1.47 g/t gold over the first 6 years of operations for average annual gold production of 71,336 ounces at an AISC<sup>4</sup> of US$1,171/oz** 

<sup>1</sup> Cumulative Free Cash Flow ("**FCF**") is defined as calculated as cash flows from operating activities less capital expenditures. Refer to the "Non-GAAP Financial Measures" section of this news release for more information. 

<sup>2</sup> See Table 2: sensitivity table below for various scenarios if gold prices change

<sup>3</sup> Spot Gold price and C$/US$ exchange rate as of 6 January 2026 

<sup>4</sup> All-in sustainable cost ("**ASIC**") includes mining, processing and administrative costs, royalties, production taxes, sustaining capital expenditures, closure allowance, and other costs necessary to maintain planned production. Refer to the "Non-GAAP Financial Measures" section of this news release for more information. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Average grade processed of 1.29 g/t gold over the 14.3-year reserve life for average annual gold production of 64,096 ounces at an AISC of US$1,292/oz** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Free cash flow in the first 6 years of operation of over $896 million at base case gold price and $1.43 billion at spot gold price** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Initial development capital costs of $450 million** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Short payback period of 2.7 years on base case, dropping to 1.7 years at spot gold** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Mine plan and associated economics only exploit 1.04 Moz (24%) of the total 4.3 Moz Indicated Resource, preserving optionality for future growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Environmental Baseline studies well advanced to allow for early 2026 commencement of Environmental Assessment and Ontario permitting process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Final investment decision expected within 3 years with commercial operation within 5 years<sup>5</sup>** 

The PFS lead author was Ausenco Engineering ULC. ("Ausenco") with contributions from Knight Piésold Ltd. ("KP"), AGP Mining Consultants Inc. ("AGP"), Ecometrix Inc. an Egis Group Company ("Ecometrix"), and T. Maunula & Associates Consulting Inc. ("TMAC").

Nick Campbell, CEO of Mayfair Gold stated, *"The 2026 PFS demonstrates the strong economics and free cash flow potential associated with developing the Fenn-Gib Gold project as a targeted, high-grade operation that can be advanced through the Ontario permitting process. This strategy allows Mayfair to advance Fenn-Gib without requiring excessive up-front capital with substantially lower execution risk as compared with a large-scale development. We believe the permitting process can be advanced quickly, positioning the Project for timely development within the current gold cycle. Importantly, this mine plan targets only 24% of the total indicated gold resource at Fenn-Gib, leaving significant longer-term optionality associated with the larger resource should market conditions be supportive. At current gold prices, the Project has exceptional value potential, with strong free cash flow and robust economics that further enhance its attractiveness to investors."*

Drew Anwyll, P.Eng, Chief Operating Officer noted, "*This Pre-Feasibility Study is a realistic representation of the estimated operating and capital costs, production profile, and overall economics of the Fenn-Gib Project. Our plan is straightforward: we intend to build this mine and bring it into operation in the near term. The team is focused on executing efficiently and delivering on our commitments - completing this Project and sticking the landing. The next phase is clear: finalize engineering and design work, and advance environmental approvals in preparation for a construction decision within two to three years.*"

<sup>5</sup> See Cautionary Note Regarding Forward Looking Information

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**Fenn-Gib PFS Highlights and Mayfair's Strategic Approach to Fenn-Gib Development** 

The study outlines Mayfair's strategy to reduce execution risk and prioritizing high-margin material early in the mine plan, supported by a realistic and financeable initial capital outlay. This approach enables rapid value generation from Fenn-Gib while preserving long-term flexibility to deploy free cash flow toward regional growth opportunities or advancing secondary assets to diversify and expand production.

Economic results are presented on an unlevered basis to highlight the strong standalone project returns. Mayfair intends to prudently utilize project-level debt and other financing options to minimize overall cost of capital and maximize per-share economic returns.

Initial capital expenditures are estimated at $450 million, including a 26% contingency on direct costs. The PFS considers a conventional open-pit mining operation and incorporates modular processing plant designs, allowing for a simplified construction schedule of less than 24 months, reducing inflationary and execution risks.

The Project will proceed under the Provincial Class Environmental Assessment (EA) process and does not trigger a Comprehensive EA or federal Impact Assessment under current regulations.

Social and community engagement has focused primarily on the Apitipi Anicinapek Nation (AAN) due to its proximity to the Fenn-Gib site. The Company and AAN have an active Exploration Agreement in place and will continue to advance consultation collaboratively, with the intention of developing a Community Benefit Agreement for the Project.

The Project plans to advance three key strategies in parallel: Ontario-led environmental approvals, Indigenous agreements, and engineering-design-procurement. These initiatives aim to enable major construction within 24–36 months, with commercial operations targeted within five years.

The 2026 PFS assumes an average annual gold production of 71.3 koz over the first 6-years of operation and a total life of mine ("LOM") production of 920 koz over 14.3 years of operation.

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*Table 1: Fenn-Gib - Economic Model PFS Highlights* 

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Unit** | **Base Case** | **Spot Price** |
|  **General Assumptions** |  |  |  |
|  Mine Life | yrs | 14.3 | 14.3 |
|  Gold Price | US$/oz | $3100 | $4450 |
|  Exchange Rate | C$/US$ | 1.350 | 1.376 |
|  Canadian Dollar Gold Price | $/oz | $4185 | $6123 |
|  Daily Throughput | t/d | 4800 | 4800 |
|  Annual Throughput | k t/a | 1750 | 1750 |
|  **Years 1-6** |  |  |  |
|  Strip Ratio | w:o | 7.7 | 7.7 |
|  Average Gold Grade | g/t | 1.47 | 1.47 |
|  Average Gold Recovery | % | 88.7 | 88.7 |
|  Average Annual Gold Production | k ozs Au | 71.3 | 71.3 |
|  All-in Sustaining Cost (AISC) | US$/oz | 1171 | 1173 |
|  Average Annual Free Cash Flow (FCF)<sup>1</sup> | $ M | $149 | $239 |
|  Cumulative FCF | $ M | $896 | $1432 |
|  **Life of Mine** |  |  |  |
|  Strip Ratio | w:o | 6.0 | 6.0 |
|  Average Gold Grade | g/t | 1.29 | 1.29 |
|  Average Gold Recovery | % | 88.3 | 88.3 |
|  Average Annual Gold Production | k ozs Au | 64.1 | 64.1 |
|  AISC | US$/oz | $1292 | $1291 |
|  Average Annual FCF | $ M | $114 | $192 |
|  Cumulative FCF | $ M | $1707 | $2880 |
|  Initial Capital Costs | $ M | $450 | $450 |
|  Sustaining Capital Costs | $ M | $61 | $61 |
|  Closure Costs | $ M | $49 | $49 |
|  Payback Period (after tax) | Years | 2.7 | 1.7 |
|  NPV (5%) (after-tax) | $ M | $652 | $1373 |
|  IRR (after tax) | % | 24.1 | 38.0 |

---

Note:

Assumes site royalty as per agreements with no buy-back; key consumables of $1.13/l diesel and $0.11/kWh electricity

<sup>1</sup> FCF is modeled post-initial capital and excluding closure

Source: Mayfair, 2025

The base case economics have been calculated on an unlevered basis, based on a gold price of US$3,100 and flat exchange rate of C$1.35 per US$1. The economics include an effective royalty rate averaging 1.7%, based on all current royalties and encumbrances associated with the reserve at Fenn-Gib.

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Free cash flow ("FCF") after working capital changes is expected to amount to $896M in the first six years of operation. Using a spot gold price of US$4,450/oz (equivalent to $6,123/oz at 1.376 C$/US$ rate) FCF for the first six years of operation is expected to be $1.43 B.

*Figure 1: After-Tax Cash Flow (FCF)*![LOGO](g83619g0110000902425.jpg)

The mine plan and associated economics reflect total gold processing of 1.04 Moz with 88.3% recovery. This represents only 24% of the September 3, 2024 Indicated Mineral Resource estimate of 4.3 Moz.

*Figure 2: Annual gold production and AISC*

![LOGO](g83619g0110000902847.jpg)

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The tables below highlight NPV, IRR and payback sensitivity to operating expenses, capital expenditures, foreign exchange rates and the gold price. On average, every US$100 change in the gold price assumption results in an approximate $50 M change in NPV.

*Table 2: Sensitivity Analysis* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** |
| **After-Tax Results** | **-30%** | **-15%** | **0%** | **15%** | **30%** |
|  NPV 5% (M $) | 826 | 739 | 652 | 564 | 476 |
|  IRR (%) | 27.7% | 25.9% | 24.1% | 22.1% | 20.0% |
|  Payback (yrs) | 2.4 | 2.5 | 2.7 | 2.9 | 3.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** |
| **After-Tax Results** | **-30%** | **-15%** | **0%** | **15%** | **30%** |
|  NPV 5% (M $) | 773 | 713 | 652 | 591 | 530 |
|  IRR (%) | 34.2% | 28.4% | 24.1% | 20.7% | 17.8% |
|  Payback (yrs) | 1.9 | 2.3 | 2.7 | 3.1 | 3.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** |
| **After-Tax Results** | **1.25** | **1.30** | **1.35** | **1.40** | **1.45** |
|  NPV 5% (M $) | 536 | 594 | 652 | 710 | 767 |
|  IRR (%) | 21.4% | 22.7% | 24.1% | 25.4% | 26.6% |
|  Payback (yrs) | 3.0 | 2.8 | 2.7 | 2.6 | 2.5 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** |
| **After-Tax Results** | **1600** | **2100** | **2600** | **3100** | **3600** | **4100** | **4600** |
|  NPV 5% (M $) | -141 | 144 | 399 | 652 | 903 | 1155 | 1405 |
|  IRR (%) | N/A | 10.3% | 17.9% | 24.1% | 29.4% | 34.3% | 38.6% |
|  Payback (yrs) | N/A | 5.2 | 3.5 | 2.7 | 2.2 | 1.9 | 1.7 |

---

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**Mineral Resource Estimate** 

*Table 3: Fenn-Gib Mineral Resource Table* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Resource**<br> **Category** | **Cut-Off<br>(Au g/t)** | **Tonnes**<br>**(Mt)** | **Gold Grade<br>(g/t)** | **Contained Gold<br>(M oz)** |
|  Indicated | 0.3 | 181.3 | 0.74 | 4.3 |
|  Inferred | 0.3 | 8.9 | 0.49 | 0.1 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All mineral resources have been estimated in accordance with the CIM Definitions Standards, as required
under National Instrument (NI) 43-101. Mineral Resource Statement prepared by Tim Maunula, P.Geo. (TMAC) in accordance with NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required
under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and
other relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Troy ounce = tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of
the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been
sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to
rounding.

Source: TMAC, 2025

**Maiden Mineral Reserve Estimate** 

The Fenn-Gib Mineral Reserves estimate is based on a design metal price of US$1,750/oz gold and is approximately 25.1 Mt of ore with a gold grade of 1.29 g/t for a contained 1.04 Moz of gold.

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*Table 4: Fenn-Gib Mineral Reserve Estimate* 

---

| | | | |
|:---|:---|:---|:---|
| **Reserve Class** | **Process Feed**<br>**(Mt)** | **Gold Grade**<br>**(g/t)** | **Contained Gold**<br>**(M oz)** |
|  Proven |  |  |  |
|  Probable | 25.13 | 1.29 | 1.04 |
|  **Total Reserves** | **25.13** | **1.29** | **1.04** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This mineral reserve estimate has an effective date of December 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Mineral Reserve estimation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP Mining
Consultants Inc., who is a Qualified Person as defined under NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Reserves are stated within the ultimate design pit based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. US$1750/oz gold price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pit Limit corresponds to a pit shell with a revenue factor of 0.55, corresponding to a price of US$962/oz
Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An elevated cut-off grade of 0.80 g/t Au for all pit phases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preliminary mining cost assumptions of $3.24/t mined of waste, $3.23/t mined of ore, with an incremental
mining cost of $0.02/t/5m bench mined below the 5310m elevation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Preliminary processing cost assumptions of $14.50/t processed, general & administration assumption
of $2.10/t processed, and stockpile rehandle cost assumption of $1.00/t processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Preliminary process recovery assumptions of 92.6% for gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. An exchange rate of C$1.35 equal to US$1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The preliminary economic, cost and recovery assumptions used at the time of mine planning and reserve
estimation may not necessarily conform to those stated in the economic model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pit slope inter-ramp slope angle assumptions ranged from 49 - 65° and overall slope angles ranging from
40 - 51° in rock.

Source: AGP, 2025

**Fenn-Gib Capital and Operating Cost Estimates** 

The initial capital cost (Capex) is estimated at $450 million including $66 million of contingency representing approximately 26% of the direct costs.

The main construction period, excluding early works is estimated at 18 to 24 months.

Sustaining Capital includes mining fleet additions and replacement, highway relocation and future TSF dam raises and associated construction. No provision has been made for potential plant expansion capital.

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*Table 5: Capital Costs* 

---

| | | | |
|:---|:---|:---|:---|
| **WBS Description** | **Initial Capital<br>($ M)** | **Sustaining<br>Capital ($ M)** | **Total Capital<br>($ M)** |
|  Mining | 31.4 | 24.4 | 55.8 |
|  Crushing | 21.6 | 1.1 | 22.7 |
|  Process Plant | 114.7 | 1.4 | 116.1 |
|  On-Site Infrastructure | 72.4 | 14.6 | 87.0 |
|  Off-Site Infrastructure | 15.6 | 13.3 | 28.9 |
|  **Total Direct Costs** | **255.8** | **54.7** | **310.5** |
|  Project Preliminaries | 35.9 | 0.0 | 35.9 |
|  Project Delivery | 30.7 | 2.5 | 33.3 |
|  Owner's Costs | 61.7 | 3.7 | 65.3 |
|  **Total Indirect Costs** | **128.3** | **6.2** | **134.5** |
|  **Total Direct + Indirect Costs** | **384.1** | **60.9** | **444.9** |
|  Contingency | 65.9 | 0.0 | 65.9 |
|  **Total Capital Cost** | **450.0** | **60.9** | **510.9** |

---

Note:

Capex period ends at completion of commissioning with no allowance for pre-production cost and revenue

LOM unit operating costs are estimated at $59.43/tonne of ore processed. Average LOM cash costs and all-in sustaining costs ("AISC") are estimated at US$1,203 and US$1,292 showing a margin to the base case gold price of US$1,897 and US$1,808/oz Au respectively and a margin on spot gold price of US$3,246 and US$3,159/oz Au.

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*Table 6: Operating Costs* 

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Life-of-Mine<br>Average** |
|  **Operating Costs** |  |  |
|  Mining Cost | $/t mined | 4.53 |
|  Mining Cost | $/t processed | 30.66 |
|  Processing Cost | $/t processed | 19.22 |
|  G&A Cost | $/t processed | 6.82 |
|  Royalties and Refining Cost | $/t processed | 2.73 |
|  Total Operating Cost | $/t processed | 59.43 |
|  **Cash Costs and All-In Sustaining Costs<sup>1</sup>** |  |  |
|  Cash Costs<sup>1</sup> | US$/oz Au | 1203 |
|  All-In Sustaining Cost (AISC)<sup>1</sup> | US$/oz Au | 1292 |

---

<sup>1</sup> See on non-GAAP terms contained at the end of the News Release

**Fenn-Gib Production Profile** 

The PFS outlines a production profile based on a high-grade open pit with a projected operating mine life of 14.3 years, averaging 1.29 g/t Au and an anticipated metallurgical recovery averaging 88.3%. During the first 6 years of operations (years 1-6), annual gold production is expected to average 71,336 oz at a feed grade of 1.47 g/t, with peak output of over 82,000 oz in year 2. The mined Reserves represent only 24% of the overall 4.3 Moz Indicated Mineral Resource.

*Figure 3: Gold Production Profile*![LOGO](g83619g0110000903661.jpg)

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**Fenn-Gib Project Design Details** 

**Mining** 

The Fenn-Gib mine design is based on a conventional truck-and-shovel open-pit operation. The mine plan incorporates an elevated, operating cut-off grade (COG) of 0.8 g/t Au and is structured into three primary mining phases with two smaller satellite pits. Total mined tonnes peak at 16 Mt per year or approximately 44 kt per day.

*Figure 4: Mined Tonnage by Material Type*<sup>6</sup>

![LOGO](g83619g0110000904172.jpg)

*Figure 5: Strip Ratio*![LOGO](g83619g0110000904573.jpg)

<sup>6</sup> \*Mineralized waste is not processed in the PFS mine plan. This material falls below the elevated cut-off grade used for plant feed but remains above the economic cut-off grade. At the end of the mine life, approximately 27 Mt of this material is stockpiled at an average grade of 0.51 g/t 

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In total, waste material mined over the LOM is estimated at 152 Mt and will be placed in overburden stockpiles, mine rock storage areas, and utilized in the construction of the tailings storage facility (TSF) embankments.

*Figure 6: Fenn-Gib Ultimate Pit Design with Phases*

![LOGO](g83619g0110000904973.jpg)

Source: AGP, 2025.

**Processing and Recovery** 

The PFS process plant design for Fenn-Gib is based on metallurgical testwork completed to date and is considered a conventional metallurgical flowsheet to treat gold ore to produce doré bars. The circuit consists of crushing and grinding targeting 80% passing grind size (P<sub>80</sub>) of 106 µm, sulphide flotation at a mass pull of between 23 to 29%, rougher concentrate regrinding targeting P<sub>80</sub> of 13 µm and cyanidation, carbon-in-leach (CIL) adsorption, desorption and regeneration, with cyanide detoxification of the CIL tailings. The design also considers the addition of a gravity concentration circuit in the future. The overall metallurgical recovery of 89.6% Au is expected for a head grade of 1.5 g/t Au.

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*Figure 7: Process flow diagram*

![LOGO](g83619g0110000905269.jpg)

Source: Ausenco, 2025

The PFS plant design incorporates modularization concepts for key equipment and infrastructure. Modularization offers several potential benefits, including reduced construction timelines, improved cost predictability, and enhanced quality control through off-site fabrication. This approach also minimizes on-site labour requirements and mitigates weather-related delays, supporting a more efficient and streamlined project execution.

**Infrastructure** 

The Fenn-Gib Project infrastructure plan includes all major facilities required for mine development, processing, and support operations. Key components include a process plant with crushing facilities, covered stockpile, and a reagent warehouse, as well as mine maintenance facilities such as a truck shop, wash bay, and warehouses. Essential buildings will be constructed on-site, while non-essential services are anticipated to be located in Matheson.

Site access will be via Highway 101, which connects to the Trans-Canada Highway with regional air service provided by the Timmins Airport. A 5 km segment of Highway 101 will be realigned to ensure a safe clearance from the ultimate pit design. The PFS considers the highway realignment construction following the initial construction phase. This timing will be reassessed in the next phase depending on the timing related to the Ministry of Transport, Ontario approvals.

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Tailings and waste management will utilize a paddock-style Tailings Storage Facility (TSF) constructed using a downstream design, which is widely regarded as the preferred approach for long-term stability. The TSF design incorporates extensive site investigations completed as part of the PFS work, ensuring that geotechnical, hydrological, and environmental conditions are fully considered. The facility is engineered for co-disposal of tailings and Potentially Acid Generating (PAG) mine rock, with staged construction and integrated water reclaim systems.

The site layout includes designated mine rock storage areas and overburden stockpiles, along with water management systems designed to capture runoff and seepage. These systems will incorporate water management ponds and a treatment plant.

Construction power requirements of approximately 3 MW will be supplied via a grid connection early in the construction phase, with provisions for emergency backup power to ensure continuity. For operations, the site will require approximately 16 MW of power, with the preferred solution being a Hydro One grid connection through a 27.6 kV line from the Ramore Transformer Station. To mitigate risk in the event of delays to the Hydro One distribution connection or approvals process, the Project has conceptualized an alternate power source as a contingency. The operations power supply includes emergency backup systems as may be needed.

A construction camp (owned and operated by a third-party) is anticipated to be located off-site in Matheson, and no operations camp is planned at this time.

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*Figure 8: Conceptual PFS Infrastructure and Site Layout*

![LOGO](g83619g0110000905706.jpg)

Source: Mayfair, 2025

**Environmental and Permitting** 

Extensive baseline environmental studies have been underway since 2021, covering terrestrial and aquatic ecosystems, including Species at Risk, groundwater, air quality, noise, geochemical characterization, and cultural heritage resources. Follow-up studies continued through 2025 and are planned to extend into 2026. Results indicate environmental conditions typical of northeastern Ontario, with no critical constraints identified that would prevent mine development. Studies are considered suitably advanced to initiate the environmental approvals process.

The Project is anticipated to proceed through the Provincial Class Environmental Assessment (EA) process and not trigger an Individual EA under provincial requirements or a federal Impact Assessment (IA) under the Impact Assessment Act.

Early engagement with regulators has commenced, and the Company is in discussions with the Ontario government to advance the EA and permitting processes in parallel. It is expected that the Company will submit the required application to the Ministry of Energy and Mines (MEM) regarding participation in the 'One Project, One Process' (1P1P) initiative, which facilitates provincial approvals through a dedicated Mine Authorization and Permitting Delivery Team early in 2026.

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The Fenn-Gib Project will require permits and approvals typical of mine developments, primarily under provincial jurisdiction. An authorization under the federal Fisheries Act may be required to address potential impacts to fish and fish habitat. A conceptual closure strategy, forming the basis of the Closure Plan, has been developed in alignment with the Mine Rehabilitation Code of Ontario.

**Community and Indigenous Affairs** 

Social and community engagement has focused primarily on the Apitipi Anicinapek Nation (AAN) due to its proximity to the Fenn-Gib site. The Project is situated within Treaty 9 territory, approximately 20 km from the AAN community and within their traditional lands. The Company and AAN have an active Exploration Agreement in place and will continue to advance consultation collaboratively, with the intention of developing a Community Benefit Agreement for the Project. In addition, the Project is approximately 17 km from the Town of Black River-Matheson and anticipates utilizing and contributing to the services and infrastructure of the Town. A 'good neighbour' agreement with the Town of Black River-Matheson is anticipated.

Engagement with the identified regional Indigenous communities and local stakeholders will commence upon submission of the Environmental Assessment documentation. The Company is committed to transparent communication regarding the Fenn-Gib Project and its environmental design and impacts. The Project is expected to deliver regional benefits through employment, procurement opportunities, and community investment.

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**Project Timelines and Next Steps** 

*Figure 9: High-Level Schedule*![LOGO](g83619g0110000906167.jpg)

Source: Mayfair, 2025

The Project plans to advance three key strategies in parallel: Ontario-led environmental approvals, Indigenous agreements, and the engineering-design-procurement phase. These elements will progress concurrently to enable the start of major construction within an estimated 24 to 36 months.

Beginning in early 2026, the Project will move into front-end engineering, followed by detailed engineering and long-lead, critical-path procurement activities. It is anticipated that the Project control estimate will be finalized with 70% to 100% engineering completion and critical construction and supply contracts in place.

Project designs related to environmental aspects of the Project and the permitting tasks are expected to be the critical path for construction commencement.

The Project is envisioned to achieve commercial production within a five-year timeframe

------

**Technical Report Preparation and Qualified Persons** 

The Pre-Feasibility Study and Mineral Reserves have an effective date of 19 December 2025 with the Mineral Resource estimate having an effective date of 3 September 2024. The Pre-Feasibility Study was prepared by independent Qualified Persons in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The report covers all key aspects of the Project, including property description and location, geology, mineral resource and reserve estimates, mining methods, metallurgical testing and recovery processes, project infrastructure, capital and operating cost estimates, economic analysis, and execution planning.

For readers to fully understand the information in this news release, they should review the technical report that will be filed within 45 days in its entirety, including all qualifications, assumptions, exclusions, and risks. The report is intended to be read as a whole, and individual sections should not be relied upon out of context.

The Qualified Persons ("QPs") responsible for the Study include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tommaso Roberto Raponi, P.Eng., (Ausenco) – process plant design, process infrastructure, metallurgy,
recovery methods, and operating (plant and G&A) cost estimates, financial analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gordon Zurowski, P.Eng., (AGP) – mineral reserves, mining methods, mine design, and capital and
operating costs related to the mine, as well as contribution to the economic analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Craig Hall, P.Eng. and Richard Cook, P.Geo. (Ltd.) (KP) – tailings and water management design,
geotechnical aspects, environmental and permitting considerations and closure cost estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sarah Barabash, P.Geo. (Ltd.) (Ecometrix) – geochemistry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tim Maunula, P.Geo. (TMAC) – mineral resource estimation and geological interpretation

Full detail of areas of responsibility of the QPs can be found in the Technical Report.

The content of this news release from the Study has been reviewed and approved by the QPs who authored the Study. In addition, Drew Anwyll, P.Eng., Chief Operating Officer of Mayfair, a QP as defined in NI 43-101, has reviewed the PFS on behalf of the Company and has approved the technical disclosure contained in this news release. The full technical report, titled *"National Instrument 43-101 Technical Report – Pre-Feasibility Study for the Fenn-Gib Project, Ontario, Canada"*, will be filed on SEDAR+ under Mayfair Gold's profile and will also be available on the Company's website at www.mayfairgold.ca.

------

**Prefeasibility Study Conference Call** 

The Company will hold a conference call and webcast to discuss the financial results on Friday, January 9, 2026, at 10:00 am Eastern Time.

**Conference Call** 

---

| | |
|:---|:---|
| Participant Dial In (Toll Free): | 1-866-807-9684 |
| Participant International Dial In: | 1-412-317-5415 |

---

Participants, please ask to join to the Mayfair Gold Fenn-Gib Pre-Feasibility Conference Call.

**Webcast** 

Webcast URL: <u>https://event.choruscall.com/mediaframe/webcast.html?webcastid=mMj3MwRo</u>.

**Replay Information** 

A conference call and webcast replay will be available until January 16, 2026. To access the conference call replay, please see details below:

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| | |
|:---|:---|
| US/Canada Toll Free: | 1-855-669-9658 |
| International Toll: | 1-412-317-0088 |
| Replay Access Code: | 2186285 |

---

**Engaging Investor Relations and Communication Advisory Services** 

As part of its strategy to enhance communication and engagement with investors and other stakeholders following its transition year in 2025, Mayfair has engaged several investor relations and capital markets consultants.

Mayfair has entered into an agreement with Adelaide Capital (Adelaide) a full-service investor relations and social media firm that specializes in small-cap growth companies. Adelaide will help with investor marketing and communication, creation and design of materials, co-ordination of North America focused non-deal roadshows, virtual campaigns and social media awareness building. As per the agreement with Adelaide, the Company has agreed to pay a monthly fee of C$10,000 for a 3-month term. Adelaide is principally owned by Deborah Honig and is an arm's length company based in Toronto, Ontario. To the best of the company's knowledge Adelaide does not have any interest, directly or indirectly, in the securities of the Company.

------

In addition, Mayfair has entered into an agreement with Swiss Resource Capital AG (SRC) a Switzerland-based investor relations firm specializing in the resource space. Focusing its efforts in Europe, SRC will assist in messaging, communication, creation and design of materials, non-deal roadshows, virtual campaigns, targeted investor outreach and affiliated media awareness programs. Pursuant to the agreement, the company has agreed to pay a monthly fee of 6,000 CHF per month for a 12-month term. SRC is an arms-length private company based in Herisau, Switzerland and led by CEO Marc Ollinger. To the best of the company's knowledge SRC does not have any interest, directly or indirectly, in the securities of the Company.

Lastly, Mayfair has entered into an agreement with Triomphe Holdings Ltd., doing business as Capital Analytica, a marketing and public awareness company in the mining sector. Capital Analytica will provide digital awareness, monitoring and engagement reporting services. Pursuant to the agreement, the company has agreed to pay $150,000 payable in two tranches for a 6-month term with an option to renew for additional 6-month terms at a rate of $75,000. Capital Analytica is an arms-length company based in Nanaimo, B.C. and led by its Founder Jeff French. To the best of the company's knowledge Capital Analytica does not have any interest, directly or indirectly, in the securities of the Company.

**About Mayfair Gold** 

Mayfair Gold is a Canadian gold development stage company focused on advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. The PFS outlines the potential to develop Fenn-Gib into a new gold mine for initial development capital of $450 million, with a base case payback period of 2.7 years and cumulative free cash flow of $890 million over the first six years of production. The Company is advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030.

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. Securities and Exchange Commission applicable to domestic United States issuers. Accordingly, the information concerning the Company's mineral properties contained in this news release is not comparable to the disclosure of United States issuers subject to the SEC's mining disclosure requirements, and the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards applicable to United States issuers.

------

**Use of Non-GAAP Measures** 

Certain financial measures referred to in this news release are not measures recognized under IFRS (as defined below) and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by Mayfair are based on management's reasonable judgement and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The non-GAAP financial measures used in this news release and common to the gold mining industry are "free cash flow", "Cumulative Net FCF", "Average Annual FCF", "ASIC" and "all-in sustaining cost per ounce of gold sold". These measures are non-GAAP financial measures and have no standardized meaning under IFRS Accounting Standards ("IFRS") and may not be comparable to similar measures used by other issuers.

Operating Costs include the direct costs of mining, processing, and site administration. Cash Costs include Operating Costs plus royalties and production taxes. AISC includes mining, processing and administrative costs, royalties, production taxes, sustaining capital expenditures, closure allowance, and other costs necessary to maintain planned production. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures and is intended to provide an indication of the cash generated by the project.

As the Company is not in production, it does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable measures under IFRS.

**Cautionary Note Regarding Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking information in this news release includes, but is not limited to, statements regarding the design, development and execution of the Project, the PFS demonstrating the strong economics and free cash flow potential associated with developing the Project as a targeted, high-grade operation that can be advanced through the Ontario permitting process, the belief that the permitting process can be advanced quickly, positioning the Project for timely development within the current gold cycle, the Project having exceptional value potential, with strong free cash flow and robust economics that further enhance its attractiveness to investors, finalizing engineering and design work, advancing environmental approvals in preparation for a construction decision within the Company's target goal of two to three years, advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030, and all economics set out in the PFS.

Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking information whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking information reflect management's beliefs, opinions and projections as of the date of this news release.

*Neither the TSX Venture Exchange ("****TSXV****") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.* 

For further information, please visit www.mayfairgold.ca or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (855) 350-5600, info@mayfairgold.ca.

## Exhibit 99.53

**Exhibit 99.53** 

**FORM 51-102F3** 

**MATERIAL CHANGE REPORT** 

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| | |
|:---|:---|
| **ITEM 1** | **NAME AND ADDRESS**  |

---

Mayfair Gold Corp. (the "**Company**" or "**Mayfair**")

489 McDougall Street

Matheson, Ontario, P0K 1N0

---

| | |
|:---|:---|
| **ITEM 2** | **DATE OF MATERIAL CHANGE**  |

---

January 8, 2026

---

| | |
|:---|:---|
| **ITEM 3** | **NEWS RELEASE**  |

---

The Company issued a news release on January 8, 2026 relating to the material change, which was disseminated through newswire distribution and subsequently filed on SEDAR+ at <u>www.sedarplus.ca</u>.

---

| | |
|:---|:---|
| **ITEM 4** | **SUMMARY OF MATERIAL CHANGE**  |

---

On January 8, 2026, the Company announced a Pre-Feasibility Study (the "**PFS**") and a maiden Mineral Reserve estimate for the Company's Fenn-Gib gold project in the Timmins Gold District of Ontario, Canada (the "**Project**").

---

| | |
|:---|:---|
| **ITEM 5** | **FULL DESCRIPTION OF MATERIAL CHANGE**  |

---

**5.1** **Full Description of Material Change** 

On January 8, 2026, the Company announced the PFS and a maiden Mineral Reserve estimate for the Project, both with an effective date of December 19, 2025; the Mineral Resource estimate has an effective date of September 3, 2024.

**Fenn-Gib PFS Highlights and Mayfair's Strategic Approach to Fenn-Gib Development** 

The PFS outlines Mayfair's strategy to reduce execution risk and prioritizing high-margin material early in the mine plan, supported by a realistic and financeable initial capital outlay. This approach enables rapid value generation from Fenn-Gib while preserving long-term flexibility to deploy free cash flow toward regional growth opportunities or advancing secondary assets to diversify and expand production.

Economic results are presented on an unlevered basis to highlight the strong standalone project returns. Mayfair intends to prudently utilize project-level debt and other financing options to minimize overall cost of capital and maximize per-share economic returns.

Initial capital expenditures are estimated at $450 million, including a 26% contingency on direct costs. The PFS considers a conventional open-pit mining operation and incorporates modular processing plant designs, allowing for a simplified construction schedule of less than 24 months, reducing inflationary and execution risks.

------

The Project will proceed under the Provincial Class Environmental Assessment ("**EA**") process and does not trigger a Comprehensive EA or federal Impact Assessment ("**IA**") under current regulations.

Social and community engagement has focused primarily on the Apitipi Anicinapek Nation ("**AAN**") due to its proximity to the Fenn-Gib site. The Company and AAN have an active Exploration Agreement in place and will continue to advance consultation collaboratively, with the intention of developing a Community Benefit Agreement for the Project.

The Project plans to advance three key strategies in parallel: Ontario-led environmental approvals, Indigenous agreements, and engineering-design-procurement. These initiatives aim to enable major construction within 24–36 months, with commercial operations targeted within five years.

The 2026 PFS assumes an average annual gold production of 71.3 koz over the first 6-years of operation and a total life of mine ("**LOM**") production of 920 koz over 14.3 years of operation. All amounts are in Canadian dollars unless otherwise noted.

*Table 1: Fenn-Gib - Economic Model PFS Highlights* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Unit** | **Base Case** | **Spot Price** |
|  **General Assumptions** |  |  |  |
|  Mine Life | yrs | 14.3 | 14.3 |
|  Gold Price | US$/oz | $3100 | $4450 |
|  Exchange Rate | C$/US$ | 1.350 | 1.376 |
|  Canadian Dollar Gold Price | $/oz | $4185 | $6123 |
|  Daily Throughput | t/d | 4800 | 4800 |
|  Annual Throughput | k t/a | 1750 | 1750 |
|  **Years 1-6** |  |  |  |
|  Strip Ratio | w:o | 7.7 | 7.7 |
|  Average Gold Grade | g/t | 1.47 | 1.47 |
|  Average Gold Recovery | % | 88.7 | 88.7 |
|  Average Annual Gold Production | k ozs Au | 71.3 | 71.3 |
|  All-in Sustaining Cost (AISC) | US$/oz | 1171 | 1173 |
|  Average Annual Free Cash Flow (FCF)<sup>1</sup> | $ M | $149 | $239 |
|  Cumulative FCF | $ M | $896 | $1432 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  **Life of Mine** |  |  |  |
|  Strip Ratio | w:o | 6.0 | 6.0 |
|  Average Gold Grade | g/t | 1.29 | 1.29 |
|  Average Gold Recovery | % | 88.3 | 88.3 |
|  Average Annual Gold Production | k ozs Au | 64.1 | 64.1 |
|  AISC | US$/oz | $1292 | $1291 |
|  Average Annual FCF | $ M | $114 | $192 |
|  Cumulative FCF | $ M | $1707 | $2880 |
|  Initial Capital Costs | $ M | $450 | $450 |
|  Sustaining Capital Costs | $ M | $61 | $61 |
|  Closure Costs | $ M | $49 | $49 |
|  Payback Period (after tax) | Years | 2.7 | 1.7 |
|  NPV (5%) (after-tax) | $ M | $652 | $1373 |
|  IRR (after tax) | % | 24.1 | 38.0 |

---

Note:

Assumes site royalty as per agreements with no buy-back; key consumables of $1.13/l diesel and $0.11/kWh electricity 

<sup>1</sup> FCF is modeled post-initial capital and excluding closure

Source: Mayfair, 2025

The base case economics have been calculated on an unlevered basis, based on a gold price of US$3,100 and flat exchange rate of C$1.35 per US$1. The economics include an effective royalty rate averaging 1.7%, based on all current royalties and encumbrances associated with the reserve at Fenn-Gib.

Free cash flow ("**FCF**") after working capital changes is expected to amount to $896M in the first six years of operation. Using a spot gold price of US$4,450/oz (equivalent to $6,123/oz at 1.376 C$/US$ rate) FCF for the first six years of operation is expected to be $1.43 B.

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*Figure 1: After-Tax Cash Flow (FCF)*![LOGO](g83619g0114014328954.jpg)

The mine plan and associated economics reflect total gold processing of 1.04 Moz with 88.3% recovery. This represents only 24% of the September 3, 2024 Indicated Mineral Resource estimate of 4.3 Moz.

*Figure 2: Annual gold production and AISC*![LOGO](g83619g0114014329502.jpg)

The tables below highlight NPV, IRR and payback sensitivity to operating expenses, capital expenditures, foreign exchange rates and the gold price. On average, every US$100 change in the gold price assumption results in an approximate $50M change in NPV.

------

*Table 2: Sensitivity Analysis* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** |
| **After-Tax Results** | **-30%** | **-15%** | **0%** | **15%** | **30%** |
|  NPV 5% (M$) | 826 | 739 | **652** | 564 | 476 |
|  IRR (%) | 27.7% | 25.9% | **24.1%** | 22.1% | 20.0% |
|  Payback (yrs) | 2.4 | 2.5 | **2.7** | 2.9 | 3.2 |
| **After-Tax Results** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** |
| **After-Tax Results** | **-30%** | **-15%** | **0%** | **15%** | **30%** |
|  NPV 5% (M$) | 773 | 713 | **652** | 591 | 530 |
|  IRR (%) | 34.2% | 28.4% | **24.1%** | 20.7% | 17.8% |
|  Payback (yrs) | 1.9 | 2.3 | **2.7** | 3.1 | 3.6 |
| **After-Tax Results** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** |
| **After-Tax Results** | **1.25** | **1.30** | **1.35** | **1.40** | **1.45** |
|  NPV 5% (M$) | 536 | 594 | **652** | 710 | 767 |
|  IRR (%) | 21.4% | 22.7% | **24.1%** | 25.4% | 26.6% |
|  Payback (yrs) | 3.0 | 2.8 | **2.7** | 2.6 | 2.5 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** |
| **After-Tax Results** | **1600** | **2100** | **2600** | **3100** | **3600** | **4100** | **4600** |
|  NPV 5% (M $) | -141 | 144 | 399 | **652** | 903 | 1155 | 1405 |
|  IRR (%) | N/A | 10.3% | 17.9% | **24.1%** | 29.4% | 34.3% | 38.6% |
|  Payback (yrs) | N/A | 5.2 | 3.5 | **2.7** | 2.2 | 1.9 | 1.7 |

---

**Mineral Resource Estimate** 

*Table 3: Fenn-Gib Mineral Resource Table* 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-Off<br>(Au g/t)** | **Cut-Off<br>(Au g/t)** | **Tonnes**<br>**(Mt)** | **Tonnes**<br>**(Mt)** | **Gold Grade<br>(g/t)** | **Gold Grade<br>(g/t)** | **Contained Gold<br>(M oz)** | **Contained Gold<br>(M oz)** |
|  Indicated |  | 0.3 |  | 181.3 |  | 0.74 |  | 4.3 |
|  Inferred |  | 0.3 |  | 8.9 |  | 0.49 |  | 0.1 |

---

------

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All mineral resources have been estimated in accordance with the CIM Definitions Standards, as required
under National Instrument (NI) 43-101. Mineral Resource Statement prepared by Tim Maunula, P.Geo. (TMAC) in accordance with NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required
under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and
other relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Troy ounce = tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of
the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been
sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to
rounding.

Source: TMAC, 2025

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**Maiden Mineral Reserve Estimate**

The Fenn-Gib Mineral Reserves estimate is based on a design metal price of US$1,750/oz gold and is approximately 25.1 Mt of ore with a gold grade of 1.29 g/t for a contained 1.04 Moz of gold.

*Table 4: Fenn-Gib Mineral Reserve Estimate* 

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| | | | |
|:---|:---|:---|:---|
| **Reserve Class** | **Process Feed**<br>**(Mt)** | **Gold Grade<br>(g/t)** | **Contained Gold**<br>**(M oz)** |
|  Proven |  |  |  |
|  Probable | 25.13 | 1.29 | 1.04 |
|  **Total Reserves** | **25.13** | **1.29** | **1.04** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This mineral reserve estimate has an effective date of December 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Mineral Reserve estimation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP Mining
Consultants Inc., who is a Qualified Person as defined under NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Reserves are stated within the ultimate design pit based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. US$1750/oz gold price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pit Limit corresponds to a pit shell with a revenue factor of 0.55, corresponding to a price of US$962/oz
Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An elevated cut-off grade of 0.80 g/t Au for all pit phases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preliminary mining cost assumptions of $3.24/t mined of waste, $3.23/t mined of ore, with an incremental
mining cost of $0.02/t/5m bench mined below the 5310m elevation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Preliminary processing cost assumptions of $14.50/t processed, general & administration assumption
of $2.10/t processed, and stockpile rehandle cost assumption of $1.00/t processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Preliminary process recovery assumptions of 92.6% for gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. An exchange rate of C$1.35 equal to US$1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The preliminary economic, cost and recovery assumptions used at the time of mine planning and reserve
estimation may not necessarily conform to those stated in the economic model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pit slope inter-ramp slope angle assumptions ranged from 49 - 65° and overall slope angles ranging from
40 - 51° in rock.

Source: AGP, 2025

------

**Fenn-Gib Capital and Operating Cost Estimates** 

The initial capital cost (Capex) is estimated at $450 million including $66 million of contingency representing approximately 26% of the direct costs. The main construction period, excluding early works is estimated at 18 to 24 months.

Sustaining Capital includes mining fleet additions and replacement, highway relocation and future TSF dam raises and associated construction. No provision has been made for potential plant expansion capital.

*Table 5: Capital Costs* 

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| | | | |
|:---|:---|:---|:---|
| **WBS Description** | **Initial Capital<br>($M)** | **Sustaining Capital<br>($M)** | **Total Capital<br>($M)** |
|  Mining | 31.4 | 24.4 | 55.8 |
|  Crushing | 21.6 | 1.1 | 22.7 |
|  Process Plant | 114.7 | 1.4 | 116.1 |
|  On-Site Infrastructure | 72.4 | 14.6 | 87.0 |
|  Off-Site Infrastructure | 15.6 | 13.3 | 28.9 |
|  **Total Direct Costs** | **255.8** | **54.7** | **310.5** |
|  Project Preliminaries | 35.9 | 0.0 | 35.9 |
|  Project Delivery | 30.7 | 2.5 | 33.3 |
|  Owner's Costs | 61.7 | 3.7 | 65.3 |
|  **Total Indirect Costs** | **128.3** | **6.2** | **134.5** |
|  **Total Direct + Indirect Costs** | **384.1** | **60.9** | **444.9** |
|  Contingency | 65.9 | 0.0 | 65.9 |
|  **Total Capital Cost** | **450.0** | **60.9** | **510.9** |

---

Note:

Capex period ends at completion of commissioning with no allowance for pre-production cost and revenue

LOM unit operating costs are estimated at $59.43/tonne of ore processed. Average LOM cash costs and all-in sustaining costs ("**AISC**") are estimated at US$1,203 and US$1,292 showing a margin to the base case gold price of US$1,897 and US$1,808/oz Au respectively and a margin on spot gold price of US$3,246 and US$3,159/oz Au.

------

*Table 6: Operating Costs* 

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Life-of-Mine<br>Average** |
|  **Operating Costs** |  |  |
|  Mining Cost | $/t mined | 4.53 |
|  Mining Cost | $/t processed | 30.66 |
|  Processing Cost | $/t processed | 19.22 |
|  G&A Cost | $/t processed | 6.82 |
|  Royalties and Refining Cost | $/t processed | 2.73 |
|  Total Operating Cost | $/t processed | 59.43 |
|  **Cash Costs and All-In Sustaining Costs<sup>1</sup>** |  |  |
|  Cash Costs<sup>1</sup> | US$/oz Au | 1203 |
|  All-In Sustaining Cost (AISC)<sup>1</sup> | US$/oz Au | 1292 |

---

<sup>1</sup> See on non-GAAP terms contained at the end of this material change report

**Fenn-Gib Production Profile** 

The PFS outlines a production profile based on a high-grade open pit with a projected operating mine life of 14.3 years, averaging 1.29 g/t Au and an anticipated metallurgical recovery averaging 88.3%. During the first 6 years of operations (years 1-6), annual gold production is expected to average 71,336 oz at a feed grade of 1.47 g/t, with peak output of over 82,000 oz in year 2. The mined Reserves represent only 24% of the overall 4.3 Moz Indicated Mineral Resource.

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*Figure 3: Gold Production Profile*![LOGO](g83619g0114025703574.jpg)

**Fenn-Gib Project Design Details** 

**Mining** 

The Fenn-Gib mine design is based on a conventional truck-and-shovel open-pit operation. The mine plan incorporates an elevated, operating cut-off grade of 0.8 g/t Au and is structured into three primary mining phases with two smaller satellite pits. Total mined tonnes peak at 16 Mt per year or approximately 44 kt per day.

*Figure 4: Mined Tonnage by Material Type<sup>1</sup>*![LOGO](g83619g0114025704798.jpg)

<sup>1</sup> \*Mineralized waste is not processed in the PFS mine plan. This material falls below the elevated cut-off grade used for plant feed but remains above the economic cut-off grade. At the end of the mine life, approximately 27 Mt of this material is stockpiled at an average grade of 0.51 g/t. 

------

*Figure 5: Strip Ratio*![LOGO](g83619g0114025705864.jpg)

In total, waste material mined over the LOM is estimated at 152 Mt and will be placed in overburden stockpiles, mine rock storage areas, and utilized in the construction of the tailings storage facility ("**TSF**") embankments.

*Figure 6: Fenn-Gib Ultimate Pit Design with Phases*![LOGO](g83619g0114025706272.jpg)

Source: AGP, 2025.

------

**Processing and Recovery** 

The PFS process plant design for Fenn-Gib is based on metallurgical testwork completed to date and is considered a conventional metallurgical flowsheet to treat gold ore to produce doré bars. The circuit consists of crushing and grinding targeting 80% passing grind size (P<sub>80</sub>) of 106 µm, sulphide flotation at a mass pull of between 23 to 29%, rougher concentrate regrinding targeting P<sub>80</sub> of 13 µm and cyanidation, carbon-in-leach ("**CIL**") adsorption, desorption and regeneration, with cyanide detoxification of the CIL tailings. The design also considers the addition of a gravity concentration circuit in the future. The overall metallurgical recovery of 89.6% Au is expected for a head grade of 1.5 g/t Au.

*Figure 7: Process flow diagram*![LOGO](g83619g0114025706525.jpg)

Source: Ausenco, 2025

The PFS plant design incorporates modularization concepts for key equipment and infrastructure. Modularization offers several potential benefits, including reduced construction timelines, improved cost predictability, and enhanced quality control through off-site fabrication. This approach also minimizes on-site labour requirements and mitigates weather-related delays, supporting a more efficient and streamlined project execution.

**Infrastructure** 

The Fenn-Gib Project infrastructure plan includes all major facilities required for mine development, processing, and support operations. Key components include a process plant with crushing facilities, covered stockpile, and a reagent warehouse, as well as mine maintenance facilities such as a truck shop, wash bay, and warehouses. Essential buildings will be constructed on-site, while non-essential services are anticipated to be located in Matheson.

------

Site access will be via Highway 101, which connects to the Trans-Canada Highway with regional air service provided by the Timmins Airport. A 5 km segment of Highway 101 will be realigned to ensure a safe clearance from the ultimate pit design. The PFS considers the highway realignment construction following the initial construction phase. This timing will be reassessed in the next phase depending on the timing related to the Ministry of Transport, Ontario approvals.

Tailings and waste management will utilize a paddock-style TSF constructed using a downstream design, which is widely regarded as the preferred approach for long-term stability. The TSF design incorporates extensive site investigations completed as part of the PFS work, ensuring that geotechnical, hydrological, and environmental conditions are fully considered. The facility is engineered for co-disposal of tailings and Potentially Acid Generating mine rock, with staged construction and integrated water reclaim systems.

The site layout includes designated mine rock storage areas and overburden stockpiles, along with water management systems designed to capture runoff and seepage. These systems will incorporate water management ponds and a treatment plant.

Construction power requirements of approximately 3 MW will be supplied via a grid connection early in the construction phase, with provisions for emergency backup power to ensure continuity. For operations, the site will require approximately 16 MW of power, with the preferred solution being a Hydro One grid connection through a 27.6 kV line from the Ramore Transformer Station. To mitigate risk in the event of delays to the Hydro One distribution connection or approvals process, the Project has conceptualized an alternate power source as a contingency. The operations power supply includes emergency backup systems as may be needed.

A construction camp (owned and operated by a third-party) is anticipated to be located off-site in Matheson, and no operations camp is planned at this time.

------

*Figure 8: Conceptual PFS Infrastructure and Site Layout*![LOGO](g83619g0114025706805.jpg)

Source: Mayfair, 2025

**Environmental and Permitting** 

Extensive baseline environmental studies have been underway since 2021, covering terrestrial and aquatic ecosystems, including Species at Risk, groundwater, air quality, noise, geochemical characterization, and cultural heritage resources. Follow-up studies continued through 2025 and are planned to extend into 2026. Results indicate environmental conditions typical of northeastern Ontario, with no critical constraints identified that would prevent mine development. Studies are considered suitably advanced to initiate the environmental approvals process.

The Project is anticipated to proceed through the Provincial Class EA process and not trigger an Individual EA under provincial requirements or a federal IA under the Impact Assessment Act.

Early engagement with regulators has commenced, and the Company is in discussions with the Ontario government to advance the EA and permitting processes in parallel. It is expected that the Company will submit the required application to the Ministry of Energy and Mines (MEM) regarding participation in the 'One Project, One Process' (1P1P) initiative, which facilitates provincial approvals through a dedicated Mine Authorization and Permitting Delivery Team early in 2026.

The Fenn-Gib Project will require permits and approvals typical of mine developments, primarily under provincial jurisdiction. An authorization under the federal Fisheries Act may be required to address potential impacts to fish and fish habitat. A conceptual closure strategy, forming the basis of the Closure Plan, has been developed in alignment with the Mine Rehabilitation Code of Ontario.

------

**Community and Indigenous Affairs** 

Social and community engagement has focused primarily on the AAN due to its proximity to the Fenn-Gib site. The Project is situated within Treaty 9 territory, approximately 20 km from the AAN community and within their traditional lands. The Company and AAN have an active Exploration Agreement in place and will continue to advance consultation collaboratively, with the intention of developing a Community Benefit Agreement for the Project. In addition, the Project is approximately 17 km from the Town of Black River-Matheson and anticipates utilizing and contributing to the services and infrastructure of the Town. A 'good neighbour' agreement with the Town of Black River-Matheson is anticipated.

Engagement with the identified regional Indigenous communities and local stakeholders will commence upon submission of the Environmental Assessment documentation. The Company is committed to transparent communication regarding the Fenn-Gib Project and its environmental design and impacts. The Project is expected to deliver regional benefits through employment, procurement opportunities, and community investment.

**Project Timelines and Next Steps** 

*Figure 9: High-Level Schedule*![LOGO](g83619g0114025707074.jpg)

Source: Mayfair, 2025

The Project plans to advance three key strategies in parallel: Ontario-led environmental approvals, Indigenous agreements, and the engineering-design-procurement phase. These elements will progress concurrently to enable the start of major construction within an estimated 24 to 36 months.

Beginning in early 2026, the Project will move into front-end engineering, followed by detailed engineering and long-lead, critical-path procurement activities. It is anticipated that the Project control estimate will be finalized with 70% to 100% engineering completion and critical construction and supply contracts in place.

------

Project designs related to environmental aspects of the Project and the permitting tasks are expected to be the critical path for construction commencement.

The Project is envisioned to achieve commercial production within a five-year timeframe.

**Technical Report Preparation and Qualified Persons** 

The PFS and Mineral Reserves have an effective date of December 19, 2025 with the Mineral Resource estimate having an effective date of September 3, 2024. The PFS was prepared by independent Qualified Persons ("**QPs**") in accordance with National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*. The report covers all key aspects of the Project, including property description and location, geology, mineral resource and reserve estimates, mining methods, metallurgical testing and recovery processes, project infrastructure, capital and operating cost estimates, economic analysis, and execution planning.

For readers to fully understand the information in this material change report, they should review the technical report (that will be filed within 45 days of the material change) in its entirety, including all qualifications, assumptions, exclusions, and risks. The report is intended to be read as a whole, and individual sections should not be relied upon out of context.

The QPs responsible for the PFS include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tommaso Roberto Raponi, P.Eng., (Ausenco) – process plant design, process infrastructure, metallurgy,
recovery methods, and operating (plant and G&A) cost estimates, financial analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gordon Zurowski, P.Eng., (AGP) – mineral reserves, mining methods, mine design, and capital and
operating costs related to the mine, as well as contribution to the economic analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Craig Hall, P.Eng. and Richard Cook, P.Geo. (Ltd.) (KP) – tailings and water management design,
geotechnical aspects, environmental and permitting considerations and closure cost estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sarah Barabash, P.Geo. (Ltd.) (Ecometrix) – geochemistry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tim Maunula, P.Geo. (TMAC) – mineral resource estimation and geological interpretation

Full detail of areas of responsibility of the QPs can be found in the technical report.

The content of this material change report from the PFS has been reviewed and approved by the QPs who authored the PFS. In addition, Drew Anwyll, P.Eng., Chief Operating Officer of Mayfair, a QP as defined in NI 43-101, has reviewed the PFS on behalf of the Company and has approved the technical disclosure contained in this material change report. The full technical report, titled *"National Instrument 43-101 Technical Report – Pre-Feasibility Study for the Fenn-Gib Project, Ontario, Canada"*, will be filed on SEDAR+ under Mayfair Gold's profile and will also be available on the Company's website at <u>www.mayfairgold.ca</u>.

------

**Engaging Investor Relations and Communication Advisory Services** 

As part of its strategy to enhance communication and engagement with investors and other stakeholders following its transition year in 2025, Mayfair has engaged several investor relations and capital markets consultants.

Mayfair has entered into an agreement with Adelaide Capital ("**Adelaide**") a full-service investor relations and social media firm that specializes in small-cap growth companies. Adelaide will help with investor marketing and communication, creation and design of materials, co-ordination of North America focused non-deal roadshows, virtual campaigns and social media awareness building. As per the agreement with Adelaide, the Company has agreed to pay a monthly fee of C$10,000 for a 3-month term. Adelaide is principally owned by Deborah Honig and is an arm's length company based in Toronto, Ontario. To the best of the company's knowledge Adelaide does not have any interest, directly or indirectly, in the securities of the Company.

In addition, Mayfair has entered into an agreement with Swiss Resource Capital AG ("**SRC**") a Switzerland-based investor relations firm specializing in the resource space. Focusing its efforts in Europe, SRC will assist in messaging, communication, creation and design of materials, non-deal roadshows, virtual campaigns, targeted investor outreach and affiliated media awareness programs. Pursuant to the agreement, the company has agreed to pay a monthly fee of 6,000 CHF per month for a 12-month term. SRC is an arms-length private company based in Herisau, Switzerland and led by CEO Marc Ollinger. To the best of the company's knowledge SRC does not have any interest, directly or indirectly, in the securities of the Company.

Lastly, Mayfair has entered into an agreement with Triomphe Holdings Ltd., doing business as Capital Analytica, a marketing and public awareness company in the mining sector. Capital Analytica will provide digital awareness, monitoring and engagement reporting services. Pursuant to the agreement, the company has agreed to pay $150,000 payable in two tranches for a 6-month term with an option to renew for additional 6-month terms at a rate of $75,000. Capital Analytica is an arms-length company based in Nanaimo, B.C. and led by its Founder Jeff French. To the best of the company's knowledge Capital Analytica does not have any interest, directly or indirectly, in the securities of the Company.

**5.2** **Disclosure for Restructuring Transactions** 

Not applicable

---

| | |
|:---|:---|
| **ITEM 6** | **RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102**  |

---

Not applicable. This report is not being filed on a confidential basis.

---

| | |
|:---|:---|
| **ITEM 7** | **OMITTED INFORMATION**  |

---

None.

------

---

| | |
|:---|:---|
| **ITEM 8** | **EXECUTIVE OFFICER**  |

---

Darren Prins

Interim Chief Financial Officer

Telephone: (855) 350-5600

---

| | |
|:---|:---|
| **ITEM 9** | **DATE OF REPORT**  |

---

January 13, 2026

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This material change report has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. Securities and Exchange Commission applicable to domestic United States issuers. Accordingly, the information concerning the Company's mineral properties contained in this material change report is not comparable to the disclosure of United States issuers subject to the SEC's mining disclosure requirements, and the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards applicable to United States issuers.

**Use of Non-GAAP Measures** 

Certain financial measures referred to in this material change report are not measures recognized under IFRS (as defined below) and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by Mayfair are based on management's reasonable judgement and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The non-GAAP financial measures used in this material change report and common to the gold mining industry are "free cash flow", "Cumulative Net FCF", "Average Annual FCF", "ASIC" and "all-in sustaining cost per ounce of gold sold". These measures are non-GAAP financial measures and have no standardized meaning under IFRS Accounting Standards ("**IFRS**") and may not be comparable to similar measures used by other issuers.

Operating Costs include the direct costs of mining, processing, and site administration. Cash Costs include Operating Costs plus royalties and production taxes. AISC includes mining, processing and administrative costs, royalties, production taxes, sustaining capital expenditures, closure allowance, and other costs necessary to maintain planned production. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures and is intended to provide an indication of the cash generated by the project.

As the Company is not in production, it does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable measures under IFRS.

------

**Cautionary Note Regarding Forward Looking Information** 

This material change report contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking information in this material change report includes, but is not limited to, statements regarding the design, development and execution of the Project, the PFS demonstrating the strong economics and free cash flow potential associated with developing the Project as a targeted, high-grade operation that can be advanced through the Ontario permitting process, the belief that the permitting process can be advanced quickly, positioning the Project for timely development within the current gold cycle, the Project having exceptional value potential, with strong free cash flow and robust economics that further enhance its attractiveness to investors, finalizing engineering and design work, advancing environmental approvals in preparation for a construction decision within the Company's target goal of two to three years, advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030, and all economics set out in the PFS.

Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking information whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking information reflect management's beliefs, opinions and projections as of the date of this material change report.

## Exhibit 99.54

**Exhibit 99.54**![LOGO](g83619g02h00.jpg)

Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study Ontario, Canada Effective Date: December 19, 2025 Report Date: January 14, 2026 Prepared for: Mayfair Gold Corp. 489 McDougall Street, Matheson, ON, Canada P0K 1N0 Prepared by: Ausenco Engineering Canada ULC 15th Floor, 11 King Street West Toronto, Ontario, M5H 4C7 List of Qualified Persons: Tommaso Roberto Raponi, P.Eng., Ausenco Engineering Canada ULC Tim Maunula, P.Geo., T. Maunula & Associates Consulting Inc. Gordon Zurowski, P.Eng., AGP Mining Consultants Inc. Craig Hall, P.Eng., Knight Piésold Ltd. Richard Cook, P.Geo (Ltd.), Knight Piesold Ltd. Sarah Barabash, PhD, P.Geo (Ltd.), Ecometrix Inc. an Egis Group Company.

------

![LOGO](g83619logo1.jpg)

**CERTIFICATE OF QUALIFIED PERSON** 

**Tommaso Roberto Raponi, P.Eng.** 

I, Tommaso Roberto Raponi, P.Eng., certify that:

1. I am employed as a Principal Metallurgist with Ausenco Engineering Canada ULC (Ausenco), with an office
address of Suite 1550 - 11 King St West, Toronto, Ontario M5H 4C7.

2. This certificate applies to the technical report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" that has an effective
date of 19 December 2025 and a report date of 14 January 2026 ("Technical Report").

3. I graduated from University of Toronto with a Bachelor of Applied Science in Geological Engineering, with
specialization in Mineral Processing in 1984

4. I am a professional engineer registered with the Professional Engineers Ontario (No. 90225970), Engineers
and Geoscientists British Columbia (No. 23536) and NWT and Nunavut Association of Professional Engineers and Geoscientists (No. L4508) and with Professional Engineers and Geoscientists Newfoundland and Labrador (No. 10968).

5. I have practiced my profession continuously for over 40 years with experience in the development, design,
operation and commissioning of mineral processing plants, focusing on gold projects, both domestic and internationally. Examples of projects I have worked on include: Treasury Metals Goliath Gold Complex PFS, Canagold New Polaris Project FS,
Generation Mining Marathon Project FS, Tiger Gold Quinchia PEA, Paramount Gold Nevada Grassy Mountain Project FS and the First Mining Springpole Project FS.

6. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past
relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

7. I visited the project site on May 22, 2025.

8. I am responsible for Sections 1.1, 1.2, 1.10, 1.14-1.16, 1.18-1.19, 1.21.1, 1.22, 2.1-2.3, 2.4.2, 3.1, 3.3, 12.3, 13, 17, 18.1-18.3, 18.8-18.12, 19, 21.1-21.2.3, 21.2.5-21.2.8, 21.2.10-21.3.2, 21.3.4-21.4, 22.1-22.3.2, 22.3.4-22.5, 24.1- 24.4, 25.1, 25.5, 25.10, 25.12, 25.14-25.16, 25.17.1.2, 25.17.1.5, 25.17.2.2, 26.1, 26.4-26.5, 26.8, 26.10-26.11, and 27 of the Technical Report.

9. I am independent of Mayfair Gold Corp. as independence is defined in Section 1.5 of NI 43-101.

10. I have not been previously involved with the Fenn-Gib Gold Project.

Page 1 of 2

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![LOGO](g83619logo1.jpg)

11. I have read NI 43-101 and the sections of the Technical Report for
which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible
contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: January 14, 2026

"Signed and Sealed"

Tommaso Roberto Raponi, P.Eng.

Page 2 of 2

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![LOGO](g83619logo2.jpg)

**CERTIFICATE OF QUALIFIED PERSON** 

**Tim Maunula, P.Geo.** 

I, Tim Maunula, P.Geo. certify that:

1. I am employed as a Principal Geologist with T. Maunula & Associates Consulting Inc., (TMAC), with
an office address of 15 Valencia Drive, Chatham, ON N7L 0A9.

2. This certificate applies to the technical report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" that has an effective
date of December 19, 2025, and a report date of January 14, 2026 ("Technical Report").

3. I graduated from Lakehead University with a Bachelor of Science (Honors) in Geology in 1979 and from the
University of Alberta with a Citation in Applied Geostatistics in 2004.

4. I am a professional geoscientist registered with the Professional Geoscientist Ontario (No. 1115).

5. I have practiced my profession continuously for over 40 years with 15 years in exploration (including
airborne and ground geophysical surveys and data processing) and over 25 years in Mineral Resource estimation and associated activities.

6. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past
relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

7. I visited the project site from February 6 to 7, 2023 and April 15 to 17, 2024.

• I am responsible for Sections 1.3-1.9, 1.11, 1.20, 2.4.1, 3.2, 4-11, 12.1-12.2, 14, 23, 25.2-25.4, 25.6-25.7, 25.17.1.1, 25.17.2.1, 26.2, and 27 of the
Technical Report.

8. I am independent of Mayfair Gold Corp. as independence is defined in Section 1.5 of NI 43-101.

9. I have been previously involved with the Fenn-Gib Gold Project. I
was a QP on a NI 43-101 Technical Report issued on October 10, 2025.

10. I have read NI 43-101 and the sections of the Technical Report for
which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible
contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: January 14, 2026

"Signed and Sealed"

Tim Maunula, P.Geo.

Page 1 of 1

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![LOGO](g83619logo3.jpg)

**CERTIFICATE OF QUALIFIED PERSON** 

**Gordon Zurowski, P.Eng.** 

I, Gordon Zurowski, P.Eng., certify that:

1. I am employed as a Principal Mining Engineer with AGP Mining Consultants Inc. (AGP), with an office address
of #246-132K Commerce Park Dr., Barrie, Ontario L4N 0Z7.

2. This certificate applies to the technical report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" that has an effective
date of 19 December 2025 and a report date of 14 January 2026 ("Technical Report").

3. I graduated from the University of Saskatchewan with a Bachelor of Science in Geological Engineering in
1989. 4. I am a professional engineer registered with the Professional Engineers Ontario (No. 100077750).

5. I have practiced my profession continuously for over 30 years with experience in mineral reserve estimations
and PEA, Pre-Feasibility and Feasibility studies in Canada, the United States, Central and South America, Europe, Asia, Africa, and Australia. As a result of my experience and qualifications, I am a Qualified
Person as defined in NI 43-101.

6. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past
relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

7. I visited the project site with my last visit July 26, 2024.

8. I am responsible for Sections 1.12, 1.13, 1.21.2, 2.4.3, 15, 16, 18.4, 21.2.4, 21.3.3, 24.5, 25.8-25.9, 25.17.1.3, 25.17.2.3, 26.3, 26.7, and 27 of the Technical Report.

9. I am independent of Mayfair Gold Corp. as independence is defined in Section 1.5 of NI 43-101.

10. I have not been previously involved with the Fenn-Gib Gold Project.

11. I have read NI 43-101 and the sections of the Technical Report for
which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible
contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: January 14, 2026

"Signed and Sealed"

Gordon Zurowski, P.Eng.

Page 1 of 1

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![LOGO](g83619logo4.jpg)

**CERTIFICATE OF QUALIFIED PERSON** 

**Craig Norman Hall, P.Eng.** 

I, Craig Norman Hall, P.Eng., certify that:

1. I am employed as a Managing Principal with Knight Piésold Ltd. (KP), with an office address of 200 -
1164 Devonshire Ave, North Bay, Ontario P1B 6X7.

2. This certificate applies to the technical report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" that has an effective
date of 19 December 2025 and a report date of 14 January 2026 ("Technical Report").

3. I graduated from the University of Waterloo with a Bachelor of Applied Science in Geological Engineer in
2003. 4. I am a professional engineer registered with the Professional Engineers Ontario (No. 100075047).

5. I have practiced my profession continuously for over 22 years with experience in mining operations,
engineering and financial evaluations, including tailings, mine waste, water management facilities and other mining related surface infrastructure.

6. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past
relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

7. I visited the project site on May 22, 2025.

8. I am responsible for Sections 1.17.2, 2.4.4, 18.5-18.7, 20.2, 20.5,
21.2.9, 22.3.3, 25.11, 25.17.2.5, 26.6, and 27 of the Technical Report.

9. I am independent of Mayfair Gold Corp. as independence is defined in Section 1.5 of NI 43-101.

10. I have not been previously involved with the Fenn-Gib Gold Project.

11. I have read NI 43-101 and the sections of the Technical Report for
which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible
contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: January 14, 2026

"Signed and Sealed"

Craig Norman Hall, P.Eng.

Page 1 of 1

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![LOGO](g83619logo4.jpg)

**CERTIFICATE OF QUALIFIED PERSON** 

**Richard Alonzo Cook, P.Geo. (Limited)** 

I, Richard Alonzo Cook, P.Geo. (Limited), certify that:

1. I am employed as a Specialist Environmental Scientist with Knight Piésold Ltd. (KP), with an office
address of #200 - 1164 Devonshire Ave, North Bay, Ontario, P1B 6X7.

2. This certificate applies to the technical report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" that has an effective
date of 19 December 2025 and a report date of 14 January 2026 ("Technical Report").

3. I graduated from Queen's University with a Bachelor of Science (Honours) in Environmental Science
(Chemistry) in 1996 and subsequently completed additional geoscience coursework at the University of Waterloo and Athabasca University.

4. I am a professional geoscientist registered with the Professional Geoscientist Ontario (No. 2199).

5. I have practiced my profession continuously for over 29 years with experience in environmental management in
the mining industry. This includes conducting and managing environmental assessments, water management planning, and closure planning for mining projects.

6. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past
relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

7. I have not visited the project site.

8. I am responsible for Sections 1.17.1, 1.17.3, 1.17.4, 20.1.1, 20.3, 20.4, 20.6, 25.13, 25.17.1.4, 25.17.2.4,
26.9, and 27 of the Technical Report.

9. I am independent of Mayfair Gold Corp. as independence is defined in Section 1.5 of NI 43-101.

10. I have not been previously involved with the Fenn-Gib Gold Project.

11. I have read NI 43-101 and the sections of the Technical Report for
which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible
contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: January 14, 2026

"Signed and Sealed"

Richard Alonzo Cook, P.Geo. (Limited)

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**CERTIFICATE OF QUALIFIED PERSON** 

**Sarah Barabash, PhD., P.Geo. (Limited)** 

I, Sarah Barabash, PhD., P.Geo. (Limited), certify that:

1. I am employed as the Director of Mining Services with Ecometrix Inc. (Ecometrix), with an office address of
6800 Campobello Road, Mississauga, ON, L5N 2L8.

2. This certificate applies to the technical report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" that has an effective
date of 19 December 2025 and a report date of 14 January 2026 ("Technical Report").

3. I graduated from University of Guelph with a Bachelor of Environmental Science in 2004 and a Doctor of
Philosophy in Geochemistry in 2010.

4. I am a professional geoscientist registered with the Professional Geoscientist Ontario (No. 3995) and
Engineers and Geoscientists British Columbia (No. 62524).

5. I have practiced my profession continuously for 15 years with experience in environmental consulting,
primarily with respect to: mine development, operations and closure including assessment and selection of mine closure strategies; development of mine closure plans; and assessment and management of Metal Leaching / Acid Rock Drainage (ML/ARD).

6. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past
relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

7. I have not visited the project site.

8. I am responsible for Sections 20.1.2 of the Technical Report.

9. I am independent of Mayfair Gold Corp. as independence is defined in Section 1.5 and 27 of NI 43-101.

10. I have not been previously involved with the Fenn-Gib Gold Project.

11. I have read NI 43-101 and the sections of the Technical Report for
which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible
contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: January 14, 2026

"Signed and Sealed"

Sarah Barabash, PhD., P.Geo. (Limited)

Page 1 of 1

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**Important Notice** 

This report was prepared as National Instrument 43-101 Technical Report for Mayfair Gold Corp. (Mayfair Gold) by Ausenco Engineering Canada ULC (Ausenco), T. Maunula & Associates Consulting Inc., (TMAC), Knight Piésold Ltd. (KP), AGP Mining Consultants Inc. (AGP) and Ecometrix Inc. an Egis Group Company (Ecometrix), collectively the Report Authors. The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in the Report Authors' services, based on i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Mayfair Gold subject to terms and conditions of its contracts with each of the Report Authors. Except for the purposed legislated under Canadian provincial and territorial securities law, any other uses of this report by any third party are at that party's sole risk.

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**Table of Contents** 

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| 1 | Summary | Summary | 1 |
|  | 1.1 | Introduction | 1 |
|  | 1.2 | Terms of Reference | 1 |
|  | 1.3 | Property Description and Location | 2 |
|  | 1.4 | Mineral Tenure, Royalties and Agreements | 2 |
|  | 1.5 | History | 2 |
|  | 1.6 | Geology and Mineralization | 3 |
|  | 1.7 | Deposit Types | 5 |
|  | 1.8 | Exploration | 5 |
|  | 1.9 | Drilling | 5 |
|  | 1.10 | Mineral Processing and Metallurgical Testwork | 6 |
|  | 1.11 | Mineral Resource Estimate | 6 |
|  | 1.12 | Mineral Reserve Estimate | 8 |
|  | 1.13 | Mining Methods | 9 |
|  | 1.14 | Recovery Methods | 9 |
|  | 1.15 | Project Infrastructure | 10 |
|  | 1.16 | Market Studies and Contracts | 11 |
|  | 1.17 | Environmental, Permitting and Social Considerations | 11 |
|  |  | 1.17.1 Environmental Considerations | 11 |
|  |  | 1.17.2 Closure and Reclamation Considerations | 11 |
|  |  | 1.17.3 Permitting Considerations | 12 |
|  |  | 1.17.4 Social Considerations | 12 |
|  | 1.18 | Capital and Operating Cost | 12 |
|  |  | 1.18.1 Capital Cost Estimate | 12 |
|  |  | 1.18.2 Operating Cost Estimate | 13 |
|  | 1.19 | Economic Analysis | 14 |
|  |  | 1.19.1 Economic Summary | 14 |
|  |  | 1.19.2 Sensitivity Analysis | 18 |
|  | 1.20 | Adjacent Properties | 19 |
|  | 1.21 | Other Relevant Data and Information | 19 |
|  |  | 1.21.1 Project Execution Plan and Schedule | 19 |
|  |  | 1.21.2 Potential Upside Opportunities | 20 |
|  | 1.22 | Conclusions & Recommendations | 21 |

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| 2 | Introduction | Introduction | 22 |
|  | 2.1 | Introduction | 22 |
|  | 2.2 | Terms of Reference | 22 |
|  | 2.3 | Qualified Persons | 23 |
|  | 2.4 | Site Visits and Scope of Personal Inspection | 23 |
|  |  | 2.4.1 Site Inspection for Tim Maunula | 23 |
|  |  | 2.4.2 Site inspection for Tommaso Roberto Raponi | 24 |
|  |  | 2.4.3 Site inspection for Gordon Zurowski | 24 |
|  |  | 2.4.4 Site inspection for Craig Hall | 24 |
|  | 2.5 | Effective Dates | 24 |
|  | 2.6 | Information Sources and References | 24 |
|  |  | 2.6.1 Previous technical reports: | 24 |
|  | 2.7 | Currency, Units, Abbreviations and Definitions | 24 |
| 3 | Reliance on Other Experts | Reliance on Other Experts | 29 |
|  | 3.1 | Introduction | 29 |
|  | 3.2 | Property Agreements, Mineral Tenure, Surface Rights and Royalties | 29 |
|  | 3.3 | Taxation | 29 |
| 4 | Property Description and Location | Property Description and Location | 30 |
|  | 4.1 | Property Location | 30 |
|  | 4.2 | Property and Title in Ontario | 31 |
|  | 4.3 | Project Ownership | 31 |
|  | 4.4 | Mineral Tenure | 31 |
|  | 4.5 | Property Agreements | 40 |
|  | 4.6 | Surface Rights | 41 |
|  | 4.7 | Water Rights | 42 |
|  | 4.8 | Royalties and Encumbrances | 42 |
|  | 4.9 | Environmental Considerations | 43 |
|  | 4.10 | Permitting Considerations | 43 |
|  | 4.11 | Social License Considerations | 44 |
|  | 4.12 | Project risks and Uncertainties | 44 |
| 5 | Accessibility, Climate, Local Resources, Infrastructure and Physiography | Accessibility, Climate, Local Resources, Infrastructure and Physiography | 45 |
|  | 5.1 | Accessibility | 45 |
|  | 5.2 | Climate | 45 |
|  | 5.3 | Local Resources and Infrastructure | 45 |
|  | 5.4 | Physiography | 46 |
|  | 5.5 | Seismicity | 46 |

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| 6 | History | History | 47 |
|  | 6.1 | Regional History | 47 |
|  | 6.2 | Property Exploration History | 47 |
|  |  | 6.2.1 Pangea Goldfields Inc. (1990s - 2012) | 50 |
|  |  | 6.2.2 Lake Shore Gold Corp. and Tahoe Resources Inc. (2011 - 2019) | 50 |
|  | 6.3 | Historical Resource Estimates | 50 |
|  | 6.4 | Production | 51 |
| 7 | Geological Setting and Mineralization | Geological Setting and Mineralization | 52 |
|  | 7.1 | Regional Geology | 52 |
|  | 7.2 | Project Geology | 54 |
|  | 7.3 | Mineralization | 54 |
| 8 | Deposit Types | Deposit Types | 56 |
|  | 8.1 | Deposit Model | 56 |
|  | 8.2 | Comments on Deposit Type | 57 |
| 9 | Exploration | Exploration | 58 |
|  | 9.1 | Introduction | 58 |
|  | 9.2 | Grids and Surveys | 58 |
|  | 9.3 | Geological Mapping | 58 |
|  | 9.4 | Geochemistry | 58 |
|  | 9.5 | Geophysics | 59 |
|  | 9.6 | Petrology, Mineralogy, and Research Studies | 59 |
|  | 9.7 | Exploration Potential | 59 |
|  | 9.8 | Targets for Further Exploration | 59 |
| 10 | Drilling | Drilling | 61 |
|  | 10.1 | Historical Drilling | 61 |
|  | 10.2 | Mayfair Gold Drilling | 61 |
|  | 10.3 | Mayfair Diamond Drilling Procedures | 63 |
|  |  | 10.3.1 Spotting Drill Holes | 63 |
|  |  | 10.3.2 Drilling | 63 |
|  |  | 10.3.3 Collar Surveys | 63 |
|  |  | 10.3.4 Downhole Surveys | 64 |
|  | 10.4 | Significant Results and Interpretation | 65 |
|  | 10.5 | Qualified Person's Opinion | 72 |
| 11 | Sample Preparation, Analyses, and Security | Sample Preparation, Analyses, and Security | 73 |
|  | 11.1 | Introduction | 73 |
|  | 11.2 | Historical Sampling Pre-2011 | 73 |

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|  | 11.3 | Historical Sampling Post 2011 | 74 |
|  | 11.4 | Mayfair Gold Sampling | 74 |
|  |  | 11.4.1 Sampling Procedure | 74 |
|  | 11.5 | Analytical and Test Laboratories | 75 |
|  |  | 11.5.1 ActLabs | 76 |
|  |  | 11.5.2 Swastika Laboratories | 76 |
|  |  | 11.5.3 AGAT Laboratories | 77 |
|  |  | 11.5.4 MSALABS Timmins | 78 |
|  | 11.6 | Sample Preparation and Analysis | 78 |
|  | 11.7 | Quality Assurance and Quality Control | 78 |
|  |  | 11.7.1 Quality Control Samples | 78 |
|  |  | 11.7.2 QA/QC Control Charts | 79 |
|  |  | 11.7.3 Blanks | 79 |
|  |  | 11.7.4 Duplicates | 84 |
|  | 11.8 | Density Determinations | 88 |
|  | 11.9 | Comment on Sample Preparation, Analyses and Security | 89 |
|  | 11.10 | Adequacy Statement | 89 |
| 12 | Data Verification | Data Verification | 90 |
|  | 12.1 | Legacy data | 90 |
|  | 12.2 | Verification by Tim Maunula | 90 |
|  |  | 12.2.1 Site Inspection | 90 |
|  |  | 12.2.2 Diamond Drilling | 90 |
|  |  | 12.2.3 Databases Verification | 91 |
|  |  | 12.2.4 Quality Assurance and Quality Control | 91 |
|  |  | 12.2.5 Comments on Data Verification | 92 |
|  | 12.3 | Verification by Tommaso Roberto Raponi | 92 |
| 13 | Mineral Processing and Metallurgical Testing | Mineral Processing and Metallurgical Testing | 93 |
|  | 13.1 | Introduction | 93 |
|  | 13.2 | Metallurgical Testwork | 93 |
|  |  | 13.2.1 Legacy Testwork Programs (2014 - 2022) | 94 |
|  |  | 13.2.2 Pre-Feasibility Study Testwork Program (2023 - 2025) | 96 |
|  |  | 13.2.3 Mineralogical Studies | 97 |
|  | 13.3 | Metallurgical Variability | 106 |
|  | 13.4 | Deleterious Elements | 108 |
|  | 13.5 | Recovery Estimates | 108 |
| 14 | Mineral Resource Estimates | Mineral Resource Estimates | 111 |
|  | 14.1 | Introduction | 111 |

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|  | 14.2 | Key Assumptions | 111 |
|  | 14.3 | Data | 111 |
|  | 14.4 | Geological Models | 112 |
|  | 14.5 | Density Assignment | 113 |
|  | 14.6 | Exploratory Data Analysis | 113 |
|  |  | 14.6.1 Assays | 113 |
|  | 14.7 | Grade Capping/Outlier Restrictions | 114 |
|  | 14.8 | Composites | 118 |
|  | 14.9 | Variography | 119 |
|  | 14.10 | Block Model Definition | 122 |
|  | 14.11 | Estimation and Interpolation Methods | 122 |
|  | 14.12 | Block Model Validation | 124 |
|  |  | 14.12.1 Visual Verification | 124 |
|  |  | 14.12.2 Statistical Validation | 126 |
|  |  | 14.12.3 Swath Plots | 127 |
|  | 14.13 | Classification of Mineral Resources | 129 |
|  | 14.14 | Reasonable Prospects for Eventual Economic Extraction | 130 |
|  | 14.15 | Mineral Resource Statement | 131 |
|  | 14.16 | Factors That May Affect the Mineral Resource Estimate | 131 |
| 15 | Mineral Reserve Estimates | Mineral Reserve Estimates | 133 |
|  | 15.1 | Summary | 133 |
|  | 15.2 | Key Assumptions/Basis of Estimate | 134 |
|  | 15.3 | Pit Slopes | 135 |
|  | 15.4 | Pit Optimization | 135 |
|  | 15.5 | Mine Dilution | 136 |
|  | 15.6 | Pit Design | 136 |
|  | 15.7 | Mine Plan | 138 |
|  | 15.8 | Mineral Reserves Statement | 141 |
|  | 15.9 | Factors that May Affect the Mineral Reserves | 142 |
| 16 | Mining Methods | Mining Methods | 143 |
|  | 16.1 | Summary | 143 |
|  | 16.2 | Geotechnical and Hydrogeological Considerations used in Mine Planning | 144 |
|  |  | 16.2.1 Geotechnical Considerations | 144 |
|  |  | 16.2.2 Hydrogeological Considerations | 149 |
|  |  | 16.2.3 Geotechnical and Hydrogeological PFS Application | 149 |
|  | 16.3 | Geologic Model Importation | 150 |
|  | 16.4 | Dilution Calculation | 152 |

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|  | 16.5 | Pit Limit Analysis | 153 |
|  |  | 16.5.1 Methodology | 153 |
|  |  | 16.5.2 Pit Limit Analysis Inputs and Parameters | 154 |
|  |  | 16.5.3 Pit Limit Analysis Results | 155 |
|  | 16.6 | Pit Design Parameters | 157 |
|  |  | 16.6.1 Bench Design | 157 |
|  |  | 16.6.2 Haul Ramp Design | 158 |
|  |  | 16.6.3 Pit and Phase Selection | 160 |
|  |  | 16.6.4 Pit Designs | 160 |
|  |  | 16.6.5 Phases | 163 |
|  | 16.7 | Mine Rock Storage Areas | 169 |
|  | 16.8 | Life-of-Mine (LOM) Schedule | 170 |
|  | 16.9 | LOM Plan Sequence | 174 |
|  | 16.10 | Blasting and Explosives | 186 |
|  | 16.11 | Mining Equipment | 187 |
|  | 16.12 | Grade Control | 187 |
| 17 | Recovery Methods | Recovery Methods | 189 |
|  | 17.1 | Overview | 189 |
|  | 17.2 | Process Design Criteria | 189 |
|  | 17.3 | Process Plant Description | 190 |
|  |  | 17.3.1 Process Flowsheet | 191 |
|  |  | 17.3.2 Plant Design | 192 |
|  | 17.4 | Reagent Handling and Storage | 196 |
|  | 17.5 | Plant Services | 197 |
|  |  | 17.5.1 Water requirements | 197 |
|  |  | 17.5.2 Power requirements | 198 |
|  |  | 17.5.3 Compressed Air | 199 |
| 18 | Project Infrastructure | Project Infrastructure | 200 |
|  | 18.1 | Introduction | 200 |
|  | 18.2 | Site Access | 203 |
|  | 18.3 | Built Infrastructure | 203 |
|  |  | 18.3.1 Process Plant Earthworks | 203 |
|  |  | 18.3.2 Buildings | 204 |
|  |  | 18.3.3 Accommodation | 204 |
|  | 18.4 | Waste Rock and Other Mine Stockpiles | 205 |
|  |  | 18.4.1 Run-of-Mine and Mine Rock Storage | 205 |
|  |  | 18.4.2 Overburden | 205 |

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|  | 18.5 | Tailings and Storage Facilities | 205 |
|  |  | 18.5.1 Tailings Storage Facility | 205 |
|  | 18.6 | Water Management and Diversion Structures | 209 |
|  |  | 18.6.1 Water Management | 213 |
|  |  | 18.6.2 Groundwater | 213 |
|  |  | 18.6.3 Surface Water Takings | 213 |
|  |  | 18.6.4 Water Treatment and Disposal Requirements | 213 |
|  | 18.7 | Waste Disposal and Management Systems | 214 |
|  |  | 18.7.1 Solid Waste | 214 |
|  |  | 18.7.2 Recyclable Materials | 214 |
|  |  | 18.7.3 Liquid Waste | 214 |
|  |  | 18.7.4 Hazardous Waste | 215 |
|  |  | 18.7.5 Sanitary Waste | 215 |
|  | 18.8 | Power and Electrical | 215 |
|  |  | 18.8.1 Facility Power Supply | 215 |
|  |  | 18.8.2 Site Power Reticulation | 217 |
|  |  | 18.8.3 Power and Electrical Contingency Planning | 220 |
|  | 18.9 | Highway 101 Relocation | 220 |
|  | 18.10 | Fuel | 222 |
|  | 18.11 | Hazard Considerations | 222 |
|  | 18.12 | Comments on Project Infrastructure | 222 |
| 19 | Market Studies and Contracts | Market Studies and Contracts | 223 |
|  | 19.1 | Market Studies | 223 |
|  | 19.2 | Gold Price Projections | 223 |
|  | 19.3 | Foreign Exchange Assumptions | 224 |
|  | 19.4 | Contracts | 224 |
|  | 19.5 | Comments on Market Studies and Contracts | 225 |
| 20 | Environmental Studies, Permitting, and Social or Community Impact | Environmental Studies, Permitting, and Social or Community Impact | 226 |
|  | 20.1 | Environmental Studies | 226 |
|  |  | 20.1.1 Baseline Environmental Studies | 226 |
|  |  | 20.1.2 Geochemical Characterization Studies | 227 |
|  | 20.2 | Environmental Management Considerations | 228 |
|  |  | 20.2.1 Tailings, Mine Rock and Overburden Disposal and Monitoring | 228 |
|  |  | 20.2.2 Water Management | 229 |
|  |  | 20.2.3 Monitoring during Operations and Closure | 231 |
|  | 20.3 | Permitting Considerations and Regulatory Framework | 233 |
|  |  | 20.3.1 Provincial EA Requirements | 234 |

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|  |  | 20.3.2 Federal Impact Assessment Requirements | 235 |
|  |  | 20.3.3 Other Approval Requirements | 235 |
|  | 20.4 | Social and Community Considerations | 236 |
|  | 20.5 | Closure and Reclamation Plans | 236 |
|  |  | 20.5.1 Closure Cost Estimates | 239 |
|  | 20.6 | Comments on Environmental Studies, Permitting and Social and Community Considerations | 239 |
| 21 | Capital and Operating Costs | Capital and Operating Costs | 241 |
|  | 21.1 | Introduction | 241 |
|  | 21.2 | Capital Costs | 241 |
|  |  | 21.2.1 Overview | 241 |
|  |  | 21.2.2 Basis of Estimate | 242 |
|  |  | 21.2.3 Estimate Methodology | 242 |
|  |  | 21.2.4 Area 1000 - Mine Capital Costs | 246 |
|  |  | 21.2.5 Area 2000 and 3000 - Process Plant Capital Costs | 249 |
|  |  | 21.2.6 Area 4000 - On-Site Infrastructure Capital Costs | 250 |
|  |  | 21.2.7 Area 5000 - Off-Site Infrastructure Capital Costs | 251 |
|  |  | 21.2.8 Areas 6000, 7000, 8000 & 9000 - Indirect Capital Costs | 251 |
|  |  | 21.2.9 Closure Costs | 255 |
|  |  | 21.2.10 Exclusions | 256 |
|  | 21.3 | Operating Costs | 256 |
|  |  | 21.3.1 Overview | 256 |
|  |  | 21.3.2 Basis of Estimate | 257 |
|  |  | 21.3.3 Mine Operating Costs | 257 |
|  |  | 21.3.4 Process Operating Costs | 266 |
|  |  | 21.3.5 General and Administrative Operating Costs | 270 |
|  | 21.4 | Comments on Capital and Operating Costs | 272 |
| 22 | Economic Analysis | Economic Analysis | 273 |
|  | 22.1 | Forward-Looking Information | 273 |
|  | 22.2 | Methodologies Used | 275 |
|  | 22.3 | Financial Model Parameters | 275 |
|  |  | 22.3.1 Taxes | 276 |
|  |  | 22.3.2 Working Capital | 276 |
|  |  | 22.3.3 Closure Costs | 276 |
|  |  | 22.3.4 Royalties | 276 |
|  | 22.4 | Economic Analysis | 276 |
|  | 22.5 | Sensitivity Analysis | 280 |

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| 23 | Adjacent Properties | Adjacent Properties | 281 |
| 24 | Other Relevant Data and Information | Other Relevant Data and Information | 282 |
|  | 24.1 | Overview | 282 |
|  | 24.2 | Project Execution Plan (PEP) | 282 |
|  | 24.3 | Project Schedule Overview | 283 |
|  |  | 24.3.1 Integrated Project Schedule | 284 |
|  | 24.4 | Operational Readiness Planning | 287 |
|  | 24.5 | Potential Upside Opportunities Outside of the PFS | 287 |
|  |  | 24.5.1 Processing Plant and Mine Plan Concepts | 287 |
|  |  | 24.5.2 Potential Future Toll Milling Agreements at the Fenn-Gib Mill | 288 |
|  |  | 24.5.3 South Block Exploration Potential | 289 |
|  |  | 24.5.4 Regional Growth Opportunities | 289 |
| 25 | Interpretation and Conclusions | Interpretation and Conclusions | 291 |
|  | 25.1 | Introduction | 291 |
|  | 25.2 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 291 |
|  | 25.3 | Geology and Mineralization | 291 |
|  | 25.4 | Exploration and Drilling | 292 |
|  | 25.5 | Metallurgical Testwork | 292 |
|  | 25.6 | Mineral Resource Estimate | 292 |
|  | 25.7 | Factors That May Affect the Mineral Resource Estimate | 293 |
|  | 25.8 | Mineral Reserve Estimate | 293 |
|  | 25.9 | Mining Methods | 294 |
|  | 25.10 | Process Plant | 295 |
|  | 25.11 | Infrastructure | 296 |
|  | 25.12 | Markets and Contracts | 297 |
|  | 25.13 | Environmental, Permitting and Social Considerations | 297 |
|  |  | 25.13.1 Environmental, Permitting and Social Considerations Conclusion | 298 |
|  | 25.14 | Capital Cost Estimate | 298 |
|  | 25.15 | Operating Cost Estimate | 298 |
|  | 25.16 | Economic Analysis | 299 |
|  | 25.17 | Risks and Opportunities | 299 |
|  |  | 25.17.1 Risks | 299 |
|  |  | 25.17.2 Opportunities | 301 |
| 26 | Recommendations | Recommendations | 303 |
|  | 26.1 | Introduction | 303 |
|  | 26.2 | Drilling | 303 |
|  | 26.3 | Mining and Geology | 303 |

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|  | 26.4 | Plant Design | 304 |
|  | 26.5 | Metallurgical Testwork | 304 |
|  | 26.6 | Tailings Storage Facility and Water Management | 304 |
|  | 26.7 | Geotechnical and Site Investigations | 305 |
|  | 26.8 | Infrastructure Design | 305 |
|  | 26.9 | Environmental Studies, Project Approvals and Community Engagement | 305 |
|  | 26.10 | Construction Control Estimate | 305 |
|  | 26.11 | Estimated Total Cost | 305 |
| 27 | References | References | 306 |

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**List of Tables** 

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|  Table 1-1: | Mineral Resource Estimate | 7 |
|  Table 1-2: | Fenn-Gib Proven and Probable Mineral Reserves - December 19, 2025 | 8 |
|  Table 1-3: | Capital Cost Estimate | 13 |
|  Table 1-4: | Operating Cost Summary | 14 |
|  Table 1-5: | Economic Analysis Summary Table | 16 |
|  Table 1-6: | After-Tax Sensitivity Analysis | 18 |
|  Table 1-7: | Recommended Work Program | 21 |
|  Table 2-1: | Report Contributors | 23 |
|  Table 2-2: | Abbreviations and Acronyms | 25 |
|  Table 2-3: | Units of Measurement | 27 |
|  Table 4-1: | Mineral Tenure Table | 32 |
|  Table 4-2: | Summary of Mining Patents | 39 |
|  Table 6-1: | Exploration History | 49 |
|  Table 6-2: | LSG and Tahoe Exploration Activities | 50 |
|  Table 10-1: | Drill Summary Table | 61 |
|  Table 10-2: | Significant Drill Hole Intersections | 66 |
|  Table 13-1: | Metallurgical Testwork Summary Table | 93 |
|  Table 13-2: | Gravity Separation Testwork Summary | 94 |
|  Table 13-3: | Comminution Test Results | 97 |
|  Table 13-4: | Concentrate Regrinding-Regrind Mill Slurry Viscosity Measurements | 105 |
|  Table 13-5: | Acid-Base Accounting Test | 106 |
|  Table 13-6: | Metallurgical Sample Details | 107 |
|  Table 13-7: | Comminution Testing Sample Details | 108 |
|  Table 14-1: | Geology Black Model Codes and Descriptions | 113 |
|  Table 14-2: | Assigned Density Values | 113 |

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|  Table 14-3: | Capping Analysis Summary | 115 |
|  Table 14-4: | Correlogram Parameters | 121 |
|  Table 14-5: | Block Model Workspace | 122 |
|  Table 14-6: | Interpolation Parameters by Domain Code | 122 |
|  Table 14-7: | Special Models | 123 |
|  Table 14-8: | Grade Comparison by Interpolation Method | 126 |
|  Table 14-9: | Pit Design Criteria | 130 |
|  Table 14-10: | Mineral Resource Table | 131 |
|  Table 15-1: | Fenn-Gib Proven and Probable Mineral Reserves — December 19, 2025 | 133 |
|  Table 15-2: | Pit Optimization — General Parameters | 134 |
|  Table 15-3: | Production Schedule — Proven and Probable Mineral Reserves | 140 |
|  Table 15-4: | Fenn-Gib Proven and Probable Mineral Reserves - December 19<sup>th</sup>, 2025 | 141 |
|  Table 16-1: | Overall Slope Angle Estimation | 147 |
|  Table 16-2: | Pit Slope Parameters | 149 |
|  Table 16-3: | Open Pit Model Framework | 151 |
|  Table 16-4: | Open Pit Model Item Descriptions | 151 |
|  Table 16-5: | Pit Limit Analysis Parameters | 154 |
|  Table 16-6: | Nested Pit Shell Results | 156 |
|  Table 16-7: | Haul Ramp Width Calculation | 160 |
|  Table 16-8: | Fenn-Gib Pit Inventory (By Phase) | 162 |
|  Table 16-9: | Waste Material Storage Locations and Designed Volumes | 169 |
|  Table 16-10: | LOM Production Schedule | 171 |
|  Table 17-1: | Process Design Criteria | 189 |
|  Table 17-2: | Reagent Requirements, Purpose and Consumption | 197 |
|  Table 17-3: | Power Requirement by Plant Area | 198 |
|  Table 18-1: | Project Building List | 204 |
|  Table 19-1: | November 2025 Consensus Commodity Price | 223 |
|  Table 19-2: | November 2025 Consensus Foreign Exchange Assumptions | 224 |
|  Table 20-1: | List of Permits/Approvals (Initial Draft) Anticipated for the Project | 233 |
|  Table 21-1: | Capital Cost Estimate | 241 |
|  Table 21-2: | Estimate Exchange Rates | 242 |
|  Table 21-3: | WBS Level 2 | 244 |
|  Table 21-4: | Mining Capital Costs | 246 |
|  Table 21-5: | Mine Equipment on Site | 247 |
|  Table 21-6: | Capital Cost Estimate Summary - Process Plant | 249 |
|  Table 21-7: | On-Site Infrastructure Capital Costs | 250 |
|  Table 21-8: | Off-Site Infrastructure Capital Costs | 251 |
|  Table 21-9: | Indirect Capital Costs | 252 |
|  Table 21-10: | Closure Costs | 255 |
|  Table 21-11: | Operating Cost Summary | 256 |

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|  Table 21-12: | Mine Staffing Requirements included in Labour Cost (Year 4) | 257 |
|  Table 21-13: | Hourly Manpower Requirements included in Labour Cost (Year 4) | 258 |
|  Table 21-14: | Major Equipment Operating Costs-No labour ($/h) | 260 |
|  Table 21-15: | Drill Pattern Specifications | 261 |
|  Table 21-16: | Drill Productivity Criteria | 261 |
|  Table 21-17: | Design Powder Factors | 262 |
|  Table 21-18: | Loading Equipment Parameters | 262 |
|  Table 21-19: | Support Equipment Operating Factors | 263 |
|  Table 21-20: | Total Open Pit Mine Operating Cost Estimate-With Leasing | 265 |
|  Table 21-21: | Process Plant Operating Cost Summary | 266 |
|  Table 21-22: | Reagent and Consumables Cost Summary | 266 |
|  Table 21-23: | Process Plant Maintenance Cost Summary | 267 |
|  Table 21-24: | Process Plant Power Cost Summary | 268 |
|  Table 21-25: | Process Plant Staffing Plan included in Labour Cost | 269 |
|  Table 21-26: | G&A Expenses Summary | 271 |
|  Table 21-27: | G&A Staffing Plan included in Labour Cost | 271 |
|  Table 22-1: | Economic Analysis Summary Table | 276 |
|  Table 22-2: | Cashflow Statement on an Annualized Basis | 279 |
|  Table 22-3: | After-Tax Sensitivity Analysis | 280 |
|  Table 25-1: | Mineral Resource Table | 292 |
|  Table 25-2: | Fenn-Gib Proven and Probable Mineral Reserves | 294 |
|  Table 25-3: | Risks-Environmental, Permitting, and Social Considerations | 300 |
|  Table 25-4: | Opportunities-Environmental, Permitting, and Social Considerations | 301 |
|  Table 26-1: | Recommended Work Program | 303 |

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**List of Figures** 

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|  Figure 1-1: | Plan View of Mineralized Envelopes | 4.0 |
|  Figure 1-2: | After-Tax Cash Flow | 18.0 |
|  Figure 1-3: | High-Level Schedule from FEED through to Commercial Production | 20.0 |
|  Figure 4-1: | Location Map, Fenn-Gib Property | 30.0 |
|  Figure 4-2: | Location of Surface Rights | 41.0 |
|  Figure 4-3: | Fenn-Gib Royalties | 43.0 |
|  Figure 6-1: | Geological Map Illustrating Mineral Showings *(historic claim block outline)* | 48.0 |
|  Figure 7-1: | Regional Geology Plan | 53.0 |
|  Figure 7-2: | Project Geology Plan | 55.0 |

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|  Figure 9-1: | Targets for Further Exploration Location Map | 60 |
|  Figure 10-1: | Drill Collar Location Plan | 62 |
|  Figure 11-1: | Core Storage Yard, Matheson, Ontario | 75 |
|  Figure 11-2: | Control Chart-Blank Material | 80 |
|  Figure 11-3: | Control Chart-CRM OREAS 251b | 82 |
|  Figure 11-4: | Control Chart-CRM OREAS 254b | 83 |
|  Figure 11-5: | Control Chart-CRM OREAS 256b | 84 |
|  Figure 11-6: | Control Chart-Duplicate Samples | 86 |
|  Figure 11-7: | Control Chart-Check Assays, Swastika vs. ActLabs | 87 |
|  Figure 11-8: | Control Chart-Check Assays, AGAT vs. ActLabs | 88 |
|  Figure 12-1: | Collar Labelling, FG23-347 | 91 |
|  Figure 13-1: | Spatial Variability of Comminution Samples | 98 |
|  Figure 13-2: | Rougher Concentrate Gold and Sulphide Recovery as a Function of Flotation Feed Grind Size | 99 |
|  Figure 13-3: | Gold and Sulphide Recovery to Rougher Concentrate as a Function Rougher Concentrate Mass Recovery (Pull) | 100 |
|  Figure 13-4: | Rougher Flotation Kinetics | 101 |
|  Figure 13-5: | Gold Leach Extraction and Gold Leach Residue as a Function of Grind Size | 103 |
|  Figure 13-6: | Rougher Concentrate Leach Extraction as a Function of Time | 104 |
|  Figure 13-7: | Concentrate Regrind-HIGmill Specific Grinding Energy kWh/t | 105 |
|  Figure 13-8: | Modelled Gold Recovery as a Function of Gold Head Grade | 110 |
|  Figure 14-1: | Plan View of Drill Hole Traces and Interpreted Geological Block Models | 112 |
|  Figure 14-2: | Boxplot of Uncapped Gold Grades (g/t) by Domain Code | 114 |
|  Figure 14-3: | Log Probability Plot, Deformation Zone (Au g/t) | 116 |
|  Figure 14-4: | Log Probability Plot, Main Zone (Au g/t) | 117 |
|  Figure 14-5: | 1.5 m Composites Reported by Domain Code, Capped Au (g/t) | 118 |
|  Figure 14-6: | 5 m Composites Reported by Domain Code, Capped Au (g/t) | 119 |
|  Figure 14-7: | 5180 Elevation, Composites versus Block Model (Capped Au g/t) | 125 |
|  Figure 14-8: | East 558500, Composites versus Block Model (Capped Au g/t) | 126 |
|  Figure 14-9: . | Swath Plot of NN and OK Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t) | 128 |
|  Figure 14-10:  | Swath Plot of IDW2 and OK Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t) | 129 |
|  Figure 15-1: | Fenn-Gib Ultimate Pit Design with Phases | 137 |
|  Figure 15-2: | Ultimate and Intermediate Pit Phase Limits (Representative Cross-section) 7h | 138 |
|  Figure 15-3: | Fenn-Gib Mine Schedule | 139 |
|  Figure 16-1: | Sectors for the Design Recommendations | 146 |
|  Figure 16-2: | Pit-by-Pit Graph | 157 |
|  Figure 16-3: | Pit Slope Design Terminology | 158 |
|  Figure 16-4: | Haul Ramp Design Section, Double Lane | 159 |
|  Figure 16-5: | Haul Ramp Design Section, Single Lane | 159 |

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|  Figure 16-6: | Ultimate Pit Design | 161 |
|  Figure 16-7: | Ultimate Pit Design against RF=0.55 Pit Shell (Section View) | 162 |
|  Figure 16-8: | Fenn-Gib Phases | 163 |
|  Figure 16-9: | Phase 1 | 164 |
|  Figure 16-10: | Phase 2 | 165 |
|  Figure 16-11: | Phase 3 | 166 |
|  Figure 16-12: | Phase 1N | 167 |
|  Figure 16-13: | Phase 1E | 168 |
|  Figure 16-14: | Mill Feed, Waste Tonnage and Au Grade by Year Graph | 172 |
|  Figure 16-15: | Material Mined by Year | 173 |
|  Figure 16-16: | Material Mined by Phase by Year Graph | 173 |
|  Figure 16-17: | End-of-Year Progression Plan-Year-1 | 175 |
|  Figure 16-18: | End-of-Year Progression Plan-Year 1 | 176 |
|  Figure 16-19: | End-of-Year Progression Plan, Year 2 | 177 |
|  Figure 16-20: | End-of-Year Progression Plan, Year 3 | 178 |
|  Figure 16-21: | End-of-Year Progression Plan, Year 4 | 179 |
|  Figure 16-22: | End-of-Year Progression Plan, Year 5 | 180 |
|  Figure 16-23: | End-of-Year Progression Plan, Year 6 | 181 |
|  Figure 16-24: | End-of-Year Progression Plan, Year 7 | 182 |
|  Figure 16-25: | End-of-Year Progression Plan, Year 8 | 183 |
|  Figure 16-26: | End-of-Year Progression Plan, Year 9 | 184 |
|  Figure 16-27: | End-of-Year Progression Plan, Year 10 | 185 |
|  Figure 16-28: | End-of-Year Progression Plan, Year 15 (Ultimate Pit) | 186 |
|  Figure 17-1: | Overall Process Flow Diagram | 191 |
|  Figure 18-1: | Preliminary Facilities and Infrastructure Layout | 201 |
|  Figure 18-2: | Infrastructure Plan for the Fenn-Gib Project | 202 |
|  Figure 18-3: | Site General Arrangement | 207 |
|  Figure 18-4: | Typical TSF Embankment Section | 208 |
|  Figure 18-5: | TSF Filling Schedule | 209 |
|  Figure 18-6: | Preliminary Water Balance at Year 4 of Operations | 211 |
|  Figure 18-7: | Preliminary Water Balance at Year 16 of Operations | 212 |
|  Figure 18-8: | Power Supply Alternatives Study Routes to the Fenn-Gib Gold Project Site | 216 |
|  Figure 18-9: | Proposed 27.6kV Power Supply Line from Ramore TS to the Fenn-Gib Gold Project Site | 218 |
|  Figure 18-10: | Fenn-Gib Gold Project Site Single Line Diagram | 219 |
|  Figure 18-11: | Highway 101 Realignment Alternatives | 221 |
|  Figure 20-1: | Closure Arrangement | 231 |
|  Figure 20-2: | Closure Arrangement | 238 |
|  Figure 22-1: | After-Tax Cash Flow | 278 |
|  Figure 24-1: | High-Level Schedule from FEED through to Commercial Production | 286 |

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| **1** | **SUMMARY**  |

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**1.1** **Introduction** 

Mayfair Gold Corp. ("Mayfair") commissioned Ausenco Engineering Canada ULC ("Ausenco") to compile a Pre-Feasibility Study ("PFS") for the Fenn-Gib Gold project.

The responsibilities of the engineering companies who were contracted by Mayfair to prepare this report are as follows:

• Ausenco managed and coordinated the report preparation, developed the PFS-level design and cost estimate for the process plant and general site infrastructure, and completed the economic analysis.

• T. Maunula & Associates Consulting Inc. ("TMAC") completed the work related to property
description, accessibility, local resources, geological setting, deposit type, exploration works, drilling and developed the mineral resource estimate for the project.

• AGP Mining Consultants Inc. ("AGP") designed the open pit mine, ore stockpiles, mine rock storage
areas ("MRSA"), mine production schedule, and mine capital and operating costs.

• Knight Piésold Ltd. ("KP") completed geotechnical studies, site wide water balancing, and
developed the PFS-level design and cost estimate of the tailings storage facility ("TSF") and water management infrastructure, environment and permitting considerations and closure cost estimate.

• Ecometrix Inc. an Egis Group Company ("Ecometrix") completed work related to geochemistry.

This technical report summarizes the results of the PFS and presents the latest mineral resource and mineral reserve estimates for the Fenn-Gib property. The technical report outlines the development of an open pit mine, processing facilities and related infrastructure both on site and off site.

This technical report was prepared pursuant to the requirements of Canadian National Instrument 43-101 ("NI 43-101"). The reported mineral resource and mineral reserve estimates in this technical report were prepared in accordance with the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards (2014) on Mineral Resources and Reserves, Definitions and Guidelines (2019).

**1.2** **Terms of Reference** 

This report supports the disclosure in Mayfair's news release title "Mayfair Delivers Robust Pre-Feasibility Study for the Fenn-Gib Gold Project" dated January 8, 2026.

All measurement units used in this report are metric. All costs are in Canadian dollars and stated on a 100% project ownership basis unless otherwise noted.

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As of the effective date of this report, the authors of this report are not aware of any known litigation potentially affecting the project. The qualified persons ("QPs"), as defined in NI 43-101, did not verify the legality or terms of any underlying agreement(s) that may exist concerning the project ownership, permits, off-take agreements, license agreements, royalties or other agreement(s) between Mayfair and any third parties.

The opinions in this report are based on information collected during investigations by the QPs, which in turn reflects various technical and economic conditions at the time of writing. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results can be significantly more or less favourable.

**1.3** **Property Description and Location** 

The Fenn-Gib Gold project is in Guibord and Munro Townships in northeast Ontario. The Project is 43 kilometers ("km") northwest of Kirkland Lake and 17 km east of Matheson, south of Abitibi Lake. The property center is at UTM 17N 559078 5374037 (NAD 83) or 48°31' N 80°12' W. The Project is accessible year-round by Highway 101, which passes through the Project. Highway 101 connects with the Trans-Canada Highway at Matheson. The nearest airport is located 20 km north of Timmins, which itself is 80 km from the property. The Project is in a very mining-friendly jurisdiction amongst dozens of historical mines and several active mines between Rouyn and Timmins gold-mining camps.

**1.4** **Mineral Tenure, Royalties and Agreements** 

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and six mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn-Gib Project) that cover 1,877.8 hectares ("ha"). Lake Shore Gold Corp. ("LSG") agreed to sell the Project to Mayfair Gold pursuant to an asset purchase agreement dated June 8, 2020.

Upon closing the acquisition of the Fenn-Gib Project, Mayfair Gold granted LSG a 1% net smelter return ("NSR") royalty. This royalty was later sold to Metalla Royalty and Streaming Ltd. Additionally Barrick Gold Corporation retains a back-in right to acquire a 51% interest in certain claims by reimbursing Mayfair Gold for twice its expenditures on the property. This right becomes effective if a NI 43-101 technical report confirms a mineral resource of at least 5 million ounces ("Moz") of gold on the specified claims and will expire on August 18, 2032.

**1.5** **History** 

From its initial discovery and work in 1911 the Fenn-Gib Property has been explored and developed by various operators, including Pangea Goldfields Incorporated, LSG, and Tahoe Resources Inc. ("Tahoe").

In 2011, LSG completed a program of eight drill holes, three of which were twins used for verification purposes. In addition, SGS Canada Inc. (SGS) (2011) authored an NI 43-101 technical report and mineral resource estimate (MRE).

During 2012, exploration activities conducted on the Fenn-Gib Property in the southwest half of Lot 5 Concession VI consisted of LSG's drilling contractors, Norex Drilling Ltd., completing 34 diamond drill holes ("DDH") totalling 15,802 meters ("m"). Reconnaissance mapping and prospecting were also carried out on both the North and South claim blocks during 2012.

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During 2014, LSG carried out outcrop investigations and prospecting consisting of 14 samples.

During 2017, Tahoe conducted a surface-definition diamond drilling program on the Fenn-Gib deposit, which included 98 holes for a total of 40,235 m. After 2017, Tahoe completed no further exploration activities or drilling at Fenn-Gib.

**1.6** **Geology and Mineralization** 

The Project is in the southern portion of the Abitibi Subprovince, which is part of the Superior Province of the Canadian Shield. The Abitibi Subprovince is principally composed of volcanic and sedimentary assemblages that have generally been metamorphosed to greenschist facies and intruded by late tectonic plutons of tonalite and trondhjemite affinity.

The Project is underlain by the dominantly volcanic Kidd-Munro assemblage to the north and the dominantly sedimentary Hoyle assemblage to the south. Within the vicinity of the Project, the Porcupine-Destor Fault Zone occurs as a Z-shaped sigmoidal structure that splits into three branches. Both extremities of the Z-shaped structure are east-west trending, while the central portion is more southeasterly trending.

Significant concentrations of gold mineralization on the Project primarily occur within two zones: (1) the Main Zone, and (2) the Deformation Zone. These two zones overlap and are shown in Figure 1-1. The third zone, Footwall Zone, also contains gold mineralization and is approximately 100 m north of the Main Zone.

The Main Zone is a broad zone of disseminated gold mineralization up to 500 m wide, with grades for gold between 0.50 and 3.00 grams per tonne ("g/t") Au. Massive, pillowed, and variolitic basalts crop out and can be seen in diamond drill core from holes collared near Highway 101. Hydrothermally altered variolitic basalts are the principal hosts of the Main Zone mineralization. These basalts were affected by pervasive and vein silicification, carbonatization, albitization, pervasive but weak hematization, and vein sericitization. Syenite and lamprophyre dykes intruded the basalts and are locally mineralized. Pyrite is the main sulphide mineral and occurs as disseminations and in veins, locally up to 50%, over narrow intervals (average 5% to 10%).

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| **Figure 1-1:** | **Plan View of Mineralized Envelopes**  |

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![LOGO](g83619dsp4a.jpg)

Source: TMAC, 2024

The Deformation Zone contains narrower and higher-grade intersections associated with altered sediments, intermediate dykes, and grey syenite. Gold mineralization is associated with pyrite either in quartz-healed breccias or as very fine disseminations. The Contact Fault has been interpreted to have acted as a channel for gold-bearing hydrothermal fluids and is host to the Deformation Zone and the southern boundary of the Main Zone. The Deformation Zone mineralization has been defined for approximately 2.0 km along strike.

The Footwall Zone is north of the Main Zone (Figure 1-1). The Footwall Zone structural and mineralized corridor strikes in a north-easterly direction and drilling has intercepted the zone over a strike length of approximately 500 m to a vertical depth of about 600 m below surface (open in all directions). The Footwall Zone consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, with a steep northerly dip. Mineralization consists of bleached, buff-altered (silica-albite-sericite-carbonate alteration), pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

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**1.7** **Deposit Types** 

Gold deposits within the Abitibi-Greenstone Belt, part of the Abitibi Subprovince, occur in four principal types as identified by Robert and Poulsen (1997) and Berger and Amelin (1998). These include synvolcanic and synsedimentary deposits, syenite-associated deposits, syntectonic mesothermal vein deposits, and remobilized post-tectonic vein deposits. Synvolcanic deposits, such as the Horne Deposit in Quebec, are associated with volcanogenic massive sulphide systems and ocean-floor alteration, while synsedimentary processes contributed to gold localization at deposits like Aunor and Dome in the Timmins camp. Syenite-associated deposits, exemplified by Kerr-Addison and Holt McDermott, are spatially related to syntectonic plutons intruded near regional shear zones, with mineralizing fluids interpreted as magmatic in origin; the Fenn-Gib Deposit is best represented by this model. Mesothermal vein deposits, including Camflo and Sigma, formed syntectonically from deep crustal metamorphic fluids along active shear zones during orogenesis. A fourth type, represented by the Croesus Mine near Fenn-Gib, comprises late-stage quartz veins formed by remobilization of gold-bearing fluids along north-south fractures. Literature suggests at least three phases of gold introduction in the Abitibi: early synvolcanic and synsedimentary events, intrusion-related mineralization, and a final metamorphism-related phase (Dubé & Mercier-Langevin, 2020).

**1.8** **Exploration** 

Exploration conducted by Mayfair Gold since 2021 includes helicopter-towed magnetic surveys, surface geochemical sampling programs (MMI and SGH), direct current ("DC") resistivity-induced polarization surveys, and LiDAR acquisition. These programs have expanded the understanding of mineralization on the property and identified additional exploration targets for future work.

Exploration conducted by Mayfair Gold since 2021 includes:

• SHA Geophysics Ltd. (SHA) carried out a Heli-GT helicopter-towed,
three-axis magnetic gradiometer survey over the North and South property blocks in 2021 (Munroe, 2021).

• Surface work on the North Block included an orientation soil and vegetation sample mobile-metal-ion (MMI) and soil-gas hydrocarbons (SGH) test sampling program during 2022 (Aurora Geosciences, 2023).

• Aurora conducted a DC resistivity-induced polarization (IP) survey for the Company on the North Block's
Grid A and Grid B of the Project in 2022 and 2023 (Jelenic, 2023).

In 2022, a LiDAR survey and aerial photography acquisition over both the Fenn-Gib Gold project North and South Blocks was contracted to McElhanney (2022).

**1.9** **Drilling** 

The Company acquired a 100% interest in the Fenn-Gib Property on December 31, 2020, and in mid-January 2021 commenced infill and expansion resource drilling on the Fenn-Gib Deposit on the North Block. As of June 20, 2025, the Company has completed approximately 190,000 m in 339 drill holes.

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**1.10** **Mineral Processing and Metallurgical Testwork** 

Metallurgical studies associated with the Fenn-Gib Gold project include recent efforts of Mayfair Gold (2022-2025), and earlier programs conducted by LSG (2014 -2015) and Tahoe (2017-2018). The objective of the various testwork programs was to provide sufficient metallurgical data to support the design of an optimal process to produce doré bars, for refining by others. The metallurgical testing was conducted on composite samples, over a range in head grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S<sup>2-</sup>. Composite sample selection is representative of the range in gold grade, sulphide content, and lithology with a focus on the ore expected during the life-of-mine open pit phases.

The PFS metallurgical testwork program concluded the optimum recovery process is crushing and grinding, followed by flotation, concentrate regrind and cyanidation of the rougher concentrate. The target primary 80% passing grind size (P80) was determined to be 106 µm, with a 23 to 25% rougher flotation mass recovery, yielding a maximum 97% Au recovery to a rougher concentrate. The concentrate regrind target P80 selected was 13 µm, achieving an average leach extraction of 96% Au for an estimated overall 89.6% Au recovery at a 1.5 g/t Au feed grade.

Comprehensive comminution testing was completed on ten composites, considering crusher work index, JKTech Axb rock competency, semi-autogenous grinding ("SAG"), SAG Power Index ("SPI"), Bond ball mill work index, and abrasion index. This work confirmed the mineralized material processed in the early production years to be relatively hard and competent, with a design Axb of 22.7.

Gravity concentration is included in the process design as a provisional allowance; however, the gravity circuit will not be included in the initial project. Provision for this circuit will be incorporated into the process and construction designs to allow for future installation as part of sustaining capital, should the presence of sufficient coarse free gold suitable for gravity concentration be confirmed.

The metallurgical testwork completed is sufficient to inform the development of design criteria for crushing, grinding, flotation, concentrate regrinding and cyanidation of the reground concentrate to produce doré bullion.

**1.11** **Mineral Resource Estimate** 

Mr. Tim Maunula, P.Geo., Principal Geologist, of TMAC, is the QP responsible for completing the Project's MRE.

The MRE incorporates extensive drill hole data from surface diamond drill programs combining both historical drilling completed prior to 2017 and Mayfair Gold's drilling campaigns completed from 2021-2024. The cut-off date for assay data used in the 2024 MRE was April 30, 2024. All data received were in NAD 83 UTM coordinates (Zone 17).

The MRE was:

• prepared using Hexagon Mining, HxGN MinePlan 16.2.1 (MinePlan)

• classified according to the CIM Definition Standards

• reported at a 0.3 g/t Au cut-off grade, which is amenable to open pit
extraction.

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The MRE for the Project is based on diamond drill hole data consisting of gold assays, geological descriptions, and density measurements.

The drill-hole database for the MRE used 457 historical drill holes (140,283 m) and 291 Mayfair Gold drill holes, which together yielded 217,334 assays used in the MRE.

The primary gold mineralization for the Project was modelled in three domains: Main Zone, Deformation Zone, and Footwall Zone (which included a Footwall Zone High Grade). However, gold mineralization is also contained within the other contiguous geological domains: mafic volcanics, pyroxenite, ultramafic volcanics, and sediments (Section 14.4). Mayfair Gold modelled the rock type groups using Datamine Studio EM ("Datamine"). The QP reviewed and validated these wireframes for use in the MRE. Gold grades were estimated separately by rock type within each domain.

The Fenn-Gib block model was estimated using three interpolation methods: nearest neighbour ("NN"), inverse distance weighting squared ("IDW2"), and ordinary kriging (OK). Uncapped and capped gold grades were estimated for the OK model. Only capped gold grades were estimated for the NN and IDW2 models.

The Fenn-Gib Gold project hosts mineral resources at a 0.3 g/t Au cut-off grade comprised of an indicated resource of 181.3 million tonnes ("Mt") grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional Inferred Resource of 8.9 Mt at 0.49 g/t Au containing 141,000 gold ounces. Table 1-1 presents the MRE reported within a constraining resource pit shell and categorized by resource classification. The MRE has an effective date of September 3, 2024, and was prepared by QP Tim Maunula, P.Geo. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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| **Table 1-1:** | **Mineral Resource Estimate**  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-Off**<br>**(Au g/t)** | **Cut-Off**<br>**(Au g/t)** | **Tonnes**<br>**(t)** | **Tonnes**<br>**(t)** | **Au**<br>**(g/t)** | **Au**<br>**(g/t)** | **Au**<br>**(oz)** | **Au**<br>**(oz)** |
|  Indicated |  | 0.3 |  | 181302000 |  | 0.74 |  | 4313000 |
|  Inferred |  | 0.3 |  | 8921000 |  | 0.49 |  | 141000 |

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Notes:

1. Effective date of this updated MRE is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

2. All mineral resources have been estimated in accordance with the CIM Definitions Standards, as required
under National Instrument (NI) 43-101. Mineral resource statement prepared by Tim Maunula, P.Geo. in accordance with NI 43-101.

3. Mineral resources reported demonstrate reasonable prospect of eventual economic extraction, as required
under NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The mineral resources may be materially affected by environmental, permitting, legal, marketing, and
other relevant issues.

4. Mineral resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

5. Troy ounce = tonnes x grade/31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.

6. The quantity and grade of reported inferred resources are uncertain in nature and there has not been
sufficient work to define these inferred resources as indicated or measured resources. It is reasonably expected that many of the inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

7. Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to
rounding.

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**1.12** **Mineral Reserve Estimate** 

The reserves for the Fenn-Gib Gold project are based on the conversion of the indicated mineral resources in the study mine plan within the ultimate open pit limits. No measured mineral resources are within the ultimate pit design. The level of information from drill holes and degree of certainty on assumptions used by the mine plan estimates provides reasonable support to classify Indicated mineral resources conversion directly to probable reserves.

The total mineral reserve for the Fenn-Gib Gold project is shown in Table 1-2.

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| **Table 1-2:** | **Fenn-Gib Proven and Probable Mineral Reserves - December 19, 2025**  |

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| **Reserve Class** | **Process Feed<br>(Mt)** | **Grade<br>Au (g/t)** | **Contained Gold<br>Moz** |
|  Proven |  |  |  |
|  Probable | 25.13 | 1.29 | 1.04 |
|  **Total Reserves** | **25.13** | **1.29** | **1.04** |

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Note:

1. This mineral reserve estimate has an effective date of December 19, 2025

2. The mineral reserve estimation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP Mining
Consultants Inc., who is a QP as defined under NI 43-101

3. Mineral reserves are stated within the ultimate design pit based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. US$1,750/ounce gold price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pit Limit corresponds to a pit shell with a revenue factor of 0.55, corresponding to a US$962 /ounce gold
price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An elevated cut-off grade of 0.80 g/t Au for all pit phases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preliminary mining cost assumptions of C$3.24/tonne mined of waste, C$3.23/tonne mined of ore, with an
incremental mining cost of C$0.02/tonne/5m bench mined below the 5,310 m elevation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Preliminary processing cost assumptions of C$14.50/tonne processed, general & administration
assumption of C$2.10/tonne processed, and stockpile rehandle cost assumption of C$1.00/tonne processed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Preliminary process recovery assumptions of 92.6% for gold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. An exchange rate of C$1.35 equal to US$1.00

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The preliminary economic, cost and recovery assumptions used at the time of mine planning and reserve
estimation may not necessarily conform to those stated in the economic model

4. Pit slope inter-ramp slope angle assumptions ranged from 28 - 65° and overall slope angles ranging from
21 - 51°

The QP has not identified any known legal, political, environmental, or other risks that would materially affect the potential development of mineral reserves.

Technical risks that have been identified as potentially affecting the mineral reserves include mining selectivity near the ore contacts, slope stability, and assumed process recoveries for given rock types. These are considered manageable risks that will be mitigated as more testwork and operating experience is obtained.

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**1.13** **Mining Methods** 

The PFS mine plan is based on open pit mining. With current metal pricing levels, knowledge of the mineralization, grade tenor, grade distribution and proximity to surface open pit mining offers the most reasonable approach for development.

A main pit with three phases together with two smaller satellite pits will provide the open pit feed material necessary to maintain the process plant feed rate at 4,800 tonnes/day ("t/d"). The main pit is proposed as a three-phase design using 5 m benches in ore which provides 25.1 Mt of mill feed grading 1.29 g/t Au. Waste from this pit will total 151.9 Mt for a strip ratio of 6.0:1.0 (waste: mill feed).

The mill feed cut-off is 0.80 g/t Au. During the mine operation minimal material will be stockpiled (0.8 Mt) and only at the beginning of the mine life when ore is encountered during the pre-stripping operation. This will be reclaimed in Year 1.

The pit phases are scheduled to provide 4,800 t/d of feed to the mill over a 14.5-year mining life after one year of pre-production stripping. The pits are sequenced to minimize initial stripping and provide higher feed grades in the early years of mine life while assisting in the construction of the tailings management facility.

The main fleet will consist of three 165 millimeter ("mm") down the hole drills, two 16 m<sup>3</sup> diesel hydraulic shovels and one 13 m<sup>3</sup> front end loader. Another 13 cubic meters ("m<sup>3</sup>") loader will be at the crusher and can be used in the pit as needed. The truck fleet will total 8 - 92-t trucks at the peak of mining. They will deliver waste material for tailings facility construction. There is also a smaller fleet of two articulated trucks and two 63-tonne trucks for tailings facility maintenance and lift development. The usual assortment of dozers, graders, small backhoes, and other support equipment is considered in the equipment cost estimate.

Year -1 is the start of major mining activity using the mining equipment and the site infrastructure (roads, highway relocation, pads, etc.) are in place. The early phases will provide the highest grade to the mill in the first six years in the schedule. The open pit will be in operation until the middle of Year 15.

Waste material from the pit will be used in the construction of the TSF with excess going into the various MRSA and overburden stockpiles. As the MRSA advances upwards, re-sloping of the sides will be occurring to allow for concurrent reclamation and reducing the visual impact of the facility.

In addition to the main open pit, two satellite pits will be mined and these will be used for water storage and diversion later in the mine life. The Phase 1N pit will be used to provide rock material for various mine infrastructure including haul roads, and pads as needed.

**1.14** **Recovery Methods** 

Development of the process flowsheet for the Fenn-Gib Gold project is based on metallurgical test work described in Section 13. Crushing and grinding followed by sulphide flotation, rougher concentrate regrinding and cyanidation, carbon adsorption, desorption and regeneration, with cyanide detox of the CIL tailings. Gravity concentration may be included in the flowsheet as a sustaining capital project.

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The process flowsheet consists of the following circuits:

• Three-stage crushing of run-of-mine ("ROM") ore.

• A diverter chute to allow for crushing of waste rock for on-site construction purposes, including the TSF.

• A crushed ore stockpile to provide 24 hours live capacity head of the grinding circuit.

• Ball mill with trommel screen and cyclone classification yielding an 80% passing 106 µm flotation feed.

• Provision for future installation of gravity concentration and intensive leaching of the gravity concentrate.

• Sulphide and fine free gold flotation yielding a rougher concentrate.

• Flotation concentrates dewatering and regrinding yielding an 80% passing 13 µm concentrate for
cyanidation.

• Cyanidation and carbon in leach ("CIL") adsorption of the reground rougher concentrate.

• Acid washing of loaded carbon and AARL carbon stripping followed by EW and refining to produce doré
bullion.

• Carbon regeneration.

• Cyanide destruction of CIL tailings using the SO<sub>2</sub>/air
process.

• Process water management.

• Tailings disposal.

**1.15** **Project Infrastructure** 

The Fenn-Gib Gold project infrastructure plan encompasses all major facilities required for mine development, processing, and support operations. Key components include the following:

• **Mine and Process Facilities:** An open pit, process plant (including crushing facilities, stockpile
covers, reagent warehouse), and mine maintenance facilities (truck shop, wash bay, and warehouses). Essential buildings will be constructed on-site, while non-essential services are planned to be in Matheson.

• **Site Access**: The project is accessible via Highway 101, with connections to the Trans-Canada Highway
and Ontario Northland Rail Line. Timmins Airport provides regional air service.

• **Highway 101 Relocation**: A 5 km segment of Highway 101 will be realigned to maintain safe separation
from the ultimate open pit footprint. Three alignment alternatives were evaluated; the preferred option is included in the PFS design to be constructed following the initial construction phase. The timing will be re-evaluated with the next phase of work and will be pending the approvals associated with this scope.

• **Tailings and Waste Management**: A paddock-style TSF designed for co-disposal of tailings and PAG mine rock, with staged construction and integrated water reclaim systems. Non-PAG mine rock and overburden from the open pit will be used
to construct perimeter embankments. A mine rock storage area and overburden stockpiles are included to store mine rock and overburden not utilized for embankment construction.

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• **Water Management**: Systems include runoff and seepage collection, water management ponds, and a Water
Treatment Plant with discharge to Pike River (subject to permitting). A site-wide water balance has been developed with calibration of the model to continue with future site investigations and ongoing site monitoring.

• **Power Supply**: The site requires approximately 16 megawatt ("MW"). The preferred option is a
Hydro One grid connection via a 27.6 kilovolt ("kV") line from Ramore TS, with contingency plans for temporary on-site generation should the connection schedule be delayed.

• **Fuel and Utilities**: Dedicated fuel storage facilities will comply with provincial standards. Potable
water will be sourced from a domestic well and treated on-site.

• **Accommodation**: A temporary construction camp for an estimated peak loading of approximately 400
personnel will be located off-site in Matheson; no operations camp is planned.

**1.16** **Market Studies and Contracts** 

Long-term metal price assumptions and foreign exchange rates (C$/US$) were provided by CIBC Global Mining Group and reviewed by the QP indicate that the gold price and foreign exchange rate used in the financial analysis are appropriate and the Fenn-Gib produced gold is expected to be marketable under current conditions, with no significant barriers to saleability identified. Although no significant contracts are currently in place, the QP considers the market assumptions used in the technical report to be reasonable. Risks associated with pricing and market access are discussed further in Section 25.

**1.17** **Environmental, Permitting and Social Considerations** 

**1.17.1** **Environmental Considerations** 

Extensive baseline environmental studies have been conducted since 2021, covering terrestrial and aquatic ecosystems (including species at risk ("SAR")), groundwater, air quality, noise, and cultural heritage resources.

A preliminary geochemical characterization program was initiated in 2023, with follow up work ongoing as of the fall of 2025. The purpose of this work is to evaluate the metal leaching and acid rock drainage potential of mine rock, overburden, and tailings materials. Preliminary results have indicated a portion of the mine rock and tailings are PAG and require engineered containment and that will be accomplished by subaqueous deposition within the TSF.

**1.17.2** **Closure and Reclamation Considerations** 

A conceptual closure strategy that will be the basis of the Closure Plan has been developed that is consistent with the requirements of the Mine Rehabilitation Code of Ontario, that includes, among other things, removal of infrastructure, machinery and equipment, stabilization of tailings and MRSAs, securing the open pit to ensure public safety is maintained and allowing the pit to fill with water, and remediation of disturbed surfaces and subsequent revegetation to support designated end land uses. Financial assurance will be provided to cover the full cost of closure and long-term monitoring.

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**1.17.3** **Permitting Considerations** 

The Project will require a suite of permits and approvals typical of mine developments of the sort contemplated at Fenn-Gib, primarily under provincial jurisdiction, to support all mine phases. Select elements of the Project will require approval through one or more provincial class environmental assessment ("EA") processes. The Project as contemplated does not trigger a comprehensive EA with the Province. The Project is not a Physical Activity as defined in the Physical Activities Regulations under the federal Impact Assessment Act and therefore federal impact assessment ("IA") is not indicated though an authorization under the federal Fisheries Act may be required in relation to impacts to fish and fish habitat. Early engagement with regulators has been initiated, and no significant impediments to permitting have been identified. Mayfair is in discussions with the Ontario government regarding entry into the "One Project, One Process" ("1P1P") initiative that includes facilitation of all necessary provincial approvals through a dedicated Mine Authorization and Permitting Delivery Team (MAPDT).

**1.17.4** **Social Considerations** 

Social and community engagement is ongoing and proactive. The Project is located within Treaty 9 and the traditional territory of Apitipi Anicinapek Nation, with an active Exploration Agreement in place. Consultation with additional Indigenous communities and local stakeholders has also commenced, and a "good neighbour" agreement with the Town of Matheson is anticipated to address employment, procurement, and community investment.

**1.18** **Capital and Operating Cost** 

**1.18.1** **Capital Cost Estimate** 

The capital cost estimate was developed in Q3 2025 dollars based on budgetary quotations for equipment and construction contracts, as well as Ausenco's in-house database of projects and studies including experience from similar operations. All cost are in Canadian Dollars ($) unless specified otherwise.

The estimate includes mining, processing, onsite infrastructure, tailings and MRSAs, offsite infrastructure, project indirect costs, project delivery, owners' costs, and contingency.

The following parameters and qualifications were considered:

• No allowance has been made for exchange rate fluctuations.

• There is no escalation added to the estimate.

• A growth allowance was included.

Data for the estimates have been obtained from numerous sources, including:

• mine schedules

• PFS-level engineering design by Ausenco, AGP, and KP

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• topographical information obtained from the site survey

• geotechnical investigations

• budgetary equipment quotes from suppliers

• budgetary unit costs from several local contractors for civil, concrete, steel, electrical, piping, and
mechanical works

• data from similar recently completed studies and projects.

Major cost categories (permanent equipment, material purchase, installation, subcontracts, indirect costs, and Owner's costs) were identified and analyzed. A contingency was applied in the cost estimate and was based on ranging the accuracy of the data by discipline and WBS level 2 and applying a deterministic method. An overall contingency amount was derived in this fashion.

The capital cost summary is presented in Table 1-3. The total initial capital cost for the Fenn-Gib Gold project is $450 million; and LOM sustaining costs are $110 million inclusive of closure costs.

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| **Table 1-3:** | **Capital Cost Estimate**  |

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|:---|:---|:---|:---|:---|
| **WBS Level 1** | **WBS Description** | **Initial Capital Cost**<br>**($M)** | **Sustaining Cost ($M)** | **Total Cost ($M)** |
| 1000 | Mining | 31.4 | 24.4 | 55.8 |
| 2000 | Crushing | 21.6 | 1.1 | 22.7 |
| 3000 | Process Plant | 114.7 | 1.4 | 116.1 |
| 4000 | On Site Infrastructure | 72.4 | 14.6 | 87.0 |
| 5000 | Off Site Infrastructure | 15.6 | 13.3 | 28.9 |
|  | **Total Direct Costs** | **255.8** | **54.7** | **310.5** |
| 6000 | Project Preliminaries | 35.9 | 0.0 | 35.9 |
| 7000 | Project Delivery | 30.7 | 2.5 | 33.3 |
| 8000 | Owner's Costs | 61.7 | 3.7 | 65.3 |
|  | **Total Indirect Costs** | **128.3** | **6.2** | **134.5** |
|  | **Total Direct + Indirect Costs** | **384.1** | **60.9** | **444.9** |
| 9000 | Contingency | 65.9 | 0.0 | 65.9 |
|  | **Total Capital Cost** | **450.0** | **60.9** | **510.9** |

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**1.18.2** **Operating Cost Estimate** 

The operating cost estimate is presented in Q3 2025 Canadian dollars ($) and was prepared to a Class 4 estimate with an accuracy of ±25% as defined by the Association for the Advancement of Cost Engineering International. The estimate includes mining, processing, and general and administration ("G&A") costs.

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The mine operating costs have been estimated from first principles with vendor quotations for repair and maintenance costs and other suppliers for consumables. Key inputs to the mine cost are fuel and labour. The mining fleet and support equipment fleets are diesel powered.

The operating costs were calculated based on process and maintenance consumables, workforce and G&A costs.

Common to all operating cost estimates are the following assumptions:

• Costs are estimated based on Q3 2025 pricing without allowances for inflation.

• For material sourced in US dollars, an exchange rate of C$1.35 to US$1.00 was assumed.

• Estimated cost for diesel is $1.13/L.

• Power costs are calculated using a unit price of $0.11/kWh, provided to Ausenco by Mayfair Gold.

The overall operating cost over the life-of-mine of the project is $1,493 million over 15 years, or an average of $59.43/t processed. The operating costs are summarized in Table 1-4 below.

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| **Table 1-4:** | **Operating Cost Summary**  |

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|:---|:---|:---|:---|
| **Cost Area** | **Total LOM ($M)** | **$/t Processed** | **% of Total** |
|  Mining<sup>1</sup> | 771 | 30.66 | 52% |
|  Process | 483 | 19.22 | 32% |
|  G&A | 171 | 6.82 | 11% |
|  Refining and Royalties | 69 | 2.73 | 5% |
|  **Total** | **1493** | **59.43** | **100%** |

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Note:

1. Equivalent to $4.53/t mined

**1.19** **Economic Analysis** 

**1.19.1** **Economic Summary** 

The results of the economic analyses discussed in this chapter represent forward-looking information as defined under Canadian securities law. The results depend on inputs that are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here.

Information that is forward-looking includes:

• mineral resource estimates

• assumed commodity prices and exchange rates

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• proposed mine production plan

• projected mining and process recovery rates

• assumptions regarding mining dilution and estimated future production

• sustaining costs and proposed operating costs

• assumptions regarding closure costs and closure requirements

• assumptions regarding environmental, permitting, and social risks.

Additional risks to the forward-looking information includes:

• changes to costs of production from what is assumed

• unrecognized environmental risks

• unanticipated reclamation expenses

• unexpected variations in quantity of ore, grade, or recovery rates

• accidents, labour disputes, and other risks of the mining industry

• geotechnical or hydrogeological considerations during mining being different from what was assumed

• failure of mining methods to operate as anticipated

• failure of plant, equipment, or processes to operate as anticipated

• changes to assumptions as to the availability of electrical power, and the power rates used in the operating
cost estimates and financial analysis

• changes to site access, use of water for mining purposes, and to time to obtain environment and other
regulatory permits

• ability to maintain the social licence to operate

• changes to interest rates

• changes to tax rates.

The economic analysis was performed assuming a gold price of US$3,100/oz, which was based on long-term consensus analyst estimates. The forecasts are meant to reflect the average metals price expectation over the life of the project. No price inflation or escalation factors were considered. Commodity prices can be volatile, and there is the potential for deviation from the forecast. The economic analysis also used the following assumptions:

• A pre-production period of 36 months including an initial 12-month detailed engineering period followed by 24-month construction and commissioning period.

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• A mine life of 14.3 years.

• 100% ownership.

• An exchange rate of 1.35 CAD/USD based on a review of current long-term consensus.

• Capital cost funded with 100% equity (no financing cost assumed other than for mining equipment leases).

• Cash flows that are discounted to the start of construction using an end-period discounting convention.

• Metal products are sold in the same year they are produced.

• Project revenues are derived from the sale of gold doré.

• No contractual arrangements for refining exist.

• Costs associated with Indigenous Impact and Benefit Agreements ("IBAs") have not yet been
negotiated and, therefore, are not included in the financial cost model.

The economic analysis was performed assuming a 5% discount rate with no inflation (constant dollar basis). On a pretax basis, the net present value ("NPV") discounted at 5% is C$981 million; the internal rate of return ("IRR") is 28.8%, and payback period is 2.6 years. On a post-tax basis, the NPV discounted at 5% is C$652 million; the IRR is 24.1%, and the payback period is 2.7 years. The analysis was performed on an annual cashflow basis; the cashflow output is shown graphically in Figure 1-2 and a summary of the key financial metrics is presented in Table 1-5.

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| **Table 1-5:** | **Economic Analysis Summary Table**  |

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| | |
|:---|:---|
| **Description** | **PFS Base Case**<br>**Life-of-Mine**<br>**Total/Average** |
|  **General Assumptions** | **General Assumptions** |
|  Discount Rate | 5 |
|  Gold Price | 3100 |
|  Exchange Rate | 1.35 |
|  **Production** | **Production** |
|  Mine Life | 14.3 |
|  Total Waste Tonnes Mined<sup>1</sup> | 151866 |
|  Total Mill Feed Tonnes | 25130 |
|  Mill Head Grade (Au) | 1.29 |
|  Mill Recovery Rate | 88.3 |
|  Total Mill Ounces Recovered | 920 |
|  Total Average Annual Production | 64 |
|  **Transport, Refining, Royalties** | **Transport, Refining, Royalties** |
|  Gold Payable | 99.95 |
|  Refining & Transport Cost | 5.00 |
|  NSR Royalty | Varies (LOM avg. 1.7%) |

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| **Description** | **PFS Base Case**<br>**Life-of-Mine Total/Average** |
|  **Operating Costs** | **Operating Costs** |
|  Mining Cost | 4.53 |
|  Mining Cost | 30.66 |
|  Processing Cost | 19.22 |
|  G&A Cost | 6.82 |
|  Refining and Royalties | 2.73 |
|  Total Operating Cost | 59.43 |
|  Cash Costs<sup>1</sup> | 1203 |
|  All-In Sustaining Cost (AISC)<sup>2</sup> | 1292 |
|  **Capital Expenditures** | **Capital Expenditures** |
|  Initial Capital Cost | 450.0 |
|  Sustaining Capital Cost | 60.9 |
|  Closure Capital Cost | 49.4 |
|  **Economics** | **Economics** |
|  Pre-Tax NPV @ 5% | 980.5 |
|  Pre-Tax IRR | 28.8% |
|  Pre-Tax Payback | 2.6 |
|  Post-Tax NPV @ 5% | 651.7 |
|  Post-Tax IRR | 24.1% |
|  Post-Tax Payback | 2.7 |

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Notes:

1. Total waste includes overburden, mineralized waste and waste material

2. Cash Costs and AISC are Non-GAAP financial measures.

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| **Figure 1-2:** | **After-Tax Cash Flow**  |

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![LOGO](g83619dsp18.jpg)

Note: Cash flow and cumulative cash flow are non-GAAP financial. Source: Ausenco, 2025

**1.19.2** **Sensitivity Analysis** 

A sensitivity analysis was conducted on the base case post-tax payback, NPV and IRR of the project using the following variables: gold price, exchange rate, initial capital costs and operating costs. After-tax sensitivity results are shown in Table 1-6.

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|:---|:---|
| **Table 1-6:** | **After-Tax Sensitivity Analysis**  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** |
| **After-Tax Results** | **-30%** | **-15%** | **0%** | **15%** | **30%** |
|  NPV 5% (M C$) | 826 | 739 | 652 | 564 | 476 |
|  IRR (%) | 27.7% | 25.9% | 24.1% | 22.1% | 20.0% |
|  Payback (yrs) | 2.4 | 2.5 | 2.7 | 2.9 | 3.2 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** |
| **After-Tax Results** | **-30%** | **-15%** | **0%** | **15%** | **30%** |
|  NPV 5% (M C$) | 773 | 713 | 652 | 591 | 530 |
|  IRR (%) | 34.2% | 28.4% | 24.1% | 20.7% | 17.8% |
|  Payback (yrs) | 1.9 | 2.3 | 2.7 | 3.1 | 3.6 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **C$/US$ Exchange Rate Sensitivity** | **C$/US$ Exchange Rate Sensitivity** | **C$/US$ Exchange Rate Sensitivity** | **C$/US$ Exchange Rate Sensitivity** | **C$/US$ Exchange Rate Sensitivity** |
| **After-Tax Results** | **1.25** | **1.30** | **1.35** | **1.40** | **1.45** |
|  NPV 5% (M C$) | 536 | 594 | 652 | 710 | 767 |
|  IRR (%) | 21.4% | 22.7% | 24.1% | 25.4% | 26.6% |
|  Payback (yrs) | 3.0 | 2.8 | 2.7 | 2.6 | 2.5 |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **After-Tax Results** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** | **Gold Price Sensitivity (US$/oz)** |
| **After-Tax Results** | **1600** | **2100** | **2600** | **3100** | **3600** | **4100** | **4600** |
|  NPV 5% (M C$) | -141 | 144 | 399 | 652 | 903 | 1155 | 1405 |
|  IRR (%) | N/A | 10.3% | 17.9% | 24.1% | 29.4% | 34.3% | 38.6% |
|  Payback (yrs) | N/A | 5.2 | 3.5 | 2.7 | 2.2 | 1.9 | 1.7 |

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**1.20** **Adjacent Properties** 

The Fenn-Gib property is located within Ontario's "Golden Highway," a well-established Archean greenstone belt corridor hosting numerous past producing and active gold operations. The property is surrounded by claims and leases held by exploration companies and operators, including STLLR Gold Inc., McEwen Mining Inc., Onyx Gold Inc., and Agnico Eagle Mines Ltd. McEwen Mining's Fox Complex, located approximately 6 km west, has produced nearly 1 Moz historically and is advancing plans to increase annual output to 60,000 ounces by 2027 and up to 150,000 ounces by 2030. STLLR Gold's Tower Gold Project, situated southeast along the Porcupine-Destor Fault Zone, reports a current NI 43-101 mineral resource of approximately 3.66 Moz indicated and 4.13 Moz inferred in open pit domains, with additional underground resources exceeding 3 Moz. Onyx Gold is actively exploring the Munro-Croesus Project north of Fenn-Gib, a past producing high grade property proximal to major structural zones. Agnico Eagle controls ground to the south, including the historic Holloway and Holt mines, which collectively produced more than 2 Moz prior to care and maintenance in 2019. The historic Ross Mine, approximately 10 km east, produced over 1 Moz before closing in 1989. While these operations underscore the strong gold endowment of the district, mineralization reported for adjacent properties is not necessarily indicative of mineralization at Fenn-Gib.

**1.21** **Other Relevant Data and Information** 

**1.21.1** **Project Execution Plan and Schedule** 

The Project execution plan contemplates delivery under an engineering, procurement, and construction management ("EPCM") framework with early contractor engagement to support constructability, sequencing, and execution readiness. An early works program, subject to permitting, is intended to advance site preparation, access roads, overburden removal, construction water management, and initial TSF earthworks. Early commissioning of the primary crusher is planned to allow waste rock generated during site development to be processed and reused for construction activities, including road building and TSF development. Early mobilization of the mining fleet, initially supported by a smaller contractor fleet where appropriate, is expected to accelerate pre-stripping and provide material required for critical earthworks. Selective modularization of plant components may be evaluated to reduce onsite labour and improve installation efficiency, supported by a dedicated off-site project management office providing centralized project controls and reporting.

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The Project schedule is structured to advance through engineering, procurement, construction, commissioning, and ramp-up to commercial production. The execution timeline is primarily sensitive to the timing of permitting and approvals, long-lead equipment procurement, and TSF earthworks readiness. Engineering is intended to advance in parallel with permitting and Indigenous engagement, targeting a high level of plant design completion at approval and construction-ready TSF packages to support timely initiation of earthworks. Operational readiness planning is expected to proceed in parallel with construction, including development of operating and maintenance strategies, training programs, supply chain planning, and early involvement of operations personnel during commissioning to support a timely transition to steady-state operations. A high-level schedule for the Fenn-Gib Gold project is presented in Figure 1-3.

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| **Figure 1-3:** | **High-Level Schedule from FEED through to Commercial Production**  |

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![LOGO](g83619dsp.jpg)

Source: Mayfair, 2025

**1.21.2** **Potential Upside Opportunities** 

The PFS includes the processing of 1 Moz of reserves of the overall 4.3 Moz indicated resource. This presents several conceptual opportunities that are not included in the base case but may become strategically viable in future years. Further technical, economic and regulatory/permitting review is required for any other options following the start-up of the project as described in this study.

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**1.22** **Conclusions & Recommendations** 

Based on the assumptions and parameters presented in the report, the project has a mine plan that is technically feasible and economically viable. The positive financials of the project ($652 million after-tax NPV5% and 24.1% after-tax IRR) support the mineral reserve. To position the Company for a construction decision, it is recommended that critical work streams be advanced in parallel, including front-end engineering development ("FEED") and detailed design to develop a control budget estimate, permitting and regulatory approvals to secure all necessary authorizations for construction, Indigenous and community engagement and consultation garner input on the project design with impacted communities. Advancing these activities concurrently will ensure technical, regulatory, social, and financial readiness for the next stage of project execution. The budget for this scope is detailed in Table 1-7.

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|:---|:---|
| **Table 1-7:** | **Recommended Work Program**  |

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|:---|:---|
| **Program Component** | **Estimated**<br>**Total Cost**<br>**($M)** |
|  Drilling | 5.7 |
|  Mining and Geology | 2 |
|  Plant Design | 11 |
|  Metallurgical Testwork | 1 |
|  Tailings and Water Management Designs | 4.5 |
|  Geotechnical and Site Investigations | 4.6 |
|  Infrastructure Designs | 2 |
|  Environmental Studies and Community Engagement | 5 |
|  Construction Control Estimate | 0.2 |
|  **Total** | **36.0** |

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| **2** | **INTRODUCTION**  |

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**2.1** **Introduction** 

This report was prepared by Ausenco Engineering Canada ULC (Ausenco) and T. Maunula & Associates Consulting Inc. ["TMAC")., AGP Mining Consultants Inc. ("AGP"), Knight Piésold Ltd. ("KP"), and Ecometrix Inc. an Egis Group Company ("Ecometrix") for Mayfair Gold Corp ("Mayfair Gold") to summarize the results of the pre-feasibility study ("PFS") of the Fenn-Gib Gold project (the "Project" or "Fenn-Gib").

The responsibilities of the engineering companies who were contracted by Mayfair to prepare this report are as follows:

• Ausenco managed and coordinated the report preparation, developed the PFS-level design and cost estimate for the process plant and general site infrastructure, and completed the economic analysis.

• TMAC completed the work related to property description, accessibility, local resources, geological setting,
deposit type, exploration works, drilling and developed the mineral resource estimate ("MRE") for the project.

• AGP designed the open pit mine, ore stockpiles, mine rock storage areas ("MRSA"), mine production
schedule, and mine capital and operating costs.

• KP completed geotechnical studies, site wide water balancing, and developed the PFS-level design and cost estimate of the tailings storage facility ("TSF"), environment and permitting considerations and closure cost estimate.

• Ecometrix completed work related to geochemistry.

This technical report summarizes the results of the PFS and presents the latest mineral resource and mineral reserve estimates for the Fenn-Gib property. The technical report outlines the development of an open pit mine, processing facilities and related infrastructure both on site and off site.

**2.2** **Terms of Reference** 

The report was prepared in accordance with the Canadian disclosure requirements of National Instrument 43-101 ("NI 43-101") and Form 43-101 F1, and is prepared using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves ("CIM, 2014") and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines ("CIM, 2019").

This report supports the disclosure in Mayfair's news release title "Mayfair Delivers Robust Pre-Feasibility Study for the Fenn-Gib Gold Project" dated January 8, 2026.

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All measurement units used in this report are metric. All costs are in Canadian dollars and stated on a 100% project ownership basis unless otherwise noted.

As of the effective date of this report, the authors of this report are not aware of any known litigation potentially affecting the project. The qualified persons ("QPs"), as defined in NI 43-101, did not verify the legality or terms of any underlying agreement(s) that may exist concerning the project ownership, permits, off-take agreements, license agreements, royalties or other agreement(s) between Mayfair and any third parties.

The opinions in this report are based on information collected during investigations by the QPs, which in turn reflects various technical and economic conditions at the time of writing. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results can be significantly more or less favourable.

The Project property comprises 21 fee simple patented properties, 145 unpatented mining claims, and 6 mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada that cover 1,877.8 ha.

**2.3** **Qualified Persons** 

The QPs for the report are listed in Table 2-1. By virtue of their education, experience and professional association membership, they are considered QP as defined by NI 43-101.

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| **Table 2-1:** | **Report Contributors**  |

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|:---|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional**<br> **Designation** | **Position** | **Employer** | **Completed site**<br> **inspection** | **Independent of**<br> **Client** |
| Tommaso Roberto Raponi | P.Eng. | Senior Mineral Processing Specialist | Ausenco | Yes | Yes |
| Tim Maunula | P.Geo. | Principal Geologist | TMAC | Yes | Yes |
| Gordon Zurowski | P.Eng. | Principal Mine Engineer | AGP | Yes | Yes |
| Craig Hall | P.Eng. | Managing Principal | KP | Yes | Yes |
| Richard Cook | P.Geo (Ltd.) | Specialist Environmental Scientist | KP | No | Yes |
| Sarah Barabash, PhD | P.Geo (Ltd.) | Director of Mining Services | Ecometrix | No | Yes |

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**2.4** **Site Visits and Scope of Personal Inspection** 

**2.4.1** **Site Inspection for Tim Maunula** 

Mr. Maunula visited the site from February 6 to 7, 2023 and April 15 to 17, 2024. His most recent site visit between April 15 and 17, 2024 included an inspection of the property, diamond drilling, core storage, and sampling and logging facilities in Matheson.

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**2.4.2** **Site inspection for Tommaso Roberto Raponi** 

Mr. Raponi visited the site on May 22, 2025. He inspected the property to review proposed location of project infrastructure, reviewed diamond drill core and met with project staff.

**2.4.3** **Site inspection for Gordon Zurowski** 

Mr. Zurowski last visited the site on July 26, 2024. During the site visit he inspected the existing road network, potential truck shop locations, location of the proposed pit design and other infrastructure items and nearby power sources. He also inspected core to obtain a representative idea of material to be mined.

**2.4.4** **Site inspection for Craig Hall** 

Mr. Hall visited the site on May 15, 2025. He inspected the property to review the potential locations of the project infrastructure including, TSF and water management structures. In addition, he observed the surface topography and general observable ground conditions.

**2.5** **Effective Dates** 

• Effective date of Mineral Resource Estimate: September 3, 2024

• Effective date of Mineral Reserve Estimate: December 19, 2025

• Effective date of Financial Model: December 19, 2025

• Effective date of this report: December 19, 2025

• The Report Date: January 14, 2026

**2.6** **Information Sources and References** 

**2.6.1** **Previous technical reports:** 

Prior technical reports that have been completed for the Project are:

• Lakeshore Gold: Dagbert & Desharnais, 2011 (SGS Technical Report)

• Mayfair Gold: Kirkham, 2021 (JDS Technical Report)

• Mayfair Gold: Maunula, 2023 (TMAC Technical Report)

• Mayfair Gold: Maunula, 2025 (TMAC Technical Report) - current resource reported in Ausenco PFS

**2.7** **Currency, Units, Abbreviations and Definitions** 

All units of measurement in this report are metric and all currencies are expressed in Canadian dollars (symbol: $ or currency: CAD) unless otherwise stated. Contained gold metal is expressed as troy ounces ("oz"), where 1 oz = 31.1035 g. All material tonnes are expressed as dry tonnes ("t") unless stated otherwise. A list of abbreviations and acronyms is provided in Table 2-2, and units of measurement are listed in Table 2-3.

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| **Table 2-2:** | **Abbreviations and Acronyms**  |

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|:---|:---|
| **Abbreviation** | **Description** |
| 1P1P | One Project, One Process |
| AA | atomic absorption spectroscopy |
| AGP | AGP Mining Consultants Inc. |
| Au | gold |
| Ausenco | Ausenco Engineering Canada ULC (Ausenco) |
| Az | azimuth |
| BIF | banded iron formation |
| BBMWi | Bond ball mill work index |
| CAD:USD | Canadian-American exchange rate |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| CIM Definition Standards | CIM Definition Standards for Mineral Resources and Mineral Reserves 2014 |
| CIM Guidelines |  |
| CIL | carbon in leach |
| CoG | cut-off grade |
| CRM | certified reference material |
| CWi | Bond crusher work index |
| Datamine | Datamine Studio EM |
| DC | direct current |
| DCIP | direct current resistivity and induced polarization |
| DDH | diamond drill hole |
| EA | environmental assessment |
| Ecometrix | Ecometrix Inc. an Egis Group Company |
| E-GRG | extended gravity recoverable gold |
| EM | electromagnetic |
| EPCM | engineering, procurement, and construction management |
| FA | fire assay |
| FEED | front-end engineering development |
| FET | federal excise tax |
| FS | feasibility study |
| G&A | general and administration |
| GPR | gross production royalty |
| GRG | gravity recoverable gold |
| GQCV | greenstone-hosted quartz-carbonate vein deposits |
| GRAV | gravimetric finish method |
| IA | impact assessment |
| IBAs | Impact and Benefit Agreements |
| ICP | inductively coupled plasma |
| ICP-OES | inductively coupled plasma - optical emission spectrometry |
| ID2 | inverse distance squared |

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| **Abbreviation** | **Description** |
| ID3 | inverse distance cubed |
| IESO | independent electricity system operator |
| IFRS | IFRS Accounting Standards |
| IOCG | iron oxide copper gold |
| IP | induced polarization |
| IRGS | intrusion-related gold system |
| IRR | internal rate of return |
| ISO | International Organization for Standardization |
| KP | Knight Piésold Ltd. |
| LIDAR | light detection and ranging |
| LSG | Lake Shore Gold Corp. |
| LUP | land use permit |
| MARC | maintenance and repair contract |
| MCF | mechanized cut and fill |
| MRSA | mine rock storage areas |
| MRE | mineral resource estimate |
| NAD 83 | North American Datum of 1983 |
| NI 43-101 | National Instrument 43-101 (Regulation 43-101 in Quebec) |
| NN | nearest neighbour |
| NPR | net proceeds royalties |
| NPV | net present value |
| NSR | net smelter return |
| NTS | national topographic system |
| OK | ordinary kriging |
| PAG | potentially acid generation |
| PEA | preliminary economic assessment |
| PFS | pre-feasibility study |
| PGE | platinum group elements |
| QA/QC | quality assurance/quality control |
| QP | qualified person (as defined in National Instrument 43-101) |
| ROM | run of mine |
| RQD | rock quality designation |
| SAG | semi-autogenous grinding |
| SAR | species at risk |
| SCC | Standards Council of Canada |
| SD | standard deviation |
| Sd-BWI | micro hardness or bond ball mill work index on SAG ground material |
| SEDEX | sedimentary exhalative deposits |
| SEM | scanning electron microscopy |
| SG | specific gravity |
| SGH | soil-gas hydrocarbons |
| SGS | SGS Canada Inc. |
| SHA | SHA Geophysics Ltd. |
| SIA | systems impact assessment |
| SPI | SAG Power Index |

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| **Abbreviation** | **Description** |
| Tahoe | Tahoe Resources Inc. |
| TIMA-X | TESCAN Integrated Mineral Analyzer |
| TMAC | T. Maunula & Associates Consulting Inc. |
| TSF | tailings storage facility |
| UG | underground |
| UTM | Universal Transverse Mercator coordinate system |
| UV | ultraviolet |
| VLF-EM | very low frequency electromagnetic |
| VMS | volcanogenic massive sulphide |

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| **Table 2-3:** | **Units of Measurement**  |

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|:---|:---|
| **Abbreviation** | **Description** |
| % | percent |
| % solids | percent solids by weight |
| CAD | Canadian dollar (currency) |
| C$ | Canadian dollar (as symbol) |
| $/t | dollars per metric tonne |
| ° | angular degree |
| °C | degree Celsius |
| µm | micron (micrometer) |
| cm | centimeter |
| cm<sup>3</sup> | cubic centimeter |
| ft | foot (12 inches) |
| GJ/d | gigajoules/day |
| g | gram |
| g/cm<sup>3</sup> | gram per cubic centimeter |
| g/L | gram per liter |
| g/t | gram per metric ton (tonne) |
| h | hour (60 minutes) |
| ha | hectare |
| kg | kilogram |
| kg/t | kilogram per tonne |
| km | kilometer |
| km<sup>2</sup> | square kilometer |
| kV | kilovolt |
| kW | kilowatt |
| kWh/t | kilowatt-hour per tonne |
| L | liter |

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 27 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| lb | pound |
| m, m<sup>2</sup>, m<sup>3</sup> | meter, square meter, cubic meter |
| M | million |
| Ma | million years (annum) |
| masl | meters above mean sea level |
| Mm<sup>3</sup> | Million cubic meters |
| mm | millimeter |
| mm/a | millimeter/year |
| Moz | million (troy) ounces |
| Mt | million tonnes |
| MW | megawatt |
| oz | troy ounce |
| oz/t | ounce (troy) per tonne |
| oz/ton | ounce (troy) per short ton (2,000 lbs) |
| ppb | parts per billion |
| ppm | parts per million |
| t | metric tonne (1,000 kg) |
| ton | short ton (2,000 lbs) |
| t/d | tonnes per day |
| USD | US dollars (currency) |
| US$ | US dollar (as symbol) |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 28 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **3** | **RELIANCE ON OTHER EXPERTS**  |

---

**3.1** **Introduction** 

The QP's have relied upon other expert reports that provided information regarding mineral rights, surface rights, property agreements, royalties, environmental, permitting, social license, and taxation for sections of this Report.

**3.2** **Property Agreements, Mineral Tenure, Surface Rights and Royalties** 

The QPs have not independently reviewed ownership of the Project area and any underlying property agreements, mineral tenure, surface rights, or royalties. The QP's have fully relied upon, information derived from Mayfair Gold and legal experts retained by Mayfair Gold. Including the following:

• Poehlman, T. (2024): *Mayfair Gold Land Report, 23 April 2024.* Report Generated on Mining Lands
Administration System by In Good Standing Corporation

This information is used in Section 1.4, Section 4, and Section 25.2. The information is also used in support of Sections 14, 15 and 24.

**3.3** **Taxation** 

The QP's have fully relied upon for information supplied by external taxation experts, retained by Mayfair Gold, related to taxation as applied to the financial model and received from their external expert in correspondence titled "Mayfair Tax Model" on December 22, 2025.

This information is used in Section 1.19 and 22 based on the model for the Project provided by Mayfair Gold for the technical report. This information is used in support of the financial analysis for the project.

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 29 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **4** | **PROPERTY DESCRIPTION AND LOCATION**  |

---

**4.1** **Property Location** 

The Project is in located in Guibord and Munro Townships in northeast Ontario. The Project lies 43 km northwest of Kirkland Lake and 21 km east of Matheson, south of Abitibi Lake. The property center is at UTM 17N 559078 5374037 (NAD 83) or 48°31' N 80°12' W. The Project is accessible year-round by Highway 101, which passes directly through the Project. Highway 101 connects with the Trans-Canada Highway at Matheson (Figure 4-1). The nearest airport is 20 km north of Timmins, which itself is 80 km from the property. The Project is in a very mining-friendly jurisdiction amongst dozens of historical mines and several active mines between Rouyn and Timmins gold-mining camps.

---

| | |
|:---|:---|
| **Figure 4-1:** | **Location Map, Fenn-Gib Property**  |

---

![LOGO](g83619dsp30.jpg)

Source: Mayfair, 2025

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 30 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

**4.2** **Property and Title in Ontario** 

Ontario's Mining Act governs mineral tenure in the province. Mineral rights can be held through three types of tenure: (1) unpatented mining claims (staked claims requiring annual work expenditures or cash payments to maintain good standing, typically renewable indefinitely), (2) mining leases (converted from claims after demonstrating sufficient exploration work, with 21-year renewable terms), and (3) mining patents (fee simple ownership of both surface and mineral rights).

The Province of Ontario retains ownership of most surface rights on unpatented claims. Mining lease holders may acquire surface rights for mining purposes subject to provincial approval. Patent holders own both surface and mineral rights in fee simple.

Water rights for mining operations in Ontario are regulated under the Ontario Water Resources Act, requiring permits from the Ministry of the Environment, Conservation and Parks for water takings exceeding specified thresholds.

Royalties in Ontario are privately negotiated agreements between parties and may include net smelter returns ("NSR"), net profit interests ("NPI"), or net proceeds royalties ("NPR"). The Province does not impose a provincial mining royalty or tax on mineral production.

**4.3** **Project Ownership** 

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and six mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn-Gib Project) that cover 1,877.8 ha (Figure 4-2). Lake Shore Gold Corp ("LSG") agreed to sell the Project to Mayfair Gold pursuant to an asset purchase agreement dated June 8, 2020.

**4.4** **Mineral Tenure** 

The QP's review of permits and agreements summarized in this section (Table 4-1 and Table 4-2) between third parties is based on information provided by Mayfair Gold and their third-party expert's report of the land tenure completed on Mining Lands Administration System ("MLAS") in June 2024 (Poehlman, 2024). An independent verification of land title was not conducted. Mayfair Gold has confirmed that there are no known litigations potentially affecting the Project.

The QPs did not independently verify the legality of any underlying agreement that may exist concerning the licences or other agreement between third parties have instead relied on information provided by Mayfair Gold.

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 31 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Table 4-1:** | **Mineral Tenure Table**  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 1200195<sup>1</sup> | Guibord | 106345 | 2027-10-20 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 341670 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 340323 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 320120 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 320119 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 320118 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 254207 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 235237 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 235236 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 199631 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 180138 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 178778 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 135440 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 135439 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200195<sup>1</sup> | Guibord | 123444 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 106836 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 340323 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 320120 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 302105 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 299673 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 281352 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 280132 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 280131 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 196478 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 190465 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 174433 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200196<sup>1</sup> | Guibord | 135439 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 106835 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 340323 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 302106 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 302105 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 302104 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 281352 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 281351 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 246022 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 233345 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 225340 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 178779 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 178778 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 149502 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 122039 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200197<sup>1</sup> | Guibord | 122038 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 32 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 1200197<sup>1</sup> | Guibord | 106836 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 103250 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 323679 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 287668 | 2027-04-23 | Mayfair 100% | 400 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 228380 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 228379 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 190465 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 174433 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 155055 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 1200198<sup>1</sup> | Guibord | 127124 | 2027-04-23 | Mayfair 100% | 200 | Stanley G. Hawkins |
| 4258499 | Guibord | 230569 | 2027-07-07 | Mayfair 100% | 200 |  |
| 4258499 | Guibord | 344528 | 2027-07-07 | Mayfair 100% | 200 |  |
| 4258499 | Guibord, Munro | 227696 | 2027-07-07 | Mayfair 100% | 200 |  |
| 4258499 | Guibord, Munro | 171033 | 2027-07-07 | Mayfair 100% | 400 |  |
| 4258968 | Guibord | 106345 | 2027-10-20 | Mayfair 100% | 200 |  |
| 4258968 | Guibord | 312371 | 2027-10-20 | Mayfair 100% | 200 |  |
| 4258968 | Guibord | 305057 | 2027-10-20 | Mayfair 100% | 200 |  |
| 4258968 | Guibord | 291635 | 2027-10-20 | Mayfair 100% | 200 |  |
| 4258968 | Guibord | 110758 | 2027-10-20 | Mayfair 100% | 200 |  |
| 4258968 | Guibord | 110605 | 2027-10-20 | Mayfair 100% | 200 |  |
| 4272132 | Guibord | 110605 | 2027-10-20 | Mayfair 100% | 200 |  |
| 4272132 | Guibord | 237687 | 2027-06-21 | Mayfair 100% | 200 |  |
| 4272132 | Guibord, Munro | 237686 | 2027-06-21 | Mayfair 100% | 200 |  |
| 4272132 | Guibord, Munro | 208539 | 2027-06-21 | Mayfair 100% | 200 |  |
| 737677 | Guibord | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737677 | Guibord | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737677 | Guibord, Munro | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737677 | Guibord, Munro | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737678 | Guibord | 102172 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 737678 | Guibord | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737678 | Guibord | 249548 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 737678 | Guibord | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737679 | Guibord | 129350 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 737679 | Guibord | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737679 | Guibord | 249548 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 737679 | Guibord | 230569 | 2028-07-07 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 737680<sup>2</sup> | Guibord | 230569 | 2028-07-07 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 737680<sup>2</sup> | Guibord | 278587 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737680<sup>2</sup> | Guibord, Munro | 171033 | 2027-07-07 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 737680<sup>2</sup> | Guibord, Munro | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758895<sup>2</sup> | Guibord | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758895<sup>2</sup> | Guibord, Mccool, Michaud,<br> Munro | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758895<sup>2</sup> | Guibord, Michaud | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 33 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 758895<sup>2</sup> | Guibord, Munro | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758896<sup>2</sup> | Guibord | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758896<sup>2</sup> | Guibord | 343062 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758896<sup>2</sup> | Guibord, Michaud | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758896<sup>2</sup> | Guibord, Michaud | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758897<sup>2</sup> | Guibord | 143705 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758897<sup>2</sup> | Guibord | 343062 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758897<sup>2</sup> | Guibord, Michaud | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758897<sup>2</sup> | Guibord, Michaud | 211597 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758898<sup>2</sup> | Guibord | 122493 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758898<sup>2</sup> | Guibord | 343062 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758898<sup>2</sup> | Guibord | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758898<sup>2</sup> | Guibord | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758899<sup>2</sup> | Guibord | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758899<sup>2</sup> | Guibord | 292372 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758899<sup>2</sup> | Guibord, Munro | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758899<sup>2</sup> | Guibord, Munro | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758900<sup>2</sup> | Mccool, Munro | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758901<sup>2</sup> | Guibord, Mccool, Michaud,<br> Munro | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758901<sup>2</sup> | Mccool, Munro | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758902<sup>2</sup> | Guibord, Mccool, Michaud,<br> Munro | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 758902<sup>2</sup> | Mccool | 141919 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758902<sup>2</sup> | Mccool, Michaud | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 758902<sup>2</sup> | Mccool, Munro | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783656<sup>2</sup> | Munro | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783656<sup>2</sup> | Munro | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783657<sup>2</sup> | Guibord, Munro | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783657<sup>2</sup> | Guibord, Munro | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783657<sup>2</sup> | Munro | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783657<sup>2</sup> | Munro | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783658<sup>2</sup> | Guibord, Munro | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783658<sup>2</sup> | Guibord, Munro | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783658<sup>2</sup> | Munro | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783658<sup>2</sup> | Munro | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783659<sup>2</sup> | Munro | 103522 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783659<sup>2</sup> | Munro | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783660<sup>2</sup> | Mccool, Michaud | 306824 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783660<sup>2</sup> | Mccool, Michaud | 344041 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783660<sup>2</sup> | Michaud | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783660<sup>2</sup> | Michaud | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783661<sup>2</sup> | Michaud | 164380 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783661<sup>2</sup> | Michaud | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 34 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 783661<sup>2</sup> | Michaud | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783661<sup>2</sup> | Michaud | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783662<sup>2</sup> | Michaud | 164380 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783662<sup>2</sup> | Michaud | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783662<sup>2</sup> | Michaud | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783662<sup>2</sup> | Michaud | 285056 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783663<sup>2</sup> | Michaud | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783663<sup>2</sup> | Michaud | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783663<sup>2</sup> | Michaud | 285056 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783663<sup>2</sup> | Michaud | 266322 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783664<sup>2</sup> | Michaud | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783664<sup>2</sup> | Michaud | 274289 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783664<sup>2</sup> | Michaud | 266322 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783664<sup>2</sup> | Michaud | 219132 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783665<sup>2</sup> | Michaud | 122689 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783665<sup>2</sup> | Michaud | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783665<sup>2</sup> | Michaud | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783665<sup>2</sup> | Michaud | 266322 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783666<sup>2</sup> | Michaud | 152983 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783666<sup>2</sup> | Michaud | 274289 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783666<sup>2</sup> | Michaud | 157789 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783666<sup>2</sup> | Michaud | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783667<sup>2</sup> | Michaud | 117934 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783667<sup>2</sup> | Michaud | 285056 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783667<sup>2</sup> | Michaud | 152984 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783667<sup>2</sup> | Michaud | 152983 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783673<sup>2</sup> | Mccool, Munro | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783673<sup>2</sup> | Munro | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783674<sup>2</sup> | Guibord, Mccool, Michaud,<br> Munro | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783674<sup>2</sup> | Guibord, Munro | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783674<sup>2</sup> | Mccool, Munro | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783674<sup>2</sup> | Munro | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783675<sup>2</sup> | Guibord, Munro | 102606 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783675<sup>2</sup> | Guibord, Munro | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783675<sup>2</sup> | Munro | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783675<sup>2</sup> | Munro | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783676<sup>2</sup> | Munro | 185337 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783676<sup>2</sup> | Munro | 289219 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783677<sup>2</sup> | Guibord, Mccool, Michaud,<br> Munro | 169590 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783677<sup>2</sup> | Guibord, Michaud | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783677<sup>2</sup> | Mccool, Michaud | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783677<sup>2</sup> | Michaud | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 35 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 783678<sup>2</sup> | Mccool, Michaud | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783678<sup>2</sup> | Michaud | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783679<sup>2</sup> | Michaud | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783679<sup>2</sup> | Michaud | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783680<sup>2</sup> | Guibord, Michaud | 295969 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783680<sup>2</sup> | Guibord, Michaud | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783680<sup>2</sup> | Michaud | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783680<sup>2</sup> | Michaud | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783681<sup>2</sup> | Guibord, Michaud | 211597 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783681<sup>2</sup> | Guibord, Michaud | 296129 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783681<sup>2</sup> | Michaud | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783681<sup>2</sup> | Michaud | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783682<sup>2</sup> | Michaud | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783682<sup>2</sup> | Michaud | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783683<sup>2</sup> | Mccool, Michaud | 306824 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783683<sup>2</sup> | Mccool, Michaud | 340957 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783683<sup>2</sup> | Michaud | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783683<sup>2</sup> | Michaud | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783684<sup>2</sup> | Michaud | 165183 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783684<sup>2</sup> | Michaud | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783684<sup>2</sup> | Michaud | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783684<sup>2</sup> | Michaud | 177972 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783685<sup>2</sup> | Michaud | 206995 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783685<sup>2</sup> | Michaud | 338797 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783685<sup>2</sup> | Michaud | 326393 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783685<sup>2</sup> | Michaud | 323029 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783686<sup>2</sup> | Guibord | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783686<sup>2</sup> | Guibord | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783686<sup>2</sup> | Guibord, Munro | 265007 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783686<sup>2</sup> | Guibord, Munro | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783687<sup>2</sup> | Guibord | 122493 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783687<sup>2</sup> | Guibord | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783687<sup>2</sup> | Guibord | 182387 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783687<sup>2</sup> | Guibord | 127699 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783688<sup>2</sup> | Guibord | 102172 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783688<sup>2</sup> | Guibord | 324287 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783688<sup>2</sup> | Guibord | 324286 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783688<sup>2</sup> | Guibord | 127699 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783689<sup>2</sup> | Guibord | 102172 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783689<sup>2</sup> | Guibord | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783689<sup>2</sup> | Guibord | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783689<sup>2</sup> | Guibord | 127699 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783690<sup>2</sup> | Guibord | 161029 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783690<sup>2</sup> | Guibord | 341457 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 36 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 783690<sup>2</sup> | Guibord, Munro | 234383 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783690<sup>2</sup> | Guibord, Munro | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783691<sup>2</sup> | Munro | 184751 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783691<sup>2</sup> | Munro | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783691<sup>2</sup> | Munro | 299259 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783691<sup>2</sup> | Munro | 251563 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783692<sup>2</sup> | Munro | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783692<sup>2</sup> | Munro | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783692<sup>2</sup> | Munro | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783692<sup>2</sup> | Munro | 184751 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783693<sup>2</sup> | Munro | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783693<sup>2</sup> | Munro | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783694<sup>2</sup> | Munro | 251563 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783694<sup>2</sup> | Munro | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783694<sup>2</sup> | Munro | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783694<sup>2</sup> | Munro | 322405 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783695<sup>2</sup> | Munro | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783695<sup>2</sup> | Munro | 344243 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783695<sup>2</sup> | Munro | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783695<sup>2</sup> | Munro | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783696<sup>2</sup> | Munro | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783696<sup>2</sup> | Munro | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783697<sup>2</sup> | Guibord, Munro | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783697<sup>2</sup> | Guibord, Munro | 171033 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783697<sup>2</sup> | Munro | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783697<sup>2</sup> | Munro | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783698<sup>2</sup> | Guibord, Munro | 127179 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783698<sup>2</sup> | Guibord, Munro | 172259 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783698<sup>2</sup> | Munro | 336091 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783698<sup>2</sup> | Munro | 174512 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783727<sup>2</sup> | Munro | 153043 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783727<sup>2</sup> | Munro | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783727<sup>2</sup> | Munro | 322405 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783727<sup>2</sup> | Munro | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783728<sup>2</sup> | Munro | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783728<sup>2</sup> | Munro | 322406 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783728<sup>2</sup> | Munro | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783728<sup>2</sup> | Munro | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783729<sup>2</sup> | Munro | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783729<sup>2</sup> | Munro | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783730<sup>2</sup> | Guibord, Munro | 171033 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783730<sup>2</sup> | Guibord, Munro | 227696 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783730<sup>2</sup> | Munro | 227695 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783730<sup>2</sup> | Munro | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 37 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 783731<sup>2</sup> | Munro | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783732<sup>2</sup> | Munro | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783732<sup>2</sup> | Munro | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783733<sup>2</sup> | Munro | 153043 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783733<sup>2</sup> | Munro | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783734<sup>2</sup> | Munro | 121382 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783734<sup>2</sup> | Munro | 205680 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783734<sup>2</sup> | Munro | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783734<sup>2</sup> | Munro | 153043 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783735<sup>2</sup> | Munro | 123728 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783735<sup>2</sup> | Munro | 330899 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783735<sup>2</sup> | Munro | 205680 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783735<sup>2</sup> | Munro | 168333 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783780<sup>22</sup> | Mccool | 141919 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783780<sup>2</sup> | Mccool, Munro | 321590 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783781<sup>2</sup> | Mccool, Michaud | 285102 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783781<sup>2</sup> | Mccool, Michaud | 344041 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783781<sup>2</sup> | Michaud | 225791 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783781<sup>2</sup> | Michaud | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783817<sup>2</sup> | Michaud | 164380 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783817<sup>2</sup> | Michaud | 225791 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783817<sup>2</sup> | Michaud | 189061 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783817<sup>2</sup> | Michaud | 182448 | 2028-01-18 | Mayfair 100% | 400 | Meunier; 2329113 Ont Inc |
| 783818<sup>2</sup> | Michaud | 189061 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783818<sup>2</sup> | Michaud | 311788 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783818<sup>2</sup> | Michaud | 311787 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 783818<sup>2</sup> | Michaud | 225791 | 2028-01-18 | Mayfair 100% | 200 | Meunier; 2329113 Ont Inc |
| 894174<sup>3</sup> | Guibord | 203737 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894174<sup>3</sup> | Guibord | 276413 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894174<sup>3</sup> | Guibord, Munro | 323207 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894174<sup>3</sup> | Guibord, Munro | 294568 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894178<sup>3</sup> | Guibord, Munro | 251594 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894178<sup>3</sup> | Guibord, Munro | 294568 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894179<sup>3</sup> | Guibord, Munro | 294568 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894179<sup>3</sup> | Guibord, Munro | 323207 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894179<sup>3</sup> | Munro | 173320 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| 894179<sup>3</sup> | Munro | 155186 | 2027-07-14 | Mayfair 100% | 200 | A. Fenn |
| —<sup>3</sup> | Munro | 950149 | 2027-06-26 | Mayfair 100% | 400 | A. Fenn |
| 3015737<sup>4</sup> | Guibord, Munro | 126576 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 3015737<sup>4</sup> | Munro | 271126 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 3015737<sup>4</sup> | Munro | 271125 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 3015737<sup>4</sup> | Guibord, Munro | 179863 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 109887 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 325857 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 38 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Legacy Claim No.** | **Township or Area** | **Tenure ID**<br> **(Cell No.)** | **Anniversary<br>Date** | **Recorded Holder** | **Work<br>Required**<br>**($)** | **Royalty Holders** |
| 1192489<sup>4</sup> | Guibord | 275832 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 275831 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 259178 | 2027-04-02 | Mayfair 100% | 400 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 203147 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 172897 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 144336 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |
| 1192489<sup>4</sup> | Guibord | 138341 | 2027-04-02 | Mayfair 100% | 200 | Meunier3 |
| 4257820<sup>4</sup> | Guibord, Munro | 179863 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 4257820<sup>4</sup> | Munro | 271126 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 4257820<sup>4</sup> | Munro | 271125 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 4257820<sup>4</sup> | Munro | 215180 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |
| 4257820<sup>4</sup> | Guibord, Munro | 185902 | 2027-12-21 | Mayfair 100% | 200 | Meunier3 |

---

Note:

1. Claims subject to a 2% NSR

2. Claims subject to 2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)

3. Claims subject to a 5% NPR

4. Claims subject to a 2.5% NSR

NSR = net smelter return; NPI = net profits interests

For further information on royalties, please see Section 4.8 below

---

| | |
|:---|:---|
| **Table 4-2:** | **Summary of Mining Patents**  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Patents** | **Township** | **Legal Rights** | **Description** | **Ha** | **PIN No.** | **Royalty**<br> **Holder/s** |
| PAT-49081<sup>1</sup> | Guibord 4220SEC | Mining and Surface Rights | L9189, NE1/4 of S1/2 Lot 8 Con 6 | 16.946 | 65379-0191(LT) |  |
| PAT-49082<sup>1</sup> | Guibord 4219SEC | Mining and Surface Rights | L9190, SE1/4 of S1/2 Lot 8 Con 6 | 16.946 | 65379-0192(LT) |  |
| PAT-49080<sup>1</sup> | Guibord 4217SEC | Mining and Surface Rights | L9188, SE 1/4 of N1/2 Lot 8 Con 6 | 16.946 | 65379-0189(LT) |  |
| PAT-49079<sup>1</sup> | Guibord 4218SEC | Mining and Surface Rights | L8290, SW1/4 of S1/2 Lot 7 Con 6 | 16.896 | 65379-0194(LT) |  |
| PAT-49078<sup>1</sup> | Guibord 4215SEC | Mining and Surface Rights | L9252, SE1/4 of S1/2 Lot 7 Con 6 | 17.3 | 65379-0195(LT) |  |
| PAT-49077<sup>1</sup> | Guibord 4216SEC | Mining and Surface Rights | L8289, NW1/4 of S1/2 Lot 7 Con 6 | 16.896 | 65379-0193(LT) |  |
| PAT-27296<sup>1</sup> | Munro 2636SEC | Mining and Surface Rights | NE 1/4 OF S 1/2 OF LOT 9 CON 1 | 16.036 | 65367-0116(LT) |  |
| PAT-4349<sup>1</sup> | Guibord 11391SEC | Mining and Surface Rights | NE 1/4 OF N 1/2 LOT 7 CON 6 - L45564 | 16.896 | 65379-0196(LT) |  |
| L45561<sup>1</sup> | Munro 11516SEC | Surface Rights | L45561 | 16 | 65367-0145(LT) | Same land as L894178 |

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 39 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Patents** | **Township** | **Legal Rights** | **Description** | **Ha** | **PIN No.** | **Royalty**<br> **Holder/s** |
| L45562<sup>1</sup> | Munro 11393SEC | Surface Rights | L45562 | 16 | 65367-0119(LT) | Same land as<br> L894179 |
| L45563<sup>1</sup> | Guibord 11392SEC | Surface Rights | L45563 | 16 | 65379-0197(LT) | Same land as<br> L894174 |
| PAT-48797<sup>1,2</sup> | Munro 12010SEC | Mining Rights | SE1/4 S1/2 LOT 10 CON 1 - L52228 | 15.682 | 65367-0153(LT) | Backman |
| PAT-2640<sup>3</sup> | Guibord 4074SEC | Mining and<br> Surface Rights | SW1/4 of N1/2 Lot 9 Con 6 | 16.744 | 65379-0186(LT) | Dyer |
| PAT-2639<sup>3</sup> | Guibord 281SEC | Mining and<br> Surface Rights | NW1/4 of N1/2 Lot 9 Con 6 | 16.744 | 65379-0185(LT) | Dyer |
| PAT-2638<sup>3</sup> | Guibord 3920SEC | Mining and<br> Surface Rights | NW1/4 of S1/2 Lot 1 Con 6 | 16.592 | 65379-0201(LT) | Dyer |
| PAT-26373 | Guibord 3929SEC | Mining and<br> Surface Rights | NE1/4 of S1/2 Lot 2 Con 6 | 17.199 | 65379-0200(LT) | Dyer |
| PAT-5494<sup>3</sup> | Guibord 9275SEC | Mining and Surface Rights | LOT 8 CON 3 - L37004 | 16.187 | 65379-0159(LT) | New Klondike<br> Exploration |
| PAT-5493<sup>3</sup> | Guibord 9274SEC | Mining and Surface Rights | LOT 7 CON 3 - L37003 | 16.137 | 65379-0160(LT) | New Klondike<br> Exploration |
| PAT-5492<sup>3</sup> | Guibord 9273SEC | Mining and Surface Rights | LOT 7 CON 3 - L37002 | 16.137 | 65379-0161(LT) | New Klondike<br> Exploration |
| PAT-5491<sup>3</sup> | Guibord 9271SEC | Mining and Surface Rights | NW 1/4 OF S 1/2 LOT 5, CON 2, L36779 | 16.238 | 65379-0135(LT) | New Klondike<br> Exploration |
| PAT-5490<sup>3</sup> | Guibord 9272SEC | Mining and Surface Rights | LOT 6 CON 2 - L36778 | 16.238 | 65379-0134(LT) | New Klondike<br> Exploration |

---

Note:

1. Subject to Barrick Gold Corporation's back-in rights,
described in Section 4.8

2. 5% NPR

3. 2% NSR

NSR = net smelter return; NPI = net profits interests

**4.5** **Property Agreements** 

There are no property agreements nor obligations that must be met to retain the Property other than the obligations described above related to maintaining claims and leases in good standing.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 40 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**4.6** **Surface Rights** 

Mayfair Gold does not have a right, title, or claim to the surface rights of the claims except to enter upon, use, and occupy such part or parts necessary for the purpose of prospecting and exploration (Ontario Mining Act, R.S. O. 1990, Chapter M).

Mayfair Gold owns fee simple surface and mineral rights on all 21 patented properties. On mining leases, the Company holds surface rights for mining and exploration purposes. Mayfair Gold holds sufficient surface rights necessary for current and anticipated future exploration activities on the Project

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| | |
|:---|:---|
| **Figure 4-2:** | **Location of Surface Rights**  |

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![LOGO](g83619dsp41.jpg)

Source: Mayfair, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 41 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**4.7** **Water Rights** 

Water rights for mining operations in Ontario are regulated under the Ontario Water Resources Act. Permits from the Ministry of the Environment, Conservation and Parks are required for water takings exceeding specified thresholds. To date, Mayfair Gold's exploration activities do not require water permits. As development activities are anticipated to progress, appropriate water permits will be obtained as required.

**4.8** **Royalties and Encumbrances** 

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and six mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn-Gib Project). LSG agreed to sell the Project to Mayfair pursuant to an asset purchase agreement dated June 8, 2020. Concurrent with the closing of Mayfair's acquisition of the Fenn-Gib Project, Mayfair granted LSG a 1% NSR royalty over the Project to be paid in addition to those summarized in Table 4-1 and Table 4-2. LSG subsequently sold the interest in the 1% NSR royalty to Metalla Royalty and Smelting Ltd.

Barrick Gold Corporation holds a back-in right to acquire a 51% interest in certain claims (as noted in Table 4-2) within the Project by paying Mayfair twice the expenditures made on the property and to advance the Project. This right is triggered if a NI 43-101 technical report demonstrates a mineral resource of at least 5 million ounces ("Moz") of gold on the relevant claims. This right expires on August 18, 2032.

Portions of the property are subject to a 5% NPR. The NPR is equal to 5% of net profits (gross revenues minus operating expenses, sustaining capital costs and taxes that can be reasonably attributed to the mining, processing, refining and sale of ores, metals and/or concentrates) derived from production from the mining claims after payback of the capital expenditures necessary to bring the mining claim into production. None of the mineral resource or reserves presented in this report are subject to this NPR.

A summary of the various royalties on the property is presented in Figure 4-3.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 42 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 4-3:** | **Fenn-Gib Royalties**  |

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![LOGO](g83619dsp43.jpg)

Source: Mayfair, 2025

**4.9** **Environmental Considerations** 

No material environmental liabilities have been identified to date.

**4.10** **Permitting Considerations** 

There are two valid exploration permits in place on the Fenn-Gib North Block that includes mechanized drilling, Exploration Permit PR-23-000124 issued on June 14, 2023, and Exploration Permit PR-25-000120 issued on July 29, 2025. There are no active exploration permits on the Fenn-Gib South Block. All exploration permits are valid for a term of three years from the date of issue and issued pursuant to subsection 78.3(2) of the Mining Act, R.S.O. 1990, Chapter M.

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 43 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**4.11** **Social License Considerations** 

See Section 20 for details relating to the social license considerations.

**4.12** **Project risks and Uncertainties** 

The QP did not independently verify the legality of any underlying agreement that may exist concerning the licences or other agreements between third parties but have instead relied on the client's solicitors to have conducted the proper legal due diligence.

The QP is not aware of any other significant factors and risks that would affect Mayfair's access, title, or the right or ability to perform work on the proper.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 44 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **5** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY**  |

---

**5.1** **Accessibility** 

The Property is easily accessible, east from Timmins, via Highway 101, which crosses the upper central part of the property. The highway links the provinces of Ontario and Quebec between the towns of Matheson and Duparquet; the highway becomes Autoroute 388 in the Province of Quebec. A few drill trails cross the property in a north-south direction.

**5.2** **Climate** 

Climatic conditions are continental; characterized by cold winters with snow, and warm summers with moderate precipitation. The temperature ranges between 11°C to 25°C during the summer and between -10°C to -25°C during the winter. July is the warmest month and January the coldest. Total precipitation ranges between 801 and 1,200 millimeter per year ("mm/a"). The rainiest month is July, with an average of 92 mm, and January gets an average of 62 mm of snow. Exploration and site activities can be undertaken all year long. However, work is made difficult during transitional seasons where the ground is saturated with water from the melting snow in spring, and before winter when lakes are not frozen.

**5.3** **Local Resources and Infrastructure** 

The Project benefits from its location near multiple established mining centers, including Matheson (pop. 2,500) just 17 km from the Project, and the larger mining hubs of Kirkland Lake (pop. 6,000), Timmins (pop. 41,000), and Rouyn-Noranda (pop. 42,000) all within a one-hour drive, providing access to mining services, skilled labour, and supplies.

An Ontario Hydro 27 kilovolt ("kV") power-transmission line follows Highway 101 through the property; a high-voltage transformer station is located at Ramore, some 15 km to the southwest. Natural gas is available approximately 17.5 km away, and there is a compressed natural gas ("CNG") station between Timmins and Matheson with a capacity of 10,000 gigajoules/day ("GJ/d").

The Project is partially transected by Highway 101, which provides easy access to the Project. The highway is not viewed as an impediment or risk to development currently, but realignment of the highway will be required as part of future Project development.

In addition, the area is generally and intermittently covered by shallow sloughs and wetlands. Some streams and water bodies on site are considered fish habitat, as a few small-bodied fish were captured during surveys. Many streams are not well-defined channels and instead flow as braided surface water through wet, boggy forest. Studies to determine the flora and fauna that may be affected by potential mining operations and infrastructure are ongoing. However, it is not believed that these water bodies and features pose a risk to development. It is not believed there is any risk to access, permitting, or social license based on information available at this time.

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 45 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**5.4** **Physiography** 

The Project lies within the extensive Abitibi Clay Belt, a continuous flat-lying sheet of glaciolacustrine sediments deposited in glacial lakes Barlow and Ojibway as the Laurentide Ice Sheet receded during the Quaternary period approximately 10,000 years ago. A large glaciofluvial deposit, the Munro Esker, flanks the Project area on the east, rising about 40 m above the clay plain.

Averaging 315 meters above sea level ("masl"), most of the Property is covered by dense alder swamp that supports a thin growth of poorly developed black spruce. Higher parts of the area support a mature growth of black spruce, jack pine, poplar, and white birch. Most of the timber on the Project site has little commercial value, but the esker's well-drained sands and gravels support commercially valuable white pine stands. Differences in elevation are not more than 15 m throughout the Property.

**5.5** **Seismicity** 

The Project area lies within a low seismic hazard zone as defined by the 2020 National Building Code of Canada, with a low probability of experiencing damaging ground motion from seismic events.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 46 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **6** | **HISTORY**  |

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**6.1** **Regional History** 

From its initial discovery and work in 1911 the Fenn-Gib Property has been explored and developed by various operators, including Pangea Goldfields Incorporated, LSG, and Tahoe Resources Inc. ("Tahoe").

In 2011, LSG completed a program of eight drill holes, three of which were twins used for verification purposes. In addition, Dagbert & Desharnais (2011) authored an NI 43-101 technical report and MRE.

During 2012, exploration activities conducted on the Fenn-Gib Property in the southwest half of Lot 5 Concession VI consisted of LSG's drilling contractors, Norex Drilling Ltd., completing 34 diamond drill holes ("DDH") totalling 15,802 m. Reconnaissance mapping and prospecting were also carried out on both the North and South claim blocks during 2012.

During 2014, LSG carried out outcrop investigations and prospecting consisting of 14 samples.

During 2017, Tahoe conducted a surface-definition diamond drilling program on the Fenn-Gib Deposit, which included 98 holes for a total of 40,235 m. After 2017, Tahoe completed no further exploration activities or drilling at Fenn-Gib.

**6.2** **Property Exploration History** 

Since its initial discovery and early exploration in 1911, the Fenn-Gib property has been explored and developed by various operators. In 2017 LSG carried out the last physical work prior to Mayfair's acquisition on December 31, 2020. The primary sources of information referenced and paraphrased in this section are historical, with significant reliance on the findings presented in the Dagbert & Desharnais (2011), which also referenced Pangea's Fenn-Gib Drilling Report (Brown, 2002).

Figure 6-1 illustrates the position of various mineral showings on or around the Fenn-Gib Project. Table 6-1 summarizes the exploration activities conducted. Further details on the exploration history may be reviewed in Maunula (2023) and Dagbert & Desharnais (2011).

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 47 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 6-1:** | **Geological Map Illustrating Mineral Showings** *(historic claim block outline)*  |

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![LOGO](g83619dsp48.jpg)

Source: SGS, 2011

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 48 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Table 6-1:** | **Exploration History**  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Identifier** | **Description** | **Source Map** | **Commodity** |
| American Eagle Mine | MDI42A09SE00018 | The shaft 0.03 km north and 2.2 km east of the<br> southwest corner of Munro Township | OGS 1980, P866 Munro TP | Gold |
| Backhoe Till Sample 85-110B | MDI42A08NE00049 | Sample pit | OGS 1986 MAP 80-843 | Gold |
| Backhoe Till Sample 85-111B | MDI42A08NE00050 | Sample pit | OGS 1986 MAP 80-843 | Gold |
| Backhoe Till Sample 85-112B | MDI42A08NE00051 | Sample pit | OGS 1986 MAP 80-843 | Gold |
| Barrett-1 | MDI42A09SE00155 | Diamond drill hole | OGS 1951 MAP 1951-6 Guibord | Gold, copper, zinc |
| Bird, S. J. | MDI42A09SE00057 | Pit | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| C4 | NA | Several anomalous gold including 6.7 m at 7.1 g/t Au<br> (C4-1A) | Rennick 2004 (Tandem Resources HW101) | Gold |
| Cameron | MDI42A09SE00062 | Trenches & DDH | OGS 1987 GDIF 399 Exploration Data Map | Gold, zinc |
| Canadian Johns Mansville | MDI42A09SE00193 | Stripped area | OGS 1987 GDIF 399 Exploration Data Map | Gold, copper |
| Cominco-1 | MDI42A09SE00054 | Diamond drill hole (G80-1: 1.9 m at 5.4 g/t Au) | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| Cominco-2 | MDI42A09SE00187 | Point | OGS 1987, GDIF 399 Exploration Data Map | Gold, copper |
| Gibb East G-213 | MDI000000000540 | DDH G-313 in assessment file KL-5295 | DDH G-213 | Gold |
| Gibb East G-215 | MDI000000000539 | Diamond drill hole G-215 | DDH G-215 | Gold |
| Gibb East G216 | MDI000000000541 | DDH G-216 in assessment file KL-5295 | DDH G-216 in file KL-5295 | Gold |
| Gibb East G217 | MDI000000000542 | DDH G-217 in assessment file KL-5295 | DDH G-217 | Gold |
| Guibord Lake East | MDI42A09SE00190 | Diamond drill hole 397 | OGS 1987 GDIF 399 Exploration Data Map | Gold, copper, zinc |
| Guibord Lake West | MDI42A08SE00121 | Diamond drill hole #398 | OGS 1987 GDIF 399 Exploration Data Map | Gold, copper, lead, zinc |
| GUI-POR #1 | MDI42A09SE00052 | Point | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| Hansen-Mcdonnell | MDI42A09SE00063 | Point | OGS 1987 GDIF 399 Exploration Data Map | Gold |
| Hislop-East | MDI42A08SW00019 | Quartz vein | OGS 1956 MAP 1955-5 Township of Hislop | Gold |
| Sonic Drill Hole 87-42 | MDI42A09SE00066 | Diamond drill hole 87-42 | OGS 1988 Map 81-119 | Gold |
| Skjonsby | N/A | N/A | N/A | Gold |
| Talisman | MDI42A09SE00188 | Shaft | OGS 1951 AR VOL 60 PT9 MAP 1951-6 Guibord | Gold, lead, silver |

---

Note: 1. Refer to Figure 6-1 for location. 2. Mainly compiled by the Ontario Ministry of Northern Development and Mines

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| &nbsp;&nbsp; Fenn-Gib Project | Page 49 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**6.2.1** **Pangea Goldfields Inc. (1990s - 2012)** 

Pangea Goldfields Inc. (Pangea) completed diamond drilling on the Fenn-Gib Deposit during the mid to late 1990s, using predominantly BQ and NQ diameter core. Pangea's work is documented in Brown (2002).

**6.2.2** **Lake Shore Gold Corp. and Tahoe Resources Inc. (2011 - 2019)** 

LSG carried out exploration between 2012 and 2019 as summarized in Table 6-2. Additional details regarding the programs and results can be found in Maunula (2023).

Tahoe acquired LSG as a subsidiary on February 10, 2016. Pan American Silver Corp. (Pan American) bought Tahoe Resources on February 12, 2019, and LSG became its subsidiary.

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| | |
|:---|:---|
| **Table 6-2:** | **LSG and Tahoe Exploration Activities**  |

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| | | |
|:---|:---|:---|
| **Year** | **Company** | **Description** |
| 2012 | LSG | Diamond drill program: 34 drill holes totalling 15,802 m |
| 2012 | LSG | Reconnaissance mapping and prospecting: 291 field samples |
| 2014 | LSG | Outcrop investigation and prospecting: 14 samples |
| 2017 | Tahoe | Definition diamond drill programs: 80 drill holes, 32, 1013 m and 4 drill holes, 2,589 m |
| 2017 | Tahoe | Exploration diamond drill program: 14 drill holes, 5,653 m |
| 2017 | Tahoe | Metallurgical testwork: 14 composite samples from <sup>1</sup>⁄<sub>2</sub> cut NQ drill core |

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On June 8, 2020, the Company entered into a binding asset purchase agreement with LSG for the Fenn-Gib Project. Under the terms of the agreement, Mayfair Gold agreed to acquire 21 fee simple patented properties, 144 unpatented mining claims, and 153 patented leasehold mining claims located in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario. The Company assumed 100% ownership of the Project on December 31, 2020, and commenced exploration in mid-January 2021.

**6.3** **Historical Resource Estimates** 

SGS completed a MRE in 2011 that included 40.8 million tonnes ("Mt") grading 0.99 g/t Au in the Indicated category and 24.5 Mt at 0.95 g/t Au in the Inferred category (Dagbert & Desharnais, 2011). The indicated and inferred mineral resources are historical estimates and use the categories set out in NI 43-101, effective as of November 17, 2011. The QP has not done sufficient work to classify the historical estimate as current mineral resources; and the company is not treating the historical estimate as current mineral resources.

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Between 2020 and 2023 the Company commissioned three mineral resource updates on the Project. The QP has not done sufficient work to classify the following historical estimates as current mineral resources; and the company is not treating these historical estimates as current mineral resources:

• An open pit-constrained NI 43-101 MRE dated February 5, 2021, which reported a total indicated mineral resource of 70.2 Mt containing 2.08 Moz of gold grading 0.921 g/t Au, and an inferred mineral resource of 3.8 Mt containing 75,000 oz
of gold grading 0.618 g/t Au at a 0.35 g/t Au cut-off grade (Kirkham et al., 2021). The 2021 MRE is not current and should not be relied upon.

• An updated NI 43-101 MRE of an open pit constrained indicated mineral
resource of 118.07 Mt containing 3.06 Moz of gold grading 0.81 g/t Au, and an inferred mineral resource of 13.8 Mt containing 0.31 Moz of gold grading 0.70 g/t Au at a 0.35 g/t Au cut-off grade (Mayfair Gold,
October 2022). The 2022 MRE is not current and should not be relied upon.

• The mineral resources for the Project within a 50° constrained open pit at a 0.4 g/t Au cut-off grade were indicated resource of 113.7 Mt at 0.93 g/t Au and an inferred resource of 5.7 Mt at 0.85 g/t Au with an effective date of April 6, 2023 (Maunula, 2023). The 2023 MRE is not current and should
not be relied upon.

**6.4** **Production** 

No significant historical production has occurred on the site.

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| **7** | **GEOLOGICAL SETTING AND MINERALIZATION**  |

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**7.1** **Regional Geology** 

The Project is in the southern portion of the Abitibi Subprovince, which is part of the Superior Province of the Canadian Shield. The Abitibi Subprovince is principally composed of volcanic and sedimentary assemblages that have generally been metamorphosed to greenschist facies and intruded by late tectonic plutons of tonalite and trondhjemite affinity. The Project area is underlain by rocks of the Hoyle Assemblage (sedimentary) and the Kidd-Munro Assemblage (volcanic) and lies on the northern portion of the Blake River Synclinorium and approximately 2 km north of the Porcupine-Destor Fault (Figure 7-1).

The main structural features of the area are the Blake River Synclinorium, the Porcupine-Destor Fault Zone and the Cadillac-Larder Lake Fault Zone. The fault zones are respectively located on the north and south limbs of the synclinorium. These structures were formed during the Kenoran Orogeny, a period of north-south compression. It appears that all known major gold deposits in the southern Abitibi are located within a few kilometers of these two fault zones.

Within the vicinity of the Project the Porcupine-Destor Fault Zone occurs as a Z-shaped sigmoidal structure that splits into three branches. Both extremities of the Z-shaped structure are east-west trending, while the central portion is more southeasterly trending. Due to poor exposure, the sense and magnitude of displacement along the structure in the Project area is unknown but based on more regional information it is thought to be mainly vertical. In the Timmins area where it is well exposed, a sinistral strike-slip movement with a vertical component is reported, whereby the south block moved up relative to the north block (Berger, 2002).

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| **Figure 7-1:** | **Regional Geology Plan**  |

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![LOGO](g83619dsp53.jpg)

Note: The location of the Project is shown by the red square. Source: Berger, 2002

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**7.2** **Project Geology** 

The Project is underlain by the dominantly volcanic Kidd-Munro assemblage to the north and the dominantly sedimentary Hoyle assemblage to the south. The two sequences are juxtaposed along the Contact Fault, an east-west to southeast trending shear zone, which is interpreted to be a splay of the Porcupine-Destor Fault Zone. Within the deposit, the Contact Fault is characterized by brittle deformation accompanied by intense carbonatization and silicification. Rocks from both assemblages were intruded by a variety of late intrusive rock including syenite and granitoid plugs and dykes, lamprophyre dykes, and diabase dykes. A 3 km-long, by 100 to 200 m-wide mafic intrusive complex intrudes the Kidd-Munro Assemblage at or near its southern contact.

All lithologic units in and adjacent to the Deformation Zone are moderately to intensely altered. This alteration persists for a distance north and south of the fault, outlining a major alteration halo at least 2 km long and 500 m wide. A variety of alteration styles occur within the broad alteration halo, including silicification, albitization, potash metasomatism, carbonatization, sericitization, chloritization, and hematization. Fuchsite (Mariposite) can occur within the Deformation Zone. Sulphide mineralization, mainly pyrite, occurs as disseminations and fracture fillings in concentrations ranging from trace to 20% in association with the more strongly altered areas. Gold is commonly associated with the sulphide mineralization, especially in areas of coincident silicification and albitization.

Several styles of gold mineralization have been identified within the Project area. The most common style consists of quartz-carbonate veins, stringers, and breccias hosted within intensely altered volcanic rocks and granitoid intrusions (i.e., the Main Zone and Deformation Zone). A second style is characterized by gold associated with intensely altered sediments, containing variable amounts of fine crystalline pyrite within and in the hanging wall to the Deformation Zone. A third style involves gold mineralization related to alteration, shearing, and sulphide mineralization within north-northeast-trending structures including the Main Zone, Deformation Zone, and Footwall Zone.

**7.3** **Mineralization** 

Significant concentrations of gold mineralization on the Project primarily occur within two zones, the Main Zone and the Deformation Zone. These two zones overlap and are shown in Figure 7-2. The third zone, Footwall Zone, also contains gold mineralization and is approximately 100 m north of the Main Zone.

The Main Zone is a broad zone (average width of 100 m) of disseminated gold mineralization up to 500 m along strike, with grades for gold between 0.50 and 3.00 g/t Au. Massive, pillowed, and variolitic basalts crop out and can be seen in diamond drill core from holes collared near Highway 101. Hydrothermally altered variolitic basalts are the principal hosts of the Main Zone mineralization. These basalts were affected by pervasive and vein silicification, carbonatization, albitization, pervasive but weak hematization, and vein sericitization. Syenite and lamprophyre dykes intruded the basalts and are locally mineralized. Pyrite is the main sulphide mineral and occurs as disseminations and in veins, locally up to 50%, over narrow intervals (average 5% to 10%).

The Deformation Zone contains narrower and higher-grade intersections associated with altered sediments, intermediate dykes, and grey syenite. Gold mineralization is associated with pyrite either in quartz-healed breccias or as very fine disseminations. The Contact Fault has been interpreted to have acted as a channel for gold-bearing hydrothermal fluids and is host to the Deformation Zone and the southern boundary of the Main Zone. The Deformation Zone mineralization has been defined for approximately 2.0 km along strike (width ranges from 50 to 250 m) but remains open along strike and open at depth.

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The Footwall Zone is north of the Main Zone (Figure 7-2). The Footwall Zone's structural and mineralized corridor strikes in a north easterly direction, and drilling has intercepted the zone over a strike length of approximately 500 m (average width 250 m) and a vertical depth of about 600 m below surface (open in all directions). The Footwall Zone consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, with a steep northerly dip. Mineralization consists of bleached, buff-altered (silica-albite-sericite-carbonate alteration), pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

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| **Figure 7-2:** | **Project Geology Plan**  |

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![LOGO](g83619dsp79.jpg)

Note: Drill traces projected to surface. Source: TMAC, 2024

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| **8** | **DEPOSIT TYPES**  |

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**8.1** **Deposit Model** 

Four major types of gold deposits are recognized in the Abitibi-Greenstone Belt (which is within the Abitibi Subprovince)-Robert and Poulsen (1997) identified three major types and Berger and Amelin (1998) have suggested a fourth. In order of the timing of development, these deposit types are: synvolcanic and synsedimentary deposits, syenite-associated deposits, syntectonic mesothermal vein deposits, and remobilized post-tectonic vein deposits.

Synvolcanic deposits include volcanogenic massive sulphide-related gold deposits with ocean floor alteration and replacement facies, represented primarily by the Horne Deposit in Quebec. Synsedimentary gold deposition is a key factor in the localization of gold at the Aunor and Dome Deposits in the Timmins camp. These early mineralizing events have drawn attention to the role of volcanic and sedimentary processes.

Syntectonic plutons, intruded near regional-scale shear zones, became the focus of exploration and research due to their close spatial relationships with some gold deposits. Mineralizing fluids are interpreted to have been derived from the plutons during emplacement. Numerous examples of this type of deposit can be found in the Abitibi, including at least one phase of mineralization at the Aunor and Dome Deposits, as well as deposits associated with the Bourlamaque pluton of the Val D'Or district, the Kerr-Addison Deposit, the Hollinger McIntyre Deposit, the Holt McDermott Deposit, and the Holloway Deposit. The Fenn-Gib Deposit is best represented by this model.

Mesothermal syntectonic vein deposits are associated with carbonate-albite-tourmaline veins, which crosscut the regional foliation. The deposits are thought to have developed syntectonically, based on structural relationships, with deep crustal fluids that used the active shear zones as conduits, contemporaneous with orogenesis and peak metamorphism. Examples of such deposits include the Camflo Mine and the Sigma Mine.

A fourth, less-common type of deposit occurs as quartz veins with north-south strikes and moderate dips and is thought to be due to a remobilization of gold-bearing fluids along north-south fractures (Berger & Amelin, 1998). These deposits crosscut regional fabrics and formed late in the area's tectonic history. The Croesus Mine, perhaps the highest-grade deposit in the Abitibi, is thought to be one such deposit. This historical mine is less than 4 km northwest of the Fenn-Gib Deposit, within the volcanic rocks of the Kidd-Munro assemblage.

In the case of synvolcanic and syenite-associated deposits, the fluids were most likely derived from magmatic activity. For the syntectonic mesothermal vein deposits, fluids may have been metamorphic fluids from the deep crust. The literature suggests that there were at least three phases of gold introduction into the Abitibi: synsedimentary and synvolcanic introduction of gold, followed by intrusion-related gold mineralization, and a final metamorphism-related mineralizing event (Dubé & Mercier-Langevin, 2020).

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**8.2** **Comments on Deposit Type** 

The Fenn-Gib Deposit is best represented by the syntectonic plutonic-associated deposit model, where mineralizing fluids are interpreted to have been derived from syntectonic plutons intruded near regional-scale shear zones during emplacement. The Fenn-Gib mineralization exhibits characteristics consistent with this model, including its spatial association with the Contact Fault (interpreted as a splay of the Porcupine-Destor Fault Zone), presence of multiple intrusive phases (syenite, granitoid plugs and dykes, lamprophyre dykes), and alteration assemblages (silicification, carbonatization, albitization, sericitization) typical of syntectonic hydrothermal systems. The deposit shares similarities with other major deposits in the Abitibi of this type, including Kerr-Addison, Hollinger-McIntyre, and Holloway.

The Company's exploration program focuses on the Main Zone, Deformation Zone, and Footwall Zone, all of which exhibit characteristics of the syntectonic plutonic-associated deposit model. Exploration activities target extensions of known mineralization along strike and at depth, as well as parallel structures within the broader mineralizing system. The recognition of multiple mineralization styles (quartz-carbonate veins, disseminated gold in altered volcanics, and structurally-controlled high-grade zones) reflects the complex polyphase history typical of Abitibi gold deposits, supporting continued exploration for additional zones of mineralization.

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| **9** | **EXPLORATION**  |

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**9.1** **Introduction** 

Exploration conducted by Mayfair Gold since the acquisition of the Fenn-Gib Project on December 31, 2020, has consisted of surface geochemical sampling, geophysical surveys, and extensive diamond drilling. This section describes exploration activities completed by or on behalf of the Company from 2021 through 2024. Diamond drilling activities are described in Section 10.

**9.2** **Grids and Surveys** 

A LiDAR survey and aerial photography acquisition was contracted to McElhanney of Vancouver, B.C., over both the Project North and South Blocks. The survey, which included 12 flightlines totalling 116 line-km, was flown on June 10, 2022 (McElhanney, 2022). The full swath width was 1,650 m. The LiDAR data provides topographic surface control for resource estimation and was used as the topographic surface for clipping the resource pit shell. All exploration data are referenced to NAD 83 UTM coordinates Zone 17.

**9.3** **Geological Mapping** 

Localized geological mapping and prospecting has been conducted by Mayfair Gold project geologists during diamond drilling programs and surface reconnaissance activities. Geological descriptions and observations from diamond drill core have been recorded and compiled as part of the database for the MRE. Surface geological observations and mapping relative to property boundaries are incorporated into the geological model used for resource estimation.

**9.4** **Geochemistry** 

Surface work on the North Block included an orientation soil and vegetation sample mobile-metal-ion (MMI) and soil-gas hydrocarbons (SGH) test sampling program during 2022. Each survey had a sample spacing of 25m and line spacing of 100 m. Aurora Geosciences Ltd. (Aurora) carried out this work under contract, with SGH processing (Brown and Sutherland, 2022) completed at Activation Laboratories Ltd. in Ancaster, Ontario, and MMI processing completed at SGS Laboratories in Burnaby, B.C. (Aurora Geosciences, 2023). The MMI samples targeted variations in mobile metal ion concentrations in soils overlying the mineralized zones. A total of 390 SGH samples were analyzed for hydrocarbon anomalies that may indicate proximity to mineralization. Results from these orientation surveys could provide baseline geochemical information for future exploration targeting. Additional sampling was recommended to better define the mineralization and potentially locate a redox zone if it exists, which in turn could increase the confidence rating.

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**9.5** **Geophysics** 

In 2021, the Company contracted SHA Geophysics Ltd. (SHA) to carry out a Heli-GT helicopter-towed, three-axis magnetic gradiometer survey over the North and South property blocks (Munro, 2021). During April 7-12, 2021, a total of 1,751 km of data was collected along 75 m traverse spacing. The two property blocks were each surveyed in two orthogonal directions, for a total of four individual surveys. The North Block was flown at headings of 60° and 330° (N060 and N330); the South Block was flown at headings of 80° and 350° (S080 and S350). The magnetic gradiometer data provided regional geophysical signatures to identify structural and lithological variations across the property.

Aurora conducted a direct current ("DC") resistivity-induced polarization ("IP") survey for the Company on the North Block's Grid A and Grid B of the Project (Jelenic, 2023). Grid A consisted of 66 north-south IP lines totalling 103 line-km, and Grid B consisted of 27 northwest-southeast IP lines totalling 29.45 line-km. Aurora completed the work on Grid A using two deployments from October 5, 2022, to January 15, 2023, and the work on Grid B was completed in two deployments from April 4 to May 14, 2023. The survey used a pole-dipole electrode array with 50 m dipoles for Grid A and 25 m dipoles for Grid B. The DC resistivity-IP survey identified zones of elevated chargeability and resistivity anomalies associated with mineralization and alteration.

**9.6** **Petrology, Mineralogy, and Research Studies** 

Mineralogical studies have been conducted as part of the metallurgical testwork program described in Section 13. These studies include scanning electron microscopy ("SEM") analysis, TESCAN Integrated Mineral Analyzer ("TIMA-X") mineralogical characterization, and gravity recoverable gold ("GRG") determinations. These studies have characterized the mineralogy, grain size, and liberation characteristics of gold and sulphide minerals in relation to the deposit lithologies and grades.

**9.7** **Exploration Potential** 

The Fenn-Gib Deposit remains open at depth and along strike in multiple directions, presenting significant exploration potential. The Main Zone, Deformation Zone, and Footwall Zone have been defined over their respective strike lengths and vertical extents, but drilling has not been extended fully to depth or along strike in all directions. Additional mineralized zones may exist in structurally similar settings within the broader property area, particularly along parallel structures to the Contact Fault and within subsidiary shear zones.

**9.8** **Targets for Further Exploration** 

Several exploration targets have been identified on the broader Fenn-Gib Project beyond the current resource estimate pit shell. Tahoe Resources carried out a desktop review for LSG on several early-stage exploration targets on the Fenn-Gib Project, including American Eagle, G-101, Central Syenite, Horseshoe Zone, Canamax Zone, Perry Lake Prospect, and South Block (Brace et al., 2017). The location of these exploration targets on the Project is shown in Figure 9-1. Additional diatreme breccia mineralization was encountered in drill core in the southeast part of the property (Cominco showings), which is associated with anomalous gold mineralization and represents another exploration target. These targets remain relatively unexplored and warrant further investigation through systematic drilling and surface geochemical sampling.

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| **Figure 9-1:** | **Targets for Further Exploration Location Map**  |

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![LOGO](g83619dsp60.jpg)

Source: Brace et al., 2017

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| **10** | **DRILLING**  |

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**10.1** **Historical Drilling** 

The Project benefits from extensive historical exploration, with previous owners and operators completing 586 drill holes totaling 169,702.51 m. The historical drill holes were predominately BQ and NQ diameter drill holes prior to 2011 and then primarily NQ diameter drill holes for the 2011-2012 and 2017 campaigns. Pangea Goldfields Inc. (Pangea) completed drilling on the Fenn-Gib Deposit in the mid to late 1990s and LSG in 2011-2012 and in 2017. Other operators or joint-venture partners included NAR Resources Ltd., Tandem Resources Ltd., Lacana Mining Corp., Corona Gold Corporation, Normina Mineral Development Corporation, and Tahoe Resources Inc. Of the 586 drill holes on the Project from historical drill campaigns by several operators, 457 drill holes have been used for the 2024 MRE.

**10.2** **Mayfair Gold Drilling** 

Since acquiring the project on December 31, 2020, Mayfair Gold has conducted diamond drilling campaigns using Major Drilling Group International as the primary contractor, with contributions from Northtech Drilling (summer-winter 2021) and Full Force Drilling (summer 2022). Drilling has been completed with diamond drill rigs, with most core drilled as NQ size and only a handful of holes drilled on the South Block and part of one hole on the North Block as HQ size. Table 10-1 summarizes Mayfair Gold's drilling campaigns completed as of June 20, 2025. The Company completed an additional 27 drill holes totaling 11,503.6 m after April 30, 2024, the cut-off date used for this MRE. There is no expected material impact for holes completed after MRE. The drilling program also included an additional 21 regional drill holes which are part of Mayfair Gold's property exploration.

Collar locations for all drill holes have been surveyed in NAD83 UTM Zone 17N. Figure 10-1 provides the plan view of the drill-hole locations used in the MRE.

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| **Table 10-1:** | **Drill Summary Table**  |

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| **Year** | **As of April 30, 2024 Cut-off Date** | **As of April 30, 2024 Cut-off Date** | **Total Fenn-Gib Drill Holes** | **Total Fenn-Gib Drill Holes** |
| **Year** | **No. of Holes** | **Meters** | **No. of Holes** | **Meters** |
| 2021 | 90 | 54936.70 | 90 | 54936.70 |
| 2022 | 97 | 54482.05 | 118 | 61996.55 |
| 2023 | 89 | 54975.50 | 89 | 54975.50 |
| 2024 | 15 | 14630.10 | 42 | 18229.30 |
|  **Total** | **291** | **179024.35** | **339** | **190138.05** |

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| **Figure 10-1:** | **Drill Collar Location Plan**  |

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![LOGO](g83619dsp62.jpg)

Note: Drill hole trace projected to surface and coloured by geology code. Code descriptions can be found in Table 14-1. Source: TMAC, 2024

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**10.3** **Mayfair Diamond Drilling Procedures** 

**10.3.1** **Spotting Drill Holes** 

As of January 2021, Mayfair geologists spot drill-hole collar locations referenced to UTM 17N by using a hand-held Garmin GPS using the NAD 83 geodetic datum. A wooden stake is left in the ground at the collar location and marked with flagging tape labelled with the drill-hole identification, and the planned azimuth, dip, and depth. The location and drill-hole information are reviewed and confirmed with the drilling supervisor.

**10.3.2** **Drilling** 

Since January 2021, drilling on the Project has been carried out primarily by Major Drilling Group International (Major Drilling). Northtech Drilling completed a limited number of holes in the summer-winter 2021 period and Full Force Drilling contributed additional drilling in the summer of 2022.

Drilling was completed with the use of diamond drill rigs. Most of the core was drilled NQ size, only a handful of holes drilled on the South Block and part of one hole from the North Block were HQ size.

• Core was placed in core boxes. Wood blocks are placed after each drill run labelled with the corresponding
downhole depth in meters.

• Core boxes were labelled with the drill-hole identification name and number in numerical sequence starting
from the beginning of the hole to the end. A lid was placed on the core box and sealed at both ends with tape.

• Either the Drilling Foreperson delivered the core to the Mayfair Gold Matheson Exploration office or the
Mayfair employees picked up the core at the drill rig location, to take it back to the office.

• Once drilling was completed, the casing was left in the ground (unless instructed otherwise by Mayfair
geologists). The casing was capped. Affixed to the cap was roughly a 1 m-long metal flag post.

• Once drilling was completed, and the drill rig moved off the collar location, the Mayfair geologists conduct a
post-drill site inspection.

**10.3.3** **Collar Surveys** 

All drill-hole collar locations drilled from January 2021 to present have been professionally surveyed or surveyed using a hand-held Garmin GPS.

Initially, Mayfair geologists or geo-technicians survey the collar locations with a hand-held Garmin GPS. A final professional survey is completed for each collar location. This professional survey is done periodically throughout the drilling program. To date, Mayfair has used Talbot Survey Inc. to complete the final professional collar location surveys.

Please note that the final professional survey data replaces the location data collected by the hand-held Garmin GPS. Data regarding the collar survey method is recorded in the drill-hole database.

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**10.3.4** **Downhole Surveys** 

As of January 2021, Mayfair Gold is using the following tools: REFLEX TN14 GYROCOMPASS, REFLEX EZ-GYRO, and the REFLEX GYRO SPRINT-IQ. Aurora Geoscience completed a small drilling program on the South Block during summer 2022 using the REFLEX EZ-TRAC for downhole surveys.

The driller and driller's assistant collect downhole survey data during the drilling process. Imdex Limited provided training on these tools.

• The TN14 GYROCOMPASS was used to align the drill to the planned azimuth and dip as specified by Mayfair
geologists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule of thumb for TN14 test approval was less than 1 degree of deviation on the azimuth or dip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exceptions to larger than 1-degree deviations were made; however, this
was up to the discretion of Mayfair geologists.

• For the first approximately 150 m of drilling, after casing, the EZ-GYRO tool was used at 50 m intervals to monitor the azimuth and dip. These tests were sent to the Mayfair geologists for approval (via text and by uploading to the ImdexHUB-IQ website).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first test was taken after casing. Drillers were instructed to wait for approval from the Mayfair
geologists before continuing drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule of thumb for approval was a less-than-2-degree deviation on the azimuth or dip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exceptions to a larger-than-2-degree deviation were made; however, this was at the discretion of Mayfair geologists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After about 150 m of drilling past casing, no other downhole tests were taken to monitor the azimuth and dip.

Once drilling was complete, a finalized downhole survey test was taken. This final test was completed with the GYRO SPRINT-IQ tool. Continuous tests were taken at 3-5 m intervals as the tool was lowered down the hole (IN-Test) and as it was brought back up the hole (OUT-Test). There have been a handful of drill holes where only the EZ-GYRO tool was used at 50 m intervals for the entire length of the drill hole.

**10.3.4.1** **Geotechnical and Hydrological Drilling** 

ALS Limited's GeoticLog 8.2.14 (GeoticLog) is the software that Mayfair uses to record all geotechnical and geological logging data.

• Mayfair geologists complete or supervise geotechnical logging at the Matheson Exploration site.

• Core is measured into 1 m intervals between the wooden meter blocks the drillers insert as reference.

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• From and to metreage of intervals with the same or similar Rock Quality Designation (RQD) are broken out and
recorded in GeoticLog. Within the given RQD interval, the sum of all pieces of core that are longer than 10 cm is recorded in GeoticLog. GeoticLog will calculate the RQD percentage.

Photographs are taken of the wet core after it has been measured. Core photographs are stored on Mayfair's server.

Mayfair Gold geologists complete geological logging at the Matheson Exploration site.

• Major geological intervals are broken out. From and to metreage, and detailed descriptions are recorded in
GeoticLog.

• major lithology intervals should be 2 m or more long. Intervals that are less than 2 m long are to be broken
out in the Minor Lithology section in GeoticLog.

• There are situations where including a Major Lithology interval that is <2 m long is acceptable; this is at
the discretion and critical thinking of the geologist.

• Within the boundaries of each Major Lithology interval, the following data are recorded in GeoticLog:
alteration present and its intensity; pyrite percentage and the style of pyrite mineralization; any other sulphide minerals present and their percentage; structures present; veining present.

To ensure data integrity, drill-hole data is automatically locked upon completion of logging. Any subsequent modifications require authorization from the database manager, maintaining a secure chain of custody for all geological data.

All geotechnical and geological logging data were recorded using ALS Limited's GeoticLog 8.2.14 software. Geotechnical logging involved measuring core into 1 m intervals between wooden meter blocks and recording Rock Quality Designation (RQD) as the sum of all core pieces longer than 10 cm within each interval, with GeoticLog calculating RQD percentages. Core was photographed when wet after measurement, with photographs stored on Mayfair's server for reference and documentation.

Geological logging broke out major geological intervals with from/to metreage and detailed descriptions, with major lithology intervals ≥2 m long (intervals <2 m recorded in Minor Lithology sections). Logged data included alteration type and intensity, pyrite percentage and style, other sulphide minerals and percentages, structures, and veining characteristics. Core has been stored in a locked core yard adjacent to the core-shack at the Matheson facility. Drill-hole data are automatically locked upon completion of logging, with modifications requiring authorization from the database manager to maintain data integrity and security.

**10.4** **Significant Results and Interpretation** 

The drill-hole database includes 217,354 assayed intervals and 20,688 unassayed intervals from 748 total drill holes (457 historical + 291 Mayfair Gold holes as of April 30, 2024, cut-off date). The most recent drilling campaigns (2023-2024) have successfully expanded mineralization within all three primary mineralized zones: the Main Zone, Deformation Zone, and Footwall Zone.

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Table 10-2 summarizes the significant drill hole intersections encountered in the Mayfair Gold Drill holes.

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| **Table 10-2:** | **Significant Drill Hole Intersections**  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-304 |  | 336.00 | 361.90 | 25.90 | 1.46 |
| FG23-304 | including | 336.00 | 337.00 | 1.00 | 14.32 |
| FG23-304 | and | 345.50 | 349.00 | 3.50 | 3.00 |
| FG23-304 | and | 360.00 | 361.90 | 1.90 | 5.88 |
| FG23-304 |  | 387.30 | 389.60 | 2.30 | 2.49 |
| FG23-304 |  | 435.50 | 437.50 | 2.00 | 2.20 |
| FG23-300 |  | 334.80 | 351.00 | 16.20 | 2.05 |
| FG23-300 | including | 334.80 | 341.00 | 6.20 | 3.72 |
| FG23-300 | including | 334.80 | 336.00 | 1.20 | 4.10 |
| FG23-300 |  | 338.00 | 339.00 | 1.00 | 9.61 |
| FG23-300 |  | 340.10 | 341.00 | 0.90 | 6.76 |
| FG23-300 | and | 349.00 | 351.00 | 2.00 | 2.26 |
| FG23-311 |  | 58.30 | 61.20 | 2.90 | 0.87 |
| FG23-311 |  | 145.00 | 163.00 | 18.00 | 1.15 |
| FG23-311 | including | 145.00 | 148.00 | 3.00 | 5.98 |
| FG23-311 | including | 145.00 | 146.00 | 1.00 | 14.57 |
| FG23-313 |  | 198.00 | 203.00 | 5.00 | 1.41 |
| FG23-313 | including | 198.00 | 200.00 | 2.00 | 2.48 |
| FG23-313 | including | 199.00 | 200.00 | 1.00 | 3.60 |
| FG23-314 |  | 73.00 | 81.00 | 8.00 | 2.19 |
| FG23-314 | including | 80.00 | 81.00 | 1.00 | 13.48 |
| FG23-314 |  | 174.00 | 191.10 | 17.10 | 2.19 |
| FG23-314 | including | 174.00 | 176.00 | 2.00 | 13.67 |
| FG23-314 | and | 188.40 | 189.30 | 0.90 | 4.66 |
| FG23-314 |  | 382.00 | 383.00 | 1.00 | 2.32 |
| FG23-318 |  | 24.40 | 25.20 | 0.80 | 3.53 |
| FG23-318 |  | 122.80 | 131.00 | 8.20 | 1.94 |
| FG23-318 | including | 125.00 | 131.00 | 6.00 | 2.47 |
| FG23-318 | including | 125.00 | 128.00 | 3.00 | 4.40 |
| FG23-323 |  | 61.50 | 62.90 | 1.40 | 1.93 |
| FG23-323 |  | 121.00 | 122.00 | 1.00 | 4.21 |
| FG23-323 |  | 184.50 | 186.00 | 1.50 | 2.86 |
| FG23-323 |  | 198.10 | 218.00 | 19.90 | 1.34 |
| FG23-323 | including | 198.10 | 206.00 | 7.90 | 2.59 |
| FG23-323 | including | 198.10 | 199.00 | 0.90 | 11.73 |

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|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-326 |  | 48.00 | 49.00 | 1.00 | 1.72 |
| FG23-326 |  | 149.20 | 151.40 | 2.20 | 1.17 |
| FG23-326 |  | 180.00 | 188.00 | 8.00 | 3.67 |
| FG23-326 | including | 180.00 | 184.20 | 4.20 | 6.47 |
| FG23-326 | including | 181.30 | 182.20 | 0.90 | 19.89 |
| FG23-326 |  | 205.30 | 206.40 | 1.10 | 2.81 |
| FG23-328 |  | 104.00 | 105.50 | 1.50 | 15.65 |
| FG23-328 |  | 164.40 | 165.60 | 1.20 | 2.06 |
| FG23-328 |  | 174.00 | 181.00 | 7.00 | 7.94 |
| FG23-328 | including | 175.80 | 177.00 | 1.20 | 11.99 |
| FG23-328 | and | 178.60 | 181.00 | 2.40 | 16.20 |
| FG23-330 |  | 24.00 | 24.50 | 0.50 | 3782.70 |
| FG23-330 |  | 51.00 | 52.00 | 1.00 | 3.33 |
| FG23-330 |  | 204.00 | 205.00 | 1.00 | 1.93 |
| FG23-339 |  | 500.10 | 513.00 | 12.90 | 1.38 |
| FG23-339 | including | 500.10 | 504.00 | 3.90 | 3.00 |
| FG23-339 |  | 530.80 | 541.00 | 10.20 | 1.09 |
| FG23-339 |  | 549.20 | 554.50 | 5.30 | 3.11 |
| FG23-339 |  | 675.90 | 681.00 | 5.10 | 2.79 |
| FG23-339 | including | 677.00 | 678.00 | 1.00 | 7.39 |
| FG23-343 |  | 554.40 | 558.00 | 3.60 | \*2.08 |
| FG23-343 | including | 554.40 | 555.40 | 1.00 | 4.43 |
| FG23-344A |  | 498.00 | 528.00 | 30.00 | 4.72 |
| FG23-344A | including | 502.00 | 521.60 | 19.60 | 6.59 |
| FG23-344A | including | 502.00 | 503.00 | 1.00 | 44.70 |
| FG23-344A | and | 517.00 | 521.00 | 4.00 | 10.05 |
| FG23-345 |  | 461.00 | 510.50 | 49.50 | 1.44 |
| FG23-345 | including | 461.00 | 463.50 | 2.50 | 9.20 |
| FG23-345 | and | 488.50 | 491.50 | 3.00 | 2.92 |
| FG23-345 | including | 505.00 | 506.00 | 1.00 | 4.36 |
| FG23-345 |  | 555.00 | 561.00 | 6.00 | 1.43 |
| FG23-345 | including | 555.00 | 557.00 | 2.00 | 2.25 |
| FG23-345 |  | 590.40 | 596.00 | 5.60 | 1.18 |
| FG23-345 | including | 590.40 | 592.80 | 2.40 | 2.05 |
| FG23-345 |  | 694.90 | 700.30 | 5.40 | 2.47 |
| FG23-345 | including | 697.00 | 698.20 | 1.20 | 8.99 |

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|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-346 |  | 428.30 | 443.80 | 15.50 | 2.26 |
| FG23-346 | including | 433.00 | 435.00 | 2.00 | 3.32 |
| FG23-346 | and | 440.00 | 443.00 | 3.00 | 5.03 |
| FG23-346 |  | 460.00 | 463.30 | 3.30 | 19.84 |
| FG23-346 | including | 461.10 | 462.20 | 1.10 | 54.07 |
| FG23-347 |  | 466.00 | 467.00 | 1.00 | 3.83 |
| FG23-347 |  | 476.80 | 478.00 | 1.20 | 4.80 |
| FG23-347 |  | 483.00 | 484.50 | 1.50 | 2.59 |
| FG23-347 |  | 511.00 | 545.00 | 34.00 | 0.83 |
| FG23-347 | including | 529.00 | 531.00 | 2.00 | 1.75 |
| FG23-347 | and | 538.00 | 543.00 | 5.00 | 1.90 |
| FG23-347 | including | 541.50 | 543.00 | 1.50 | 3.76 |
| FG23-347 |  | 592.50 | 626.00 | 33.50 | 1.28 |
| FG23-347 | including | 592.50 | 595.50 | 3.00 | 4.90 |
| FG23-347 | including | 593.50 | 594.50 | 1.00 | 9.97 |
| FG23-347 | and | 622.00 | 626.00 | 4.00 | 3.34 |
| FG23-347 | including | 622.00 | 623.00 | 1.00 | 7.90 |
| FG23-348 |  | 514.00 | 517.00 | 3.00 | 1.10 |
| FG23-348 |  | 622.00 | 624.30 | 2.30 | 6.44 |
| FG23-348 | including | 623.00 | 624.30 | 1.30 | 9.30 |
| FG23-350A |  | 12.00 | 508.00 | 496.00 | 1.14 |
| FG23-350A | including | 38.00 | 59.00 | 21.00 | 2.84 |
| FG23-350A | and | 68.00 | 87.00 | 19.00 | 2.06 |
| FG23-350A | and | 115.00 | 146.20 | 31.20 | 2.40 |
| FG23-350A | including | 133.20 | 141.20 | 8.00 | 4.19 |
| FG23-350A | and | 169.70 | 181.00 | 11.30 | 2.31 |
| FG23-350A | and | 209.00 | 228.00 | 19.00 | 5.45 |
| FG23-350A | and | 407.00 | 417.00 | 10.00 | 2.82 |
| FG23-350A |  | 683.00 | 807.00 | 124.00 | 1.06 |
| FG23-350A | including | 691.40 | 693.20 | 1.80 | 6.46 |
| FG23-350A | and | 738.00 | 746.60 | 8.60 | 2.56 |
| FG23-350A | including | 738.00 | 740.00 | 2.00 | 5.73 |
| FG23-350A | and | 775.00 | 786.00 | 11.00 | 3.22 |
| FG23-350A | including | 776.00 | 778.00 | 2.00 | 9.31 |
| FG23-350A |  | 846.00 | 848.00 | 2.00 | 2.08 |
| FG23-350A |  | 899.00 | 940.00 | 41.00 | 0.74 |
| FG23-350A |  | 978.00 | 997.20 | 19.20 | 0.92 |

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|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-351 |  | 372.50 | 374.50 | 2.00 | 5.92 |
| FG23-351 |  | 403.20 | 420.00 | 16.80 | 2.19 |
| FG23-351 | including | 404.20 | 411.20 | 7.00 | 3.28 |
| FG23-351 | including | 405.20 | 410.20 | 5.00 | 3.60 |
| FG23-351 | and | 413.20 | 415.20 | 2.00 | 3.21 |
| FG23-351 |  | 434.00 | 448.50 | 14.50 | 1.29 |
| FG23-351 | including | 434.00 | 435.20 | 1.20 | 3.10 |
| FG23-351 | and | 447.00 | 448.50 | 1.50 | 5.39 |
| FG23-351 |  | 727.50 | 780.00 | 52.50 | 0.67 |
| FG23-351 | including | 727.50 | 728.00 | 0.50 | 2.90 |
| FG23-351 | and | 734.00 | 736.00 | 2.00 | 3.00 |
| FG23-351 | and | 779.00 | 780.00 | 1.00 | 2.21 |
| FG23-353 |  | 359.30 | 362.00 | 2.70 | 2.13 |
| FG23-353 |  | 457.50 | 459.00 | 1.50 | 2.62 |
| FG23-353 |  | 528.00 | 544.00 | 16.00 | 2.10 |
| FG23-353 | including | 528.00 | 529.00 | 1.00 | 6.27 |
| FG23-353 | and | 534.70 | 543.00 | 8.30 | 2.82 |
| FG23-353 | including | 536.00 | 537.00 | 1.00 | 6.13 |
| FG23-353 | and | 540.00 | 543.00 | 3.00 | 4.07 |
| FG23-353 |  | 582.10 | 584.00 | 1.90 | 2.35 |
| FG23-354 |  | 634.90 | 647.00 | 12.10 | 1.61 |
| FG23-354 | including | 634.90 | 638.00 | 3.10 | 3.63 |
| FG23-354 | and | 646.00 | 647.00 | 1.00 | 4.24 |
| FG23-356 |  | 21.20 | 944.00 | 922.80 | 0.75 |
| FG23-356 | including | 145.90 | 184.00 | 38.10 | 1.14 |
| FG23-356 | and | 523.00 | 944.00 | 421.00 | 1.16 |
| FG23-356 | including | 580.00 | 801.00 | 221.00 | 1.69 |
| FG23-356 | including | 612.00 | 635.00 | 23.00 | 2.40 |
| FG23-356 | and | 654.00 | 664.00 | 10.00 | 12.42 |
| FG23-356 | including | 655.00 | 656.50 | 1.50 | 76.12 |
| FG23-356 | and | 709.00 | 710.00 | 1.00 | 26.25 |
| FG23-356 | and | 781.00 | 788.00 | 7.00 | 3.88 |
| FG23-356 | including | 781.00 | 782.00 | 1.00 | 23.24 |
| FG23-356 | and | 795.00 | 801.00 | 6.00 | 2.33 |
| FG23-356 | including | 795.00 | 796.00 | 1.00 | 9.74 |
| FG23-356 | and | 857.00 | 858.00 | 1.00 | 43.61 |
| FG23-359 |  | 466.10 | 468.20 | 2.10 | 27.60 |
| FG23-359 |  | 568.00 | 573.00 | 5.00 | 3.64 |
| FG23-359 | including | 568.00 | 570.00 | 2.00 | 7.26 |
| FG23-359 |  | 585.00 | 588.20 | 3.20 | 3.70 |
| FG23-359 | including | 586.00 | 587.00 | 1.00 | 6.19 |

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|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-361 |  | 173.00 | 175.70 | 2.70 | 1.96 |
| FG23-361 | including | 173.00 | 173.70 | 0.70 | 6.17 |
| FG23-361 |  | 461.20 | 463.50 | 2.30 | 16.47 |
| FG23-361 |  | 469.50 | 470.00 | 0.50 | 4.18 |
| FG23-361 |  | 484.10 | 489.10 | 5.00 | 2.19 |
| FG23-361 | including | 485.00 | 486.00 | 1.00 | 5.26 |
| FG23-361 |  | 632.50 | 638.50 | 6.00 | 1.88 |
| FG23-361 | including | 637.00 | 638.50 | 1.50 | 4.56 |
| FG23-363 |  | 337.00 | 338.00 | 1.00 | 2.11 |
| FG23-363 |  | 511.10 | 532.40 | 21.30 | 1.20 |
| FG23-363 | including | 511.10 | 514.00 | 2.90 | 4.33 |
| FG23-366 |  | 391.50 | 392.50 | 1.00 | 2.21 |
| FG23-366 |  | 524.70 | 526.00 | 1.30 | 4.28 |
| FG23-366 |  | 594.50 | 597.40 | 2.90 | 6.23 |
| FG23-366 | including | 595.70 | 596.60 | 0.90 | 15.80 |
| FG23-367 |  | 908.00 | 908.70 | 0.70 | 1.66 |
| FG23-368 |  | 505.50 | 507.40 | 1.90 | 2.87 |
| FG23-368 |  | 558.50 | 568.50 | 10.00 | 3.14 |
| FG23-368 | including | 558.50 | 559.50 | 1.00 | 15.94 |
| FG23-370 |  | 548.00 | 549.00 | 1.00 | 2.91 |
| FG23-370 |  | 566.00 | 566.70 | 0.70 | 2.07 |
| FG23-370 |  | 586.00 | 597.00 | 11.00 | 0.85 |
| FG23-370 | including | 586.00 | 587.00 | 1.00 | 2.91 |
| FG23-370 | and | 595.50 | 597.00 | 1.50 | 2.11 |
| FG23-370 |  | 658.00 | 692.40 | 34.40 | 0.79 |
| FG23-370 | including | 658.00 | 677.00 | 19.00 | 1.06 |
| FG23-370 | including | 658.00 | 659.00 | 1.00 | 3.23 |
| FG23-370 | and | 667.00 | 667.70 | 0.70 | 3.04 |
| FG23-370 | and | 674.00 | 676.00 | 2.00 | 2.90 |
| FG23-370 | and | 687.00 | 692.40 | 5.40 | 1.00 |
| FG23-371 |  | 685.00 | 686.10 | 1.10 | 1.21 |
| FG23-372 |  | 334.50 | 336.00 | 1.50 | 7.24 |
| FG23-372 |  | 506.00 | 515.00 | 9.00 | 1.12 |
| FG23-372 |  | 560.60 | 572.00 | 11.40 | 2.26 |
| FG23-372 | including | 563.60 | 568.60 | 5.00 | 4.07 |

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|:---|:---|:---|:---|:---|:---|
| **Hole** |  | **From (m)** | **To (m)** | **Length (m)** | **Au (g/t)** |
| FG23-378 |  | 441.50 | 442.60 | 1.10 | 3.33 |
| FG23-378 |  | 496.00 | 517.00 | 21.00 | 0.82 |
| FG23-378 | including | 506.00 | 511.00 | 5.00 | 1.25 |
| FG23-378 |  | 654.00 | 656.00 | 2.00 | 3.04 |
| FG23-378 |  | 666.40 | 667.30 | 0.90 | 2.37 |
| FG23-378 |  | 709.00 | 717.80 | 8.80 | 1.71 |
| FG23-378 | including | 711.00 | 713.00 | 2.00 | 5.13 |
| FG24-385 |  | 261.40 | 332.40 | 71.00 | 0.88 |
| FG24-385 | including | 296.70 | 325.00 | 28.30 | 1.40 |
| FG24-385 | including | 296.70 | 298.50 | 1.80 | 19.81 |
| FG24-385 | and | 315.00 | 316.00 | 1.00 | 3.24 |
| FG24-385 |  | 360.00 | 364.00 | 4.00 | 2.37 |
| FG24-385 | including | 363.00 | 364.00 | 1.00 | 5.95 |
| FG24-385 |  | 408.10 | 417.00 | 8.90 | 2.01 |
| FG24-387 |  | 313.50 | 508.00 | 194.50 | 0.80 |
| FG24-387 | including | 326.00 | 329.00 | 3.00 | 3.02 |
| FG24-387 | and | 379.10 | 380.00 | 0.90 | 4.21 |
| FG24-387 | and | 438.00 | 443.00 | 5.00 | 2.54 |
| FG24-387 | and | 464.70 | 468.00 | 3.30 | 8.56 |
| FG24-387 | including | 467.00 | 468.00 | 1.00 | 23.90 |
| FG24-387 | and | 474.50 | 476.70 | 2.20 | 4.60 |
| FG24-388 |  | 312.00 | 380.90 | 68.90 | 1.97 |
| FG24-388 | including | 314.00 | 323.40 | 9.40 | 4.82 |
| FG24-388 | including | 318.00 | 320.10 | 2.10 | 11.25 |
| FG24-388 | and | 339.50 | 352.00 | 12.50 | 3.01 |
| FG24-388 | including | 343.50 | 346.50 | 3.00 | 6.91 |
| FG24-388 | and | 350.90 | 352.00 | 1.10 | 6.63 |
| FG24-388 | and | 375.00 | 380.90 | 5.90 | 4.15 |
| FG24-390 |  | 209.00 | 210.00 | 1.00 | 10.72 |
| FG24-390 |  | 221.50 | 250.00 | 28.50 | 0.55 |
| FG24-390 |  | 244.20 | 245.20 | 1.00 | 2.96 |
| FG24-390 |  | 280.00 | 294.00 | 14.00 | 6.12 |
| FG24-390 | including | 281.20 | 282.10 | 0.90 | 68.13 |
| FG24-390 | and | 288.00 | 294.00 | 6.00 | 3.24 |
| FG24-390 | including | 291.00 | 292.00 | 1.00 | 9.13 |
| FG24-410 |  | 471.00 | 485.00 | 13.90 | 2.90 |
| FG24-414 |  | 377.90 | 397.00 | 19.10 | 1.04 |
| FG24-414 |  | 449.40 | 470.50 | 21.10 | 1.28 |
| FG24-415 |  | 345.50 | 362.00 | 16.50 | 1.06 |
| FG24-415 |  | 443.00 | 451.00 | 8.00 | 2.07 |

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The following are key findings from exploration drilling conducted by Mayfair Gold:

• Drilling has successfully defined three primary mineralized zones with consistent gold grades and geometries.

• The Main Zone continues to expand both along strike and at depth.

• The Deformation Zone demonstrates higher-grade intersections associated with structural features.

• The Footwall Zone remains open in all directions and presents additional expansion potential.

• Core recovery has been consistently good, supporting confidence in assay results.

**10.5** **Qualified Person's Opinion** 

In the opinion of the QP, Tim Maunula, P.Geo., the drill-hole logging and survey procedures employed are consistent with generally accepted industry best practices and are therefore considered reliable for the purposes of mineral resource estimation.

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| **11** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY**  |

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**11.1** **Introduction** 

The assay data used for this technical report represents a comprehensive compilation from certified laboratories, including both historical data from past owners, and recent diamond drilling by Mayfair Gold. The QP believes that certified laboratories historically employed industry best-practice in sample preparation, analyses, and security methods and procedures when developing the data used for the MRE presented in this technical report.

**11.2** **Historical Sampling Pre-2011** 

LSG compiled a master assay table from various historical records. The database listed assay intervals accompanied by location, Hole ID, from, to, sample number, lab name, assay certificate number, and date; and for each listed interval, a variety of assay results (e.g., check, repeat, and duplicate assays). Prior to 2011, LSG undertook a program of assay certificates database verifications to ensure that the most-reliable method of analysis was selected given the value of the sample (e.g., gravimetric for samples with >3 g/t Au). This process also served to verify the database. Scans of paper drill logs and assay certificates were available to verify data in the master assay table.

Accurassay, TSL Laboratories Inc., and Bourlamaque assayed samples from the early 1986 holes on the Fenn-Gib Project, then Swastika Laboratories (Swastika) (up to 1994), Spectrolab (up to 1997), and Chimitec (1998 and 1999). Swastika Laboratories performed the assaying for the holes Barrick drilled. Swastika is in Swastika, Ontario; Accurassay is in Thunder Bay, Ontario; Bourlamaque Laboratoire D'Analyse is in Val d'Or, Quebec; Spectrolab is in Geraldton, Ontario; TSL Laboratories Inc. is in Saskatoon, Saskatchewan; and Chimitec is in Val d'Or, Quebec. All laboratories were accredited at the time of the analyses.

Due to the historical nature of the data, it is exceedingly difficult to analyze the quality assurance and quality control (QA/QC) method used by the various companies that drilled on the property over the years. It appears that the principal method of ensuring data quality was the use of pulp duplicates that were usually sent to other independent laboratories. This is discussed further in Section 12.1. SGS Geostat (Dagbert and Desharnais, 2011) and LSG undertook a resampling and drill twin program to validate the historical data; the SGS and LSG work continues to be an excellent verification source.

It appears that no certified standards or blanks were used to evaluate the accuracy or contamination effects for the data collected. The assay data were almost completely produced from known laboratories in the 1990s, which were certified and had their internal controls, which included standards and blanks. Those laboratories continue to be in operation today. The verification and validation work LSG and SGS Geostat completed did not highlight any issues with bias or errors. The sampling and analysis methods used by the previous exploration companies was adequate for the use in the MRE.

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**11.3** **Historical Sampling Post 2011** 

From 2017, LSG implemented a comprehensive QA/QC program employing industry standards and best practices for all its drill core. This included regularly inserting blind Certified Reference Materials (CRM) and field blanks randomly into the sample stream. Additionally, pulp and coarse rejects were systematically submitted to ALS in North Vancouver, B.C., for check analysis and additional quality control.

Samples were transported in security-sealed bags to SGS In Timmins, Ontario, and ALS in North Vancouver, for sample preparation by dry crush to 75% mesh to 2 mm, split to 250 g and pulverized to 85% mesh to 75 µm. The samples were then assayed for gold and silver using a 50 g charge with atomic absorption and AAS finish for values exceeding threshold.

A total of 1,356 control samples was assigned for QA/QC purposes and accounted for approximately 20% of total samples taken during the program.

Analyses of blank samples, both pulp and field blanks, consistently yielded gold values near or below the detection limit of the primary laboratory. A single failure was detected; however, the results illustrate no sample contamination.

The performance of the control samples was very good, reflecting the overall high quality of the analysis. Standard OREAS O-250 analyzed by ALS shows two failures; ALS O-210 had three failures, and CDN-GS-3P one failure. SGS had two failures on O-210. Overall, the failure rate of 1.6% for ALS and 1.6% for SGS is very low and illustrates good QC procedures.

ALS performed duplicates check analysis of coarse rejects. Results showed relatively good correlation evident at both low and high gold levels, with a correlation coefficient of 0.995, indicating excellent reproducibility. There appears to be a moderate scatter, which can be interpreted as reflecting the lack of coarse nuggety gold in the Fenn-Gib Deposit.

**11.4** **Mayfair Gold Sampling** 

**11.4.1** **Sampling Procedure** 

• Sample intervals are marked directly on the drill core. Sample "from" and "to" points
are marked by a vertical line drawn perpendicular to the core axis with arrows pointing towards the sample.

• Sample information is recorded in sample booklets. The sample tag number becomes the drill core sample
identification number (sample ID). QC samples are inserted into the same sampling ID sequence as the drill core. The minimum sample length is 0.5 m, and the maximum is 1.5 m. Sampling intervals are not to cross major lithology boundaries.

• The Core Technician marks a cut line on the core prior to cutting. Drill core samples are cut lengthwise, and
half of the core is placed into a sample bag. The other half of the core is placed back into the core box in its original location. The second portion of the sample tag is stapled into the core box in its original location (end of the sample).

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• Sample bags are labelled with the sample ID, and the third portion of the sample tag is placed into the sample
bag. Sample bags are sealed with a zip tie or staples.

• Core is stored within a locked core yard (Figure 11-1) adjacent to the
core-shack at 489 MacDougall Street in Matheson, Ontario.

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| **Figure 11-1:** | **Core Storage Yard, Matheson, Ontario**  |

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![LOGO](g83619dsp75.jpg)

Source: TMAC, 2023

**11.5** **Analytical and Test Laboratories** 

Mayfair Gold has used four laboratories: Activation Laboratories Ltd. (ActLabs), Swastika, AGAT Laboratories (AGAT), and MSALABS which are all independent of Mayfair Gold. Mayfair's primary lab has been Swastika (>50%) followed by ActLabs (5.3%), and AGAT (2.3%). No photon assays from MSALABS have been used in this MRE. All laboratories are all independent of Mayfair Gold.

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**11.5.1** **ActLabs** 

ActLabs is an analytical company with global locations. Fenn-Gib Project samples are prepared and analyzed at their ISO 17025:2005-accredited Timmins location at 1752 Riverside Drive.

• Drill Core Sample Preparation Package (RX1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are crushed to 80% passing 2 mm. Samples are then split via a riffle to obtain a 250 g sample. 250 g
samples are pulverized to 95% passing 105 µm. Cleaner sand is used.

• Gold Fire Assays Package (1A2b-30)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with AA finish of a 30 g sample

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 5 ppb (0.005 g/t)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over limit of 10,000 ppb (10 g/t).

• Gold Fire Assays Package (1A2-Timmins)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assays with AA finish of a 10 g sample.

• Overlimit Assay Package (1A3-30)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with gravimetric finish. When assays from 1A2b-30 return with values >10 g/t they are sent for this package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 0.03 g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over limit of 10,000 g/t.

• Specific Gravity (SG) Core-Timmins

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 20-50 g dry core piece is weighed (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same piece of core is then weighed while submerged completely in water (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG is calculated using following formula SG = a/(a-b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two pieces per SG sample are measured to show variance and to identify samples to be rechecked.

• Multi-element Packages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1F2 QOP Total (Total Digestion ICPOES)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code 8-4 Acid Total Digestion-ICPMS.

**11.5.2** **Swastika Laboratories** 

Swastika is an ISO 17025:2017-accredited assay lab and certified to the ISO 9001: 2015 standard. Fenn-Gib Project samples are prepared and analyzed at their Swastika location 6 km southwest of Kirkland Lake, Ontario.

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• Drill Core Sample Preparation Package

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are crushed to minimum 80% passing 1,700 µm. Samples are then split to obtain a 300-500 g sample using a rotary divider. 300-500 g samples are pulverized to minimum 85% passing 74 µm. Cleaner sand is utilized.

• Gold Fire Assays Package

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with AA finish of a 30 g sample

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 10 ppb (0.01 g/t).

• Overlimit Assay Package

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with gravimetric finish. When assays return with values >10 g/t they are sent for this
package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 0.3 g/t.

• Specific Gravity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A dry and room temperature core piece is weighed (Wa)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same piece of core is then weighed while submerged completely in water (Ww)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG is calculated using following formula SG = Wa/(Wa-Ww).

**11.5.3** **AGAT Laboratories** 

AGAT is an analytical company that operates across Canada; it is ISO 17025:2017 accredited and certified to the ISO 9001: 2015 standard. Fenn-Gib Project samples are prepared at AGAT Timmins. Samples are shipped for analysis to their lab at 5623 McAdam Rd., Mississauga, Ontario.

• Drill Core Sample Preparation Package (200001 Code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are crushed to 75% passing 2 mm. Samples are then split to obtain a 250 g sample. 250 g samples are
pulverized to 85% passing 75 µm.

• Gold Fire Assays Package (202051 Code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with AAS finish of a 30 g sample

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under limit of 2 ppb (0.002 g/t).

• Overlimit Assay Package (202064)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold fire assay with gravimetric finish. When assays return with values >10 g/t then are sent for this
package.

• Multi-Element Package—(201070)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Select samples may be sent for multi element suite

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Four acid digestion with ICP-OES finish for 43 elements.

**11.5.4** **MSALABS Timmins** 

MSALABS is global provider of geochemical laboratory services for the exploration and mining industries. Fenn-Gib Project samples are submitted to the lab at 757 Algonquin Blvd East, Timmins, Ontario. MSALABS follows the guidelines of ISO17025 accreditation and ISO9001, ISO14001, and ISO45001 certification:

• Sample Preparation (CRU-CPA)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dry entire sample, crushed up to 1 kg to 70% 02 mm, split 500 g.

• Photon Assay (CPA-Au1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gamma ray analysis of sample for gold by photon assay instrument.

**11.6** **Sample Preparation and Analysis** 

Samples were assayed for gold and silver. Mayfair Gold has used four laboratories: Activation Laboratories Ltd. (ActLabs), Swastika, AGAT Laboratories (AGAT), and MSALABS. All laboratories employed fire assay with atomic absorption (AA) or gravimetric finish depending on gold grade. Detection limits vary by laboratory: ActLabs under 5 ppb (0.005 g/t) for standard assays, Swastika under 10 ppb (0.01 g/t), and AGAT under 2 ppb (0.002 g/t). Over-limit assays returning >10 g/t were re-assayed using gravimetric finish by all three primary laboratories. Multi-element packages were available from ActLabs and AGAT for select samples.

**11.7** **Quality Assurance and Quality Control** 

**11.7.1** **Quality Control Samples** 

To ensure data quality and integrity, the Project maintains a rigorous quality control program. The program systematically inserts three QC samples in every 25 samples: one CRM, one blank, and one duplicate. CRMs, sourced from certified commercial retailers, consist of homogeneous fine pulp material with known certified grades and expected variability. These selected CRMs enable assessment of the accuracy of the assay data and monitor for potential bias:

• The Project uses three different CRMs, at three different grade points during the sampling process. The three
different grade ranges reflect the Project's mineralization and consist of a low grade (<1 g/t), a mid grade (1—3 g/t), and a high grade (5—9 g/t).

• As of January 2021, the Project has used CRMs from OREAS and CDN Resource Laboratories.

Blank samples consist of material that has negligible grade concentrations. These samples are used to monitor for sample contamination during the preparation or analysis process. As of January 2021, the Project is using sand blasting material for its blank samples. The silica sand is sourced from an auto parts store.

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Duplicate samples are used to assess the precision of the assay data. A duplicate sample is split from the original sample and given its own sample identification number. As of January 2021, duplicate samples used in the Project drill program consist of "coarse" and "pulp" preparation duplicate samples. These samples are prepared at the assay lab during the sampling process. As of April 25, 2022, Mayfair uses only coarse duplicate samples in their sampling program.

Check assay samples consist of the pulp portion of drill core samples from previously assayed samples. Check assay samples are sent to a secondary lab to assess the accuracy of the assay results. Check assays are submitted on a quarterly to biannual basis, or upon completion of a drill program. Approximately 2% of drill core samples are selected for check assay samples. Of these:

• approximately half of the samples will be randomly selected from the entire core sample population

• the other half of the samples will be randomly selected from samples that returned values >0.34 g/t Au.

**11.7.2** **QA/QC Control Charts** 

Assay certificates are imported into the GeoticLog program using the "import certificate" function. This function will match the sample ID in the certificate to the correct sample ID and drill hole in GeoticLog. An access database, "Fenn-Gib database," was created as the working drill hole, assay, and QC monitoring program. The database is linked to the GeoticLog program and pulls the information from there. Query functions have been created to filter QC data by each sub type. In each query, expressions have been built to flag assay results that lie outside of the accepted control limits. The database is password protected.

The QA/QC review and control charts are based on work completed between April 2023 and May 2024.

**11.7.3** **Blanks** 

Mayfair Gold inserted 1,595 blank control samples. There were two samples reporting >0.5 g/t Au () with the remaining failures below that limit (0.13% failure rate). No batches were repeated. Figure 11-2 displays the control chart for blank material.

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| **Figure 11-2:** | **Control Chart—Blank Material**  |

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![LOGO](g83619dsp80.jpg)

Source: Mayfair, 2024

**11.7.3.1** **Certified Reference Materials** 

The CRM sample certificates indicate the accepted values and ranges or control limits. The reported standard deviation in the CRM certificate is used to define the warning and failure limits:

• ±2 times standard deviation is considered a warning limit.

• ±3 times standard deviation is considered the failure limit.

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The Project uses the following parameters to identify CRM failures that require repeat assays:

• Any single CRM result that falls outside of 3 standard deviations.

• Two or more CRMs that fall outside of 2 standard deviations in a single reported assay certificate. The CRMs
do not need to be from the same type.

• A single CRM result that falls outside of 2 standard deviations with a blank or duplicate failure in the same
certificate.

• In some cases, the database manager may consider a single CRM that is outside of 2 standard deviations as a
failure if there is an increased amount of CRM samples from multiple certificates from the same lab in the warning zone within a given time period.

The current CRMs in use by Mayfair Gold are: OREAS-256b, OREAS-251b, and OREAS-254b. Failures were less than 1%, with no repeat assays conducted, as no significant assays were in sequence. Control charts for these three CRMs are shown in Figure 11-3 to Figure 11-5. In general, the three current CRMs perform well within two standard deviations. For the photon assay conducted by MSALABS, there is not sufficient pulp material for analysis, so the samples are marked as IS (for "Insufficient Sample") and plotted at 0 g/t Au on the CRM Control Charts.

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| **Figure 11-3:** | **Control Chart—CRM OREAS 251b**  |

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![LOGO](g83619dsp82.jpg)

Source: Mayfair, 2024

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| **Figure 11-4:** | **Control Chart—CRM OREAS 254b**  |

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![LOGO](g83619dsp83.jpg)

Source: Mayfair, 2024

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| **Figure 11-5:** | **Control Chart—CRM OREAS 256b**  |

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![LOGO](g83619dsp84.jpg)

Source: Mayfair, 2024

**11.7.4** **Duplicates** 

Coarse duplicate samples were collected after the original sample had been crushed for Swastika (1,568 samples), ActLabs (27 samples), and MSALABS (2 samples). It is expected that duplicate results will return an assay value that is in line with its original sample:

• Acceptable range for coarse duplicate samples is ±25% of the original assays.

• If the gold difference between the original and check assay is less than 0.1 g/t, a percent difference outside
of 25% it is not considered to be an outlier.

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The check assays were evaluated using quartile—quartile (Q—Q) plots and relative difference statistics. For Swastika, less than 3% did not meet the QC criteria, and for ActLabs all samples passed. compares the various labs using a Q—Q plot to confirm the repeatability.

The Project's QC program identified and addressed quality control issues in 2023. Of the four QC failures, one resulted from a result of a sample mix-up with the CRM which was resolved. The remaining three samples initially showed values outside acceptable limits but were confirmed to be within specifications upon re-analysis. Additionally, twenty-three sampling errors, primarily from submitting the incorrect CRM, were identified and resolved; no re-assays were submitted.

The 2024 quality control program identified one QC assay failure resulting from a lab mix-up in samples and resolved through re-analysis. Six QC errors, primarily due to insertion of a different CRM than recorded, were identified and resolved; no additional re-assays were required.

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| **Figure 11-6:** | **Control Chart—Duplicate Samples**  |

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![LOGO](g83619dsp86.jpg)

Source: Mayfair, 2024

Check assays consisting of the pulp portion of drill core samples previously assayed by Swastika (625 samples) and AGAT (137 samples) were submitted to ActLabs. Check assay samples assess the accuracy and precision of the assay data. It is expected that check assay results will return an assay value that is in line with its original sample:

• Acceptable range for pulp duplicate samples is ±15% of the original assays.

• If the gold difference between the original and check assay is less than 0.1 g/t, a percent difference outside
of 15% it is not considered to be an outlier.

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The check assays were evaluated using Q—Q plots (Figure 11-7) and relative difference statistics. The results demonstrate repeatability between labs if samples near the detection limit are removed from the analysis; about 6% of the check assays did not meet the criteria. Figure 11-7 and Figure 11-8 are the Q-Q plots comparing the Swastika and AGAT samples with ActLabs and confirming the repeatability.

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| **Figure 11-7:** | **Control Chart—Check Assays, Swastika vs. ActLabs**  |

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![LOGO](g83619dsp87.jpg)

Source: Mayfair, 2024

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| **Figure 11-8:** | **Control Chart—Check Assays, AGAT vs. ActLabs**  |

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![LOGO](g83619dsp88.jpg)

Source: Mayfair, 2024

**11.8** **Density Determinations** 

Density determinations were performed on split core, primarily by Swastika, with some determinations by ActLabs. Density determinations were calculated using the formula SG = Wa/(Wa-Ww), where Wa is the weight of the dry sample, and Ww is the weight of the sample while submerged completely in water. Since 2023, density determinations have been conducted for every tenth sample submitted. In 2023, there were 1,948 density determinations, and 4,360 in 2024.

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**11.9** **Comment on Sample Preparation, Analyses and Security** 

The sampling and analysis methods used by Mayfair Gold for the Project represent industry best-practice and adequate procedures for mineral resource estimation. The use of multiple ISO 17025-accredited laboratories (ActLabs, Swastika, AGAT) with overlapping assay ranges provides robust data quality. The comprehensive QA/QC program, including systematic insertion of Certified Reference Materials, field blanks, and duplicate assays at 20% frequency, demonstrates strong quality control. The excellent reproducibility demonstrated by duplicate assays (correlation coefficient of 0.995) and low QC failure rates (1.6%) provide confidence in the analytical data. The secure sample handling procedures, from field collection through secure transport to locked core storage at Matheson, ensure sample integrity throughout the chain of custody.

**11.10** **Adequacy Statement** 

QP, Tim Maunula, P.Geo., believes that the historical and present-day sampling preparation, security, analytical procedures, and quality control protocols conform to generally accepted industry best practices at the time they were performed, and are therefore reliable for the purpose of mineral resource estimation.

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| **12** | **DATA VERIFICATION**  |

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Data verification has been conducted historically and is ongoing; all of which adequately supports the MRE.

**12.1** **Legacy data** 

As the historical data are a large component of the database, validation and verification of the data have been part of the ongoing work. A variety of validation and verification techniques have been conducted including the following:

• LSG and Dagbert & Desharnais (2011) conducted a 10% data check compared with scanned laboratory
certificates. No discrepancies were identified.

• Dagbert & Desharnais (2011) compared the pulp duplicate data with the original assays. With the
exception of a limited dataset (0.6% of the 2011 database), there appeared to be no significant bias.

• LSG resampled 223 assay intervals (277.1 m) of remaining half cores from the 1986 to 1998 drilling. No
significant bias was identified (Dagbert & Desharnais, 2011).

• LSG conducted an eight-hole twin drilling program in 2011. The results showed good correlation between the
original and the twinned holes (Dagbert & Desharnais, 2011).

• A block model was estimated using pre-2017 data versus 2017 data. In
general, there was good correlation, except in areas of lower data density. No systematic bias was identified (Kirkham et al., 2021).

Additional details are available in the Dagbert & Desharnais (2011) and Kirkham et al. (2021) technical reports.

**12.2** **Verification by Tim Maunula** 

**12.2.1** **Site Inspection** 

QP Tim Maunula, P.Geo. conducted his original site visit on February 6 and 7, 2023, including an inspection of the property, review of diamond drilling and logging, sampling, and core-storage facilities in Matheson.

A site visit in support of the 2024 MRE was conducted on April 16 and 17, 2024, including inspecting the property and reviewing diamond drilling and logging, sampling, and core storage facilities in Matheson, Ontario. A representative for Mayfair Gold accompanied Mr. Maunula on both site visits.

**12.2.2** **Diamond Drilling** 

Major Drilling currently conducts diamond drilling. Generally, casing is capped, the drill holes flagged, and the collar identification recorded on a metal strip (Figure 12-1). Mr. Maunula verified the collar locations for FG23-347, FG23-359, FG23-368, and FG24-372 within 1 m.

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 12-1:** | **Collar Labelling, FG23-347**  |

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![LOGO](g83619dsp91.jpg)

Source: TMAC, 2024

**12.2.3** **Databases Verification** 

The QP conducted data verification during the update of the 2024 MRE. This included the built-in checks associated with importing data in GEMS and MinePlan, random checks of database assays compared with assay certificates, and reviewing the QA/QC performance (Section 11). As discussed in Section 14, exploratory data analysis to evaluate the grade distribution was an additional component of the data verification process.

The QP completed data verification of the assay grades for three drill holes compared with the associated digital import file. This was approximately 4% of Mayfair Gold's new drilling used in the MRE. The QP did not identify any material issues and data were found to match the original certificates.

**12.2.4** **Quality Assurance and Quality Control** 

Quality assurance and quality control is addressed comprehensively in Section 11. The data verification process included reviewing the QA/QC performance of Mayfair Gold's programs. The control charts demonstrating CRM performance, blank sample analysis, and duplicate sample reproducibility provide confidence in the assay database.

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| &nbsp;&nbsp; Fenn-Gib Project | Page 91 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**12.2.5** **Comments on Data Verification** 

Upon completing the data verification process, the QP believes that the geological data collection, sampling, and QA/QC procedures Mayfair Gold used are consistent with accepted industry practices. Comprehensive verification work included comparative analysis of historical and recent drilling, twin hole programs, resampling programs, and detailed QA/QC documentation, which demonstrates that the database is of suitable quality to support the MRE. The assay data have been verified through multiple independent methods and show no material bias or systematic errors. The database is reliable for mineral resource estimation purposes at the level reported in Section 14.

**12.3** **Verification by Tommaso Roberto Raponi** 

The QP visited the property on May 22, 2025. During the site visit, inspection of the site layout for locations of planned plant and site infrastructure, available drill core, the core logging and core sampling facilities was completed.

Metallurgical test data was verified through a review of previous studies and current testwork reports. Metallurgical testing has been completed at several specialist laboratories. Each laboratory has their own QA/QC procedures, which they adhere to in performing their testing on samples. All metallurgical data was verified and is adequate for this technical report as required by NI 43-101 guidelines.

There have been no limitations on the QP on his verification of any of the data presented in this report. The QP's opinion is that all data presented in this report is adequate for the purposes of this report and is presented so that it is not misleading.

Inputs into operating costs were obtained through recent quotations or available data from other projects.

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| **13** | **MINERAL PROCESSING AND METALLURGICAL TESTING**  |

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**13.1** **Introduction** 

The metallurgical test work determined the optimum recovery process to be crushing and grinding, followed by flotation, rougher concentrate regrinding and cyanidation. The target primary 80% passing grind size (P<sub>80</sub>) was determined to be 106 µm, with a 23% to 25% rougher flotation mass recovery, with 29% selected for design and equipment sizing and, yielding a maximum 97% gold recovery to rougher concentrate. The concentrate regrind size selected was a P<sub>80</sub> of 13 µm and achieved a nominal 92% gold extraction during cyanidation. The outcome of flotation followed by cyanidation is an estimated 89.6% gold recovery at a head grade of 1.5 g/t.

Gravity concentration is included in the process design as a provisional allowance; however, the gravity circuit will not be included in the initial project. Provision for this circuit will be incorporated into the process and construction designs to allow for future installation as part of sustaining capital, should the presence of sufficient coarse free gold suitable for gravity concentration be confirmed

Metallurgical testing was conducted on composite samples, over a range in head grade from 0.2 to 19.1 g/t gold and 0.3 to 8.1% sulphide sulphur (S<sup>2-</sup>). Composite sample selection is representative of the range in gold grade, sulphide sulphur content, and lithology with a focus on the ore expected during the life-of-mine open pit phases.

**13.2** **Metallurgical Testwork** 

More recent metallurgical studies associated with the Project include recent efforts of Mayfair Gold (2022-2025), and earlier programs conducted by Lake Shore Gold (2014 - 2015) and Tahoe Resources (2017-2018). Table 13-1 provides a summary of the respective metallurgical test programs.

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| **Table 13-1:** | **Metallurgical Testwork Summary Table**  |

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| **Year** | **Laboratory/Location** | **Testwork Performed** |
| 2014 - 2015 |  | Head analysis, bond ball mill grindability, gravity concentration and cyanidation of gravity tails, rougher flotation, pressure oxidation of rougher concentrate, regrind and cyanidation of rougher concentrate |
| 2017 - 2018 |  | Head analysis, gravity concentration and cyanidation of gravity tails |
| 2022 - 2023 | SGS Canada Inc., Lakefield, ON | Head analysis, mineralogy, SMC, Bond ball mill grindability and abrasion indices, whole ore cyanidation, rougher concentrate regrind and cyanidation, rougher concentrate pressure oxidation, flotation cleaner circuit locked cycle tests |
| 2024 - 2025 |  | Head analysis, SMC, bond ball mill grindability and abrasion index, rougher flotation optimization, rougher concentrate regrind and cyanidation, rougher concentrate<br> regrind specific energy, regrind slurry viscosity, heavy liquid separation |
| 2024 - 2025 | PMC, Maple Ridge, BC | Mineralogy |

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**13.2.1** **Legacy Testwork Programs (2014 - 2022)** 

The earlier programs conducted by Lake Shore Gold (2014-2015), Tahoe Resources (2017-2018) and Mayfair Gold (2022 - 2023) considered various process strategies, including whole ore cyanidation, gravity concentration, rougher flotation, pressure oxidation of rougher concentrate, rougher concentrate regrinding and cyanidation. These programs and subsequent financial analysis concluded that whole ore cyanidation or pressure oxidation of the rougher concentrate were not optimal processing strategies for the Fenn-Gib deposit and have not been pursued. All rougher flotation, concentrate regrind and cyanidation testwork results have been incorporated into the PFS testwork dataset and are discussed in Section 13.2.2.

**13.2.1.1** **Gravity Concentration** 

Gravity concentration tests were performed on samples ground to a target grind size P<sub>80</sub> of 100 µm. The ground samples were then processed through a Knelson MD-3 centrifugal concentrator, with the concentrate recovered and upgraded on a Mozley C-800 mineral separator. The Mozley concentrate (0.05% to 0.1% of the original sample mass) was fire assayed to extinction for gold. The results, summarized in Table 13-2, show gold recoveries to gravity concentrate ranging from 0 to 37%, averaging 13.4% with mass recoveries of 0.07 to 0.12%. Typically, gravity recoveries this low do not merit inclusion in the flowsheet. These testwork results were also not considered in any process design criteria or recovery modelling complete as part of the PFS as the test procedure did not follow a scalable test procedure such as the extended gravity recoverable gold (E-GRG) testing.

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| **Table 13-2:** | **Gravity Separation Testwork Summary**  |

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|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Year** | **Grades (g/t Au)** | **Grades (g/t Au)** | **Recovery to Gravity Concentrate (%)** | **Recovery to Gravity Concentrate (%)** |
| **Composite ID** | **Year** | **Head (Assay)** | **Concentrate** | **Mass** | **Au** |
|  FG-11-05 |  | 2.38 | 330 | 0.08 | 12 |
|  FG-11-08 |  | 1.33 | 118 | 0.12 | 10.2 |
|  FG-12-13 | 2015 | 0.94 | 101 | 0.12 | 12.1 |
|  FG-12-29 |  | 1.98 | 317 | 0.08 | 12.7 |
|  M-1 |  | 0.76 | 45.7 | 0.09 | 6.40 |
|  M-2 |  | 0.56 | 83.8 | 0.07 | 9.60 |
|  M-3 |  | 0.91 | 118 | 0.07 | 10.5 |
|  M-4 |  | 0.46 | 60.7 | 0.07 | 9.80 |
|  M-5 |  | 0.44 | 225 | 0.09 | 33.7 |
|  M-6 | 2017 | 0.45 | 0.15 | 0.07 | 0.00 |
|  M-7 |  | 1.55 | 394 | 0.07 | 19.2 |
|  M-8 |  | 0.65 | 6.57 | 0.11 | 1.10 |
|  M-9 |  | 0.97 | 19.8 | 0.12 | 2.30 |
|  M-10 |  | 1.85 | 557 | 0.10 | 36.9 |
|  M-11 |  | 1.09 | 24.1 | 0.10 | 2.00 |
|  M-12 |  | 0.88 | 115 | 0.21 | 26.7 |

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| **Composite ID** | **Year** | **Grades (g/t Au)** | **Grades (g/t Au)** | **Recovery to Gravity Concentrate (%)** | **Recovery to Gravity Concentrate (%)** |
| **Composite ID** | **Year** | **Head (Assay)** | **Concentrate** | **Mass** | **Au** |
|  M-13 |  | 0.80 | 34.9 | 0.19 | 8.10 |
|  M-14 |  | 0.40 | 47.0 | 0.19 | 19.5 |
|  M-15 |  | 1.12 | 46.3 | 0.10 | 4.20 |
|  M-16 |  | 0.89 | 156 | 0.11 | 19.4 |
|  M-17 |  | 0.75 | 97.4 | 0.07 | 8.60 |
|  M-18 |  | 1.19 | 233 | 0.10 | 20.1 |
|  M-19 | 2018 | 0.52 | 41.1 | 0.12 | 8.60 |
|  M-20 |  | 0.89 | 73.8 | 0.06 | 4.80 |
|  M-21 |  | 1.43 | 460 | 0.08 | 34.5 |
|  M-22 |  | 0.62 | 43.0 | 0.11 | 7.50 |
|  M-23 |  | 0.80 | 164 | 0.08 | 15.9 |
|  M-24 |  | 0.98 | 212 | 0.08 | 17.6 |

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**13.2.1.2** **Gravity Tailings Cyanidation** 

The gravity tailings from the gravity concentration testwork described in Section 13.2.1.1 were rotary pulp split into 1 kg charges based on dry solids. Bottle roll cyanidation tests were performed on these sub-samples at P<sub>80</sub> grind targets between 20 to 100 µm to evaluate the relationship between gold recovery and grind size. The test conditions applied for each cyanide leach included 50% solids, pulp pH of 10.5-11.0, six hours of pre-aeration, 0.3 g/L NaCN (sodium cyanide) and a retention time of 48 hours. Solution samples were taken after eight and 24 hours for gold leach kinetic characterization.

The 2014 - 2015 program on four composites considered direct cyanidation only and showed overall gold extractions from 76% to 96%, with NaCN consumption ranging from 0.03 kg/t to 0.17 kg/t and lime (CaO) consumption ranging from 0.53 kg/t to 1.85 kg/t. The 2017 - 2018 program was performed on 14 composites, and showed overall gold extraction from 31 to 93%, with only one sample exceeding 90%. The NaCN consumption ranged from 0.11 kg/t to 0.29 kg/t for all the tests completed and lime consumption ranged from 0.89 kg/t to 2.13 kg/t.

**13.2.1.3** **Bond Ball Mill Work Index Grindability Tests** 

Bond ball mill work index grindability tests were performed on four composites representative of mafic and ultramafic lithologies at a closing screen size of 90 µm during the 2014 - 2015 program. The composites were found to have Bond ball mill work index values ranging from 16.2 to 16.6 kWh/t. The 2024 testwork of ten composite samples, conducted at a closing screen size of 90 µm, yielded a result of 18.2 kWh/t (range 16.5 to 20.5), classifying the samples as hard. These results were not considered for the process design as the tests were not conducted at the standard closing screen size of 150 µm or one equivalent to the design primary grind size (P<sub>80</sub> of 106 µm).

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**13.2.1.4** **Pressure Oxidation** 

The amenability of samples to flotation followed by acid pressure oxidation (POX) was evaluated through bench scale testwork on five different flotation concentrates: four rougher concentrates generated from samples of mafic and ultramafic lithologies in the 2014-2015 program and one third cleaner concentrate in the 2022 - 2023 program. These POX tests were conducted in a 2 L Parr autoclave to fully oxidize the sulphides and render the gold amenable to cyanidation. The testwork was conducted on "as-is" flotation concentrates at 200°C, with sulphuric acid to remove carbonates.

Cyanide leaching of POX product ranged from 89% to 99% Au extraction was achieved with 72% to 100% sulphide oxidation of flotation concentrate, yielding an overall 73% to 91% Au recovery. The results obtained from flotation followed by POX were essentially comparable to those achieved from flotation, regrinding, and cyanidation. There is no apparent recovery benefit associated with the higher complexity pressure oxidation process when compared to the more conventional rougher flotation, regrind and cyanidation of the rougher concentrate.

**13.2.1.5** **Locked Cycle Cleaner Flotation** 

Seven composites were subjected to locked cycle cleaner flotation testing as part of the 2022 - 2023 program. The primary objectives of the cleaner flotation testing were to maximize the gold recovery and grade to a saleable concentrate. Rougher concentrate was reground to target a P<sub>80</sub> of 15-20 µm and split into four equal samples for locked cleaner circuit cycles. The samples were cleaned three times, with 15 g/t each of collector (PAX) and promoter (AERO 3477) added per cleaner stage.

The tests yielded 89 - 95% Au and 91-95% sulphide sulphur<sup>-</sup> recovery to the third cleaner concentrate with 2.0 - 9.7% mass recovery. These results are equivalent to those obtained with the alternative rougher flotation, with concentrate regrind and cyanidation. Subsequent financial analysis determined that on-site cyanidation offers more favourable economics given the cost implications of concentrate transport and net smelter and refining charges. Evaluation of regrinding and leaching cleaner concentrate showed that the regrinding and leaching rougher concentrate provided better economics.

**13.2.2** **Pre-Feasibility Study Testwork Program (2023 - 2025)** 

The PFS references 2023 to 2025 testwork completed at SGS-Lakefield, with results from earlier programs included as needed to provide additional variability data. Metallurgical variability testing conducted in 2024-2025 included 50 composite samples representing a range of gold grades, sulphur content, lithologies, and mining phases, with an emphasis on material expected during the first seven years of production. This work established baseline criteria for process design, including flotation feed grind size, mass pull, retention time, reagent selection, regrind parameters, and dewatering requirements.

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**13.2.3** **Mineralogical Studies** 

Mineralogy studies were conducted on subsamples of flotation products and whole ore leach tailings from the test program at SGS-Lakefield (2022) and PMC-Vancouver (2024-2025). This analysis applied TESCAN TIMA automated scanning electron microscopy (SEM) techniques to determine the mineralogical makeup, gold association and grain size of the materials tested. These mineralogical studies of gold occurrences in residue samples from testwork established the presence of fine free gold, electrum (Au-Ag), petzite (Ag3AuTe2), calaverite (AuTe2). Native gold and tellurides were identified in a rougher concentrate cyanidation residue, all occurring as locked in pyrite and arsenopyrite. The average particle size of the gold minerals was 1.8 µm.

**13.2.3.1** **Comminution Testing** 

Ten composites were subjected to comminution testing in 2024, specifically Bond ball mill work index (BBWi), abrasion index, Bond crusher work index (CWi), SAG Power Index (SPI), and high-pressure grinding roll (HPGR) Static Pressure Tests (SPT). The Bond ball mill work index testing was conducted at a closing screen size equivalent to the design primary grind size P<sub>80</sub> of 106 µm. Four composites were subjected to additional SMC Tests and SAG Circuit Specific Energy (SCSE) testing. Table 13-3 shows the tests results. The SMC Axb ranges from 22.0 to 24.6, classifying the material as hard based on the reference set of values in the JK database. The 75<sup>th</sup> percentile of Axb and BBWi values were 22.7 (classified as hard/competent) and 19.0 kWh/t (classified as hard) respectively. The average abrasion index was 0.335 (classified as medium). The spatial variability of the comminution samples is shown in Figure 13-1.

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| **Table 13-3:** | **Comminution Test Results**  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Principal**<br>**Lithology** | **Abrasion**<br>**Index** | **SMC Axb** | **BBWi**<br>**(kWh/t)** | **CWi**<br>**(kWh/t)** | **SCSE**<br>**(kWh/t)** | **SPI** | **SPT (kWh/t)** |
|  GCC-01 |  | 0.21 |  | 18.5 | 10.5 |  | 472 | 18.5 |
|  GCC-02 | Mafic | 0.56 |  | 16.5 | 16.5 |  | 176 | 16.5 |
|  GCC-03 |  | 0.15 | 22.0 | 16.7 | 8.4 | 14.31 | 300 | 16.7 |
|  GCC-04 | Intermediate | 0.42 |  | 17.9 | 16.6 |  | 175 | 17.9 |
|  GCC-05 | Sedimentary | 0.10 | 22.7 | 19.4 | 16.9 | 13.3 | 152 | 19.4 |
|  GCC-06 | Mafic | 0.27 |  | 18.4 | 19.1 |  | 141 | 18.4 |
|  GCC-07 | Intermediate | 0.45 |  | 17.5 | 20.7 |  | 134 | 17.5 |
|  GCC-08 |  | 0.25 | 22.7 | 20.5 | 21.6 | 13.1 | 144 | 20.5 |
|  GCC-10 | Mafic | 0.51 |  | 19.1 | 12.9 |  | 234 | 19.1 |
|  GCC-12 | Intermediate | 0.19 | 24.6 | 17.4 | 16.5 | 12.2 | 172 | 17.4 |

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| **Figure 13-1:** | **Spatial Variability of Comminution Samples**  |

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![LOGO](g83619dsp98.jpg)

Source: Mayfair, 2025

**13.2.3.2** **Heavy Liquid Separation** 

Heavy liquid separation (HLS) amenability testwork was completed on a single composite (#16) in 2024. The testwork applied methylene iodide as the organic medium, with the specific gravity of the liquid phase adjusted from 2.7 to 3.1 using acetone. The sample was screened at 814 µm (20 mesh), and the float fraction was removed at 0.1 specific gravity increments. The float and sink products from each increment were assayed. The testwork demonstrated the material was not amenable to density separation, with no significant gold concentration in either the float or sink products. No additional HLS testwork was pursued on the remaining composites.

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**13.2.3.3** **Rougher Flotation Optimization** 

The flotation optimization program, initiated in 2023 and continuing through 2025, focused on improving the recovery of gold associated with sulphides and fine free gold. The testing evaluated the impact of grind size, mass recovery to rougher concentrate, flotation rate kinetics, and reagent schemes to establish parameters for full-scale design.

Figure 13-2 indicates the established trend for gold and sulphide recovery to rougher concentrate relative to flotation feed grind size. The results indicate that a coarser grind size of P<sub>80</sub> 106 µm results in only a slight reduction of approximately 1% in gold and sulphide recovery compared to P<sub>80</sub> 75 µm. A primary grind size of P<sub>80</sub> 106 µm was selected for process design.

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| **Figure 13-2:** | **Rougher Concentrate Gold and Sulphide Recovery as a Function of Flotation Feed Grind Size**  |

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![LOGO](g83619dsp99.jpg)

Source: Mayfair, 2025

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Figure 13-3 indicates the trend between concentrate rougher mass recovery (pull) versus sulphide and gold recovery to concentrate. The results indicate approximately 23 to 25% mass recovery to rougher concentrate is required to achieve 96% gold recovery across a wide range of feed grades. The rougher flotation rate kinetics, summarized in Figure 13-4, demonstrated that 20 minutes is sufficient to achieve required results. A bench scale flotation testwork scale-up factor of 2.5 is applied for equipment sizing.

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| **Figure 13-3:** | **Gold and Sulphide Recovery to Rougher Concentrate as a Function Rougher Concentrate Mass Recovery (Pull)**  |

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![LOGO](g83619dsp100.jpg)

Source: Mayfair, 2025

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| **Figure 13-4:** | **Rougher Flotation Kinetics**  |

---

![LOGO](g83619dsp101.jpg)

Source: Mayfair, 2025

Flotation testwork completed in 2015 included potassium amyl xanthate (PAX) as the primary collector, and methyl isobutyl carbinol (MIBC) as the frother, at natural pH. Subsequent testwork during 2023-2025 involved the use of secondary collectors that included isobutyl dithiophosphate (Aero-3477) and isoamyl dithiophosphate (Aero-3501) to improve the stability of the froth and to pursue incremental gold recovery. Alternative collectors, including MaxGold and Aerophine 3418A, were evaluated and confirmed as comparable. However, a more brittle froth was noted with these collectors in rougher flotation.

The 2025 variability testing confirmed the optimum conditions to be a natural pH of 8.0 to 8.8, with PAX (45 g/t) as the primary collector, Aero-3477 and Aero-3501 (20 g/t each) as sulphide collection promoters, and MIBC as the frothing agent (60 g/t).

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| &nbsp;&nbsp; Fenn-Gib Project | Page 101 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**13.2.3.4** **Rougher Concentrate Regrinding and Cyanidation** 

The regrind and cyanidation of rougher concentrate was considered in the 2022—2025 testwork programs. The concentrate was reground to a grind size P<sub>80</sub> of 5-25 µm, with a slurry density of 42% solids by weight, and pH 10.5. Dissolved oxygen levels were maintained at greater than 5 mg/L with sparge air, and cyanide concentration maintained at 1.0 g/L NaCN for 48 hours. Solution subsamples were taken after 4, 8, 12 and 24 hours for gold leach kinetic characterization. The 2025 variability testwork program considered the influence of variable lithologies, with feed grades from 0.2-9.9 g/t Au, 0.3-4.6% sulphide sulphur<sup>-</sup>, and at a target regrind size P<sub>80</sub> of 13 µm.

Figure 13-5 indicates the trend between concentrate regrind size versus residue grades and cyanidation gold extraction. The data suggests Au extraction generally increases with decreasing concentrate grind size. However, the 2025 variability test results, with a target regrind size P<sub>80</sub> of 13 µm, show a range of 75% to 99% gold extraction with an actual P<sub>80</sub> range of 9 -14 µm. Approximately 25% of the lower extraction is associated with low sample head-grades. The remainder, which represents 15% of all samples tested suggests that a fraction of contained gold is not entirely amenable to cyanidation with gold disseminated at sub-micron grain-size within iron sulphide minerals, or alloyed with other metals (Ag, Te, Bi) causing them to be less cyanide soluble. The updated gold recovery model includes the 2025 variability test data, which confirms a continued favourable response of gold mineralization to flotation, with most of the rougher concentrate from test samples responding well to cyanidation after regrinding.

Figure 13-6 shows the gold extraction achieved after 4, 8, 12, 24 and 48 hours on all variability composites. Results indicate no significant incremental gold extraction after 24 hours, with average reagent consumptions of 1.00 kg/t NaCN and 1.1 kg/t CaO feed measured on leach feed.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 102 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 13-5:** | **Gold Leach Extraction and Gold Leach Residue as a Function of Grind Size**  |

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![LOGO](g83619dsp103.jpg)

Source: Mayfair, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 103 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 13-6:** | **Rougher Concentrate Leach Extraction as a Function of Time**  |

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![LOGO](g83619dsp104.jpg)

Source: Mayfair, 2025

**13.2.3.5** **Rougher Concentrate-Regrind-Specific Energy Testwork** 

A bulk rougher-concentrate sample was prepared from Composite 17 (see Table 13-6) to determine the HIGmill specific grinding energy (kWh/t) required to regrind the concentrate to a series of target product sizes that included P<sub>80</sub> grind sizes of 10, 13, 15, and 20 µm. The testwork considered ceramic grinding media (3 mm and 4 mm diameter) at 45% solids and 47% by weight. Figure 13-7 shows the regrind specific energy increase with decreasing product size. Based on the results, an approximate specific grinding energy (SGE) of 22 kWh/t was assumed for the design regrind size of (P<sub>80</sub>) 13 µm.

Slurry viscosity measurements, summarized in Table 13-4, show a dynamic viscosity of 9.1 mPa-s and constant shear viscosity of 11.9 mPa-s at the expected operating conditions i.e. a slurry temperature of 29°C, 42% by weight, and pH 10.5. No viscosity-related issues are anticipated within the regrind mill operating range of 42% to 47% by weight.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 104 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 13-7:** | **Concentrate Regrind-HIGmill Specific Grinding Energy kWh/t**  |

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![LOGO](g83619dsp105.jpg)

Source: Mayfair, 2025

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| | |
|:---|:---|
| **Table 13-4:** | **Concentrate Regrinding—Regrind Mill Slurry Viscosity Measurements**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample** | **%Solids**<br>**(by weight)** | **pH** | **Temp**<br>**(<sup>o</sup>C)** | **Dynamic<br>Viscosity**<br>**(mPa-s)** | **Constant Shear Viscosity**<br>**(mPa-s)** |
|  Regrind Mill Feed | 42 | 7.3 | 21 | 6.2 | 7.0 |
|  Regrind Mill Discharge-Natural pH | 42 | 7.3 | 29 | 7.5 | 9.7 |
|  Regrind Mill Discharge-pH 10.3 | 42 | 10.5 | 29 | 9.1 | 11.9 |

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| &nbsp;&nbsp; Fenn-Gib Project | Page 105 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**13.2.3.6** **Environmental Acid-Base Accounting Testwork** 

The Modified Sobek acid-base accounting (ABA) was conducted on the products of testing from three composites, two in the 2022 - 2023 program and one in the 2024 - 2025 program. The ABA test results quantify the acid generation potential (AP) relative to the oxidation of sulphide sulphur. The method also defines the neutralization potential (NP) by initiating a reaction with excess acid, then titrating to pH 8.3 with sodium hydroxide to determine how much acid was consumed during the reaction. The ratio between NP and AP is an indicator as to the potential of the sample to generate acid rock drainage (ARD).

The results, summarized in Table 13-5, show the rougher tailings neutralizing potential ranged from 63 to 142 tonnes CaCO<sub>3</sub>/1,000 tonnes, while the AP ranged from 0.3 to 1.3 tonnes CaCO<sub>3</sub>/1,000 tonnes. The NP/AP ratio varied from 50 to 456, classifying the tailings as non-potentially acid generating ("PAG").

The flotation concentrates and concentrate cyanidation residues are classified as PAG, with neutralizing potential ranging from 65 to 154 tonnes CaCO<sub>3</sub>/1,000 tonnes, while the acid generation potential ranged from 25 to 290 tonnes CaCO<sub>3</sub>/1,000 tonnes. The ratio of NP/AP was low, between 0.5 to 2.6, indicating that the sulphide concentrate is only marginally buffered.

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| | |
|:---|:---|
| **Table 13-5:** | **Acid-Base Accounting Test**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID/Year** | **Description** | **pH** | **Neutralizing Potential<br>(NP)**<br> **(t CaCO<sub>3</sub>/1,000 t)** | **Acid Generating<br>Potential (AP)**<br> **(Mt CaCO<sub>3</sub>/1,000 t)** | **Ratio NP/<br>AP** | **Classification** |
|  Central Pit Upper/2022 | Rougher Tailings | 9.2 | 132.0 | 1.3 | 105.6 | non-PAG |
|  Central Pit Upper/2022 | Conc CN Residue | 9.0 | 132.0 | 90.6 | 1.5 | PAG |
|  Central Pit Lower/2022 | Rougher Tailings | 9.2 | 62.9 | 1.3 | 50.3 | non-PAG |
|  Central Pit Lower/2022 | Conc CN Residue | 9.1 | 65.3 | 24.7 | 2.6 | PAG |
|  Composite 29/2024 | Rougher Tailings | 9.2 | 142.0 | 0.3 | 456 | non-PAG |
|  Composite 29/2024 | Rougher Conc. | 8.3 | 154.0 | 290.0 | 0.53 | PAG |

---

**13.3** **Metallurgical Variability** 

The most common mineralization within the Project area consists of quartz-carbonate veins, stringers, and breccias hosted within intensely altered volcanic rocks and granitoid intrusions. A second style is characterized by gold associated with intensely altered sediments, containing variable amounts of fine crystalline pyrite. Gold is the mineral of economic interest, occurring predominantly with pyrite and as fine free gold grains. Significant concentrations of gold mineralization on the Project primarily occur within two overlapping zones (the Main Zone and the Deformation Zone) and a third zone 100 m north of the main zone (Footwall zone). There are five principal lithological units, with four classified based on decreasing silica abundance, namely Felsic, Intermediate, Mafic and Ultramafic. The fifth unit, Sedimentary, is made up of weathered sediments from the other units.

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| &nbsp;&nbsp; Fenn-Gib Project | Page 106 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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The samples used for metallurgical testing were obtained from several drillholes across the project. Prior to 2023 samples were based on extended interval lengths and potentially included material from multiple drill holes, representing a larger spatial volume. Testwork conducted between 2023 and 2025 considered variability samples as contiguous mineralized intercepts, with each sample typically derived from a single diamond drill hole. Both approaches to composite sample preparation are valid. Additional consideration was given to the preliminary mine production schedule in selecting the 50 composite samples for the variability testwork in the 2024 - 2025 program.

Table 13-6 summarizes the metallurgical sample composite details. These samples cover a range in head grade from 0.2 to 19.1 g/t gold and 0.3 to 8.1% sulphide sulphur<sup>-</sup>. These grades represent the range of gold grades, sulphide sulphur<sup>-</sup> content, lithologies, and mining phases in the deposit. Table 13-7 summarizes the subset of samples used for comminution testing.

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| | |
|:---|:---|
| **Table 13-6:** | **Metallurgical Sample Details**  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Composite IDs** | **Drill Holes** | **Interval Depth<br>Range<sup>1</sup> (m)** | **Principal Lithology Grouping** | **Head Grades, range** | **Head Grades, range** | **Test**<br> **Program**<br> **Year** |
| **Composite IDs** | **Drill Holes** | **Interval Depth<br>Range<sup>1</sup> (m)** | **Principal Lithology Grouping** | **Au (g/t)** | **S<sup>2</sup> - (%)** | **Test**<br> **Program**<br> **Year** |
|  FG-11-05, 08 | FG-11-05, 08 | 36 - 120 | Mafic | 2.38, 1.33 | 4.02, 2.68 | 2015 |
|  FG-12-13, 29 | FG-12-13, 29 | 313 - 395 | Ultramafic & Sedimentary | 0.94, 1.98 | 2.58, 1.72 | 2015 |
|  M-1 to 14 | FG-17-43, 48, 49,<br> 51, 56, 57, 60 & 62 | 195 - 462 | Intermediate, Mafic &<br> Sedimentary | 0.40 - 1.98 | 0.60 - 1.72 | 2017 |
|  M-15 to 17 | FG-17-72, 88 | 141 - 227 | Intermediate & Mafic | 0.75 - 1.12 | 1.83 - 7.17 |  |
|  M -18, 22 | FG-17-93, 105 | 12 - 63 | Intermediate & Mafic | 1.19, 0.62 | 2.76, 2.45 | 2018 |
|  M-19 to 21, 23, 24 | FG-17-67, 93, 97, 105 | 124 - 268 | Mafic | 0.52 - 1.43 | 0.88 -2.12 |  |
|  Footwall | FG-21-158, 161 | 31 - 87 | Mafic | 0.56 | 4.44 |  |
|  South Pit | FG-21-147 | 47 - 206 | Intermediate, Mafic,<br> Ultramafic & Sedimentary | 1.56 | 2.42 |  |
|  Central Pit Upper | FG-21-152, 155 | 12 - 89 | Intermediate | 1.14 | 3.31 |  |
|  Central Pit Mid | FG-21-152, 155 | 88 - 162 | Felsic, Intermediate & Ultramafic | 1.33 | 2.11 | 2022 |
|  Central Pit Lower | FG-21-152, 155 | 88 - 162 | Mafic & Ultramafic | 1.16 | 0.96 |  |
|  East Pit | FG-21-145, 146 | 54 - 140 | Intermediate, Mafic & Sedimentary | 0.80 | 1.62 |  |
|  FW Underground | FG-21-139, 140, 146 | 397 - 562 | Mafic | 4.15 | 2.53 |  |
|  FG-22-254 | FG-22-254 | 368 - 471 | Intermediate & Ultramafic | 1.28 | 2.41 |  |
|  Composite 1 to 4 | FG-22-250 | 13 - 81 | Intermediate & Mafic | 0.47 - 2.22 | 2.53 - 3.52 |  |
|  Composite 5 to 7 | FG-22-250 | 86 - 208 | Intermediate & Mafic | 1.10 - 1.30 | 1.50 - 3.56 |  |
|  Composite 8 to 11 | FG-22-253 | 11 - 93 | Intermediate & Mafic | 0.46 - 1.58 | 1.94 - 2.96 | 2024 |
|  Composite 12 to 18 | FG-22-253 | 95 - 355 | Intermediate & Mafic | 0.80 - 4.67 | 1.29 - 2.36 |  |
|  Composite 19, 20 | FG-23-310 | 43 - 83 | Mafic & Ultramafic | 0.37, 0.81 | 0.99, 1.73 |  |
|  Composite 22 | FG-23-310 | 146 - 153 | Mafic | 0.46 | 1.07 |  |

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 107 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Composite IDs** | **Drill Holes** | **Interval Depth<br>Range<sup>1</sup> (m)** | **Principal Lithology Grouping** | **Head Grades, range** | **Head Grades, range** | **Test**<br> **Program**<br> **Year** |
| **Composite IDs** | **Drill Holes** | **Interval Depth<br>Range<sup>1</sup> (m)** | **Principal Lithology Grouping** | **Au (g/t)** | **S<sup>2</sup> - (%)** | **Test**<br> **Program**<br> **Year** |
|  Composite 23 to 27 | FG-23-312 | 33 - 100 | Mafic | 0.97 - 19.1 | 0.3 - 2.81 |  |
|  Composite 28 to 31 | FG-23-350 | 35 - 88 | Mafic | 1.62 - 2.00 | 1.61 - 3.35 |  |
|  Composite 32 to 41 | FG-23-350 | 96 - 350 | Intermediate | 0.56 - 6.32 | 1.51 - 4.94 |  |
|  Composite 42, 43 | FG-23-356 | 31 - 83 | Intermediate | 0.59, 0.49 | 1.80, 1.09 |  |
|  Composite 44, 45 | FG-23-356 | 116 - 162 | Mafic | 0.78, 1.44 | 2.33, 3.95 |  |
|  Composite 46, 47, 49 | FG-23-253, 307, 310 | 34 - 61 | Intermediate, Mafic & Ultramafic | 0.25, 0.18, 0.59 | 1.64, 1.05, 0.52 |  |
|  Composite 48, 50 | FG-23-356 | 96 - 116 | Intermediate, Mafic & Ultramafic | 0.22, 0.23 | 1.40, 0.29 |  |

---

Note:

1. Not continuous

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| | |
|:---|:---|
| **Table 13-7:** | **Comminution Testing Sample Details**  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Composite IDs** | **Drill Holes** | **Interval Depth<br>Range<sup>1</sup> (m)** | **Principal Lithology Grouping** | **Test Program**<br> **Year** |
| GCC-01 to 04 | FG-21-137, FG-21-142, FG-22-250,<br> FG-23-312, FG-23-356, GT-23-03 | 14 - 50 | Intermediate & Mafic | 2024 |
| GCC-05, 06 | FG-23-250, GT-23-03 | 92 - 132 | Intermediate & Sedimentary | 2024 |
| GCC-07, 08 | FG-22-265, FG-22-280 | 27 - 75 | Intermediate & Mafic | 2024 |
| GCC-09 to 12 | FG-22-265, FG-22-280 | 108 - 185 | Intermediate & Mafic | 2024 |

---

Note:

1. Not continuous

**13.4** **Deleterious Elements** 

Metallurgical testing has not identified any deleterious elements present in significant quantities that would impair the quality of the doré bullion that would be produced. Mercury is present in small concentrations, below detectable limits of the chemical assay. Arsenic is present in low levels, ranging from 1 g/t to 5 g/t. It is not anticipated from the testwork completed that mercury abatement equipment would be required in the elution circuit or gold room. The samples presented low levels of typical deleterious elements.

**13.5** **Recovery Estimates** 

Rougher concentrate gold recovery was determined as a function of the mill feed gold grade, with the maximum realized rougher-flotation gold recovery estimated as 97.0 % gold recovery:

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| | |
|:---|:---|
| **Flotation Recovery (% Au) = ((f - t) + (t x (C/F)) /f** | **to a maximum of 97%** |

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| &nbsp;&nbsp; Fenn-Gib Project | Page 108 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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Gold extraction from a reground rougher concentrate is expressed as a function of the mill feed gold grade, with the maximum realized cyanide extractable gold recovery estimated at 96.0%:

**Cyanidation %Ext Au = (f +93) to a maximum of 96%** 

Overall, gold recovery is the outcome from both unit processes, with an assumed constant 23% mass recovery (F/C), and a flotation tailing grade of 0.10 g/t Au (t) resulting in an overall gold recovery of 89.6% Rec Au at 1.50 g/t Au. Details are as follows:

F = Mill Feed tonnage

C = Flotation Rougher Concentrate tonnage

T = Flotation Tailing tonnage

C/F = Mass Pull to concentrate

f = Flotation Feed grade

c = Flotation Concentrate grade

t = Flotation Tailings grade

---

| | | |
|:---|:---|:---|
| Formula 1: | F = C + T | tonnage in = tonnage out |
| Formula 2: | Ff = Cc + Tt | metal in = metal out |
| Formula 3 : | Mass Pull = C/F = (f-t) /(c-t) |  |
| Formula 4 | Flotation %Rec Au = Cc/Ff x 100 |  |
| Formula 5 | Flotation %Rec Au = ((f-t) + (t x C/F)) /f |  |
| Formula 6 | Cyanidation %Extraction Au = (f + 93) |  |
| Formula 7 | Overall %Rec Au = (f+93) x ((f-t) + (t x (C/F)) /f |  |

---

Overall, Au recovery as a function of gold feed grade for Fenn-Gib mineralization, (>0.2 g/t Au), is then:

**Overall %Rec Au = (f + 93) x ((f - 0.10) + (0.10 x 0.23)) /f** to a maximum 93%Rec Au

Overall %Rec Au at 1.5 g/t Au = (1.5 + 93) x ((1.5 - 0.10) + (0.10 x 0.23)) /1.5 = 89.6 % Rec Au

A comparison of modelled overall gold recovery to all testwork completed during 2022-2025 is indicated in Figure 13-8. The additional variability test data from 2025 introduced a wider range of sample head grades and provided an opportunity to adjust the associated recovery model for overall gold recovery.

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| &nbsp;&nbsp; Fenn-Gib Project | Page 109 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 13-8:** | **Modelled Gold Recovery as a Function of Gold Head Grade**  |

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![LOGO](g83619dsp110.jpg)

Source: Mayfair, 2025

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| &nbsp;&nbsp; Fenn-Gib Project | Page 110 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **14** | **MINERAL RESOURCE ESTIMATES**  |

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**14.1** **Introduction** 

This section presents the MRE for the Project, prepared and disclosed in accordance with the CIM Standards and Definitions for Mineral Resources and Mineral Reserves (CIM Definition Standards) (CIM, 2014) and the CIM Estimation of Mineral Resources & Mineral Reserve Best Practice Guidelines (CIM, 2019). The MRE includes both Indicated and Inferred Resources. QP Tim Maunula, P.Geo., is responsible for the MRE, which has an effective date of September 3, 2024.

The MRE was prepared using Hexagon Mining MinePlan software (HxGN MinePlan 16.2.1) and classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014). The Fenn-Gib block model was estimated using three interpolation methods: nearest neighbour (NN), inverse distance weighting squared (IDW2), and ordinary kriging (OK). Uncapped and capped gold grades were estimated for the OK model. Only capped gold grades were estimated for the NN and IDW2 models.

**14.2** **Key Assumptions** 

The MRE incorporates extensive drill hole data from surface diamond drill programs, combining both historical drilling completed prior to 2017 and Mayfair Gold's drilling campaign from 2021-2024. The cut-off date for assay data used in the MRE was April 30, 2024. All data received were recorded in NAD 83 UTM coordinates (Zone 17).

The MRE was:

• prepared using Hexagon Mining's HxGN MinePlan 16.2.1 (MinePlan)

• classified according to the CIM Definition Standards

• reported within a constraining resource pit shell at a 0.3 g/t Au cut-off grade, which is amenable to open pit extraction.

**14.3** **Data** 

The Project MRE is based on drill-hole data consisting of gold assays, geological descriptions, and density measurements. Mayfair Gold provided the data in CSV and DXF file formats, which were imported into MinePlan. The database was additionally verified using the validation tool in MinePlan to determine errors and overlapping or out-of-sequence intervals. Minor errors were noted, and the database was updated.

The MRE used 457 historical drill holes (totalling 145,332.81 m) and 291 Mayfair Gold drill holes (totalling 171, 120.25 m), which together yielded 217,354 assayed intervals, and 20,688 unassayed intervals that were assigned an assay value of 0.

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| &nbsp;&nbsp; Fenn-Gib Project | Page 111 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**14.4** **Geological Models** 

The primary gold mineralization for the Project was modelled in three domains: Main Zone, Deformation Zone, and Footwall Zone (including a Footwall Zone High Grade). However, gold mineralization is also contained within the other contiguous geological domains: mafic volcanics, pyroxenite, ultramafic volcanics, and sediments (Figure 14-1). Mayfair Gold modelled the rock-type groups using Datamine Studio EM (Datamine). The QP reviewed and validated these rock-type group wireframes for use in the MRE. Gold grades were estimated separately by rock type within each domain.

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| | |
|:---|:---|
| **Figure 14-1:** | **Plan View of Drill Hole Traces and Interpreted Geological Block Models**  |

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![LOGO](g83619dsp112.jpg)

Source: TMAC, 2024

The wireframes were used to code the block model and calculate the drill-hole solid intersections to code the assay and composite data. The domain codes assigned are listed in Table 14-1.

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| &nbsp;&nbsp; Fenn-Gib Project | Page 112 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Table 14-1:** | **Geology Black Model Codes and Descriptions**  |

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| | | |
|:---|:---|:---|
| **Rock Code** | **Domain Code** | **Description** |
|  MV | 10 | Mafic Volcanics |
|  DZ | 20 | Deformation Zone |
|  MAIN | 30 | Main Zone |
|  PYX | 40 | Pyroxenite |
|  UMV | 50 | Ultramafic Volcanics |
|  SEDS | 60 | Sediments |
|  DIA | 70 | Diabase |
|  FWZ | 90 | Footwall Zone |
|  FWZHG | 95 | Footwall Zone High Grade |
|  OVB | 99 | Overburden |

---

**14.5** **Density Assignment** 

Table 14-2 reports the average density values by domain code based on 4,360 individual measurements using standard water-displacement methods. Overburden density was assigned 1.80 g/cm<sup>3</sup> and the default density was 2.81 g/cm<sup>3</sup>.

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| | |
|:---|:---|
| **Table 14-2:** | **Assigned Density Values**  |

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| | | | |
|:---|:---|:---|:---|
| **Domain Code** | **Lithology** | **Count** | **Density (g/cm3)** |
|  10 | Mafics | 1266 | 2.90 |
|  20 | Deformation Zone | 570 | 2.69 |
|  30 | Main Zone | 1034 | 2.81 |
|  40 | Pyroxenite | 368 | 2.90 |
|  50 | Ultramafics | 94 | 2.83 |
|  60 | Metasediments | 426 | 2.74 |
|  90 | Footwall Zone | 602 | 2.86 |
|  **Average** | **Average** | **4,360** | **2.81** |

---

**14.6** **Exploratory Data Analysis** 

**14.6.1** **Assays** 

The mineral resource model includes only gold assays from drill holes within or near to the interpreted geological wireframes. Exploratory data analysis was conducted on raw drill-hole data selected by mineralization zone or rock type to determine the nature of the gold grade distribution and correlation of grades with individual domains. The gold grade values were evaluated through a combination of descriptive statistics, histograms, probability plots, and box plots.

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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Figure 14-2 presents a boxplot which graphically illustrates the uncapped gold grade sorted by the domain codes. The highest mean gold grades are associated with the Main Zone (30) and Deformation Zone (20).

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| | |
|:---|:---|
| **Figure 14-2:** | **Boxplot of Uncapped Gold Grades (g/t) by Domain Code**  |

---

![LOGO](g83619dsp114.jpg)

Source: TMAC, 2024

**14.7** **Grade Capping/Outlier Restrictions** 

In mineral deposits with skewed distributions (characterized by a coefficient of variation [CV] greater than two), a small number of high-grade outliers may account for a significant portion of the contained metal content. These high-grade outliers typically show limited spatial continuity.

Capping analysis by domain (Table 14-3) was carried out on assay values using disintegration analysis and log-probability plots.

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Table 14-3:** | **Capping Analysis Summary**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain Code** | **Count** | **Uncapped Grades** | **Uncapped Grades** | **Uncapped Grades** | **Capped Grades** | **Capped Grades** | **Capped Grades** | **Capped Grades** |
| **Domain Code** | **Count** | **Max**<br> **(g/t Au)** | **Mean**<br> **(g/t Au)** | **CV** | **Cap Value**<br> **(g/t Au)** | **No.**<br> **Capped** | **Mean**<br> **(g/t Au)** | **CV** |
| 10 | 49626 | 835.330 | 0.113 | 47.31 | 15.00 | 11 | 0.075 | 5.09 |
| 20 | 30974 | 90.550 | 0.539 | 2.65 | 20.00 | 17 | 0.531 | 2.24 |
| 30 | 44635 | 151.690 | 0.708 | 2.94 | 28.50 | 22 | 0.690 | 2.10 |
| 40 | 22978 | 392.000 | 0.320 | 12.25 | 24.50 | 23 | 0.230 | 4.63 |
| 50 | 3083 | 29.400 | 0.100 | 8.23 | 3.70 | 9 | 0.079 | 3.68 |
| 60 | 51020 | 249.810 | 0.218 | 7.37 | 23.60 | 24 | 0.206 | 4.17 |
| 70 | 581 | 4.580 | 0.028 | 7.35 | 0.70 | 4 | 0.021 | 3.71 |
| 90 | 25092 | 3782.710 | 0.357 | 66.96 | 22.00 | 10 | 0.196 | 4.15 |
| 95 | 10818 | 86.940 | 0.572 | 4.04 | 26.00 | 9 | 0.545 | 3.17 |
| 99 | 3219 | 0.480 | 0.008 | 5.53 | 0.00 | 0 | 0.001 | 0.00 |

---

Disintegration analysis uses a step function (the difference between adjacent samples sorted by grade) to denote the changes in an ordered data set and provides a degree of resolution on the plots to identify the population breaks that can be used for capping. It also provides an overall view of the continuity of the grade data set.

Figure 14-3 and Figure 14-4 illustrate the disintegration analysis for the Deformation Zone and Main Zone, respectively.

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 14-3:** | **Log Probability Plot, Deformation Zone (Au g/t)**  |

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![LOGO](g83619dsp116.jpg)

Source: TMAC, 2024

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| &nbsp;&nbsp; Fenn-Gib Project | Page 116 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 14-4:** | **Log Probability Plot, Main Zone (Au g/t)**  |

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![LOGO](g83619dsp117.jpg)

Source: TMAC, 2024

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**14.8** **Composites** 

For purposes of normalizing the assay data for further analysis, both raw and capped assay values were composited to 1.5 m intervals starting from the top of each drill hole. Unassayed intervals were assigned a grade of 0.0 g/t Au. The resulting composite values were then categorized using the majority domain code. Figure 14-5 presents a boxplot illustrating the distribution of capped grades-by domain code.

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| | |
|:---|:---|
| **Figure 14-5:** | **1.5 m Composites Reported by Domain Code, Capped Au (g/t)**  |

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![LOGO](g83619dsp118.jpg)

Source: TMAC, 2024

To support model validation, 5 m composites were created for use with the nearest-neighbour (NN) grade interpolation. Figure 14-6 illustrates the grade distribution for the 5 m composites.

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 14-6:** | **5 m Composites Reported by Domain Code, Capped Au (g/t)**  |

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![LOGO](g83619dsp119.jpg)

Source: TMAC, 2025

**14.9** **Variography** 

Geostatisticians use a variety of tools to analyze and characterize the spatial relationships between data points, particularly how variables relate to each other across different distances (lags) and directions. One of these is the correlogram, which measures the correlation between data values as a function of their separation distance and direction. If we compare samples that are close together, it is common to observe that their values are quite similar and the correlation coefficient for closely spaced samples is near 1.0. As the separation between samples increases, there is likely to be less similarity in the values, and the correlogram tends to decrease toward 0.0. The distance at which the correlogram reaches zero is called the range of correlation, or simply the range. The range of the correlogram corresponds roughly to the more-qualitative notion of the range of influence of a sample; it is the distance over which sample values show some persistence or correlation. The shape of the correlogram describes the pattern of spatial continuity. A very rapid decrease near the origin is indicative of short-scale variability. A more gradual decrease moving away from the origin suggests more short-scale continuity. A plot of "1-correlation" is made so the result looks like the more-familiar variogram plot.

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The approach used to develop the variogram models employed SAGE2001 software. Directional sample correlograms were calculated along horizontal azimuths of 0, 30, 60, 120, 150, 180, 210, 240, 270, 300, and 330 degrees. For each azimuth, sample correlograms were also calculated at dips of 30 and 60 degrees in addition to the horizontal (dip 0 degrees). Lastly, a correlogram was calculated for the vertical (dip 90 degrees). Using the 37 sample correlograms, an algorithm determined the best-fit model nugget effect and two-nested structure variance contributions. After fitting the variance parameters, the algorithm then fitted an ellipsoid to the 37 ranges from the directional models for each structure. The anisotropy of the correlation was given by the range along the major, semi-major, and minor axes of the ellipsoids, and the orientations of these axes for each structure. The QP reviewed the fitted variogram and adjusted to reflect the mineralization.

Table 14-4 presents the correlogram parameters for the Project by domain codes.

The rotation convention for the search anisotropy is ZXY:

• Rotation about Z-axis-left-hand rule (clockwise rotation positive).

• Rotation about new X-axis-right-hand rule (anti-clockwise rotation
positive).

• Rotation about new Y-axis-right-hand rule (anti-clockwise rotation
positive).

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| **Table 14-4:** | **Correlogram Parameters**  |

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain<br>Code** | **Type** | **C0** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 1 (C1): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** | **Structure 2 (C2): SPHERICAL** |
| **Domain<br>Code** | **Type** | **C0** | **C1** | **Rot Z<br>(<sup>o</sup>)** | **Rot X<br>(<sup>o</sup>)** | **Rot Y<br>(<sup>o</sup>)** | **Range X<br>(m)** | **Range Y<br>(m)** | **Range Z<br>(m)** | **C2** | **Rot Z<br>(<sup>o</sup>)** | **Rot X<br>(<sup>o</sup>)** | **Rot Y<br>(<sup>o</sup>)'** | **Range X<br>(m)** | **Range Y<br>(m)** | **Range Z<br>(m)** |
|  10 MV | SPH | 0.45 | 0.45 | 85 | 2 | -22 | 11 | 22 | 11 | 0.10 | -72 | 44 | 32 | 45 | 95 | 150 |
|  20 DZ | SPH | 0.35 | 0.45 | 70 | 2 | 10 | 15 | 20 | 15 | 0.20 | -1 | -10 | -115 | 250 | 50 | 150 |
|  30 MZ | SPH | 0.45 | 0.45 | -40 | -30 | 40 | 15 | 15 | 15 | 0.10 | -150 | 80 | -105 | 125 | 250 | 160 |
|  40 PYX | SPH | 0.10 | 0.85 | -40 | 40 | 40 | 15 | 20 | 10 | 0.05 | 45 | 55 | 35 | 225 | 250 | 100 |
|  50 UMV | SPH | 0.35 | 0.40 | -65 | 95 | -15 | 15 | 20 | 20 | 0.25 | -75 | 40 | -30 | 50 | 190 | 90 |
|  60 SEDS | SPH | 0.30 | 0.65 | -25 | 30 | -10 | 25 | 25 | 15 | 0.05 | 60 | 35 | -30 | 115 | 160 | 250 |
|  90 FWZ LG | SPH | 0.20 | 0.70 | 15 | -50 | 25 | 10 | 10 | 15 | 0.10 | 30 | 0 | 0 | 60 | 150 | 50 |
|  95 FWZ HG | SPH | 0.10 | 0.80 | -50 | 55 | 80 | 20 | 20 | 25 | 0.10 | -50 | 120 | 75 | 90 | 105 | 125 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**14.10** **Block Model Definition** 

The block model matrix was designed to capture the geometry of the deposit, characterized by narrow zones of mineralization within the broader lithology, drill data-density, and the selective mining unit (SMU). No rotation was applied to the block models. Table 14-5 summarizes the block model workspace for the Project.

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| | |
|:---|:---|
| **Table 14-5:** | **Block Model Workspace**  |

---

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| | |
|:---|:---|
| **Description** | **Parameter** |
| Easting | 556,950 m |
| Northing | 5,374,550 m |
| Maximum Elevation | 5,400 m |
| Rotation Angle | No rotation |
| Block Size-X, Y, Z | 5 x 5 x 5 m |
| Number of Blocks in the X Direction | 640 |
| Number of Blocks in the Y Direction | 390 |
| Number of Blocks in the Z Direction | 180 |

---

**14.11** **Estimation and Interpolation Methods** 

The Fenn-Gib block model was estimated using three interpolation methods: nearest neighbor (NN), inverse distance weighting squared (IDW2) and ordinary kriging (OK). Uncapped and capped gold grades were estimated for the OK model. Only capped gold grades were estimated for the NN and IDW2 models.

Table 14-6. provides a comprehensive overview of the interpolation parameters and search ellipses used for NN, IDW2, and OK interpolation methods. All blocks were estimated using a single interpolation pass.

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| | |
|:---|:---|
| **Table 14-6:** | **Interpolation Parameters by Domain Code**  |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Block Model<br>Grade** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** |
| **Block Model<br>Grade** | **Code** | **Grade** | **Min**<br> **# Comp.** | **Max**<br> **# Comp.** | **Max**<br> **#/DH** | **Rot Z**<br> **(<sup>o</sup>)** | **Rot X**<br> **(<sup>o</sup>)** | **Rot Y**<br> **(<sup>o</sup>)'** | **Major**<br> **(m)** | **Minor**<br> **(m)** | **Vertical**<br> **(m)** |
|  | 10 | AUC | 1 | 1 | 1 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AUC |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
| AUCNN | 40 | AUC |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AUC |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AUC |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AUC |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Block Model<br>Grade** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** | **Parameters** |
| **Block Model<br>Grade** | **Code** | **Grade** | **Min**<br> **# Comp.** | **Max**<br> **# Comp.** | **Max**<br> **#/DH** | **Rot Z**<br> **(<sup>o</sup>)** | **Rot X**<br> **(<sup>o</sup>)** | **Rot Y**<br> **(<sup>o</sup>)'** | **Major**<br> **(m)** | **Minor**<br> **(m)** | **Vertical**<br> **(m)** |
|  | 10 | AUC | 3 | 12 | 4 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AUC |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
| AUCID | 40 | AUC |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AUC |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AUC |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AUC |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |
|  | 10 | AUC | 3 | 12 | 4 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AUC |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
| AUCOK | 40 | AUC |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AUC |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AUC |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AUC |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AUC |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |
|  | 10 | AU | 3 | 12 | 4 | 90 | 0 | 0 | 150 | 100 | 100 |
|  | 20 | AU |  |  |  | 95 | 0 | 0 | 250 | 150 | 150 |
|  | 30 | AU |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
| AUOK | 40 | AU |  |  |  | 90 | 0 | 0 | 250 | 200 | 150 |
|  | 50 | AU |  |  |  | 110 | 0 | 0 | 200 | 100 | 100 |
|  | 60 | AU |  |  |  | 90 | 0 | 0 | 250 | 150 | 150 |
|  | 90 | AU |  |  |  | 35 | 0 | 0 | 150 | 100 | 100 |
|  | 95 | AU |  |  |  | 35 | 0 | 0 | 125 | 100 | 100 |

---

Note: AU = uncapped Au g/t; AUC = capped Au g/t; Rot = rotation around axis

Additional interpolation characteristics (Table 14-7) were stored for use in validation and resource classification.

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| | |
|:---|:---|
| **Table 14-7:** | **Special Models**  |

---

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| | | |
|:---|:---|:---|
| **Method** | **Special Model** | **Description** |
| NN | DSTNN | Distance to nearest sample used |
| ID | DSTID | Distance to nearest sample used |
| OK | DSTOK | Distance to nearest sample used |
| OK | NDDH | Number of drill holes used |
| OK | NSOK | Number of composites used |
| OK | KV | Kriging variance |
| OK | NSEC | Number of sectors |
| OK | DSTAV | Average distance of composites used |

---

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**14.12** **Block Model Validation** 

For quality assurance, both verification and validation of the block model, defined as follows:

• Verification is a manual check (i.e., visual inspection) or quasi-manual check (i.e., spreadsheet) of the
actual procedure used.

• Validation is a test for reasonableness using a parallel procedure, which may be manual or computer-based
(i.e., different interpolation methods).

**14.12.1** **Visual Verification** 

Visual inspection of the block model results, both in section and plan view, demonstrated correlation with the drill-hole composite data. As shown in Figure 14-7 (plan view) and Figure 14-8 (section view), the interpolated block grades align well with the composite data, confirming the model's reliability.

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| &nbsp;&nbsp; Fenn-Gib Project | Page 124 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 14-7:** | **5180 Elevation, Composites versus Block Model (Capped Au g/t)**  |

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![LOGO](g83619dsp125.jpg)

Source: TMAC, 2024

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| &nbsp;&nbsp; Fenn-Gib Project | Page 125 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 14-8:** | **East 558500, Composites versus Block Model (Capped Au g/t)**  |

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![LOGO](g83619dsp126.jpg)

Source: TMAC, 2024

**14.12.2** **Statistical Validation** 

Statistical review of the block model across all domains demonstrated consistency between the different interpolation methods and the composite grades. Table 14-8 presents the grades for each of the different interpolation methods. While minor variations exist between methods, these are primarily attributed to data density and statistics generated by block count rather than tonnage-weighted calculations-all within expected parameters for this type of interpolation method.

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| | |
|:---|:---|
| **Table 14-8:** | **Grade Comparison by Interpolation Method**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Block Model** | **Code** | **Count** | **Min** | **Max** | **Mean** | **Variance** | **SD** | **CV** |
| AUCNN | 10 | 2240282 | 0.001 | 5.855 | 0.075 | 0.05 | 0.232 | 3.07 |
| AUCNN | 20 | 632103 | 0.001 | 10.527 | 0.355 | 0.38 | 0.620 | 1.75 |
| AUCNN | 30 | 300033 | 0.001 | 26.430 | 0.518 | 0.64 | 0.803 | 1.55 |
| AUCNN | 40 | 546271 | 0.001 | 9.435 | 0.158 | 0.21 | 0.462 | 2.92 |
| AUCNN | 50 | 132556 | 0.001 | 1.649 | 0.099 | 0.04 | 0.199 | 2.02 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Block Model** | **Code** | **Count** | **Min** | **Max** | **Mean** | **Variance** | **SD** | **CV** |
| AUCNN | 60 | 2133135 | 0.001 | 13.291 | 0.157 | 0.09 | 0.305 | 1.94 |
| AUCNN | 90 | 344172 | 0.001 | 11.914 | 0.175 | 0.19 | 0.433 | 2.48 |
| AUCNN | 95 | 84624 | 0.001 | 11.029 | 0.473 | 1.05 | 1.024 | 2.16 |
| AUCID | 10 | 2946264 | 0 | 6.500 | 0.100 | 0.02 | 0.100 | 2.41 |
| AUCID | 20 | 658232 | 0 | 12.200 | 0.300 | 0.22 | 0.500 | 1.38 |
| AUCID | 30 | 305769 | 0 | 18.700 | 0.500 | 0.37 | 0.600 | 1.20 |
| AUCID | 40 | 638918 | 0 | 24.100 | 0.100 | 0.12 | 0.300 | 2.38 |
| AUCID | 50 | 160376 | 0 | 1.900 | 0.100 | 0.02 | 0.100 | 1.65 |
| AUCID | 60 | 2780865 | 0 | 14.200 | 0.100 | 0.06 | 0.200 | 1.90 |
| AUCID | 90 | 432499 | 0 | 10.300 | 0.100 | 0.07 | 0.300 | 1.86 |
| AUCID | 95 | 105199 | 0 | 11.100 | 0.400 | 0.50 | 0.700 | 1.78 |
| AUCOK | 10 | 3277877 | 0.001 | 4.550 | 0.054 | 0.01 | 0.118 | 2.18 |
| AUCOK | 20 | 662955 | 0.001 | 10.397 | 0.358 | 0.19 | 0.437 | 1.22 |
| AUCOK | 30 | 305807 | 0.002 | 11.426 | 0.511 | 0.26 | 0.509 | 1.00 |
| AUCOK | 40 | 642322 | 0.001 | 8.479 | 0.145 | 0.07 | 0.271 | 1.87 |
| AUCOK | 50 | 175981 | 0.001 | 1.421 | 0.092 | 0.02 | 0.144 | 1.56 |
| AUCOK | 60 | 2953290 | 0.001 | 11.783 | 0.128 | 0.05 | 0.233 | 1.81 |
| AUCOK | 90 | 446574 | 0.001 | 7.089 | 0.140 | 0.05 | 0.214 | 1.52 |
| AUCOK | 95 | 106186 | 0.001 | 10.218 | 0.396 | 0.36 | 0.604 | 1.52 |

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**14.12.3** **Swath Plots** 

Validation of the resource estimation included comprehensive swath plot analysis comparing gold grades across multiple interpolation methods (NN, IDW2, and OK) against composite grades. As shown in Figure 14-9 and Figure 14-10, there is a strong correlation between composite and block model grades for all interpolation methods, demonstrating the robustness of the grade estimation.

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| **Figure 14-9:** | **Swath Plot of NN and OK Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t)**  |

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![LOGO](g83619dsp128.jpg)

Source: TMAC, 2024

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| **Figure 14-10:** | **Swath Plot of IDW2 and OK Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t)**  |

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![LOGO](g83619dsp129.jpg)

Source: TMAC, 2024

**14.13** **Classification of Mineral Resources** 

Mineral resources were estimated in accordance with the CIM Definition Standards and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The mineral resource classification method followed a rigorous, multi-step approach. Initial classification was based on data density and mineralization continuity, followed by refinement using interpolation statistics and geological continuity assessment. To ensure classification coherence, a grooming algorithm was applied to address isolated blocks.

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The nominal spacing for the indicated MREs, based on distance to nearest composite, was 32 m. For inferred MREs, the nominal spacing was 108 m, constrained within a maximum distance of 250 m. No measured mineral resource was defined for the Project.

Table 14-7 summarizes interpolation characteristics stored in the special models.

**14.14** **Reasonable Prospects for Eventual Economic Extraction** 

The cut-off grade used for the MREs is 0.3 g/t Au based on the assumptions outlined in Table 14-9. MREs can be sensitive to the reporting cut-off grade used. To satisfy reasonable prospects for eventual economic extraction, a conceptual constraining resource pit shell was defined using a 50° pit slope based on the assumptions listed in Table 14-9.

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|:---|:---|
| **Table 14-9:** | **Pit Design Criteria**  |

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| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Assumption** |
| Gold Price | US$/oz Au | 2000 |
| Exchange Rate | C$:US$ | 0.77 |
| Payable Metal | % | 100.00 |
| TC/RC/Transport | C$/oz Au | 6.50 |
| Net Gold Price | C$/oz Au | 2590 |
| Net Gold Price | C$/g | 83.30 |
| **OPEX Estimates** | **OPEX Estimates** | **OPEX Estimates** |
| OP Mining Cost | C$/t mined | 3.25 |
| OP Ore Mining Cost | C$/t ore mined | 3.25 |
| Process Cost | C$/t processed | 15.50 |
| G&A | C$/t processed | 2.00 |
| **Recovery and Dilution** | **Recovery and Dilution** | **Recovery and Dilution** |
| External Mining Dilution | % | 0 |
| Mining Recovery | % | 100 |
| Process Recovery | % | 94 |
| **Other** | **Other** | **Other** |
| Pit Slope in Rock | degrees | 50 |
| **Cut-Off Grade (COG)** | **Cut-Off Grade (COG)** | **Cut-Off Grade (COG)** |
| Reporting COG | g/t | 0.30 |
| Resource Class |  | MII |

---

Notes: G&A = general and administrative; OB = overburden; OP = open pit OPEX = operating expenditure; RC = refining costs; TC = treatment costs

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**14.15** **Mineral Resource Statement** 

The Project hosts mineral resources at a 0.3 g/t Au cut-off grade comprised of an indicated resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional inferred resource of 8.9 Mt at 0.49 g/t Au containing 141,000 gold ounces. Table 14-10 presents the MRE categorized by resource classification, effective date of September 3, 2024, and reported within a constraining resource pit shell. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

**Table 14-10: Mineral Resource Table** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-Off**<br>**(Au g/t)** | **Cut-Off**<br>**(Au g/t)** | **Tonnes** | **Tonnes** | **Au**<br>**(g/t)** | **Au**<br>**(g/t)** | **Au**<br>**(oz)** | **Au**<br>**(oz)** |
|  Indicated |  | 0.3 |  | 181302000 |  | 0.74 |  | 4313000 |
|  Inferred |  | 0.3 |  | 8921000 |  | 0.49 |  | 141000 |

---

Notes:

1. Effective date of this updated MRE is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

2. All mineral resources have been estimated in accordance with the CIM Definitions Standards (CIM, 2014), as
required under National Instrument (NI) 43-101. Mineral resource statement prepared by QP Tim Maunula, P.Geo. (TMAC) in accordance with NI 43-101.

3. Mineral resources reported demonstrate reasonable prospect of eventual economic extraction, as required
under NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The mineral resources may be materially affected by environmental, permitting, legal, marketing, and
other relevant issues.

4. Mineral resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

5. Troy ounce = tonnes x grade/31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.

6. The quantity and grade of reported inferred resources are uncertain in nature and there has not been
sufficient work to define these inferred resources as indicated or measured resources. It is reasonably expected that many of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

7. Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to
rounding.

**14.16** **Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the MRE include the following:

• Metal price and exchange rate assumptions.

• Changes to the assumptions used to generate the gold cut-off grade.

• Changes in local interpretations of mineralization geometry and continuity of mineralized zones.

• Changes to geological interpretation and geological and grade continuity assumptions.

• Density and domain assignments.

• Changes to geotechnical, mining, and metallurgical recovery assumptions.

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• Change to the input and design parameter assumptions that pertain to the conceptual pit constraining the MRE.

• Assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain
environment and other regulatory permits, and maintain the social license to operate.

There are no other known environmental, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that would materially affect the estimation of mineral resources that are not discussed in this technical report.

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| **15** | **MINERAL RESERVE ESTIMATES**  |

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**15.1** **Summary** 

The Project is planned as an open pit operation using conventional mining equipment. All estimates are based on the mine plans prepared by AGP for the PFS.

Operating and capital costs over the life of the project have been developed from first principles cost build-ups, incorporating the most current vendor quotations for consumables and capital items, primarily sourced from local suppliers.

Mineral reserves for the Project are derived from the conversion of the indicated mineral resources included in the study mine plan and contained within the ultimate open pit limits. No measured mineral resources occur within the ultimate pit design. The drill-hole data density and the level of confidence in the assumptions applied in the mine planning process provide reasonable support for the direct conversion of Indicated mineral resources to probable mineral reserves.

The total mineral reserve for the Project is shown in Table 15-1.

**Table 15-1: Fenn-Gib Proven and Probable Mineral Reserves – December 19, 2025** 

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| | | | |
|:---|:---|:---|:---|
|  | **Process Feed** | **Grade** | **Contained Gold** |
| **Reserve Class** | **(Mt)** | **Au (g/t)** | **Moz** |
|  Proven |  |  |  |
|  Probable | 25.13 | 1.29 | 1.04 |
|  **Total Reserves** | **25.13** | **1.29** | **1.04** |

---

Note:

1. This mineral reserve estimate has an effective date of December 19, 2025.

2. The mineral reserve estimation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP Mining
Consultants Inc., who is a QP as defined under NI 43-101.

3. Mineral reserves are stated within the ultimate design pit based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. US$1,750/ounce gold price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pit Limit corresponds to a pit shell with a revenue factor of 0.55, corresponding to a US$962 /ounce gold
price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An elevated cut-off grade of 0.80 g/t Au for all pit phases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preliminary mining cost assumptions of C$3.24/tonne mined of waste, C$3.23/tonne mined of ore, with an
incremental mining cost of C$0.02/tonne/5 m bench mined below the 5,310 m elevation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Preliminary processing cost assumptions of C$14.50/tonne processed, general & administration
assumption of C$2.10/tonne processed, and stockpile rehandle cost assumption of C$1.00/tonne processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Preliminary process recovery assumptions of 92.6% for gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. An exchange rate of C$1.35 equal to US$1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The preliminary economic, cost and recovery assumptions used at the time of mine planning and reserve
estimation may not necessarily conform to those stated in the economic model.

4. Pit slope inter-ramp slope angle assumptions ranged from 28 - 65° and overall slope angles ranging from
21 - 51°.

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The QP has not identified any known legal, political, environmental, or other factors that would materially affect the potential development of mineral reserves.

Technical risks identified that could potentially impact the mineral reserves include mining selectivity near the ore-waste contacts, pit slope stability, and the assumed metallurgical recoveries for given rock types. These risks are considered manageable and are expected to be mitigated through additional test work and the application of operating experience as the project advances.

**15.2** **Key Assumptions/Basis of Estimate** 

The parameters used for the estimate are shown in Table 15-2.

**Table 15-2: Pit Optimization – General Parameters** 

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| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
|  **Metal Price Calculation** | **Metal Price Calculation** | **Metal Price Calculation** |
|  Exchange Rate | C$:US$ | 1.35 |
|  Metal Price – Au | US$/oz | 1750 |
|  Royalty – Au | % | 1 |
|  Payable | % | 99 |
|  Refining | US$/oz | 0.40 |
|  Transportation | US$/oz | 5.00 |
|  Dore Metal Value | US$/oz | 1727.10 |
|  Royalty | US$/oz | 17.27 |
|  Value after Royalty | US$/oz | 1709.83 |
|  Value after Royalty | US$/g | 54.97 |
|  Value after Royalty | $/g | 74.21 |
|  **Cost basis** |  |  |
|  **Mining** |  |  |
|  Base Elevation (5000m + UTM elev.) | Mine grid elevation (m) | 5310 |
|  Ore Mining – Base | $/t mined | 3.23 |
|  Waste Mining – Base | $/t mined | 3.24 |
|  Incremental Mining Cost below Base | $/t mined /5m vertical |  |
|  Ore Mining | $/t mined | 0.020 |
|  Waste Mining | $/t mined | 0.023 |
|  Rehandle Cost | $/t mined | 1.00 |
|  **Processing and G&A** |  |  |
|  Processing Cost | $/t processed | 14.50 |
|  G&A | $/t processed | 2.10 |
|  **Recoveries** |  |  |

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|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
|  Metallurgical Recovery - Au | % | 92.6 |
|  **Cut-Off Grades** |  |  |
|  Marginal Cut-off | Au g/t | 0.24 |
|  Marginal Cut-off (with rehandle) | Au g/t | 0.26 |
|  Mine Schedule-Elevated Cut-off | Au g/t | 0.80 |
|  **Overall Slope Angles** |  |  |
|  Overburden – all sectors | degree | 21 |
|  Sector 1 | degree | 47 |
|  Sector 2 | degree | 47 |
|  Sector 3 | degree | 42 |
|  Sector 4 | degree | 46 |
|  Sector 5 | degree | 51 |
|  Sector 6 | degree | 51 |
|  Sector 7 | degree | 48 |
|  Sector 8 | degree | 40 |
|  Sector 9 | degree | 49 |
|  **Boundary Constraints** |  |  |
|  Physical Constraints on pit expansion | Distance from waterbody | 100 m |

---

The mining cost estimates are based on the use of 91-tonne class trucks using a preliminary mine design to determine incremental hauls for mineralized material and waste.

The determination of the ore and waste for the Project was defined by elevated gold cutoff to maximize project value.

**15.3** **Pit Slopes** 

Wall slopes for pit optimization were based on provided (InnovExplo, 2023) geotechnical recommendations with the addition of estimated overburden slope angles. Inter-ramp angles varied from 27.8 degrees in overburden and 50 to 65 degrees in rock beneath the overburden. With the inclusion of haul roads and potential geotechnical berms the overall slope angles varied from 21 degrees in overburden to 40 to 51 degrees in the rock.

A total of nine difference sectors were used in the pit slope designs. This is discussed in more detail in Section 16.2.

**15.4** **Pit Optimization** 

A pit limit analysis was conducted to determine the intermediate and final mining limits as well as to understand the sensitivity of these limits to changes in metal prices. The resulting pit shells were used to determine areas of the deposit with the most profitable extraction limits and identify the geometry of the proposed open pit. Inputs for the analysis were confirmed at an early stage of the process to produce a set of nested Lerchs-Grossman (LG) shells which guided the mine design process. A mining sequence (internal pit phases) was determined, focusing on how the intermediate pits would potentially interact and how ore will be operationally accessed.

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Within the selected ultimate pit shells, the routine was again run but instead of using Lerchs-Grossman, the older Floating Cone (FC) algorithm was used. The reason behind this was to develop pits with workable bases. The Floating Cone allows a user base specified width (in this case 30 m) to see the impact on the sequencing. As the ultimate pit was not anticipated to be used, this provided greater focus on phase geometry and the economics of each phase and was compared to the LG pit shells visually for any significant changes. This method allows a more practical look at mining value in a pit shell as the LG shells typically have extra value in the bottom of a not practical shape.

As a starting point, a series of nested pit shells was generated using a reference base gold price (RF=1) of US$1,750/oz, with revenue factors ranging from 0.20 to 1.00 in steps of 0.05. This analysis was undertaken to determine the optimal pit limits at the project specified reserves price. Overall slope angles were selected to account for the anticipated inclusion of haul ramps within the pit walls. Pit sectors shown in Table 15-2 were applied in the development of pit wall geometries In addition, a number of strategic scenarios were evaluated based on the preliminary nested pit shells, incorporating variations in selected economic inputs, to guide the selection of the optimal pit size. The pit shell corresponding to an RF of 0.55 (equal to a gold price of US$962/oz) was selected for the PFS pit design and mine planning.

**15.5** **Mine Dilution** 

The mining strategy assumes a skin for dilution of 0.75 m on average for a 5 m bench height in ore zones. An AGP in-house routine was applied to determine the diluted density and diluted metal grades for all blocks in the model. The resulting dilution increases the tonnage by 1.8% and lowers the grade by 1.4%.

**15.6** **Pit Design** 

Based on the pit optimization outcomes and to support practical access to mineralized areas, a set of pit designs were outlined using the selected ultimate pit limit (RF = 0.55) as the basis for sequencing the intermediate mining phases from the higher value pit shells in the center and radiating outwards to the ultimate pit limit. Recommendations for slopes by the geotechnical team were applied to all intermediate pit phase designs.

The proposed preliminary ultimate pit design and intermediate mining phases are shown in Figure 15-1 and Figure 15-2.

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**Figure 15-1: Fenn-Gib Ultimate Pit Design with Phases**![LOGO](g83619dsp137.jpg)

Source: AGP, 2025

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**Figure 15-2: Ultimate and Intermediate Pit Phase Limits (Representative Cross-section) 7h**![LOGO](g83619dsp138.jpg)

Source: AGP, 2025

**15.7** **Mine Plan** 

The selected mine schedule plans to deliver 25.1 Mt of ore grading 1.29 g/t Au for contained gold ounces of 1.04 Moz, over a mine life of 14.5 years. Mineral reserves include no proven ore, only probable ore.

The total waste tonnage in the reserves mine plan is 151.9 Mt and will be delivered to either the TSF for construction of that facility or to the mine rock storage area (MRSA). The overall waste-to-ore strip ratio is 6.0:1. See Figure 15-3 and Table 15-3 for the yearly distribution of ore tonnes in the reserves mine plan.

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**Figure 15-3: Fenn-Gib Mine Schedule**![LOGO](g83619dsp139.jpg)

Source: AGP, 2025

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**Table 15-3: Production Schedule – Proven and Probable Mineral Reserves** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Description** | **Pre-**<br>**production** | **Y1** | **Y2** | **Y3** | **Y4** | **Y5** | **Y6** | **Y7** | **Y8** | **Y9** | **Y10** | **Y11** | **Y12** | **Y13** | **Y14** | **Y15** | **Total** |
|  Mill Feed | Ore (Mt) |  | 1.45 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.91 | 25.13 |
|  Mill Feed | Au (g/t) |  | 1.44 | 1.65 | 1.40 | 1.39 | 1.46 | 1.49 | 1.18 | 1.10 | 1.07 | 1.24 | 1.36 | 1.26 | 1.23 | 1.09 | 0.76 | 1.29 |
|  Mine Production | Total Waste (Mt) | 6.21 | 8.55 | 12.25 | 12.25 | 12.25 | 13.25 | 14.25 | 14.25 | 14.25 | 14.25 | 10.03 | 8.81 | 5.12 | 3.39 | 2.44 | 0.32 | 151.87 |
|  Mine Production | Overburden (Mt) | 3.38 | 5.78 | 1.76 | 1.98 | 0.17 | 2.96 | 0.30 |  |  |  |  |  |  |  |  |  | 16.32 |
|  Mine Production | Rock (Mt) | 2.83 | 2.78 | 10.49 | 10.27 | 12.07 | 10.29 | 13.95 | 14.25 | 14.25 | 14.25 | 10.03 | 8.81 | 5.12 | 3.39 | 2.44 | 0.32 | 135.55 |
|  Mine Production | Mine to Mill (Mt) |  | 0.67 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.91 | 24.36 |
|  Mine Production | Au (g/t) |  | 1.51 | 1.65 | 1.40 | 1.39 | 1.46 | 1.49 | 1.18 | 1.10 | 1.07 | 1.24 | 1.36 | 1.26 | 1.23 | 1.09 | 0.76 | 1.29 |
|  Mine Production | Mine to Stockpile (Mt) | 0.77 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.77 |
|  Mine Production | Au (g/t) | 1.37 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.37 |
|  Mine Production | Stockpile to Mill (Mt) |  | 0.77 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.77 |
|  Mine Production | Au (g/t) |  | 1.37 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.37 |
|  Mine Production | Total Ore to Mill (Mt) |  | 1.45 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.91 | 25.13 |
|  Mine Production | Au (g/t) |  | 1.44 | 1.65 | 1.40 | 1.39 | 1.46 | 1.49 | 1.18 | 1.10 | 1.07 | 1.24 | 1.36 | 1.26 | 1.23 | 1.09 | 0.76 | 1.29 |
|  Mine Production | Strip Ratio (Waste: Ore) |  | 5.91 | 6.99 | 6.99 | 6.99 | 7.56 | 8.13 | 8.13 | 8.13 | 8.13 | 5.72 | 5.03 | 2.92 | 1.94 | 1.39 | 0.36 | 6.04 |

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Source: AGP, 2025

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**15.8** **Mineral Reserves Statement** 

The mineral reserves for the Project is based on the conversion of Indicated mineral resources in the PFS mine plan, and within the proposed ultimate open pit limits. The estimates were prepared under the supervision of Gordon Zurowski, P.Eng. of AGP, a QP as defined under NI 43-101.

The mineral reserves estimate is based on a design metal price of US$1,750/oz gold and is approximately 25.13 Mt of ore with a gold grade of 1.29 g/t for a contained 1.04 Moz of gold. Mineral reserves for the Project are shown in metric units in Table 15-4. This estimate has an effective date of December 19, 2025.

**Table 15-4: Fenn-Gib Proven and Probable Mineral Reserves – December 19<sup>th</sup>, 2025** 

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| | | | |
|:---|:---|:---|:---|
| **Reserve Class** | **Process Feed** | **Grade** | **Contained Gold** |
| **Reserve Class** | **(Mt)** | **Au (g/t)** | **Moz** |
|  Proven |  |  |  |
|  Probable | 25.13 | 1.29 | 1.04 |
|  **Total Reserves** | **25.13** | **1.29** | **1.04** |

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Note:

1. This mineral reserve estimate has an effective date of December 19, 2025.

2. The mineral reserve estimation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP Mining
Consultants Inc., who is a QP as defined under NI 43-101.

3. Mineral reserves are stated within the ultimate design pit based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. US$1,750/ounce gold price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pit Limit corresponds to a pit shell with a revenue factor of 0.55, corresponding to a US$962 /ounce gold
price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An elevated cut-off grade of 0.80 g/t Au for all pit phases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preliminary mining cost assumptions of C$3.24/tonne mined of waste, C$3.23/tonne mined of ore, with an
incremental mining cost of C$0.02/tonne/5 m bench mined below the 5,310 m elevation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Preliminary processing cost assumptions of C$14.50/tonne processed, general & administration
assumption of C$2.10/tonne processed, and stockpile rehandle cost assumption of C$1.00/tonne processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Preliminary process recovery assumptions of 92.6% for gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. An exchange rate of C$1.35 equal to US$1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The preliminary economic, cost and recovery assumptions used at the time of mine planning and reserve
estimation may not necessarily conform to those stated in the economic model.

4. Pit slope inter-ramp slope angle assumptions ranged from 28 - 65° and overall slope angles ranging from
21 - 51°.

Mineral resources outside the pit limits are not considered in the mineral reserves statement. There is currently no plan to extend the mine operation using underground mining methods.

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**15.9** **Factors that May Affect the Mineral Reserves** 

The QP has not identified any known legal, political, environmental, or other factors that would materially affect the potential development of mineral reserves.

Technical risks identified that could potentially impact the mineral reserves include mining selectivity at the ore-waste contacts, pit slope stability, and the assumed metallurgical recoveries for the various rock types. These risks are considered manageable and are expected to be mitigated through additional test work and the application of operating experience as the project advances.

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| **16** | **MINING METHODS**  |

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**16.1** **Summary** 

The PFS mine plan is planned to be an open pit operation using conventional mining equipment. Given current metal prices, and considering the nature of the mineralization, grade tenor, grade distribution and proximity to surface, open pit mining represents the most reasonable development approach.

A large pit with three phases, together with two smaller satellite pits, will provide sufficient open pit feed to sustain a throughput of 4,800 t/d to the processing plant. The larger pit is designed to be mined in three phases. The open pits provide 25.1 Mt of mill feed grading 1.29 g/t Au for contained gold ounces of 1.04 Moz over a mine life of 14.5 years. Waste from this pit will total 151.9 Mt for a strip ratio of 6.0:1.0 (waste tonnes: mill feed tonnes).

The mill feed cut-off used is 0.80 g/t Au. High grade material encountered during pre-stripping operations will be stockpiled (0.8 Mt) and will be reclaimed in Year 1.

The pit phases are scheduled to provide an average of 4,800 t/d of feed to the mill over a 14.5-year mining life following one year of pre-production stripping. The pits are sequenced to minimize initial stripping and provide higher feed grades in the early years of the mine life while assisting in the construction of the tailings management facility.

The primary mining fleet will consist of three 165 mm down-the-hole drills, two 16 m<sup>3</sup> diesel hydraulic shovels and one 13 m<sup>3</sup> front-end loader. An additional 13 m<sup>3</sup> front-end loader will be stationed at the crusher and may be redeployed to the pit as required. The haul truck fleet will be comprised of 92-tonne trucks which will also be used to deliver waste material for tailings facility construction. a smaller auxiliary fleet, consisting of two articulated trucks and two 63-tonne trucks, will support tailings facility maintenance and lift development. The standard complement of dozers, graders, small backhoes, and other ancillary support equipment has been included in the equipment cost estimate.

The pre-production period is the start of major mining activity using the mining equipment and will begin once the initial site infrastructure (roads, pads, and construction laydowns, etc.) is in place. The early mining phases are scheduled to deliver the highest -grade to the processing plant during the first six years of operation.

Waste material from the open pit will be used in the construction of the TSF with excess going into the various overburden stockpiles and mine rock storage area (MRSA). As the MRSA is progressively raised, side slopes will be regraded to enable concurrent reclamation and reduce the visual impact of the facility.

In addition to the main open pit, two satellite pits will be mined and later repurposed for water storage and diversion during the stages of the mine life. The Phase 1N pit will also supply rock material for various mine infrastructure, including haul roads and construction pads as required.

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**16.2** **Geotechnical and Hydrogeological Considerations used in Mine Planning** 

**16.2.1** **Geotechnical Considerations** 

Mayfair Gold commissioned InnovExplo Inc. (InnovExplo) to characterize the rock mass of the Project with the ultimate objective of doing stability calculations and recommendations to guide the open pit design at a pre-feasibility level. A field campaign was conducted to collect data through geomechanical drilling, televiewer, hydrogeological analyses, and laboratory testing. A total of seven geomechanical drillholes (3,228 m) were carried out during the months of April through June 2023. Additionally, a total of 11 holes were surveyed using televiewer (5,306 m), and 395 laboratory tests were performed to characterize the rock mass, along with various point load tests (PLT) and other tests.

The geological and geomechanical surveys described eight distinct geomechanical units, including the deformation zone, mafics and sedimentary units which formed most of the walls. These units were based on the lithological model provided by Mayfair Gold from the 2023 MRE (TMAC, 2023).

Hydro-Ressources lnc.'s preliminary findings for the Project reported an average hydraulic conductivity of 3 x 10-8 m/s and a pre-mining piezometric line depth of approximately 1.5 meters below the surface. Despite excavation, the rock's low permeability would maintain the water table at a high level within the pit area.

The main joint sets were analysed. A total of 12 sets were listed. They are mostly sub-vertical dipping north-south or sub-horizontal which are somewhat favorable to slope stability. An equivalent average friction angle between 34° and 37° for a 10 m long discontinuity is estimated for all joints sets.

A litho-structural model was realised to assess the different zones of weak rock and faults. In total, 129 weak rock mass zones and 25 faults zones were identified. A main fault zone was identified and found sub vertical and parallel to the main mineralized trend. A secondary fault zone was located north and found along the footwall zone and perpendicular to it. These zones of weaker rock and faults were incorporated in each numerical model for the OSAs.

Laboratory tests, including uniaxial compressive tests, Brazilian tests and triaxial tests, were carried out on all geomechanical units except for the diabase and the ultramafic volcanic. The deformation zone, footwall zone and the pyroxenite showed lower property values than the average of the project while the mafics, main zone and sedimentary yielded the best properties from the laboratory tests with UCS estimated over 100 MPa.

All geomechanical units have, in general, good rock mass quality based on the RMRag, Q-system and GSI classifications, except for the diabase, which has an average Q-value of weak. However, some units were only rarely intercepted during the geomechanical survey campaign, which will require further investigation in the next stage. The rock mass properties seem to be constant within the same unit as the depth varies.

Analyses were carried out on benches and IRAs for each unit. The bench face angles were mostly derived from kinematics analyses from Dips and SWedge software. The most critical mode of failure observed are direct toppling and wedging and they dictated the bench face angle. They vary from 70° to 80°. As for the width of the benches, they were determined based on the assurance that the width of the benches remaining after structural instability can retain the material likely to fall on the bench in 80% of probable situations. The widths vary from 6.5 m to 10.0 m.

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The Inter-ramp angles (IRA) were calculated directly from the slope and width of the benches. The IRAs vary from 49° to 61°. Both the bench dimensions and the IRAs were then numerically analysed in Slide2 to ensure stability when considering anisotropic conditions caused by the main joint sets.

The Overall Slope Angle (OSA) of multiple sections were analysed first by Slide2. Then, they were brought into RS2. For the Project, RS2 yielded lower OSAs than Slide2 since the finite elements analysis (RS2) considers behaviors that were not considered in the limit equilibrium analyses (Slide2). Thus, the angles that are recommended are the maximum possible angles that respected the stability criteria for both approaches. The north wall of the pit suggests an OSA of approximately 51° while the south wall is around 47°. The west and east walls resulted in lower angles since they are affected by the weaker rock and fault zones. These yielded in a OSA of 42° for the west wall and 40° for the east wall.

Following the characterization of the rock mass at the Project and the various analyses performed, recommendations were elaborated with the goal of minimizing the risk related to instabilities that an open pit could generate and increasing the knowledge about the rock mechanics mechanisms found at Fenn-Gib. The main recommendations are principally related to additional data collection. The faults play an important role in the stability of the walls. Thus, more information on the faults needs to be obtained. In addition, more information of certain geomechanical units such as the diabase, the footwall zone and the ultramafic volcanic should be acquired.

Additional geomechanical drilling, testwork and an updated geomechanical mine design are planned to be completed as part of the next phases of the project's design and development.

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**Figure 16-1: Sectors for the Design Recommendations**![LOGO](g83619dsp146.jpg)

Source: InnovExplo, 2023

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**Table 16-1: Overall Slope Angle Estimation** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pit<br>Design<br>Sector** | **Geomechanical Units** | **Pit** | **Dominant<br>Pit Wall Dip<br>Direction<br>(\*)** | **Maximum<br>Slope<br>Height<br>(m)** | **Dominant Potential<br>Failure Mode** | **Bench Configurations** | **Bench Configurations** | **Inter-Ramp Angle (IRA) Configurations** | **Inter-Ramp Angle (IRA) Configurations** | **Inter-Ramp Angle (IRA) Configurations** | **Maximum<br>Overall Slope**<br>**Angle (OSA)** |
| **Pit<br>Design<br>Sector** | **Geomechanical Units** | **Pit** | **Dominant<br>Pit Wall Dip<br>Direction<br>(\*)** | **Maximum<br>Slope<br>Height<br>(m)** | **Dominant Potential<br>Failure Mode** | **Bench**<br>**Face<br>Angle (\*)** | **Bench<br>Width<br>(m)** | **Estimated<br>IRA (\*)** | **Geotech**<br>**Berm<br>Width (m)** | **Max IRA<br>Height<br>(m)** | **From**<br>**Numerical<br>Modelling (I)** |
|  A | Sedimentary | Main | 0 | 580 | Wedging | 80 | 7.5 | 61 | 25 | 120 | 47 |
|  A | Deformation Zone | Main | 0 | 580 | Fluexural Topping | 70 | 7.5 | 54 | 25 | 120 | 47 |
|  B | Sedimentary | Main | 45 | 580 | Wedging | 80 | 8.5 | 59 | 25 | 120 | 47 |
|  B | Deformation Zone | Main | 45 | 580 | Wedging | 70 | 10.0 | 49 | 25 | 120 | 47 |
|  C | Deformation Zone | Main | 90 | 560 | Wedging | 70 | 10.0 | 49 | 25 | 120 | 42 |
|  C | Footwall Zone | Main | 90 | 560 | Wedging | 80 | 8.5 | 59 | 25 | 120 | 42 |
|  C | Mafics | Main | 90 | 560 | Wedging | 80 | 7.5 | 61 | 25 | 120 | 42 |
|  C | Main Zone | Main | 90 | 560 | Wedging | 75 | 9.0 | 54 | 25 | 120 | 42 |
|  D | Footwall Zone | Main | 135 | 210 | Wedging | 80 | 7.5 | 61 | 25 | 120 | 46 |
|  D | Mafics | Main | 135 | 210 | Wedging | 80 | 7.5 | 61 | 25 | 120 | 46 |
|  D | Main Zone | Main | 135 | 210 | Wedging | 70 | 9.0 | 51 | 25 | 120 | 46 |
|  E | Footwall Zone | Main | 225 | 560 | Wedging | 70 | 9.0 | 51 | 25 | 120 | 51 |
|  E | Mafics | Main | 225 | 560 | Wedging | 80 | 8.5 | 59 | 25 | 120 | 51 |
|  E | Main Zone | Main | 225 | 560 | Wedging | 75 | 9.0 | 54 | 25 | 120 | 51 |
|  E | Pyroxenite | Main | 225 | 560 | Wedging | 70 | 6.5 | 55 | 25 | 120 | 51 |
|  F | Deformation Zone | Main | 180 | 580 | Wedging | 75 | 10.0 | 52 | 25 | 120 | 51 |
|  F | Mafics | Main | 180 | 580 | Wedging | 80 | 7.5 | 61 | 25 | 120 | 51 |
|  F | Pyroxenite | Main | 180 | 580 | Wedging | 70 | 6.5 | 55 | 25 | 120 | 51 |
|  G | Deformation Zone | Main | 225 | 340 | Wedging | 75 | 10.0 | 52 | 25 | 120 | 46 |
|  G | Diabase | Main | 225 | 340 | Wedging | 75 | 8.5 | 55 | 25 | 120 | 46 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pit<br>Design<br>Sector** | **Geomechanical Units** | **Pit** | **Dominant<br>Pit Wall Dip<br>Direction<br>(\*)** | **Maximum<br>Slope<br>Height<br>(m)** | **Dominant Potential<br>Failure Mode** | **Bench Configurations** | **Bench Configurations** | **Inter-Ramp Angle (IRA) Configurations** | **Inter-Ramp Angle (IRA) Configurations** | **Inter-Ramp Angle (IRA) Configurations** | **Maximum<br>Overall Slope**<br>**Angle (OSA)** |
| **Pit<br>Design<br>Sector** | **Geomechanical Units** | **Pit** | **Dominant<br>Pit Wall Dip<br>Direction<br>(\*)** | **Maximum<br>Slope<br>Height<br>(m)** | **Dominant Potential<br>Failure Mode** | **Bench**<br>**Face<br>Angle (\*)** | **Bench<br>Width (m)** | **Estimated<br>IRA (\*)** | **Geotech**<br>**Berm<br>Width (m)** | **Max IRA<br>Height (m)** | **From**<br>**Numerical<br>Modelling (I)** |
|  | Mafics |  |  |  |  | 80 | 8.5 | 59 |  |  |  |
|  | Pyroxenite |  |  |  |  | 70 | 6.5 | 55 |  |  |  |
|  H | Deformation Zone | Main | 270 | 220 | Direct Toppling | 70 | 10.0 | 49 | 25 | 120 | 4 |
|  H | Diabase | Main | 270 | 220 | Wedging | 75 | 6.5 | 59 | 25 | 120 | 4 |
|  H | Pyroxenite | Main | 270 | 220 | Wedging | 70 | 6.5 | 55 | 25 | 120 | 4 |
|  H | Ultramafic Volcanic | Main | 270 | 220 | Toppling/Wedging | 75 | 10.0 | 52 | 25 | 120 | 4 |
|  I | Deformation Zone | Main | 315 | 580 | Wedging | 70 | 7.5 | 54 | 25 | 120 | 49 |
|  I | Diabase | Main | 315 | 580 | Wedging | 75 | 6.5 | 59 | 25 | 120 | 49 |
|  I | Sedimentary | Main | 315 | 580 | Wedging | 80 | 7.5 | 61 | 25 | 120 | 49 |
|  J | Sedimentary | West | 45 | 146 | Wedging | 80 | 8.5 | 59 | N/A | 100 | 58 |
|  K | Ultramafic Volcanic | West | 90 | 146 | Direct Toppling | 70 | 10.0 | 49 | N/A | 125 | 49 |
|  L | Deformation Zone | West | 135-225 | 146 | Wedging | 75 | 10.0 | 52 | 25 | 120 | 58 |
|  | Ultramafic Volcanic | West | 135-225 | 146 | Wedging | 80 | 8.5 | 59 | 25 | 120 | 58 |
|  M | Deformation Zone | West | 270 | 146 | Direct Toppling | 70 | 10.0 | 49 | 25 | 120 | 49 |
|  N | Sedimentary | West | 315-0 | 146 | Wedging | 80 | 7.5 | 61 | 25 | 120 | 61 |
|  O | Mafics | East | 90-225 | 80 | Wedging | 80 | 7.5 | 61 | N/A | N/A | 57 |
|  O | Pyroxenite | East | 90-225 | 80 | Wedging | 70 | 6.5 | 55 | N/A | N/A | 57 |
|  P | Deformation Zone | East | 270-45 | 80 | Wedging | 70 | 7.5 | 54 | N/A | N/A | 54 |

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**16.2.2** **Hydrogeological Considerations** 

Hydro-Ressources Inc. supported InnovExplo in the evaluation of ground water conditions at the Project. The focus of their work was on the more competent rock beneath the overburden. Water inflow in the overburden was not part of the testing program.

Field tests were done at site between June and October 2023. The investigations performed included; slug tests, injection tests and profile tracer tests. Fourteen holes were drilled by Mayfair either for exploration or geotechnical/hydrogeological purposes. These were also used for the Hydrogeological testing.

Hydro-Ressources lnc.'s preliminary findings for the Project reported an average hydraulic conductivity of 3 x 10-8 m/s and a pre-mining piezometric line depth of approximately 1.5 m below the surface. Despite excavation, the rock's low permeability would maintain the water table at a high level within the pit area.

The potential inflow was estimated using Darcy's equation and with various modifying factors. The expected flow rate would be 250 l/min which Hydro-Ressources considered to be low. With this low calculated inflow, higher pore pressures in the wall are expected.

To reduce pore pressure in the wall, An estimated cost is included for horizontal drain holes to be drilled on an annual basis to assist in pore water pressure reduction in the rock portion of the pit wall.

**16.2.3** **Geotechnical and Hydrogeological PFS Application** 

As noted, the focus on the work by InnovExplo and Hydro-Ressources was on the rock beneath the overburden zone. A significant amount of material is the overburden at the Project. The overburden is expected to have flatter slopes due to the nature of the sandy/silty material. This is also expected to be a source of water inflow of greater significance then the underlying rock.

In the absence of data from the field programs during the course of the PFS, estimates were prepared of the expected slope conditions for use in the mine design.

The slope parameters from InnovExplo were merged with the overburden slope estimate and modifying factors such as roads and berms were added to generate overall slope angles for use in pit optimization and mine design. These modified pit wall slopes and parameters are shown in Table 16-2. For overburden an overall angle of 21° was assumed with an inter-ramp angle of 26.6°, face angle of 55°and 10 m between catch benches.

**Table 16-2: Pit Slope Parameters** 

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| **Sector** | **Overburden** | **A** | **B** | **C** | **D** | **E** | **F** | **G** | **H** | **I** |
|  Sector (AGP) | Overburden | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|  Inter-ramp Angle<br> deg | 26.6 | 60.4 | 60.4 | 52.5 | 58.3 | 64.9 | 64.9 | 61.5 | 49.9 | 62.6 |
|  Face Angle<br> deg | 55 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
|  Bench Height<br> m | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |

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| **Sector** | **Units** | **Overburden** | **A** | **B** | **C** | **D** | **E** | **F** | **G** | **H** | **I** |
|  Stacked Height | m | 10 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
|  Catch Bench Width | m | 13.00 | 6.00 | 6.00 | 10.00 | 7.00 | 4.00 | 4.00 | 5.50 | 11.50 | 5.00 |
|  Haul roads | number | 1 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
|  Haul road width | m | 30.2 | 30.2 | 30.2 | 30.2 | 30.2 | 30.2 | 30.2 | 30.2 | 30.2 | 30.2 |
|  Geotech berms | number |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
|  Geotech berm width | m |  | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
|  Slope Height | m | 50 | 340 | 340 | 340 | 340 | 340 | 340 | 340 | 340 | 340 |
|  Overall Angle | deg | 21 | 47 | 47 | 42 | 46 | 51 | 51 | 48 | 40 | 49 |
|  Max Overall Angle | deg |  | 47 | 47 | 42 | 46 | 51 | 51 | 48 | 40 | 49 |

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Estimates of expected water inflows to be managed as part of the operating cost estimate are based on work in 2025 by Knight Piesold together with Geocentric Environmental Inc. for the water balance. The additional flow expected for costing purposes varied from 93 m<sup>3</sup>/hr in Year -1 to 300 m<sup>3</sup>/hr in later years depending on the size of the final pit. Various pit sizes and end of period plans were developed for the analysis. For the PFS a peak of 291 m<sup>3</sup>/hr was estimated to be handled from the open pit as part of the overall site wide water balance.

Further work is required on slope parameters for Feasibility work as well as better understanding of the groundwater regime. That work is ongoing at the time of this report.

**16.3** **Geologic Model Importation** 

The resource model for the 2025 PFS was provided by TMAC. That model has an effective date of September 3, 2024, and is described in detail in Section 14. This model was imported to MinePlan for mine planning work.

The resource model was provided in MinePlan format for open pit mine planning and the QP added additional items for use in that mine planning work. Block The type of block model was a single mineralization whole block model. The grades in each block of the resource model are considered to be an undiluted grade.

Framework details of the different open pit block models are provided in Table 16-3. Resource model item descriptions are shown in Table 16-3 while the open pit mine model items are displayed in Table 16-4. The mining model created includes additional items for mine planning purposes. Hexagon's MinePlan<sup>®</sup> software was used for mine planning in the PFS including for pit limit analysis. The pit, MRSA design and mine scheduling tools of Hexagon were used for the PFS.

The mine plan is based on indicated mineral resources, as no measured mineral resources are contained in the resource model. The block SG values provided in the resource model were estimated based on provided density data.

Lidar contours were imported into MinePlan and then merged to create an original ground topography surface for the PFS.

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| **Table 16-3:** | **Open Pit Model Framework**  |

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|:---|:---|
| **Framework Description** | **Mine Planning Model Value (MinePlan)** |
| Block Model Name | fgr15.dat |
| MinePlan<sup>®</sup> file 10 (control file) | fg10.dat |
| MinePlan<sup>®</sup> file 15 (model file) | fgr15.dat |
| X origin (m) | 556950 |
| Y origin (m) | 5374550 |
| Z origin (m) (max) | 4500 |
| Rotation (degrees clockwise) | 0 |
| Number of blocks in X direction | 640 |
| Number of blocks in Y direction | 390 |
| Number of blocks in Z direction | 180 |
| X block size (m) | 5 |
| Y block size (m) | 5 |
| Z block size (m) | 5 |

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| **Table 16-4:** | **Open Pit Model Item Descriptions**  |

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|:---|:---|:---|:---|:---|:---|
| **Field Name** | **Min** | **Max** | **Precision** | **Units** | **Comments** |
| TOPO | 0 | 100 | 0.01 | % | Rock density |
| SG | 0 | 10 | 0.01 | t/m<sup>3</sup> | Density assigned by lithology |
| AUCNN | 0 | 100 | 0.001 | g/t | NN Capped Au |
| DSTNN | 0 | 1000 | 0.01 | m | NN Distance to nearest sample |
| AUCID | 0 | 100 | 0.001 | g/t | ID Capped Au |
| DSTID | 0 | 1000 | 0.01 | m | ID Distance to nearest sample |
| NSID | 0 | 20 | 1 | unit | ID Number of samples used |
| AUOK | 0 | 5000 | 0.001 | g/t | OK Uncapped Au |
| AUOCK | 0 | 100 | 0.001 | g/t | OK Capped Au - FINAL MODEL |
| DSTOK | 0 | 1000 | 0.01 | m | OK Distance to nearest sample |
| DSTAV | 0 | 1000 | 0.01 | m | OK Average distance to samples used |
| NSEC | 0 | 8 | 1 |  | OK Number of sectors |
| NSOK | 0 | 20 | 1 | unit | OK Number of samples used |
| NDDH | 0 | 20 | 1 | unit | OK Number of drillholes |
| KV | 0 | 100 | 0.01 | % | OK Kriging variance |
| CLS1 | 0 | 5 | 1 |  | Interim classification |
| CLS2 | 0 | 5 | 1 |  | Interim classification |
| CLS3 | 0 | 5 | 1 |  | Interim classification |
| CLS4 | 0 | 5 | 1 |  | Interim classification |

---

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Field Name** | **Min** | **Max** | **Precision** | **Units** | **Comments** |
| CLS5 | 0 | 5 | 1 |  | Resource Classification - FINAL MODEL |
| SECT | 0 | 99 | 1 |  | Slope Sector |
| MINE | 0 | 1 | 1 |  | Code used for report 1 Rock 0 Air |
| RSCOD | 0 | 9 | 1 |  | Restriction Code to avoid the Lake |
| RSCO2 | 0 | 9 | 1 |  | Restriction Code to avoid Hwy and Lake |
| DAU | 0 | 99 | 0.001 | g/t | Au grade diluted |
| DDEN | 0 | 10 | 0.01 | g/t | Diluted Density |
| BLOKT | 0 | 999 | 0.01 | tonnes | Insitu Tonnes |
| DTON | 0 | 999 | 0.01 | tonnes | Diluted Tonnes |
| OWFL | 0 | 1 | 1 |  | Code use for Dilution script - Flag Ore/Waste |
| ROUTE | 0 | 1 | 1 |  | Code used for Dilution script |
| SLP | 0 | 100 | 0.01 | % | Slope angle code for Pit Design |
| BERM | 0 | 3 | 1 | m | Berm distance code for Pit Design |

---

**16.4** **Dilution Calculation** 

The mineral resources are based on a 5 x 5 x 5 m resource model block size. The resource model is a whole block model. To account for mining dilution, contact dilution was modelled into the in-situ geology model. To determine the amount of dilution, and the grade of the dilution, the size of the block in the model was considered. Ore mining would be completed on 5 m benches and the block size within the model was 5 x 5 m in plan view, and 5 m high.

Dilution percentages were calculated for each contact side using an assumed 0.75 m average for the contact dilution skin. This dilution skin thickness was selected based on the spatial nature of the mineralization, the proposed grade control methods, GPS-assisted digging accuracy, and anticipated blast heave.

If the side of a mineralized block above cut-off is in contact with a waste block, then it is estimated that dilution of 15% (0.75 x 5 m/25 m<sup>2</sup>) by volume would result. This is the dilution for each block side. Each of the four sides of the mineralized material block in plan are considered for adding dilution material, so the maximum dilution would be 60% by volume for an isolated block of mill feed.

All mineralized blocks in the resource model contain grade values. Material outside the mineralized shapes with no grade estimates have been treated as at zero for dilution purposes. The in-situ grade is stored in the block model (for Measured and Indicated resources only) and used as the grade for cut-off application. A cutoff grade of 0.22 g/t gold was used to guide the dilution calculation as the marginal cutoff was 0.22 g/t Au and this cut-off grade was used to flag initial feed and waste blocks. The marginal cut-off grade values represent the preliminary process and site G&A costs.

Using this cut-off grade, the first step was to identify the mill feed and waste blocks in the model and flag them as ore (OWFL=1). The second step was to add dilution mass and metal into the mill feed blocks from the neighbouring waste blocks. The third step was to remove the dilution mass from the contact waste blocks to achieve a mass balance.

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An in-house routine by AGP that applies the above three dilution steps to define new items called DDEN for density, as well as the diluted grade item (DAU). The default waste blocks would receive OWFL=0.

In this manner, the contact diluted blocks were included in the tonnage and grade calculation of mill feed tonnes in the mine plan. This results in approximately 1.8% increase in tonnage and 1.4% reduction in gold grade. The average grade of the diluting material was 0.12 g/t.

**16.5** **Pit Limit Analysis** 

In 2023/2024, AGP was retained by Mayfair Gold to prepare several internal mine planning scenarios, that examined combinations of phase designs, ultimate pit designs, and mining and milling production rates. Ultimate Pit and Phase designs prepared during this period were carried forward into this current study. The previous work was verified with the updated resource model.

**16.5.1** **Methodology** 

In accordance with the guidelines of the National Instruments 43-101 on Standards of Disclosure for Mineral Projects, and the Canadian Institute of Mine, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, only those mineral blocks classified in the Measured and Indicated resource categories are allowed to drive the pit optimizer for a pre-feasibility or feasibility study. No economic value is attributed to Inferred blocks and, as such, these blocks are treated as waste blocks by the pit optimization routine.

Pit limit analysis was carried out using the Lerchs-Grossman and Floating Cone algorithms in the Hexagons MinePlan Software. The pit algorithm is used to produce pit shells that are physical representations of an economical pit shell, assuming a given set of parameters and 3D block model. Using a variety of input parameters such as mining costs, processing costs, process recovery values and pit slopes, the algorithm outputs the pit shell that maximizes the undiscounted value of the deposit. These shells are devoid of geotechnical and operational features such as ramps, proper benching arrangements, and minimum mining width considerations. The pit shell's purpose is to be used as

• a limit for reporting mineral resources

• a basis for establishing pit limits and guide for the design of an engineered open pit.

No capital expenses, such as those required for initial equipment purchase or waste pile construction, are considered by the pit optimization tool.

A series of pit shells are produced using a range of revenue factors (reduction factors on selling price) from 20 % to 100 % to produce the industry standard pit-by-pit graph. The revenue factor is used to measure the sensitivity of the pit optimizations to changes in mineral selling prices, as well as to evaluate the effect of the pit size and stripping ratios on the project present value (PV). The analysis produces a series of nested pit shells that prioritizes the mining of the most economic material and progressively increase in size, while less profitable material is mined as the revenue factor increases. The pit optimizations results are subsequently compared based on the estimated PV and calculated undiscounted value and tonnes of potential mill feed material and waste material. From these results, a final pit shell that meets project requirements and maximizes project PV is selected.

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 153 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**16.5.2** **Pit Limit Analysis Inputs and Parameters** 

The major costs and other parameters used for the pit limit analysis runs are detailed in Table 16-5.

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| | |
|:---|:---|
| **Table 16-5:** | **Pit Limit Analysis Parameters**  |

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| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| **Revenue** |  | **Reserve** |
| Metal Price – Au | US$/oz | 1750 |
| Exchange Rate | US$:C$ | 1.35 |
| Royalty – Au | % | 1 |
| Payable | % | 99 |
| Refining | US$/oz | 0.40 |
| Transportation | US$/oz | 5.00 |
| Dore Metal Value | US$/oz | 1727.10 |
| Royalty | US$/oz | 17.27 |
| Value after Royalty | US$/oz | 1709.83 |
| Value after Royalty | US$/g | 54.97 |
| Value after Royalty | $/g | 74.21 |
| **Cost basis** |  |  |
| **Mining** |  |  |
| Base Elevation (5,000 m + UTM elev.) | Mine grid elevation (m) | 5310 |
| Ore Mining – Base | $/t mined | 3.23 |
| Waste Mining – Base | $/t mined | 3.24 |
| Incremental Mining Cost below Base | $/t mined /5 m vertical |  |
| Ore Mining | $/t mined | 0.020 |
| Waste Mining | $/t mined | 0.023 |
| Rehandle Cost | $/t mined | 1.00 |
| **Processing and G&A** |  |  |
| Processing Cost | $/t milled | 14.50 |
| G&A | $/t milled | 2.10 |
| **Recoveries** |  |  |
| Metallurgical Recovery - Au | % | 92.6 |
| **Cut-Off Grades** |  |  |
| Marginal Cut-off | Au g/t | 0.24 |
| Marginal Cut-off (with rehandle) | Au g/t | 0.26 |
| Mine Schedule-Elevated Cut-off | Au g/t | 0.80 |

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| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| **Overall Slope Angles** |  |  |
| Overburden – all sectors | degree | 21 |
| Sector 1 | degree | 47 |
| Sector 2 | degree | 47 |
| Sector 3 | degree | 42 |
| Sector 4 | degree | 46 |
| Sector 5 | degree | 51 |
| Sector 6 | degree | 51 |
| Sector 7 | degree | 48 |
| Sector 8 | degree | 40 |
| Sector 9 | degree | 49 |
| **Boundary Constraints** |  |  |
| Physical Constraints on pit expansion | Distance from waterbody (m) | 100 |

---

**16.5.2.1** **Cut-off Grade** 

To classify the material contained within the open pit limits as material for processing or material for waste, the milling cut-off grade is used. This break-even cut-off grade is calculated to cover the costs of processing, general and administrative costs, and selling costs using the economic and technical parameters listed in Table 16-5. Mineral resource material contained within the pit shell and above the cut-off grade is classified as potential mill feed (PMF), while resource material below the cut-off grade is classified as waste.

The cut-off grade is represented by a single gold grade value. The break-even Cut-off Value, based on the parameters in Table 16-5 is:

• marginal cut-off grade of 0.22 g/t Au

To assist in improving the Project economics and for mine design and planning purposes, an elevated cut-off grade of 0.80 g/t Au was selected for the mine schedule.

**16.5.3** **Pit Limit Analysis Results** 

The pit limit analysis process results in a series of nested pit shells, each corresponding to a Revenue Factor (RF). The revenue factor scales the metal prices only, and no costs are factored by the RF. The RF 1 corresponds to the selling prices listed in Table 16-5.

Table 16-6 and Figure 16-2 summarize the nested pit shell results for the Fenn-Gib deposit at a selection of revenue factors. The shells run used the Floating Cone algorithm and the marginal cutoff. For this reason, the cumulative tonnages do not match later schedules as they provided guidance on location of the most economic pits, but the mining schedule with the elevated cutoff dramatically reduces the processing tonnage with the material between the marginal cutoff and the elevated cutoff treated as waste.

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The shells associated with RF=0.55 were used as guidance for the ultimate pit design as they meet the criteria of between 10 and 20 years of mining with a 4,800 t/d production rate. As noted, the tonnages available at much lower grades are significant, but are currently assumed to be stockpiled as Mineralized Waste. The project would benefit from a higher production rate, but the use of the elevated cutoff allowed for the accelerated development of a high-margin operation while preserving optionality for future growth.

The break point at RF=0.55 provided 63% of the RF=1 revenue with the need to move only 21% of the waste material.

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| | |
|:---|:---|
| **Table 16-6:** | **Nested Pit Shell Results**  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Revenue**<br> **Factor**<br> **(RF)** | **Gold<br>Price**<br>**US$/oz** | **Cumulative<br>Net Profit**<br>**$ M** | **Cumulative**<br>**% Waste** | **Cumulative**<br>**% Revenue** | **Cumulative<br>Waste (Mt)** | **Cumulative<br>Ore (Mt)** | **Gold<br>grade**<br>**(g/t)** | **Cumulative<br>Strip Ratio** | **Processing<br>Years** |
| 0.20 | $350 | 324.4 | 1% | 10% | 3.2 | 6 | 0.72 | 0.54 | 4 |
| 0.25 | $437 | 796.1 | 2% | 24% | 11.1 | 18.4 | 0.59 | 0.60 | 11 |
| 0.30 | $525 | 1130 | 3% | 34% | 17.8 | 29.1 | 0.55 | 0.61 | 17 |
| 0.35 | $612 | 1344.1 | 5% | 40% | 25.6 | 37 | 0.52 | 0.69 | 22 |
| 0.40 | $700 | 1480 | 6% | 44% | 33 | 42.5 | 0.49 | 0.78 | 25 |
| 0.45 | $787 | 1529.4 | 7% | 46% | 36.5 | 44.7 | 0.48 | 0.82 | 26 |
| 0.50 | $875 | 1885 | 14% | 56% | 74.7 | 62.4 | 0.41 | 1.20 | 36 |
| 0.55 | $962 | 2119.7 | 21% | 63% | 107.5 | 76 | 0.37 | 1.41 | 44 |
| 0.60 | $1050 | 2556.6 | 37% | 76% | 192.4 | 102.2 | 0.32 | 1.88 | 59 |
| 0.65 | $1138 | 2746.5 | 46% | 82% | 241 | 115.2 | 0.31 | 2.09 | 66 |
| 0.70 | $1225 | 2845.3 | 52% | 85% | 268.7 | 122.4 | 0.30 | 2.20 | 70 |
| 0.75 | $1313 | 3116.1 | 74% | 93% | 386.2 | 142.2 | 0.27 | 2.72 | 82 |
| 0.80 | $1400 | 3178.2 | 79% | 95% | 408.9 | 149.2 | 0.27 | 2.74 | 86 |
| 0.85 | $1488 | 3251.8 | 86% | 97% | 446.3 | 156.6 | 0.26 | 2.85 | 90 |
| 0.90 | $1575 | 3327.7 | 96% | 99% | 501.1 | 166.2 | 0.25 | 3.02 | 95 |
| 0.95 | $1663 | 3347.7 | 100% | 100% | 517 | 169.5 | 0.25 | 3.05 | 97 |
| 1.00 | $1750 | 3350.3 | 100% | 100% | 519.4 | 170.2 | 0.25 | 3.05 | 98 |

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 156 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-2:** | **Pit-by-Pit Graph**  |

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![LOGO](g83619dsp157.jpg)

Source: AGP 2025

**16.6** **Pit Design Parameters** 

**16.6.1** **Bench Design** 

The terminology for the pit design slope is described in Figure 16-3.

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 157 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-3:** | **Pit Slope Design Terminology**  |

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![LOGO](g83619dsp158.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Source: AGP, 2025

The benching parameters were established following the geotechnical parameter recommendations presented Table 16-2. Working benches were designed for 30 to 40 m minimum mining width on pushbacks.

**16.6.2** **Haul Ramp Design** 

The haul ramp design is based on the largest truck planned for project. For the level study, the largest haul truck planned is a 92-tonne rigid frame truck.

Figure 16-4 and Figure 16-5 illustrate the typical haul ramp profile. Table 16-7 summarizes the haul ramp width calculation that has been used in the pit and phase designs. The widest truck of that class was used for the ramp width calculation for flexibility in the future.

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 158 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-4:** | **Haul Ramp Design Section, Double Lane**  |

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![LOGO](g83619dsp159.jpg)

Source: AGP 2025

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|:---|:---|
| **Figure 16-5:** | **Haul Ramp Design Section, Single Lane**  |

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![LOGO](g83619dsp159a.jpg)

Source: AGP 2025

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 159 |
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| **Table 16-7:** | **Haul Ramp Width Calculation**  |

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| | | |
|:---|:---|:---|
| **Haul Truck Parameters** | **Units** | **Value** |
| Payload (T, Heaped 2:1)) |  | 92 tonnes |
| Operating Width, W | m | 6.9 |
| Width Factor (of Truck Width) |  |  |
| Double Lane |  | 3x |
| Single Lane |  | 2x |
| Running Surface Double Lane | m | 20.7 |
| Running Surface Single-Lane | m | 13.8 |
| Tire Type |  | 27.00 R49 |
| Tire Overall Diameter | m | 2.7 |
| Factor (of Tire Size) |  | 0.75x |
| Berm Height (Calculated) | m | 2.0 |
| Slope | degrees | 37 |
| Berm Width | m | 6.1 |
| Additional Allowance | m | 0.0 |
| Road Berm Allowance | m | 6.1 |
| Drainage Ditch Depth | m | 0.83 |
| Slope (H:V) |  | 1.5:1 |
| Ditch Width | m | 2.5 |
| Total Ramp Width Double Lane | m | 29.3 |
| Total Ramp Width Single Lane | m | 22.4 |
| Ramp Gradient | % | 10 |

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**16.6.3** **Pit and Phase Selection** 

Pit designs were developed for the main pit as well as the two small satellite pits to the north (Phase 1N) and east (Phase 1E) using a 10 m bench height. Each of the satellite pits are a single phase. The main pit has been divided into three phases with phase 3 being the ultimate pit. Pit limit analysis shells had been used to guide the ultimate pit were also used to outline areas of higher value for targeted early mining and phase development.

Geotechnical parameters presented in Table 16-2 were applied to pit designs.

**16.6.4** **Pit Designs** 

The Ultimate Pit Design for the Project is shown in Figure 16-6. This is showing the main pit area which represents the bulk of the mining material. A cross section of the ultimate pit with Phase 1E is shown in Figure 16-7 against the RF=0.55 pit shell to show it closely matching the design guidance.

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 160 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-6:** | **Ultimate Pit Design**  |

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![LOGO](g83619dsp161.jpg)

Source: AGP, 2025

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 161 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-7:** | **Ultimate Pit Design against RF=0.55 Pit Shell (Section View)**  |

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![LOGO](g83619dsp162.jpg)

Source: AGP, 2025

The volumetrics within the final pit design and phases are shown in Table 16-8. The numbers are reported from the mining block model and thus deemed to include mining dilution and loss.

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|:---|:---|
| **Table 16-8:** | **Fenn-Gib Pit Inventory (By Phase)**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Material** | **Units** | **Phase 1** | **Phase 2** | **Phase 3** | **Phase 1N** | **Phase 1E** | **Total** |
|  **Mill Feed** | **Mill Feed** | **Mill Feed** | **Mill Feed** | **Mill Feed** | **Mill Feed** | **Mill Feed** | **Mill Feed** |
|  Ore | K tonnes | 3308.6 | 10268.0 | 11240.0 | 44.5 | 268.5 | 25129.5 |
|  Gold grade | g/t | 1.58 | 1.32 | 1.16 | 1.24 | 2.07 | 1.29 |
|  Contained gold | K oz | 168.3 | 436.0 | 417.8 | 1.8 | 17.8 | 1041.7 |
|  **Waste Material** | **Waste Material** | **Waste Material** | **Waste Material** | **Waste Material** | **Waste Material** | **Waste Material** | **Waste Material** |
|  Overburden | K tonnes | 2963.3 | 4593.2 | 5403.8 | 424.7 | 2934.3 | 16319.3 |
|  Rock | K tonnes | 4940.2 | 40843.1 | 86666.4 | 674.9 | 2421.8 | 135546.4 |
|  **Total Waste Material** | **K tonnes** | **7903.5** | **45436.3** | **92070.2** | **1099.6** | **5356.1** | **151865.7** |
|  **Grand Total** | **K tonnes** | **11212.1** | **55704.3** | **103310.2** | **1144.1** | **5624.6** | **176995.2** |
|  Strip Ratio (waste to ore) | W:O | 2.39 | 4.43 | 8.19 | 24.74 | 19.95 | 6.04 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**16.6.5** **Phases** 

The main pit area is comprised of three phases and the two satellite pits are single phases each. They have been shown together in their proper locations in Figure 16-8 and individually in Figure 16-9 to Figure 16-13.

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|:---|:---|
| **Figure 16-8:** | **Fenn-Gib Phases**  |

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![LOGO](g83619dsp163.jpg)

Source: AGP, 2025

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 163 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-9:** | **Phase 1**  |

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![LOGO](g83619dsp164.jpg)

Source: AGP, 2025

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 164 |
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| **Figure 16-10:** | **Phase 2**  |

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![LOGO](g83619dsp165.jpg)

Source: AGP, 2025

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-11:** | **Phase 3**  |

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![LOGO](g83619dsp166.jpg)

Source: AGP, 2025

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| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 166 |
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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| **Figure 16-12:** | **Phase 1N**  |

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![LOGO](g83619dsp167.jpg)

Source: AGP, 2025

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| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 16-13:** | **Phase 1E**  |

---

![LOGO](g83619dsp168.jpg)

Source: AGP, 2025

Phase 1 is the first phase mined in the schedule and targets the highest value in the main pit. A small pod of high value material is located behind the wall that was targeted for early extraction with a slot cut and sink into the floor. Phase 1 starts in Year -1. The final level in Phase 1 is 5,210 m.

Phase 2 pushes the ramp system to the north of the Phase 1 access driving deeper and expanding the pit. This phase is started in Year 1. The phase 2 bottom elevation is 5,080 m.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 168 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

Phase 3 of the main pit area is the ultimate pit. It is initiated in Year 3. This further shifts the ramp system to the southwest providing better access for waste material to the waste storage facilities. The higher strip ratio of this phase makes it important to keep waste haulage efficient. Phase 3's bottom elevation is 4,965 m.

Phase 1N is a slot cut north of the current highway. It is targeting a high value target but also provides fill material for pads and roads due to its minimal amount of overburden. Because of this need for early rock, it is mined starting in Year -1. The base elevation for Phase 1N is 5,270 m.

Phase 1E is a satellite pit targeting another high value zone. Its single phase has the ramp starting on the northwest side to avoid interference with the main pit area. The phase starts in Year 1 and is finished in Year 2. The base elevation for Phase 1E is 5,210 m.

Phase 1N and 1E may be used as water storage facilities later in the mine life as part of the overall water control system.

**16.7** **Mine Rock Storage Areas** 

Waste rock material generated from the open pit will be stockpiled in the following locations:

• Overburden material suitable for reclamation purposes will be stockpiled separately in three locations.

• Waste rock material from the open pit will be used in the wall construction of the TSF or in mine rock storage
locations to the east of the TSF.

The overburden is stored in the North, Central and South locations. The tailings construction is assumed to occur in two major stages. Remaining waste material is stored in the main waste storage facility in two large lifts.

The volumetrics are shown in Table 16-9. Sufficient capacity is available for all the overburden and waste material. A small amount of material is also used to construct the high-grade stockpile foundation and the ROM pad.

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| | |
|:---|:---|
| **Table 16-9:** | **Waste Material Storage Locations and Designed Volumes**  |

---

---

| | |
|:---|:---|
| **Waste Material** | **Volume (LCM)** |
| Overburden – North | 5000000 |
| Overburden – Central | 1524000 |
| Overburden - South | 3242000 |
| TSF – Stage 1 | 680000 |
| TSF – Stage 2 | 7000000 |
| MRSA – Stage 1 | 11100000 |
| MRSA – Stage 2 | 48320000 |
| HG Stockpile/ROM Pad | 545000 |
| **Total** | **77411000** |

---

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 169 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

**16.8** **Life-of-Mine (LOM) Schedule** 

The mine production schedule produces of 25.1 Mt of mill feed grading 1.29 g/t Au. This provides a mine life of 14.5 years at a processing rate of 4,800 t/d or 1.75 Mt/a. Mine overburden and rock waste tonnage totals 151.9 Mt and will be placed in the TSF and MSRA in addition to overburden stockpiles. The overall pit strip ratio (waste: ore) will be 6.0:1.

The mining production schedule includes a pre-production period followed by 14.5 years of processing. High-grade material encountered during pre-stripping operations will be stockpiled (0.8 Mt) and will be reclaimed in Year 1.

The LOM production schedule for the open pit has been prepared using the MinePlan Schedule Optimizer (MPSO) tool in the Hexagon<sup>TM</sup> MinePlan 3D software. Provided with economic input parameters and operational constraints such as phase sequencing, maximum bench sink rates, and mining and milling capacities, the software determines the optimal mining sequence and stockpiling strategy, which maximizes the value of the mine production plan.

The overall objective of the mine scheduling and planning process is to maximize project value while achieving the processing plant objectives and targets.

A mine production schedule was developed based on the following assumptions and criteria:

• Average 4,800 t/d mill feed throughput.

• A maximum sink rate of 10 x 5 m benches (50 m) per year was implemented with only one year at 13 x 5 m benches
(65 m).

• Ore stockpiles were only considered in preproduction and of sufficient capacity to not exceed the 4,800 t/d
processing capacity when consumed.

The mine plan has been developed to meet plant feed requirements according to general best open pit mine practices such as equipment fleet smoothing and maximizing net present value ("NPV").

A one-year pre-production stripping period at the Project was considered. Table 16-10 tabulates the LOM production plan and Figure 16-14 to Figure 16-16 graphically show the LOM production plan.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Gold Project | Page 170 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**Table 16-10: LOM Production Schedule** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Description** | **Y-1** | **Y1** | **Y2** | **Y3** | **Y4** | **Y5** | **Y6** | **Y7** | **Y8** | **Y9** | **Y10** | **Y11** | **Y12** | **Y13** | **Y14** | **Y15** | **Total** |
|  Mill Feed | Ore (Mt) |  | 1.45 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.91 | 25.13 |
|  Mill Feed | Au (g/t) |  | 1.44 | 1.65 | 1.40 | 1.39 | 1.46 | 1.49 | 1.18 | 1.10 | 1.07 | 1.24 | 1.36 | 1.26 | 1.23 | 1.09 | 0.76 | 1.29 |
|  Mine Production | Total Waste (Mt) | 6.21 | 8.55 | 12.25 | 12.25 | 12.25 | 13.25 | 14.25 | 14.25 | 14.25 | 14.25 | 10.03 | 8.81 | 5.12 | 3.39 | 2.44 | 0.32 | 151.87 |
|  Mine Production | Overburden (Mt) | 3.38 | 5.78 | 1.76 | 1.98 | 0.17 | 2.96 | 0.30 |  |  |  |  |  |  |  |  |  | 16.32 |
|  Mine Production | Rock (Mt) | 2.83 | 2.78 | 10.49 | 10.27 | 12.07 | 10.29 | 13.95 | 14.25 | 14.25 | 14.25 | 10.03 | 8.81 | 5.12 | 3.39 | 2.44 | 0.32 | 135.55 |
|  Mine Production | Mine to Mill (Mt) |  | 0.67 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.91 | 24.36 |
|  Mine Production | Au (g/t) |  | 1.51 | 1.65 | 1.40 | 1.39 | 1.46 | 1.49 | 1.18 | 1.10 | 1.07 | 1.24 | 1.36 | 1.26 | 1.23 | 1.09 | 0.76 | 1.29 |
|  Mine Production | Mine to Stockpile (Mt) | 0.77 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.77 |
|  Mine Production | Au (g/t) | 1.37 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.37 |
|  Mine Production | Stockpile to Mill (Mt) |  | 0.77 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.77 |
|  Mine Production | Au (g/t) |  | 1.37 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.37 |
|  Mine Production | Total Ore to Mill (Mt) |  | 1.45 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.91 | 25.13 |
|  Mine Production | Au (g/t) |  | 1.44 | 1.65 | 1.40 | 1.39 | 1.46 | 1.49 | 1.18 | 1.10 | 1.07 | 1.24 | 1.36 | 1.26 | 1.23 | 1.09 | 0.76 | 1.29 |
|  Mine Production | Strip Ratio (Waste: Ore) |  | 5.91 | 6.99 | 6.99 | 6.99 | 7.56 | 8.13 | 8.13 | 8.13 | 8.13 | 5.72 | 5.03 | 2.92 | 1.94 | 1.39 | 0.36 | 6.04 |

---

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 171 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 16-14:** | **Mill Feed, Waste Tonnage and Au Grade by Year Graph**  |

---

![LOGO](g83619dsp172.jpg)

Source: AGP, 2025

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| | |
|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 172 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

---

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| | |
|:---|:---|
| **Figure 16-15:** | **Material Mined by Year**  |

---

![LOGO](g83619dsp173.jpg)

Source: AGP, 2025

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| | |
|:---|:---|
| **Figure 16-16:** | **Material Mined by Phase by Year Graph**  |

---

![LOGO](g83619dsp173a.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 173 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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**16.9** **LOM Plan Sequence** 

The open pit progression by year is illustrated in Figure 16-17 through Figure 16-28.

A description of mining activity is discussed below:

• Year -1: Mining is initiated in Phase 1 and Phase 1N. Phase 1N will
assist in providing rock for ROM pads and additional rock needed for the TSF construction. In this period, a total of 6.2 Mt of waste material is moved as the Project ramps up. As the processing plant is not yet operational, 0.77 Mt of material
grading 1.37 g/t Au is stockpiled. Phase 1 mines from 5,315 m to 5,280 m. Waste material will be directed to TSF. Phase 1N starts at 5,310 m and finishes the year at 5,280 m.

• Year 1: Mining continues in Phase 1 until 5,265 m and Phase 1N is completed. Phase 1E starts at 5,310 m and by
end of year is at 5,270 m. Phase 2 also starts from 5,315 m and finishes the year at 5,300 m. The processing plant is operational with 1.45 Mt of material grading 1.44 g/t Au, including high-grade stockpile material, fed to the plant. A total of
8.55 Mt of waste is mined. Waste material is routed to the construction of the TSF as needed with excess to the MRSA or overburden stockpiles.

• Year 2: Mining continues in Phase 1 and 2 descending to 5,240 m and 5,275 m respectively. Feed of 1.75 Mt
grading 1.65 g/t Au is processed, and 12.25 Mt of waste is mined. Phase 1E is completed. Waste goes to the TSF and MRSA as required.

• Year 3: Mining continues in Phases 1 and 2 and Phase 3 starts. The satellite pits are completed. The final
elevations for Phases 1, 2 and 3 are 5,240, 5,245 and 5,305 m respectively. Feed of 1.75 Mt grading 1.40 g/t Au is processed, and 12.25 Mt of waste is mined. Phase 1 is completed this year.

• Year 4: Mining continues in Phase 2 until 5,205 m and in Phase 3 until 5,305 m. Phase 2 is the primary phase
this year. Feed of 1.75 Mt grading 1.39 g/t Au is processed, and 12.25 Mt of waste is mined.

• Year 5: Mining continues in Phases 2 and 3 descending to 5185 m and 5285 m. Feed of 1.75 Mt grading 1.46 g/t
Au is processed. Waste material totalling 13.25 Mt highlights the increased stripping in Phase 3.

• Year 6: Mining continues in Phase 2 and 3 and descends to the 5,160 and 5,265 m elevations. Feed of 1.75 Mt
grading 1.49 g/t Au is processed. Waste material totalling 14.25 Mt again highlighting the increased stripping in Phase 3.

• Year 7: Mining proceeds in Phase 2 and 3. Feed of 1.75 Mt grading 1.18 g/t is processed, and 14.25 Mt of waste
is mined. The feed grade from Year 7 onwards is lower than the initial six years and stripping requirements remain elevated to drive Phase 3 deeper.

• Year 8 - 15: Mining continues in Phase 2 until Year 9 finishing at the 5,080 m elevation. Phase 3 from Year 9
onwards is the only phase mined. Feed to the mill remains at 1.75 Mt/a for each year except Year 15 where only 0.91 Mt is available to finish Phase 3.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 174 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-17:** | **End-of-Year Progression Plan - Year -1**  |

---

![LOGO](g83619dsp175.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 175 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 16-18:** | **End-of-Year Progression Plan - Year 1**  |

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![LOGO](g83619dsp176a.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 176 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 16-19:** | **End-of-Year Progression Plan, Year 2**  |

---

![LOGO](g83619dsp177.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 177 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 16-20:** | **End-of-Year Progression Plan, Year 3**  |

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![LOGO](g83619dsp178.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 178 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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| | |
|:---|:---|
| **Figure 16-21:** | **End-of-Year Progression Plan, Year 4**  |

---

![LOGO](g83619dsp179.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 179 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-22:** | **End-of-Year Progression Plan, Year 5**  |

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![LOGO](g83619dsp180.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 180 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-23:** | **End-of-Year Progression Plan, Year 6**  |

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![LOGO](g83619dsp181.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 181 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-24:** | **End-of-Year Progression Plan, Year 7**  |

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![LOGO](g83619dsp182.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 182 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-25:** | **End-of-Year Progression Plan, Year 8**  |

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![LOGO](g83619dsp183.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 183 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-26:** | **End-of-Year Progression Plan, Year 9**  |

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![LOGO](g83619dsp184.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 184 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-27:** | **End-of-Year Progression Plan, Year 10**  |

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![LOGO](g83619dsp185.jpg)

Source: AGP, 2025

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 185 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **Figure 16-28:** | **End-of-Year Progression Plan, Year 15 (Ultimate Pit)**  |

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![LOGO](g83619dsp186.jpg)

Source: AGP, 2025

**16.10** **Blasting and Explosives** 

Mining will be on 10 m benches in waste and 5 m benches in ore. Blasting will be to the 10 m bench height. Blast patterns have been estimated for the purposes of generating a PFS level equipment plan and cost estimate. Waste drill and blast patterns have been estimated at 5.0 x 4.5 m (spacing x burden) and ore patterns are 4.7 x 4.3 m (spacing x burden). Holes will be 10 m long plus an additional 0.9 m for sub-drill for a total length of 10.9 m using a 165 mm bit.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 186 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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Powder factors are estimated at 0.32 kg/t for waste material and 0.33 kg/t for ore material using bulk emulsion explosives. It is recommended to use emulsion due to the expected wet conditions.

It has been assumed that wall control drill and blast methods will be required for final walls. For purposes of this study, the Pre-shear method has been assumed. Pre-shear holes will be 10 m deep, spaced 2.00 m apart and be separated from production blasts by 2.3 m. The powder charge will be 24 kg/hole in a decoupled manner.

**16.11** **Mining Equipment** 

This section outlines the fleet requirements estimated to support the open pit mine production plan, including indicative parameters for drilling, blasting, loading, and hauling. The purpose of the equipment selection at this study level is to provide a cost estimate appropriate for a PFS, rather than to design an optimized mining fleet.

For purposes of estimating typical fleet requirements, all equipment is assumed to be owned, operated, and maintained by Mayfair Gold. The mining fleet is planned as a diesel only to minimize the site's electrical demand.

Open pit mine operations are based on 365 days/a, operating two 12-hour shifts/day, seven days/week, with an average of three operating days lost annually due to inclement weather.

Drilling will be carried out using 165 mm down the hole hammer (DTH) drills. This allows fro drilling 10 m bench heights, however, additional steel must be added from the drill carousel.

The primary loading units will be two 16 m<sup>3</sup> diesel hydraulic shovels. Additional loading will be completed by two 13 m<sup>3</sup> front-end loaders. It is expected that one of the loaders will be at the primary crusher for most of its operating time. The haulage trucks will be conventional 92-tonne rigid body trucks.

The support equipment fleet will be responsible for the usual road, pit, and dump maintenance requirements, but due to the climatic conditions expected, the support equipment will have a larger role in snow removal and water management. Snowplows and additional graders have been included in the fleet. In addition, smaller road maintenance equipment is included to keep drainage ditches open and sedimentation ponds functional. A separate TSF maintenance fleet of articulated trucks, quarry trucks and compactors has been included as part of the overall mining fleet.

**16.12** **Grade Control** 

Grade control will be conducted using a dedicated reverse circulation (RC) drill rig. In areas of known mineralization drilling will follow a 10 x 5 m pattern, with 1 m samples collected from each hole inclined at 60°.

In areas of low-grade mineralization or waste, the spacing will increase to 20 x 10 m with samples taken every 6 m to identify any previously undiscovered veinlets or mineralized zones.

These grade control holes serve to define the mill feed grade and mineralization contacts.

All samples will be sent to the assay laboratory for analysis and incorporated into the short-range mining model.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 187 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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Blasthole sampling will also be included in the initial grade control program to determine the most effective method for the planned Fenn-Gibb operations.

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|:---|:---|
| &nbsp;&nbsp; Fenn-Gib Project | Page 188 |
| &nbsp;&nbsp; NI 43-101 Technical Report and Pre-Feasibility Study | December 19, 2025 |

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|:---|:---|
| ![LOGO](g83619logo5a.jpg) | ![LOGO](g83619logo5b.jpg) |

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|:---|:---|
| **17** | **RECOVERY METHODS**  |

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**17.1** **Overview** 

The process flowsheet for the Project is based on the metallurgical test work discussed in Section 13. Based on the PFS metallurgical testwork program results, the process flowsheet selected includes crushing and grinding, followed by flotation, regrind and cyanide leaching of the rougher concentrate. Gravity concentration is included in the process design as a provisional allowance; however, the gravity circuit will not be included in the initial project. Provision for this circuit will be incorporated into the process and construction designs to allow for future installation as part of sustaining capital, should the presence of sufficient coarse free gold suitable for gravity concentration be confirmed.

**17.2** **Process Design Criteria** 

Table 17-1 presents a summary of process design criteria for the Fenn-Gib process plant.

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| | |
|:---|:---|
| **Table 17-1:** | **Process Design Criteria**  |

---

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| | |
|:---|:---|
| **Parameter** | **Value** |
|  Plant capacity | 1.8 |
|  Plant capacity | 4800 |
|  Life of mine | 15 |
|  Gold head grade, design | 1.65 |
|  Silver head grade, design | 0.5 |
|  Gravity concentration gold recovery | 10 |
|  Flotation gold recovery | 96 |
|  Leach gold recovery | 90 |
|  Crushing availability | 67 |
|  Grinding availability | 92 |
|  JK AxB, design | 22.7 |
|  Bond crushing work index (CWi), design | 30.9 |
|  Bond ball work index (BBWi), design | 19.0 |
|  Bond rod mill work index (BRWi), design | 21.9 |
|  Bond abrasion index (Ai), design | 0.335 |
|  Specific gravity, design | 2.77 |
|  Ore moisture | 5 |
|  Crushing feed size, F80 | 370 |
|  Crushing product size, P80 | 12 |
|  Ball mill recirculating load, design | 350 |

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| **Parameter** | **Units** | **Value** |
|  Grinding product size, P<sub>80</sub> | µm | 106 |
|  Primary cyclone overflow density | % solids by weight | 35 |
|  ILR gold recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | 10 |
|  Rougher flotation mass pull, design | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | 29 |
|  Rougher flotation laboratory bench test residence time | minutes | 20 |
|  Rougher flotation residence time, scale up factor |  | 2.5 |
|  Gold concentrate thickener settling rate | t/m<sup>2</sup>/h | 0.5 |
|  Flotation tailings thickener settling rate | t/m<sup>2</sup>/h | 0.5 |
|  Regrind product size, P<sub>80</sub> | µm | 13 |
|  Regrind specific energy | kWh/t | 22.3 |
|  Pre-Aeration/Leach/CIL total residence time | h | 27 |
|  Pre-Aeration/Leach/CIL tanks | No. | 8 (1 x pre-aeration, 1 x leach, 6 x<br> CIL) |
|  Leach sodium cyanide addition, design | kg/t | 0.90 |
|  Leach lime addition, design | kg/t | 0.85 |
|  Elution column capacity | t | 2 |
|  Cyanide detoxification thickener settling rate | t/m2/h | 0.3 |
|  Cyanide detoxification underflow density target | % solids by weight | 55 |
|  Cyanide detoxification residence time | hours | 1.5 |
|  Number of cyanide detoxification tanks |  | 2 |
|  Cyanide detoxification equivalent SO<sub>2</sub> addition, design | g equivalent<br>SO2/g CN<sub>WAD</sub> | 7.5 |
|  Cyanide detoxification lime addition, design | g/g SO<sub>2</sub> | 5 |
|  Cyanide detoxification CuSO<sub>4</sub> addition, design | mg/L Cu<sup>2</sup>+ | 25 |
|  Discharge CNWAD concentration target, design | mg/LCN<sub>WAD</sub> | 5 |

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**17.3** **Process Plant Description** 

The process flowsheet consists of the following circuits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Three-stage crushing of run-of-mine (ROM) ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A waste diverter chute to allow for crushing of aggregate material for use on site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A crushed ore stockpile to provide buffer capacity (24 hours) ahead of the grinding circuit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ball mill with trommel screen and cyclone classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for future installation of gravity concentration and intensive leaching of the gravity concentrate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trash screening and rougher flotation.

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• Flotation concentrate handling and regrind.

• Leach and carbon adsorption (L/CIL) of reground flotation concentrate.

• Acid washing of loaded carbon and AARL type elution followed by electrowinning and smelting to produce
doré.

• Carbon regeneration by rotary kiln.

• Cyanide destruction of tailings using the SO<sub>2</sub>/air
process.

• Tailings disposal.

**17.3.1** **Process Flowsheet** 

The overall process flow diagram for the Project is provided in Figure 17-1 and is further discussed in subsequent sections.

**Figure 17-1: Overall Process Flow Diagram**![LOGO](g83619dsp191.jpg)

Source: Ausenco, 2025

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**17.3.2** **Plant Design** 

**17.3.2.1** **Crushing Circuit** 

The crushing circuit consists of three-stage crushing that reduces ROM ore from a feed 80% passing size (F<sub>80</sub>) of 370 mm to a product 80% passing size (P<sub>80</sub>) of 12 mm.

ROM ore is hauled from the mine to the ROM pad and subsequently rehandled by loader(s)into a ROM feed bin. The ROM bin discharges onto a vibrating grizzly feeder, from which the oversize reports to the primary jaw crusher. The primary crushing area is designed to accommodate for waste and aggregate crushing during the construction period and during downstream cone crusher maintenance periods. The vibrating grizzly feeder undersize bypasses the crusher and discharges directly onto the primary crusher discharge conveyor. The combined product passes through a waste crushing diverter, which discharges the material onto the secondary screen feed conveyor or onto the waste take-off conveyor for aggregate use, depending on the feed.

Material sent to the secondary screen feed conveyor is transferred to the secondary screen where it is screened using a vibrating double deck screen. The top deck oversize is conveyed to the secondary crushing circuit, the bottom deck oversize is conveyed to the tertiary crushing circuit, and the undersize is conveyed directly to the crushed ore stockpile. All crushed material from the secondary and tertiary circuits is recycled to the secondary screen feed conveyor to ensure the target crush size is maintained. All crushed ore is then conveyed to the crushed ore stockpile.

The crushing circuit has been designed with additional capacity in the primary crusher to accommodate waste material. These waste products will be used for the TSF construction and other operational requirements. Crushed waste material will be stockpiled for subsequent processing as required for the end-use application as needed.

Major equipment in this area includes:

• one ROM feed bin

• one vibrating grizzly feeder

• one primary jaw crusher (C150 or equivalent, 162 kW)

• one diverter and waste take-off conveyor

• one secondary screen

• one screen feed conveyor

• two crusher feed conveyors

• two crusher vibrating pan feeders

• two cone crushers (HP350e Cone Crusher or equivalent, 286 kW)

• one fines transfer conveyor

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• one crushed ore stockpile feed conveyor

• covered crushed ore stockpile.

**17.3.2.2** **Grinding Circuit** 

The grinding circuit consists of a ball mill with cyclone classification circuit to produce a P<sub>80</sub> of 106 µm.

Two reclaim feeders withdraw crushed ore from the crushed ore stockpile to feed the ball mill with the ball mill feed conveyor. The ball mill discharge passes through a trommel screen, with undersize reporting to the cyclone feed pumpbox, whereas the oversize is removed from the circuit as scats. The mill discharge is diluted and pumped to the primary cyclone cluster. Cyclone overflow is sent to the rougher flotation circuit while the underflow returns to the ball mill feed chute. An allowance has been made to install a split on the cyclone underflow to send approximately one third of this material to a gravity circuit should future testwork determine it to provide incremental economic benefit.

Major equipment in this area includes:

• two reclaim feeders

• one ball mill feed conveyor

• one ball mill (6.10 m dia. x 8.23 m EGL, 5.5 megawatt ("MW"))

• one primary cyclone cluster.

**17.3.2.3** **Rougher Flotation and Regrind** 

The cyclone overflow is discharged to a conditioning tank ahead of the rougher flotation circuit. The rougher flotation circuit consists of a single train of conventional tank cells. Frother, two gold specific collector-promoters, and a sulphide collector are added to the conditioning tank prior to flotation. The concentrate from each flotation cell is collected and pumped to the concentrate thickener to achieve an underflow density of 50% solids by weight ahead of the regrind mill. The concentrate thickener underflow is pumped to the regrind mill to achieve a regrind P<sub>80</sub> of 13 µm. The discharge from the regrind mill is then sent to the leach-CIL circuit for gold leaching. Tailings from the flotation circuit are collected in a rougher tails pumpbox and pumped to the flotation tailings thickener, where a density of 55% solids by weight slurry density is achieved prior to tailings disposal.

Major equipment in this area includes:

• one conditioning tank

• five rougher flotation cells

• one flotation concentrate thickener

• one concentrate regrind mill (1,600 kW)

• one flotation tailings thickener.

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**17.3.2.4** **Gravity and Intensive Leach (provision included for future installation)** 

The gravity circuit is fed by the cyclone cluster underflow via gravity through the gravity circuit scalping screen. The undersize of the scalping screen is fed to the gravity concentrator, whereas the oversize is combined with the gravity concentrator tailings and returned to the cyclone feed pumpbox. The concentrate from the gravity concentrator is then transferred to the intensive leach reactor (ILR) where sodium hydroxide, sodium cyanide, and leach aid are added to leach the concentrate, creating a pregnant solution. The pregnant solution is pumped to a pregnant solution tank, where it feeds the ILR electrowinning cell located in the gold room. ILR tailings are pumped to the concentrate regrind mill feed pumpbox to enter the leach-CIL circuit to recover remaining gold

Major equipment in this area includes:

• one gravity scalping screen

• one gravity concentrator

• one intensive leach reactor.

**17.3.2.5** **Leach and Adsorption** 

The discharge from the regrind mill is fed to the leach and adsorption circuit, which consists of eight tanks; a pre-aeration tank, leach tank, and six carbon in leach (CIL) tanks. The regrind mill discharge is fed into the pre-aeration tank while barren carbon is introduced to the final CIL tank. The carbon advances counter current to the main process flow via carbon slurry transfer pumps, increasingly loading with gold until the carbon reaches the first CIL tank. Loaded carbon is removed from this tank and washed over a recovery screen, where oversize carbon is forwarded to the elution circuit and washed slurry is returned to the leach tank. Tailings slurry from the final adsorption tank flows by gravity to the cyanide detoxification circuit.

Air is added into the pre-aeration tank, leach tank, and the first three CIL tanks to promote the gold loading, lime is used in the pre-aeration tank, leach tank, and the first and third CIL tanks to control the pH of the leach solution, while sodium cyanide is added to the leach tank and the first two CIL tanks to dissolve gold into solution.

Major equipment in this area includes:

• one pre-aeration tank

• one leach tank

• six CIL tanks

• one loaded carbon screen.

**17.3.2.6** **Acid Wash, Elution, Regeneration, and Electrowinning** 

Carbon from the lead CIL tank is processed using an acid wash, Anglo American Research Laboratories (AARL) elution and carbon regeneration circuit.

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The oversize from the loaded carbon screen reports to the acid wash column to first be washed with a nitric acid (HNO3) solution to remove alkaline metals and salts, improving elution efficiency and reducing the potential for fouled carbon surfaces. Washed carbon is then transferred to the elution column where it is soaked in a solution of sodium hydroxide

(NaOH) and sodium cyanide (NaCN) heated to 120°C. After the soak, solution is transferred to the pregnant solution tank, the carbon is eluted with water heated to 120°C. Eluate from this part of the strip is also forwarded to the pregnant solution tank.

The stripped carbon is hydraulically transferred from the elution column to a regeneration kiln via a dewatering screen where the surface is reactivated at a temperature of 700°C. Regenerated carbon is quenched and pumped, along with fresh carbon added to replenish losses, to the carbon sizing screen where the undersized fragments are screened out before the carbon is added to the last tank in the CIL circuit.

Major equipment in this area includes:

• one acid washing column

• one elution column

• one strip solution tank

• one elution pregnant solution tank

• one ILR pregnant solution tank (future possible)

• one carbon dewatering screen

• one carbon regeneration kiln

• one carbon sizing screen

• two electrowinning cells

• one gold sludge filter press

• one gold smelting furnace.

**17.3.2.7** **Cyanide Detoxification** 

The cyanide destruction circuit consists of a cyanide detoxification thickener, two agitated tanks operating in parallel, and one carbon safety screen. The discharge from the CIL circuit is sent to the cyanide detoxification thickener prior to the detox tanks. This is designed to allow for potential recirculation of cyanide in the thickener overflow for use within the leach-CIL circuit. Residual cyanide in the thickener underflow is destroyed using the SO2/air process in the cyanide detox tanks. Discharge from these tanks flows over the carbon safety screen to remove carbon prior to tailings deposition. Captured carbon can be manually transferred for re-use or disposal.

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Sodium metabisulphite (SMBS) the SO2 source, lime, and air are introduced in each tank to carry out cyanide destruction, with copper sulphate (CuSO4) added as a catalyst. SMBS and air are required reactants in the destruction reaction, and lime is used to provide pH control.

Major equipment in this area includes:

• cyanide detoxification thickener

• two cyanide detoxification tanks

• one carbon safety screen.

**17.3.2.8** **Tailings Management** 

The TSF receives two streams of tailings from the i) undersize of the carbon safety screen and the ii) underflow from the flotation tailings thickener in separate pipelines. Tailings are deposited collected in the TSF facility and water is retrieved and sent to a collection pond prior to being treated in the water treatment plant and discharged to environment. Reclaim water will be recovered from the TSF for use in the processing plant.

**17.4** **Reagent Handling and Storage** 

The reagent handling system includes unloading, storage, mixing, and distribution equipment for each of the required reagents. Respective reagents are situated in a containment area to prevent mixing of incompatible reagents and to avoid any unintended release. Appropriate ventilation, fire, safety protection, eyewash stations, and safety data sheet (SDS) will be situated within the reagent mixing and handling areas. Sumps pumps are located within each containment area for solution capture and control.

Reagents will be delivered in various forms including intermediate bulk containers (IBC), one-tonne semi bulk bags, 25 kg bags, and as bulk deliveries as described in Table 17-2.

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| **Table 17-2:** | **Reagent Requirements, Purpose and Consumption**  |

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|:---|:---|:---|:---|
| **Reagent** | **Preparation Method** | **Use** | **Consumption<br>(t/a)** |
|  Hydrated lime | Received as powder via truck; diluted with raw water and transferred to a storage tank; distributed to concentrate leach<br> and cyanide detox circuits | pH control | 1633 |
|  AERO3501 | Received as solution in IBC); transferred to a storage tank;<br> distributed to rougher flotation circuit | Promoter | 35 |
|  AERO3477 | Received as solution in IBC; transferred to a storage tank;<br> distributed to rougher flotation circuit | Promoter | 35 |
|  Potassium amyl xanthate<br> (PAX) | Received as powder in bulk bags; mixed with non-cyanide<br> contact process water and transferred to a storage tank; distributed to rougher flotation circuit | Collector | 79 |
|  Methyl Isobutyl Carbinol<br> (MIBC) | Received as solution in IBC; stored in tank; distributed to<br> rougher flotation circuit | Frother | 105 |
|  Flocculant | Received as powder in bulk bags; mixed with raw water and transferred to a storage tank; distributed to concentrate thickener, tailings thickener, and cyanide detoxification<br> thickener | Settling aid | 5.5 |
|  Sodium cyanide | Received as powder in bulk bags; mixed with process water;<br> distributed to ILR, leach, and CIL tanks and elution column | Leaching agent | 1203 |
|  Sodium hydroxide | Received as liquid in tote; transferred to a storage tank;<br> distributed to elution, pregnant solution tanks, and ILR | pH control | 114 |
|  Sodium metabisulphite | Received as powder in bulk bags; mixed with cyanide contact<br> process water; distributed to cyanide detoxification | Cyanide destruction<br> agent | 606 |
|  Copper sulphate | Received as powder in bags on pallet; mixed with cyanide contact process water; distributed to cyanide detoxification | Arsenic<br> precipitation catalyst | 9 |
|  Nitric acid | Received as solution in IBC; transferred to a storage tank;<br> distributed to elution | Carbon washing | 92 |
|  Activated carbon | Received as solids; batch transfer to leach/CIL circuit for gold<br> adsorption | Gold adsorbent | 13 |
|  Fluxes | Received as solids; used in gold room to produce slag and<br> capture metal impurities | Slag formation in<br> refining | 60 |

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**17.5** **Plant Services** 

**17.5.1** **Water requirements** 

**17.5.1.1** **Process Water** 

Process water is stored in two tanks, a cyanide contact water tank and a non-cyanide contact water tank.

The cyanide contact water tank receives water from the raw water intake and the cyanide detoxification thickener overflow and is used for dilution of the regrind mill feed hopper, loaded carbon, carbon safety and carbon sizing screen washes, as well as in the preparation of SMBS, CuSO4, and NaCN reagents.

The non-cyanide contact water tank receives water from the flotation concentrate thickener overflow, flotation tailings thickener overflow, and tailings water reclaim, and is used for grinding dilution, rougher flotation usage, PAX mixing and dilution, and for gland water.

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**17.5.1.2** **Gland Water** 

Gland seal water for the plant is sourced from the non-cyanide contact water tank and pumped to the various users across the plant site.

**17.5.1.3** **Raw Water** 

Raw water is supplied to the plant and stored in a raw water tank where it is distributed to the various users across the site such as reagent preparation, elution, ILR, process water makeup, and potable water. Water requirements were estimated at 43.76 m<sup>3</sup>/h or 0.21 m<sup>3</sup>/t processed for operation, with the majority going towards process water makeup demand.

**17.5.1.4** **Fire Water** 

Fire water for the process plant is stored in a dedicated volume within the raw water tank. A dedicated pump skid consisting of an electrical pump, jockey pump, and diesel pump supplies water from the fire water reserve volume to the distribution system.

**17.5.1.5** **Potable Water** 

Potable water is produced by an on-site potable water plant which processes water from the raw water tank. Processed potable water is stored in a dedicated storage tank before being distributed to the various end users in the process plant.

**17.5.2** **Power requirements** 

The total installed load for the process plant is estimated at 15.1 MW with a breakdown per area summarized in Table 17-3. The facility, excluding non-processing ancillary services, has an estimated power consumption of 42 kWh/t with a nominal operating demand of 9.5 MW. The gravity circuit will demand an additional 81 kW and 0.4 kWh/t.

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| **Table 17-3:** | **Power Requirement by Plant Area**  |

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| **Plant Area** | **Installed (kW)** |
|  Crushing | 1309 |
|  Grinding | 6062 |
|  Flotation and Regrind | 2496 |
|  Leach and Adsorption | 265 |
|  Desorption | 605 |
|  Goldroom | 283 |
|  Detox and Tailings | 421 |
|  Reagents | 156 |
|  Process Plant Services | 1657 |
|  Ancillaries | 1874 |
|  **Total** | **15248** |

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**17.5.3** **Compressed Air** 

High pressure air at 750 kPa is produced by compressors on site to meet plant air requirements. The high-pressure air supply is dried and used to satisfy both plant air and instrument air demand. Dried air is distributed via the air receivers located throughout the plant.

Low pressure air for flotation is provided by dedicated air blowers, headers and automated air control valves on each flotation cell.

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| **18** | **PROJECT INFRASTRUCTURE**  |

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**18.1** **Introduction** 

Facilities and infrastructure required for the Project include the following:

• Open pit.

• Process facilities (process plant, crusher facilities, crushed ore stockpile, process plant warehouse and
workshop).

• Mine maintenance facilities (truckshop, mine workshop and warehouse, mine dry, and miscellaneous facilities).

• Material stockpiles and mine rock storage area (MRSA).

• Overburden storage areas to be used with progressive closure and active mine closure activities.

• Grid connection for electricity supply.

• Fuel storage facility in accordance with technical standards and safety association requirements (diesel for
mobile equipment, propane or compressed natural gas for heating).

• Temporary waste storage until disposed off-site at licensed facility.

• Runoff and seepage collection systems.

• Water management ponds.

• Tailings storage facility.

• Domestic water well and potable water treatment plant.

• Dewatering well(s)/interception wells around open pits.

• Seepage collection wells around the TSF.

• Domestic sewage disposal system.

• Water treatment plant (WTP) and effluent discharge point in accordance with MECP and ECCC requirements (base
case option is a discharge pipeline to Pike River, consultation is planned).

• Site haul roads including interconnections and relocation of Highway 101.

• Explosives storage facility (manufacturing facility under evaluation).

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| **Figure 18-1:** | **Preliminary Facilities and Infrastructure Layout**  |

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![LOGO](g83619dsp201.jpg)

Source: Mayfair, 2025

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| **Figure 18-2:** | **Infrastructure Plan for the Fenn-Gib Project**  |

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![LOGO](g83619dsp202.jpg)

Source: Mayfair, 2025

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**18.2** **Site Access** 

The Fenn-Gib property is located near the town of Matheson and 80 km east of Timmins. The primary access to the site is via Highway 101, which connects with the Trans-Canada Highway at Matheson 20 km to the west, and the project site is connected to Highway 101 via an access road. These routes are well-maintained in all seasons.

The Ontario Northland Rail Line, with interchanges with CN at North Bay and Rouyn-Noranda, passes through the town of Matheson providing rail access for passengers and cargo. The Timmins Victor M. Power Airport, located approximately an hour drive away in Timmins, is a regional hub that offers multiple flights a day to major Ontario cities, including Toronto's Pearson International Airport. Carriers serving this airport include Air Canada, Porter, and Air Creebec.

There is an existing Hydro One power line running alongside Highway 101 that will be upgraded to provide the required construction power for the project. A new power line will need to be constructed to provide the full project power requirements.

There are multiple site access methods for personnel and equipment outside the project region and additional local supplies, labour, and service providers are available in the town of Matheson and other neighbouring towns and communities. For the Construction and Operation phases of the Project, it is expected that personnel working on the site will be employed and contracted from points of hires within Ontario and Quebec, regionally from the Timmins, Kirkland Lake, Rouyn-Noranda, Cochrane and other regional and local communities. The Project is expected to use regional bussing to coordinate construction labour to the Project Site. Materials (such as reagents) will be transported to site via Highway 101 and the Trans-Canada Highway.

Development plans for the pits will require a 5 km segment of Highway 101 to be re-routed to maintain a safe setback from the ultimate open pit footprint. The alternative alignments (Figure 18-2) will be reviewed with the Ministry of Transportation (MTO) and Ministry of Natural Resources (MNR), as well as third party landowners.

**18.3** **Built Infrastructure** 

**18.3.1** **Process Plant Earthworks** 

The typical method of clearing, topsoil removal, and excavation will be employed, incorporating drains, safety bunds, and backfilling with granular material and aggregates for road structure. Access roads to the project site from Highway 101 will be constructed. It is expected that forest clearing and topsoil removal will be required to allow the process plant and other buildings and facilities to be constructed.

Civil work for the process plant and crushing area includes designs for the following infrastructure:

• Light vehicle and heavy equipment roads.

• Access roads.

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• Ore and MRSAs.

• Mine facility platforms and process facility platforms.

**18.3.2** **Buildings** 

The project plans to construct only essential infrastructure and buildings on the project site with non-essential facilities, such as services for light vehicle maintenance, hospital and emergency care, long-term storage and warehousing will be in Matheson. The project buildings are summarized below in Table 18-1.

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| **Table 18-1:** | **Project Building List**  |

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|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Location** | **Building Construction** | **Length<br>(m)** | **Width<br>(m)** | **Height<br>(m)** | **Area<br>(m2)** |
|  Primary, Secondary and Tertiary Crusher Building | Crushing | Fabric | 36 | 20 | 16 | 720 |
|  Secondary Screen Building | Crushing | Fabric | 18 | 15 | 16 | 270 |
|  Stockpile Cover Building | Plant | Fabric | 60 | 60 | 22 | 3600 |
|  Process Plant Building | Plant | Pre-Engineered | 80 | 30 | 25 | 2400 |
|  Reagent Warehouse | Plant | Fabric | 24 | 14 | 4 | 336 |
|  Truck Shop & Warehouse | Plant | Fabric | 48 | 35 | 17 | 1680 |
|  Truck Wash | Plant | Fabric | 24 | 24 | 12 | 576 |
|  Plant Warehouse and Maintenance Building | Plant | Fabric | 42 | 24 | 10 | 1008 |
|  Security Gatehouse | Plant | Modular Building | 7 | 3 | 4 | 21 |
|  Mine Office and Change Rooms | Plant | Modular Building | 29 | 18 | 4 | 522 |
|  Process Plant Main Electrical Room | Plant | Integrated E-Room | 30 | 6 | 4 | 171 |
|  Leaching E-Room | Plant | Integrated E-Room | 15 | 6 | 4 | 86 |
|  Crushing E-Room | Crushing | Integrated E-Room | 15 | 6 | 4 | 86 |

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**18.3.3** **Accommodation** 

The construction phase of the Project will include a construction camp for the regional labour that is outside the daily drive limit. The construction camp will have an allowance for an expected capacity of approximately 400 individuals. The camp is planned to be needed for 24 months. The Camp and its services will be housed off the Project site (within the municipal boundaries of Matheson) and are expected to be owned and operated by a third party.

Personnel will travel to the project site in crew vans and buses to minimize traffic to the extent practical.

As it is planned to employ workers from local communities as much as possible, there is no operations accommodations camp anticipated at this time.

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**18.4** **Waste Rock and Other Mine Stockpiles** 

**18.4.1** **Run-of-Mine and Mine Rock Storage** 

The ROM ore stockpile and coarse ore stockpile areas will consist of granular fill pads constructed from non-PAG mine rock. The ROM ore stockpile will be an active storage area for recently mined ore prior to delivery to the primary crusher. The coarse ore stockpile will include a covered storage area for crushed ore prior to delivery to the process plant.

The ROM ore stockpile has been sized for temporary storage of approximately 400,000 t.

Mine rock will be rock removed to access the ore zones; this material will not be processed but will be stored on surface once excavated. An estimated 152 Mt (77 Mm<sup>3</sup>) of mine rock will be produced over the mine life. It is anticipated that approximately 22 Mt (11 M m<sup>3</sup>) of non-PAG mine rock will be used for site construction purposes pending detailed design. Included in this quantity is 17 Mt (8 Mm<sup>3</sup>) of mine rock that will be used for TSF embankment construction. Mine rock that is not used for construction will be stored in the MRSA.

Geochemical characterization of the mine rock is currently in progress. The waste management strategy includes for up to 25 Mt of potentially acid generating (PAG) mine rock over the mine life. The TSF arrangement includes for storage of approximate 7 Mt of PAG mine rock during the first nine years of the mine. If required, the remainder of the PAG mine rock will be stored in designated areas for the MRSA. The PAG mine rock within the MRSA will be capped with silt and/or clay fill and organic soils at closure to impede infiltration of surface water and minimize the potential for PAG conditions to develop.

Surface water runoff from the ROM ore stockpile, coarse ore stockpile and MRSA will be directed to the open pit by a series of runoff water management ditches or collected in sumps and transferred to the water management pond (WMP). Water that reports to the open pit will be transferred to the Plant Site Pond.

**18.4.2** **Overburden** 

Overburden stockpiles will provide storage for organic material and soils including glacial till, silt and clay, sand, and gravel removed from the open pit area during site preparation and pit stripping. These stockpiles will be graded and vegetated with non-invasive vegetation to minimize erosion and preserve soil fertility until the material is used for progressive and final rehabilitation purposes.

Surface water management ditches will be installed around the overburden stockpiles. Collected water will be transferred from collection sumps and ponds to the plant site pond or the water management pond.

**18.5** **Tailings and Storage Facilities** 

**18.5.1** **Tailings Storage Facility** 

The TSF will function as an integrated waste management facility, providing co-disposal capacity for both tailings and PAG mine rock. The facility will be sized to accommodate approximately 25 Mt of tailings for the 15 year mine life and

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7 Mt of PAG mine rock during the first half of the mine life. Approximately 27 Mt (equivalent to 13 Mm<sup>3</sup>) of non-PAG mine rock, earth fill, and processed or imported aggregate will be used to construct the TSF perimeter embankments. The perimeter embankments will consist of zoned rockfill embankments, a geosynthetic liner system to minimize seepage through the embankments. The embankments will be raised using downstream construction methods. Silt and clay from the open pit stripping will be placed over the base of the TSF basin to limit seepage from within the basin. Internal separation berms may be constructed using PAG mine rock to manage tailings deposition and maintain a designated water reclaim area within the TSF as part of the integrated waste management strategy. The TSF arrangement is shown on Figure 18-3 and the typical embankment section is illustrated on Figure 18-4.

A series of ditches and seepage collection sumps will be located around the perimeter of the TSF to collect surface water runoff from the perimeter embankments and near surface seepage. Collected water will be pumped back into the TSF from the collection sumps or conveyed to the WMP.

The TSF will include an operating pond with sufficient capacity to supply reclaim water to the Process Plant. Temporary storage capacity will be included in the impoundment and manage stormwater resulting from the Environmental Design Flood (EDF) event. The TSF will include additional freeboard and an Emergency Overflow Spillway to safely manage stormwater from the Inflow Design Flood (IDF) event.

Tailings will be pumped and deposited into the TSF as slurry via HDPE pipelines. Supernatant water, comprising of process water plus meteoric inputs, will be reclaimed to the Process Plant to provide most of the process water and to manage storm water inputs.

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| **Figure 18-3:** | **Site General Arrangement**  |

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![LOGO](g83619dsp207.jpg)

Source: KP, 2025

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| **Figure 18-4:** | **Typical TSF Embankment Section**  |

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![LOGO](g83619dsp208.jpg)

Source: KP, 2025

It is anticipated that two tailings' streams will be delivered to the TSF: a rougher flotation tailings slurry (non-PAG tailings) and a leach tailings slurry (PAG tailings). The leach tailings will be treated through a cyanide destruction circuit prior to tailings slurry being pumped to the TSF. The rougher tailings slurry (non-PAG) will be deposited subaerially along the upstream side of the TSF perimeter embankments to promote settling and maximize the settled dry density of the solids. This will also facilitate the development of tailings beaches along the perimeter of the facility, which will enhance tailings storage and water recovery (including minimizing water lock-up due to freezing during winter months). The leach tailings slurry (PAG) will be deposited sub-aqueously towards the center of the impoundment.

During tailings slurry deposition, discharge points will be re-located to maximize the size of the wetted surface to mitigate fugitive dust. Industry standard tailings additives such as hydroseed tackifiers will be added to tailings slurry when needed to agglomerate tailings solids, thereby preventing entrainment by wind. PAG mine rock will be identified and managed in a designated area within the co-disposal facility that is ultimately encapsulated by tailings to mitigate the risk of ML/ARD.

The TSF will be constructed in stages during the life of the mine on an as needed basis to provide sufficient capacity for tailings and water management. The estimate TSF filling schedule is shown on Figure 18-5. The Hazard Potential Classification for the dams will be determined in accordance with the Lakes and Rivers Improvement Act and in consultation with MEM and MNR. A determination will be made regarding whether dams are "offline" or "online" dams. Dams will be constructed, operated, maintained and monitored in accordance with most recent guidance from Mining Association of Canada, and Canada Dam Association (CDA) guidelines.

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| **Figure 18-5:** | **TSF Filling Schedule**  |

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![LOGO](g83619dsp209.jpg)

Source: KP, 2025

**18.6** **Water Management and Diversion Structures** 

Site water management practices will be refined following the PFS and will be designed to meet regulatory compliance and environmental stewardship needs. Sumps, ditches, and ponds will be designed and constructed to manage contact water from the site for up to a 100-year 24-hour storm event. The system will include intercepting and/or diverting off-site no-contact water from the site contact water; and capturing, holding and pumping mine impacted water for recycling and/or treatment prior to discharging offsite. The following describes some design considerations for the Site Water Management System:

• Processing Plant will utilize reclaimed and recycled water from the TSF and the Plant Site Pond.

• Fresh water will be needed for specific uses in the process circuit such as gland seal water and potentially
coolant water for heat exchangers. This water will be pumped from the Plant Site Pond.

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• Based on benchmarking of settled tailings properties from similar operations in the region, water losses to
interstitial space in tailings solids are anticipated to be approximately 1,690 m<sup>3</sup>/day when the processing plant is operating at capacity.

• Groundwater seepage into the active Pit is expected to be approximately 1,400 m<sup>3</sup>/day during the early years of operations, up to 3,700 m<sup>3</sup>/day as Pit development nears completion.

• While not included in the current designs, cut-off wells will be
considered for operational water control systems for the open pit.

• Seepage and runoff from the MRSA and other mine contact water will be collected in ditches, sumps and ponds.
The excess water will be pumped to a designated collection facility and/or Water Treatment Plant for potential treatment prior to being discharged.

• Water discharge is expected to be primarily driven by precipitation and will be proportional to flow in the
surrounding environment. This will be further evaluated in detail once the hydrogeologic model to predict groundwater seepage into the mine is refined.

A preliminary water balance for the Project during Year 4 of operations is presented in Figure 18-6, while Figure 18-7 illustrates the anticipated water balance by Year 16. These figures reflect the evolving nature of site hydrology and infrastructure as the Project matures.

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**Figure 18-6: Preliminary Water Balance at Year 4 of Operations**![LOGO](g83619dsp211.jpg)

Source: KP, 2025

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| **Figure 18-7:** | **Preliminary Water Balance at Year 16 of Operations**  |

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![LOGO](g83619dsp212.jpg)

Source: KP, 2025

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**18.6.1** **Water Management** 

The following provides a summary of the preliminary site water management strategy including anticipated water takings and water treatment. Designs will be updated as engineering advances. Potable water will be delivered to site during the construction phase, and it is expected that a water well will be installed to provide domestic water to the Project Site (office, dry) during operations.

**18.6.2** **Groundwater** 

Where feasible, dewatering well(s) may be strategically placed surrounding the Pit to intercept groundwater before it enters the Pit. This will reduce contact water, potential water treatment and discharge volumes, as well as sustain flow in proximal watercourses to mitigate potential impacts from watershed truncation and mine dewatering. The intercepted water is considered non-impacted as it will be collected prior to contact with mine operations and will be discharge directly to proximal creeks under the appropriate permits. The exact discharge location is under assessment and yet to be determined. This approach is designed to:

• minimize the volume of water requiring treatment and controlled discharge

• sustain base flows in nearby watercourses, helping to mitigate potential impacts from watershed truncation and
mine dewatering

• support the long-term hydrological balance and ecological health in the surrounding environment.

**18.6.3** **Surface Water Takings** 

Temporary freshwater intake may be required for the Process Plant commissioning and other initial operations. There is an area north of the Pit which is planned to be excavated as a quarry for clean mine rock for use in site construction, this will become the Plant Site Pond and provide a source of clean water for commissioning.

This will reduce water treatment and discharge volumes, as well as sustain flow in proximal watercourses to mitigate potential impacts from watershed truncation and mine dewatering.

**18.6.4** **Water Treatment and Disposal Requirements** 

The site wide water balance (Figure 18-6 and Figure 18-7) summarizes the water management strategy and will be further detailed as design work is advanced to support permit applications including water discharge requirements for the Project. The water treatment requirements are not fully understood at this time. The baseline water quality data, geochemical testing and analyses will be used to assess the sources terms for water quality modeling. Along with the site water balance, design information (as it considers changes to, or additions to, the site water management plan) will be used to predict the expected future water quality and treatment requirements. An assimilative capacity study of the treated effluent discharge will be required, to derive discharge limits. Then effluent discharge strategies and alternatives will be evaluated in consultation with Indigenous communities, MECP and MNR. Currently, a water discharge pipeline to the Pike River is proposed for the Project.

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**18.7** **Waste Disposal and Management Systems** 

An Environmental Management Plan will be developed to minimize waste produced from suppliers and other consumables. It is planned to recycle all materials where possible. Waste will be managed in accordance with the Environmental Protection Act.

**18.7.1** **Solid Waste** 

Solid, non-hazardous waste (e.g. containers, packaging) will be deposited in dedicated bins that are supplied and transported by a licensed carrier in accordance with their Waste Management System Environmental Compliance Approval and disposed of at an approved off-site disposal facility (i.e. third party owned landfill).

Bulk products such as water treatment reagents and petroleum products will be obtained in returnable containers. Where returnable containers are not practical, products will be procured in metal containers to the maximum extent practical. Separate bins will be kept at the Project Site in order to recycle scrap metal and other material (e.g. fluorescent bulbs, batteries) as is practical. Used 20 L petroleum product pails will be returned to suppliers or recycled off-site.

Used equipment batteries will be recycled at an approved recycling facility.

Non-merchantable wood waste will be ground up (or otherwise re-used) and/or utilized as fuelwood in accordance with provincial MECP and MNR requirements. Hydrocarbon spills will be encapsulated using an appropriate clean-up product and rendered inert. The recovered spill clean-up material will be tested in accordance with O. Reg. 347 (as amended) to confirm the waste is not a leachate toxic waste. Spill clean-up residue that is deemed to be non-leachate toxic will be disposed of with solid, non-hazardous waste. Spill clean-up residue that is deemed to be a leachate toxic waste will be disposed of at an approved off-site disposal facility, in accordance with Environmental Protection Act requirements.

Mayfair will consult MECP regarding the establishment of a small landfill (<40,000 m<sup>3</sup> capacity) for solid non-hazardous waste within the TSF or alternate suitable location at the Project Site that meets the criteria specified in applicable MECP guidance documents.

**18.7.2** **Recyclable Materials** 

The management of recyclable material at the Site will uphold the 4 R's of waste management: reduce, reuse, recycle and recover. Procedures will be prepared to identify how materials are sorted, handled and disposed. Recyclable waste will be recovered and transferred to an offsite recycling facility.

**18.7.3** **Liquid Waste** 

Liquid wastes that require off-site disposal will be stored in 205 L drums and/or 1,000 L cubes. Drums/cubes will be located in a designated intermodal shipping container and within secondary containment. There will be no underground waste storage tanks at the Project Site. Wastes will be disposed of in accordance with the Environmental Protection Act and using a Generator Registration Number for the project site.

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**18.7.4** **Hazardous Waste** 

Hazardous liquid waste that is generated will be removed and disposed of by a licensed carrier and receiver under a Generator Registration Number on a regular basis so that the Project site is not a waste transfer site under the Environmental Protection Act. Used oil filters will be crushed and completely drained prior to recycling with scrap metal.

Contractors will be responsible for managing hazardous materials in accordance with applicable government legislation. Mayfair will arrange for proper disposal of hazardous waste generated by contractors while working on-site and waste will be disposed of using the Generator Registration Number for the Project Site.

**18.7.5** **Sanitary Waste** 

Sanitary waste (i.e., sewage and grey water) generated in the site preparation phase will be collected in portable infrastructure for offsite disposal at an existing, provincially approved sewage disposal facility.

For the operational phase of the mine, an on-site sewage/grey water disposal bed will be designed and constructed in accordance with Provincial building and environmental codes/regulations. It is also likely that some portion of the sanitary waste generated on site during operations will be collected in portable infrastructure for offsite disposal at an existing, provincially approved sewage disposal facility.

**18.8** **Power and Electrical** 

**18.8.1** **Facility Power Supply** 

The overall project site power requirement of 16 MW is based on the electrical engineering work completed for the processing plant and the broader site infrastructure. Refer to Figure 18-10 for a single line diagram (SLD) illustrating the power connection and site distribution for the Project.

For the purposes of the PFS capital cost estimate, the selected power supply alternative utilizes the existing Hydro One

(HONI) 27.6 kV distribution line originating at the Ramore Transmission Station (TS). To accommodate the additional load, an additional new 115/27.6 kV transformer will be installed at the Ramore TS. From this station a new three-phase circuit will be strung on the existing or modified HONI poles, following the already permitted HONI power corridor along Tamarack Road South, which currently supports the Holtyre Township, Hislop Mine and Black Fox Mine.

At the intersection of Tamarack Road and Highway 101 (Hwy 101), the existing single-phase line currently serving local communities to the east will be upgraded to a three-phase 27.6 kV line. This upgraded line will extend 6 km along Hwy 101 right-of-way (ROW) to project site and will supply construction power. For the 16 MW mine power a separate three phase circuit will run from Ramore to Site utilizing the existing HONI distribution corridor. Refer to Figure 18-9 for the modified 27.6 kV power supply route to the Project, which extends over a total distance of 17 km.

Several alternatives were evaluated for providing electrical power to the Fenn-Gib site, located approximately 17 km east of Matheson, Ontario, and accessible via Hwy 101 and local roads. The objective of the study was to identify the most cost-effective, reliable, and timely solution to meet the Project's anticipated power requirements for construction and operation.

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Four potential hydro-power transmission line routes were analyzed, each with five voltage and ownership configurations (refer to Figure 18-8).

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| **Figure 18-8:** | **Power Supply Alternatives Study Routes to the Fenn-Gib Gold Project Site**  |

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![LOGO](g83619dsp216.jpg)

Source: TWD, 2025

In addition, two natural-gas-based alternatives were considered; Compressed Natural Gas (CNG) and a dedicated natural gas pipeline. Both natural gas alternatives necessitate installation of an on-site gas-fired power generation facility, which significantly increases capital cost, project complexity, and execution risk. Consequently, these alternatives were deemed economically and logistically unfavorable compared to a direct hydro connection.

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The overall analysis considered cost, schedule, technical feasibility, and implementation risk, as well as construction and emergency power needs. Following completion of all evaluations, the preferred alternative for permanent power supply to the Fenn-Gib site is the hydroelectric transmission connection to the provincial grid. The two most suitable configuration options are as follows:

• 27.6 kV Option: Installation of an additional transformer at the HONI Ramore TS, where 115 kV power along Hwy
11 is stepped down to 27.6 kV. A three-phase distribution line already extends approximately two-thirds of the distance to the Fenn-Gib site.

• 115 kV Option: Construction of a new 115 kV transmission line primarily following the existing HONI corridor
and Ministry of Transportation (MTO) allowances.

• Should the availability or timing of the HONI Ramore TS limit Mayfair Gold's project schedule, the
company will also evaluate, in parallel, the construction of a new 115 kV/27.6 kV transformer station near Ramore. This alternative would utilize the existing HONI right-of-way (ROW) and upgraded pole structures to deliver power to the Fenn-Gib site.

Under the 115 kV alternative, Mayfair Gold would own the transmission and distribution infrastructure, allowing greater control over schedule, cost, and reliability; however, a new ROW would be required for this alignment and installation. Under the 27.6 kV alternative, HONI would own the facilities but have the advantage of having no extensive environmental assessment ("EA"), as it would be installed within the current ROW.

Although the 115 kV alternative offers lower operating and capital costs, and greater capacity for future expansion, the 27.6 kV power line alternative is used in this PFS.

Construction power demand is estimated at approximately 3 MW, and the current additional capacity at Ramore TS is approximately 3 MW. To support this demand, the existing single-phase line along Hwy 101 will be upgraded to a three-phase 27.6 kV line prior to construction. Operational emergency or standby power (< 1 MW) will be provided by an on-site 600 V diesel generator. The powerline upgrade to supply 3 MW power to the Fenn-Gib site is currently scheduled to be completed in time for the start of construction. However, should the schedule slip for any reason, Mayfair Gold has the option to deploy up to 20 MW of natural gas generators as a bridging capacity until hydro power becomes available.

Ongoing discussions with HONI to confirm connection feasibility, initiate permitting activities if any, and refine capital estimates during the next phase of study. The independent electricity system operator ("IESO") is currently commissioned to conduct a systems impact assessment ("SIA"), after which HONI will do a Connection Impact Assessment ("CIA") to confirm the Mayfair Gold requirements and design.

**18.8.2** **Site Power Reticulation** 

Site-wide power distribution to the process plant and maintenance facilities will be via the 4.16 kV overhead powerline using wood pole structures.

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| **Figure 18-9:** | **Proposed 27.6kV Power Supply Line from Ramore TS to the Fenn-Gib Gold Project Site**  |

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![LOGO](g83619dsp218.jpg)

Source: Ecometrix, 2025

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| **Figure 18-10:** | **Fenn-Gib Gold Project Site Single Line Diagram**  |

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![LOGO](g83619dsp219.jpg)

Source: Ausenco,, 2025

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**18.8.3** **Power and Electrical Contingency Planning** 

If Hydro One (HONI) or the IESO cannot implement the additional infrastructure required following the SIA or CIA, or if the overall electrical project schedule cannot be achieved prior to construction completion, the following contingency measures will be considered:

• Temporary On-Site Generation: Deploy modular diesel generator sets to
provide essential construction and commissioning power. Units will be sized to meet critical loads and comply with applicable environmental and safety standards.

• Natural Gas-Based Alternatives: Reassess previously evaluated options
such as compressed natural gas (CNG) or a dedicated natural gas pipeline for on-site generation. While these were deemed less favorable during the PFS, they remain viable interim solutions if grid connection
is delayed beyond the end of the Project commissioning phase.

• Regulatory and Permitting: Prepare contingency permitting documentation for temporary power installations to
avoid delays in implementation.

These measures will be refined during subsequent engineering phases and incorporated into the Project Execution Plan to ensure continuity of operations under unforeseen circumstances. The Power and electrical contingency plans are not included in the PFS costing but designs will be advanced for risk management.

**18.9** **Highway 101 Relocation** 

The Project is located approximately 80 km east of Timmins and 17 km east of Matheson, Ontario. The Project has good regional infrastructure and direct access via Highway 101, which traverses the property. To support mine development and ensure adequate separation between the provincial highway and planned mining infrastructure, a realignment of Highway 101 has been included in Project sustaining capital for 2 years following the initial construction. Evaluation of alternative timing for highway relocation will be considered based on Ministry of Transport, Ontario (MTO) interactions and approvals. Refer to Figure 18-11.

King's Highway 101 is a regional transportation corridor connecting to the Trans-Canada Highway (Highway 11), linking several northeastern Ontario communities, and providing access to the Province of Quebec. According to the MTO Functional Classification Map - Ontario (October 2024) and subsequent confirmation from the MTO, Highway 101 within the project area is classified as a Rural Collector Undivided Highway with a design speed of 100 km/h (RCU100) and a posted speed of 80 km/h.

The study advanced a route feasibility study for the proposed Highway 101 realignment in support of the Project. The study evaluated alternative routes that maintain adequate separation from proposed infrastructure while satisfying MTO geometric and safety design standards.

Development and assessment of realignment alternatives involved a multidisciplinary approach to ensure consistency with mine infrastructure plans, provincial design criteria, and environmental considerations.

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Three preliminary alignment options were developed north of the existing Highway 101, avoiding mine facilities and mining operations while maintaining safe geometric standards, minimizing environmental impacts, and optimizing earthworks. Factors such as terrain, wetlands, watercourses, property boundaries, and environmental features were incorporated into the route refinement process.

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| **Figure 18-11:** | **Highway 101 Realignment Alternatives**  |

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![LOGO](g83619dsp221.jpg)

Source: TBT Engineering, 2025

Objective evaluation criteria were established to compare the three alternatives based on engineering design, constructability, cost, environmental impact, and compatibility with mine expansion. Class 'D' level cost estimates were prepared for each alignment. As the project advances through detailed design stages, cost estimates will be further refined.

• Alternative 1 (Middle Alignment, 5.02 km): A balanced option with moderate construction complexity. Crosses
two watercourses, traverses shallow rock and swamp areas.

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• Alternative 2 (Southmost Alignment, 4.42 km): The shortest and least costly option, the simplest to construct
and has minimal impact on lands not currently covered by Company claims. The design crosses three watercourses and passes primarily through organic/swamp terrain.

• Alternative 3 (Northmost Alignment, 5.20 km): The longest and most expensive option, providing the greatest
separation from mine infrastructure. Involves minimal watercourse crossings and the lowest potential fisheries and wetland impacts.

All proposed alternatives meet MTO design standards and provide improvements over the existing highway in terms of safety and roadway geometry. The highway relocation study confirms that all three alignments are technically and environmentally feasible. Alternative 2 has been selected as the preferred alignment for this PFS, based on its lower cost, shorter length, and ease of construction, and will be advanced into subsequent engineering design and permitting phases.

**18.10** **Fuel** 

Fuel will be delivered to site and stored in dedicated, purpose-built tanks for fuel (diesel, gasoline, and DEF) and lubricants. These installations are expected to be owned and supplied by the fuel vendor at no additional cost to the Project, with their availability maintained for the duration of the supply agreement. The greater Timmins area is well serviced by several fuel suppliers. Fuel cost and consumption for the construction and operating phase are included in the cost and economic analysis.

**18.11** **Hazard Considerations** 

There are no unique environmental hazards outside the typical considerations for the greater Timmins Camp. Typical hazard conditions in Northern Ontario would include forest fires, winter storms and localized flooding.

**18.12** **Comments on Project Infrastructure** 

The proposed infrastructure layouts and locations are considered suitable to support inclusion in the PFS, based on the status of environmental approvals. It is acknowledged that further geotechnical investigations may result in modifications to the siting and design of certain structures. Similarly, as the power supply to site and the proposed highway realignment remain subject to regulatory approval, these components may be revised pending outcomes of the permitting process. The design of the water treatment plant is currently pending completion of geochemical characterization and site-wide water balance studies, which will inform treatment requirements and discharge volumes. Alignment of the discharge pipeline is also subject to further engineering design and regulatory approvals and may be adjusted as these elements progress.

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| **19** | **MARKET STUDIES AND CONTRACTS**  |

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**19.1** **Market Studies** 

Gold is a freely traded commodity with deep, liquid international markets, and therefore marketability of production from the Fenn Gib Project is not considered a risk. Once in operation, the doré bars will be refined and sold through established channels, with pricing determined transparently by the London Bullion Market Association (LBMA) and other recognized exchanges. No dedicated market study has been commissioned, as such studies are not typically required for precious metals; however, the QP notes that the global gold market is supported by a broad range of buyers, including refiners, central banks, and investment institutions. Metallurgical testwork completed to date and the anticipated recovery methods leading to production of doré bars have not identified deleterious elements that would restrict saleability or result in penalties, and the risk of off specification product is not anticipated. Accordingly, the QP concludes that gold produced from the Fenn Gib mill will be readily marketable, with no material restrictions anticipated.

**19.2** **Gold Price Projections** 

The following gold price assumptions below were compiled and provided by CIBC Global Mining Group ("CIBC") and are the November 2025 Consensus Commodity Price Estimates and Consensus Trading Comps.

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| **Table 19-1:** | **November 2025 Consensus Commodity Price**  |

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| **Date** | **Firm** | **2025** | **2026** | **2027** | **2028** | **Long Term** |
|  29-Oct-25 | Cormark | $3330 | $4000 | $4000 | $4000 | $4000 |
|  28-Oct-25 | CIBC | $3400 | $4500 | $4500 | $4250 | $3300 |
|  28-Oct-25 | Morgan Stanley | $3398 |  |  |  | $2500 |
|  26-Oct-25 | Deutsche Bank | $3352 | $3683 | $3768 |  | $3854 |
|  24-Oct-25 | JPMorgan | $3345 |  |  |  | $3750 |
|  23-Oct-25 | Macquarie | $3450 | $4314 | $4403 | $3454 | $2500 |
|  22-Oct-25 | Canaccord | $3449 | $4315 | $4464 | $4643 | $4745 |
|  22-Oct-25 | Stifel | $3450 | $4000 | $4200 | $4200 | $3000 |
|  21-Oct-25 | HSBC | $3455 | $4300 | $4300 | $3330 | $2350 |
|  21-Oct-25 | National Bank | $3402 | $4000 | $4000 | $3500 | $2750 |
|  21-Oct-25 | UBS | $3325 | $3825 | $3650 | $3547 | $3251 |
|  20-Oct-25 | BMO | $3377 | $4400 | $4075 | $3675 | $3000 |
|  20-Oct-25 | BNP Paribas | $3245 | $3300 | $3000 |  |  |
|  20-Oct-25 | BofA | $3352 | $4329 | $3569 | $3213 | $2500 |
|  20-Oct-25 | Desjardins | $3366 | $4019 | $4146 | $4284 | $4284 |

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| **Date** | **Firm** | **2025** | **2026** | **2027** | **2028** | **Long Term** |
|  20-Oct-25 | RBC | $3266 | $3931 | $4100 | $3500 | $2600 |
|  20-Oct-25 | TD | $3377 | $3900 | $3800 | $3700 | $3500 |
|  18-Oct-25 | Jefferies | $3348 | $3800 | $3600 | $3200 | $2800 |
|  15-Oct-25 | H.C. Wainwright | $3000 | $3000 | $3000 | $3000 | $3000 |
|  15-Oct-25 | Ventum | $3297 | $3550 |  | $3400 | $3400 |
|  14-Oct-25 | Berenberg | $3362 | $3950 | $3800 | $3500 | $2750 |
|  14-Oct-25 | Cantor | $3450 | $3600 | $3000 |  | $3000 |
|  14-Oct-25 | Haywood | $3161 | $3250 | $3000 | $3000 | $3000 |
|  10-Oct-25 | Barclays | $3338 | $3950 | $4000 | $3750 | $3000 |
|  09-Oct-25 | Paradigm | $3042 | $3594 | $3647 | $4027 | $2650 |
|  09-Oct-25 | Raymond James | $3326 | $3500 |  |  | $2900 |
|  01-Oct-25 | Scotia | $3250 | $3200 | $2800 | $2300 | $2300 |
|  **Average** | **Average** | $**3330** | $**3848** | $**3775** | $**3594** | $**3103** |
|  **Median** | **Median** | $**3352** | $**3931** | $**3800** | $**3500** | $**3000** |
|  **Max** | **Max** | $**3455** | $**4500** | $**4500** | $**4643** | $**4745** |
|  **Min** | **Min** | $**3000** | $**3000** | $**2800** | $**2300** | $**2300** |

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The economic analysis uses the average long-term consensus as the basis for the selected gold price of US$3,100/oz.

**19.3** **Foreign Exchange Assumptions** 

The following USD/CAD exchange rate assumptions below were compiled and provided by CIBC's and are the November 2025 Consensus Commodity Price Estimates and Consensus Trading Comps.

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| **Table 19-2:** | **November 2025 Consensus Foreign Exchange Assumptions**  |

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| **Foreign Exchange Assumptions** | **2025** | **2025** | **2026** | **2026** | **2027** | **2027** | **2028** | **2028** | **Long Term** | **Long Term** |
|  USD/CAD | C$ | 1.39 | C$ | 1.37 | C$ | 1.36 | C$ | 1.35 | C$ | 1.34 |

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**19.4** **Contracts** 

At the time of this Technical Report, the project does not have any significant contracts in place for the project including mining or mining related services, service supplies, contracting, refining, or shipment of product, etc. At this stage of development, formal agreements are not expected to be in place.

No marketing contracts are required for gold, as it is a freely traded commodity with established global markets. The anticipated doré production will be refined and sold through accredited channels, with pricing determined by the London Bullion Market Association (LBMA) and other recognized exchanges.

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With respect to social and Indigenous undertakings, the issuer has initiated engagement with AAN the proximal First Nation communities and is advancing discussions toward formal agreements that will address employment, training, and business participation opportunities. These discussions are ongoing and are expected to progress in parallel with project development milestones.

No hedging, streaming, or forward sales contracts have been entered into at this stage. The issuer may evaluate such arrangements in the future as part of project financing strategies, but no commitments currently exist.

Following completion of the PFS, the Company anticipates executing contracts to advance detailed engineering for the plant, site and off-site infrastructure, tailings, and water management systems. In parallel, separate contracts will be established to define the scope of work and consulting services required to progress environmental design and permitting activities. It is expected that the Company will continue to engage the incumbent firms that supported the PFS in carrying forward these next phases of work.

In summary, the project is at a stage where no binding contracts are needed. Future agreements covering detailed engineering and design services, construction management, construction execution, equipment supply, operational maintenance, blasting services, gold shipment, off-site infrastructure and Indigenous participation will be negotiated as the Project advances toward construction and production.

**19.5** **Comments on Market Studies and Contracts** 

The QP has reviewed the long-term metal prices provided by CIBC's research. Based on this review, the QP considers that the information and conclusions presented in these studies reasonably support the assumptions made in this Technical Report regarding commodity pricing.

At the time of writing, no critical contracts are in place related to the project.

No significant characteristics have been identified that would restrict market access or reduce product attractiveness.

Risks associated with price volatility for the assumed commodity price or selling the production have been identified and are discussed further in Section 25 of this technical report.

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| **20** | **ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT**  |

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**20.1** **Environmental Studies** 

**20.1.1** **Baseline Environmental Studies** 

Extensive baseline environmental studies have been conducted since 2021 to characterize aquatic and terrestrial ecosystems, groundwater, air quality, noise, and cultural heritage resources within, and in the general vicinity of the project site. Initial studies have also been completed to characterize the geochemical nature of mine wastes and additional targeted geochemical studies are ongoing to further refine the understanding of the geochemical behaviour of mine wastes.

A surface water monitoring program has been ongoing since 2021, with measurements of both water quality and quantity (hydrology) at a network of survey location within the Project footprint and at locations in downstream areas they could be affected by Project activities. For water quality, initial results indicate the concentrations of most water quality parameters are at or below relevant water quality objectives for the protection of aquatic life, with occasional exceptions for iron, aluminium, and phosphorus. Hydrometric stations fitted with continuous data loggers have been established at key locations. Flows measured in streams and larger rivers in the area reflect a typical hydrograph for the region, consistent with regional long-term records from regional Water Survey of Canada monitoring stations.

Aquatic environment surveys have been ongoing on and around the Project site seasonally since 2023 and continued in 2025. Surveying has included fish habitat assessment, fish community assessment, fish spawning assessment, fish tissue metal burden analysis and the characterization of benthic invertebrate communities targeting local streams, rivers and lakes. Headwater areas of local streams provide limited seasonal habitat for forage fish species; whereas the bigger streams, rivers and lakes provide habitat for cool- and cold-water forage and sportfish that are common in the area.

Terrestrial ecosystem characterization studies have been completed including vegetation and Ecological Land Classification (ELC), avifauna (birds), bats, mammals, basking turtles, and amphibian surveys. Studies have also been completed to identify critical wildlife habitat features and the occurrence of protected species (species at risk ("SAR"); individuals and habitats). The vegetation and wildlife communities of the Project site and surrounding area is typical of the boreal forest region of northeastern Ontario. Potential habitat for SAR has been identified on and around the Site, but no protected species have been observed during baseline surveys completed to date.

Groundwater and the groundwater environment have been characterized through advancement of a series of monitoring wells and boreholes installed in 2024 and 2025. Development of a conceptual hydrogeological site model of the area has been supported by assessment of hydraulic conductivity of the soils and bedrock hydrostratigraphic units, regular water level measurements across the groundwater monitoring well network and short-term pumping tests. This information is being used to establish a regional 3D hydrogeological model including the Project site. Groundwater quality within the overburden and bedrock at the site has been characterized and shows in most cases that constituent concentrations are below relevant guideline levels with occasional exceedances reflecting naturally occurring mineralized waters.

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Air quality, noise, and dustfall monitoring commenced in 2025, with a full one-year ambient monitoring program planned for 2026 to define existing pre-construction conditions. The Project is located in a rural forested area located approximately 17 km east of Matheson; existing local sources of air emissions include road traffic, existing and closed mining operations, and exploration drilling on site.

Cultural heritage assessments have been initiated. A Stage 1 desktop-based archeological resource assessment was conducted for the Project site and the associated transmission line (WHNE, 2025). Stage 2 archaeological survey work was initiated in 2024 and is continuing through 2025. To date no archaeological sites have been identified within the Study area.

**20.1.2** **Geochemical Characterization Studies** 

Geochemical characterization studies completed to date indicate that a portion of mine rock is classified as potentially acid generating (PAG) that will require appropriate segregation and management. A preliminary estimate of 25 Mt of PAG rock has been assumed out of the total 152 Mt mine rock to be mined, as discussed in Section 18.4.1. The current assessment is based on drill-core samples collected as part of a Phase 1 characterization program, representing a range of lithologies and alteration styles. While many of these samples are located proximally to the anticipated pit shell, not all are definitively within the current pit design, and results should therefore be considered preliminary pending completion of additional spatially representative sampling.

Based on available static test results, mine rock generally exhibits a clear separation between PAG and non-PAG classifications, with relatively few samples exhibiting marginal neutralization potential ratios. Both carbonate-based neutralization potential and modified Sobek methodologies show good agreement, reflecting a mineralogical framework dominated by pyrite as the primary sulphide mineral and calcite as the principal neutralizing carbonate, with subordinate dolomite and ankerite.

Shake-flask extraction (SFE) testing and kinetic testing of mine rock has been completed with additional testing planned within a Phase 2 assessment program. This test work is planned to support ongoing evaluation of loading and weathering behaviour across representative lithologies and to support refinement of management and mitigation strategies.

Tailings characterization indicates that the flotation tailings, comprising approximately 77% of the plant feed material, are generally expected to present a low acid rock drainage risk based on available testing. The flotation concentrate, representing approximately 23% of the ore feed, is anticipated to contain elevated sulphide content and cyanidation residues and is therefore expected to be potentially acid generating. This material is planned for subaqueous deposition and appropriate cover within the TSF, consistent with industry-standard practices. Additional tailings test work is ongoing to further refine these conclusions. In summary, no information has been collected as part of the environmental studies competed to date that have identified critical environmental constraints in consideration of implementation of industry standard management and mitigation strategies that would prevent mine development.

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Data collection is ongoing and these data will be assessed on an ongoing basis to evaluate how mine development elements such as PAG material handling, TSF design, and water treatment requirements, as well as regulatory timelines for permits and approvals may be affected and could thereby influence the mine plan, capital and operating costs, and overall project schedule.

**20.2** **Environmental Management Considerations** 

This section describes management of tailings, mine rock, overburden and contact and non-contact water during all mine phases. Planned monitoring activities both on-site and in the environment are also described.

**20.2.1** **Tailings, Mine Rock and Overburden Disposal and Monitoring** 

As described in Section 18, a TSF will be constructed for storage of tailings generated from ore processing in the processing plant. Also as noted in Section 18, two tailings streams will be delivered to the TSF - the rougher tailings slurry that is non-PAG will be deposited subaerially along the upstream side of the TSF perimeter embankments to promote settling and maximize the settled dry density of the solids and the leach tailings slurry that is PAG will be deposited sub-aqueously towards the center of the impoundment facility to mitigate ML/ARD.

PAG mine rock will be stored in a designated co-disposal area in the TSF and a designated area within the MRSA. The PAG mine rock stored in the TSF would ultimately by encapsulated by tailings and stored below the ambient water elevation to limit oxygen ingress and mitigate ML/ARD. The TSF will be subject to continuous monitoring for structural integrity, seepage, and water quality. Runoff and seepage collection systems will be equipped with sampling points for routine analysis. Water associated with the TSF will be diverted into the site water management system and treated to meet appropriate discharge criteria before being released in a controlled manner from the site (see Section 20.2.2).

As described in Section 18, non-PAG mine rock that is not used to develop site infrastructure will be placed in the Mine Rock Storage Area (MRSA) which is located to the south of the open pit. PAG mine rock will be stored within a designated area within the MRSA and capped with silt and/or clay at closure to impede surface water infiltration. The MRSA will be subject to monitoring for structural integrity, seepage, and water quality. Runoff and seepage collection systems will be equipped with sampling points for routine analysis. Water associated with the MRSA will be diverted into the site water management system and treated (if required) to meet appropriate discharge criteria before being released in a controlled manner from the site (see Section 20.2.2). A standard water treatment circuit for contact water has been assumed pending detailed geochemistry results.

Several small overburden (OVB) stockpiles will be located around the site. As with the other material stockpiles, the overburden stockpiles will be subject to continuous monitoring for structural integrity, seepage, and water quality. Runoff and seepage collection systems will be equipped with sampling points for routine analysis. Water associated with the OVB stockpiles will be diverted into the site water management system and treated (if required) to meet appropriate discharge criteria before being released in a controlled manner from the site (see Section 20.2.2).

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**20.2.2** **Water Management** 

Effective water management is essential for ensuring environmental protection throughout the life of the Project and maintaining compliance with statutory requirements under Ontario and federal regulations. Water management during the operations and closure phases is described below.

**20.2.2.1** **Operations** 

During operations, water management at the site will involve the collection of contact water from mine facilities, maximizing reuse of contact water in processing, and discharge of surplus water via a water management pond to the nearby Pike River. Preliminary water balance schematics for Years 4 and 16 are presented in Section 18.6.

Runoff from OVB stockpiles will be allowed to runoff locally to infiltrate the ground without discharging directly to a nearby waterbody.

Clean, non-contact water from surrounding catchments will be intercepted and diverted around the site using engineered diversion channels to mitigate effects on local existing surface water drainage areas and minimize water management capacity needs.

Pit dewatering will be a significant component of water management, with groundwater inflows expected to range from approximately 200 m<sup>3</sup>/day in year 1 of operations to 3,700 m<sup>3</sup>/day near completion. Dewatered water will be pumped to the Plant Site Pond, with excess water pumped to the Water Management Pond as necessary.

The TSF will incorporate reclaim systems to recycle supernatant water back to the process plant, reducing freshwater demand. Perimeter embankments will include low-permeability zones and seepage collection systems to minimize seepage and prevent uncontrolled releases, with collected seepage pumped back to the TSF or conveyed to the Water Management Pond. A site-wide water balance will be maintained and updated regularly to manage inflows, reclaim water from the TSF, and ensure sufficient freeboard for storm events up to the Inflow Design Flood (IDF).

Geochemical characterization necessary to predict the quality of contact water to be discharged from the water management pond is ongoing. Treatment will be designed to meet effluent discharge criteria as derived consistent with Provincial water quality policy pursuant to the Environmental Protection Act and the Ontario Water Resources Act and in keeping with Provincial Procedure B-1-5 (Deriving Receiving Water Based Point Source Effluent Requirements for Ontario Waters). Such derived criteria will be integrated into the Project's Environmental Compliance Approval (ECA) as appropriate. Discharge from the site will also be subject to the federal Metal and Mining Diamond Mine Regulations (MDMER) that prescribe effluent discharge criteria for select constituents and require environmental effects monitoring to be carried out.

**20.2.2.2** **Closure** 

Water management during mine closure will focus maintaining control of Site contact water while remediation activities are completed. Water management infrastructure will be maintained during this period as necessary but will be decommissioned once the Site has been reclaimed per end land uses specified in the Closure Plan. The majority of the site contact water will be directed to the open pit during site closure to facilitate flooding of the open pit.

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The TSF will be dewatered, covered with rockfill or non-PAG tailings and growth medium, and seeded/revegetated - during this process runoff will be collected, managed and monitored until water quality meets regulatory standards. The TSF closure cap will include ditches and swales to direct surface water runoff to the open pit.

Any remaining material stockpiles will be re-shaped, covered with growth medium, and seeded/revegetated. During this process runoff will be collected, managed and monitored until water quality meets regulatory standards.

The open pit will be allowed to fill naturally. A water balance for the pit lake will be developed prior to site closure to confirm the filling rate and whether it will have a positive or negative water balance and require contingency for outflow (or not) for metals, pH, and cyanide degradation products to confirm compliance with discharge criteria.

Water treatment capability will be maintained on Site for the short-term to confirm that water being managed on the Site is suitable for release to the environment, after which it will be decommissioned. Passive treatment systems may be implemented if required, subject to conditions at that time.

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| **Figure 20-1:** | **Closure Arrangement**  |

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![LOGO](g83619dsp231.jpg)

Source: KP, 2025

**20.2.3** **Monitoring during Operations and Closure** 

**20.2.3.1** **Site Monitoring** 

During operations, the TSF and material stockpiles will be subject to monitoring for structural integrity, seepage, and water quality and quantity. Runoff and seepage collection infrastructure will be equipped with sampling points for routine analysis to understand contributions from Site aspects to the Site water management system. Water quality analyses will include pH, metals, cyanide, total suspended solids, and nutrients, and/or as required by Site permits, approvals and other statutory requirements.

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Treated effluent will be subject to both continuous and periodic (daily, weekly, monthly) monitoring prior to release from the Site to monitor treatment performance and to confirm adherence to regulatory requirements as prescribed by the Provincial ECA and federal MDMER. Characterization of treated effluent will include, flow, toxicity, pH, metals, cyanide, total suspended solids, nutrients and hydrocarbons, and/or others as required by Site permits, approvals and statutory requirements.

On-site monitoring during closure will generally mimic that of the operations phase initially, but reduced extent and frequency of monitoring would be expected as Site remediation progresses. Water elevations and water quality in the open pit will be measured on an appropriate frequency as the open pit fills. Surveillance during closure will serve to verify physical and chemical stability of mine waste facilities and the open pit.

Monitoring programs will include monthly surface water sampling during open-water seasons and seasonal groundwater sampling throughout operations. Parameters will include pH, metals, cyanide, total suspended solids, and nutrients, with continuous water level monitoring at hydrometric stations and monitoring wells. Baseline data indicate occasional natural exceedances for iron, aluminium, and phosphorus; adaptive management protocols will be implemented to ensure these do not worsen due to project activities. Monitoring results will be reported to the Ministry of Environment, Conservation and Parks (MECP) as per ECA permit conditions, and any exceedances will trigger investigation and corrective actions under the site-specific Water Management Plan.

**20.2.3.2** **Environmental Monitoring during Operations and Closure** 

Mayfair will implement comprehensive monitoring programs during operations and closure to ensure compliance with regulatory requirements and environmental commitments. Key programs include the following:

• Surface Water and Groundwater Monitoring:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An off-site surface water and groundwater monitoring network will be
established to track any influence of the Project in downstream/downgradient environments. Monthly sampling of surface water during open-water seasons and seasonal groundwater sampling will continue throughout operations. Parameters will include pH,
metals, nutrients, cyanide, and hydrocarbons. Continuous water level monitoring will be maintained at hydrometric stations and monitoring wells to track flow and predict seepage. The extent and frequency of off-site monitoring of surface water and groundwater would both be expected to be reduced commensurate with site remediation activities and demonstration of chemical stability on-site.

• Air Quality and Noise Monitoring:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A one-year ambient monitoring program for dustfall and particulate
matter will commence prior to construction, followed by operational monitoring at designated receptors. Noise monitoring will be conducted periodically to confirm compliance with MECP guidelines.

• Biological Monitoring:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Terrestrial and aquatic monitoring programs will be established to assess potential effects on wildlife, fish
habitat, and SAR. Surveys will include breeding bird point counts, bat acoustic monitoring, and aquatic environment surveys (fish and benthic invertebrate) at frequencies defined in permitting conditions and the MDMER.

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**20.3** **Permitting Considerations and Regulatory Framework** 

The Project will require a suite of permits and approvals typical of mine developments of the sort contemplated at Fenn-Gib, primarily under provincial jurisdiction, to support construction, operations, and closure. The Project as contemplated does not trigger a Comprehensive EA (previously referred to as an Individual EA) with the province. Select elements of the Project will require approval through the Provincial Class EA process. The Project is not a Physical Activity as defined in the Physical Activities Regulations under the federal Impact Assessment Act and therefore federal IA is not indicated. An authorization under the federal Fisheries Act may be required in relation to impacts to fish and fish habitat; approvals for storage and use of explosives will be required under the Explosives Act.

Early engagement with regulators has been initiated, and no significant impediments to permitting have been identified. Mayfair is in discussions with the Ontario government regarding entry into the One Project, One Process ("1P1P") initiative that includes facilitation of all necessary provincial approvals through a dedicated MAPDT.

Further detail as to provincial, federal and other permitting and regulatory considerations is provided below. A list (initial draft) of permits/approvals anticipated for the Project is provided in Table 20-1.

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|:---|:---|
| **Table 20-1:** | **List of Permits/Approvals (Initial Draft) Anticipated for the Project**  |

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| | | |
|:---|:---|:---|
| **Permit/Authorization** | **Agency<sup>1</sup>** | **Permit Required** |
|  **Federal Permits/Authorizations** | **Federal Permits/Authorizations** | **Federal Permits/Authorizations** |
|  Impact Assessment Act — Impact Assessment | IAA | No |
|  Fisheries Act — Section 35 | DFO/ECCC | Yes (likely) |
|  Fisheries Act — Section 36/Schedule 2 | DFO/ECCC | No |
|  Fisheries Act — MDMER | ECCC | No |
|  Species at Risk Act Permit | ECCC | No |
|  Migratory Birds Conservation Act | ECCC | No |
|  Canadian Navigable Waters Act (CNWA) | TC | No (unlikely) |
|  Explosive Act | NRCan | Yes |
|  Aeronautic Act | NAVCan | No |
|  Federal Radio Communication Act | Industry Canada | No |
|  **Provincial Permits/Authorizations** | **Provincial Permits/Authorizations** | **Provincial Permits/Authorizations** |
|  Provincial Environmental Assessment Act — Comprehensive or Class EAs | MECP | Yes; Class EA for select<br> mine-relatedcomponents |
|  Mining Act — Closure Plan | MEM | Yes |
|  Environnemental Protection Act — ECA Air/Noise | MECP | Yes |
|  Environmental Protection Act - ECA Industrial Sewage Works (ISW) | MECP | Yes |
|  Permit to Take Water | MECP | Yes |

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| **Permit/Authorization** | **Agency<sup>1</sup>** | **Permit<br>Required** |
|  Forest Resource License (FRL) or Permit to Remove Forest Resources (PRFR) | MNRF | Yes |
|  Crown Land Work/Use Permit | MNR | TBD<br>(likely) |
|  Lakes and Rivers Improvement Act (LRIA) Permit | MNR | Yes |
|  Endangered Species Act (ESA) — Overall Benefit (OB) Permit | MECP | TBD<br>(unlikely) |
|  Environmental Protection Act | MECP | Yes |
|  Other — Aggregate Resources Act (for aggregate development), Environmental Protection Act (Landfill) | MNR,<br>MECP | No |
|  **Other Government Approvals** | **Other Government Approvals** | **Other Government Approvals** |
|  Conservation Authorities Act Permit | NA | No |
|  Official Plan Amendment | NA | No |
|  Municipal Building Permit | NA | No |
|  Site Plan Control Application | NA | No |

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Note:

1. IAA - Impact Assessment Agency, ECCC - Environment and Climate Change Canada, DFO - Fisheries and Oceans
Canada, TC - Transport Canada, CNWA - Canadian Navigable Waters Act, NRCan - Natural Resources Canada, NavCan - Nav Canada, MECP - Ministry of Environment, Conservation and Parks, MEM - Ministry of Energy and Mines, MNR/MNRF - Ministry of Natural
Resources and Forestry, MTO - Ministry of Transportation, NA - not applicable

2. Approval duration assumed to be government timeline following submission of permit/approval application
documentation submission.

**20.3.1** **Provincial EA Requirements** 

The Project as contemplated does not trigger a Comprehensive EA with the Province.

The Project is anticipating progressing the Class EA processes listed below, as may be amended in the future by the Ontario provincial government.

• Class EA for Resource Stewardship and Facility Development, in accordance with MNR (2003), in advance of
issuing permits for harvesting Crown owned timber, water crossings larger with a watershed area greater than 5 km<sup>2</sup>, road construction on Crown owned surface rights, online dams, water diversions
and development of Crown owned aggregate.

• Class EA for any land tenure decisions, administered by Ministry of Mines.

• Class EA process required by Ministry of Transportation (MTO) for the re-alignment of an approximately 5 km segment of Highway 101).

• The Project is assuming the HONI 27.6 kV right of way for the power line will be utilized with no EA coverage
needed, however, in the event the Project connects to the 115 kV grid, a Category B Class EA is required under the Electricity Projects Regulation (O. Regulation 116/01) will be advanced.

Various provincial permits/approvals will be required. The most critical approval is the Closure Plan (CP) under Ontario Regulation 35/24 of the Mining Act, which will be filed in phases to allow early works and later amended for full mine development. Financial assurance will be required to cover the turnkey implementation of rehabilitation and monitoring measures, and the amount will be confirmed with the Ministry of Energy and Mines (MEM) during pre-submission consultation.

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Additional provincial permits include Environmental Compliance Approvals (ECA) for sewage works and air emissions under the Environmental Protection Act. Initial ECAs will focus on site preparation and construction water management, followed by amendments for full life-of-mine operations. A Permit to Take Water (PTTW) will be necessary for water takings exceeding 50,000 L/day, including pit dewatering and process water supply. Approvals under the Lakes and Rivers Improvement Act (LRIA) may be required for tailings dam construction. Other provincial authorizations will cover blasting, fuel storage, waste disposal, and sanitation systems.

Permits on the critical path include the Closure Plan, PTTW, and ECAs for water and air, as these are prerequisites for major construction and commissioning activities. A detailed permitting schedule (through 1P1P) will be developed to align with engineering and procurement timelines, ensuring regulatory compliance without impacting the project schedule.

**20.3.2** **Federal Impact Assessment Requirements** 

The Project is not a Physical Activity as defined in the Physical Activities Regulations under the federal Impact Assessment Act and therefore federal IA is not indicated. Specifically, the production rates contemplated for the Project are below the mine and mill thresholds per Section 2, Item 18 of the Physical Activities Regulations, as summarized below:

• Maximum ore production capacity of the mine is above 5,000 t/d.

• Maximum ore input capacity to the mill is above 5,000 t/d.

Based on the current understanding of the Project, it is understood that an authorization under the federal Fisheries Act may be required. The authorization would be in relation to the prohibition on harmful alteration, disruption or destruction of fish habitat per Section 35. There is no indication at this time that authorization would be needed in relation to Section 36 of the Fisheries Act and the MDMER associated with the disposal of mine waste into waters frequented by fish.

Approvals for storage and use of explosives will be required under the Explosives Act.

**20.3.3** **Other Approval Requirements** 

Municipal or other (e.g., Conservation Authorities Act) approval requirements are not expected to be required for on-site activities. The Site is not within Municipal township boundaries and there is no Conservation Authority whose jurisdiction extends to watersheds potentially affected by the development of the Project.

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Project-related infrastructure will be located within the Town of Matheson though such infrastructure is anticipated to be owned and operated by third parties. This infrastructure may require building permits and other municipal approvals.

**20.4** **Social and Community Considerations** 

The Project is located within Treaty 9 and the traditional territory of Apitipi Anicinapek Nation. Mayfair Gold has an active Exploration Agreement with AAN and has maintained ongoing engagement since the early stages of the Project. Throughout 2024 and 2025, Mayfair held multiple meetings with AAN's leadership, lands and resources staff, and technical advisors to review baseline studies, preliminary site layouts, and potential impacts on traditional land use. These sessions also included interactions on the Project Definition and permitting strategy. Mayfair continues to prioritize transparent communication and collaboration as the Project advances beyond the PFS and into the permitting phase.

In March 2025, the Ministry of Energy and Mines formally directed Mayfair to include additional Indigenous communities in the consultation process: Beaverhouse First Nation, Matachewan First Nation, Taykwa Tagamou Nation, and the Métis Nation of Ontario. Engagement with these communities will continue through permitting and development phases, with opportunities for input on Project design, environmental management, and socio-economic benefits.

Mayfair has also initiated early engagement with the Town of Black River-Matheson and regional stakeholders to introduce the Project and outline its potential benefits and impacts. Initial discussions have focused on employment opportunities, traffic management, and community investment priorities. No significant concerns have been raised to date, but feedback emphasized the importance of clear communication and minimizing disruption during construction. Additional public consultations are planned as part of the permitting and approvals processes, including public information sessions, and as incorporated into regulatory filings as appropriate.

To support local economic development, Mayfair anticipates developing certain off-site infrastructure within Matheson, such as accommodations for construction personnel and warehousing for non-essential spares. A "good neighbour" agreement is expected to be established with the Town of Matheson to outline commitments related to local hiring, procurement, traffic management, and community programs. This agreement will ensure the Project contributes positively to the social and economic well-being of the community while maintaining transparency and open communication throughout development and operations.

**20.5** **Closure and Reclamation Plans** 

The Closure Plan for the Project will be developed in accordance with Ontario Regulation 35/24 and the Mine Rehabilitation Code of Ontario. The primary objective is to return the site to a physically and chemically stable condition that supports acceptable post-mining land uses, such as wildlife habitat, while minimizing long-term environmental risks and risk of harm to members of the public. The Closure Plan will be filed in phases and refined through consultation with AAN specifically, as well as the identified regional Indigenous communities, and stakeholders to ensure alignment with traditional and end land use objectives.

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Given the stage of the Project, a conceptual closure strategy has been developed that will guide development of the Closure Plan. The envisioned closure strategy is illustrated on Figure 20-1. Key elements of the closure strategy include:

• removal of infrastructure, machinery and equipment

• remediation of disturbed areas via scarification and grading, remediation of contaminated soils, and placement
of growth medium to promote revegetation using native species

• contouring and stabilization of slopes of the TSF and remaining material stockpiles (mine rock, overburden)
for long-term integrity, with growth medium application to promote revegetation using native species

• implementing measures to mitigate ML/ARD risks to ensure long-term chemical stability of the TSF and remaining
material stockpiles, that could include for example encapsulation of PAG material and, if necessary, engineered covers or passive treatment systems

• securing the open pit with perimeter boulder fencing to restrict public access while the pit is allowed to
fill with water for the final closure condition

• decommissioning decant structures and water management sumps

• stabilizing water management courses and site drainage, and implementing short-term water management measures

• execution of monitoring programs for physical and chemical stability to verify performance of the closure
measures and compliance with discharge limits once implemented

• project management, engineering, and contract administration will be incorporated to oversee and coordinate
the closure activities.

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| **Figure 20-2:** | **Closure Arrangement**  |

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![LOGO](g83619dsp238.jpg)

Source: KP, 2025

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As noted in Section 20.2.2.2, water management will continue in the closure phase, focusing on maintaining control of Site contact water while remediation activities are completed. Water management infrastructure associated with site aspects will be maintained during this period as necessary but will be decommissioned once the Site has been reclaimed per end land uses specified in the Closure Plan and on-site water quality meets Closure Plan objectives. Water treatment capability will be maintained on Site as remediation is completed to confirm that water being managed on the Site is suitable for release to the environment, after which it will be decommissioned. Passive treatment systems may be implemented if required, subject to conditions a that time.

**20.5.1** **Closure Cost Estimates** 

The closure costs have been developed and deemed appropriate for the level of this technical report. Costs have been estimated based on the conceptualized scope of closure measures contemplated (i.e., the Closure Plan has not been finalized) and similar regional Closure Plan costs in the area. The estimate is included in the Section 21 and 22 and has been provided inclusive of all considerations associated with Ontario Regulation 35/24 and the Mine Rehabilitation Code of Ontario.

**20.6** **Comments on Environmental Studies, Permitting and Social and Community Considerations** 

Extensive baseline environmental studies have been conducted since 2021, covering terrestrial and aquatic ecosystems (including SAR), groundwater, air quality, noise, and cultural heritage resources. No significant impediments to the granting of environmental or operating permits have been identified. Baseline studies completed to date indicate that environmental conditions are typical of northern Ontario, and no critical constraints have been reported that would prevent mine development. Known considerations include management of potentially acid-generating (PAG) material and cyanidation residues, which will require engineered containment and monitoring, but these are standard practices in Ontario and addressed in the project design.

The Project does not currently hold the required permits for construction and operations, as the Project is at pre-feasibility stage; however, there is a reasonable expectation that the necessary permits will be obtained. This assessment is supported by the fact that similar mining projects in Ontario have successfully secured comparable approvals, and Mayfair has initiated early engagement with regulatory authorities to confirm permitting pathways. The permitting strategy includes phased filing of the Closure Plan under O. Reg. 35/24, Environmental Compliance Approvals for water and air, and a Permit to Take Water for pit dewatering and process water supply. These permits are considered achievable within the regulatory framework and consistent with current jurisdictional requirements. Importantly, the Project expects to apply for the Ontario 1P1P process, which provides a standardized framework for that facilitation of required provincial approvals. This 1P1P approach is intended to streamline regulatory review and ensure alignment with provincial expectations for mine development.

Social and community engagement is ongoing and proactive. The project is located within Treaty 9 and the traditional territory of Apitipi Anicinapek Nation, with an active Exploration Agreement in place. Mayfair will also initiate consultation with Beaverhouse First Nation, Matachewan First Nation, Taykwa Tagamou Nation, and the Métis Nation of Ontario, as directed by the Ministry of Energy and Mines. Engagement with local stakeholders, including the Town of Matheson, is underway, and a "good neighbour" agreement is anticipated to address local employment, procurement, and community investment.

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The conceptualized Closure Plan appears reasonable and aligned with the Mine Rehabilitation Code of Ontario. It includes removal of infrastructure, machinery and equipment, geotechnical and geochemical stabilization of tailings and MRSAs, pit flooding, and revegetation of disturbed areas using native species. Financial assurance will be provided to cover the full cost of closure and long-term monitoring, including contingencies for water treatment and ARD/metal leaching mitigation as may be appropriate.

Finally, it is noted that Mayfair has committed to implementing an Environmental, Health, and Safety (EHS) management system for the project. While detailed EHS plans have not yet been finalized, the approach is expected to meet provincial regulatory requirements and incorporate best practices consistent with international standards for environmental management and worker safety.

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| **21** | **CAPITAL AND OPERATING COSTS**  |

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**21.1** **Introduction** 

The capital and operating cost estimates presented in this PFS provide substantiated costs that can be used to assess the economics of the Project. The estimates are based on an open pit mining operation; the construction of a process plant; associated tailings storage and management facility, and infrastructure; as well as Owner's costs and provisions.

The estimates conform to Class 4 guidelines for a PFS-level estimate with a ±25% accuracy according to the Association for the Advancement of Cost Engineering International.

**21.2** **Capital Costs** 

**21.2.1** **Overview** 

A summary of the project capital costs and operating costs are presented in Table 21-1 below.

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| **Table 21-1:** | **Capital Cost Estimate**  |

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|:---|:---|:---|:---|
| **WBS Description** | **Initial Capital Cost ($M)** | **Sustaining Cost ($M)** | **Total Cost ($M)** |
|  Mining | 31.4 | 24.4 | 55.8 |
|  Crushing | 21.6 | 1.1 | 22.7 |
|  Process Plant | 114.7 | 1.4 | 116.1 |
|  On Site Infrastructure | 72.4 | 14.6 | 87.0 |
|  Off Site Infrastructure | 15.6 | 13.3 | 28.9 |
|  **Total Direct Costs** | **255.8** | **54.7** | **310.5** |
|  Project Preliminaries | **35.9** | **0.0** | **35.9** |
|  Project Delivery | 30.7 | 2.5 | 33.3 |
|  Owner's Costs | 61.7 | 3.7 | 65.3 |
|  **Total Indirect Costs** | **128.3** | **6.2** | **134.5** |
|  **Total Direct + Indirect Costs** | **384.1** | **60.9** | **444.9** |
|  Contingency | 65.9 | 0.0 | 65.9 |
|  **Total Capital Cost** | **450.0** | **60.9** | **510.9** |

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**21.2.2** **Basis of Estimate** 

**21.2.2.1** **Capital Cost Estimate Base Date** 

The estimate's base date is Q3 2025. The Project capital cost estimate start date is January 1, 2026. All non-operating costs required to complete project handover and close-out also form part of capital costs. Project completion is end of plant commissioning.

**21.2.2.2** **Estimate Accuracy** 

The accuracy of the capital cost estimate for the project meets the Association for the Advancement of Cost Engineering (AACE) Feasibility Study Class 4 guidelines and is within ±25% accuracy (note: AACE classification: low: -5% to -20% and high: +10% to +30%) for final project costs with contingency.

**21.2.2.3** **Currency and Commodity Rates** 

Vendors and contractors were requested to provide quotes in native currency. Pricing has been converted to the base currency of Canadian dollars using the exchange rates listed in Table 21-2.

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| **Table 21-2:** | **Estimate Exchange Rates**  |

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|:---|:---|:---|
| **Abbreviation** | **Currency** | **Exchange Rate** |
| AUD | Australian Dollar | 0.9161 |
| EUR | Euro | 1.6190 |
| USD | United States Dollar | 1.3500 |
| CAD | $Canadian Dollar | 1.00 |
| ZAR | South African Rand | 0.0810 |

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**21.2.3** **Estimate Methodology** 

**21.2.3.1** **Overview** 

Working with the consultants defined in Section 1.1, the capital and operating cost estimates were developed with a standard methodology, as follows:

• confirm the scope of work

• define the estimate base date

• define the estimate reporting currency

• define the estimate by WBS

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• collect various data sets, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discipline MTOs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pricing from budgetary/firm price bids, budgetary/firm RFP, quotes, databases, and benchmarking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct labour wages.

• develop the labour rates

• determine the installed equipment and material costs

• determine the indirect costs

• determine foreign exchange content

• determine the estimate contingency value through a deterministic analysis

• complete internal reviews.

Source data that was used in the development of the estimate includes the following:

• Scopes of Work

• equipment lists

• material take-offs (MTOs)

• design criteria

• layouts and general arrangements

• process flow diagrams (PFDs)

• mass and water balance engineering calculations

• geotechnical investigation

• project execution plan

• equipment pricing and budget quotes

• material and labour rates, budgetary pricing

• construction installation rates

• mine plan

• plant ramp-up plan

• project schedule.

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The direct cost portion of the capital cost estimate was reviewed for completeness and consistency against the project description, and indirect costs were added to the direct cost estimates to complete the estimate.

**21.2.3.2** **Work Breakdown Structure** 

The capital cost estimate was structured on the WBS and the cost coding structure defined for the project. The WBS was developed during the PFS and has been maintained through the study as required. The first 2 levels of the WBS are shown in Table 21-3.

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| **Table 21-3:** | **WBS Level 2**  |

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| **WBS Level 1/Level 2** | **Item** |
| **1000** | **Mining** |
| 1100 | Geology and Mine Design |
| 1200 | Waste Dump and Haul Roads |
| 1300 | Open Pit Mining Equipment |
| 1400 | Mine Services - Dewatering, Dispatch, Engineering Office, Truck Shop fit-out |
| 1500 | Mine Infrastructure and Services - Open Pit Communication |
| **2000** | **Crushing** |
| 2100 | Primary Crushing |
| 2200 | Secondary Crushing |
| 2300 | Tertiary Crushing |
| 2400 | Crushing Utilities |
| **3000** | **Process Plant** |
| 3100 | Grinding |
| 3200 | Gravity |
| 3300 | Flotation & Regrind |
| 3400 | Leach and Adsorption |
| 3500 | Desorption |
| 3600 | Goldroom |
| 3700 | Detox Thickening, Detox, and Tailings Pumping |
| 3800 | Reagents |
| 3900 | Process Plant Services and Common |
| **4000** | **On-Site Infrastructure** |
| 4100 | Bulk Earthworks |
| 4200 | Tailings Storage Facility |
| 4300 | HV Power Switchyard and Power Distribution |
| 4400 | Fuel Storage |
| 4500 | Water Services |
| 4600 | Infrastructure Buildings |

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| **WBS Level 1/Level 2** | **Item** |
| 4700 | Site Wide Water Management |
| 4800 | Mobile Equipment |
| **5000** | **Off-Site Infrastructure** |
| 5100 | Main Access Road |
| 5200 | Water Supply |
| 5300 | Power Supply |
| 5400 | Highway Realignment |
| **6000** | **Project Preliminaries** |
| 6100 | Temporary Construction Facilities and Services |
| 6200 | Construction Camp |
| 6300 | Miscellaneous Distributable Cost |
| 6400 | Commissioning Reps and Assistance |
| 6500 | Spares |
| 6600 | First Fills & Initial Charges |
| **7000** | **Project Delivery** |
| 7100 | Engineering Services |
| 7200 | Commissioning Services |
| **8000** | **Owner's Cost** |
| 8100 | Owner's Costs and Pre-Stripping |
| 8200 | Closure/Reclamation Costs |
| 9000 | Provisions |
| 9100 | Contingency |

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**21.2.3.3** **Material Take-off and Estimate Quantities** 

Material take-offs (MTO's) were provided in a structured and traceable manner in appropriate formats. The preparation and review of the MTO's followed standard engineering practices.

MTOs are based on neat quantities, with factors for waste and details. No design growth factor was applied to these quantities. There is a specific provision for design growth as outlined in Section 21.2.8.5. Before an MTO was issued to estimating, a review of the area was undertaken to ensure all scope is captured. The MTO responsibilities of the engineering consultants are as follows:

• Ausenco - Developed MTO's for the process plant and select infrastructure (except as noted in the
subsequent sections)

• KP - Developed MTO's for the TSF and site water management structures.

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• AGP - Jointly developed MTO's for site bulk earthworks with Mayfair (i.e., access roads, haul roads,
etc.) and developed MTOs for the mine services area and pit dewatering water management infrastructure.

**21.2.4** **Area 1000 - Mine Capital Costs** 

**21.2.4.1** **Overview** 

The mining capital cost estimate is grouped into various categories. These include:

• 1200 - Waste Dumps and Haul Roads

• 1300 - Open Pit Mining Equipment

• 1400 - Mine Services—Dewatering, Dispatch, Engineering Office, Truck Shop

• 1500 - Mine Infrastructure - Open pit Power and Communication. The cost breakdown summary has been shown in
Table 21-4.

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| **Table 21-4:** | **Mining Capital Costs**  |

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| | | | |
|:---|:---|:---|:---|
| **Mining Capital Category** | **Initial Cost<br>Estimate**<br>**($M)** | **Sustaining<br>Cost Estimate**<br>**($M)** | **Total Capital<br>Cost Estimate<br>($M)** |
|  1200 - Waste Dumps and Haul Roads | 6.3 | 1 | **7.3** |
|  1300 - Open Pit Mining Equipment | 15.3 | 10.4 | **25.7** |
|  1400 - Mine Services - Dewatering, Dispatch, Engineering Office, Truck Shop Fitout | 5.1 | 13 | **18.1** |
|  1400 - Truck Shop | 4.3 |  | **4.3** |
|  1500 - Mine Infrastructure - Open Pit Communication | 0.4 |  | **0.4** |
|  **Total Mining Capital Estimate** | **31.4** | **24.4** | **55.8** |

---

**21.2.4.2** **1200 - Waste Dumps and Haul Roads** 

The cost in this category covers the development of initial mine roads, waste dump foundation and pit area preparation (clearing and grubbing) and the initial water ponds and ditching system. The sustaining capital cost represents upgrading of the ditch and pond system in Year 5 to tie into Phase 1E and the expanding waste dump footprint.

Initial capital is estimated at $6.3 million with sustaining capital adding another $1 million in Year 5 for a total of $7.3 million over the LOM.

**21.2.4.3** **1300 - Open Pit Mining Equipment** 

The mining equipment capital costs reflect the use of financing of the major equipment and most support equipment. Equipment prices for major equipment are based on current quotations from local vendors. A 10% down payment is included in the capital cost for those units financed. The remaining cost is included in operating costs discussed later in Section 21.3.3. An allowance for the cost for the base fleet management system on each piece of equipment to properly track mill feed, and waste types is included in this category.

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Initial capital cost requirements are estimated at $15.3 million with sustaining (new and replacement equipment) estimated at $10.4 million.

The cost of spare truck boxes, loader buckets, and dozer blades are included in the capital cost for the major equipment cost estimate.

The distribution of capital costs is completed using the number of units required within a period. If new or replacement units are needed, that number of units and using the unit cost applied against them (10% of that for major equipment) is used to determine the capital cost in that period. There is no allowance for escalation in any of these costs.

The balancing of equipment units based on operating hours is completed for each major piece of mine equipment. The smaller equipment was based on number of units required, based on operational experience. This includes such things as pickup trucks (dependent on the field crews), lighting plants, mechanics trucks, etc. Additional support equipment for snow removal and site water control was included to accommodate the expected climatic conditions.

The most significant piece of major mine equipment is the haulage trucks. At the peak of mining, 8 - 91 t units are necessary to maintain mine production. This happens in Year 9. The maximum hours/truck/year are set at 6,000. There are periods where the maximum hours per unit are below what the maximum possible can be. In those situations, increasing the maximum on the number of trucks still leaves residual hours required to complete the material movement, therefore, the number of total trucks is unchanged. In these cases, the hours required are distributed evenly across the number of trucks on site and available. The other major mine equipment is determined in the same manner.

With a mine life of 14.5 years the major equipment will require a replacement cycle. Support equipment is replaced within the mine life. The support equipment is usually replaced on a specified time interval. For example, pickup trucks are replaced every three years, with the older units possibly being passed down to other departments on the mine site, but for capital cost estimating new units are considered for mine operations, engineering, and geology.

The number of pieces of major equipment required by year are shown in Table 21-5: Mine Equipment on Site.

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| **Table 21-5:** | **Mine Equipment on Site**  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment** | **YEAR**<br> **-1** | **YEAR**<br> **1** | **YEAR**<br> **2** | **YEAR**<br> **3** | **YEAR**<br> **4** | **YEAR**<br> **5** | **YEAR**<br> **6** | **YEAR**<br> **7** | **YEAR**<br> **8** | **YEAR**<br> **9** | **YEAR**<br> **10+** |
| Production Drill-165 mm | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Production Loader | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Hydraulic Shovel (Diesel) |  | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Haulage Truck (91 t) | 4 | 4 | 5 | 5 | 6 | 6 | 6 | 7 | 7 | 8 | 8 |
| Crusher Loader | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Support Excavator | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Track Dozer | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 4 |
| Grader | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |

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The smaller production drills, production excavator and haulage trucks (70 t) are used in the construction of the tailings facility, roads and maintenance of the water diversion system.

The expected equipment life is:

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|:---|:---|:---|
| •  | production drill (165 mm) | = 25,000 h |
| •  | diesel hydraulic shovel (16 m<sup>3</sup>) | = 50,000 h |
| •  | production loader (13 m<sup>3</sup>) | = 35,000 h |
| •  | haulage truck (92 t) | = 50,000 h |
| •  | track dozer | = 35,000 h |
| •  | grader | = 25,000 h |
| •  | support excavator | = 10 years. |

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Expected life for other support equipment is normally determined in number of years and varies by its duty in the mine. Light plants for example are replaced every four years. The integrated tool carrier for site support is purchased once at the Project start and is not replaced over the mine life.

**21.2.4.4** **1400 - Mine Services - Dewatering, Dispatch, Engineering Office, Truck Shop Fit out** 

The bulk of the cost is the dewatering capital cost and ongoing horizontal drain hole program. Initial dewatering costs include pumps and piping. Sustaining costs include replacement of those items at regular intervals. Initial costs for the dewatering are $1.4 million with sustaining costs of $8.2 million over the 14.5 year mine life

Other initial costs include the engineering office equipment including survey equipment, software, dispatch servers and initial truck shop equipment.

Initial costs in this category total $5.1 million with sustaining costs of $13 million.

**21.2.4.5** **1400 - Additional Mining Infrastructure** 

Ausenco supported with additional mining infrastructure, including a truck shop with warehousing and truck washing facilities. The truck shop cost was developed based on a pricing received from major construction contracts budgetary pricing, and include pricing for the fabric buildings, foundations and structural steel. The initial capital costs for this infrastructure totals $4.3 million.

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**21.2.4.6** **1500 - Mine Infrastructure - Open Pit Communication** 

The communication system is for general communication as well as data from the equipment for use in the dispatch system. An allowance of $0.4 million has been included in this category.

**21.2.5** **Area 2000 and 3000 - Process Plant Capital Costs** 

The process plant and crushing capital cost estimate is summarized in Table 21-6.

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| **Table 21-6:** | **Capital Cost Estimate Summary - Process Plant**  |

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| | | | |
|:---|:---|:---|:---|
| **WBS Description** | **Initial Capital Cost**<br>**($M)** | **Sustaining Cost**<br>**($M)** | **Total Cost**<br>**($M)** |
|  Primary Crushing | 15.6 | 1.1 | 16.6 |
|  Secondary Crushing | 2.8 | 0.0 | 2.8 |
|  Tertiary Crushing | 3.1 | 0.0 | 3.1 |
|  Crushing Utilities | 0.2 | 0.0 | 0.2 |
|  Grinding | 32.8 | 0.0 | 32.8 |
|  Gravity | 0.1 | 1.4 | 1.5 |
|  Flotation & Regrind | 17.8 | 0.0 | 17.8 |
|  Leach and Adsorption | 17.1 | 0.0 | 17.1 |
|  Desorption | 8.4 | 0.0 | 8.4 |
|  Goldroom | 1.4 | 0.0 | 1.4 |
|  Detox Thickening, Detox, and Tailings Pumping | 13.3 | 0.0 | 13.3 |
|  Reagents | 8.1 | 0.0 | 8.1 |
|  Process Plant Services and Common | 15.6 | 0.0 | 15.6 |
|  **Total Direct Costs** | **136.3** | **2.5** | **138.8** |

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The process equipment requirements were based on process flowsheets and process design criteria, as defined in Section 17. All major equipment was sized based on the process design criteria to derive a mechanical equipment list. Mechanical scopes of work were developed and sent for budgetary pricing to equipment suppliers. For mechanical equipment costs, 84% of the value was sourced from budgetary quotes; the remainder was sourced through benchmarking against other recent North American gold doré mining projects and studies.

Similarly, sizing of major electrical equipment was based on the project's equipment list. Scopes of work were developed to receive budgetary pricing from equipment suppliers. For the electrical equipment, 91% of the value was sourced from budgetary quotations. The remainder was sourced by benchmarking against other recent North American gold doré mining projects and studies.

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To support the major installation construction contracts, engineering for the process plant and infrastructure was completed to a PFS level of definition. After deriving the bulk material quantities (concrete, steel, piping, etc.) for the process plant and surface infrastructure areas, major construction contracts were formed and sent to the market for supply and installation rates.

**21.2.6** **Area 4000 - On-Site Infrastructure Capital Costs** 

The on-site infrastructure capital cost estimate is summarized in Table 21-7 below.

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| **Table 21-7:** | **On-Site Infrastructure Capital Costs**  |

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|:---|:---|:---|:---|:---|
| **WBS Level 2** | **WBS Description** | **Initial Capital Cost**<br>**($M)** | **Sustaining Cost**<br>**($M)** | **Total Cost**<br>**($M)** |
| 4100 | Bulk Earthworks | 4.1 | 0.0 | 4.1 |
| 4200 | Tailings Storage Facility | 19.8 | 0.0 | 19.8 |
| 4300 | HV Power Switchyard and Power Distribution | 12.7 | 0.0 | 12.7 |
| 4400 | Fuel Storage | 0.2 | 0.0 | 0.2 |
| 4500 | Water Services | 16.1 | 12.2 | 28.3 |
| 4600 | Infrastructure Buildings | 6.4 | 0.0 | 6.4 |
| 4700 | Site Wide Water Management | 10.7 | 0.0 | 10.7 |
| 4800 | Mobile Equipment | 2.4 | 2.4 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Direct Costs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Direct Costs** | **72.4** | **14.6** | **87.0** |

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**21.2.6.1** **Areas 4200 and 4700 - Tailings Storage Facility and Side Wide Water Management** 

The MTOs for the earthworks scope associated with the TSF and water management structures were developed by KP based on the PFS level engineering design and the site investigations (including sub-surface material properties and hydrogeological modeling) completed to-date. Unit rates applied to these quantities were derived from budgetary quotations provided by suppliers and local contractors familiar with the regional conditions and scope requirements. To ensure reliability, these unit costs were validated against benchmarks from similar projects executed under comparable site and climatic conditions, providing confidence in the accuracy and applicability of the estimate.

The Owner's fleet will operate in coordination with the contractor's equipment to support the downstream bulk material placement at the TSF during Year -1. Future TSF dam raises (to be completed in sustaining capital) have been costed based on a strategy where contractors perform the upstream construction, with the Owner's mining fleet executing the placement of the downstream bulk material.

**21.2.6.2** **Area 4100, 4300, 4400, 4500, 4600, and 4800 - On-Site Infrastructure** 

The on-site infrastructure equipment requirements were based on process flowsheets and process design criteria, as defined in Section 17. All major equipment was sized based on the process design criteria to derive a mechanical equipment list. Mechanical scopes of work were developed and sent for budgetary pricing to equipment suppliers. For mechanical equipment costs, 84% of the value was sourced from budgetary quotes; the remainder was sourced through benchmarking against other recent North American gold doré mining projects and studies.

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Similarly, sizing of major electrical equipment was based on the project's equipment list. Scopes of work were developed to receive budgetary pricing from equipment suppliers. For the electrical equipment, 91% of the value was sourced from budgetary quotations. The remainder was sourced by benchmarking against other recent North American gold doré mining projects and studies.

To support the major installation construction contracts, engineering for the process plant and infrastructure was completed to a PFS level of definition. After deriving the bulk material quantities (earthworks, concrete, steel, piping, etc.) for the process plant and surface infrastructure areas, major construction contracts were formed and sent to the market for supply and installation rates.

**21.2.7** **Area 5000 - Off-Site Infrastructure Capital Costs** 

The off-site infrastructure capital cost estimate is summarized in Table 21-8 below

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| **Table 21-8:** | **Off-Site Infrastructure Capital Costs**  |

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| **WBS Level 2** | **WBS Description** | **Initial Capital Cost**<br>**($M)** | **Sustaining Cost**<br>**($M)** | **Total Cost**<br>**($M)** |
| 5300 | Power Supply | 13.6 | 0.0 | 13.6 |
| 5400 | Highway Realignment | 2.0 | 13.3 | 15.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Direct Costs** |  | 15.6 | 13.3 | 28.9 |

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The high-voltage powerline cost is based on a study provided by Mayfair. Ausenco reviewed the study, with the included cost estimate, and found it to be accurate and acceptable for this study. The high voltage power line includes 17 km of new towers and a conductor, as well as a new substation.

The highway realignment cost is based on a study provided by Mayfair. Ausenco reviewed the study, with the included cost estimate, and found it to be accurate and acceptable for this study. The highway realignment includes 4.42 km in length of new highway, running north of the existing Highway 101 corridor, and is intended to be installed in year 1 of operations. An allowance for a conveyor pass-through for the initial construction of the facility has been accounted for in the construction phase.

**21.2.8** **Areas 6000, 7000, 8000 & 9000 - Indirect Capital Costs** 

The indirect capital cost estimate is summarized in Table 21-9 below.

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| **Table 21-9:** | **Indirect Capital Costs**  |

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| **WBS Level 2** | **WBS Description** | **Initial<br>Capital<br>Cost**<br>**($M)** | **Sustaining<br>Cost**<br>**($M)** | **Total<br>Cost**<br>**($M)** |
| 6100 | Temporary Construction Facilities and Services | 3 | 0 | 3 |
| 6200 | Construction Camp | 16.9 | 0 | 16.9 |
| 6300 | Miscellaneous Distributable Cost | 8.7 | 0 | 8.7 |
| 6400 | Commissioning Reps and Assistance | 1.6 | 0 | 1.6 |
| 6500 | Spares | 4.6 | 0 | 4.6 |
| 6600 | First Fills & Initial Charges | 1 | 0 | 1 |
| 7100 | Engineering Services | 12.1 | 0.9 | 13 |
| 7200 | Commissioning Services | 18.6 | 1.6 | 20.3 |
| 8100 | Owner's Costs | 53.4 | 0 | 53.4 |
| 8200 | Closure Bond Carrying Costs | 8.3 | 3.7 | 12 |
|  | **Total Indirect Costs** | **128.3** | **6.2** | **134.5** |
| 9100 | Contingency | 65.9 | 0 | 65.9 |

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**21.2.8.1** **Area 6000 - Project Preliminaries** 

Temporary construction facilities and construction services include facilities and services for the EPCM team and have been factored as an allowance based on total process plant and infrastructure direct costs. Project field indirects are calculated at $3.0 million and captured in WBS 6100.

The Camp costs was estimated to be rental facilities (owned and operated by a third party) located within the town of Matheson, ON. The construction camp costs were developed from a budgetary quote for the rental of a camp (including mobilization/demobilization, lease, and installation) for a 400-person capacity camp. Operational costs for the camp were developed from reference per person per day camp operational costs and applied to an estimated loading histogram. Mining construction personnel were provided from the AGP mining cost estimate and were assumed to be 50% local resources not requiring camp accommodations. Process plant and other infrastructure were estimated to have a peak load of 180 personnel, and a ramp up/ramp down histogram over the two-year construction schedule was estimated to develop the operational costs. 25% of the process plant and other infrastructure personnel were assumed to be local and not require camp accommodations. Total costs for the construction camp were calculated at $16.9 million and captured in WBS 6200.

Heavy lift crane costs tabulated to $8.4 million, and were provided by the chosen SMPP contractor, considering a high-level lifting plan to suit the construction schedule. Crane costs consider rental rates including operators and are captured in WBS 6300. Additionally, the SMPP contractor provided fuel consumption quantities, which were applied to a fuel cost. Fuel costs were calculated at $0.3 million and captured in WBS 6300.

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Vendor representative costs during commissioning and construction include vendor representative support during the installation of the purchased equipment. Vendor representative costs have been factored based on the equipment supply price and benchmarked against Ausenco's in-house database of projects. Vendor representative costs were calculated at $1.6 million and captured in WBS 6400.

Commissioning, operational and capital/insurance spare quantities were recommended and priced by equipment suppliers. If vendors did not provide a cost for spares, a factored allowance was included based on the equipment supply price and benchmarked against Ausenco's in-house database of projects. Total initial spares were calculated at $4.6 million and captured in WBS 6500.

First fills include the costs for the initial construction first fills for installed equipment and commissioning first fills which consist of chemicals, fuels and lubricants etc. First fills have been factored based on the equipment supply price and benchmarked against Ausenco's in-house database of projects. Total first fills were calculated at $1.0 million and captured in WBS 6600.

**21.2.8.2** **Area 7000 - Project Delivery** 

Engineering, Procurement, and Construction Management ("EPCM") costs for the process plant have been factored based on a percentage of the total direct costs for the process plant. The factor was estimated by benchmarking against Ausenco's in-house database of projects.

EPCM costs for the mining area have been factored based on a percentage of the total direct costs for the mine development.

EPCM costs for the TSF and water management mining area have been factored based on a percentage of the total direct costs for the TSF and water management areas.

Total EPCM costs have been tabulated at $30.3 million and captured in WBS 7000.

**21.2.8.3** **Area 8000 - Owner's Costs** 

21.2.8.3.1 8100 - Pre-Stripping

Mining activity commences in advance of the process plant achieving commercial production. This includes the movement of 6.2 Mt of waste and placement of 0.8 Mt of mill feed material in a stockpile adjacent to the primary crusher. The mine operating costs associated with this time period are included in the capital cost estimate and expected to cost $42.3 million. This cost covers all associated management, drilling, blasting, loading, hauling, support, engineering and geology departments labour, grade control costs and financing costs.

21.2.8.3.2 8100 and 8200 - General and Administrative

The remainder of the owner's costs consist of G&A activities incurred during the pre-production phase, as well as the ongoing carrying costs related to Closure and Reclamation bonding.

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**21.2.8.4** **Area 9000 - Contingency** 

Contingency accounts for the difference between the estimated and actual costs of materials and equipment. The level of contingency varies depending on the nature of the contract and the client's requirements. Due to uncertainties at the time the capital cost estimate was developed (in terms of the level of engineering definition, basis of the estimate, schedule development, etc.), it is essential that the estimate includes a provision to cover the risk from these uncertainties.

A contingency rate of 15% to 20% has been used based on the standards for a Class 4 AACE estimate and the level of definition of the project scope. To develop the contingency value, a deterministic contingency analysis was carried out during which a ranging workshop was held internally to evaluate the major cost components in terms of pricing confidence and quantity basis. The analysis provided input ranges for potential underrun/overrun that were in turn applied as percentages to the base estimate. No contingency has been included for project-specific risks or for management reserve.

The following contingency percentages were applied:

• Process plant and site infrastructure - 18.4%.

• Mining Equipment - 5%.

• Mining Infrastructure and Pre-production - 20%.

• Highway Realignment - 30%.

• Incoming Power Supply - 34%.

• TSF and Water Management - 20%.

• Owner - 10%.

**21.2.8.5** **Growth** 

A growth allowance has been allocated to each line item in the capital cost estimate to reflect the level of design definition and pricing strategy. The allowance provides for additional costs that will be recognized in future project phases as engineering is advanced.

Estimate growth:

• intends to account for items that cannot be quantified based on current engineering status but are empirically
known to appear

• represents the accuracy of quantity take-offs and engineering lists based on the level of engineering and
design undertaken at a feasibility study level

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• represents pricing growth for the likely increase in cost due to development and refinement of specifications
as well as re-pricing after initial budget quotations and after finalization of commercial terms and conditions to be used on the project.

Growth has been calculated on a line-item level by evaluating the status of the engineering scope definition and maturity and the ratio of the various pricing sources for equipment and materials used to compile the estimate. The growth rate applied was based on guidance aligning to a Class 4 AACE estimate and the level of definition of the project scope.

**21.2.8.6** **Freight, Logistics, Taxes, and Duties** 

Freight costs have been calculated from vendor quotations where available. Where vendors did not provide a cost for freight, a factor was applied. 10.5% freight cost was used for equipment coming from overseas where quoted freight numbers were not provided. A 7% freight cost was used for equipment coming from inland where quoted freight numbers were not provided.

In the procurement process, the source of materials was considered with the impact of duties and tariffs. In the estimate, and in discussions with major suppliers and original equipment manufacturers, there were no significant impacts identified, and taxes and duties are excluded from the CAPEX.

**21.2.9** **Closure Costs** 

Closure costs have been estimated based on preliminary conceptual plans for the Project and are presented in Table 21-10. These concepts were developed without input from government agencies or consultation with affected Indigenous communities. Consequently, the closure cost estimates are subject to revision as design progresses and stakeholder engagement occurs. Closure costs are considered reasonable and representative of the current design, the understanding of the Project and the regulations and permitting generally associated with mine closure.

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| **Table 21-10:** | **Closure Costs**  |

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|:---|:---|
| **Description** | **Cost ($M)** |
|  Mobilization/Demobilization for Closure | 2.8 |
|  TSF Closure | 22.3 |
|  Water Management Pond Closure | 1.5 |
|  Mine Rock Storage Area Closure | 7.0 |
|  Open Pit Closure | 6.7 |
|  Plant Site Closure | 5.6 |
|  ECM for Closure | 3.5 |
|  **Closure/Reclamation Costs** | **49.4** |

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Note: No contingency included in the closure cost estimate

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**21.2.10** **Exclusions** 

The following costs and scope will be excluded from the capital cost estimate:

• Operating costs and revenue generated following project commissioning and prior to commercial production.

• Taxes and duties.

• Environmental approvals.

• Special incentives (schedule, safety or others).

• No allowance has been made for loss of productivity and/or disruption due to religious, union, social and/or
cultural activities.

• Escalation beyond the base date Q3 2025.

• Environmental impact assessment and permitting conditions that may increase operating costs.

• Future scope changes.

• Demolition (included in the closure costs) and salvage of any existing on-site structures.

• Lost time due to weather, labour availability and disruption or force majeure events.

• Training of operations personnel and operational readiness planning.

• Management reserve.

• Project financing costs..

**21.3** **Operating Costs** 

**21.3.1** **Overview** 

The operating cost estimate is presented in Q3 2025 Canadian dollars ($) and was prepared to a Class 4 estimate with an accuracy of ±25% as defined by the Association for the Advancement of Cost Engineering International. The estimate includes mining, processing, and general and administration (G&A) costs.

The overall operating cost over the life-of-mine of the project is $1,493 million over 15 years, or an average of $59.43/t processed. The operating costs are summarized in Table 21-11 below.

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|:---|:---|
| **Table 21-11:** | **Operating Cost Summary**  |

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| | | | |
|:---|:---|:---|:---|
| **Cost Area** | **Total LOM ($M)** | **$/t Processed** | **% of Total** |
|  Mining1 | 771 | 30.66 | 52% |
|  Process | 483 | 19.22 | 32% |
|  G&A | 171 | 6.82 | 11% |
|  Refining and Royalties | 68 | 2.73 | 5% |
|  **Total** | **1493** | **59.43** | **100%** |

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Note:

1. Equivalent to $4.53/t mined

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**21.3.2** **Basis of Estimate** 

Unless otherwise stated, all costs presented in this chapter are in Canadian dollars. The operating costs were calculated based on process and maintenance consumables, workforce and G&A costs.

Common to all operating cost estimates are the following assumptions:

• Costs are estimated based on Q3 2025 pricing without allowances for inflation.

• For material sourced in US dollars, an exchange rate of 1.35 Canadian dollar to 1.00 US dollar was assumed.

• Estimated cost for diesel is $1.13/L.

• Power costs are calculated using a unit price of $0.11/kWh, provided by Mayfair Gold.

**21.3.3** **Mine Operating Costs** 

The mine operating costs have been estimated from base principles with vendor quotations for repair and maintenance costs and other suppliers for consumables. Key inputs to the mine cost are fuel and labour. The fuel price quoted for the Project was $1.13/L delivered to the site. The mining fleet and support equipment fleets are diesel powered.

**21.3.3.1** **Labour** 

Labour costs for the various job classifications were obtained from salary surveys in Ontario and other operations. A burden rate of 35% was applied to the various rates. Labour was estimated for both staff and hourly on a 12-hour shift basis utilizing a rotation of either two weeks on/two weeks off or four days on, three days off. Mine staff positions are shown in Table 21-12.

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| **Table 21-12:** | **Mine Staffing Requirements included in Labour Cost (Year 4)**  |

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| **Position** | **Estimated Number of personnel** |
| **Mine Maintenance** | **Mine Maintenance** |
| Maintenance Shift Supervisor | 2 |
| Maintenance Planner/Contract Administration | 1 |
| Clerk | 1 |
| Subtotal | **4** |
| **Mine Operations** | **Mine Operations** |

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| **Position** | **Estimated Number of personnel** |
| Mine Operations/Technical Superintendent | 1 |
| Senior Shift Supervisor | 4 |
| Road Crew/Services Supervisor | 1 |
| Clerk | 1 |
| **Subtotal** | **7** |
| **Mine Engineering** | **Mine Engineering** |
| Senior Engineer | 1 |
| Open Pit Planning Engineer | 1 |
| Geotechnical Engineer | 1 |
| Blasting/Geotechnical Technician | 1 |
| Dispatch Technician | 2 |
| Surveyor/Mining Technician | 2 |
| Surveyor/Mining Technician Helper | 2 |
| Clerk | 1 |
| **Subtotal** | **11** |
| **Geology** |  |
| Senior Geologist | 1 |
| Grade Control Geologist/Modeler | 1 |
| Sampling/Geology Technician | 2 |
| **Subtotal** | **4** |
| **Total** | **26** |

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The mine staff labour remains constant from Year 3 until the end of the mine life. During the pre-production period and Years 1, and 2, there is a trainer position in mine operations.

Hourly employee labour force levels in mine operations and maintenance fluctuate with production requirements. The Year 4 hourly labour requirements are shown in Table 21-13.

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| **Table 21-13:** | **Hourly Manpower Requirements included in Labour Cost (Year 4)**  |

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| **Position** | **Estimated Number of personnel** |
| **Mine General** | **Mine General** |
| General Equipment Operator | 8 |
| Road/Pump Crew | 4 |
| General Mine Labourer | 4 |
| Light Duty Mechanic | 1 |
| Tire Technician | 1 |
| Lube Truck Driver | 4 |

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| **Position** | **Estimated Number of personnel** |
| **Subtotal** | **22** |
| **Mine Operations** | **Mine Operations** |
| Driller | 8 |
| Blaster | 1 |
| Blast Helper | 2 |
| Loader Operator | 4 |
| Hydraulic Shovel Operator | 8 |
| Haul Truck Driver | 24 |
| Dozer Operator | 10 |
| Grader Operator | 6 |
| Crusher Loader Operator | 3 |
| Snowplow/Water Truck | 4 |
| **Subtotal** | **70** |
| **Mine Maintenance** | **Mine Maintenance** |
| Heavy Duty Mechanic | 15 |
| Welder | 13 |
| Electrician | 1 |
| Apprentice | 6 |
| **Subtotal** | **35** |
| **Total** | **127** |

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Labour costs assume an owner operated model, with Mayfair conducting all equipment maintenance using its own personnel. The potential use of an external maintenance and repair contract (MARC) will be evaluated in later phases of the Project. Comprehensive organizational structures will also be developed in subsequent phases.

The mine manager oversees mine operations, maintenance, engineering, and geology. Reporting to this role are mine and maintenance shift supervisors, a senior engineer, and a senior geologist. The mine has four operations crews, each led by a senior shift supervisor. A road crew/services supervisor manages roads, drainage, and pumping, and serves as backup for the senior mine shift supervisor. The training supervisor position is temporary and ends after Year 2.

Engineering reports to one senior engineer, including an open pit engineer and a geotechnical engineer. The blasting technician is part of short-range planning, which also includes two surveyor/mine technicians, two surveyors/mine helpers, and a clerk. The geotechnical engineer oversees wall slopes, waste dumps, and tailings facilities.

The geology department has one senior geologist, a grade control geologist/modeler, two grade control/sampling technicians, and shares a clerk with engineering.

Four mine maintenance shift supervisors, a maintenance planner/contract administrator, and a clerk report to the mine manager.

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The hourly labour force will include positions such as the light duty mechanic, tire technicians, and lube truck drivers. These positions will all report to maintenance. There will generally be one of each position per crew. Other general labour will include general mine labourers (1/ crew) and trainees (1/crew) plus two road/pump crew personnel per crew (dayshift only) for water management/snow removal.

The drilling labour force is based on one operator per drill, per crew while operating. This peaks at 12 drillers in Years 5-9 and then drops over time as the drilling hours are diminished.

Shovel and loader operators will peak at 12 in Year 2 and maintain that level until Year 10. Haulage truck drivers will peak at 28 in Year 8 and then drop off to the end of the mine life.

Maintenance factors are used to determine the number of heavy-duty mechanics, welders and electricians that are required and are based on the number of equipment operators. Heavy duty mechanics work out to 0.25 mechanics required for each drill operator, for example. Welders are 0.25/operator and electricians are 0.05/operator.

The number of loader, truck and support equipment operators is estimated using the projected equipment operating hours. The maximum number of employees is 4/unit to match the mine crews.

**21.3.3.2** **Equipment Operating Costs** 

The vendors provided repair and maintenance (R&M) costs for each piece of equipment selected for the PFS. Fuel consumption rates were estimated from the information supplied and knowledge of the working conditions. The costs for R&M are expressed in $/h form.

Tire costs were also collected from various vendors for the sizes expected to be used. Estimates of tire life are based on AGP's experience and discussions with the vendors. The operating cost of the tires is also expressed in $/h form. The life of the haulage truck tires is estimated at 5,500 h/tire with proper rotation from front to back. Each truck tire is estimated to cost $17,200 so the cost per hour for tires is $18.73/h for the truck using six tires in the calculation.

Ground engaging tools (GET) costing is estimated from other projects and is an area that would be refined once the Project is operational.

Drill consumables are estimated as a complete drill string using the parts list and component lives provided by the vendor. Drill productivity is estimated at 25.8 m/h for mill feed and waste rock material. The equipment costs used in the estimate are shown in Table 21-14.

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| **Table 21-14:** | **Major Equipment Operating Costs - No labour ($/h)**  |

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|:---|:---|:---|:---|:---|:---|:---|
| **Equipment** | **Fuel/Power**<br>**($/h)** | **Lube/Oil**<br>**($/h)** | **Tires/Undercarriage**<br>**($/h)** | **Repair & Maintenance**<br>**($/h)** | **GET/Consumables**<br>**($/h)** | **Total**<br>**($/h)** |
|  Production Drill (165 mm) | 56.50 | 5.65 | 3.00 | 164.52 | 125.69 | 355.36 |
|  Production Loader (13 m<sup>3</sup>) | 101.70 | 15.26 | 33.01 | 82.95 | 25.00 | 257.91 |
|  Hydraulic Shovel (16 m<sup>3</sup>) | 192.10 | 19.21 |  | 176.96 | 35.00 | 423.27 |
|  Haulage Truck (91 t) | 63.28 | 6.33 | 18.73 | 82.66 | 5.00 | 176.00 |

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| **Equipment** | **Fuel/Power**<br> **($/h)** | **Lube/Oil**<br> **($/h)** | **Tires/Undercarriage**<br> **($/h)** | **Repair & Maintenance**<br> **($/h)** | **GET/Consumables**<br> **($/h)** | **Total**<br> **($/h)** |
| Track Dozer | 79.10 | 7.91 | 10.00 | 77.18 | 5.00 | 179.19 |
| Grader | 22.60 | 2.26 | 3.41 | 36.82 | 5.00 | 70.09 |

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**21.3.3.3** **Drilling** 

Drilling in the open pit will use down the hole hammer drill rigs with 165 mm bits. The material is designed to be blasted smaller and finer to improve productivity and reduce maintenance costs as well as improve plant performance. The drilling pattern parameters are shown in Table 21-15.

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| **Table 21-15:** | **Drill Pattern Specifications**  |

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|:---|:---|:---|:---|:---|
| **Specification** | **Unit** | **Production Drill** | **Production Drill** | **Production Drill** |
| **Specification** | **Unit** | **Mill Feed** | **Waste** | **Pre-shear** |
| Bench Height | m | 10 | 10 | 10 |
| Sub-drill | m | 0.9 | 0.9 | 0.0 |
| Blasthole Diameter | mm | 165 | 165 | 165 |
| Pattern Spacing — Staggered | m | 4.7 | 5.0 | 2.0 |
| Pattern Burden — Staggered | m | 4.3 | 4.5 | 2.3 |

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The sub-drill is included to allow for caving of the holes in weaker zones, reducing re-drill requirements or short holes that would affect bench floor conditions.

The parameters used to estimate drill productivity are shown in Table 21-16.

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| **Table 21-16:** | **Drill Productivity Criteria**  |

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|:---|:---|:---|
| **Drill Activity** | **Unit** | **Small Drill** |
| Pure Penetration Rate | m/min | 0.55 |
| Hole Depth | m | 10.9 |
| Drill Time | min | 19.82 |
| Move, Spot and Collar Hole | min | 3.00 |
| Level Drill | min | 0.50 |
| Add Steel | min | 0.50 |
| Pull Drill Rods | min | 1.50 |
| Total Setup/Breakdown Time | min | 5.50 |
| Total Drill Time per Hole | min | 25.3 |
| Drill Productivity | m/hr | 25.8 |

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**21.3.3.4** **Blasting** 

An emulsion product will be used for blasting to provide water protection. With the high rainfall, large snowmelt and working near swampy terrain it is expected that a water-resistant explosive will be required. The powder factors used in the explosive calculation are shown in Table 21-17.

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| **Table 21-17:** | **Design Powder Factors**  |

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|:---|:---|:---|:---|
| | **Unit** | **Production Drill** | **Production Drill** |
| | **Unit** | **Mill Feed** | **Waste** |
| Powder Factor | kg/m3 | 0.94 | 0.83 |
| Powder Factor | kg/t | 0.33 | 0.32 |

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The blasting cost is estimated using quotations from a local explosive vendor. The mine will be responsible for guiding the loading process, including placement of boosters/Nonels, and stemming and firing the shot.

The explosives vendor will also lease the explosives and accessories for a monthly cost. A service charge for the vendors pickup trucks, pumps, labour, and cost of the explosives plant are included.

**21.3.3.5** **Loading** 

Loading costs for both mill feed and waste are based on the use of diesel hydraulic shovels and front-end loaders. The shovels will be the primary diggers with the front-end loaders as backup/support units. The average percentage of each material type that the various loading units are responsible for is shown in Table 21-18. This highlights the focus of the shovels over the loaders.

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| **Table 21-18:** | **Loading Equipment Parameters**  |

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|:---|:---|:---|:---|
|  | **Unit** | **Diesel Hydraulic Shovel** | **Front End Loader** |
| Bucket Capacity | m3 | 16 | 13 |
| Truck Capacity Loaded | t | 92 | 92 |
| Waste Tonnage Loaded | % | 90 | 10 |
| Mill Feed Tonnage Loaded | % | 90 | 10 |
| Bucket Fill Factor | % | 80 | 78 |
| Cycle Time | sec | 38 | 42 |
| Trucks present at loading unit | % | 80 | 80 |
| Loading Time | min | 2.00 | 2.80 |

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The trucks present at the loading unit refers to the percentage of time a truck is available to be loaded. To maximize truck productivity and reduce operating costs, it is more efficient to slightly under-truck the loading unit. One of the largest operating cost items is haulage and minimizing this cost by maximizing the truck productivity is crucial to lower operating costs. The value of 80% comes from the standby time shovels typically encounter due to a lack of trucks.

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**21.3.3.6** **Hauling** 

Haulage profiles were determined for each pit phase for the primary crusher or the mine rock storage area destinations. Cycle times were generated for the appropriate period tonnage by destination and phase to estimate the haulage costs. Maximum speed on the trucks is limited to 50 km/h for tire life and safety reasons although very few locations in the mine plan offer the truck the opportunity to accelerate to that velocity.

**21.3.3.7** **Support Equipment** 

Support equipment hours and costs are determined on factors applied to various major pieces of equipment. For the PFS some of the factors used are shown in Table 21-19.

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| **Table 21-19:** | **Support Equipment Operating Factors**  |

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| **Mine Equipment** | **Factor** | **Factor Units** |
| Track Dozer | 45% | Of haulage hours to maximum of 5 dozers |
| Grader | 25% | Of haulage hours to maximum of 2 graders |
| Crusher Loader | 35% | Of loading hours to maximum of 1 loader |
| Snowplow/Water Truck | 12% | Of haulage hours to maximum of 2 trucks |
| Pit Support Backhoe | 4 | Hours/day/unit |
| Road Crew Backhoe | 4 | hours/day/unit |
| Road Crew Dump Truck | 6 | hours/day/unit |
| Road Crew Loader | 6 | hours/day/unit |
| Lube/Fuel Truck | 8 | hours/day/unit |
| Mechanics Truck | 10 | hours/day/unit |
| Blasting Loader | 8 | hours/day/unit |
| Blaster's Truck | 8 | hours/day/unit |
| Integrated Tool Carrier | 2 | hours/day/unit |
| Light Plants | 12 | hours/day/unit |
| Pickup Trucks | 10 | hours/day/unit |

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These factors resulted in the need for five track dozers, two graders, and one support backhoe. Their tasks include clean-up of the loader faces, roads, MRSA, TSF and blast patterns. The graders will maintain the crusher and waste haul routes. In addition, snowplows/water trucks have the responsibility for patrolling the haul roads for snow removal and controlling fugitive dust for safety and environmental reasons. The small backhoe and road crew dump trucks will be responsible for cleaning out sedimentation ponds and water ditch repairs.

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The hours generated in this manner are applied to the individual operating costs for each piece of equipment. Many of these units are support equipment so no direct labour is allocated to them due to their variable function. The operators come from the General Equipment operator pool.

**21.3.3.8** **Grade Control** 

Grade control will be completed with a reverse circulation (RC) drill rig. It will drill the deposit off on a 10 x 5 m pattern in areas of known mineralization taking samples each meter. The holes will be inclined at 60°.

In areas of low-grade mineralization or waste the pattern spacing will be 20 x 10 m with sampling over 6 m. These holes will be used to find undiscovered veinlets or pockets of mineralization. Over the LOM, a total of 213,600 m of drilling are expected to be completed for grade control work. A total of 234,500 samples will be assayed from that drilling.

These grade control holes serve to define the mill feed grade and contacts.

Samples collected will be sent to the assay laboratory and assayed for use in the short-range mining model.

No additional costing for blasthole sampling has been included. This may be an opportunity when more knowledge has been gained operationally on the gold deportment and applicability of blast hole sampling.

Costs associated with this separate drill program are tracked as a distinct line item for the mining cost. The drill crew is one driller and two helpers with oversight by the Mine Geology department. The cost of this drilling is expected to average just under $2.0 million/a.

**21.3.3.9** **Dewatering** 

Pit dewatering will be an important part of mining. Significant volumes need to be pumped initially to allow the open pit to advance, in addition to the normal rain/snow amounts.

Initial pumping in Year -1 is expected to be 0.8 Mm<sup>3</sup>. That climbs to 2.5 Mm<sup>3</sup>/a by Year 15 as the pit drives deeper.

Additional dewatering in the form of horizontal drill holes may be needed and are part of the dewatering costs. These holes will be campaigned and will be part of sustaining mine capital.

Dewatering is expected to cost $18.3 M over the mine life.

**21.3.3.10** **Leasing** 

Leasing of the mine fleet is considered a viable option to reduce initial capital. Various vendors offer this as an option to help select their equipment.

Indicative terms for leasing provided by the vendors are:

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• down payment = 10% of equipment cost

• term length = 3-5 years (depending on equipment)

• interest rate = CORRA (2.5%) plus a percentage

• residual = $0.

The initial capital, down payments, and annual leasing costs are shown earlier in the capital cost area of this section.

The support equipment fleet is calculated in the same manner as the major mining equipment.

All of the major mine equipment, and the majority of the support equipment where it was considered reasonable, is leased. If the equipment has a life greater than the lease term length, then the following years onward of the lease do not have a lease payment applied. In the case of the mine trucks, with an approximate 10-year working life, the lease would be complete, and the trucks would simply incur operating costs after that time. For this reason, the operating cost would vary annually depending on the equipment replacement schedule and timing of the leases.

Utilizing the leasing option adds $0.12/t moved to the operating cost over the life of mine. On a cost per tonne of mill feed basis, it is $0.83/t mill feed.

**21.3.3.11** **Total Mine Costs** 

The total life of mine operating costs per tonne of material mined, moved (including rehandle) and per tonne of mill feed processed are shown in Table 21-20.

In the "General" category is the cost associated with a crushing plant to make stemming material and road crush. That cost averages approximately $0.3 million/a.

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| **Table 21-20:** | **Total Open Pit Mine Operating Cost Estimate - With Leasing**  |

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|:---|:---|:---|:---|:---|
| **Cost Area** | **Total ($M)** | **$/t mined** | **$/t processed** | **% of Total** |
| General | 116.5 | 0.71 | 4.64 | 15% |
| Drill | 73.7 | 0.45 | 2.93 | 10% |
| Blast | 96.2 | 0.57 | 3.83 | 12% |
| Load | 87.5 | 0.51 | 3.48 | 11% |
| Haul | 141.6 | 0.85 | 5.64 | 18% |
| Support | 184.4 | 1.10 | 7.34 | 24% |
| Grade Control | 29.2 | 0.17 | 1.16 | 4% |
| Dewatering | 20.5 | 0.12 | 0.82 | 3% |
| **Subtotal** | **749.6** | **4.41** | **29.77** | **—** |
| Leasing Costs | 20.9 | 0.12 | 0.83 | 3% |
| **Total** | **770.5** | **4.53** | **30.66** | **—** |

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**21.3.4** **Process Operating Costs** 

The process operating cost estimate includes costs associated with process reagents and consumable consumption, plant maintenance, power use, laboratory costs, process plant labour, waste water treatment plant and process plant mobile equipment. A summary of the process plant operating costs is provided in Table 21-21.

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| **Table 21-21:** | **Process Plant Operating Cost Summary**  |

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|:---|:---|:---|
| **Cost Area** | **Typical Annual Cost ($M/a)** | **LOM Avg. $/t Processed** |
| Reagents and Consumables | 12.4 | 7.09 |
| Plant Maintenance | 2.0 | 1.12 |
| Power | 9.0 | 5.13 |
| Effluent Treatment | 0.8 | 0.43 |
| Laboratory | 1.4 | 0.78 |
| Labour (Operations and Maintenance) | 7.6 | 4.52 |
| Vehicles (Operations and Maintenance) | 0.2 | 0.14 |
| Processing Subtotal | 33.3 | 19.22 |

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The process operating costs are estimated at $33.3 million/a, at an average of $19.22/t processed. A detailed breakdown of these costs is described in the following subsections.

**21.3.4.1** **Reagents and Consumables** 

Individual reagent consumption rates were estimated based on the metallurgical testwork results, Ausenco's in-house database and experience, industry practice, and peer-reviewed literature. Consumables consumption rates were estimated based on engineering calculations, Ausenco's in-house database and experience, and standard industry practice. Reagent and consumables unit costs are based on recently received Canadian quotes and/or Ausenco's unit cost database.

The annual and per tonne processed costs for each reagent and consumable is summarized in Table 21-22.

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| **Table 21-22:** | **Reagent and Consumables Cost Summary**  |

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| **Reagents and Consumables** | **Typical Annual Cost ($M/a)** | **Unit Cost ($/t processed)** |
|  **Reagents** | **7.4** | **4.26** |
| Hydrated Lime | 0.76 | 0.44 |
| Aerophine 3501 | 0.17 | 0.10 |
| Aerophine 3477 | 0.17 | 0.10 |
| Methyl Isobutyl Carbinol (MIBC) | 0.45 | 0.26 |
| Potassium Amyl Xanthate (PAX) | 0.34 | 0.20 |
| Flocculant | 0.03 | 0.02 |

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| **Reagents and Consumables** | **Typical Annual Cost ($M/a)** | **Unit Cost ($/t processed)** |
| Sodium cyanide | 4.63 | 2.64 |
| Sodium hydroxide | 0.08 | 0.05 |
| Sodium metabisulphite | 0.55 | 0.31 |
| Copper sulphate | 0.04 | 0.02 |
| Nitric acid | 0.11 | 0.06 |
| Activated Carbon | 0.12 | 0.07 |
| Fluxes | 0.01 | 0.00 |
| **Consumables** | **4.95** | **2.83** |
| Jaw crusher cheek & swing jaw set | 0.08 | 0.05 |
| Secondary crusher mantle/bowl liner | 0.18 | 0.10 |
| Tertiary mantle/bowl liner | 0.18 | 0.10 |
| Secondary screen media | 0.15 | 0.09 |
| Ball mill grinding media | 3.14 | 1.79 |
| Ball mill liner | 0.36 | 0.21 |
| Regrind mill grinding media | 0.45 | 0.26 |
| Regrind mill liners & spares | 0.39 | 0.22 |
| Crucibles | 0.02 | 0.01 |
| **Total** | **12.4** | **7.09** |

---

**21.3.4.2** **Plant Maintenance** 

Annual maintenance costs have been calculated based on the total installed mechanical equipment cost by area and applying a maintenance factor between 2% and 6%, based on industry benchmarks. The maintenance factor and cost by area is presented in Table 21-23.

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| | |
|:---|:---|
| **Table 21-23:** | **Process Plant Maintenance Cost Summary**  |

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| | | | |
|:---|:---|:---|:---|
| **Area** | **Maintenance Factor (%)** | **Typical Annual Cost ($M/a)** | **Unit Cost ($/t processed)** |
| Crushing | 5.0 | 0.53 | 0.30 |
| Grinding | 5.0 | 0.50 | 0.29 |
| Flotation and regrind | 4.0 | 0.29 | 0.17 |
| Leach and adsorption | 5.0 | 0.23 | 0.13 |
| Desorption | 3.0 | 0.15 | 0.08 |
| Goldroom | 4.0 | 0.00 | 0.00 |
| Detox and tailings | 5.0 | 0.13 | 0.08 |
| Reagents | 3.0 | 0.06 | 0.04 |
| Process plant services | 2.0 | 0.06 | 0.03 |
| **Total** | **4.3** | **1.96** | **1.12** |

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**21.3.4.3** **Power** 

The processing plant power draw is based on the average power utilization of each motor on the electrical load list for the plant. An estimated 81.6 GWh per year is required annually. Installed power and power cost by area is presented in Table 21-24.

**Table 21-24: Process Plant Power Cost Summary** 

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| | | | |
|:---|:---|:---|:---|
| **Area** | **Installed Power (kW)** | **Typical Annual Cost ($M/a)** | **Unit Cost ($/t processed)** |
| Crushing | 1309 | 0.54 | 0.31 |
| Grinding | 6062 | 4.40 | 2.51 |
| Flotation and regrind | 2496 | 1.71 | 0.98 |
| Leach and adsorption | 265 | 0.13 | 0.08 |
| Desorption | 605 | 0.35 | 0.20 |
| Goldroom | 283 | 0.16 | 0.09 |
| Detox and tailings | 421 | 0.13 | 0.07 |
| Reagents | 156 | 0.05 | 0.03 |
| Process plant services | 1657 | 0.71 | 0.40 |
| Ancillaries | 1874 | 0.80 | 0.46 |
| **Total** | **15127** | **8.98** | **5.13** |

---

**21.3.4.4** **Effluent Treatment** 

Effluent treatment costs have been estimated based on benchmarks from similar Canadian projects. Effluent treatment costs are estimated at $0.76 million/a.

**21.3.4.5** **Laboratory** 

Operating costs associated with laboratory and assay activities were estimated by Ausenco according to the anticipated number of assays per year. These costs are related to sample preparation and assays for processing plant samples, as well as environmental monitoring assays. Mine samples are also included. The total estimated laboratory cost is $1.36 million/a.

**21.3.4.6** **Labour** 

The personnel requirement for the Project was estimated based on benchmarking against similar projects in the same region with access to similar labour pools. The labour costs incorporate personnel requirements for plant operations, such as management, metallurgy, operations, maintenance, site services, assay laboratory, and contractor allowance. The total process plant labour force includes 69 employees.

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Individual personnel were divided into their positions and classified as either eight-hour or twelve-hour shift employees. Salaries were estimated using benchmarks for similar projects in similar regions. An organizational staffing plan outlining the labour requirement for the process plant is shown in Table 21-25. Costs include all benefits and bonuses.

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| | |
|:---|:---|
| **Table 21-25:** | **Process Plant Staffing Plan included in Labour Cost**  |

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| | |
|:---|:---|
| **Position** | **Total Persons** |
|  Mill Manager | 1 |
|  Operations Superintendent | 1 |
|  Metallurgy Superintendent | 1 |
|  Maintenance Superintendent | 1 |
|  Maintenance Planner | 1 |
|  Senior Metallurgist | 1 |
|  TMF Engineer-in-training | 1 |
|  Shift Supervisor | 4 |
|  Assistant Superintendent | 4 |
|  Crushing Operator | 4 |
|  Grinding Operator | 4 |
|  Leach/Elution Operator | 4 |
|  Equipment Operator | 4 |
|  Control Room Operator | 4 |
|  TMF Labourer | 4 |
|  Mechanical Supervisor | 2 |
|  Millwright | 10 |
|  Apprentice | 2 |
|  Electrical Supervisor | 2 |
|  Electrician | 4 |
|  Instrumentation Technician | 2 |
|  Process Control Technician | 2 |
|  Metallurgist-in-Training | 1 |
|  Metallurgy technician | 2 |
|  Sample Preparation Labourer | 2 |
|  Goldroom Refiner | 1 |
|  **Process Plant Labour Total** | **69** |

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**21.3.4.7** **Vehicles** 

Vehicle costs are based on a scheduled number of light vehicles and mobile equipment (including fuel, maintenance, spares, times, and annual registration, and insurance fees). Mobile equipment required includes light vehicles, forklifts, front-end loaders, a bulldozer, and a flat-bed truck. The total estimated mobile equipment cost is $0.244 million/a.

**21.3.5** **General and Administrative Operating Costs** 

G&A operating costs are expenses not directly related to the operation of the process plant but required to support safe and effective operation of the facility and satisfy legislative requirements in some cases.

G&A costs include items such as:

• site administration, maintenance, and security, including subscriptions, memberships, advertisement, office
supplied and garbage disposal

• human resources, including training, recruiting, and community relations

• cost related to travel to the operations from the regional communities

• property, including claims and property tax

• health and safety, including personal protective equipment, hospital service cost, and first aid

• environmental, including water sampling and tailings management facility operating costs

• IT & telecommunications, including hardware and support services

• contract services, including insurance, consulting, sanitation and cleaning, license fees, and legal fees

• mobile equipment, including diesel and maintenance costs, for equipment supporting G&A services such as
security, health & safety and others

• G&A labour such as administrators, finance, procurement, security, safety, human resources, etc.

• power costs associated with supporting G&A services and facilities

The G&A operating costs are estimated at $11.9 million/a, at an average of $6.82/t processed. The following subsections give a breakdown of the estimated G&A costs

Costs associated with Indigenous Impact and Benefit Agreements ("IBAs") have not yet been negotiated and, therefore, are not included in the financial cost model. Furthermore, any costs related to IBAs are considered confidential.

**21.3.5.1** **G&A Expenses** 

G&A expenses were estimated based on similar Canadian projects using Ausenco's in-house database. Expenses are summarized in Table 21-26.

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| **Table 21-26:** | **G&A Expenses Summary**  |

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| | | |
|:---|:---|:---|
| **Area** | **Typical Annual Cost ($M/a)** | **Unit Cost ($/t processed)** |
|  Labour | 5.3 | 3.05 |
|  Expenses | 6.4 | 3.66 |
|  Vehicles | 0.2 | 0.11 |
|  **Total** | **11.9** | **6.82** |

---

**21.3.5.2** **G&A Labour** 

The G&A personnel requirement for the Project was estimated based on benchmarking against similar projects in the same region with access to similar labour pools. The labour costs incorporate personnel requirements for managers, finance, security, safety, environmental services, site services and human resources. The total G&A labour force includes 51 employees.

Individual personnel were divided into their positions and classified as either eight-hour or twelve-hour shift employees. Salaries were estimated using benchmarks for similar projects in similar regions. An organizational staffing plan outlining the labour requirement for the G&A services is shown in Table 21-27. Costs include all benefits and bonuses.

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| | |
|:---|:---|
| **Table 21-27:** | **G&A Staffing Plan included in Labour Cost**  |

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| | |
|:---|:---|
| **Position** | **Total Persons** |
|  General Manager | 1 |
|  HSEC Manager | 1 |
|  Admin Asst | 1 |
|  Finance Manager | 1 |
|  HR & Security Manager | 1 |
|  Accounts Payable | 2 |
|  Procurement Superintendent | 1 |
|  Payroll | 2 |
|  Buyers | 2 |
|  Warehouse Supervisor | 2 |
|  Warehouse Techs | 4 |
|  Main Gate | 4 |
|  Patrol | 4 |
|  Security Superintendent | 1 |
|  Security Logistics | 1 |
|  Goldroom Security | 1 |
|  Safety Officers | 2 |

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| | |
|:---|:---|
| **Position** | **Total Persons** |
|  Trainer | 2 |
|  Supervisor | 2 |
|  Technicians | 4 |
|  Engineer | 2 |
|  Site Support | 4 |
|  Cleaners | 4 |
|  Human Resources Generalist | 2 |
|  **Total** | **51** |

---

**21.3.5.3** **G&A Vehicles** 

Vehicle costs are based on a scheduled number of light vehicles and mobile equipment (including fuel, maintenance, spares, times, and annual registration, and insurance fees). Mobile equipment required includes light vehicles, and a fire trailer. The total estimated mobile equipment cost is $0.188 million/a.

**21.4** **Comments on Capital and Operating Costs** 

Costs associated with Indigenous agreements have not been negotiated as of yet and are not included in the current cost evaluations. These will be assessed and incorporated into future technical reports as appropriate.

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| **22** | **ECONOMIC ANALYSIS**  |

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**22.1** **Forward-Looking Information** 

The results of the economic analyses discussed in this chapter represent forward-looking information as defined under Canadian securities law. The results depend on inputs that are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Information that is forward-looking includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource Estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumed commodity prices and exchange rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposed mine production plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projected mining and process recovery rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions regarding mining dilution and estimated future production

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sustaining costs and proposed operating costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions regarding closure costs and closure requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions regarding environmental, permitting, and social risks. Additional risks to the forward-looking
information include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to costs of production from what is assumed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unrecognized environmental risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated reclamation expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected variations in quantity of mineralized material, grade, or recovery rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accidents, labour disputes, and other risks of the mining industry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geotechnical or hydrogeological considerations during mining being different from what was assumed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of mining methods to operate as anticipated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of plant, equipment, or processes to operate as anticipated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to assumptions as to the availability of electrical power, and the power rates used in the operating
cost estimates and financial analysis

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|:---|:---|
| **22** | **ECONOMIC ANALYSIS**  |

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**22.1** **Forward-Looking Information** 

The results of the economic analyses discussed in this chapter represent forward-looking information as defined under Canadian securities law. The results depend on inputs that are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Information that is forward-looking includes the following:

• Mineral Resource Estimates

• assumed commodity prices and exchange rates

• proposed mine production plan

• projected mining and process recovery rates

• assumptions regarding mining dilution and estimated future production

• sustaining costs and proposed operating costs

• assumptions regarding closure costs and closure requirements

• assumptions regarding environmental, permitting, and social risks.

Additional risks to the forward-looking information include the following:

• changes to costs of production from what is assumed

• unrecognized environmental risks

• unanticipated reclamation expenses

• unexpected variations in quantity of mineralized material, grade, or recovery rates

• accidents, labour disputes, and other risks of the mining industry

• geotechnical or hydrogeological considerations during mining being different from what was assumed

• failure of mining methods to operate as anticipated

• failure of plant, equipment, or processes to operate as anticipated

• changes to assumptions as to the availability of electrical power, and the power rates used in the operating
cost estimates and financial analysis

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• changes to site access, use of water for mining purposes, and to time to obtain environment and other
regulatory permits

• ability to maintain the social licence to operate

• changes to interest rates

• changes to tax rates.

**22.2** **Methodologies Used** 

The project was evaluated using a discounted cash flow analysis based on a 5% discount rate. The elements of the economic model principally consist of gold production and revenues, royalty agreements, operating costs, capital costs, sustaining capital, closure and reclamation costs, taxation and net Project cash flow.

The economic analysis is carried out in real terms (i.e., without inflation factors) in Q3 2025 Canadian dollars without any project financing but inclusive of equipment financing, and costs for closure bonding. The economic results are calculated as of the beginning of Year -3, which corresponds to the start of the pre-production CAPEX period (over 12 quarters), including engineering and procurement, with all prior costs treated as sunk costs but considered for the purposes of taxation calculations. The economic results such as the NPV and IRR are calculated on an annual basis.

**22.3** **Financial Model Parameters** 

The economic analysis assumes a gold price of US$3,100/oz, which was based on long-term consensus analyst estimates. The forecasts are meant to reflect the average metals price expectation over the life of the project. No price inflation or escalation factors were considered. Commodity prices can be volatile, and there is the potential for deviation from the forecast. The economic analysis also used the following assumptions:

• A pre-production period of 36 months including an initial 12-month detailed engineering period followed by 24-month construction and commissioning period

• mine life of 14.3 years

• 100% ownership

• exchange rate of 1.35 C$/US$ based on a review of current long-term consensus

• capital cost funded with 100% equity (no financing cost assumed other than for mining equipment leases)

• cash flows that are discounted to the start of construction using an end-period discounting convention

• metal products are sold in the same year they are produced

• project revenues are derived from the sale of gold doré

• no contractual arrangements for refining exist

• costs associated with Indigenous IBAs have not yet been negotiated and, therefore, are not included in the
financial model.

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**22.3.1** **Taxes** 

The project has been evaluated on an after-tax basis to provide an approximate value of the potential economics. The after-tax results assume of a taxable Canadian entity with tax calculated based on the tax rules in Ontario and Canada. The calculations reflect the estimated benefit of any historical tax positions held by Mayfair Gold as of December 31, 2024 and the projected tax basis distribution at construction start for depreciation calculations. The Ontario mining tax, federal income tax and provincial income tax during the LOM is estimated at $575 million.

**22.3.2** **Working Capital** 

A high-level estimate of working capital has been incorporated in the cash flow, based on accounts receivable (30 days), inventory (30 days), and accounts payable (30 days).

**22.3.3** **Closure Costs** 

Closure costs are estimated at $49 million for site closure and rehabilitation. Additionally, carrying costs for the bonds related to closure are estimated at $12 million over the LOM.

**22.3.4** **Royalties** 

Based on the royalties described in Section 4.8, total undiscounted royalty payments over the LOM are approximately $64 million.

**22.4** **Economic Analysis** 

The economic analysis was performed at a 5% discount rate with no inflation (constant dollar basis). On a pretax basis, the NPV discounted at 5% is $981 million; the internal rate of return (IRR) is 28.8%, and payback period is 2.6 years. On a post-tax basis, the NPV discounted at 5% is $652 million; the IRR is 24.1%, and the payback period is 2.7 years.

A summary of project economics is shown in Table 22-1 and illustrated in Figure 22-1. The analysis was done on an annual cashflow basis; the cashflow output is presented in Table 22-2.

**Table 22-1: Economic Analysis Summary Table** 

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| | | |
|:---|:---|:---|
| **Description** | **Unit** | **PFS Base Case<br>Life-of-Mine**<br>**Total/Average** |
|  **General Assumptions** |  |  |
|  Discount Rate | % | 5 |
|  Gold Price | US$/oz | 3100 |
|  Exchange Rate | C$/US$ | 1.35 |

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|:---|:---|:---|:---|
| **Description** | **Unit** | **PFS Base Case<br>Life-of-Mine<br>Total/Average** |  |
|  **Production** |  |  |  |
|  Mine Life |  | 14.3 |  |
|  Total Waste Tonnes Mined<sup>1</sup>  |  | 151866 |  |
|  Total Mill Feed Tonnes |  | 25130 |  |
|  Mill Head Grade (Au) |  | 1.29 |  |
|  Mill Gold Recovery Rate |  | 88.3 |  |
|  Total Mill Ounces Recovered |  | 920 |  |
|  Total Average Annual Production |  | 64 |  |
|  **Transport, Refining, Royalties** |  |  |  |
|  Gold Payable |  | 99.95 |  |
|  Refining & Transport Cost |  | 5.00 |  |
|  NSR Royalty |  | Varies | (LOM Avg. 1.7%) |
|  **Operating Costs** |  |  |  |
|  Mining Cost |  | 4.53 |  |
|  Mining Cost |  | 30.66 |  |
|  Processing Cost |  | 19.22 |  |
|  G&A Cost |  | 6.82 |  |
|  Refining and Royalties |  | 2.73 |  |
|  Total Operating Cost |  | 59.43 |  |
|  Cash Costs<sup>1</sup>  |  | 1203 |  |
|  All-In Sustaining Cost (AISC) |  | 1292 |  |
|  **Capital Expenditures** |  |  |  |
|  Initial Capital Cost |  | 450.0 |  |
|  Sustaining Capital Cost |  | 60.9 |  |
|  Closure Capital Cost |  | 49.4 |  |
|  **Economics** |  |  |  |
|  Pre-Tax NPV @ 5% |  | 980.5 |  |
|  Pre-Tax IRR |  | 28.8 | % |
|  Pre-Tax Payback |  | 2.6 |  |
|  Post-Tax NPV @ 5% |  | 651.7 |  |
|  Post-Tax IRR |  | 24.1 | % |
|  Post-Tax Payback |  | 2.7 |  |

---

Notes:

1. Total waste includes overburden, mineralized waste and waste material

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**Figure 22-1: After-Tax Cash Flow**![LOGO](g83619dsp301.jpg)

Source: Ausenco, 2025

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**Table 22-2: Cashflow Statement on an Annualized Basis** 

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| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Production<br>Profile** | **Unit** | **Total<sup>1</sup>** | **Y-3** | **Y-2** | **Y-1** | **Y1** | **Y2** | **Y3** | **Y4** | **Y5** | **Y6** | **Y7** | **Y8** | **Y9** | **Y10** | **Y11** | **Y12** | **Y13** | **Y14** | **Y15** | **Y16** |
|  Ore Tonnes Mined | kt | **25130** | 0 | 0 | 773 | 674 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 906 | 0 |
|  Overburden Mined | kt | **16319** | 0 | 2500 | 883 | 5776 | 1756 | 1976 | 174 | 2959 | 295 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Mineralized Waste Mined<sup>2</sup>  | kt | **27367** | 0 | 0 | 560 | 680 | 2194 | 2004 | 3484 | 1927 | 1632 | 1420 | 1585 | 1059 | 1691 | 3033 | 2599 | 2106 | 1323 | 69 | 0 |
|  Waste Tonnes Mined | kt | **108180** | 0 | 0 | 2270 | 2096 | 8298 | 8268 | 8591 | 8362 | 12320 | 12828 | 12663 | 13189 | 8337 | 5779 | 2520 | 1285 | 1118 | 256 | 0 |
|  Total Waste Mined | kt | **151866** | 0 | 2500 | 3713 | 8553 | 12248 | 12248 | 12248 | 13248 | 14248 | 14248 | 14248 | 14248 | 10027 | 8813 | 5119 | 3391 | 2441 | 325 | 0 |
|  Total Tonnes Mined | kt | **176995** | 0 | 0 | 6986 | 9227 | 14000 | 14000 | 14000 | 15000 | 16000 | 16000 | 16000 | 16000 | 11779 | 10565 | 6871 | 5143 | 4193 | 1231 | 0 |
|  Strip Ratio | w:o | **6.0** |  |  | 4.80 | 12.69 | 6.99 | 6.99 | 6.99 | 7.56 | 8.13 | 8.13 | 8.13 | 8.13 | 5.72 | 5.03 | 2.92 | 1.94 | 1.39 | 0.36 |  |
|  Tonnes Processed | kt | **25130** | 0 | 0 | 0 | 1447 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 1752 | 906 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Head Grade | g/t | **1.29** | 0.00 | 0.00 | 0.00 | 1.44 | 1.65 | 1.40 | 1.39 | 1.46 | 1.49 | 1.18 | 1.10 | 1.07 | 1.24 | 1.36 | 1.26 | 1.23 | 1.09 | 0.76 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery | % | **88.3** | 0 | 0 | 0 | 85.8 | 88.4 | 89.2 | 89.2 | 89.5 | 89.6 | 88 | 87.5 | 87.3 | 88.4 | 89 | 88.5 | 88.4 | 87.4 | 84.3 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovered Gold | k oz | **920** | 0 | 0 | 0 | 57.3 | 82.1 | 70.4 | 69.8 | 73.3 | 75.1 | 58.2 | 54.2 | 52.7 | 61.5 | 68.4 | 63 | 61.4 | 53.7 | 18.7 | 0 |
| **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** | **Cash Flow Summary** |
|  Gross Revenue | $M | **3848** | 0 | 0 | 0 | 239.7 | 343.3 | 294.5 | 292 | 306.7 | 314.1 | 243.6 | 226.8 | 220.3 | 257.3 | 286.1 | 263.4 | 256.9 | 224.6 | 78 | 0 |
|  Mining Cost | $M | **(771)** | 0 | 0 | 0 | (47.3) | (56.4) | (54.3) | (57.8) | (55.3) | (61.2) | (62.9) | (64.7) | (70.9) | (58.8) | (57.7) | (44.5) | (37.5) | (29.9) | (11.3) | 0 |
|  Processing Cost | $M | **(483)** | 0 | 0 | 0 | (28.9) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (33.3) | (20.9) | 0 |
|  G&A Costs | $M | **(171)** | 0 | 0 | 0 | (10.8) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) | (6.2) | 0 |
|  Royalties & Refining Costs | $M | **(69)** | 0 | 0 | 0 | (4.4) | (6.1) | (5.1) | (5.0) | (5.5) | (5.6) | (4.3) | (3.9) | (3.7) | (5.1) | (5.5) | (4.9) | (4.5) | (3.8) | (1.3) | 0 |
|  Total Operating Costs | $M | **(1493)** | 0 | 0 | 0 | (91.4) | (107.6) | (104.6) | (108.0) | (106.0) | (112.0) | (112.4) | (113.8) | (119.8) | (109.2) | (108.3) | (94.6) | (87.2) | (78.9) | (39.7) | 0 |
|  EBITDA | $M | **2354** | 0 | 0 | 0 | 148.3 | 235.7 | 189.9 | 184 | 200.7 | 202.2 | 131.2 | 113 | 100.6 | 148.2 | 177.8 | 168.8 | 169.7 | 145.7 | 38.3 | 0 |
|  Initial Capital | $M | **(450)** | (93.1) | (188.3) | (168.6) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Sustaining Capital | $M | **(68)** | 0 | 0 | 0 | (12.7) | (6.1) | (6.1) | (7.2) | (8.0) | (6.8) | (4.5) | (4.7) | (2.8) | (1.4) | (2.2) | (3.2) | (0.9) | (0.9) | (0.7) | 0 |
|  Change in Working Capital | $M | **0** | 0 | 0 | 0 | (12.2) | (7.2) | 3.8 | 0.5 | (1.4) | (0.1) | 5.8 | 1.5 | 1 | (3.9) | (2.4) | 0.7 | (0.1) | 2 | 8.8 | 3.1 |
|  Closure Costs | $M | **(49)** | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (49.4) |
|  Pre-Tax Cash Flow | $M | **1786** | (93.1) | (188.3) | (168.6) | 123.5 | 222.4 | 187.5 | 177.2 | 191.3 | 195.2 | 132.6 | 109.8 | 98.8 | 142.9 | 173.2 | 166.3 | 168.7 | 146.8 | 46.4 | (46.2) |
|  Taxes (Mining, Provincial, Federal) | $M | **(576)** | 0 | 0 | 0 | 0 | (14.0) | (13.5) | (53.9) | (59.4) | (60.0) | (38.2) | (34.6) | (30.8) | (46.9) | (57.0) | (54.1) | (54.5) | (47.0) | (11.9) | 0.3 |
|  After-Tax Cash Flow | $M | **1211** | (93.1) | (188.3) | (168.6) | 123.5 | 208.4 | 174.1 | 123.4 | 131.9 | 135.3 | 94.4 | 75.2 | 68 | 95.9 | 116.1 | 112.2 | 114.2 | 99.8 | 34.5 | (45.9) |

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Note:

<sup>1</sup> Totals may not sum due to rounding 

<sup>2</sup> Mineralized waste is not processed in the PFS mine plan. This material falls below the elevated cut-off grade used for plant feed but remains above the economic cut-off grade. The material stockpiled in a designated area within the MRSA and has an average grade of 0.51 g/t

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**22.5** **Sensitivity Analysis** 

A sensitivity analysis was conducted on the base case post-tax payback, NPV and IRR of the project using the following variables: gold price, exchange rate, initial capital costs and operating costs. After-tax sensitivity results are shown in Table 22-3.

**Table 22-3: After-Tax Sensitivity Analysis** 

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|  | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | **OPEX Sensitivity** | | |
| **<u>After-Tax Results</u>** | **-30%** | **-15%** | **0%** | **15%** | **30%** |  |  |
|  NPV 5% (M C$) | 826 | 739 | 652 | 564 | 476 |  |  |
|  IRR (%) | 27.7% | 25.9% | 24.1% | 22.1% | 20.0% |  |  |
|  Payback (yrs) | 2.4 | 2.5 | 2.7 | 2.9 | 3.2 |  |  |
|  | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** | **CAPEX Sensitivity** |  |  |
| **After-Tax Results** | **-30%** | **-15%** | **0%** | **15%** | **30%** |  |  |
|  NPV 5% (M C$) | 773 | 713 | 652 | 591 | 530 |  |  |
|  IRR (%) | 34.2% | 28.4% | 24.1% | 20.7% | 17.8% |  |  |
|  Payback (yrs) | 1.9 | 2.3 | 2.7 | 3.1 | 3.6 |  |  |
|  | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** | **FX Sensitivity** |  |  |
| **After-Tax Results** | **1.25** | **1.30** | **1.35** | **1.40** | **1.45** |  |  |
|  NPV 5% (M C$) | 536 | 594 | 652 | 710 | 767 |  |  |
|  IRR (%) | 21.4% | 22.7% | 24.1% | 25.4% | 26.6% |  |  |
|  Payback (yrs) | 3.0 | 2.8 | 2.7 | 2.6 | 2.5 |  |  |
|  | **Gold Price Sensitivity (USD/oz)** | **Gold Price Sensitivity (USD/oz)** | **Gold Price Sensitivity (USD/oz)** | **Gold Price Sensitivity (USD/oz)** | **Gold Price Sensitivity (USD/oz)** | **Gold Price Sensitivity (USD/oz)** | **Gold Price Sensitivity (USD/oz)** |
| **After-Tax Results** | **1600** | **2100** | **2600** | **3100** | **3600** | **4100** | **4600** |
|  NPV 5% (M C$) | -141 | 144 | 399 | 652 | 903 | 1155 | 1405 |
|  IRR (%) | 0.0% | 10.3% | 17.9% | 24.1% | 29.4% | 34.3% | 38.6% |
|  Payback (yrs) | 14.5 | 5.2 | 3.5 | 2.7 | 2.2 | 1.9 | 1.7 |

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| **23** | **ADJACENT PROPERTIES**  |

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The Fenn–Gib property is surrounded by claims or leases held by other exploration companies. The most active of the neighbouring adjacent companies are STLLR Gold Inc. (formerly Moneta Gold Inc.) to the east and Onyx Gold to the north.

STLLR Gold's combined Golden Highway and Garrison areas are collectively called the Tower Gold Project, which currently hosts a MRE primarily within sedimentary host rocks along the Destor–Porcupine fault corridor (Raponi et al., 2022). The MRE combines nine deposits, which have been classified as structurally controlled orogenic gold deposits in an Archean greenstone belt setting.

InnovExplo, a member of Norda Stelo, updated the Tower Gold Project mineral resources with an effective date of May 2, 2025 (STLLR, 2025). The combined MRE for all nine deposits includes:

• a total of 3,656,400 oz of gold in open pit indicated mineral resources contained within 135,230 Kt at 0.84
g/t Au, and 4,133,600 oz of open pit inferred mineral resources contained within 157,837 Kt at 0.81 g/t Au, at a cut-off grade of 0.30 g/t Au.

• a total of 345,800 oz of underground indicated mineral resources contained within 5,194 Kt at 2.07 g/t Au, and
2,827,100 oz of underground inferred mineral resources within 42,456 Kt at 2.07 g/t Au, using variable cut-off grades based on mining method, ranging from 1.3 to 2.09 g/t Au.

The QP did not independently verify the information STLLR Gold (2025) provided. The mineralization for the Tower Gold Project is not necessarily indicative of the mineralization present at the Fenn–Gib property.

Onyx Gold is an exploration-stage company that is exploring the Munro-Croesus Gold Project is located approximately 75 km east of Timmins, Ontario along Highway 101. Their land package includes the past-producing Croesus Mine. The geology is proximal to the Porcupine-Destor Deformation Fault Zone and Pipestone Fault and located approximately 3 km northwest and along trend of the Fenn-Gib gold deposit. The QP has not verified this information and the information provided on the mineralization for the Munro-Croesus Gold Project is not necessarily indicative of the mineralization present at the Fenn–Gib property.

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| **24** | **OTHER RELEVANT DATA AND INFORMATION**  |

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**24.1** **Overview** 

This section summarizes additional information considered relevant to the Technical Report but not captured in preceding sections. It also outlines conceptual opportunities that, while not currently incorporated into the mine plan or economic analysis, may represent potential upside under future conditions.

**24.2** **Project Execution Plan (PEP)** 

The project will be executed under an EPCM framework, providing flexibility in contractor selection, integration of owner oversight, and phased mobilization of critical resources. This structure ensures that engineering and procurement activities are closely aligned with construction sequencing, while maintaining transparency and accountability across all phases.

Early contractor engagement will be key of the execution strategy. Strategic contractors will be brought into the project during the early engineering and planning stages to contribute practical input on constructability, scheduling, and resource deployment. This proactive involvement is expected to reduce execution risks, improve cost certainty, and enhance alignment between design intent and field implementation. By engaging contractors early, the project will benefit from optimized methodologies and improved readiness for mobilization.

The early works program will be initiated as soon as site approvals are available to ensure timely readiness for full construction mobilization. Sequencing will begin with site preparation, including clearing, grading, and establishment of access roads, followed by overburden removal to expose competent and non-PAG waste material for foundations and to generate waste rock for construction activities. Concurrently, construction water management systems will be developed to provide reliable control of runoff and dewatering during earthworks.

The primary crusher will be commissioned early in the construction phase, enabling waste rock generated from site preparation and overburden removal to be processed and utilized directly for infrastructure requirements, including road building and the critical development of the TSF. Advancing these early works in a structured sequence reduces schedule risk, supports efficient resource deployment, and establishes the foundation for construction program.

A critical element of the plan is the early mobilization of the mining fleet, subject to ground conditions and the use of the smaller contractor fleet for initial site development. Advancing fleet deployment will accelerate pre stripping and early access to waste and ore. This strategy intends to expose and deliver the waste rock required for key construction activities, particularly the critical development of the TSF. The owner's mining team will be embedded within the construction management team to provide operational expertise, continuity, and direct oversight of mining activities, ensuring seamless integration between engineering, construction, and operations.

Given the relative size of the plant and equipment, the execution plan also contemplates modularization of certain plant components. Modular construction offers the potential to reduce onsite labour requirements, shorten the

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construction schedule, and lower overall project costs by shifting portions of fabrication and assembly to controlled off site environments. This approach is expected to improve quality assurance, reduce weather related risks, and enhance efficiency during site installation.

To support the EPCM framework, a dedicated project management office (PMO) will be established off site. The PMO will provide centralized support services, including project controls, scheduling, cost management, procurement oversight, and stakeholder reporting. This structure will allow the site team to focus on execution while ensuring governance, compliance, and performance monitoring are maintained at a high standard with limiting the site labour loading.

Engineering and PEP will advance in parallel with the environmental approvals process and ongoing AAN engagement to ensure alignment across regulatory and stakeholder requirements. By the time approvals are secured, the engineering design for the process plant is expected to be 75–95% complete, providing a robust basis for procurement and construction readiness. In tandem, the TSF design drawings will be issued "Issued for Construction" (IFC), enabling earthworks to be advanced sufficiently to support full execution of the works. This integrated approach ensures that technical progress, permitting milestones, and stakeholder engagement remain synchronized, minimizing schedule risk and supporting a seamless transition into construction.

The complete PEP for the Fenn Gib project will be developed in the next phases of the work. This document serves as the central roadmap for delivering the Project's development in a structured, compliant, and stakeholder aligned manner. It defines the project's objectives, scope, and deliverables while establishing governance, team responsibilities, and decision making frameworks suited to the Ontario mining context.

The execution strategy emphasizes advancing engineering and design in parallel with environmental approvals and AAN engagement, ensuring regulatory compliance and stakeholder trust are embedded throughout. The PEP integrates procurement and contracting strategies for this region and will consider contractors based locally, regionally and nationally for the construction, modular construction opportunities, and operational readiness planning, all supported by a milestone driven schedule that highlights critical path activities such as permitting, civil works, plant installation, and commissioning. Risk management, quality, safety, and sustainability commitments are integral into the plan, alongside financial controls and reporting protocols to ensure accountability.

**24.3** **Project Schedule Overview** 

The project execution schedule is structured to advance through a series of defined phases, beginning with a six month front-end engineering design ("FEED") program. This will be followed by approximately 12 months of detailed engineering, during which procurement activities will be initiated under a two-phase purchase order (PO) strategy. Early POs will be issued for long lead and critical equipment items to ensure timely delivery and to mitigate schedule risks.

Construction is planned over an 18 to 24 month period, with commissioning activities commencing during the latter stages of construction and extending for approximately four to six months. Importantly, the primary crusher will be commissioned early in the construction phase, enabling efficient utilization of equipment to support site development and construction activities.

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Following commissioning, the project will advance through a structured production ramp up period of approximately six months, culminating in the achievement of commercial production. This phased approach is designed to balance engineering, procurement, and construction execution while maintaining flexibility to adapt to ground conditions, contractor availability, and equipment delivery schedules.

**24.3.1** **Integrated Project Schedule** 

• Front-End Engineering Design (FEED)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duration: six to nine months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Develop process plant and TSF design basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advance engineering to approximately 30–40% completion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue design packages for vendor input

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early engagement with regulators and AAN

• Detailed Engineering (DE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duration: 9–12 months (following FEED)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progress plant engineering to 75–95% completion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue IFC drawings for TSF and major civil works

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finalize equipment specifications and layouts

• Procurement Strategy – 2-Phase Purchase Orders (POs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 1 POs (timing: TBD, potentially during FEED or early DE):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secure vendor drawings for integration into DE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place orders for long-lead items (mills, crushers, electrical gear)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining fleet selection and early deposits (construction fleet)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note: Timing of long-lead item procurement will be aligned with delivery timing and construction scheduling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 2 POs (late DE):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Critical equipment procurement and setting production-slot timing (pumps, flotation cells, instrumentation)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirm delivery schedules aligned with construction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining fleet procurement.

• Early Works

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duration: six to nine months (timing pending on permitting)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Site clearing, grading, access roads and construction laydown areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early mining of overburden

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transmission line and power infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary facilities and off-site camp setup

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TSF and site earthworks initiated with IFC drawings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishing construction power.

• Major Construction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duration: 18 to 24 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining to support waste rock for construction and ore exposure and stockpiling for operation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Civil works: foundations, structural concrete, TSF starter embankments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early Installation of Primary Crusher to be used throughout the construction project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Civil, Structural and Architectural: including building construction and key building closure to allow for
efficient winter construction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mechanical installation: mills, crushers, flotation circuits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electrical installation: substations, distribution, controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modular construction opportunities integrated to compress schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note: the relocation of Highway 101 is currently planned to be after the initial Construction phase; this will
be reconsidered pending timing of the approvals for this portion of the work.

• Commissioning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duration: four to six months (overlapping link to end- Major
Construction)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Systems integration and testing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial ore feed and process optimization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce onboarding, training and operational readiness.

• Ramp-Up to Commercial Production

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duration: approximately six months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progressive increase in plant throughput

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimization of recovery and plant performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transition to steady-state operations and full departure of construction and commissioning personnel.

• Critical Path Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FEED® DE® Phase 1
POs (vendor drawings, long-leads)® Early Works® Civil Works® Mechanical/Electrical Installation® Commissioning® Ramp-Up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-lead equipment procurement and TSF earthworks are the most schedule-sensitive elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This schedule assumes a 24-month period for the Ontario permitting
approvals process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The high-level schedule identifies permitting and approvals as the critical path to a construction decision.
Activities in the linked schedule prior to major construction will be adjusted as necessary to align with permitting and approval timelines

**Figure 24-1: High-Level Schedule from FEED through to Commercial Production**![LOGO](g83619dsp309.jpg)

Source: Mayfair, 2025

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**24.4** **Operational Readiness Planning** 

Operational readiness planning (ORP) will be advanced in parallel with the construction project to ensure a seamless transition from project delivery into steady state operations. This process will encompass the early development of operating procedures, training programs, maintenance strategies, and supply chain logistics, all aligned with the evolving construction schedule. By initiating readiness activities during construction, the project team can identify and address potential gaps in workforce capability, equipment reliability, and material availability before commissioning.

The integration of the ORP with construction execution will also facilitate early recruitment and onboarding of key operations personnel, enabling them to participate in commissioning and ramp up activities. This approach ensures that the operating team is fully familiar with the plant, equipment, and systems prior to handover, reducing start up risks and accelerating the achievement of nameplate capacity. Advancing readiness in parallel with construction provides a structured pathway to operational excellence, while reinforcing safety, compliance, and performance objectives from the outset.

**24.5** **Potential Upside Opportunities Outside of the PFS** 

These opportunities are contingent on factors such as metal price improvements, permitting pathways, technical validation, and strategic alignment. Each concept described below is preliminary in nature and does not imply a commitment to advance or develop. Rather, they are presented to highlight areas where future evaluation may yield additional value.

The following upside opportunities have been identified for potential consideration and are not currently considered within the scope of the current PFS:

**24.5.1** **Processing Plant and Mine Plan Concepts** 

**24.5.1.1** **Incremental Increase in Plant Throughput to Feed Mineralized Waste Material** 

An opportunity may exist to improve operational efficiency and accommodate incremental plant feed without increasing the mining rate. This concept would involve a modest reduction in the cut-off grade (COG), while maintaining the current mining plan. Implementation would require approval to exceed the existing operating throughput limits and some minor additional capital investment. At this stage, the potential remains subject to further validation and regulatory review, and permitting impacts are anticipated to be minimal if the overall scale of the operation remains unchanged. If future studies confirm feasibility, this initiative could result in modest throughput increases offering potential incremental upside to the current production profile.

**24.5.1.2** **Processing of Mineralized Waste Material at the End of the Mine Life** 

A further opportunity exists to process mineralized waste material at the end of the mine life, once primary ore reserves have been exhausted. This approach would involve lowering the cutoff grade to the economic threshold and rehandling stockpiled mineralized waste that had previously been excluded from the mine plan. As the mining fleet would be no longer used for primary operation, it would be simply rehandling mineralized waste for primary plant

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feed. This scenario would rely solely on existing plant infrastructure, with minimal additional capital requirements beyond sustaining expenditures. Permitting impacts are expected to be limited, as the overall footprint would remain unchanged, though additional tailings capacity would be required depending on volumes processed as defined by metal prices at that time. This strategy provides a potential means of extending the production profile, improving overall resource utilization, and maximizing value recovery from the deposit in the final years of operation.

**24.5.1.3** **Staged Increase Plant Throughput to Feed Mineralized Waste Material** 

A potential opportunity exists to enhance project economics by increasing plant throughput through targeted capital investment, while maintaining the current mining rate and mine plan. This would involve lowering the cut-off grade to the economic threshold and feeding the mineralized waste material, thereby allowing additional material to be processed without altering the mining sequence or pit design. Implementation would require capital upgrades to the processing plant to accommodate higher throughput volumes, subject to engineering validation and regulatory approval. As the mining footprint remains unchanged, permitting impacts are expected to be manageable. However, it would necessitate additional tailings storage capacity, which would need to be evaluated in future planning stages. If approved, and subject to the results of incremental economic analysis, this initiative has the potential to increase plant throughput by approximately 50% to 100% relative to current capacity. Such an expansion could translate into an incremental gold production increase over the existing production profile.

**24.5.1.4** **Scaled Operations to Exploit a Greater Extend of the Mineral Resource** 

A longer-term conceptual opportunity exists to develop a new-scale operation at Fenn-Gib designed to fully exploit the mineral resource beyond the scope of the current mine plan. This would involve a comprehensive redesign of the processing and infrastructure footprint, including construction of a new plant with significantly higher throughput capacity, tailored to the full resource potential. The mining rate would be scaled accordingly, with phased pit expansions and potential satellite development to support sustained feed. Lowering the cut-off grade to the economic threshold would enable broader resource utilization. This scenario would require substantial capital investment, a new permitting framework, and detailed engineering studies to validate feasibility. Additional tailings storage capacity, water management infrastructure, and power supply upgrades would be essential components of the plan. While preliminary in nature, this concept represents a transformative opportunity to unlock the full value of the Fenn-Gib deposit under favourable market and regulatory conditions.

**24.5.2** **Potential Future Toll Milling Agreements at the Fenn-Gib Mill** 

Once constructed, the Fenn-Gib mill will represent a regional processing facility with the capacity to support not only internal ore feed but also potential third-party arrangements. Given the concentration of advanced exploration and development projects in the Timmins–Kirkland Lake corridor, there is a clear opportunity to evaluate toll milling agreements with nearby operators who may not have immediate access to their own processing infrastructure.

The ability to accept toll milling feed would provide several strategic advantages. For Mayfair, it offers the potential to generate incremental revenue streams and improve mill utilization during periods when internal mine production is

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ramping up or undergoing sequencing adjustments. For counterparties, toll milling provides a cost-effective solution to monetize resources without the capital burden of constructing standalone processing facilities.

From a regional perspective, the establishment of a toll milling framework at Fenn Gib could strengthen collaborative relationships among operators, support local employment, and enhance overall resource extraction in the district. Such agreements would need to be carefully structured to ensure alignment with environmental permits, metallurgical compatibility, and commercial terms that protect the interests of the Company while maintaining operational efficiency.

As an example, the historical Croesus mine, located less than 5 km from the Fenn-Gib site and boasting some of the highest grades in the geological belt, exemplifies the type of small but rich resource that may not justify standalone plant development yet could offer rational synergies through toll milling arrangements.

While the primary focus remains on processing ore from the Fenn Gib deposit, the flexibility to accommodate toll milling agreements represents a potential upside that could materially enhance the economic profile of the mill and reinforce its role as a hub for regional development.

**24.5.3** **South Block Exploration Potential** 

The South Block represents a highly prospective area within the broader Fenn-Gib property, situated directly on the Porcupine–Destor Fault Zone (PDFZ), a major regional structural corridor that is host to numerous significant gold deposits. The geological setting and mineralization style observed here show strong similarities to other large, longlife gold systems along the PDFZ, including the Hollinger, Dome, and other Timmins-regional deposits, as well as the more recent STLLR discoveries, underscoring the potential for meaningful resource expansion.

Although the South Block is situated within a favourable geological setting, it has seen limited historical exploration. The absence of outcrop and the lack of surface exposure beneath overburden, combined with restricted road and trail access, have constrained both drilling programs and surface work in the area. Preliminary indications and broad geophysics signatures suggest good potential for gold bearing system into this block, but the area has yet to benefit from the level of modern exploration applied to the core deposit.

Future work programs will consider additional drilling, geophysical surveys, and targeted sampling to better define mineralization trends and grade distribution. If successful, the South Block could provide additional feed for the planned mill and materially enhance project economics by extending mine life and improving pit design flexibility. The combination of its strategic location on the PDFZ, geological similarity to both historical and emerging deposits, and underexplored status highlights the South Block as a significant upside opportunity for the project.

**24.5.4** **Regional Growth Opportunities** 

A strategic opportunity exists to position the Fenn Gib Project as a central processing hub capable of supporting additional satellite deposits within the surrounding district. It is unknown that this model would be considered valid with the current plant and infrastructure design, however; under this hub and spoke model, the planned Fenn Gib mill would serve as the core facility, with incremental feed (assumed to be at a higher-grade than the current Fenn-Gib

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reserves) sourced from nearby properties that could be acquired or joint ventured. This approach leverages the scale and infrastructure of the central operation while reducing the need for standalone processing facilities at satellite sites.

Implementation of a hub and spoke strategy would require evaluation of regional geology, logistics, and permitting considerations, as well as potential agreements with property owners. The concept offers the potential to enhance project economics by increasing mill feed grade and produced gold ounces, extending mine life, and consolidating regional resources under a single operating framework. While conceptual in nature, this opportunity highlights the potential for Fenn Gib to evolve into a district scale operation, subject to favorable Indigenous community support, exploration success, property acquisition, and regulatory approvals.

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| **25** | **INTERPRETATION AND CONCLUSIONS**  |

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**25.1** **Introduction** 

The QPs note the following interpretations and conclusions in their respective areas of expertise, based on the review of data available for this Report.

**25.2** **Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements** 

Mayfair Gold holds a 100% interest in the Project in northeast Ontario, comprising 21 patented properties, 145 unpatented mining claims, and 6 mining leases totaling 1,877.8 ha. The project was acquired from LSG under an asset purchase agreement dated June 8, 2020. A third-party review of land tenure completed in June 2024 using Ontario's Mining Lands Administration System identified no known title disputes or litigation. The QPs relied on information provided by Mayfair Gold and did not independently verify land title or the legality of third-party agreements. Mayfair Gold has confirmed that there are no known legal disputes or litigation affecting the project. There are no property agreements or obligations beyond those required to maintain claims and leases in good standing.

Mayfair Gold owns both surface and mineral rights on all patented properties and holds sufficient surface rights on mining leases for mining and exploration activities. For unpatented claims, surface access is limited to that permitted under the Ontario Mining Act. The Company has adequate surface rights for current and anticipated exploration programs.

Water use in Ontario is regulated under the Ontario Water Resources Act. Current exploration activities do not require water-taking permits; however, appropriate permits will be obtained as development advances.

The project is subject to a 1% NSR royalty held by Metalla Royalty and Smelting Ltd., a Barrick Gold Corporation back-in right to acquire a 51% interest upon delineation of ≥5 Moz of gold (expiring August 18, 2032), and a 5% Net Profit Royalty on portions of the property, which does not apply to any current mineral resources or reserves.

**25.3** **Geology and Mineralization** 

The Project contains three mineralized zones (Main Zone, Deformation Zone, and Footwall Zone) with distinct geological controls and mineralization characteristics. The Main Zone represents broad disseminated mineralization within altered volcanics; the Deformation Zone represents higher-grade, structurally-controlled mineralization; and the Footwall Zone represents north-northeast-trending mineralized corridors within footwall mafic volcanics. The spatial association with the Contact Fault, interpreted as a splay of the Porcupine–Destor Fault Zone, combined with the presence of gold-bearing fluids channeled through this structure, supports interpretation of a structurally-controlled deposit model typical of major gold deposits in the southern Abitibi. The mineralization style, with quartz-carbonate veins and associated alteration, is characteristic of metamorphic fluid systems. The persistence of mineralization over 1.5+ km of strike and continuity at depth, combined with the discovery of multiple mineralized zones, indicates a substantial and productive mineralizing system. The zones remaining open at depth and along strike present significant expansion potential.

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**25.4** **Exploration and Drilling** 

Exploration and diamond drilling conducted by Mayfair Gold since 2021 has successfully advanced the Project from an advanced-stage exploration property to a project with a substantial delineated resource base suitable for PFS evaluation. The systematic drilling program, supported by geochemical and geophysical surveys, has defined three main mineralized zones (Main Zone, Deformation Zone, and Footwall Zone) and expanded the known mineralization beyond the boundaries of previous resource estimates. The mineralization remains open in multiple directions, indicating potential for resource growth through continued exploration drilling.

**25.5** **Metallurgical Testwork** 

The metallurgical definition and development test program concluded the most viable process to be crushing and grinding, followed by flotation, concentrate regrinding, and cyanidation of the rougher concentrate to produce doré bullion at site.

The target primary grind size was determined to be a P80 of 106 µm, with a 23 to 29% rougher flotation mass pull, yielding 97% Au recovery to a rougher concentrate. The concentrate regrind target P80 selected was 13 µm, achieving a maximum 96% Au extraction for an estimated 89.6 % Au recovery at 1.5 g/t Au.

Metallurgical testing was conducted on composite samples over a range in head grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S2-. Composite sample selection is considered to be representative of the range in gold grade, sulphide content, and lithology with a focus on the life-of-mine open pit phases

**25.6** **Mineral Resource Estimate** 

Table 25-1 presents the MRE reported within a constraining resource pit shell and categorized by resource classification. The MRE has an effective date of September 3, 2024, and was prepared by QP Tim Maunula, P.Geo. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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| **Table 25-1:** | **Mineral Resource Table**  |

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| **Resource Category** | **Cut-Off**<br>**(Au g/t)** | **Cut-Off**<br>**(Au g/t)** | **Tonnes** | **Tonnes** | **Au**<br>**(g/t)** | **Au**<br>**(g/t)** | **Au**<br>**(oz)** | **Au**<br>**(oz)** |
|  Indicated |  | 0.3 |  | 181302000 |  | 0.74 |  | 4313000 |
|  Inferred |  | 0.3 |  | 8921000 |  | 0.49 |  | 141000 |

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Notes:

1. Effective date of this updated MRE is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

2. All mineral resources have been estimated in accordance with the CIM Definitions Standards (CIM, 2014), as
required under National Instrument (NI) 43-101. Mineral resource statement prepared by QP Tim Maunula, P.Geo. (TMAC) in accordance with NI 43-101.

3. Mineral resources reported demonstrate reasonable prospect of eventual economic extraction, as required
under NI 43-101. Mineral

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resources are not mineral reserves and do not have demonstrated economic viability. The mineral resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.

4. Mineral resources are reported at a cut-off grade of 0.30 g/t Au for
an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process
cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

5. Troy ounce = tonnes x grade/31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.

6. The quantity and grade of reported inferred resources are uncertain in nature and there has not been
sufficient work to define these inferred resources as indicated or measured resources. It is reasonably expected that many of the Inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

7. Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to
rounding.

**25.7** **Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the MRE include:

• metal price and exchange rate assumptions

• changes to the assumptions used to generate the gold grade cut-off

• changes in local interpretations of mineralization geometry and continuity of mineralized zones

• changes to geological and mineralization shape and geological and grade continuity assumptions

• density and domain assignments

• changes to geotechnical, mining, and metallurgical recovery assumptions

• changes to the input and design parameter assumptions that pertain to the conceptual pit and stope designs
constraining the estimates

• assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain
environmental, and other regulatory permits, and maintain the social license to operate.

There are no other known environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors that would materially affect the estimation of mineral resources that are not discussed in this technical report.

**25.8** **Mineral Reserve Estimate** 

The reserves for the Project are based on the conversion of the Indicated mineral resources in the study mine plan within the ultimate open pit limits. No Measured mineral resources are within the ultimate pit design. The level of information from drill holes and degree of certainty on assumptions used by the mine plan estimates provides reasonable support to classify Indicated mineral resources conversion directly to probable reserves.

The total mineral reserve for the Project is shown in Table 25-2.

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**Table 25-2: Fenn-Gib Proven and Probable Mineral Reserves** 

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|  | **Process Feed** | **Grade** | **Contained Gold** |
| **Reserve Class** | **(Mt)** | **Au (g/t)** | **Moz** |
|  Proven |  |  |  |
|  Probable | 25.13 | 1.29 | 1.04 |
|  Total Reserves | 25.13 | 1.29 | 1.04 |

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Note:

1. This mineral reserve estimate has an effective date of December 19, 2025.

2. The mineral reserve estimation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP Mining
Consultants Inc., who is a QP as defined under NI 43-101.

3. Mineral reserves are stated within the ultimate design pit based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. US$1,750/ounce gold price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pit Limit corresponds to a pit shell with a revenue factor of 0.55, corresponding to a US$962 /ounce gold
price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An elevated cut-off grade of 0.80 g/t Au for all pit phases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preliminary mining cost assumptions of C$3.24/tonne mined of waste, C$3.23/tonne mined of ore, with an
incremental mining cost of C$0.02/tonne/5 m bench mined below the 5,310 m elevation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Preliminary processing cost assumptions of C$14.50/tonne processed, general & administration
assumption of C$2.10/tonne processed, and stockpile rehandle cost assumption of C$1.00/tonne processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Preliminary process recovery assumptions of 92.6% for gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. An exchange rate of C$1.35 equal to US$1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The preliminary economic, cost and recovery assumptions used at the time of mine planning and reserve
estimation may not necessarily conform to those stated in the economic model.

4. Pit slope inter-ramp slope angle assumptions ranged from 28-65° and overall slope angles ranging from
21-51°.

The QP has not identified any known legal, political, environmental, or other risks that would materially affect the potential development of mineral reserves.

Technical risks that have been identified as potentially affecting the mineral reserves include mining selectivity near the ore contacts, slope stability, and assumed process recoveries for given rock types. These are considered manageable risks that will be mitigated with testing and operational experience.

**25.9** **Mining Methods** 

The PFS mine plan is based on open pit mining.

A main pit with three phases together with two smaller satellite pits will provide the open pit feed material necessary to maintain the process plant feed rate at 4,800 t/d while operational. The mine will produce 25.1 Mt of mill feed grading 1.29 g/t Au over a 14.5-year mining life after one year of pre-stripping. Waste from this pit will total 151.9 Mt for a strip ratio of 6.0:1.0 (waste: mill feed).

The mill feed cut-off grade used for the Study is 0.80 g/t Au. During the mine operation minimal material will be stockpiled (0.8 Mt) and only at the beginning of the mine life when ore is encountered during the pre-stripping operation. This will be reclaimed in Year 1.

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The main fleet will consist of three 165 mm down the hole drills, two 16 m3 diesel hydraulic shovels and one 13 m3 front end loader. Another 13 m3 loader will be at the crusher and can be used in the pit as needed. The truck fleet will total 8 – 92-tonne trucks at the peak of mining. They will deliver waste material for tailings facility construction. There is also a smaller fleet of two articulated trucks and two 63-tonne trucks for tailings facility maintenance and lift development. The usual assortment of dozers, graders, small backhoes, and other support equipment is considered in the equipment cost estimate.

Year -1 is the start of major mining activity using the mining equipment and the site infrastructure (roads, highway relocation, pads, etc.) are in place. The early phases will provide the highest grade to the mill in the first six years in the schedule. The open pit will be in operation until the middle of Year 15.

Waste material from the pit will be used in the construction of the TSF with excess going into the various MRSAs and overburden stockpiles. As the MRSA advances upwards, re-sloping of the sides will be occurring to allow for concurrent reclamation and reducing the visual impact of the facility.

In addition to the main open pit, two satellite pits will be mined and these will be used for water storage and diversion later in the mine life. The Phase 1N pit will be used to provide rock material for various mine infrastructure including haul roads, and pads as needed.

The mine equipment fleet is anticipated to be financed to lower initial capital requirements. The LOM operating cost, during the production period, is estimated at $4.53/t mined. This includes equipment financing of $0.12/t mined.

Pre-production stripping costs are estimated at $42.3 million, including capitalized operating costs and equipment leasing costs during pre-production period. Other initial mine capital including equipment is $15.3 million and $11.8 million for additional earthworks, road construction, water management and miscellaneous capital. Sustaining capital is estimated at $24.4 million.

**25.10** **Process Plant** 

The selected flowsheet consists of conventional mineral processing unit operations, with additional unit processes compared to a typical gold plant to provide greater gold recoveries. No significant elements of technological innovation are used in this flowsheet as conventional comminution, gravity, flotation, and leaching circuits are employed. Previous studies, coupled with available test work results and financial evaluations, were used to develop the resulting flowsheet.

The process flowsheet consists of the following circuits:

• Three-stage crushing of ROM ore.

• A waste diverter chute to allow for crushing of aggregate material for use on site.

• A crushed ore stockpile to provide buffer capacity (24 h) ahead of the grinding circuit.

• Ball mill with trommel screen and cyclone classification.

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• Provision for possible future installation of a gravity concentration and intensive leaching of the gravity
concentrate.

• Trash screening and rougher flotation.

• Flotation concentrate handling and regrind.

• Leach and carbon adsorption (L/CIL) of reground flotation concentrate.

• Acid washing of loaded carbon and AARL type elution followed by electrowinning and smelting to produce
doré.

• Carbon regeneration by rotary kiln.

• Cyanide destruction of tailings using the SO<sub>2</sub>/air
process.

• Tailings disposal.

The overall plant availability is 92%, with the crushing circuit operating at 67% availability.

Reagents used in the selected flowsheet include hydrated lime, AERO<sup>®</sup> promoters, PAX collector, MIBC frother, flocculant, sodium cyanide, sodium hydroxide, sodium metabisulphite, copper sulphate, nitric acid, leach aid, coconut shell as activated carbon and typical flux reagents. The reagents are well known within the minerals processing industry and are stored in accordance with the manufacturers' guidelines and specifications.

**25.11** **Infrastructure** 

Site investigations are scheduled to be completed during 2026 to confirm foundation conditions along the east side of the TSF and within the footprint of the MRSA. The TSF and MRSA arrangements may be revised pending the site investigation findings and confirmation of geotechnical design parameters

Site investigations are scheduled to be completed during the first quarter of 2026 to confirm geotechnical parameters for the silt and clay overburden within the open pit area. The excavation slopes within the silt and clay and volume of overburden to be removed will be further assessed following confirmation of geotechnical design parameters.

Groundwater dewatering during construction and operations carries risks of inaccurate prediction of seepage rates, excessive groundwater inflows, elevated pore pressures, and unintended drawdown or water quality impacts beyond the mine footprint. Higher-than-expected seepage can compromise slope stability, increase pumping and treatment requirements. Groundwater numerical modelling studies are currently being completed to evaluate any potential impacts and seepage rates. Detailed sensitivity analysis will be completed to assess a wide range of aquifer properties and operational conditions to inform potential risks elements.

Contingency planning using groundwater interceptor wells will be assessed, if applicable, as a proactive control by allowing targeted capture of groundwater along high-permeability structures or between the mine and sensitive receptors. Pre-permitted, trigger-based activation of interceptor wells supports adaptive management and reduces operational, environmental, and geotechnical risk if actual conditions deviate from predictions. The Project intends to include excess water discharge to the Pike River. Studies related to baseline water quality data, geochemical testing

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and analyses and assimilative capacity are in progress and/or planned to be completed to determine effluent discharge strategies in consultation with Indigenous communities and government agencies.

**25.12** **Markets and Contracts** 

The QP acknowledges that gold is a freely traded commodity with deep, liquid international markets, and therefore marketability of production from the Fenn Gib Project is not considered a risk.

• The QP has reviewed the long-term metal prices provided by CIBC's research. Based on this review, the QP
considers that the information and conclusions presented in these studies reasonably support the assumptions made in this Technical Report regarding commodity pricing.

**25.13** **Environmental, Permitting and Social Considerations** 

QP has reviewed the available data and supporting studies related to environmental, permitting, social, and closure considerations for the Project. Based on this review, the following conclusions are provided:

• Environmental Studies and Baseline Conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extensive baseline environmental studies have been completed since 2021 to characterize aquatic and
terrestrial ecosystems, groundwater, air quality, noise, and cultural heritage resources within, and in the general vicinity of the Project site. Results indicate that environmental conditions are typical of northern Ontario, with no critical
constraints identified that would prevent mine development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial geochemical characterization studies have been completed and additional targeted geochemical studies
to further refine the understanding of the geochemical behaviour of mine wastes are ongoing. Geochemical characterization confirms that most mine rock and tailings are non-potentially acid generating (non-PAG), with a portion classified as PAG requiring engineered containment and subaqueous deposition within the TSF. These measures are standard practice and incorporated into the project design.

• Permitting and Regulatory Framework

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Project does not currently hold permits for construction or operations, as it remains at the pre-feasibility stage. The Project will require a suite of permits and approvals typical of mine developments of the sort contemplated at Fenn-Gib, primarily under provincial
jurisdiction. Select elements of the Project will require approval through the Provincial Class EA process. The Project is not a Physical Activity as defined in the Physical Activities Regulations under the federal Impact Assessment Act and
therefore federal IA is not indicated though an authorization under the federal Fisheries Act may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early engagement with regulators has been initiated, and no significant impediments to permitting have been
identified. Mayfair is in discussions with the Ontario government regarding entry into the 1P1P initiative that includes facilitation of all necessary provincial approvals which would be expected to streamline regulatory review and allow early works
commencement.

• Social and Community Engagement

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Project is located within Treaty 9 and the traditional territory of Apitipi Anicinapek Nation. Mayfair
Gold maintains an active Exploration Agreement with AAN and has committed to consultation with additional Indigenous communities as directed by the Ministry of Energy and Mines. Engagement with local stakeholders, including the Town of Matheson, is
ongoing and proactive. No significant concerns have been raised to date.

• Closure and Reclamation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A conceptual closure strategy has been developed that will be the basis of the Closure Plan that will meet the
requirements of Ontario Regulation 35/24 and the Mine Rehabilitation Code of Ontario. The plan intends to include, among other things, removal of infrastructure machinery and equipment, stabilization of tailings and mine rock storage areas, pit
flooding, and revegetation of disturbed areas using native species. Financial assurance will be provided to cover the full cost of closure and long-term monitoring, including contingencies for water treatment and ARD/metal leaching mitigation.

**25.13.1** **Environmental, Permitting and Social Considerations Conclusion** 

No material environmental, permitting, or social constraints have been identified that would prevent the advancement of the Project to the next stage of development. Known considerations, such as management of PAG material, cyanidation residues, and regulatory timelines are typical for similar projects in Ontario and are addressed in the Project design and permitting strategy. Continued engagement with Indigenous communities, stakeholders, and regulators will be critical to maintaining schedule and securing social license.

**25.14** **Capital Cost Estimate** 

The capital cost estimate was developed in Q3 2025 CAD dollars based on budgetary quotations for equipment and construction contracts, as well as Ausenco's in-house database of projects and studies including experience from similar operations.

The estimate conforms to Class 4 guidelines for an PFS-level estimate with a ±25% accuracy according to the Association for the Advancement of Cost Engineering International.

The estimate includes mining, processing, onsite infrastructure, tailings and mine rock storage areas, offsite infrastructure, project indirect costs, project delivery, owners' costs, and contingency.

The total initial capital cost for the Project is $450 million; and LOM sustaining costs are $110 million inclusive of closure costs.

**25.15** **Operating Cost Estimate** 

The operating cost estimate conforms to AACE Class 4 guidelines (±25%) The operating cost was developed in Q3 2025 Canadian dollars based on recent quotations as well as Ausenco's in-house database of projects and studies.

The total mining operating cost for the project is $771 million over the life of mine, or 30.66 $/t processed. The total processing and G&A operating cost for the project is $171 million over the life of mine, or 6.82 $/t processed.

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Costs associated with Indigenous Impact Benefit Agreements have not been included in the current cost evaluations. These will be assessed and incorporated into future technical reports as appropriate.

**25.16** **Economic Analysis** 

Based on the assumptions in this report, the Project has a positive cash flow. The pre-tax NPV discounted at 5% (NPV5%) is $981 million, the IRR is 28.8%, and the payback period is 2.6 years. On an after-tax basis, the NPV5% is $652 million, the IRR is 24.1%, and the payback period is 2.7 years.

A sensitivity analysis was conducted on the base case after-tax NPV, IRR, and Payback of the Project, using the following variables: gold price, foreign exchange rate, initial capital costs and operating costs. The analysis revealed that the Project is most sensitive to changes in metal prices followed by foreign exchange rate, operating costs and initial capital costs.

**25.17** **Risks and Opportunities** 

Risks to the project include changes to metal price and exchange rate assumptions, interpretation of mineralization geometry and continuity, assumed density and domain assignments, and assumptions regarding continued ability to access the site, retain mineral and surface rights titles, and maintain environmental and other regulatory permits and social license to operate.

**25.17.1** **Risks** 

**25.17.1.1** **Exploration and Drilling** 

Risks to the drilling and exploration program include the interpretation of mineralization geometry and continuity at depth and along strike, potential changes in drilling productivity and costs, and continued access to the property for drilling operations.

**25.17.1.2** **Metallurgical Testwork & Recovery Methods** 

The following are risks regarding the metallurgical testwork and recovery methods:

• A small number of samples underwent competency testwork. The Axb parameter is being informed by five samples,
one of which is a composite. Further competency testwork is recommended ahead of future phases to increase confidence in the comminution circuit design.

• Similarly, the Bond Work Index tests were performed on 10 samples at a P80 of 106 µm, four of which are
composites. Additional testwork is recommended on variability samples to ensure the ball mill is adequately sized for the entirety of the deposit.

• The concentrate thickener and tailings thickener were sized based on the solids settling rates of similar
materials at similar particle size distributions as no dynamic settling tests were performed for the PFS. Dynamic settling tests and vendor-specific dewatering tests are recommended ahead of the next phase.

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• Evaluate the inclusion of a PumpCell CIL or CIP circuit that can be located indoors instead of a conventional
CIL circuit, that is located outdoors with a cover structure.

• Similarly, no rheology testwork was performed, which poses a risk to the tailings lines and tailings pumps.

• No cyanide destruction testwork was performed for the PFS. The design criteria for this circuit were selected
conservatively based on operating data of mills in the area with similar cyanide dosages in the leach circuit.

**25.17.1.3** **Mining Methods** 

• Overburden Slopes: Flatter slopes may be required in overburden due to poor overburden quality. Additional
geotechnical drilling to accurately estimate expected slopes could mitigate the risk.

• PAG/non-PAG characterization: Further understanding of the rock
properties may show PAG material present that could result in reduced NAG material for TSF construction. Additional geochemical testwork to improve material characterization could mitigate the risk.

• Water inflows: Additional pumping requirements and site discharge to environment. Additional hydrogeological
drilling/modelling to better understand water inflows could mitigate the risk.

**25.17.1.4** **Environmental, Permitting and Social Considerations** 

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| **Table 25-3:** | **Risks – Environmental, Permitting, and Social Considerations**  |

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| **Category** | **Risks** |
| Environmental | PAG material and cyanidation residues require engineered containment to prevent ARD/ML. |
| Environmental | Existing background water quality exceedances (iron, aluminum, phosphorus) could worsen due to project activities. |
| Environmental | TSF structural failure or seepage could cause contamination and penalties. |
| Permitting | Regulatory timelines for Closure Plan, PTTW, and ECAs may delay construction and increase costs. |
| Permitting | A 'Bump-up' request from a stakeholder will delay the provincial EA timelines and could add compliance obligations. |
| Social | Indigenous/community consultation outcomes may require design changes, impacting schedule/cost. |
| Social | Lack of transparent engagement could lead to opposition or legal challenges. |

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**25.17.1.5** **Operating Cost Estimate** 

Operating cost estimates were based on recent quotes that may or may not reflect prices at the time of project execution. These costs should be updated as market conditions change.

Reagent and consumable consumption rates were estimated based on available testwork and may change as additional testwork becomes available throughout the project development phases.

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**25.17.2** **Opportunities** 

**25.17.2.1** **Exploration and Drilling** 

The current MRE demonstrates a robust deposit containing 4.3 Moz of gold in the Indicated classification category. The opportunity exists to expand the mineral resource for the Fenn-Gib Deposit, including the Footwall Zone, as the mineralized zones remain open at depth and along strike to both the east and west.

**25.17.2.2** **Metallurgical Testwork & Recovery Methods** 

The following lists opportunities available for the metallurgical testwork and recovery methods:

• Confirm feasibility and economics of gravity gold circuit. Additional testwork required: flotation and leach
tests should be performed on identical samples with and without gravity gold recovery to evaluate differences in grades and recoveries. The inclusion would marginally impact the project's initial and/or sustaining capital costs to account for
the installation of the gravity gold and ILR circuits. No benefits in recovery from the gravity circuit have been included in the gold recovery model.

• Evaluate deferral or deletion of cyanide detoxification thickener. The main purpose of this thickener is to
recirculate the cyanide-bearing water to minimise cyanide consumption within the leach circuit.

**25.17.2.3** **Mining Methods** 

• Overburden: Steeper slopes would help reduce waste movement. Additional geotechnical drilling to accurately
estimate expected slopes would be required to assess potential opportunity.

• Density Analysis: Better understanding of material densities could result in better sized truck beds and
shovel dippers. This testing could help improve carrying capacity and overall mining fleet productivity.

• Phase 1N: Use of rock from this phase may be used to help with the highway relocation and reduce quarry needs
for the highway foundation construction.

**25.17.2.4** **Environmental, Permitting and Social Considerations** 

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| **Table 25-4:** | **Opportunities – Environmental, Permitting, and Social Considerations**  |

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|:---|:---|
| **Category** | **Opportunities** |
| Environmental | Progressive reclamation and water recycling reduce liabilities and improve sustainability |
| Environmental | Passive treatment systems post-closure minimizes costs while meeting compliance standards |
| Permitting | Early regulator engagement and Ontario 1P1P process can streamline permitting and reduce delays |
| Permitting | Phased Closure Plan filing allows early works commencement and flexibility |
| Social | Respectful relationships with Indigenous communities enhance social license and reduce risk of delays |
| Social | "Good neighbour" agreement and local infrastructure development foster community support with the Town of Matheson |

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**25.17.2.5** **Infrastructure** 

Geotechnical characterization work completed to date indicates that sand and gravel till deposits with the open pit will be suitable TSF embankment construction including bedding, transition and downstream fill zones. Non-PAG Mine rock from the open pit development will be used to construct the downstream fill zones for the embankment raises. There is an opportunity to further integrate the TSF and MRSA to reduce the overall footprint of the facilities.

If excess water is encountered, there is an opportunity to employ a Managed Aquifer Recharge (MAR) strategic option to manage groundwater from pit dewatering systems or seasonal inflows. This water is part of the natural hydrologic system, not a waste product and there may be an opportunity to view it as a nature-integrated asset. Routing excess groundwater through standard methods and passive low risk management options such as constructed wetlands and/or managed aquifer recharge systems (infiltration basins, trenches, or recharge wells.

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| **26** | **RECOMMENDATIONS**  |

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**26.1** **Introduction** 

The Project demonstrates positive economics, as shown by the results presented in this Study. Table 26-1 summarizes the proposed budget to advance the project work and designs to develop a construction control estimate allowing the Company to advance to a Construction Decision.

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| **Table 26-1:** | **Recommended Work Program**  |

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|:---|:---|
| **Program Component** | **Estimated Total<br>Cost ($M)** |
|  Drilling | 5.7 |
|  Mining and Geology | 2 |
|  Plant Design | 11 |
|  Metallurgical Testwork | 1 |
|  Tailings and Water Management Designs | 4.5 |
|  Geotechnical and Site Investigations | 4.6 |
|  Infrastructure Designs | 2 |
|  Environmental Studies, Project Approvals and Community Engagement | 5 |
|  Construction Control Estimate | 0.2 |
|  **Total** | **36.0** |

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**26.2** **Drilling** 

• Advance resource confidence drilling, similar to grade control drilling, to improve certainty in the resource
model.

• Complete condemnation diamond drilling to ensure key infrastructure is not located over potential future mine
reserves.

**26.3** **Mining and Geology** 

• Consider advancing a bulk-sample program and conduct a blasting study to refine explosives requirements and
material fragmentation properties.

• Collaborate with vendors to optimize bucket and truck bed sizing, considering wet material and density
variations to minimize carryback and maximize productivity.

• Perform detailed overburden characterization and hydrogeological testing.

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• Undertake tests to validate joint set and structural properties critical to stability.

• Implement grade control drilling to define operational ore/waste contacts.

• Conduct geotechnical drilling to confirm open-pit slope design
parameters.

• Advance geological investigations to improve lithological and structural delineation, deepen understanding of
grade distribution, and characterize waste-rock units and their geo-metallurgical attributes.

**26.4** **Plant Design** 

• Complete front-end engineering design (FEED) and detailed plant
engineering.

• Within the FEED evaluate modular construction options to reduce schedule risk and capital intensity.

• Identify required vendor drawings to advance designs.

• Assess long-lead equipment procurement needs and potential down payments to secure production slots aligned
with construction timelines.

• Develop a construction control estimate to support the Company's decision-making.

**26.5** **Metallurgical Testwork** 

• Perform additional competency and Bond Work Index tests, focusing on deposit variability.

• Conduct leach tests with and without gravity gold recovery to assess its value in the circuit.

• Execute flotation tests across variability samples to confirm flowsheet performance.

• Carry out cyanide detoxification tests to determine optimal reagent dosages for compliance with environmental
discharge standards.

• Complete dynamic settling and rheology tests on flotation and detoxification tailings.

**26.6** **Tailings Storage Facility and Water Management** 

• Advance TSF designs to issued-for-construction (IFC) status

• Complete site investigations to support IFC designs.

• Develop an integrated water balance and water management strategies for both construction and operational
phases.

• Implement an integrated approach to water management and earthworks to enhance sustainability and reduce
environmental impact.

• Implement an Independent Tailing Review Panel prior to construction of the TSF.

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**26.7** **Geotechnical and Site Investigations** 

• Conduct geotechnical drilling to validate pit slope stability, including joint set and structural properties.

• Characterize overburden and perform hydrogeological testing.

• Investigate foundation conditions near the TSF and MRSA footprint, as well as silt and clay overburden within
the pit.

• Expand rock geomechanical characterization along pit walls.

• Drill additional hydrogeological test holes and obtain water chemistry profiles to identify water-bearing
faults and predict quality issues.

• Develop a groundwater flow simulation model to forecast inflows and piezometric surface changes during
operations.

**26.8** **Infrastructure Design** 

• Advance engineering for power supply options, transmission routing, and HONI/IESO processes.

• Develop contingency plans for power supply during operations.

• Progress highway 101 relocation engineering and coordinate with MTO for approvals.

• Design all site and off-site infrastructure to support operations.

• Plan construction camp requirements and optimize logistics for readiness.

**26.9** **Environmental Studies, Project Approvals and Community Engagement** 

• Continue baseline environmental studies to support provincial EA and permitting.

• Advance geomechanical characterization and hydrogeological modeling for dewatering strategies.

• Progress geochemistry work related to metal leaching and acid rock drainage

• Support Class EA processes and integrate with Ontario's "One Project, One Process"
framework.

• Initiate stakeholder consultations with AAN and other Ministry-identified communities.

**26.10** **Construction Control Estimate** 

• Compile all work and designs to develop a Construction control estimate to allow for the Company to advance to
a Construction Decision.

**26.11** **Estimated Total Cost** 

The total recommended budget for the next phase of work is approximately $36 million.

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| **27** | **REFERENCES**  |

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Aurora Geosciences Ltd. (2023). *Fenn–Gib North Block Soil Sampling MMI Results, Au ppb.* SGS Laboratories, Burnaby, B.C.

Bath, A. C. (1990). Mineral *occurrences, deposits, and mines of the Black River-Matheson area.* Open File Report 5735. Ontario Geological Survey.

Berger, B. (2002). *Geological Synthesis of the Highway 101 Area, East of Matheson, Ontario.* Open File Report 6091, 149 p.6. Ontario Geological Survey

Berger, B., & Amelin, Y. (1998)*.* Project Unit 97-024. Geological investigations along Highway 101; Guibord, Michaud and Garrison townships. In J. A. Ayer, C. L. Baker, J. C. Ireland, R. I. Kelly, & P. C. Thurston (Eds.), *Summary of field work and other activities 1998* (Miscellaneous Paper 169, pp. 25–32). Ontario Geological Survey.

Brace, T., Campbell, I., Koch, R., & Mancini, L. (2017, October 17). *2017 Summary Report on 2017 Work Activities Fenn–Gib Project.* MPH Consulting Ltd.

Brown, J., & Sutherland, D. (2022, December 1). *Mayfair Gold Corp. Fenn–Gib SGH Surveys.* Activation Laboratories Ltd.

Brown, P. (2001, June). *Report on Geological Potential, Fenn–Gib property.* Pangea Goldfields Inc.

Brown, P. (2002). *Fenn Gib Drilling Report. March/April 2002. Assessment report.* Pangea Goldfields Inc.

Buford, C. (2025). "Mayfair Gold Electrical Power Supply Project Pre-Feasibility Study". Internal. TWD Technologies Ltd.

CIM Standing Committee on Reserve Definitions. (2014). *CIM Definition Standards for Mineral Resources and Mineral Reserves.* Canadian Institute of Mining, Metallurgy and Petroleum.

Crary, T., & Jackman, R. (2015). *An Investigation into Gold Recovery from the Fenn–Gib Deposit.* SGS Lakefield Inc.

Cregheur, P. (1996, August). *In House Prefeasibility Study, Fenn–Gib Project.* Pangea Goldfield Inc.

Daezali, A., Dietrich, J., Elfen, S., & Meintjes, T. (2020, May 28). *Pan American Silver Fenn–Gib Due Diligence.* Ausenco on behalf of Henney Capital.

Dagbert, M., & Desharnais, G. (2011, November 17). *Fenn–Gib Resource Estimate Technical Report, Timmins Ontario.* SGS Lakefield Inc.

Dubé, B., & Mercier-Langevin, P. (2020). Gold Deposits of the Archean Abitibi Greenstone Belt, Canada. In R. H. Sillitoe, R. J. Goldfarb, F. Robert, & S. F. Simmons (Eds.), *Geology of the World's Major Gold Deposits and Provinces* (pp. 669-708). Society of Economic Geologists.

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Dyck, D., & Sparling, J. (1997, April). *Environmental studies Report Barton Creek and Little Pike River Watersheds.* Agra Earth & Environmental Ltd.

G Mining Services Inc. (2025, June). *Preliminary Economic Assessment NI 43-101 Technical Report, Tower Gold Project, Ontario, Canada.* Prepared for STLLR Gold Inc.

Hennessey, B., & Gowans, R. (2019, February). *A Mineral Resource Estimate for the Golden Highway Project, Michaud and Garrison Townships, Black River–Matheson Area, Northeastern Ontario.* Micon International Limited prepared for Moneta Porcupine Mines Inc.

Hobbs, L. G. (1986, February). *A Report on the 1978 Exploration project on the Wood–Croesus gold mines property.* Wood-Croesus Gold Mines.

Jelenic, A. (2023). *Fenn–Gib Project 2022-2023 Geophysics—North Block IP Surveys Field Report.* Aurora Geosciences Ltd.

Kirkham, G., Makarenko, M., & Crowie, T. (2021, February). *NI 43-101 Technical Report Fenn–Gib Project, Ontario, Canada.* JDS Energy & Mining Inc. Prepared for Mayfair Gold Corp.

Live, P. (2005, January). *Fenn–Gib Gold Project Open Pit Economics Evaluation Briefing Report* (Report Nº 5686001-001). Breton, Blainville & Associates.

Mancini, L., & Conquer, S. (2012, May). *Summary of Work Report for the Diamond Drill Program on the Fenn–Gib property, Guibord Township.* Lake Shore Gold Corp.

Mancini, L. (2014, June). *Spring 2014 Assessment Report for Fenn–Gib property Claims 4272132 and 4258968.* Lake Shore Gold Corp.

Mancini, L. (2018, October). *Diamond Drilling on the Fenn–Gib property 2017.* Prepared for the Ministry of Northern Development and Mines Ladner Lake Mining Division, Northeastern Ontario. Lake Shore Gold Corp.

Marchand, K. (1996, August). *Summary of Exploration work 1993 to 1996, Fenn–Gib property, Munro and Guibord Townships.* Pangea Goldfields Inc.

Maunula, T. (2023, July). *Mayfair Gold National Instrument 43-101 Technical Report, Fenn–Gib Project, Ontario, Canada.* Prepared by T. Maunula & Associates Consulting Inc.

Maunula, T. (2025, October). *Mayfair Gold National Instrument 43-101 Technical Report, Fenn–Gib Project, Ontario, Canada.* Prepared by T. Maunula & Associates Consulting Inc.

Mayfair Gold Corp. (2021, February). *Fenn–Gib Core Logging Procedures.* Internal document.

Mayfair Gold Corp. (2022, May). *Fenn–Gib QAQC Protocol.* Internal document.

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Mayfair Gold Corp. (2022, October 18). *Mayfair Gold Increases Fenn–Gib Open Pit Indicated Resource by 47% to 3.06 M Ounces and Inferred Resource by 315% to 0.31 M Ounces* [Press release]. https://financialpost.com/globe-newswire/mayfair-gold-increases-fenn-gib-open-pit-indicated-resource-by-47-to-3-06m-ounces-and-inferred-resource-by-315-to-0-31m-ounces

Mayfair Gold Corp. (2023, July). *Fenn–Gib Drillhole Related Protocols.* Internal document.

McElhanney Ltd. (2022, October). *Fenn–Gib LiDAR and Orthophoto.*

MPH Consulting Limited. (1994, June). *Assessment Report on the Fenn and Gib Projects, Guibord and Munro Townships, Larder Lake Mining Division, Ontario for Pangea Goldfields Inc. Volume VII.* Prepared for Pangea Goldfields Inc.

Munro, S. (2021, April 28). *Heli-GT Three-Axis Magnetometer Gradiometer Survey, Fenn–Gib Project, Matheson, Ontario.* SHA Geophysics Ltd.

Poehlman, T. (2024): *Mayfair Gold Land Report, 23 April 2024.* Report Generated on Mining Lands Administration System by In Good Standing Corporation.

Province of Ontario. (1990). *Mining Act. R.S.O. 1990, Chapter M.14.* June 5, 2025, Version. https://www.ontario.ca/laws/statute/90m14.

Raponi, T. R., Elfen, S., Weston, S, Hasanloo, D., Dufresne, M., Lill, J., & Farmer, N. (2022, September 7). *NI 43-101 Report & Preliminary Economic Assessment of the Tower Gold Project, Northeastern Ontario.* Prepared by Ausenco Engineering Canada ULC for Moneta Gold Inc. https://minedocs.com/23/Moneta_Gold_Tower_Gold_Project_PEA_09072022.pdf

Rennick, M. W. (2004, May). *Report on the Tandem Resources Ltd., Highway 101 Property, Guibord Township, District of Cochrane, Larder Lake Mining District.*

Robert, F., & Poulsen, K. H. (1997). World-class Archean gold deposits in Canada: an overview. *Australian Journal of Earth Sciences, 44,* 329–351.

Rollwagen, D. W., Salter, R. S., & Furey, J. T. (1989). *Investigation of the Recovery of Gold from Fenn Project Samples.* Submitted to Corona Corporation. Lakefield Research Inc.

Satterly, J. (1951). *Geology of Munro Township.* Sixtieth Annual Report of the Ontario Department of Mines [Volume LX, Part VII], p. 45. Legislative Assembly of Ontario. 

Scobie, B. J. (1995). *An Investigation of the Recovery of Gold from Fenn–Gib Bulk Samples. Progress Report No. 2. L.R. 4758.* Submitted by Pangea Goldfields Inc. Lakefield Research Inc.

Scobie, B. J. (1996). *An Investigation of the Recovery of Gold from Fenn–Gib Bulk Samples. Progress Report No. 3. L.R. 4758.* Submitted by Pangea Goldfields Inc. Lakefield Research Inc.

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Scobie, B. J. (1997). *An Investigation of the Recovery of Gold from Fenn–Gib Bulk Samples. Progress Report No. 4. L.R. 4758.* Submitted by Pangea Goldfields Inc. Lakefield Research Inc.

SGS Canada Inc. (2014, August). *Gold Recovery from the Fenn–Gib Deposit. Project 13640-01.* Prepared by SGS-Lakefield for Lake Shore Gold Corp.

SGS Canada Inc. (2015, January). *Gold Recovery from the Fenn–Gib Deposit. Project 13640-01.* Prepared by SGS-Lakefield for Lake Shore Gold Corp. 

SGS Canada Inc. (2017, December). *Gold Recovery for Fenn–Gib Deposit Samples. Project 16116-01.* Prepared by SGS-Lakefield for Lake Shore Gold Corp.

SGS Canada Inc. (2018, July). *Gold Recovery for Fenn–Gib Deposit Samples. Project 16116-01.* Prepared by SGS-Lakefield for Lake Shore Gold Corp.

SGS Canada Inc. (2022, August). *The* Recovery *of Gold from Fenn–Gib Project Samples. Project 18831-01.* Prepared by SGS-Lakefield for Lake Shore Gold Corp. 

SGS Canada Inc. (2023, March). *Recovery of Gold from a Fenn–Gib Project Sample. Project 18831-02.* Prepared by SGS-Lakefield for Lake Shore Gold Corp.

Sparling, J. (1997, May). *Geotechnical investigation North of Highway 101.* Prepared by Agra Earth & Environmental Ltd.

Stalker, M. (2003, September). *Report of Work Geological Survey Wood–Croesus Property.* Prepared by Croesus Gold Inc.

STLLR Gold Inc. (2025). STLLR Gold Delivers Updated Mineral Resource Estimate and PEA Demonstrating US$1.0 Billion After-Tax NPV5% for the Large-Scale Tower Gold Project in Ontario, Canada. May 15, 2025 [Press release]. https://stllrgold.com/news/stllr-gold-delivers-updated-mineral-resource-estimate-and-pea-demonstrating-us-1-0-billion-after-tax-npv5-for-the-large-scale-tower-gold-project-in-ontario-canada

Talakoski, J. (2025). "Highway 101 Realignment Feasibility Study – Mayfair Gold". Internal. TBT Engineering Ltd.

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## Exhibit 99.55

**Exhibit 99.55**![LOGO](g83619g0118052043664.jpg)

**Mayfair Gold Files Technical Report for Fenn-Gib Gold Project** 

VANCOUVER, BC, Jan. 15, 2026 /CNW/ - Mayfair Gold Corp. ("**Mayfair**", **"Mayfair Gold**" or the "**Company**") (TSXV: MFG) (OTCQX: MFGCF) is pleased to announce that it has filed a technical report prepared in accordance with *National Instrument 43-101 – Standards of Disclosure for Mineral Projects* for the Fenn-Gib Gold Project located in the Timmins Gold District in Northeastern Ontario. The report is titled "Fenn-Gib Project: NI 43-101 Technical Report and Pre-Feasibility Study" A copy of the technical report is available under the Company's profile on SEDAR+.

This technical report was prepared by Ausenco Engineering Canada ULC.

**Semi-Retirement of VP Technical Services** 

As of January 14, 2026, Richard Klue having successfully contributed to the preparation and completion of the Fenn-Gib Pre-Feasibility Study he has decided to move toward semi-retirement and, rather than continuing in traditional full-time role, plans to remain active by assisting Mayfair Gold Corp. on an hourly basis, while also exploring non-executive board opportunities and other turnaround projects. Mayfair would like to thank Richard for his contributions and leadership in advancing the Fenn-Gib project to this stage as he moves into much deserved semi-retirement.

**About Mayfair Gold** 

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade.

**Cautionary Notes to U.S. Investors Concerning Resource Estimates** 

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. Securities and Exchange Commission applicable to domestic United States issuers. Accordingly, the information concerning the Company's mineral properties contained in this news release is not comparable to the disclosure of United States issuers subject to the SEC's mining disclosure requirements, and the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards applicable to United States issuers.

**Cautionary Note Regarding Forward Looking Information** 

This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking information in this news release includes, but is not limited to, statements regarding the design, development and execution of the Project, the PFS demonstrating the strong economics and free cash flow potential associated with developing the Project as a targeted, high-grade operation that can be advanced through the Ontario permitting process, the belief that the permitting process can be advanced quickly, positioning the Project for timely development within the current gold cycle, the Project having exceptional value potential, with strong free cash flow and robust economics that further enhance its attractiveness to investors, finalizing engineering and design work, advancing environmental approvals in preparation for a construction decision within the Company's target goal of two to three years, advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030, and all economics set out in the PFS.

Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain

------

necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.

The Company undertakes no obligation to publicly update or review the forward-looking information whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking information reflect management's beliefs, opinions and projections as of the date of this news release.

*Neither the TSX Venture Exchange ("****TSXV****") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.* 

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| ![LOGO](g83619g0118052043898.jpg) | View original content to download multimedia:  |

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<u>h</u><u>tt</u><u>p</u><u>s</u><u>://www.</u><u>p</u><u>r</u><u>n</u><u>e</u><u>w</u><u>s</u><u>w</u><u>i</u><u>r</u><u>e</u><u>.</u><u>c</u><u>o</u><u>m</u><u>/</u> <u>n</u><u>e</u><u>w</u><u>s</u><u>-r</u><u>e</u><u>l</u><u>ea</u><u>s</u><u>e</u><u>s</u><u>/</u><u>m</u><u>a</u><u>y</u><u>f</u><u>a</u><u>i</u><u>r-</u><u>go</u><u>l</u><u>d</u><u>-</u><u>f</u><u>il</u><u>e</u><u>s</u><u>-</u><u>t</u><u>e</u><u>c</u> <u>hn</u><u>i</u><u>c</u><u>a</u><u>l</u><u>-r</u><u>epo</u><u>r</u><u>t</u><u>-</u><u>f</u><u>o</u><u>r-</u><u>f</u><u>e</u><u>nn</u><u>-</u><u>g</u><u>i</u><u>b</u><u>-</u><u>go</u><u>l</u><u>d</u><u>-</u><u>p</u><u>r</u><u>o</u><u>j</u><u>e</u> <u>c</u><u>t</u><u>-</u><u>302663013</u><u>.</u><u>h</u><u>t</u><u>m</u><u>l</u>

SOURCE Mayfair Gold Corp.

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| ![LOGO](g83619g0118052043898.jpg) | View original content to download multimedia:  |

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<u>h</u><u>tt</u><u>p</u><u>://www.</u><u>n</u><u>e</u><u>w</u><u>s</u><u>w</u><u>i</u><u>r</u><u>e</u><u>.</u><u>c</u><u>a</u><u>/</u><u>e</u><u>n</u><u>/</u><u>r</u> <u>e</u><u>l</u><u>ea</u><u>s</u><u>e</u><u>s</u><u>/</u><u>a</u><u>r</u><u>c</u><u>h</u><u>i</u><u>v</u><u>e</u><u>/</u><u>J</u><u>a</u><u>nu</u><u>a</u><u>r</u><u>y</u><u>2026</u><u>/</u><u>15</u><u>/</u><u>c</u><u>0333</u><u>.</u><u>h</u><u>t</u> <u>m</u><u>l</u>

%SEDAR: 00050362E

**For further information:** For further information, please visit www.mayfairgold.ca or direct enquiries to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0 Canada, +1 (855) 350-5600, info@mayfairgold.ca.

CO: Mayfair Gold Corp.

CNW 20:38e 15-JAN-26

## Exhibit 99.56

**Exhibit 99.56**![LOGO](g83619snap1.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We hereby consent to the use in this Registration Statement on Form 40-F of our report dated April 30, 2025, relating to the statements of financial position as at December 31, 2024 and 2023 and the related statements of loss and comprehensive loss, changes in shareholders' equity and cash flows for the years then ended of Mayfair Gold Corp. which appears as Exhibit 99.3 to the Form 40-F.

We also consent to the reference to us under the heading "Interest of Experts" in the Annual Information Form, filed as Exhibit 99.1 to this Registration Statement on Form 40-F.

---

| |
|:---|
| **/s/ DAVIDSON & COMPANY LLP** |
| Chartered Professional Accountants |

---

---

| |
|:---|
| Vancouver, Canada |
| January 20, 2026 |

---

![LOGO](g83619snap3.jpg)

1200 - 609 Granville Street, P.O. Box 10372, Pacific Centre, Vancouver, B.C., Canada V7Y 1G6

Telephone (604) 687-0947 Davidson-co.com

## Exhibit 99.57

**Exhibit 99.57** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of the report titled "National Instrument 43-101 Technical Report—Mineral Resource Update, Fenn-Gib Project, Ontario" with a report date of October 10, 2025, with an effective date of September 3, 2024 (the "Expert Report"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Expert Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the Expert Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Expert Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or
extracts and information from the Expert Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: January 20, 2026

---

| |
|:---|
| */s/ Steve Haggarty* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steve Haggarty, P.Eng. |

---

## Exhibit 99.58

**Exhibit 99.58** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company. The undersigned is also an author of the report titled "National Instrument 43-101 Technical Report—Mineral Resource Update, Fenn-Gib Project, Ontario" with a report date of October 10, 2025, with an effective date of September 3, 2024 (the "Expert Report"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the PFS and the Expert Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the PFS and the Expert Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS and the Expert Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the PFS
and the Expert Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: January 20, 2026

---

| |
|:---|
| */s/ Tim Maunula* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tim Maunula, P.Geo. |

---

## Exhibit 99.59

**Exhibit 99.59** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "Reviewed Information") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information in the Company's Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use the Reviewed Information, or extracts therefrom, in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or
extracts and information from the Reviewed Information, or portions thereof, that were reviewed and approved by the undersigned.

Dated: January 20, 2026

---

| |
|:---|
| */s/ Drew Anwyll* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drew Anwyll, P.Eng. |

---

## Exhibit 99.60

**Exhibit 99.60** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

Ausenco Engineering ULC is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

Ausenco Engineering ULC understands that the Company wishes to make reference to its name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). Ausenco Engineering ULC further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. Ausenco Engineering ULC has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, Ausenco Engineering ULC does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, its name, including its status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by Ausenco Engineering ULC, that Ausenco Engineering ULC supervised the preparation of and/or that Ausenco Engineering ULC has reviewed and approved.

In addition, Tommaso Roberto Raponi, P.Eng., who is named as a "qualified person" in respect of the PFS (the "Qualified Person"), hereby consents, in his personal capacity, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, his name and professional credentials, including his status as an expert and/or
"qualified person", in the Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that that he prepared, supervised the preparation of, and/or has reviewed and approved.

Dated: January 20, 2026

**Ausenco Engineering ULC** 

---

| | |
|:---|:---|
| By: | */s/ Tommaso Roberto Raponi* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tommaso Roberto Raponi, P.Eng. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |

---

SIGNED by Tommaso Roberto Raponi, P.Eng.,

in his personal capacity as a Qualified Person

---

| |
|:---|
| */s/ Tommaso Roberto Raponi* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tommaso Roberto Raponi, P.Eng. |

---

## Exhibit 99.61

**Exhibit 99.61** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

Knight Piésold Ltd. is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

Knight Piésold Ltd. understands that the Company wishes to make reference to its name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). Knight Piésold Ltd. further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. Knight Piésold Ltd. has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, Knight Piésold Ltd. does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, its name, including its status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by Knight Piésold Ltd., that Knight Piésold Ltd. supervised the preparation of and/or that Knight Piésold Ltd. has reviewed and approved.

Dated: January 20, 2026

**Knight Piésold Ltd.** 

---

| | |
|:---|:---|
| By: | */s/ Craig Hall* |
|  | Craig Hall, P.Eng. - Managing Principal |

---

## Exhibit 99.62

**Exhibit 99.62** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

AGP Mining Consultants Inc. is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

AGP Mining Consultants Inc. understands that the Company wishes to make reference to its name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). AGP Mining Consultants Inc. further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. AGP Mining Consultants Inc. has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, AGP Mining Consultants Inc. does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, its name, including its status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by AGP Mining Consultants Inc., that AGP Mining Consultants Inc. supervised the preparation of and/or that AGP Mining Consultants Inc. has reviewed and approved.

Dated: January 20, 2026

**AGP Mining Consultants Inc.** 

---

| | |
|:---|:---|
| By: | */s/ Gordon Zurowski* |
|  | Gordon Zurowski, President |

---

## Exhibit 99.63

**Exhibit 99.63** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

Ecometrix Inc. is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

Ecometrix Inc. understands that the Company wishes to make reference to its name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). Ecometrix Inc. further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. Ecometrix Inc. has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, Ecometrix Inc. does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, its name, including its status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by Ecometrix Inc., that Ecometrix Inc. supervised the preparation of and/or that Ecometrix Inc. has reviewed and approved.

Dated: January 20, 2026

**Ecometrix Inc.** 

---

| | |
|:---|:---|
| By: | */s/ Elizabeth Haack* |
|  | Elizabeth Haack, Ph.D., Senior Vice-President and National Director - Environment |

---

## Exhibit 99.64

**Exhibit 99.64** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Maunula & Associates Consulting Inc. is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Maunula & Associates Consulting Inc. understands that the Company wishes to make reference to its name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). T. Maunula & Associates Consulting Inc. further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. T. Maunula & Associates Consulting Inc. has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, T. Maunula & Associates Consulting Inc. does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, its name, including its status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by T. Maunula & Associates Consulting Inc., that T. Maunula & Associates Consulting Inc. supervised the preparation of and/or that T.
Maunula & Associates Consulting Inc. has reviewed and approved.

Dated: January 20, 2026

**T. Maunula & Associates Consulting Inc.** 

---

| | |
|:---|:---|
| By: | */s/ Tim Maunula* |
|  | Tim Maunula, P.Geo. |

---

## Exhibit 99.65

**Exhibit 99.65** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: January 20, 2026

---

| |
|:---|
| */s/ Gordon Zurowski* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gordon Zurowski, P.Eng. |

---

## Exhibit 99.66

**Exhibit 99.66** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: January 20, 2026

---

| |
|:---|
| */s/ Craig Hall* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Craig Hall, P.Eng. |

---

## Exhibit 99.67

**Exhibit 99.67** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: January 20, 2026

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| |
|:---|
| */s/ Richard Cook* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard Cook. P.Geo. |

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## Exhibit 99.68

**Exhibit 99.68** 

**CONSENT** 

**To**: Mayfair Gold Corp. (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of the report titled "Fenn-Gib Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada" with a report date of January 14, 2026, with an effective date of December 19, 2025 (the "PFS"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the PFS in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the PFS in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the PFS in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of,
or extracts and information from the PFS, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: January 20, 2026

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| |
|:---|
| */s/ Sarah Barabash* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarah Barabash, P.Geo. (Limited) |

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