Mr. Nicholas Campbell reports

MAYFAIR SUBMITS FENN-GIB GOLD PROJECT NOTICE OF PROJECT STATUS

Mayfair Gold Corp. has formally submitted a notice of project status for its 100-per-cent-owned Fenn-Gib gold project, located in the Timmins mining district of Northeastern Ontario.

The NPS submission represents a meaningful milestone in the continued advancement of the project. The submission of the NPS formally registers the Fenn-Gib gold project with the Province of Ontario and notifies the Ministry of Energy and Mines that the company intends to advance the project to become a mine in production as defined in the Ontario Mining Act. With the submission of the NPS, the company will continue to advance the technical studies, consultation processes, and permitting and approval processes required to support planned future development.

This milestone is underscored by the company's continuing dedication to meaningful engagement with the Apitipi Anicinapek Nation, a local first nations rightsholder within the Treaty 9 area, as well as with other regional indigenous and local communities and stakeholders as the project continues to advance. Advancing the project reflects the company's pro-active approach to regulatory compliance and supports continued derisking through environmental, technical and socio-economic work that will underpin future construction and operating approvals.

"Submitting the notice of project status is an important step in advancing Fenn-Gib toward development," said Nicholas Campbell, chief executive officer. "It provides a clear statement of our intent to advance the project in a timely manner and reinforces our commitment to responsible project planning, transparent engagement and alignment with Ontario's modernized mine permitting process. We look forward to working closely with indigenous communities, local stakeholders and government agencies as we continue to advance this significant gold project."

About Mayfair Gold Corp.

Mayfair Gold is a Canadian gold development-stage company focused on advancing the 100-per-cent-controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The prefeasibility study outlines the potential to develop Fenn-Gib into a new Canadian gold producer for initial development capital of $450-million, with a base-case payback period of 2.7 years and cumulative free cash flow of $896-million over the first six years of production based on a $3,100-(U.S.)-per-ounce gold price. The company is advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 and initial production in 2030.

The content of this news release has been reviewed on behalf of the company and approved by Drew Anwyll, PEng, chief operating officer of Mayfair, a qualified person as defined in National Instrument 43-101.

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