Mr. Drew Anwyll reports

MAYFAIR GOLD REPORTS FINAL POSITIVE RESULTS AND ANALYSIS FROM GRADE CONTROL DRILLING PROGRAM

Mayfair Gold Corp. has released final results and evaluation of the tight-spaced grade control (GC) drilling program.

Highlights and analysis from the grade control (GC) drilling test area:

• Grade control program tested approximately 1.0 million tonnes of the probable mineral reserves from the 2026 prefeasibility study (the PFS), about 25 per cent of phase 1;
• Reserve model validated in test area;
• At a 0.8 g/t (gram per tonne) Au cut-off grade, the grade control model returned the similar grade as the reserve model, with approximately 2 per cent more contained metal;
• 28 per cent more tonnes at 7-per-cent higher grade for material above 3.0 g/t Au;
• Derisking of early years' high-grade feed and cash flow profile;
• Improved confidence in early cash flows will facilitate project financing discussions with counter parties;
• Potential to bring forward higher-grade production.

Mayfair Gold reports positive results from the analysis of the grade control (GC) program completed in late 2025 at the Fenn-Gib project, confirming approximately one million tonnes of ore-grade material that was categorized as probable reserves in the PFS, or roughly 25 per cent of the phase 1 planned design. The program was designed to validate the distribution and continuity of mineralization and refine planning assumptions related to ore shapes, dilution, and ore loss. Previous interim results were released in the news release dated Feb. 11, 2026.

Drew Anwyll, PEng, Mayfair's chief executive officer, said: "The grade control drilling program has reinforced our confidence and further derisked the Fenn-Gib deposit. The results confirm that the mineral reserve estimate is an accurate representation of the orebody, demonstrating strong predictability between the model and what we are seeing in the field. Importantly, the program gives us confidence that the high-grade material scheduled for the early years of the mine plan is present and can be delivered as modelled. Grade control drilling has also identified the potential strengthening of the early production profile by utilizing more tonnes of a higher-grade material."

The program included 56 diamond drill holes to a nominal depth of 75 metres, designed to simulate the outcomes of a reverse circulation or blast-hole GC program. Gold grades were estimated in a block model and mineable ore shapes were developed to assess the tonnage and grade of material that could be classified for production.

Results from the program confirmed the mineral reserve model and metal content in the area tested while providing valuable information of contacts between high- and low-grade material. For material above a 0.80 g/t gold cut-off grade (COG), the GC model returned similar grade and 2 per cent more tonnes than predicted by the probable reserve model. For the higher-grade portion, above a 3.0 g/t Au COG, the GC model identified 28 per cent more tonnes at 7-per-cent higher grade, representing 37 per cent more gold than the probable reserve model for the GC drilling test area.

The findings support the accuracy of the mineral reserve block model in the stage 1 starter pit area tested and validate the higher-grade component of the mineral reserve for mine planning. The results also suggest there may be opportunities to process higher-grade ore earlier in the initial mining sequence.

The drilling campaign was completed on a 10-by-10-metre spacing across an area measuring 60 by 70 metres. All NQ-size holes were planned as nominally vertical holes to a depth of 75 metres. Overburden thickness encountered during the program ranged from 5.7 to 13.0 metres and averaged 8.7 metres. All core was logged and sampled, with one half submitted for gold assay and the other retained for reference.

Assays were completed on one-metre intervals to capture close-spaced variability and support compositing analysis. Gold assay procedures and QA/QC (quality assurance/quality control) protocols were consistent with previous Mayfair drilling programs and are summarized in the QA/QC section. Three holes, totalling 78 metres, were abandoned because of excessive downhole deviation and were redrilled from the same locations.

A defined test area surrounding the grade control drilling was used to compare new assay data with the existing exploration database. Within that area, average gold grades were identical at a zero COG. The new grade control drilling returned a slightly higher proportion of material below 0.30 g/t Au, while material above a 0.80 g/t Au COG showed a similar tonnage distribution and a modestly higher grade.

Grade control evaluation

The program targeted approximately 1.0 million tonnes of probable mineral reserves from the PFS. To evaluate the conversion of the mineral reserve model into a production model, all GC assays were composited to 1.5 metres and estimated on five-cubic-metre blocks using an inverse distance squared methodology. Mineable ore shapes were then designed to reflect practical open-pit mining conditions. This methodology therefore addresses the conversion of a reserve to a production model by addressing the minability of economic material.

These results indicate that, in areas of similar ore characteristics, the current mineral reserve model should provide sufficient definition for mine planning without requiring significant additional dilution, ore loss assumptions or conversion factors. The company believes the program also highlights the potential to bring forward some gold production by identifying zones of higher-grade material that may be processed earlier in the mine sequence.

Over all, the program demonstrated that tighter-spaced grade control drilling can enhance confidence in ore boundary definition while confirming the reliability of the existing mineral reserve model in the area tested. Mayfair is evaluating the potential for a second GC test area to assess whether similar results can be replicated in other ore types across the project.

Furthermore, the program highlighted areas of higher-grade material and may potentially allow for processing while deferring lower grade tonnes, thus bringing forward some gold production.

These results further indicate that, for areas with similar ore behaviour as the area tested, the reserve model is an excellent indicator of what the project can expect from production.

QA/QC

Mayfair Gold maintains a quality assurance/quality control (QA/QC) program aligned with National Instrument 43-101 requirements and industry-best practices. NQ-size surface drilling was carried out by Black Diamond Drilling of Matheson, Ont., under the supervision of Mayfair Gold's exploration team. The drill program includes detailed geological logging and systematic sampling of drill core at Mayfair's secure facility in Matheson, Ont.

Drill core selected for analysis was cut longitudinally using a diamond blade saw. One-half of the core was retained in the core box for reference, and the other half was bagged, sealed and prepared for shipment. Analytical work was completed by Swastika Laboratories Ltd. in Swastika, Ont. Swastika Laboratories is independent of Mayfair Gold and accredited by the Canadian Association for Laboratory Accreditation Inc. (CALA) and meets the ISO/IEC 17025 standards for gold analysis by fire assay with gravimetric finish and fire assay with flame atomic absorption spectroscopy (FAAS) finish.

Samples were delivered directly to Swastika Laboratories by Mayfair personnel. Samples are crushed to minimum 80 per cent passing 1,700 micrometres. Samples are then split to obtain a 300 to 500 g sample using a rotary divider. Three hundred to 500 g samples are pulverized to minimum 85 per cent passing 74 mum. Gold assays were completed using a 30-gram fire assay with FAAS finish. Samples returning gold grades greater than 10 g/t were reassayed using a 30-gram fire assay with gravimetric finish. As part of Mayfair's QA/QC protocol, one certified reference material (CRM), one coarse blank and one coarse duplicate sample were inserted into the sequence of every 25 samples. Routine third party check assays are also performed.

All holes in the program were drilled fully vertical (negative 90 degree dip) and true thickness is not estimated.

About Mayfair Gold Corp.

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100-per-cent-controlled Fenn-Gib project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3-million-ounce indicated mineral resource of gold (181.3 Mt (million tonnes) at an average grade of 0.74 gram per tonne) and the expected strategy outlined in the 2026 prefeasibility study (the PFS) is to develop the project under the provincial permitting process, targeting the higher-grade one-million-ounce probable mineral reserve (25.1 Mt at an average grade of 1.29 g/t) sitting near-surface, highlighting the optionality and scalability provided by the deposit. The PFS also outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of $450-million, a base-case payback period of 2.7 years and cumulative free cash flow of $896-million (U.S.) over the first six years of production based on a $3,100 (U.S.)/ounce gold price. The company is advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.

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

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