Mr. Drew Anwyll reports

MAYFAIR GOLD'S FENN-GIB GOLD PROJECT DESIGNATED UNDER ONTARIO'S "ONE PROJECT, ONE PROCESS" STREAMLINED PERMITTING FRAMEWORK

Mayfair Gold Corp.'s 100-per-cent-owned Fenn-Gib gold project, located in the Timmins region of Northern Ontario, has been selected as a designated project under the government of Ontario's new "One Project, One Process" (1P1P) framework. The designation is expected to streamline permitting and provide more predictable timelines. Mayfair expects the designation to accelerate progress toward a construction decision and, ultimately, production and free cash flow.

Highlights

• Fenn-Gib gold project designated under Ontario's the Ministry of Energy and Mines' One Project, One Process framework.
• Through the 1P1P framework, the Ministry of Energy and Mines acts as a single point of contact to co-ordinate all necessary provincial approvals and indigenous consultation to reduce government review times by 50 per cent.
• The 1P1P framework, which supports responsible, fast-tracked mining development while maintaining rigorous standards and indigenous consultation, is fundamental to Mayfair's strategy for advancing Fenn-Gib through permitting, design, and into construction and operations faster than previous industry timelines.
• Through the 1P1P framework, Mayfair expects to secure permits required to make a construction decision as early as 2028.
• Fenn-Gib is positioned to generate significant regional economic benefits during construction and throughout commercial operations, which could begin as early as 2030.

"For too long, permitting delays stood in the way of getting Ontario's resources to market," said Stephen Lecce, Minister of Energy and Mines. "One Project, One Process is singlehandedly changing that -- cutting duplication by half and delivering a one-stop shop for mining permitting including for Mayfair Gold's Fenn-Gib project which is expected to create over 700 jobs and add approximately $3-billion to our GDP. To compete, we must be the best, which is why our government is planning to further accelerate permitting this fall, to get mines built faster, unlocking billions in investment to create more, good-paying jobs right here at home. From second-slowest jurisdiction to open a mine in the world to emerging as one of the best in the industrialized world, our government is challenging the status quo so that we emerge as the strongest and a more sovereign energy powerhouse."

Drew Anwyll, PEng, chief executive officer of Mayfair, stated: "Our designation under the 1P1P framework recognizes the rigorous work completed to date and the quality of the baseline data our team has collected, compiled and interpreted in support of the Fenn-Gib gold project. We look forward to working collaboratively with the Apitipi Anicinapek Nation (AAN), the Ministry of Energy and Mines (MEM), and the identified indigenous and local communities as we advance the project through this permitting process. We are proud to have achieved the milestone of 1P1P designation, and we look forward to advancing Fenn-Gib as a made-in-Ontario gold project."

The 1P1P framework is a whole-of-government approach that consolidates provincial permitting, authorization and approval processes for designated mine development projects in Ontario into a single, co-ordinated timeline. This approach is designed to improve predictability and reduce administrative duplication. It also co-ordinates indigenous consultation at the project level, consistent with the Crown's duty to consult under Section 35(1) of the Constitution Act, 1982. Fewer, co-ordinated processes reduce the administrative burden on indigenous communities; they do not reduce consultation itself.

This framework operates as an administrative overhaul to streamline approvals by establishing a single point of contact -- the Mine Authorization and Permitting Delivery Team (MAPDT) under the MEM. The dedicated MAPDT will provide specialized project management support to Mayfair to deliver predictable permitting timelines for Fenn-Gib with a clear, transparent and dynamic pathway while maintaining the Crown's full duty to consult and rigorous environmental standards.

Ruben Wallin, PEng, senior vice-president, sustainability, for Mayfair, commented: "The 1P1P designation marks an important milestone for the project and the company. The calibre of the people we have worked with at the ministry has been evident throughout this process. I look forward to continuing to work closely with the MEM, AAN and indigenous community partners, and other stakeholders to deliver the lasting benefits that we believe this project and our company can provide to the region."

Mayfair's development strategy is anchored in targeting high-grade mineralization located at and near surface. This approach is designed to reduce construction risk and improve execution certainty. Together with the 1P1P framework and the provincial class environmental assessment process, the strategy provides a clear pathway to advance Fenn-Gib efficiently through permitting and design, into construction, and ultimately to free cash flow while maintaining the optionality and the flexibility to reinvest future cash flows in additional growth opportunities.

About Mayfair Gold Corp.

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100-per-cent-owned 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 tonnne) 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 (million tonnes) 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.

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