Mayfair shares rally on Q3 results, Ontario gold project update
Mayfair Gold Corp. [MFG-TSXV, MFGCF-OTCQX] shares advanced Tuesday after the company, reported its 2025 third quarter results and said it is continuing to advance its flagship Fenn-Gib gold project through the Ontario Provincial permitting process. The aim is to transition Mayfair into a new Canadian gold producer in the current gold cycle.
In keeping with that goal, the company recently closed a LIFE offering of 24.2 million common shares priced at $1.65 each that raised $40 million, funds that will be used for metallurgical and detailed engineering at the Fenn-Gib project in Timmins.
On Tuesday, Mayfair shares jumped 7.2% or 14 cents to $2.08. The shares trade in a 52-week range of $2.28 and $1.50.
As a result, the company is well funded to advance the Fenn-Gib project which hosts an indicated resource of 181.3 million tonnes of grade 0.74 g/t gold or 4.3 million gold ounces. In its latest press release, the company said it continues to advance work on the pre-feasibility study (PFS) for a 4,800 tonne per day open pit operation targeting the high-grade near surface zone of mineralization at Fenn-Gib. The PFS is expected to be completed towards the end of 2025, with formal provincial permitting activities expected to commence at the start of 2026. Meanwhile, the company has launched a drilling program designed to give Mayfair more data to better define waste to ore boundaries and improve confidence in the grade profile of the mine over the first several years of production. Results from the drill program are expected to be available in the first quarter of 2026.
“The Fenn-Gib deposit is unique in that the highest-grade material occurs near the surface which allows for the potential start of operations with a smaller, targeted mining operation focused on low strip ratio, high-grade gold mineralization,’’ said Mayfair Gold CEO Nick Campbell. “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,’’ he said. “It also has the benefit of allowing us to follow the well-defined Ontario Provincial permitting process.’’
Campbell went on to say the Canadian gold price currently above $5,000 an ounce, Mayfair is encouraged by the opportunity to rapidly advance the Fenn-Gib Project as a potential new gold producer within the current cycle. “We believe a nimble, high-grade, and targeted operation offers a practical path toward a potential production decision within the next three years.’’
“The 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.’’
In the quarter ended September 30, 2025, Mayfair reported a loss of $2.24 million or $0.02 per share, compared to a loss of $1.4 million or $0.01 in the same period last year. As of September 30, 2025, the company had $41.8 million in cash, cash equivalents and short-term investments.
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