Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) has completed a previously announced strategic investment with Macquarie Bank Limited, raising approximately C$10 million in gross proceeds. Macquarie acquired 2,346,701 common shares at C$4.26 per share, with funds earmarked for advancing the Fenn-Gib gold project in Northern Ontario. The transaction closes a key financing milestone for the development-stage company as it works toward its stated construction and production timeline.

Key Points

  • Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) completed a strategic placement with Macquarie Bank Limited
  • Macquarie acquired 2,346,701 common shares at C$4.26 per share for gross proceeds of approximately C$10,000,000
  • Issued shares carry a hold period expiring February 15, 2027, as prescribed by applicable securities laws
  • Investors may be watching how proceeds are deployed toward Fenn-Gib permitting, engineering, and stakeholder engagement activities

Macquarie Bank Acquires Mayfair Gold Shares at C$4.26 in Completed Placement

The company announced that Macquarie Bank Limited has completed its strategic equity investment by acquiring 2,346,701 common shares at C$4.26 per share, generating gross proceeds of approximately C$10,000,000 for Mayfair Gold. The release states the shares are subject to a 4-month and one day hold period under applicable securities laws, with that restriction expiring on February 15, 2027. The involvement of a globally recognised institutional lender such as Macquarie may be viewed by investors as a signal of institutional confidence in the Fenn-Gib project's development pathway.

Fenn-Gib Gold Project Remains the Intended Use of Proceeds

Mayfair Gold confirmed the C$10 million in proceeds is expected to be directed toward advancing the Fenn-Gib gold project, located in the Timmins region of Northern Ontario. The 100%-owned project hosts a 4.3-million-ounce indicated mineral resource. The company's 2026 Pre-Feasibility Study outlines initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow of US$896 million over the first six years of production, based on a US$3,100 per ounce gold price assumption.

Permitting and Engineering Activities Underway Toward 2028 Construction Target

According to the release, Mayfair Gold is actively advancing permitting activities, detailed engineering, and stakeholder engagement, with a stated goal of commencing construction in 2028 and achieving initial production in 2030. The PFS targets a higher-grade probable mineral reserve of approximately one million ounces at 1.29 grams per tonne, situated near-surface. The company also states it remains focused on exploration across its broader land package to enhance mineral resource scale. These are forward-looking targets and are subject to risks and uncertainties as noted in the company's regulatory filings.