Gold Shows Renewed Fundamental Strength – Here is Focuses on the Starter Pit!

Advertisement / Promotional Communication – This article is disseminated on behalf of Mayfair Gold Corp. · SRC Swiss Resource Capital AG maintains fee-based IR consulting agreements with the Company. · Prepared and published by: SRC Swiss Resource Capital AG · Author: freelance journalist · First published: August 26, 2026, 5:33 a.m. Zurich/Berlin.

+++ Gold Demand Regains Momentum +++

Dear Readers,

After several weaker months, the gold market regained momentum in August. The World Gold Council reported global net inflows of USD 3 billion into physically backed gold ETFs in July 2026. The funds thus returned to positive territory after two months of outflows, with holdings increasing by 23 tonnes to 4,068 tonnes. At the same time, central-bank net purchases recovered significantly in the second quarter to 289 tonnes, up from a revised 57 tonnes in the first quarter.

The Wells Fargo Investment Institute also remains fundamentally positive on gold, while cautioning that the price path is likely to be uneven. In mid-August, its strategists cited a year-end 2026 target range of USD 4,900 to USD 5,100 per troy ounce. This assessment is a forecast, not a certainty. Real US yields, Federal Reserve monetary policy, the US dollar and geopolitical developments are likely to continue to have a material influence on the gold price.

The latest data therefore point to continued resilient structural demand, but not to a straight-line increase in the gold price. This environment is particularly relevant for gold developers: higher gold-price assumptions can improve project economics, while lower prices, cost inflation or adverse exchange-rate movements can have the opposite effect.

Fenn-Gib: Large Resource, Deliberately Smaller Initial Development

Mayfair Gold Corp. (WKN: A41X3D) owns 100% of the Fenn-Gib Gold Project. The Project is located in the Timmins Gold District in northern Ontario. The Indicated Mineral Resource, with an effective date of September 3, 2024, comprises 181.3 million tonnes grading an average of 0.74 g/t gold, or 4.313 million ounces of gold, at a cut-off grade of 0.30 g/t gold. In addition, there is an Inferred Mineral Resource of 8.921 million tonnes grading 0.49 g/t gold, or approximately 141,000 ounces. The Mineral Resource estimate is based, among other assumptions, on a gold price of USD 2,000 per ounce.

Source: Mayfair Gold

The development strategy initially targets not the entire Indicated Mineral Resource, but the higher-grade, near-surface Phase 1 starter pit. The PFS, effective December 19, 2025, defines a Probable Mineral Reserve of 25.13 million tonnes grading 1.29 g/t gold, or approximately 1.04 million ounces. The Mineral Reserve estimate is based, among other assumptions, on a design gold price of USD 1,750 per ounce and a higher cut-off grade of 0.80 g/t gold.

Mayfair describes the PFS mine plan as utilizing approximately 24% of the 4.313 million ounces contained in the Indicated Mineral Resource. The rest of the resouce remains as option value for the company to exploit once it is in production.

Source: Mayfair Gold

PFS Outlines a Phased Path to Production

In the PFS base case, initial capital expenditures (Initial Capex) amount to CAD 450 million. At an assumed gold price of USD 3,100 per ounce and an exchange rate of CAD 1.35 per USD, the after-tax economics comprise a 5% net present value of CAD 652 million, an internal rate of return of 24% and a payback period of 2.7 years. These figures are model-based estimates and depend materially on the gold price, exchange rate, capital and operating costs, and execution in accordance with the plan.

The PFS mine plan models total gold production of approximately 920,000 ounces over 14.3 years. For the first six years of operations, average annual production is modeled at 71,336 ounces. Under the Company’s current plan, construction could begin in 2028 and initial production could be achieved in 2030.

Source: Mayfair Gold

These dates are Company targets and depend, among other things, on timely permitting, secured financing, detailed engineering and successful construction execution.

Grade-Control Program Supports the Model – Within the Tested Area

The grade-control program completed in late 2025 comprised 56 diamond drill holes totaling approximately 4,200 metres. Approximately 1 million tonnes of material classified in the PFS as Probable Mineral Reserve were tested, representing roughly 25% of the planned Phase 1 area. Above a 0.80 g/t gold cut-off, the grade-control model returned a similar grade and approximately 2% more tonnes than the reserve model.

For material grading above 3.0 g/t gold, the model returned 28% more tonnes at a 7% higher grade. Within the test area, this equated to 37% more contained gold than in the Probable Mineral Reserve model. The results therefore support the continuity of higher-grade material in the tested portion of the starter pit and could assist detailed planning of the early mining sequence as well as derisk the cash flow profile for project financing purposes.

Source: Mayfair Gold

Engineering, Permitting, Financing and Project Team in Focus

During the second quarter of 2026, the operational focus shifted further toward concrete project preparation. Mayfair Gold worked with Ausenco on front-end engineering for the planned 4,800-tonne-per-day plant, continued environmental baseline studies and prepared its submission under Ontario’s “One Project, One Process” framework. In parallel, work advanced on power supply, site access, geotechnical matters, waste-rock and water management, and tailings storage facility planning.

In addition, the Company has initiated preliminary discussions with potential project financing partners. For the next work stages, Mayfair planned, among other items, completion of the plant FEED, tendering of detailed engineering, and continuation of permitting and financing discussions. Fenn-Gib is therefore increasingly becoming an execution story with several key derisking catalysts expected over the next twelve months (financing, permitting, engineering, design and indigenous consultation.

On August 24, 2026, Mayfair announced the appointment of Desmond “Des” Tranquilla as Chief Projects Officer and Ruben Wallin as Senior Vice President, Sustainability. According to the Company, the two roles are intended in particular to strengthen technical project execution, the 1P1P permitting process, and environmental, government, Indigenous and community stakeholder engagement. The additions to the team support project preparation and execution capability.

A Clearly Defined Development Approach

The central Mayfair investment story lies in the combination of resource scale and a deliberately constrained initial mine plan. The higher-grade starter area is intended to limit initial capital requirements and execution complexity compared with immediate development of the entire deposit. According to the Company, the PFS mine plan captures approximately 24% of the 4.313 million ounces contained in the Indicated Mineral Resource. The remaining portion is not a Mineral Reserve and represents potential longer-term optionality. Whether, and to what extent, it can ultimately support additional Mineral Reserves or production must be demonstrated through further technical studies, permitting and economic evaluation.

Current company information and Mayfair Gold news releases: Mayfair Gold company profile at SRC

Further information: Precious Metals Report 2026

Kind regards,

Marc Ollinger

Swiss Resource Capital AG

Sources and Data Cut-Off

Mayfair Gold – Appoints Chief Projects Officer and SVP Sustainability, August 24, 2026

Mayfair Gold – Q2 2026 Operating and Financial Results, August 12, 2026

Mayfair Gold – Q2 2026 Project Update, July 23, 2026

Mayfair Gold – Final Grade Control Results, June 18, 2026

Mayfair Gold – Fenn-Gib PFS, January 8, 2026

Deutsche Börse – Mayfair Gold Corp., security master data (WKN/ISIN), accessed August 24, 2026

World Gold Council – Gold ETF Flows: July 2026, August 6, 2026

World Gold Council – Gold Demand Trends Q2 2026: Central Banks, July 30, 2026

Kitco News – Wells Fargo Gold Outlook, August 18, 2026

Intro Image Generated by AI

Methodology and data cut-off: This article is based on the publicly available sources listed above. Company-related technical information was cross-checked against Mayfair Gold’s disclosures and the PFS. The data cut-off is August 24, 2026. Forecasts, target values and plans are identified as such. There is no obligation to update this article.

Transparency and conflict-of-interest notice: The following disclosures are provided in particular with regard to Section 85 of the German Securities Trading Act (WpHG), Article 20 of the Market Abuse Regulation (MAR) and Commission Delegated Regulation (EU) 2016/958. This commercial article is disseminated on behalf of Mayfair Gold Corp. SRC Swiss Resource Capital AG receives compensation from the issuer under fee-based IR consulting agreements. This relationship constitutes a material conflict of interest. According to the information available to the editorial team, the unnamed author held no positions in securities or financial instruments of Mayfair Gold at the time of first publication. SRC’s disclosed net position is below 0.5% of the Company’s issued share capital. Mayfair Gold does not hold an interest of 5% or more in SRC. Authors, employees or persons affiliated with SRC may, unless otherwise disclosed above, hold positions in the issuers discussed and may conduct transactions in such securities.

Important notes regarding forward-looking information and technical information: This article contains forward-looking statements, including statements concerning permitting, financing, construction, commencement of production, project economics and potential expansion. Such statements are based on assumptions and are subject to substantial risks and uncertainties; actual results may differ materially. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources have a lower level of geological confidence than Indicated Mineral Resources. The Mineral Resource estimate was prepared by Tim Maunula, P.Geo.; the Mineral Reserve estimate was prepared under the supervision of Gordon Zurowski, P.Eng. Both are Qualified Persons under NI 43-101. According to Mayfair Gold, the more recent Company news releases were reviewed and/or approved by Drew Anwyll, P.Eng., CEO and a Qualified Person under NI 43-101. The English-language original disclosures and the technical report filed on SEDAR+ are the authoritative sources.

Liability and risk notice: The information is provided solely for general informational and promotional purposes. It does not constitute independent financial research, investment advice, an investment recommendation, a solicitation or an offer to buy or sell securities or other financial instruments. It does not take into account any personal investment objectives, financial circumstances or needs. Securities of mineral exploration and development companies are highly speculative and may be subject to significant share-price, liquidity, financing, dilution, permitting, construction, operating, commodity-price, foreign-exchange and political risks; a total loss of the capital invested is possible. Despite careful research, errors or omissions cannot be excluded. Liability is excluded only to the extent permitted by law; mandatory statutory liability remains unaffected. The operators of external websites are responsible for their content. The full disclaimer of SRC Swiss Resource Capital AG is available at: https://www.resource-capital.ch/de/disclaimer-agb/

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