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Mayfair Gold is targeting initial production at its Fenn-Gib project in Northern Ontario in 2030, but that is a company goal—not a confirmed start date. Its 2026 pre-feasibility study (PFS) outlines a staged open-pit mine and modular processing plant designed for 4,800 tonnes per day. Engineering, environmental approvals, infrastructure planning and financing work are still underway.

What Mayfair’s Fenn-Gib plan includes

The PFS, released January 8, 2026 and effective December 19, 2025, sets out a conventional truck-and-shovel open pit with a modular process plant. The company presents the modular design as a way to simplify construction; it does not mean the project is already approved or ready to build.

Plan measure PFS figure What it means
Plant throughput 4,800 tonnes per day Planned processing capacity.
Initial development capital C$450 million Study estimate, not a final project budget.
Main construction period 18–24 months Study estimate excluding early works; not a committed schedule.
Average production in operating years 1–6 71,336 ounces of gold per year PFS forecast; often rounded to about 71,300 ounces annually.
Life-of-mine production 920,000 ounces over 14.3 years PFS forecast for the mine plan studied.

These figures come from Mayfair’s January 2026 PFS announcement. They describe a study-stage plan rather than operating results.

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The mine plan covers only part of the resource

The PFS mine plan includes 1.04 million ounces of gold, which Mayfair says represents 24% of its 4.3 million-ounce indicated resource. A mineral resource is not the same thing as a mineral reserve or scheduled production: the larger resource should not be treated as approved mine output. The 920,000-ounce production forecast is the study’s life-of-mine output estimate for the mine plan.

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The distinction matters when interpreting the project’s scale. A larger resource does not, by itself, establish an expansion plan, its economics, or when additional ounces could be mined.

What the PFS economics assume

Mayfair’s base case uses a gold price of US$3,100 per ounce and an exchange rate of C$1.35 per US$1. Under those assumptions, the company’s study reports an after-tax net present value (NPV) at a 5% discount rate of C$652 million, an internal rate of return (IRR) of 24%, a 2.7-year payback period, and C$896 million in cumulative free cash flow during operating years 1–6.

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These are forecasts derived from the PFS’s price, exchange-rate, cost and production assumptions—not realized returns or guarantees. The study also presents a spot-price sensitivity scenario, but it is separate from the base case and should not be substituted for the stated assumptions.

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Why the plan is described as streamlined

“Streamlined” refers to Mayfair’s proposed development approach: a conventional open pit, a modular plant, and work on approvals, Indigenous agreements, engineering, design and procurement in parallel. The PFS estimates 18–24 months for main construction, excluding early works. That estimate is not a construction schedule commitment.

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Mayfair says it intends to pursue Ontario’s Provincial Class Environmental Assessment process and that, under current regulations, the project does not trigger a Comprehensive Environmental Assessment or a federal Impact Assessment. Those statements describe the company’s proposed pathway and its understanding of applicable requirements; they are not evidence that approvals have been granted or that regulatory requirements cannot change.

Project status and timeline

In its July 23, 2026 project update, Mayfair reported that it was advancing front-end engineering design (FEED), with Ausenco leading plant engineering, and working on the site layout for the planned 4,800-tonne-per-day plant. It also reported continuing environmental baseline studies, preparing its Ontario One Project, One Process submission, planning power and site access, and engaging potential project-financing parties.

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The company said planned third-quarter work included completing process-plant FEED, tendering detailed engineering, advancing approval submissions and financing discussions, and refining earthworks, tailings-storage and water-management designs. These were plans reported in the update, not confirmation that the work was subsequently completed.

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The July update also said a 56-hole, 4,200-metre grade-control drilling program had been completed and its results finalized in Q2. Mayfair said the results supported confidence in the reserve model for the tested starter-pit area and suggested potential for more higher-grade material there. That interpretation applies to the tested area; it should not be generalized to the entire deposit.

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Mayfair’s August 12, 2026 Q2 results repeated its goals of starting construction in 2028 and beginning production in 2030. Its April 2026 Q1 update had reported submitting a Notice of Project Status and awaiting Ministry guidance, and awarding the environmental-assessment and permitting mandate to Egis Canada. The updates reviewed do not establish that final approvals have been received or that a construction decision has been made. The 2030 date therefore remains a forward-looking company target, with engineering, approvals, infrastructure and financing among the workstreams relevant to delivery.

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What could affect delivery

  • Approvals: The stated Ontario pathway is a strategy, not a completed approval. The company’s description of federal assessment requirements is based on current regulations.
  • Engineering and construction: The construction duration is a PFS estimate that excludes early works. Design development and execution must still progress.
  • Infrastructure and financing: Mayfair reported planning power and site access and engaging potential financing parties; those activities do not establish that infrastructure or funding is secured.
  • Economics: The PFS results depend on its gold-price, exchange-rate, cost and production assumptions.
  • Schedule uncertainty: Mayfair identifies timing as forward-looking information and cautions that actual events or results may differ materially because of risks and uncertainties.

Mayfair CEO Drew Anwyll said in the July 23, 2026 update, “Q2 was an important quarter for Mayfair as we continued to de-risk Fenn-Gib and move the Project toward development.” This is the company’s characterization of progress, not an independent assessment of project readiness.

Primary disclosures: Mayfair Gold’s Fenn-Gib project page; January 8, 2026 PFS announcement; July 23, 2026 project update; and August 12, 2026 Q2 results.

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