Mr. Patrick Evans reports

MAYFAIR GOLD ANNOUNCES CLOSING OF FLOW-THROUGH FINANCING AND ARRANGEMENT OF COMMON SHARE FINANCING

Mayfair Gold Corp. has closed its previously announced private placement flow-through financing for proceeds of $6,001,600. The funds will be used to further the company's successful exploration program at the Fenn-Gib gold project in the Timmins region of Ontario.

The company issued 2.42 million common shares on a flow-through basis at a price per flow-through share of $2.48. The offering price per flow-through share represents a premium of 37 per cent over the closing price of Mayfair Gold common shares on the TSX Venture Exchange on April 17, 2023. The flow-through shares issued are subject to a four-month hold period expiring on Sept. 18, 2023.

All proceeds from the sale of flow-through shares will be used for expenditures that qualify as Canadian exploration expenses (CEE) within the meaning of the Income Tax Act (Canada). The company will renounce such CEE expenditures with an effective date of no later than Dec. 31, 2023.

Mayfair Gold has arranged a non-brokered private placement financing of 1,729,000 common shares at a price of $1.75 per share for aggregate gross proceeds of $3,025,750. The net proceeds of the offering will be used to further environmental, metallurgical and engineering studies at the Fenn-Gib gold project and for general working capital. The shares issued under the offering will be subject to a four-month hold period. The offering is subject to customary closing conditions, including the approval of the TSX-V, and is expected to close on or about May 31, 2023.

About Mayfair Gold Corp.

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100-per-cent-controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated National Instrument 43-101 resource estimate, including a pit-constrained indicated resource of 118.07 million tonnes containing 3.06 million ounces at a grade of 0.81 gram per tonne gold; a pit-constrained inferred resource of 13.8 million tonnes containing 310,000 ounces at a grade of 0.70 gram per tonne gold; and an underground inferred resource of one million tonnes containing 104,000 ounces at a grade of 3.22 grams per tonne gold (source: Garth Kirkham, PGeo, of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by National Instrument 43-101, effective date of Oct. 15, 2022). The Fenn-Gib deposit has a strike length of approximately 1.25 kilometres with widths ranging up to 300 metres. The gold-mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94 per cent.

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