Mr. Patrick Evans reports

MAYFAIR GOLD'S FENN-GIB PROJECT MAINTAINS CARBON NEUTRALITY FOR 2022

Mayfair Gold Corp.'s Fenn-Gib project, Canada's first carbon neutral gold project, has purchased carbon offsets to account for emissions from company-wide activities during 2022, the company's second year of operations. Mayfair's 100-per-cent-controlled Fenn-Gib project, located in the Timmins region of Northeast Ontario, hosts a National Instrument 43-101 open-pit constrained indicated mineral resource estimate of 3.38 million ounces (Moz) gold (Au) at a grade of 0.93 gram per tonne (g/t) Au and an inferred mineral resource of 0.16 Moz Au at 0.85 g/t Au. The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestonefault over more than 1.5 kilometres (km) and is over 500 metres (m) wide at the west end.

Mayfair Gold president and chief executive officer Patrick Evans commented: "Gold is Canada's most valuable mined commodity, valued in excess of $12-billion annually. The industry is a significant driver of economic activity across Canada, directly employing approximately 400,000 Canadians and offering the highest average annual industrial rate of pay in the country. The future of the industry depends critically upon sustainable development. At Fenn-Gib, we are laying the foundation for Canada's first carbon neutral gold mine. Our commitment started on Jan. 1, 2021, when Mayfair acquired Fenn-Gib, and will continue through our exploration program, mine development, operations and eventual closure."

An independent assessment of the company's activities, conducted by Toronto-based Carbonzero, determined Mayfair Gold's scope 1, 2 and material scope 3 GHG (greenhouse gas) emissions to be 688 tonnes of CO2 (carbon dioxide) equivalent. These emissions related principally to exploration activities at Fenn-Gib, where a total of 64,838 m was drilled in 116 holes.

To compensate for these emissions, Mayfair has purchased carbon offsets from Carbonzero to support the Canada-wide Thermal Residential Heating Aggregation project, with the offsets being retired on the Canadian Standards Association (CSA) Clean Cleanprojects registry. The project, which is verified under ISO-14064-2, replaces conventional residential fossil fuel combustion heating with solar heating systems located at private residences across Canada. The carbon offset project was specifically selected to directly benefit a broad range of Canadians.

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 NI 43-101 resource estimate with an effective date of April 6, 2023, with a total indicated resource of 113.69 million tonnes containing 3.38 million ounces at a grade of 0.93 gram per tonne gold and an inferred resource of 5.72 million tonnes containing 160,000 ounces at a grade of 0.85 gram per tonne gold at a 0.40-gram-per-tonne-gold cut-off grade (source: Tim Maunula, PGeo, of T. Maunula & Associates Consulting Inc., who is deemed a qualified person as defined by NI 43-101). The Fenn-Gib deposit has a strike length of over 1.5 kilometres with widths ranging over 500 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.

Qualified person statement

Mayfair Gold's disclosure of technical and scientific information in this news release has been reviewed and approved by Howard Bird, PGeo, vice-president of exploration for the company, who serves as a qualified person under the definition of National Instrument 43-101.

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