Mr. Patrick Evans reports

MAYFAIR GOLD COMPLETES FENN-GIB GEOTECHNICAL AND HYDROGEOLOGY FIELD CAMPAIGN

Mayfair Gold Corp. has successfully completed the geotechnical and hydrogeology field campaigns in support of the planned Fenn-Gib prefeasibility study. 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 grams per tonne (g/t) Au, and an Inferred mineral resource of 0.16Moz Au at 0.85 g/t Au (see the "About Mayfair" section below). The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestone Fault over more than 1.5 kilometers (km) and is over 500 meters (m) wide at the west end.

• 3,200m of oriented HQ drilling completed in seven holes
• 5,800m downhole televiewer surveys completed
• Conceptual open-pit hydraulic studies completed
• Potential to increase resource ounces by steeping pit slope angle

Mayfair Gold President and CEO Patrick Evans commented: "Mayfair's recently reported pit-constrained resource update assumed a 50-degree pit slope angle. The potential exists to significantly increase the Fenn-Gib resource ounces by increasing the open-pit wall slope angle above 50 degrees. Analysis of the data from the field program is now underway, and the results are expected during the current quarter."

Table 1 demonstrates the Fenn-Gib zone open-pit constrained resource sensitivity comparison by open-pit wall slope angle.

Mayfair Gold is also pleased to report that resource drilling on the higher-grade Footwall zone, located approximately 100m to the north of the Fenn-Gib deposit, continues to make encouraging progress. The program is supported by two drill rigs. Based on results to date, Mayfair expects to report a maiden underground Footwall zone resource in early 2024. In anticipation of that, a downhole televiewer survey has been completed on three Footwall zone drill holes to support modeling of a potential crown pillar.

About Mayfair

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 of a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: Tim Maunula, P. Geo., 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 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fen-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, P Geo., Vice President Exploration for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

We seek Safe Harbor.