Mr. Patrick Evans reports

MAYFAIR GOLD REPORTS POSITIVE RESULTS FROM ONGOING METALLURGICAL TESTING

Mayfair Gold Corp. has released positive results from the company's continuing metallurgical test program on mineral samples from the company's 100-per-cent-controlled Fenn-Gib deposit located in the Timmins region of northeastern Ontario. Fenn-Gib hosts an NI 43-101 open-pit-Indicated Resource of 3.38M gold ("Au") ounces with disseminated gold mineralization striking east-west on the Pipestone fault over more than 1.5 kilometers (km) and up to 500 meters (m) in width at the west end.

Metallurgical test work was completed at SGS-Lakefield ("SGS") under the guidance of Mr. Steve Haggarty, P.Eng. (Haggarty Technical Services Corp.), in coordination with Mayfair geological personnel. The improved metallurgical recoveries are included in the recently published July 26, 2023 Fenn-Gib Project NI-43101 Technical Report, with an effective date of April 6, 2023. The Technical Report is available on both SEDAR+ (www.sedarplus.ca) and the Company's website (www.mayfairgold.ca).

Flotation testwork demonstrates a near-linear relationship for gold deportment with sulphides. At flotation feed sizes of F 80 75 to 100 microm, sulphide and gold recoveries of 96% to 99% were realized, with slight deterioration in performance at coarser grind sizes. The treatment of a reground gold-sulphide flotation concentrate, which is then subjected to intensive cyanidation, yielded consistent results with 98% Au extraction achieved at a concentrate regrind size of P 80

10 microm. An overall 94% Au recovery would be expected from Fenn-Gib mineralization over the entire range in sulfide content. The hybrid, industrially-applied process scheme takes advantage of the hydrophobic nature and favorable response to flotation of pyrite, chalcopyrite, and gold alloys. Mineralization supports the implementation of a gravity circuit, followed by either flotation to a final concentrate for off-site smelting, or regrinding and intensive on-site cyanidation of a combined gravity-flotation concentrate.

No deleterious elements were present in the concentrates produced from testwork. The clean pyrite concentrate is attractive as a smelter feed providing a fuel source with payable gold content.

Additional metallurgical test work is planned on mineralized intercepts from site exploration drilling. Variability testing will validate the expected range in performance and process design criteria for pre-feasibility study engineering, as well as the financial evaluation of alternatives.

Qualified Person Statement

The disclosure of technical and scientific information in this news release has been reviewed and approved by Mr. Steve Haggarty, P. Eng, of Haggarty Technical Services Corp. and Mr. Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc. who are qualified persons defined by NI 43-101 and responsible for the completion of the updated NI-43101 Technical Report. Mayfair Gold's disclosure in this news release has been reviewed and approved by Howard Bird, P Geo., Vice President Exploration for the Company, who oversaw the Mayfair Gold drill program and serves as a Qualified Person under the definition of National Instrument 43-101.

About Mayfair Gold

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% 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 113.69M 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 Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.

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