Mr. Patrick Evans reports

MAYFAIR GOLD ANNOUNCES PRIVATE PLACEMENT FINANCINGS

Mayfair Gold Corp. has arranged a non-brokered private placement financing of 2,381,000 common shares at a price per share of $2.10 for gross proceeds of approximately $5-million, and a concurrent non-brokered private placement financing of 2.04 million common shares on a flow-through basis at a price per FT share of $2.94 for gross proceeds of approximately $6-million. The FT share price of $2.94 represents a premium of approximately 38 per cent over the closing price of Mayfair Gold common shares on the TSX Venture Exchange on Oct. 10, 2023. The aggregate gross proceeds of the offering are expected to be approximately $11-million.

All proceeds from the sale of the FT shares will be used for expenditures which 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.

A portion of net proceeds of the shares issued under the offering will be reserved for working capital. The balance will be used to further Mayfair's successful exploration program at the Fenn-Gib gold project in the Timmins region of Ontario. Finders' fees may be payable on a portion of the offering.

The shares issued under the offering will be subject to a four-month hold period. The offering is expected to close on or about Nov. 2, 2023. The offering is subject to customary closing conditions, including approval from the TSX-V.

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, of a total indicated resource of 113.69 million tonnes containing 3.38 million ounces at a grade of 0.93 g/t Au and an inferred resource of 5.72 million tonnes containing 160,000 ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade. The Fenn-Gib deposit has a strike length of over 1.5 kilometres, with widths ranging over 500 m. 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.

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