Mr. Patrick Evans reports

MAYFAIR GOLD ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCINGS

Mayfair Gold Corp. has closed its previously announced private placement of flow-through and non-flow-through common shares for aggregate gross proceeds of $12,047,000.

The company issued 2.04 million common shares on a charity flow-through basis at a price per flow-through share of $2.94, and 2,881,000 non-flow-through common shares at a price of per common share of $2.10. The offering price per flow-through share represents a premium of 38 per cent over the closing price of Mayfair Gold common shares on the TSX Venture Exchange on Oct. 10, 2023.

The flow-through shares and shares issued under the offering are subject to a four-month hold period expiring on March 3, 2024. Finders' fees were paid on a portion of the offering.

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 with an effective date of no later than Dec. 31, 2023.

The net proceeds of the shares issued under the offering will be used to further Mayfair's successful exploration program and engineering and metallurgical studies at the Fenn-Gib gold project in the Timmins region of Ontario. A portion of the net proceeds will be reserved for working capital.

An investment fund was issued 2,286,000 shares under the offering. The fund owns shares of the company constituting in aggregate more than 10 per cent of the company's issued and outstanding capital. Accordingly, the fund's subscription constituted a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions.

The issuance of the shares to the related party was exempt from the valuation requirement of MI 61-101 under the exemption in Section 5.5(b) of MI 61-101 in that the company's shares are not listed on a specified market and was also exempt from the minority shareholder approval requirements of MI 61-101 under the exemption in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration for the securities issued to the related parties did not exceed 25 per cent of the company market capitalization.

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 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.

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