Mr. Patrick Evans reports

MAYFAIR GOLD INITIATES PRE-FEASIBILITY STUDY FOR FENN-GIB GOLD PROJECT

Mayfair Gold Corp.'s board of directors has approved advancing the 100-per-cent-controlled Fenn-Gib gold project in the Timmins region of Ontario to the prefeasibility study phase. The company's prefeasibility study will build further on the metallurgical, geotechnical, hydrogeology and environmental evaluations completed to date to develop a clearly defined project description in support of an environmental assessment. Mayfair has engaged AGP Mining Consultants as lead engineers of a multidisciplinary group to deliver the prefeasibility study.

Mayfair's president and chief executive officer, Patrick Evans, commented: "Initiation of the Fenn-Gib prefeasibility study is a major milestone towards the potential development of the Fenn-Gib project. Since acquiring Fenn-Gib approximately three years ago, Mayfair has increased the mineral resource by more than 70 per cent and ongoing drilling continues to deliver encouraging results that are expected to further grow the resource. In 2023, Mayfair completed prefeasibility level metallurgical, geotechnical and hydrogeology studies to derisk the project ahead of the prefeasibility study. Three years of baseline environmental studies have also confirmed that there are no species at risk within the Fenn-Gib project area. By following a rigorous and disciplined prefeasibility approach, we expect the viability of the Fenn-Gib project will be enhanced."

At the start of the prefeasibility study, the AGP group will undertake tradeoff studies to define the optimal parameters of the project. The tradeoff studies are expected to be completed in Q2 2024, following which guidance will be provided for the completion of the prefeasibility study.

Mayfair Gold today also announced the resignation of Sean Pi as a director of the company. Mr. Pi, a partner at Heeney Capital, is a co-founder of Mayfair and has served as a director since the formation of the company in 2019. Harry Pokrandt, chairman of Mayfair, commented: "On behalf of the board of Mayfair, I thank Mr. Pi for his service as a director. His contribution to the formation of the company and subsequent acquisition of the Fenn-Gib project contributed significantly to the success of Mayfair Gold. We wish Mr. Pi every success in his future endeavours."

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.

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