Mr. Patrick Evans reports

MAYFAIR GOLD SCHEDULES ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS IN RESPONSE TO SHAREHOLDER REQUISITION

Mayfair Gold Corp. has called an annual general and special meeting of its shareholders to be held on June 5, 2024, in response to a shareholder requisition submitted by MWCGOF SPV III LP, an investment fund controlled by Muddy Waters Capital LLC. On March 27, 2024, Muddy Waters requisitioned an annual general meeting of shareholders for the purpose of reconstituting Mayfair Gold's board of directors. Please see the company's news release dated March 28, 2024, for full particulars of the items of business called for by the requisition.

Shareholders will receive details about the matters to be presented at the meeting and about how to vote in a management information circular to be delivered to them in advance of the meeting.

Shareholders are not required to take any action at this time. Mayfair Gold will continue to provide updates to shareholders on any significant developments relating to the foregoing as required and appropriate.

Mayfair Gold has retained Alliance Advisors LLC as its strategic shareholder adviser and proxy solicitation agent.

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 Gold'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 g/t Au at a 0.40 g/t Au cut-off grade (source: NI 43-101 technical report on Fenn-Gib project, Ontario, Canada, prepared by Tim Maunula, PGeo, of T. Maunula & Associates Consulting Inc., dated April 6, 2023). Mr. Maunula is 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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