Mr. Drew Anwyll reports

MAYFAIR GOLD ADVANCES DISTRICT-SCALE EXPLORATION STRATEGY

Mayfair Gold Corp. is initiating a regional exploration program across its Timmins camp land package, following the acquisition of the Guibord, Marriott and Holloway properties, and the continued advancement of exploration at the South block. These properties complement the company's flagship Fenn-Gib gold project, which hosts a 4.3-million-ounce indicated mineral resource of gold (181.3 million tonnes at an average grade of 0.74 gram per tonne) and was advanced toward development through a positive prefeasibility study (the PFS) released in January, 2026.

The consolidated land package is located along and adjacent to the Porcupine-Destor fault zone (PDFZ), one of the most prolific gold-bearing structural corridors in the Abitibi greenstone belt. This consolidation positions Mayfair to systematically evaluate a district-scale land package along a well-endowed segment of the corridor.

Strategic highlights

• Regional exploration program initiated to test the high-conviction PDFZ, with the goal of enhancing mineral resource scale and growth opportunities;
• Previous drilling confirms structurally controlled gold mineralization, including high-grade intervals exceeding five g/t Au;
• Pipeline of targets advancing toward phase 1 drill testing via a staged approach to maximize capital efficiency;
• Prioritize higher-grade potential for processing at the planned Fenn-Gib operation to improve projected return on invested capital, as highlighted in the 2026 PFS.

"Mayfair's regional land package provides the company with a compelling district-scale exploration opportunity along the Porcupine-Destor fault zone," said Drew Anwyll, PEng and chief executive officer of Mayfair Gold. "The company's primary focus remains advancing Fenn-Gib toward production via the provincial permitting path. However, we are excited to relaunch exploration activities across the broader property portfolio as there is a tremendous opportunity to create value through mineral resource growth. With a measured approach to exploration, Mayfair intends to develop an exploration pipeline to highlight another avenue for growth and investment potential that complements what we expect to be the significant value creation of taking Fenn-Gib into production."

"I joined Mayfair because of the strong exploration upside across its property portfolio and its highly prospective position along the Porcupine-Destor fault zone," said Adree DeLazzer, vice-president, exploration. "The South block, in particular, displays compelling litho-structural characteristics within a largely underexplored segment of the fault zone. The combination of favourable stratigraphy, structural complexity and localized high-grade gold mineralization underscores the broader exploration potential of the Mayfair land package and supports continued systematic target development across the property."

Regional exploration focus

Mayfair's regional properties are located within a well-endowed segment of the PDFZ that hosts a range of gold deposit styles, including high-grade systems.

These include the Black Fox mine, a high-grade underground gold operation within the Timmins camp, as well as the past-producing Croesus mine, historically recognized for high-grade gold mineralization, with reported historical production averaging approximately 95 grams per tonne Au from quartz vein systems.

Gold mineralization within the corridor is commonly associated with shear zones and quartz-carbonate vein systems developed along secondary splays and flexures of the deformation corridor, commonly at contacts between volcanic units and sedimentary rocks. Structural complexity, competency contrasts and localized dilation zones are interpreted to be important controls on higher-grade mineralization within the district. The company believes the consolidated land package provides exposure to multiple underexplored structural corridors prospective for both bulk-tonnage and high-grade gold mineralization.

Emerging regional exploration targets

The South block comprises 1,491 hectares and covers 6.4 kilometres of strike length along the PDFZ. The property is situated between McEwen Mining Inc.'s Fox complex and STLLR Gold Inc.'s Tower gold project, both of which host multiple gold deposits along the PDFZ.

The South block represents a structurally prospective and underexplored portion of Mayfair's land package, where favourable stratigraphy and structural complexity coincide with limited modern drilling. While portions of the North block have been extensively drilled and form the basis of the current mineral resource estimate, exploration across the South block remains at an early stage.

Modern drilling on the South block has comprised 27 diamond drill holes totalling approximately 5,700 metres targeting gold mineralization, excluding earlier kimberlite testing. The 2022 program tested two primary gold target areas, while the 2024 program advanced drilling across multiple structurally defined targets identified through integrated geophysical and geological interpretation.

Recent drilling has confirmed the presence of structurally controlled gold mineralization across multiple targets, including repeated intervals exceeding 0.5 gram per tonne Au and narrow higher-grade intervals exceeding five g/t Au, with the best reported assay of 12.7 g/t Au over 0.5 metre (see Appendix 1). Mineralization is associated with shear zones and quartz-carbonate veining developed along secondary structures, consistent with orogenic gold systems in the Timmins camp.

In addition to the South block, Mayfair continues to evaluate multiple regional exploration targets across the North block and broader property package, including the Johns-Manville trend, American Eagle, G-101 and Central Syenite target areas. Historical exploration at American Eagle reportedly returned grab samples up to 42.0 g/t Au proximal to the Pipestone fault, while drilling at the G-101 target reportedly returned intersections including 4.47 g/t Au over 13.2 metres, including 13.56 g/t Au over 2.77 metres. Historical drilling at the Central Syenite target also reportedly returned high-grade gold mineralization, including intervals up to 19.55 g/t Au over 1.7 metres associated with intrusive-related structural targets.

At Guibord, historical drilling intersected 265 g/t Au over 0.50 metre in hole G09-01 associated with a syenite dike and visible gold (see Plato Gold press release dated Dec. 22, 2009), while previous operators tested the North zone returning an intersection of 8.22 g/t Au over 2.1 metres, including 13.7 g/t Au over 1.22 metres. These targets remain relatively underexplored and represent potential opportunities for additional gold discoveries beyond the existing Fenn-Gib resource area.

Exploration strategy

Mayfair is advancing a phased exploration program focused on a staged approach that maximizes capital efficiency.

• Integration of historical and modern data sets;
• Refinement of structural controls on mineralization;
• Target generation across Mayfair's regional Timmins camp properties;
• Advancement of priority targets toward phase 1 drill testing;
• Prioritization of high-grade targets that may offer production advantages within the Fenn-Gib deposit.

This approach is designed to systematically evaluate the company's expanded land position and prioritize high-quality exploration opportunities.

Next steps

Initial work programs are underway and will include:

• Field mapping and validation of geological and geophysical targets;
• Structural interpretation and refinement of priority zones;
• Surface geochemical sampling in target areas;
• Potential induced polarization or other geophysical surveys;
• Advancement of priority targets toward follow-up drilling.

Mayfair expects exploration activities to continue throughout 2026 as the company advances priority targets across its regional Timmins camp land package.

About Mayfair Gold Corp.

Mayfair Gold is a Canadian gold company focused on advancing the Fenn-Gib project in the Timmins region of Northern Ontario. The 2026 prefeasibility study (the PFS) outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of $450-million, a base-case payback period of 2.7 years and cumulative free cash flow of $896-million (U.S.) over the first six years of production based on a $3,100 (U.S.)/ounce gold price. The company is advancing permitting activities and stakeholder engagement with the goal of starting construction in 2028 and initial production in 2030.

The content of this news release has been reviewed on behalf of the company and approved by Adree DeLazzer, PGeo, vice-president, exploration, of Mayfair, a QP as defined in National Instrument 43-101. The qualified person has reviewed the available historical exploration data referenced in this release, including historical reports and assay information where available, and considers the information to be relevant as an indication of the exploration potential of the properties. The company has not independently verified all historical exploration results referenced in this news release and readers are cautioned that such results should not be relied upon.

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