Mr. Drew Anwyll reports

MAYFAIR GOLD PROVIDES Q2 2026 UPDATE ON FENN-GIB PROJECT ADVANCEMENT AND derISKING ACTIVITIES

Mayfair Gold Corp. has provided a progress update on activities completed during Q2 2026 and continuing key work streams to advance and derisk the company's 100-per-cent-controlled Fenn-Gib gold project in Northern Ontario.

Key highlights:

• Engineering and design: advancing front-end engineering design with Ausenco leading plant engineering and site layout work for the planned 4,800-tonne-per-day process plant;
• Grade control drilling: concluded the grade control drilling program, which confirmed resource model confidence and identified upside in higher-grade material;
• Environmental work and advancing permitting: progressing environmental baseline studies and preparing the Ontario-led One Project, One Process environmental approval submission;
• Infrastructure: advanced powerline planning and engagement with HONI and IESO, while progressing site access options; advanced condemnation drilling review and geotechnical investigations for key infrastructure and plant site locations;
• Exploration: advancing compilation, mapping and prospecting across the expanded regional land package;
• Capital markets: initiated early engagement with potential project financing parties;
• Planned activities for q3: plans to complete process plant FEED and tender detailed engineering, advance the 1P1P submissions and project financing discussions, and further derisk earthworks, tailings storage facility and water management designs.

Drew Anwyll, PEng, chief executive officer of Mayfair Gold, stated: "Q2 was an important quarter for Mayfair as we continued to derisk Fenn-Gib and move the project toward development. This is the phase of project development where the foundations of great projects are built -- through disciplined technical work, practical execution planning and strong collaboration. Since stepping into the CEO role, my focus has been on driving progress across the Fenn-Gib project design, permitting and execution strategies, while ensuring momentum is sustained across the critical work programs now under way. The progress achieved during the quarter reflects the strength of Mayfair's team, technical specialists and interdisciplinary consultants, and reinforces our confidence in Fenn-Gib as a made-in-Ontario gold project with a practical path toward construction and production in an expedited time frame."

During Q2 2026, Mayfair advanced a broad range of technical, environmental, permitting, infrastructure, exploration, stakeholder engagement and capital markets initiatives in support of the company's strategy to progress Fenn-Gib through Ontario-led approvals, indigenous agreements, and engineering, design and procurement work streams in parallel.

Key Q2 and continuing 2026 activities include advancing front-end engineering design (FEED) work, encompassing process plant and infrastructure design optimization; evaluating grade control and condemnation drilling results; completing geotechnical investigations; progressing continuing environmental baseline and permitting support programs; advancing electrical transmission planning and mining lease conversion activities; undertaking regional exploration; and maintaining continuing engagement with indigenous communities, investors and potential project financing counterparties.

Engineering and project design

During the quarter, Mayfair continued to advance FEED activities for the Fenn-Gib process plant, with Ausenco leading the plant engineering work. The company's technical team and engineering partners are progressing design updates and working to finalize the site layout for the planned 4,800-tonne-per-day plant. These efforts are intended to support constructability, reduce execution risk, refine capital cost estimates and advance the project beyond the 2026 prefeasibility study stage toward detailed engineering and preconstruction readiness.

Key areas of engineering focus include optimization of the plant primary crushing and grinding circuit design, including crushing and comminution optimization. Additional work included ore hardness testing to confirm SAG mill sizing and energy requirements, and continued evaluation of the flotation circuit to assess opportunities to reduce initial capital intensity while maintaining process performance. Mayfair has also initiated early engagement with leading process equipment suppliers to validate the plant process design and optimize equipment selection.

Earthworks, geotechnical investigations and site infrastructure

Mayfair commenced further derisking and evaluation of key earthworks assumptions, including open pit prestripping, construction laydown and site development, road construction, tailings storage facility design, and water management infrastructure. The company has also initiated early contractor engagement to refine construction execution strategies, material sourcing and movement requirements, and schedule planning. These activities are intended to improve confidence in the project's development path and support future procurement and construction planning.

During Q2, Mayfair completed a geotechnical site investigation program in collaboration with Knight Piesold and Ausenco to support the design and engineering of the proposed process plant and associated site infrastructure. The investigation was undertaken to characterize subsurface ground conditions and provide foundation design information for planned infrastructure. The program included diamond drilling, test pitting, detailed geotechnical logging, in situ testing, and laboratory testing of soil and rock samples, comprising 11 geotechnical drill holes and six test pits across the proposed plant site area. The data collected will be used to inform detailed engineering studies and support continuing project development activities.

Permitting and environmental baseline programs

Mayfair continued to advance environmental design and baseline programs required to support the company's permitting strategy, including work associated with the One Project, One Process (1P1P) submission. Q2 activities included expansion of water quality and monitoring programs, targeted aquatic fieldwork to improve understanding of fish community conditions, focused wildlife and species-at-risk surveys, continuation of air emissions baseline monitoring, and expansion of geochemistry programs for static and kinetic testing to inform tailings and waste rock management design.

Long-term geochemical testwork is expected to continue to inform water quality predictions for operations and closure planning. The company is also advancing supporting studies related to hydrology, aquatic habitat, terrestrial ecology and related environmental disciplines to support future regulatory submissions and detailed project design.

Grade control drilling

All results and evaluation of the company's grade control drilling program were finalized in Q2. The 56-hole, 4,200-metre diamond drilling program was carried out in late 2025 to confirm approximately one million tonnes of the probable mineral reserves from the 2026 prefeasibility study (PFS), representing approximately 25 per cent of the phase 1 planned design. The program was designed to validate the distribution and continuity of mineralization and refine planning assumptions related to ore shapes, dilution and ore loss.

Results from the program confirmed mineral reserve estimated grade and metal content in the tested area while providing future operational information on ore-waste contacts. For material above a 0.80-gram-per-tonne gold cut-off grade (COG), the GC model returned similar grade and 2 per cent more tonnes than predicted by the probable reserve model. For the higher-grade portion, above a 3.0 g/t Au COG, the GC model identified 28 per cent more tonnes at 7 per cent higher grade, representing 37 per cent more gold than the probable reserve model for the GC drilling test area.

The findings support the accuracy of the mineral reserve block model in the Stage 1 starter pit test area and validate the higher-grade component of the mineral reserve for mine planning. The results also suggest potential opportunities to process higher-grade ore earlier in the initial mining sequence.

Powerline and access infrastructure

Mayfair continued to progress planning for the proposed 115-kilovolt powerline required to support future operations at Fenn-Gib. The company has engaged with Hydro One Networks Inc. (HONI) and the independent electricity system operator (IESO) regarding power allocation and grid connection requirements and has selected a primary engineering partner and class environmental assessment consultant to advance the powerline design and related approvals work.

The company is also advancing access infrastructure planning, including work related to the Highway 101 realignment environmental assessment process. This work is intended to support reliable site access, construction planning and future operations logistics.

Mining lease conversion

On June 20, 2025, Mayfair submitted a letter of intent to convert 62 mining cell claims to mining leases, including applications for both mineral and surface rights. In May, 2026, the Ontario Ministry of Energy and Mines contacted the company to request confirmation of the surveying firm that would conduct the required perimeter surveys, as survey instructions were being prepared by the ministry. In June, 2026, Mayfair retained a registered Ontario Land Surveyor (OLS) to complete the perimeter surveys required to support the lease conversion process. commencement of survey work is pending issuance of survey instructions by the ministry.

Condemnation drilling

During Q1 2026, Mayfair commenced a condemnation diamond drilling program designed to evaluate the potential for economically significant mineralization underlying key proposed mining infrastructure locations within the planned mining footprint. The program was completed on May 19, 2026, and consisted of 23 NQ drill holes totalling 6,031 metres. To ensure a comprehensive evaluation of mineralization potential, all drill holes were sampled continuously over their entire length, from bedrock contact to end of hole. All assay results were received by the end of Q2, and the company is currently evaluating the results.

Strategic land position and exploration

On April 2, 2026, Mayfair announced the acquisition of the Guibord, Marriott and Holloway properties from Plato Gold Corp. The exploration properties are located in proximity to Fenn-Gib and overlay the regionally important Porcupine-Destor fault zone, providing additional exploration leverage and strategic land adjacent to the project. 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, while previous operators tested the North zone returning 8.22 g/t Au over 2.1 metres, including 13.7 g/t Au over 1.22 metres. Mayfair is undertaking compilation work, mapping and prospecting during the current field season.

A dedicated exploration team is also completing prospecting and mapping on the Southern and Northern claim blocks, including litho-geochemical sampling and structural mapping to improve geological understanding of target areas. A geophysical survey is planned for late summer to early fall on the Southern Claim block.

Planned next-quarter work programs

Planned work for the next quarter includes completion of the process plant FEED work, continued engagement with key process plant equipment supplier and tendering for detailed engineering of the plant. Mayfair also expects to advance submission of the 1P1P applications, continue project financing discussions, and further derisk key earthworks, tailings storage facility and water management designs.

The company also plans to continue advancing indigenous community relationships, including continuing engagement with AAN and other regional indigenous communities, and increased coordination and interactions with the town of Matheson as project planning, permitting, infrastructure and community engagement activities progress.

Sponsored research and advertising service agreements

The company has entered into a research services agreement with Atrium Research Corp. as of July 21, 2026, to assist in presenting its investment case and strategy to potential investors. Atrium will provide the company with services which include in-depth research reports, media content and interviews, and research content distribution services. Pursuant to the agreement, the company has agreed to pay a one-time fee in advance of $47,000 for the services. The term of the research services agreement is 12 months. Atrium is wholly owned and operated by its co-founders Ben Pirie and Nicholas Cortellucci and is an arm's-length company based in Toronto, Ont. Atrium has no present interest, directly or indirectly, in the company or its securities and does not have any right or intent to acquire such an interest.

The company has also entered into an advertising service agreement as of July 22, 2026, with Gold Standard Media LLC (GSM) and its affiliates in connection with a digital advertising campaign. GSM will provide the company with services which include landing pages, digital advertising, media buying, content distribution services and influencer marketing. Pursuant to the agreement, the company has agreed to pay a one-time fee in advance of $400,000 (U.S.) from cash on hand to facilitate the program. The advertising campaign is planned for a six-month term. GSM is led by Kenneth Ameduri, Juliet Ameduri and Lior Gantz. GSM is an arm's-length company located in Georgetown, Tex. GSM and its affiliates have no present interest, directly or indirectly, in the company or its securities and does not have any right or intent to acquire such an interest.

About Mayfair Gold Corp.

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100-per-cent-controlled Fenn-Gib project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3-million-ounce indicated mineral resource of gold (181.3 Mt (million tonnes) at an average grade of 0.74 gram per tonne) and the expected strategy outlined in the 2026 prefeasibility study (the PFS) is to develop the project under the provincial permitting process, targeting the higher-grade one-million-ounce probable mineral reserve (25.1 Mt at an average grade of 1.29 g/t) sitting near surface, highlighting the optionality and scalability provided by the deposit. The PFS also 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.)/oz gold price. The company is advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.

The content of this news release has been reviewed on behalf of the company and approved by Drew Anwyll, PEng, chief executive officer of Mayfair, a QP as defined in NI 43-101.

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