Mr. Drew Anwyll reports

MAYFAIR GOLD APPOINTS CHIEF PROJECTS OFFICER AND SENIOR VICE PRESIDENT, SUSTAINABILITY AS FENN-GIB ADVANCES TOWARD DEVELOPMENT

Mayfair Gold Corp. has appointed Desmond "Des" Tranquilla as chief projects officer and Ruben Wallin as senior vice-president, sustainability. The appointments deepen the company's management as the project advances on two critical fronts: The Ontario government's One Project, One Process (1P1P) approvals process and a construction decision in 2028.

Drew Anwyll, PEng, chief executive officer of Mayfair Gold, stated: "I am pleased to welcome Des and Ruben to Mayfair Gold as we advance Fenn-Gib toward a construction decision. Their appointments strengthen two critical areas of project execution on an accelerated timeline. Des brings the integrity, collaborative approach and proven leadership across project development experience needed to lead mining projects through engineering, construction, commissioning and operations, while Ruben brings extensive experience in environmental approvals stewardship, permitting, government relations, and indigenous and community engagement across the full mining life cycle. Together with, and working alongside our experienced team, they will help strengthen our ability to advance Fenn-Gib safely, efficiently, and with discipline through the 1P1P framework, while continuing to build strong relationships with indigenous communities."

Mr. Tranquilla is a seasoned mining executive and professional engineer with more than 35 years of experience in project development, construction, operations and strategic leadership. A University of New Brunswick civil engineering graduate, he has held senior roles with Canada Nickel Company, SNC-Lavalin, Ausenco, AMEC and Detour Gold.

Most recently, Mr. Tranquilla served as vice-president, projects, at Canada Nickel Company, helping advance the Crawford nickel project. His career includes leadership roles on major developments such as Vale's $1.6-billion Atmospheric Emission Reduction Project, the $1.5-billion Detour Lake mine project, and significant potash expansions in Saskatchewan. He brings broad experience across the full project life cycle and a proven record of advancing complex mining projects from concept through production.

Mr. Tranquilla, PEng, incoming chief projects officer, added: "I am excited to join Mayfair Gold at a pivotal stage in Fenn-Gib's development. My immediate priority will be to build on the project's strong technical foundation and translate its development strategy into a practical, well-co-ordinated execution plan as it progresses through detailed engineering and into construction. Beyond advancing Fenn-Gib, I see a compelling opportunity to help establish Mayfair as a leading Canadian gold company."

Mr. Wallin has over 30 years of experience working at the intersection of mining operations, environmental stewardship, permitting, government relations and community engagement. His background combines technical engineering education with corporate and site-level experience on major mining projects and operations, giving him extensive expertise in navigating the environmental, regulatory and stakeholder requirements associated with mine development and production.

Throughout his career, Mr. Wallin has held positions with Placer Dome, De Beers Canada, Barrick, Osisko and Detour Gold. Most recently, he served as vice-president, sustainability, at Generation Mining, where he played a key role in advancing the environmental approvals for the Marathon Project.

Mr. Wallin, PEng, added: "I am excited to join Mayfair Gold and contribute to the responsible development of Fenn-Gib. I look forward to working with the site team, indigenous communities, regulators, and other stakeholders to advance the project's environmental approvals and build durable relationships grounded in a culture of respect, transparency and collaboration, with a clear focus on excellence."

The company also announces the grant of stock options to Mr. Tranquilla and Mr. Wallin to each acquire 200,000 common shares in the capital of the company at an exercise price which shall be the five-day volume-weighted average trading price of the company's common shares on the TSX Venture Exchange on and including Aug. 24, 2026, for a five-year term expiring on Aug. 24, 2031, in accordance with the omnibus incentive plan.

The company further announces the grant of 2,452,500 performance restricted share units (PRSUs) to certain officers and employees of the company in accordance with the omnibus incentive plan. These PRSUs will vest after specific milestones related to the advancement of the Fenn-Gib project, which are expected to significantly increase shareholder value, are met, as prescribed and approved by the company's board of directors. The PRSUs will vest at the latter of the milestone being achieved or one year, with a maximum vesting period of three years, as per the company's omnibus incentive plan.

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.)/ounce 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 qualified person as defined in National Instrument 43-101.

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