Exhibit 99.28

 

Important Notice

This Technical Report was prepared as a National Instrument 43-101 Technical Report in accordance with Form 43-101F1, for Mayfair Gold Corp. (Mayfair Gold or the Company), by Qualified Persons working for T. Maunula & Associates Consulting Inc. (TMAC) or Haggarty Technical Services Corporation. The quality of information, conclusions, and estimates contained in this report are based on: i) information available at the time of preparation of data; ii) data from outside sources; and iii) the assumptions, conditions, and qualifications as put forth by the report authors. This report is intended to be used by Mayfair Gold, subject to TMAC’s terms and conditions. The relationship permits Mayfair Gold to file this report as a Technical Report with applicable securities regulatory authorities pursuant to provincial securities legislation.

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Contents

 

1		SUMMARY							1-1
		1.1		Project Description, Location, and Ownership					1-1
		1.2		History					1-1
		1.3		Mayfair Gold Exploration and Diamond Drilling					1-2
		1.4		Geology and Mineralization					1-2
		1.5		Metallurgical Testing and Mineral Processing					1-3
		1.6		Mineral Resource Estimate					1-4
		1.7		Recovery Methods					1-5
		1.8		Conclusions and Recommendations					1-5
2		INTRODUCTION							2-1
		2.1		Sources of Information					2-1
		2.2		Qualifications and Responsibilities					2-1
		2.3		Site Visit					2-2
		2.4		Units, Currency, and Rounding					2-2
3		RELIANCE ON OTHER EXPERTS							3-1
4		PROPERTY DESCRIPTION AND LOCATION							4-1
		4.1		Location					4-1
		4.2		Project Ownership					4-1
		4.3		Mineral Tenure					4-1
		4.4		Mining Rights					4-18
				4.4.1		Patented Land			4-18
				4.4.2		Unpatented Land			4-18
		4.5		Surface Rights					4-18
		4.6		Royalties and Encumbrances					4-18
		4.7		Permits					4-19
		4.8		Environmental Liabilities and Social License					4-19
		4.9		Significant Risk Factors					4-19
5		ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY							5-1
		5.1		Accessibility					5-1
		5.2		Climate					5-1
		5.3		Local Resources and Infrastructure					5-1
		5.4		Physiography					5-2
		5.5		Sufficiency of Surface Rights					5-2
6		HISTORY							6-1
		6.1		Exploration History 1911–2011					6-1
				6.1.1		Mineral Resource Estimate—2011			6-3
		6.2		Exploration History 2012–2019					6-3
		6.3		Exploration Targets					6-3

 

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MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

		6.4		Acquisition by Mayfair Gold—2020					6-5
		6.5		Historical Mineral Resource Estimates Commissioned by Mayfair Gold					6-5
7		GEOLOGICAL SETTING AND MINERALIZATION							7-1
		7.1		Regional Geology					7-1
		7.2		Project Geology					7-1
		7.3		Mineralization					7-3
		7.4		Prospects and Exploration Targets					7-4
8		DEPOSIT TYPES							8-1
9		EXPLORATION							9-1
		9.1		Diamond Drilling					9-1
		9.2		Mayfair Gold—2021–Present					9-1
				9.2.1		Geochemistry			9-1
				9.2.2		Geophysical Surveys			9-1
				9.2.3		Other			9-3
10		DRILLING							10-1
		10.1		Historical Drilling					10-1
		10.2		Mayfair Gold Drilling					10-1
		10.3		Diamond Drilling Procedures					10-3
				10.3.1		Spotting Drill Holes			10-3
				10.3.2		Drilling			10-3
				10.3.3		Collar Surveys			10-3
				10.3.4		Downhole Surveys			10-4
				10.3.5		Geotechnical and Hydrological Drilling			10-4
		10.4		Qualified Person’s Opinion					10-11
11		SAMPLE PREPARATION, ANALYSES, AND SECURITY							11-1
		11.1		Historical Sampling Pre-2011					11-1
		11.2		Historical Sampling Post 2011					11-2
		11.3		Mayfair Gold Sampling					11-2
				11.3.1		Sampling Procedure			11-2
				11.3.2		Sample Preparation and Analysis			11-3
				11.3.3		Quality Control Samples			11-6
				11.3.4		QA/QC Control Charts			11-7
		11.4		Density Determinations					11-14
		11.5		Adequacy Statement					11-14
12		DATA VERIFICATION							12-1
		12.1		Historical Verification					12-1
		12.2		TMAC Verification					12-1
				12.2.1		Site Visits			12-1
				12.2.2		Diamond Drilling			12-2
				12.2.3		Database Verification			12-2
				12.2.4		Qualified Persons’ Opinion			12-3
13		MINERAL PROCESSING AND METALLURGICAL TESTING							13-1
		13.1		Conclusion from Metallurgical Testing					13-1

 

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MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

		13.2		Findings from Metallurgical Testing					13-1
		13.3		Metallurgical Testwork					13-2
				13.3.1		Composite Sample Selection			13-2
				13.3.2		Lithology			13-3
				13.3.3		Composite Sample Details			13-4
				13.3.4		Rock Hardness Characterization			13-8
				13.3.5		Mineralogy			13-9
				13.3.6		Previous 2015–2022 Metallurgical Studies			13-11
				13.3.2		Metallurgical Studies—2023–2024			13-17
		13.4		Recovery Estimates					13-35
		13.5		Metallurgical Variability					13-38
		13.6		Deleterious Elements					13-39
		13.7		Additional Metallurgical Testwork					13-39
14		MINERAL RESOURCE ESTIMATE							14-1
		14.1		Key Assumptions					14-1
		14.2		Data					14-1
		14.3		Geological Model					14-1
		14.4		Exploratory Data Analysis					14-3
				14.4.1		Assays			14-3
				14.4.2		Grade Capping and Outlier Restrictions			14-3
				14.4.3		Composites			14-7
		14.5		Density Assignment					14-8
		14.6		Variography					14-9
		14.7		Block Model Definition					14-11
		14.8		Estimation and Interpolation Methods					14-11
		14.9		Block Model Validation					14-13
				14.9.1		Visual Verification			14-13
				14.9.2		Statistical Validation			14-16
				14.9.3		Swath Plots			14-16
		14.10		Classification of Mineral Resources					14-19
		14.11		Reasonable Prospects of Economic Extraction					14-19
		14.12		Mineral Resource Statement					14-20
		14.13		Factors That May Affect the Mineral Resource Estimate					14-21
15		MINERAL RESERVE ESTIMATES							15-1
16		MINING METHODS							16-1
17		RECOVERY METHODS							17-1
18		PROJECT INFRASTRUCTURE							18-1
19		MARKET STUDIES AND CONTRACTS							19-1
20		ENVIRONMENTAL STUDIES, PERMITTING, AND COMMUNITY IMPACTS							20-1
21		CAPITAL AND OPERATING COSTS							21-1
22		ECONOMIC ANALYSIS							22-1
23		ADJACENT PROPERTIES							23-1

 

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MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

24		OTHER RELEVANT DATA AND INFORMATION							24-1
25		INTERPRETATIONS AND CONCLUSIONS							25-1
		25.1		Interpretations					25-1
		25.2		Factors That May Affect the Mineral Resource Estimate					25-1
		25.3		Conclusions					25-2
26		RECOMMENDATIONS							26-1
27		REFERENCES							27-1
28		CERTIFICATE OF AUTHORS							28-1
		28.1		Tim Maunula, P.Geo					28-1
		28.2		Steven C. Haggarty, P.Eng					28-2

Tables

 

Table 1-1:		Fenn–Gib Project Mineral Resource Estimate			1-5
Table 1-2:		Recommended Work Programs and Cost Estimate			1-6
Table 2-1:		QP Responsibilities			2-2
Table 2-2:		QP Site Visit			2-2
Table 4-1:		Summary of Staked Claims			4-4
Table 4-2:		Summary of Mining Patents			4-14
Table 4-3:		Summary of Leased Claims			4-15
Table 6-1:		Mineral Occurrences within the Fenn–Gib Project			6-2
Table 6-2:		LSG and Tahoe Exploration Activities			6-3
Table 10-1:		Mayfair Gold Drill-Hole Summary by Year			10-1
Table 10-2:		Significant Drill-Hole Intersections			10-5
Table 13-1:		Fenn–Gib Project Composite Sample Identification and Lithology			13-3
Table 13-2:		Composite Sample Details			13-5
Table 13-3:		Rock Hardness Characterization Test Data			13-9
Table 13-4:		Composite Sample Gravity Recoverable Gold Content			13-12
Table 13-5:		Direct Cyanidation Gold Extraction versus Feed Sulphide Content			13-14
Table 13-6:		Diagnostic Leaching Tests Results			13-15
Table 13-7:		Pressure Oxidation Amenability Testwork			13-16
Table 13-8:		Heavy Liquid Separation Test Results			13-17
Table 13-9:		Rougher Flotation Test Data			13-23
Table 13-10:		Concentrate Regrind and Cyanidation Test Data			13-27
Table 13-11:		Cyanidation Gold Dissolution Rate Kinetics			13-30
Table 13-12:		Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 45% solids)			13-33
Table 13-13:		Concentrate Regrinding—HIG Mill SGE Testwork (3 mm media at 47% solids)			13-33
Table 13-14:		Concentrate Regrinding—HIG Mill SGE Testwork (4 mm media at 47% solids)			13-33
Table 13-15:		Concentrate Regrinding—HIG Mill Slurry Viscosity Measurements			13-34
Table 13-16:		Acid-Base Accounting Test Results			13-34
Table 13-17:		Overall Gold Recovery from Flotation, Concentrate Regrind, and Cyanidation Test Data			13-35
Table 14-1:		Geology Block Model Codes and Descriptions			14-2
Table 14-2:		Capping Analysis Summary			14-4

 

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MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Table 14-3:		Assigned Density Values			14-8
Table 14-4:		Correlogram Parameters			14-10
Table 14-5:		Block Model Workspace			14-11
Table 14-6:		Interpolation Parameters by Domain Code			14-12
Table 14-7:		Special Models			14-13
Table 14-8:		Grade Comparison by Interpolation Method			14-16
Table 14-9:		Pit Design Criteria			14-19
Table 14-10:		Fenn–Gib Project Mineral Resource Estimate			14-20
Table 25-1:		Fenn–Gib Project Mineral Resource Estimate			25-1
Table 26-1:		Recommended Work Programs and Cost Estimate			26-1

Figures

 

Figure 1-1:		Plan View of Mineralized Envelopes			1-3
Figure 4-1:		Fenn–Gib Project Location			4-2
Figure 4-2:		Property Summarizing Mineral Tenure and Surface Rights (North Block)			4-3
Figure 6-1:		Geological Map Illustrating Mineral Showings			6-1
Figure 6-2:		Project Geology Showing Exploration Targets			6-4
Figure 7-1:		Regional Geology of the Timmins Area			7-2
Figure 7-2:		Plan View of Mineralized Envelopes			7-3
Figure 9-1:		Fenn–Gib North Block Mayfair Gold Drill Hole Locations			9-2
Figure 10-1:		Plan of Drill-Hole Locations used for the Fenn–Gib Mineral Resource Estimate			10-2
Figure 11-1:		Core Storage Yard, Matheson, Ontario			11-3
Figure 11-2:		Control Chart—Blank Material			11-7
Figure 11-3:		Control Chart—CRM OREAS 251b			11-9
Figure 11-4:		Control Chart—CRM OREAS 254b			11-10
Figure 11-5:		Control Chart—CRM OREAS 256b			11-11
Figure 11-6:		Control Chart—Duplicate Samples			11-12
Figure 11-7:		Control Chart—Check Assays, Swastika vs. ActLabs			11-13
Figure 11-8:		Control Chart—Check Assays, AGAT vs. ActLabs			11-14
Figure 12-1:		Collar Labelling, FG23-347			12-2
Figure 13-1:		Composite Sample g/t Au versus Sulphide Content			13-10
Figure 13-2:		Composite Sample, g/t Au versus Gravity Recoverable Gold Content			13-11
Figure 13-3:		Direct Cyanidation—Feed Sulphide Content versus Overall Gold Extraction			13-13
Figure 13-4:		Heavy Liquid Separation—Au Distribution versus Slurry Specific Gravity			13-18
Figure 13-5:		Flotation Feed Grind Size versus %Recovery Gold and S2- to Rougher Concentrate			13-20
Figure 13-6:		Mass Pull versus %Recovery Gold and S2- to Rougher Concentrate			13-21
Figure 13-7:		Rougher Flotation Gold and S2- Rate Kinetics			13-22
Figure 13-8:		Concentrate Regrind Size versus %Extraction and CN Residue g/t Au			13-27
Figure 13-9:		Gold Extraction Rate Kinetics Relative to Cyanidation Retention Time			13-30
Figure 13-10:		Concentrate Regrind—HIG Mill Specific Grinding Energy kWh/t Data			13-32
Figure 13-11:		Geometallurgical Modelled Gold Head Grade versus Overall Gold Recovery			13-38
Figure 14-1:		Plan View of Drill-Hole Traces and Geological Block Model			14-2
Figure 14-2:		Boxplot of Uncapped Gold Grades (g/t) by Domain Code			14-3
Figure 14-3:		Log Probability Plot, Deformation Zone (Au g/t)			14-5

 

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MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Figure 14-4:		Log Probability Plot, Main Zone (Au g/t)			14-6
Figure 14-5:		1.5 m Composites Reported by Domain Code, Capped Au (g/t)			14-7
Figure 14-6:		5 m Composites Reported by Domain Code, Capped Au (g/t)			14-8
Figure 14-7:		5180 Elevation, Composites versus Block Model (Capped Au g/t)			14-14
Figure 14-8:		East 558500, Composites versus Block Model (Capped Au g/t)			14-15
Figure 14-9:		Swath Plot of NN and OK Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t)			14-17
Figure 14-10:		Swath Plot of NN and IDW2 Mean Block Model Gold Grades with Mean Composite Gold Grade (g/t)			14-18

Glossary

Abbreviations, Acronyms, and Units of Measure

 

$		Canadian dollar
<		less than
>		greater than
°C		degrees Celsius
µm		micrometre
%		percent
AAN		Apitipi Anicinapek Nation
ActLabs		Activation Laboratories Ltd.
Aero-3477		isobutyl dithiophosphate
Aero-3501		isoamyl dithiophosphate
AGAT		AGAT Laboratories
AGP		acid generating potential
ARD		acid rock drainage
Au		gold
Axb		Rock Competency Index (no units)
CIL		carbon-in-leach
CIM		CIM Standards and Definitions for Mineral Resources and Mineral Reserves (CIM Definition Standards)
CIP		carbon-in-pulp
cm		centimetre
CN		cyanide
CNG		compressed natural gas
Constantine		Constantine Metal Resources Ltd.
CRM		Certified Reference Materials
CV		coefficient of variation
Datamine		Datamine Studio EM
DC		direct current

 

		TOC | vi October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

DDH		diamond drill hole
Fenn–Gib or the Project		Fenn–Gib Project
g		gram
g/t Au		grams per tonne of gold
g/t		grams per tonne
Fenn–Gib or the Project		Fenn–Gib Project
GEMS		Geovia GEMS 6.8.3 Desktop
GeoticLog		GeoticLog 8.2.14
GJ/d		Gigajoules per day
g/L		grams per litre
GRG		Gravity recoverable gold
ha		hectare
HLS		Heavy liquid separation
ID		identification
IDW2		inverse distance weighting squared
IP		induced polarization
km		kilometre
kV		kilovolt
kWh/t		kilowatt hour per tonne
lb		pounds
LSG		Lake Shore Gold Corp
m		metres
Major Drilling		Major Drilling Group International
masl		metres above sea level
Mayfair Gold or the Company		Mayfair Gold Corp.
Metalla		Metalla Royalty and Streaming Ltd.
MIBC		methyl isobutyl carbinol
MinePlan		HxGN MinePlan 16.2.1
MLAS		Mining Lands Administration System
mm		millimetre
mm/a		millimetre per annum
MMI		mobile metal ion
Moneta		Moneta Gold Inc.
mPa-sec		millipascal-second
MRE		Mineral Resource estimate
Mt		million tonnes
NI		National Instrument
NN		nearest neighbour
non-PAG or NAG		non-potentially acid generating

 

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MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

NP		neutralizing potential
NPI		net profit interest
NPR		net proceeds royalty
NRC		National Research Council Canada
NSR		net smelter return
OK		ordinary kriging
oz		troy ounces
P80		passing 80%
PAG		potentially acid generating
Pan American		Pan American Silver Corp.
Pangea		Pangea Goldfields Inc.
PAX		potassium amyl xanthate
POX		pressure oxidation
QA/QC		quality assurance and quality control
QP		Qualified Person
Q-Q		quartile–quartile
RC		reverse circulation
RQD		rock quality designation
SEM		scanning electron microscopy
SG		specific gravity
SGH		soil gas hydrocarbons
SGS		SGS Lakefield Inc.
SHA		SHA Geophysics Ltd.
SI		Système Métrique International (International System of Units)
SMU		selective mining unit
SPT		Static Pressure Test
Swastika		Swastika Laboratories
Tahoe Resources		Tahoe Resources Inc.
TIMA-X		TESCAN Integrated Mineral Analyzer
TMAC		T. Maunula & Associates Consulting Inc.
w/w		weight percentage

 

		TOC | viii October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

1

SUMMARY

T. Maunula & Associates Consulting Inc. (TMAC) prepared this Technical Report for Mayfair Gold Corp. (Mayfair Gold or the Company) in accordance with the Canadian Securities Administrators’ National Instrument (NI) 43-101 and Form 43-101F1, collectively referred to as NI 43-101 for the Fenn–Gib Project (Fenn–Gib or the Project) located in Ontario, Canada.

 

1.1	Project Description, Location, and Ownership

The Fenn–Gib Project is in Guibord and Munro Townships in northeast Ontario. The Project is 43 km northwest of Kirkland Lake and 21 km east of Matheson, south of Abitibi Lake. The property center is at UTM 17N 559078 5374037 (NAD 83) or 48°31’ N 80°12’ W. The Project is accessible year round by Highway 101, which passes through the Project. Highway 101 connects with the Trans-Canada Highway at Matheson. The nearest airport is 20 km north of Timmins, which itself is 80 km from the property. The Project is in a very mining-friendly jurisdiction amongst dozens of historical mines and several active mines between Rouyn and Timmins gold-mining camps.

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and six mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn–Gib Project) that cover 1,877.8 ha. Lake Shore Gold Corp (LSG) agreed to sell the Fenn–Gib Project to Mayfair Gold pursuant to an asset purchase agreement dated June 8, 2020. The Project is subject to a 1.0% net smelter royalty held by Metalla Royalty and Streaming Ltd. (Metalla).

 

1.2

History

From its initial discovery and work in 1911 the Fenn–Gib Property has been explored and developed by various operators, including Pangea Goldfields Incorporated, Lake Shore Gold Corp. (LSG), and Tahoe Resources Inc. (Tahoe).

In 2011, LSG completed a program of eight drill holes, three of which were twins used for verification purposes. In addition, SGS (2011) authored an NI 43-101 technical report and Mineral Resource estimate.

During 2012, exploration activities conducted on the Fenn–Gib Property in the southwest half of Lot 5 Concession VI consisted of LSG’s drilling contractors, Norex Drilling Ltd., completing 34 diamond drill holes (DDH) totalling 15,802 m. Reconnaissance mapping and prospecting were also carried out on both the North and South claim blocks during 2012.

During 2014, LSG carried out outcrop investigations and prospecting consisting of 14 samples.

During 2017, Tahoe conducted a surface-definition diamond drilling program on the Fenn–Gib Deposit, which included 98 holes for a total of 40,235 m. After 2017, Tahoe completed no further exploration activities or drilling at Fenn–Gib.

 

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MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

1.3	Mayfair Gold Exploration and Diamond Drilling

The Company acquired a 100% interest in the Fenn–Gib Property on December 31, 2020, and in mid-January 2021 commenced infill and expansion resource drilling on the Fenn–Gib Deposit on the North Block. As of June 20, 2025, the Company has completed approximately 190,000 m in 339 drill holes.

Exploration conducted by Mayfair Gold since 2021 includes:

 

•

SHA Geophysics Ltd. (SHA) carried out a Heli-GT helicopter-towed, three-axis magnetic gradiometer survey over the North and South property blocks in 2021 (Munroe, 2021).

 

•

Surface work on the North Block included an orientation soil and vegetation sample mobile-metal-ion (MMI) and soil-gas hydrocarbons (SGH) test sampling program during 2022 (Aurora Geosciences, 2023).

 

•

Aurora conducted a direct current (DC) resistivity-induced polarization (IP) survey for the Company on the North Block’s Grid A and Grid B of the Fenn–Gib Project in 2022 and 2023 (Jelenic, 2023).

In 2022, a LiDAR survey and aerial photography acquisition over both the Fenn-Gib Project North and South Blocks was contracted to McElhanney (2022).

The Company commissioned three NI 43-101 Mineral Resource estimate updates on the Fenn–Gib Deposit (Kirkham et al., 2021; Mayfair Gold, 2022; Maunula, 2023).

 

1.4	Geology and Mineralization

Significant concentrations of gold mineralization on the Fenn–Gib Project primarily occur within two zones: 1) the Main Zone and 2) the Deformation Zone. These two zones overlap and are shown in Figure 1-1. The third zone, Footwall Zone, also contains gold mineralization and is approximately 100 m north of the Main Zone.

The Main Zone is a broad zone of disseminated gold mineralization up to 500 m wide, with grades for gold between 0.50 and 3.00 g/t Au. Massive, pillowed, and variolitic basalts crop out and can be seen in diamond drill core from holes collared near Highway 101. Hydrothermally altered variolitic basalts are the principal hosts of the Main Zone mineralization. These basalts were affected by pervasive and vein silicification, carbonatization, albitization, pervasive but weak hematization, and vein sericitization. Syenite and lamprophyre dykes intruded the basalts and are locally mineralized. Pyrite is the main sulphide mineral and occurs as disseminations and in veins, locally up to 50%, over narrow intervals (average 5% to 10%).

 

		PAGE | 1-2 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

 

Source: Maunula (2024)

 

Figure

1-1: Plan View of Mineralized Envelopes

The Deformation Zone contains narrower and higher-grade intersections associated with altered sediments, intermediate dykes, and grey syenite. Gold mineralization is associated with pyrite either in quartz-healed breccias or as very fine disseminations. The Contact Fault has been interpreted to have acted as a channel for gold-bearing hydrothermal fluids and is host to the Deformation Zone and the southern boundary of the Main Zone. The Deformation Zone mineralization has been defined for approximately 2.0 km along strike.

The Footwall Zone is north of the Main Zone (Figure 1-1). The Footwall Zone structural and mineralized corridor strikes in a north-easterly direction and drilling has intercepted the zone over a strike length of approximately 500 m to a vertical depth of about 600 m below surface (open in all directions). The Footwall Zone consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, with a steep northerly dip. Mineralization consists of bleached, buff-altered (silica-albite-sericite-carbonate alteration), pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

 

1.5	Metallurgical Testing and Mineral Processing

Metallurgical testing of Fenn-Gib composite samples over a range in head grade from 0.2 to 19.1 g/t Au and 0.3 to 8.1% S2- resulted in the development of a hybrid process approach, which is applicable to all associated deposit lithologies and rock types.

 

		PAGE | 1-3 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Treatment of Fenn-Gib mineralization considers a P80 106 µm flotation feed size with an approximate 23% mass pull to a rougher concentrate. Subsequent regrinding of the concentrate to P80 10 to 13 µm is followed by cyanidation yielding an estimated overall 89.6% Au extraction at a 1.5 g/t Au feed grade.

Direct cyanidation of Fenn-Gib mineralization was evaluated and established as not applicable due to losses in Au recovery with increased sulphide content at coarser material grind sizes, relative to secondary processing of a lower weight percentage reground flotation concentrate.

Metallurgical testwork and associated process criteria defined to date is representative and supports the associated Mineral Resource Estimate and is complete to support a Pre-Feasibility study. Future testwork will focus on specific parameters required for process design and advanced engineering, along with additional variability testwork to improve technical confidence and statistical accuracy of gold recovery estimates.

 

1.6	Mineral Resource Estimate

Mr. Tim Maunula, P.Geo., Principal Geologist, of T. Maunula & Associates Consulting Inc. (TMAC), is the QP responsible for completing the Project’s Mineral Resources estimate.

The Mineral Resource estimate incorporates extensive drill hole data from surface diamond drill programs combining both historical drilling completed prior to 2017 and Mayfair Gold’s drilling campaigns completed from 2021–2024. The cut-off date for assay data used in the 2024 Mineral Resource estimate was April 30, 2024. All data received were in NAD 83 UTM coordinates (Zone 17).

The Mineral Resource estimate was:

 

•

Prepared using Hexagon Mining, HxGN MinePlan 16.2.1 (MinePlan)

 

•

Classified according to the CIM Definition Standards

 

•

Reported at a 0.3 g/t Au cut-off grade, which is amenable to open pit extraction.

The Mineral Resource estimate for the Project is based on diamond drill hole data consisting of gold assays, geological descriptions, and density measurements.

The drill-hole database for the Mineral Resource estimate used 457 historical drill holes (140,283 m) and 291 Mayfair Gold drill holes, which together yielded 217,334 assays used in the Mineral Resource estimate.

The primary gold mineralization for the Project was modelled in three domains: Main Zone, Deformation Zone, and Footwall Zone (which included a Footwall Zone High Grade). However, gold mineralization is also contained within the other contiguous geological domains: mafic volcanics, pyroxenite, ultramafic volcanics, and sediments (Section 14.3). Mayfair Gold modelled the rock type groups using Datamine Studio EM (Datamine). TMAC reviewed and validated these wireframes for use in the Mineral Resource estimate. Gold grades were estimated separately by rock type within each domain.

 

		PAGE | 1-4 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

The Fenn–Gib block model was estimated using three interpolation methods: nearest neighbour (NN), inverse distance weighting squared (IDW2), and ordinary kriging (OK). Uncapped and capped gold grades were estimated for the OK model. Only capped gold grades were estimated for the NN and IDW2 models.

The Fenn-Gib Project hosts Mineral Resources at a 0.3 g/t Au cut-off grade comprised of an Indicated Resource of 181.3 Mt grading 0.74 g/t Au for 4.3 million contained gold ounces plus an additional Inferred Resource of 8.9 Mt at 0.49 g/t Au containing 141,000 gold ounces. Table 1-1 presents the Mineral Resource estimate reported within a constraining resource pit shell and categorized by resource classification. The Mineral resource estimate has an effective date of September 3, 2024, and was prepared by TMAC.

Table 1-1: Fenn–Gib Project Mineral Resource Estimate

 

Resource Category		Cut-Off (Au g/t)		Tonnes				Au (g/t)				Au (oz)
Indicated		0.3			181,302,000				0.74				4,313,000
Inferred		0.3			8,921,000				0.49				141,000

Source: Maunula (2024)

Notes:

 

•

Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the mineral resource was April 30, 2024.

 

•

All mineral resources have been estimated in accordance with the CIM Definitions Standards, as required under National Instrument (NI) 43-101. Mineral Resource Statement prepared by Tim Maunula, P.Geo. (TMAC) in accordance with NI 43-101.

 

•

Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.

 

•

Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for an open-pit mining scenario using a 50° pit slope angle. Cut-off grades are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process cost of $15.50/t and G&A $2.00/t. Metallurgical recovery of 94% was used. Densities were assigned based on interpreted lithology.

 

•

Troy ounce = tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.

 

•

The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

 

•

Tonnages and ounces in the tables are rounded to the nearest thousand. Numbers may not total due to rounding.

 

1.7	Recovery Methods

This section is not applicable to this Technical Report.

 

1.8	Conclusions and Recommendations

The Fenn–Gib Project represents an advanced-stage-of-exploration project with a substantial gold resource base of over 4.3 million ounces of gold in the Indicated classification category. Based on the positive results to date, TMAC recommends advancing the project through targeted work programs designed to both grow and expand the current Mineral Resource and evaluate the economic potential of both the Fenn–Gib Project and the broader property area.

 

		PAGE | 1-5 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

The next phases of work are recommended to evaluate the economic potential of the Fenn–Gib Project are:

 

•

Environmental studies and the continued collection of baseline environmental data to support the pre-development of the Project

 

•

Process engineering and design work to support a pre-feasibility study for the development of a 4,800 t/d operation.

A summary of the proposed work program, including a budget estimate, is outlined in Table 1-2.

 

Table1-2:

Recommended Work Programs and Cost Estimate

 

Activity		Description		Estimate Cost ($)
Phase 1—Environmental Studies
Environmental studies including baseline data collection		Advance work and studies to understand the site study area environmental baseline conditions to support a 4,800 t/d operation			4,000,000
Phase 1 Total					4,000,000
Phase 2—Engineering and Design
Engineering and design to advance an economic evaluation of the Project		Advance the Project designs and engineering to complete a pre-feasibility study to define a 4,800 t/d operation			6,000,000
Phase 2 Total					6,000,000
Phases 1 and 2 Total					10,000,000
10.0% Contingency					1,000,000
Grand Total					11,000,000

TMAC also recommends additional infill drilling to upgrade the Inferred Mineral Resources to Indicated Mineral Resources. This program may also allow for the upgrade of all portions of the deposit to Measured Mineral Resources. The mineralized zones encountered at the Fenn–Gib Deposit remain open at depth and along strike east and west, additional targeted expansion drilling is therefore warranted.

A Pre-Feasibility study is currently underway to evaluate the economic potential of developing a 4,800 t/d operation, with completion expected in Q4 2025. Future drilling programs will be planned strategically to further expand and upgrade the resource base.

 

		PAGE | 1-6 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

2	INTRODUCTION

T. Maunula & Associates Consulting Inc. (TMAC) prepared this report, National Instrument 43-101 Technical Report—Mineral Resource Estimate Update: Fenn–Gib Project, Ontario, Canada (the Technical Report) for Mayfair Gold Corp. (Mayfair Gold or the Company) in accordance with the Canadian Securities Administrators’ National Instrument (NI) 43-101 and Form 43-101F1, collectively referred to as NI 43-101. The Mineral Resource estimate reported herein was prepared to conform to generally accepted Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, published on November 29, 2019 (CIM, 2019).

This Technical Report supersedes all prior technical reports and Mineral Resource estimates prepared for the Project.

The address of the Company’s registered, and records office is Suite 700–1199 West Hastings Street, Vancouver, B.C., Canada, V6E 3T5. The Company’s principal place of business is 489 MacDougall Street, Matheson, ON, Canada, P0K 1N0. The principal business of the Company is to acquire, explore, evaluate, and develop mineral properties.

 

2.1	Sources of Information

This Technical Report is based, in part, on internal Company technical reports and maps, published government reports, company letters and memoranda, and public information listed in Section 27. Several sections from reports authored by other consultants have been directly quoted or summarized in this Technical Report.

Mayfair Gold has reviewed a draft copy of this Technical Report for factual errors regarding the Company, history of the property, and the current Mineral Resource (which TMAC prepared).

TMAC has relied on Mayfair Gold’s historical and current knowledge of the Fenn–Gib Project (the Project) and work performed thereon. Any statements made and opinions expressed in this document are made in good faith, and in the belief that such statements and opinions are not false and misleading at the date of this Technical Report.

 

2.2	Qualifications and Responsibilities

The Qualified Persons (QP) preparing this Technical Report are specialists in the fields of geology, exploration, Mineral Resource estimation, or metallurgy.

None of the QPs or any associates employed in preparing this Technical Report have any beneficial interest in Mayfair Gold, nor are they insiders, associates, or affiliates of Mayfair Gold. The results of this report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between Mayfair Gold and the QPs. The QPs are being paid a fee for their work in accordance with normal professional consulting practice.

 

		PAGE | 2-1 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

The QPs are, by virtue of their education, experience, and professional association, considered QPs as defined in the NI 43-101, and are members in good standing of appropriate professional institutions and associations. Their report responsibilities are given in Table 2-1.

Table 2-1: QP Responsibilities

 

Qualified Persons		Company		QP Responsibility/Role		Report Section(s)
Tim Maunula, P.Geo.		T. Maunula & Associates Consulting Inc.		Geology, QA/QC, Data Verification, Drilling, MRE		All of 3 to 12, 14 to 16, 18 to 24 and portions of 1, 2, 25, 26, and 27.
Steven Haggarty, P.Eng.		Haggarty Technical Services Corporation		Metallurgy		All of 13 and 17; and portions of 1, 2, 25, 26, and 27.

Source: TMAC (2025)

Note: QA/QC = Quality Assurance/Quality Control; MRE = Mineral Resource estimate.

 

2.3	Site Visit

In accordance with NI 43-101 guidelines, the most recent site visit, between April 15 and 17, 2024, is summarized in Table 2-2. Mr. Maunula made a prior site visit from February 6 to 7, 2023. Mr. Haggarty has not visited the Project site and has relied on observations made during Mr. Maunula’s visit.

Table 2-2: QP Site Visit

 

Qualified Person		Company		Date		Description of Inspection
Tim Maunula, P.Geo.		T. Maunula & Associates Consulting Inc.		April 15–17, 2024		The site visit included an inspection of the property, diamond drilling, core storage, and sampling and logging facilities in Matheson.

Source: TMAC (2025)

 

2.4	Units, Currency, and Rounding

The units of measure used in this report are those of the International System of Units (SI) (or metric), except for units commonly used in industry (e.g., troy ounces [oz] and pounds [lb] for the mass of precious and base metals).

All dollar figures are quoted in this report in Canadian dollars ($) unless otherwise noted.

Frequently used abbreviations and acronyms are included below the table of contents. This report includes technical information that required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the QPs do not consider them to be material.

 

		PAGE | 2-2 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

3	RELIANCE ON OTHER EXPERTS

The QPs’ opinions contained in this Technical Report are based on information Mayfair and others provided throughout the course of the study. The QPs have taken reasonable measures to confirm information provided by others.

The QPs used their experience to determine if the information from previous reports was suitable for inclusion in this Technical Report, and adjusted information that required amending.

The QPs have not verified the legal status, legal title to any permit, or the legality of any underlying agreements for the subject properties regarding mineral rights, surface rights, permitting, and environmental issues in sections of this technical report. The QPs have relied upon information provided by Mayfair Gold personnel which forms the basis for Section 4 of this report.

 

		PAGE | 3-1 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

4	PROPERTY DESCRIPTION AND LOCATION

 

4.1

Location

The Fenn–Gib Project is in Guibord and Munro Townships in northeast Ontario. The Project lies 43 km northwest of Kirkland Lake and 21 km east of Matheson, south of Abitibi Lake. The property center is at UTM 17N 559078 5374037 (NAD 83) or 48°31’ N 80°12’ W. The Project is accessible year-round by Highway 101, which passes directly through the Project. Highway 101 connects with the Trans-Canada Highway at Matheson (Figure 4-1). The nearest airport is 20 km north of Timmins, which itself is 80 km from the property. The Project is in a very mining-friendly jurisdiction amongst dozens of historical mines and several active mines between Rouyn and Timmins gold-mining camps.

 

4.2	Project Ownership

Mayfair Gold owns a 100% interest in 21 fee simple patented properties, 145 unpatented mining claims, and 6 mining lease properties in the Guibord, Munro, Michaud, and McCool Townships in northeast Ontario, Canada (collectively, the Fenn–Gib Project) that cover 1,877.8 ha (Figure 4-2). Lake Shore Gold Corp (LSG) agreed to sell the Fenn–Gib Project to Mayfair Gold pursuant to an asset purchase agreement dated June 8, 2020.

 

4.3	Mineral Tenure

The QP’s review of permits and agreements summarized in this section (Table 4-1 to Table 4-3) between third parties is based on information provided by Mayfair Gold and their third-party expert’s report of the land tenure completed on Mining Lands Administration System (MLAS) in June 2024 (Poehlman, 2024). An independent verification of land title was not conducted. Mayfair Gold has confirmed that there are no known litigations potentially affecting the Fenn-Gib Project.

The QPs did not independently verify the legality of any underlying agreement that may exist concerning the licences or other agreement between third parties have instead relied on information provided by Mayfair Gold.

 

		PAGE | 4-1 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

 

Source: Mayfair (2025)

Figure 4-1: Fenn–Gib Project Location

 

		PAGE | 4-2 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

 

Source: Mayfair (2025)

Figure 4-2: Property Summarizing Mineral Tenure and Surface Rights (North Block)

 

		PAGE | 4-3 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Table 4-1: Summary of Staked Claims

 

Legacy Claim No.		Township or Area		Tenure ID (Cell No.)		Anniversary Date				Recorded Holder		Work Required ($)		Royalty Holders		Royalty % and Basis (NSR, NPI)
1200195		GUIBORD		106345			2027-10-20			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		341670			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		340323			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		320120			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		320119			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		320118			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		254207			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		235237			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		235236			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		199631			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		180138			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		178778			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		135440			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		135439			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200195		GUIBORD		123444			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		106836			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		340323			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		320120			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		302105			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		299673			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		281352			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		280132			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		280131			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		196478			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		190465			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		174433			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200196		GUIBORD		135439			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		106835			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		340323			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		302106			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		302105			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR

 

		PAGE | 4-4 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Legacy Claim No.		Township or Area		Tenure ID (Cell No.)		Anniversary Date				Recorded Holder		Work Required ($)		Royalty Holders		Royalty % and Basis (NSR, NPI)
1200197		GUIBORD		302104			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		281352			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		281351			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		246022			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		233345			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		225340			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		178779			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		178778			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		149502			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		122039			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		122038			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200197		GUIBORD		106836			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		103250			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		323679			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		287668			2027-04-23			Mayfair 100%		400		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		228380			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		228379			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		190465			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		174433			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		155055			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
1200198		GUIBORD		127124			2027-04-23			Mayfair 100%		200		Stanley G. Hawkins		2% NSR
4258499		GUIBORD		230569			2027-07-07			Mayfair 100%		200		None		—
4258499		GUIBORD		344528			2027-07-07			Mayfair 100%		200		None		—
4258499		GUIBORD, MUNRO		227696			2027-07-07			Mayfair 100%		200		None		—
4258499		GUIBORD, MUNRO		171033			2027-07-07			Mayfair 100%		400		None		—
4258968		GUIBORD		106345			2027-10-20			Mayfair 100%		200		None		—
4258968		GUIBORD		312371			2027-10-20			Mayfair 100%		200		None		—
4258968		GUIBORD		305057			2027-10-20			Mayfair 100%		200		None		—
4258968		GUIBORD		291635			2027-10-20			Mayfair 100%		200		None		—
4258968		GUIBORD		110758			2027-10-20			Mayfair 100%		200		None		—
4258968		GUIBORD		110605			2027-10-20			Mayfair 100%		200		None		—
4272132		GUIBORD		110605			2027-10-20			Mayfair 100%		200		None		—

 

		PAGE | 4-5 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Legacy Claim No.		Township or Area		Tenure ID (Cell No.)		Anniversary Date				Recorded Holder		Work Required ($)		Royalty Holders		Royalty % and Basis (NSR, NPI)
4272132		GUIBORD		237687			2027-06-21			Mayfair 100%		200		None		—
4272132		GUIBORD, MUNRO		237686			2027-06-21			Mayfair 100%		200		None		—
4272132		GUIBORD, MUNRO		208539			2027-06-21			Mayfair 100%		200		None		—
737677		GUIBORD		161029			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		—
737677		GUIBORD		278587			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		—
737677		GUIBORD, MUNRO		172259			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		—
737677		GUIBORD, MUNRO		127179			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		—
737678		GUIBORD		102172			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		—
737678		GUIBORD		278587			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		—
737678		GUIBORD		249548			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		—
737678		GUIBORD		161029			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		—
737679		GUIBORD		129350			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		—
737679		GUIBORD		278587			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		—
737679		GUIBORD		249548			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		—
737679		GUIBORD		230569			2028-07-07			Mayfair 100%		200		Meunier; 2329113 Ont Inc		—
737680		GUIBORD		230569			2028-07-07			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
737680		GUIBORD		278587			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
737680		GUIBORD, MUNRO		171033			2027-07-07			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
737680		GUIBORD, MUNRO		127179			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758895		GUIBORD		292372			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758895		GUIBORD, MCCOOL, MICHAUD, MUNRO		169590			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758895		GUIBORD, MICHAUD		295969			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758895		GUIBORD, MUNRO		102606			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758896		GUIBORD		292372			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758896		GUIBORD		343062			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758896		GUIBORD, MICHAUD		296129			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758896		GUIBORD, MICHAUD		295969			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758897		GUIBORD		143705			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758897		GUIBORD		343062			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758897		GUIBORD, MICHAUD		296129			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758897		GUIBORD, MICHAUD		211597			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758898		GUIBORD		122493			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)

 

		PAGE | 4-6 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Legacy Claim No.		Township or Area		Tenure ID (Cell No.)		Anniversary Date				Recorded Holder		Work Required ($)		Royalty Holders		Royalty % and Basis (NSR, NPI)
758898		GUIBORD		343062			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758898		GUIBORD		292372			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758898		GUIBORD		182387			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758899		GUIBORD		182387			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758899		GUIBORD		292372			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758899		GUIBORD, MUNRO		265007			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758899		GUIBORD, MUNRO		102606			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758900		MCCOOL, MUNRO		321590			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758901		GUIBORD, MCCOOL, MICHAUD, MUNRO		169590			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758901		MCCOOL, MUNRO		321590			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758902		GUIBORD, MCCOOL, MICHAUD, MUNRO		169590			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758902		MCCOOL		141919			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758902		MCCOOL, MICHAUD		340957			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
758902		MCCOOL, MUNRO		321590			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783656		MUNRO		103522			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783656		MUNRO		185337			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783657		GUIBORD, MUNRO		234383			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783657		GUIBORD, MUNRO		265007			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783657		MUNRO		185337			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783657		MUNRO		103522			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783658		GUIBORD, MUNRO		172259			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783658		GUIBORD, MUNRO		234383			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783658		MUNRO		336091			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783658		MUNRO		103522			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783659		MUNRO		103522			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783659		MUNRO		336091			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783660		MCCOOL, MICHAUD		306824			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783660		MCCOOL, MICHAUD		344041			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783660		MICHAUD		182448			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783660		MICHAUD		165183			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783661		MICHAUD		164380			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783661		MICHAUD		338797			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)

 

		PAGE | 4-7 October 10, 2025

MAYFAIR GOLD CORP.
National Instrument 43-101 Technical Report—Mineral Resource Estimate Update Fenn–Gib Project, Ontario, Canada

 

Legacy Claim No.		Township or Area		Tenure ID (Cell No.)		Anniversary Date				Recorded Holder		Work Required ($)		Royalty Holders		Royalty % and Basis (NSR, NPI)
783661		MICHAUD		182448			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783661		MICHAUD		165183			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783662		MICHAUD		164380			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783662		MICHAUD		338797			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783662		MICHAUD		326393			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783662		MICHAUD		285056			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783663		MICHAUD		152984			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783663		MICHAUD		326393			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783663		MICHAUD		285056			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783663		MICHAUD		266322			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783664		MICHAUD		152984			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783664		MICHAUD		274289			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783664		MICHAUD		266322			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783664		MICHAUD		219132			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783665		MICHAUD		122689			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783665		MICHAUD		326393			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783665		MICHAUD		323029			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783665		MICHAUD		266322			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783666		MICHAUD		152983			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783666		MICHAUD		274289			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783666		MICHAUD		157789			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783666		MICHAUD		152984			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783667		MICHAUD		117934			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783667		MICHAUD		285056			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783667		MICHAUD		152984			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783667		MICHAUD		152983			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783673		MCCOOL, MUNRO		321590			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783673		MUNRO		289219			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783674		GUIBORD, MCCOOL, MICHAUD, MUNRO		169590			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783674		GUIBORD, MUNRO		102606			2028-01-18			Mayfair 100%		400		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783674		MCCOOL, MUNRO		321590			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)
783674		MUNRO		289219			2028-01-18			Mayfair 100%		200		Meunier; 2329113 Ont Inc		2.5% NSR (2.25% Meunier and 0.25% 2329113 Ontario Inc.)

 

		PAGE | 4-8 October 10, 2025