Mayfair Gold: Developing a Gold Project on the Fast Track to Production in Ontario, Canada

Mayfair Gold: Fan GIP Project – Interview with CEO Nick Campbell (January 2026)

Key Concepts:

• Feng Gold Project (Fan GIP): Mayfair Gold’s primary asset, located in Timmins, Ontario, Canada.
• Pre-Feasibility Study (PFS): A detailed engineering and economic study outlining the viability of the project.
• High-Grade Starter Zone: A concentrated area of high gold concentration near the surface, enabling a phased production approach.
• Secular Gold Bull Market: A long-term upward trend in gold prices.
• One Project, One Process: A streamlined permitting process implemented by the Ontario government.
• Capex (Capital Expenditure): The funds used by a company to acquire, upgrade, and maintain physical assets.
• Free Cash Flow: The cash a company generates after accounting for cash outflows to support its operations and maintain its capital assets.
• Feed (Front-End Engineering Design): Detailed engineering work performed before construction to minimize risks and refine cost estimates.
• Impact Benefit Agreement (IBA): An agreement between a mining company and Indigenous communities outlining benefits and mitigation measures.

1. Company Introduction & Project Overview

Mayfair Gold is a Canadian junior development company focused on building a new mine in the Timmins area of Ontario, Canada. The core asset is the Feng Gold Project (Fan GIP). Timmins is a historically significant gold district, having produced over 100 million ounces of gold. The project benefits from exceptional infrastructure access: direct highway access, proximity to a power substation (within 10km), and nearby towns (Mat – 20km, Timmins – 80km) offering established mining services. This reduces development costs significantly compared to projects lacking such infrastructure. The project currently boasts a 4.3 million ounce indicated resource.

2. Differentiated Development Strategy: Phased Approach

Mayfair Gold is pursuing a differentiated development strategy centered around a high-grade starter zone located near the surface. This contrasts with building a large-scale mine immediately. CEO Nick Campbell, drawing on experience from Artemis Gold’s Blackwater mine development, emphasizes the benefits of a phased approach: lower costs, reduced execution risk, and faster time to production. While a full-scale operation could reach 20-25,000 tons per day throughput and cost approximately $1 billion, the initial phase focuses on a smaller scale.

3. Permitting & Ontario’s Supportive Environment

A key advantage of the Fan GIP project is the favorable permitting environment in Ontario. The provincial government has implemented a “One Project, One Process” permitting system designed to streamline approvals. This is expected to reduce the permitting timeline from a typical 10 years to 2-3 years. This acceleration is driven by the Ontario government’s desire to attract mineral investment, particularly in light of evolving trade relations with the United States and the need to bolster the Canadian economy.

4. PFS Highlights (January 8th Release)

The recently released PFS (January 8th) demonstrates the project’s economic viability. Based on a base case scenario of $3,100/oz gold and a 1.35 exchange rate, the project exhibits:

• Initial Capex: $450 million CAD
• Payback Period: 2.7 years
• Free Cash Flow (First 6 Years): $896 million CAD

Under a spot price scenario, the project generates over $200 million of free cash flow per year and a payback period of 1.7 years. The initial six years of production are projected at 71-73,000 ounces of gold per year, achieved through processing ore grading 1.47 grams per ton. This is expected to generate $1.4 billion in free cash flow over that period.

5. Financing Strategy & Shareholder Structure

Mayfair Gold plans to finance the project through a combination of debt and equity. The company currently has $40 million in the bank and intends to unlock value through permitting milestones and improved market valuation before raising the full $450 million. Insider ownership is significant at 35%, with Kenny Capital (founders) holding just over 10%, and Nick Campbell holding approximately 1%. Insiders have invested $15.4 million into the company since October 2024, including $0.5 million from Campbell personally. The company intends to list on the NYSE American index to broaden its investor base, anticipating a similar increase in US trading volume experienced by Silver Press Metals (from 10% to 80% of total volume).

6. Timmins District Advantages: Logistics & Workforce

The location in the Timmins gold district provides significant practical advantages:

• Accessibility: Highway 101 provides direct access to the property.
• Power: Proximity to a power substation ensures access to low-cost grid power (approximately 8 cents/kWh).
• Workforce: A skilled mining workforce is readily available in the Timmins and Matson areas, reducing the need for expensive camp construction and associated logistical challenges. The ability to avoid a remote camp is a significant cost saving and improves worker quality of life.
• Government Support: The Timmins office of the Ontario Ministry of Mines is described as supportive and proactive in facilitating mine development.

7. Key Catalysts & Milestones (Next 12-15 Months)

Key catalysts for the next 12-15 months include:

• NYSE American Listing: Expected within weeks, broadening investor access.
• Confidence Drilling Results: Results from 56 vertical drill holes within the high-grade zone, aimed at grade reconciliation and de-risking for debt financing (expected end of month).
• Permitting Milestones: Progress on the streamlined permitting process.
• Community Engagement: Progress on agreements with local communities and First Nations, including the potential for an Impact Benefit Agreement.
• Front-End Engineering Design (FEED): Completion of detailed engineering work to refine cost estimates and reduce construction risks (targeting 70-100% detailed engineering before construction).

8. Value Creation Philosophy

Nick Campbell emphasizes two primary drivers of value creation in the mining sector: exploration/discovery and execution. While Fan GIP has some exploration upside, the primary focus is on successful execution – bringing the project into production efficiently and effectively, mirroring the success achieved at Artemis Gold.

Conclusion:

Mayfair Gold is positioning itself to capitalize on the current strong gold price environment with a strategically located, well-defined project in a supportive jurisdiction. The company’s phased development approach, focused on a high-grade starter zone and leveraging Ontario’s streamlined permitting process, aims to deliver rapid production and significant free cash flow. Strong insider ownership and a clear financing strategy further strengthen the company’s prospects. The next 12-15 months will be critical, with key catalysts including the NYSE American listing, drilling results, and permitting progress.