MAYFAIR GOLD CORP. Annual Report - How They Did This Year

I’ve put together this guide to help you understand Mayfair Gold Corp.’s latest annual report. My goal is to cut through the corporate jargon so you can decide if this business belongs in your portfolio.

1. The Big Picture

Mayfair Gold Corp. is a Canadian gold explorer. They aren't selling gold yet; they are working to prove they have enough gold at their "Fenn-Gib Project" in Ontario to build a profitable mine. On February 12, 2026, they listed on the NYSE American exchange (ticker: MINE) to attract more U.S. investors.

Important update: In November 2025, the company performed a 2-for-1 reverse stock split. If you held two shares before, you now hold one, but each is worth twice as much. This was a mandatory move to meet the exchange’s $2.00 minimum share price requirement.

2. The Financial Health

Because Mayfair is still exploring, they don't have sales or profits. They are currently spending cash to drill and test their site.

• Spending is down: The company lost $10.1 million in 2025, an improvement over the $12.7 million loss in 2024. They finished their major 200,000-meter drilling campaign, allowing them to shift focus toward permitting and engineering.
• Cash on hand: They ended 2025 with $38.2 million in cash, boosted by a $40 million stock sale in September 2025. This gives them about 24 months of "runway" to reach their next goals, a major improvement over the $9.5 million they had at the end of 2024.
• Legal costs: Administrative costs dropped 28% compared to last year. The 2024 figures were high due to $3.3 million in one-time legal fees. The company is currently pursuing legal action against its former CEO to recover $1.2 million in missing funds.

3. The Blueprint: From "Looking" to "Building"

In January 2026, they released a Pre-Feasibility Study (PFS) outlining the project's economics.

• The Goal: They estimate it will cost $450 million to build an open-pit mine.
• The Timeline: They aim to get environmental permits by late 2027, decide on construction in early 2028, and start production by 2030.
• The Gold: The project holds 1.04 million ounces of "probable reserves," with the potential to find another 2.5 million ounces through further drilling.

4. Risks: What Could Go Wrong?

Investing in an explorer is high-stakes. Keep these risks in mind:

• One-Project Risk: The Fenn-Gib Project is their only property. Any failure here could make the company’s assets worthless.
• The "Barrick" Factor: Barrick Gold has the right to buy a 51% stake in the project if Mayfair finds more than 5 million ounces of gold. This could limit the upside for current shareholders.
• Permitting: The project is in the middle of environmental reviews. If they fail to secure water or closure permits, development will stop.
• Economic Sensitivity: The plan assumes gold stays at $2,000/oz. If prices drop or construction costs rise, the project’s profitability could disappear.
• Land Claims: The project sits on traditional territory of the Wahgoshig First Nation. Maintaining a strong relationship with the community is essential to avoid legal delays.
• Tax Warning: U.S. investors should be aware that Mayfair is a "Passive Foreign Investment Company" (PFIC). This can lead to complex tax issues. Talk to a tax professional before buying.

Final Thought for Investors: Mayfair Gold is currently in the "expensive" phase of mining—spending capital to prove the project is viable. With two years of cash on hand, they have time to hit their permitting milestones, but success depends entirely on the Fenn-Gib site and the regulatory environment in Ontario. If you are considering an investment, weigh the potential of the gold reserves against the long timeline to production and the specific tax implications for U.S. shareholders.