Mayfair Gold Corp (MFG) Financings
TSXV: MFG · Gold · Development stage
- Market cap$233.6M
- Share price$3.47
- 52-week range$3.19 – $6.65
- Shares outstanding67,321,602
- ExchangeTSXV
- Websitewww.mayfairgold.ca
Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3 million ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t) and the expected strategy outlined in the 2026 Pre-Feasibility Study (the 'PFS')1 is to develop the project under the provincial permitting process, targeting the higher-grade 1 million ounce probable mineral reserve (25.1Mt at an average grade of 1.29g/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 C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow2 of US$896 million over the first six years of production based on a US$3,100 /oz gold price. The Company is advancing permitting activities, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.
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Mayfair Gold Corp financial statements
Key figures read from 21 of 21 financial statement filings, May 12, 2021 to Aug 17, 2026. Each column is the period as the company first filed it.
Balance sheet: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | C$38,193,983 | C$9,534,129 | C$13,504,009 | C$6,791,778 | C$12,035,601 |
| Total current assets | C$38,777,834* | C$9,940,155* | C$14,455,118 | C$14,508,592 | C$14,542,488 |
| Total current liabilities | — | — | C$2,546,327 | C$2,505,842 | C$2,024,707 |
| Working capital | — | — | C$11,908,791 | C$12,002,750 | C$12,517,781 |
| Exploration and evaluation assets | C$13,997,500 | C$13,997,500 | C$13,997,500 | C$13,997,500 | C$13,997,500 |
| Property, plant and equipment | C$377,198 | C$399,322 | C$457,618 | C$511,092 | C$544,988 |
| Total assets | C$53,272,854 | C$24,489,347 | C$28,493,187 | C$21,807,218 | C$27,368,336 |
| Total liabilities | C$1,167,556 | C$749,934 | C$2,546,327 | C$2,505,842 | C$2,034,674 |
| Shareholders' equity | C$52,105,298 | C$23,739,413 | — | — | — |
* Calculated from the statement's own lines: the company did not print this total with a label.
Income statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Dec 2025 | FY Dec 2024 | FY Dec 2023 | FY Dec 2022 | FY Dec 2021 | |
|---|---|---|---|---|---|
| Exploration and evaluation expense | C$7,322,650 | C$8,416,123 | C$13,703,003 | C$15,750,956 | C$9,787,283 |
| General and administrative | C$2,290,927 | C$5,326,798 | C$2,804,756 | C$2,206,740 | C$2,469,603 |
| Share-based compensation | C$815,478 | C$607,048 | C$2,505,617 | C$3,282,670 | C$555,611 |
| Net income (loss) | (C$9,959,278) | (C$12,682,632) | (C$15,948,020) | (C$18,228,001) | (C$10,283,177) |
Cash flow statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Dec 2025 | FY Dec 2024 | FY Dec 2023 | FY Dec 2022 | FY Dec 2021 | |
|---|---|---|---|---|---|
| Operating cash flow | (C$8,889,062) | (C$13,837,796) | (C$16,758,504) | (C$16,346,940) | (C$12,555,938) |
| Investing cash flow | C$35,342 | (C$221) | (C$25,504) | (C$116,426) | (C$186,017) |
| Financing cash flow | C$37,509,685 | C$9,868,137 | C$23,505,921 | C$11,213,178 | C$22,648,416 |
| Property, plant and equipment spending | (C$8,302) | (C$221) | (C$25,504) | (C$116,426) | (C$186,017) |
| Proceeds from share issues | C$37,397,181 | C$5,876,461 | C$23,352,183 | C$11,272,045 | C$22,667,688 |
| Change in cash | C$28,659,854 | (C$3,969,880) | C$6,712,231 | (C$5,243,823) | C$9,903,356 |
| Cash at end of period | C$38,193,983 | C$9,534,129 | C$13,504,009 | C$6,791,778 | C$12,035,601 |
Mayfair Gold Corp financings
5 financings announced or closed by Mayfair Gold Corp, read by Mining News Terminal, newest first.
| Date | Company | Type | Stage | Amount | Unit price | Release |
|---|---|---|---|---|---|---|
| 2026-10-01 | Mayfair Gold Corp (MFG) | Private placement | Announced | $10.0M | $4.26 | Mayfair Gold Enters into C$310 Million Engagement Letter and Non-Binding Project Financing and Equity Investment Term Sheet with Macquarie for Fenn-Gib |
| 2026-04-16 | Mayfair Gold Corp (MFG) | Private placement | Closed, 1 tranche | $254K | $4.38 | Mayfair Completes Private Placement with Kevin Annett |
| 2025-09-16 | Mayfair Gold Corp (MFG) | LIFE offering, brokered | Closed, 1 tranche | $40.0M | $1.65 | Mayfair Gold Closes $40 Million LIFE Offering |
| 2024-09-25 | Mayfair Gold Corp (MFG) | Private placement, non-brokered | Closed, 1 tranche | $6.0M | $1.80 | Mayfair Announces Non-Brokered Private Placement |
| 2023-10-10 | Mayfair Gold Corp (MFG) | Flow-through, non-brokered | Closed, 1 tranche | $12.0M | $2.10 | Mayfair Gold Announces Private Placement Financings |