Gold Exploration Co. Gains Ontario 1P1P Permit Edge

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Mayfair Gold were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-06 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-06 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Mayfair Gold Corp. (MFG:TSXV; MINE:NYSEAMERICAN) announced on November 2, 2026, that its 100%-owned Fenn-Gib Gold Project in Ontario's Timmins region has been designated under the province's new "One Project, One Process" (1P1P) streamlined permitting framework, positioning the company for potentially accelerated approvals toward a construction decision as early as 2028.

Key Investor Takeaways

• Mayfair Gold's Fenn-Gib project received 1P1P designation on November 2, 2026, expected to halve provincial review times and support a 2028 construction decision.
• Atrium Research's August 24, 2026, note initiated coverage with a "Buy" rating and a CA$8.25 target, emphasizing PFS economics and permitting catalysts.
• The 2026 PFS outlines a 1 Moz probable reserve with CA$450M capex, 2.7-year payback, and strong free cash flow at base-case gold prices.
• Recent Macquarie financing provides near-term capital while advancing non-binding project finance discussions.
• The 1P1P framework is designed to provide more predictable permitting timelines by coordinating provincial approvals and Indigenous consultation through a dedicated ministry team.
• Exploration programs continue to de-risk and expand the district-scale opportunity around Fenn-Gib.

1P1P Designation Accelerates Path

The designation provides a single point of contact through the Ministry of Energy and Mines to coordinate provincial approvals and Indigenous consultation, with the framework designed to reduce government review times by 50% while maintaining rigorous standards. "For too long, permitting delays stood in the way of getting Ontario’s resources to market," said Stephen Lecce, Minister of Energy and Mines. "One Project, One Process is singlehandedly changing that — cutting duplication by half and delivering a one-stop shop for mining permitting, including for Mayfair Gold’s Fenn-Gib project, which is expected to create over 700 jobs and add approximately CA$3 billion to our GDP."

Mayfair expects to secure permits needed for a construction decision as early as 2028, with initial production targeted for 2030. The project hosts a 4.3-million-ounce indicated gold resource and a 2026 pre-feasibility study outlining a 1-million-ounce probable reserve, CA$450 million initial capital, 2.7-year payback, and US$896 million cumulative free cash flow over the first six production years at US$3,100/oz gold.

Riley Venton of Atrium Research assigned a "Buy" rating and CA$8.25 per share target price to Mayfair Gold.

Ontario's 1P1P framework aims to cut duplication and deliver more predictable timelines compared to traditional multi-agency processes that have historically slowed mine development in the province.

For Fenn-Gib, the coordinated approach through a dedicated Mine Authorization and Permitting Delivery Team supports Mayfair's strategy of advancing a high-grade near-surface starter pit while preserving resource optionality from the broader 4.3 Moz indicated resource. The 1P1P framework is designed to provide more predictable permitting timelines by coordinating provincial approvals and Indigenous consultation through a dedicated ministry team, highlighting the potential timing advantage for projects like Fenn-Gib in an established mining jurisdiction with existing infrastructure.

Drew Anwyll, P.Eng., CEO of Mayfair, stated: "Our designation under the 1P1P framework recognizes the rigorous work completed to date and the quality of the baseline data our team has collected, compiled, and interpreted in support of the Fenn-Gib Gold Project. We look forward to working collaboratively with the Apitipi Anicinapek Nation (AAN), the Ministry of Energy and Mines (MEM), and the identified Indigenous and local communities as we advance the Project through this permitting process."

In financial news, Mayfair completed a CA$10 million strategic equity investment with Macquarie Bank Ltd., issuing 2,346,701 shares at CA$4.26 per share. Separately, the company entered into a non-binding term sheet with Macquarie for a proposed CA$300 million project financing facility, which includes a CA$25 million early drawdown option. If completed, the proposed CA$310 million financing package, including the equity investment, would cover approximately two-thirds of the project's CA$450 million initial development capital. The company continues to advance exploration, engineering, and stakeholder engagement on the Fenn-Gib project.

Gold Supported by Market

Gold demand remained supported by central bank purchases and investment inflows during the third quarter of 2026, despite increased price volatility. According to the World Gold Council's Q3 2026 Gold Demand Trends report, global gold demand totaled 1,369 tonnes, down 1% year-over-year, while the value of demand increased 22% to US$188 billion. Gold prices averaged US$4,262 per ounce during the quarter. On November 6, 2026, spot gold was trading at approximately US$4,061 per ounce, down 0.65% on the day, according to Kitco.

The report stated that central banks added a net 321 tonnes of gold to their reserves in Q3, a 42% year-over-year increase and the highest quarterly total since Q4 2024. Meanwhile, physically backed gold exchange-traded funds (ETFs) recorded inflows of 211 tonnes, reversing the outflows seen during the previous quarter. The World Gold Council expects demand for gold ETFs, bars and coins to remain resilient, while central bank purchases are expected to at least match 2025 levels.

On the supply side, mine production increased 3% year-over-year to a third-quarter record of 1,071 tonnes. However, total gold supply declined 1% to 1,369 tonnes as recycling fell 8% to 314 tonnes. The World Gold Council expects mine production could reach another annual record in 2026, although subdued recycling may contribute to a modest decline in overall supply.

The longer-term price outlook remains elevated, although forecasts point to potential moderation following gold's substantial gains in 2026. In its October 2026 Commodity Markets Outlook, the World Bank projected average gold prices of US$4,600 per ounce in 2026, declining to US$4,250 in 2027 and US$4,000 in 2028. The bank cited higher government bond yields, tighter monetary policy expectations, and a stronger U.S. dollar as potential headwinds, while continued investment and central bank demand could provide underlying support.

Atrium is 'Extremely Encouraged'

In an August 24, 2026 initiation report, Riley Venton of Atrium Research assigned a "Buy" rating and CA$8.25 per share target price to Mayfair Gold, citing the 2026 PFS economics, high-grade starter pit potential, and upcoming catalysts including 1P1P permitting approval in H2 2026.

In a November 2, 2026 update, Venton reiterated his rating and price target, saying, "We are extremely encouraged to see Fenn-Gib accepted into the 1P1P permitting framework, which we were flagging as a key catalyst for the stock. Our thesis for MFG remains intact, and we view the company as well positioned to quickly advance through development, providing investors with a shorter-than-typical timeframe to realize a re-rating to producer status."

Common Questions from Investors

What is the 1P1P framework and how does it benefit Mayfair Gold?

The Ontario government's One Project, One Process initiative coordinates approvals through a single ministry team to reduce review times by 50%, providing more predictable timelines for designated projects like Fenn-Gib toward 2028 construction.

What did Atrium Research say about Mayfair Gold?

Atrium initiated coverage on August 24, 2026, with a "Buy" rating and a CA$8.25 target, highlighting the PFS economics, high-grade starter pit, and permitting catalysts.

How does Fenn-Gib compare to other Ontario gold projects on permitting?

The 1P1P framework is designed to provide more predictable permitting timelines by coordinating provincial approvals and Indigenous consultation through a dedicated ministry team.

What are the next catalysts for Mayfair Gold?

Key milestones include advancing through the 1P1P permitting process, Indigenous agreements, project financing, and a potential construction decision in 2028.