We can bring in and generate about $1.4 billion of free cash flow in that first six years. I'm not here to build just a mine. I've built a couple of those before. I'm here to built a company. And that's what FENGIB will allow for Mayfair. Hello everyone, welcome to the Vancouver Resource Investment Conference. How you all doing today? hello drew glad to have you back on the show today how you doing great to see you again i love that i love the jacket yes you know i got to represent gold and we're talking with the ceo of mayfair gold today so it fits the occasion how are you feeling about the gold market right now we've seen some pressure gold come under pressure we've seen some moves up moves down the united states government is buying treasury bonds to try to reduce interest rates, which that has been a catalyst for gold moving higher recently. But it seems like the debt and deficits continue to balloon. And just curious in your thoughts on the gold market. I'd like to give you some great insight. The only insight I can give is I don't think the world's getting any simpler. So I'm pretty happy to be in gold right now. And certainly with the Canadian dollar gold price, it's even getting better. We get paid in US dollars in gold and a lot of our costs are in Canadian dollars so it's an opportunity for all of Canada actually. So last time we talked we left off on a few things with Mayfair what are some of the new developments since we last talked? Yeah so we've got a lot of traction we've Got a lot a lot things executed and that's really the strategy we have is get things done and get them done quickly and efficiently. When we last spoke we had just released the feasibility study in in january and what we did was after the feasability was done we went into what's called feed front end engineering and design and really what that is is that's feasibility level design for the processing plant largely and so what that allows us to do is freeze the the footprint freeze the layout freeze all the technical aspects of it so that's a big check mark we've done that we worked with asenko during the pre-feasibility study and we continued with them for the feed. So that was very successful for us. We finished that up in early August. We executed on the application for our permits. We'd like to get into the one project, one process, the 1P1 process, which is the new Ontario system that we can elect to go into. So we put our applications in for that. That went in early august as well. So we'll find out in the coming weeks whether we're in or not. Right now there's only three companies in. We hope to be the fourth company into that process and my hope is we're the first company out of that process. If I'm remembering correctly, this process, the 1P1P, it pretty much streamlines the regulatory process with multiple different entities. Is that correct? Any permitting process in Canada is a bit of a struggle. The federal, and that's part of our strategy, we wanted to stay below the federal threshold. So what the FENGIB project is, it's a made in Ontario project. So normal permitting historically would take probably about three to four years. And in this 1P1 process, the government has committed to cutting that timeframe in half. So effectively 18 months to two years to get through it. Part of their process is they've got a lead on that, will interface with the different ministries in Ontario. And to get into the process, you effectively have to have your designs largely frozen. They don't want changes through the process. They want proponents in there that they know can get through it. Okay. So you had to get your designs finished before you could file for that. Largely, they've got to have confidence that we understand the project and the impacts on the environment to be able to make it successful. So with Mayfair, we've had a little over three years of baseline data, and that's huge. That's huge, so where we were in 2026 is largely understanding what the baseline data is, drawing the conclusions, and then we're going to be working on the baseline. And that goes into the design, andthat'll go into our permitting applications in the 1P1. Okay. And does the agreements or the regulatory process with the First Nations, is that included in the 1P process? So our project is proximal to Abitibi and Nishebek. We're about 15 to 20 kilometers from their community and we're in their territory. We have a few other communities that are further afield, 60, 80, 100 kilometers away. But Abitobi and Niscebek are different than stakeholders. They need to be partners. We are putting a hole in the ground in their backyard and we need to consider that. So through the permitting process in Canada and Ontario, First Nations have something called Section 35 rights, which means if we're doing something that impacts their rights or their historical use of the land, then there has to be accommodation. So the government, it's their responsibility to consult with the First Nations, but we work very closely, both with the first nations, because it's my project. It's our project to understand and communicate. And that's what we'll do on that 1P1 process. You mentioned being able to hear back in a few weeks. Is that acceptance into the 1P1P? Yeah, that's what we're anticipating. So we originally started to speak to the government November 2025. And at that point, we explained our understanding of the project and what we needed to do to get to confidence in submitting that 1P2 process. And on time, as we planned, we said we'd be prepared to put it in. And, uh, in July and August, that's when we submitted our application. Now the government has to look at that and it's their responsibility to make sure that we've done everything that we should have done to get into it. And that's the process they're going through. So it's a bit optimistic, but I am in the gold space. So I'm a natural optimist. So I believe we should hear within, uh. Within weeks and not months. Yeah. So if you were to be accepted into this, this process, I'm saying process, even though I say process. I can change my, but I like, I like how process sounds. So if you were to be accepted into this process, what would that timeline look like? Would it, is it like a year, two years? They've got a prescribed timeline to get through it, but practically it's how good a proponent is on understanding the impacts and effectively negotiating those permits, both with the government, which are the regulators, but also with understanding the impacts on the communities that are proximal to us. So how long will it take? And the simple answer is it depends. It's a new process in Ontario. What I've seen so far is the government of Ontario is extremely motivated to get through it. And they've put a lot of really good people on it. And really, we've got a lot a really good reception and a lot good guidance to get through this. If you have a bigger project, you got to go through the feds, which I imagine that's a longer process. Yeah. So in the background, I've been through something called the joint review panel process. And I've done this a few times in my past, and that was the most rigorous process that I've ever been through. If You Go Through the Federal EA, and there's also a provincial EA that, uh, for large projects, um, it can take three to five to potentially eight years for, for some projects. It depends on how many, how much you've changed. So the timeframe we're working on, we've kept it below that federal threshold. So like I said, we're a made in Ontario project. We want to be successful for our shareholders, our company, but, but frankly, we can also show Ontario and the rest of Canada how you can get things done quickly to bring the opportunities and the economic benefits to the local communities, the town of Black River Matheson and all of Ontario. Yeah. I appreciate you sharing that. So, I mean, this is very critical, especially for shareholders. They want to know when is the gold coming out of the ground. So we got to talk through these. Yeah, that's it. That's it, these types of things. Okay. So just curious about the grade and strip ratio. I was just kind of reading through some of the documents and the presentation on the site. And so you're looking at a six to one strip ratio, is that correct? Yeah. So we did a feasibility study and the FENGIB is a unique asset. A lot of the high grade is at surface. A Lot of ore bodies have the high grade, which is tight and it's at depth. And as it comes to surface, it opens up and you tend to get lower grade at surface or the converse is you get higher grade at depth. For some reason, the deposit was formed in that we have a lot of high grade on surface. So not everybody can execute the strategy that we are. Not only are we taking the right strategy and bringing your highest value mineral as far forward as you can. So in our PFS that we published, we bring forward in the first six years, we mine at an average grade of about 1.5 grams per ton. And in that window, you can pick your gold price. I think today it's at about 4,400 US dollars an ounce. So at that number, we can bring in and generate about 1.6 billion, 1.4 billion of free cashflow in that first six years. It's really quite remarkable. Yeah. Yeah, definitely. I can totally see that being very beneficial for the company. How much runway do you believe you have before Mayfair needs to raise additional capital? You end of June with roughly about 23 million in cash. I don't know if that's changed since then, but how much runway do you think that gives you? Yeah. And your number is an accurate representation of reality. At the end of that quarter, we had a little over $23 million in the bank. So that would, our burn rate is about $2 million a month. So, that would carry us into Q1. It wouldn't get us all the way to a construction decision. So we're going to have to raise some money and we'll really be opportunistic at it. We've got a bunch of catalysts that are coming up over the next three to six months, and we want to make sure that we can take advantage of those execution of those catalysts and frankly, a rising share price. Yeah. So also in your presentation, there was some debt financing around Q4 of this year, Q1 of next year. So what does that look For the project, we're a bit ahead of ourselves on that. When we've talked to the potential lenders, they recognize the value of this asset and frankly, the uniqueness of this asset. So we wanted to take advantage of that. We wanted to get started with a debt partner that allows us to effectively put that in the bank, get the debt organized, get the project financing organized. And that allows us to focus on the things we have to. And frankly, that's one of the main catalysts we should see. There's a potential we can close it sometime in Q4 this year. We're planning for Q1, but even with Q1 next year, we're well ahead of the schedule of what we need. The conversations we've had with those debt partners, they like the short payback period. They like the team we've assembled. It de-risks their product that they're giving us, it's good for both parties. I think there was an initial CapEx estimated around $450 million. So how are you thinking about the balance between debt and equity so that the project gets funded? So obviously shareholders, they hate excessive dilution, but these projects have to get funded to get to production. And so, you know, having access to the debt, you know, is helpful in that. But just curious in how you're thinking about that. The project itself, because of its short payback and because of its respectable operating costs, it's got a good debt capacity. We could get more debt and less equity, but from a responsible point of view, we'll probably go, let's say, $300 million for debt and the balance for equity. I mean, that's $300 billion. That's pretty significant, you know, to get that much funded. Again, we haven't put that in the bank, so to speak, yet. So it's a negotiation with the parties down the road but intrinsically we gotta we have a sense that it's a realistic expectation for us okay and the construction goal is still uh 2028 for that's right we hope to make a construction decision in 2028 if it's at the beginning of 2028 then we've done an exceptionally good job if it'S later in 20 28 then we'VE met expectations through the feed through the early design we'RE looking very modular construction which means you build the main components off-site in a controlled workshop and then you ship it to site we've got great logistics for this project and the project is is relatively small so you have the ability to do that for crushers for your smaller high intensity grinding mills or even your float tanks maybe you can do that so there's a bunch of aspects we're looking to that while we can spend more money up front, it makes construction a lot cheaper. That's where the risk is. The risk is in the construction phase of the project. And we want to de-risk that as best we can. Yeah. So you have engineering and construction, constructive minds in your background. And so I'm curious, we talked about the Lausanne curve last time, and typically you get an expiration and then the share prices boost up, then it comes down and you're in that constructing of a mine phase where you're kind of in no man's land until you start to produce some ounces out of the ground. So typically, whenever you get to production, you get a rewriting in the company. And so for you, as a shareholder of Mayfair, having been through the construction process and mines before, how do you look at this? Just curious, because I'm sure it takes a lot of patience to wait on the developers to get to production. Construction is hard. I wouldn't suggest that I have a full head of hair if I didn't go through projects and construction, but there are times that you tend to pull your hair out for these things. So construction and project development isn't in that phase when you're pulling the wrenches and the good projects are made in this phase of the project. It's understanding what you're building and not changing it during the construction phase. It's working with the plant manufacturers, the plant suppliers, the mobile equipment providers, understanding the earthworks, understanding how you're going to build the tailings pond. In this phase, while it isn't really sexy, the market doesn't love this phase. As an engineer, this is where good projects are made. This is where successful projects are made. And we've got a couple of absolute rock stars on the team. We've pulled together a team that can de-risk in this period of the son curve, where we can make it successful for the project and the shareholders and all the stakeholders. Yeah, I appreciate you sharing that. This isn't the most sexy part of the phase, right? For me, I've been buying some of the developers. I own a little bit of Mayfair as well. And I know that it's going to be a little while before some of these developers get into production. My outlook on gold is the gold price is going to Be a lot higher with how much debt deficits, money printing, and many other factors, right, that we don't have to get into. If my view is that gold is going To be higher, and these companies that are developing, you know, mines aren't really getting a lot of attention. You know, if I if I exercise patience, then I could experience that rewriting. And that's not to say that it doesn't come with risk. but that's just how I look at it. And frankly, we're aligned on that way. I guess you could take a look at it. Arguably, if the gold price is going to stay where it is or grow, the multiple that you get from operations, from development, we are going to get here. It's going to go up and down on the path there. I have a suitable amount of comfort that the Mayfair share price will get re-rated when we are a producing company. How much value we get is driven by the gold price. But certainly once you're producing, there's a fundamental re-rating. In this world where labor and skills and knowledge and empirical evidence that you can do what you say you're going to do, it carries a lot of weight. And that's what distinguishes Mayfair. I've done this a few times in my past. We brought on a chief projects officer. His name's Desmond Tranchia. He does this for a living. I just build projects for fun. He doesn't for a living. And he's exceptional at it. That's what I'm looking for is getting from where we are right now to that multiple that Mayfair will get when we're a cash generating company. Yeah. Could you remind me to project it ASIC? In the first six years, the average ASIC is just over $1,200 US an ounce. So when you look at $1.12 plus the gold price, that margin is pretty responsible. It's Pretty respectable. I know in your models, I think you're projecting it at 2,000, 3,000 an ounce. In the presentation for the pre-feasibility study, we did all the financials on $3,100 gold. And at the time when we published, which was the beginning of January, gold price was $44.50, about where it is right now. Yeah, yeah. So I guess it depends on a lot of where investors believe the gold price is headed. I believe it's headed a lot higher from here. I am a gold bull and a gold bug. And the shoes and the jacket. I got the gold shoes on, you know. I'm going to have to get me some gold shoes. Yes. I'm in it to win it. If we sit down again in six months from now, what are some things that you expect to accomplish by then? The 1P1 process. I expect to be fully in that. And the importance of that is once we're in it, it's not a matter of if we're going to get through it, it's when we're gonna get through. it. I expect we'll have project financing organized. And again, a huge de-risking for the shareholders. They know that we're going to get there. I hope to have an agreement with our key First Nation partner. Might be Q4, might be Q1. Frankly, that's not a process I'm willing to rush. It's a relationship and we have to understand how that works. So those are the key things. Now there's a couple of fun things also. More than fun things. We've got a South block. And over the summer, since we last spoke, we've brought on a VP exploration, Audrey DeLaser, and she's exceptionally good on the Abitibi greenstone belt. She certainly knows the Timmins camp really well. So her and the site GOs have been working on an exploration strategy where we should be targeting. So we hope to have a drill program when it freezes up. So January next year. Now, what does that mean for us? There could be some great exploration success right off the bat that would be nice to have but really what i'm looking for is once we get that plant built then we have an exploration pipeline directly south of us within four or five kilometers if we're mining at one and a half grade at the fengib if we have anything that's higher than that that has higher margin that's a pretty easy addition to that so that's that's another milestone we have i mean it's important for like miners to replace ounces right and so currently you have three million ounces in resource, and then you have 1 million in reserve. And so, you know, as you become a mine and you start producing gold, you have to think about where are we going to get more ounces from? Yeah. And that's right. You know, within the North Block, within the Fen Gib, 4.3 million ounces is what the resource is. So we're not planning on mining that, but that's certainly a scale asset that's sitting on our front door. We're not targeting that in the short term, we're targeting 25% of that resource to bring that into production quickly. And frankly, bringing the high grade material as far forward as we can. So if, and when we do develop a larger asset potentially for Fingib, that's a big if, right? We're in gold mining. So does that mean the metal price has to be higher? Not really, but it means we have to show that we can do it. We have to get the trust of the governments. We Have to get the trust of our partners, our First Nations. There's a bunch of road ahead of us, but if you're a good operator, if you are an honest broker, it opens up the doors. And that's what the South Block does for us as well. There is a potential, certainly on the North Block, and the South Block is right along the Porcupine-Dester Fault, which has really defined the entire Timmins camp over its history, over its 100 million ounces of endowment. And we've got a good section of that Dester Falls. So we're going to find something there I'm pretty confident of, but we've got to prove that we can put it into the mill. And then our shareholders, our stakeholders, our friends in the area will support us in that upside and that additional potential. Yeah. What I'm hearing that you're focused on long game, longevity, you have 4 million ounces, you're targeting a quarter of it. And dann at some point you will address that out of 3 million ounces. You focused on a relationship with the First Nations, because that's very important as you launch this project. The FENGIB, there's a lot of things going for it. It's a great deposit. I'm not here to build just a mine. I've built a couple of those before. I'M here to BUILD A COMPANY. And that's what FENGIB will allow for Mayfair. The opportunity, you see it in a high gold price. You see it a lot of companies, they have a high grade or they've got the, you know, the opportunity to get some gold out of the ground and they have to process that somewhere. A lot of folks are moving to toll milling. And frankly, at these gold prices, you can ship it high grade quite a distance. Our neighbors that are operating, they're shipping their gold about 60 kilometers down the road towards Timmins for a processing plant. They don't have a processing plan on site. So in this area, and, frankly, across anywhere in Canada, you're going to see more toll milling. So what does that mean for us? That gives us an additional potential down the road to be able to facilitate toll millING. Well, Drew, appreciate you for coming back on the show. Is there anything else you want to share with the audience before we wrap up? No, I think I'm good. I appreciate the time, and thanks for the easy conversation. Yes, thank you.