Mayfair Gold Corp.
Mayfair is advancing the large, bulk-tonnage Fenn-Gib open-pit gold deposit in Ontario's Timmins camp, which has produced 100+ million ounces historically. A January 2026 PFS outlined a C$652M after-tax NPV, a 24% IRR and initial capital of C$450M, with construction targeted for 2028.
Notable vs. Peers
- Trading within 7% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Not in place: mill, grid power. Not yet determined: tailings facility.
Jurisdiction (40%)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. Ontario's Timmins camp is one of the most permittable, infrastructure-rich gold jurisdictions in the world.
Infrastructure (40%)3.6/10
No confirmed mill, confirmed road access, and no confirmed grid power at Fenn-Gib Gold Project, Ontario, Canada; tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Professional Engineer with 30+ years developing, constructing, and operating large-scale gold assets across Canada and internationally. Held senior technical roles at Detour Gold from 2011-2018 (including Senior VP Technical Services and Interim COO) during the Detour Lake mine's construction and scale-up past 65,000 tonnes/day, then served as COO of Generation Mining from 2020-2025 leading the Marathon Palladium-Copper Project. Joined Mayfair as COO before being promoted to CEO in May 2026 to drive Fenn-Gib through construction. Holds Bachelor's and Master's degrees in Mining Engineering from McGill University.
CPA with over 15 years of mining finance experience spanning project construction, operations, and corporate leadership. Most recently served as Chief Financial Officer, North America at Barrick Mining Corporation, leading financial strategy, planning, and governance for the company's largest region, including a stint as site CFO for the Hemlo operations, with earlier progressively senior roles at Barrick and Detour Gold. Holds an Honours degree in finance and economics from the University of New Brunswick and completed the Advanced Management Program at The Wharton School. Appointed Chief Financial Officer of Mayfair Gold Corp. in 2026 to reinforce financial discipline as the company advances its Fenn-Gib gold project toward construction.
Co-founder of Mayfair Gold Corp. and served as a Director from the company's formation in 2019 until March 2024. Was an investment banker at Evercore Partners covering diversified industrial companies, including as a Senior Analyst in the Advisory Group from 2013 to 2014, and began his career in the same coverage area at Wells Fargo. Holds a bachelor's degree in economics from Princeton University and is a CFA charterholder. Currently a partner at Heeney Capital.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Muddy Waters Capital holds roughly 16-18% of Mayfair and is still adding, most recently buying 141,400 shares on the open market in early August 2026. It is a concentrated, high-conviction, activist position -- Muddy Waters ran a public campaign to reconstitute the board -- but Muddy Waters is a generalist fund, not a resource specialist, so the position is credited one band below the equivalent specialist stake. Oaktree Capital Management, Howard Marks' well-known credit and distressed-focused alternative manager, separately discloses a real 8.19% stake -- also generalist, and below the size needed to move this score further. Institutional ownership is 30.7%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Mayfair Gold owns 100% of the Fenn-Gib gold project in Ontario's Timmins camp, a large, bulk-tonnage deposit planned as an open-pit mine. Fenn-Gib holds 4,313,000 oz of gold in indicated resources (181.3 Mt at 0.74 g/t), with no measured category. The January 2026 pre-feasibility study shows an after-tax NPV5% of US$483M (CAD 652M) and a 24.1% IRR at US$3,100/oz gold, with initial capital of US$333.3M (CAD 450M), a 14.3-year mine life producing 920,000 oz, and an all-in sustaining cost of US$1,292/oz; the mine plan uses about 1.04 Moz, or 24%, of the indicated resource. The company plans to move straight to a feasibility study, targeting a construction start in 2028 and first production in 2030.
Mayfair completed a Pre-Feasibility Study on Fenn-Gib in January 2026 showing a C$652M after-tax NPV, 24% IRR, and a 2.7-year payback at an initial capital cost of C$450M — strong economics for a bulk-tonnage open-pit project in an established, low-risk mining camp (Timmins, Ontario). The short payback period is the standout number: it means the project could return its build cost in under three years of production, which meaningfully de-risks the construction financing Mayfair will need to raise before a 2028 build decision.
Mayfair Gold's Pre-Feasibility Study for the Fenn-Gib open-pit gold project in Ontario's Timmins camp (announced 8 Jan 2026) outlines 14.3 years of operation and 920koz of life-of-mine gold production. After-tax NPV5 of C$652M and IRR of 24% at a US$3,100/oz base-case gold price, on C$450M of initial development capital with a 2.7-year payback. Average annual production of 71,336oz at US$1,171/oz AISC over the first six years at an average processed grade of 1.47 g/t, generating over C$896M of free cash flow in that period; life-of-mine average AISC US$1,292/oz. The mine plan exploits only 1.04Moz (24%) of the 4.3Moz Indicated Resource.