Mayfair Gold Targets 2030 Production With Streamlined Ontario Mine Plan - MarketBeat

AI desk brief

Mayfair Gold is pushing a smaller-scale, below-5,000 tpd open-pit plan for its Fenn-Gib gold project in Ontario to speed permitting and target a construction decision in 2028, with first production now eyed for 2030. The PFS outlines a 1 Moz development case from a 4.3 Moz resource, C$350m initial capex, average life-of-mine feed grade of ~1.3 g/t and first-six-year grade of ~1.5 g/t, with projected free cash flow of about C$1.4bn in the first six years and ~C$250m annually over mine life.

Management said the streamlined scale should keep the project in the provincial permitting track under Ontario’s 1P1P process, potentially cutting the typical mine-permit timeline from roughly four years to 18-24 months. The company is also pursuing about C$300m of debt plus additional funding, expects detailed engineering to be 70%-80% complete by FID, and plans to advance South Block drilling next winter while cash stands near C$20m and burn runs about C$2m/month.