Mayfair Gold Sets the Record Straight and Corrects Muddy Waters’ Misleading and Inaccurate Statements - Seite 2

The Letter also refers to a founder of the Company being denied his nomination right to join the Board. That is not the case. To be clear, the Company will honor nomination rights held under the Board Nomination Rights Agreements held by two founders of the Company. The nomination rights can be exercised by holders of these rights when the Company provides notice of a shareholder meeting. The Company has not finalized the date of its 2024 annual general meeting (the “AGM”), but will provide notice to nomination rights holders as soon as it does.

There is no attempt by the current Board to entrench itself, and the Board and management welcome ongoing engagement with shareholders. Unfortunately, good faith efforts made by the Company to constructively address concerns raised by Muddy Waters have been rejected out of hand with no compromise suggested.

The Board and management remain committed to good governance and value creation, and will continue to take actions that they believe are in the best interests of the Company. They remain focused on progressing Mayfair’s flagship asset, the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario, as reflected by the recently announced initiation of a pre-feasibility study for the Fenn-Gib project in the Company’s March 27, 2024, press release.

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate with an effective date of April 6, 2023 with a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: NI 43-101 Technical Report on Fenn-Gib Project, Ontario, Canada, prepared by Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., dated April 6, 2023). Mr. Maunula is deemed a qualified person as defined by NI 43-101. The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.