Mayfair Gold Q4 2024 Financial and Operating Results
VANCOUVER, BC , /CNW/ - Mayfair Gold Corp. ("Mayfair", or the "Company") (TSXV: MFG) (OTCQX: MFGCF) is pleased to report its operating and financial results for the quarter ended December 31, 2024 . Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario ("Fenn-Gib" or the "Project"). The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company's website at www.mayfairgold.ca or on SEDAR+ at www.sedarplus.com. Unless otherwise stated, all amounts are presented in Canadian dollars.
Mayfair's Chief Executive Officer Nicholas Campbell commented,
"Dear Stakeholders,
I am pleased to provide an update on our progress at Mayfair Gold and the Fenn-Gib Gold project in Northern Ontario. In the current elevated gold price environment, we believe that the Fenn-Gib gold project is one of the few open pit gold development projects in Canada that can be uniquely advanced through an Ontario Provincial permitting process, with potential to be developed into a new gold mine during the current elevated gold price environment. We continue to advance the Fenn-Gib gold project with ongoing programs on metallurgy, engineering, mine planning and environmental base line data collection and review to support commencement of the Ontario permitting process and the completion of a pre-feasibility study on a 4,800 tonne per day starter operation targeting the near surface high-grade mineralization at the Project. This should be an exciting year for Mayfair Gold Stakeholders. We look forward to sharing our progress in 2025. "
Corporate Highlights During the Quarter
On October 17, 2024 , the Company announced its completion of a non-brokered private placement of 3.340.000 for aggregate proceeds of $6,012,000 .
Subsequent to December 31, 2024 , the Company named Nicholas Campbell as chief executive officer and Drew Anwyll as chief operating officer.
Exploration Highlights
Subsequent to December 31, 2024 , the Company provided 2025 outlook and Fenn-Gib advancement program. The program includes;
Metallurgical test work
Environmental baseline data review
Community engagement
Election of pre-feasibility consultants
Site investigation works
High-grade starter pit confidence drilling program
Provincial permitting and prefeasibility study
Selected Financial Data
The following selected financial data is summarized from the Company's financial statements and related notes thereto (the "Financial Statements") for the three months and year ended December 31, 2024 and 2023.
Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
Loss and comprehensive loss
(2,226,607)
(5,030,808)
(12,682,632)
(10,917,212)
Loss per share – basic and diluted
(0.02)
(0.05)
(0.12)
(0.12)
Cash and cash equivalents
9,534,129
13,504,009
Total assets
24,489,347
28,493,187
Total current liabilities
749,934
2,546,327
Total liabilities
749,934
2,546,327
Total shareholders' equity
23,739,413
25,946,860
About Mayfair Gold
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 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024 , for further information.
The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll , P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Cautionary Notes to U.S. Investors Concerning Resource Estimates
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada , which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.
Forward Looking Information
This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gibb Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gibb Gold Project to operation and the timing thereof, the Company's ability to unlock value for its stakeholders, and the advancing of environmental approvals and project designs. the ability of the start pit to provide free cash flow and the ability to help pay down debt in the early stages of operation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.
Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies.
The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
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The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P. Media Contacts: London Alice Best Elliott Advisors (UK) Limited T: +44 203 009 1715 [email protected] Tokyo Brett Wallbutton Ashton Consulting T: +81 (0) 3 5425-7220 [email protected] DISCLAIMER THIS DOCUMENT HAS BEEN ISSUED BY ELLIOTT ADVISORS (UK) LIMITED ("EAUK"), WHICH IS AUTHORISED AND REGULATED BY THE UNITED KINGDOM'S FINANCIAL CONDUCT AUTHORITY ("FCA") AND ELLIOTT INVESTMENT MANAGEMENT L.P. ("EIMLP"). NOTHING WITHIN THIS DOCUMENT PROMOTES, OR IS INTENDED TO PROMOTE, AND MAY NOT BE CONSTRUED AS PROMOTING, ANY FUNDS ADVISED DIRECTLY OR INDIRECTLY BY EAUK AND EIMLP (THE "ELLIOTT FUNDS"). THIS DOCUMENT IS FOR DISCUSSION AND INFORMATIONAL PURPOSES ONLY. THE VIEWS EXPRESSED HEREIN REPRESENT THE OPINIONS OF EAUK, EIMLP AND THEIR AFFILIATES (COLLECTIVELY, "ELLIOTT MANAGEMENT") AS OF THE DATE HEREOF. ELLIOTT MANAGEMENT RESERVES THE RIGHT TO CHANGE OR MODIFY ANY OF ITS OPINIONS EXPRESSED HEREIN AT ANY TIME AND FOR ANY REASON AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO CORRECT, UPDATE OR REVISE THE INFORMATION CONTAINED HEREIN OR TO OTHERWISE PROVIDE ANY ADDITIONAL MATERIALS. ALL OF THE INFORMATION CONTAINED HEREIN IS BASED ON PUBLICLY AVAILABLE INFORMATION WITH RESPECT TO SUMITOMO REALTY & DEVELOPMENT CO., LTD. (THE "COMPANY"), INCLUDING PUBLIC FILINGS AND DISCLOSURES MADE BY THE COMPANY AND OTHER SOURCES, AS WELL AS ELLIOTT MANAGEMENT'S ANALYSIS OF SUCH PUBLICLY AVAILABLE INFORMATION. ELLIOTT MANAGEMENT HAS RELIED UPON AND ASSUMED, WITHOUT INDEPENDENT VERIFICATION, THE ACCURACY AND COMPLETENESS OF ALL DATA AND INFORMATION AVAILABLE FROM PUBLIC SOURCES, AND NO REPRESENTATION OR WARRANTY IS MADE THAT ANY SUCH DATA OR INFORMATION IS ACCURATE. 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ELLIOTT MANAGEMENT IS NOT RESPONSIBLE TO ANY PERSON FOR PROVIDING ADVICE IN RELATION TO THE SUBJECT MATTER OF THIS DOCUMENT. BEFORE DETERMINING ON ANY COURSE OF ACTION, ANY RECIPIENT SHOULD CONSIDER ANY ASSOCIATED RISKS AND CONSEQUENCES AND CONSULT WITH ITS OWN INDEPENDENT ADVISORS AS IT DEEMS NECESSARY. THE ELLIOTT FUNDS MAY HAVE A DIRECT OR INDIRECT INVESTMENT IN THE COMPANY. ELLIOTT MANAGEMENT THEREFORE HAS A FINANCIAL INTEREST IN THE PROFITABILITY OF THE ELLIOTT FUNDS' POSITIONS IN THE COMPANY. ACCORDINGLY, ELLIOTT MANAGEMENT MAY HAVE CONFLICTS OF INTEREST AND THIS DOCUMENT SHOULD NOT BE REGARDED AS IMPARTIAL. NOTHING IN THIS DOCUMENT SHOULD BE TAKEN AS ANY INDICATION OF ELLIOTT MANAGEMENT'S CURRENT OR FUTURE TRADING OR VOTING INTENTIONS WHICH MAY CHANGE AT ANY TIME. ELLIOTT MANAGEMENT RESERVES THE RIGHT TO CHANGE ITS VOTING INTENTION AT ANY TIME NOTWITHSTANDING ANY STATEMENTS IN THIS DOCUMENT. ELLIOTT MANAGEMENT INTENDS TO REVIEW ITS INVESTMENTS IN THE COMPANY ON A CONTINUING BASIS AND DEPENDING UPON VARIOUS FACTORS, INCLUDING WITHOUT LIMITATION, THE COMPANY'S FINANCIAL POSITION AND STRATEGIC DIRECTION, THE OUTCOME OF ANY DISCUSSIONS WITH THE COMPANY, OVERALL MARKET CONDITIONS, OTHER INVESTMENT OPPORTUNITIES AVAILABLE TO ELLIOTT MANAGEMENT, AND THE AVAILABILITY OF COMPANY SECURITIES AT PRICES THAT WOULD MAKE THE PURCHASE OR SALE OF COMPANY SECURITIES DESIRABLE, ELLIOTT MANAGEMENT MAY FROM TIME TO TIME (IN THE OPEN MARKET OR IN PRIVATE TRANSACTIONS, INCLUDING SINCE THE INCEPTION OF ELLIOTT MANAGEMENT'S POSITION) BUY, SELL, COVER, HEDGE OR OTHERWISE CHANGE THE FORM OR SUBSTANCE OF ANY OF ITS INVESTMENTS (INCLUDING COMPANY SECURITIES) TO ANY DEGREE IN ANY MANNER PERMITTED BY LAW AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO NOTIFY OTHERS OF ANY SUCH CHANGES. ELLIOTT MANAGEMENT ALSO RESERVES THE RIGHT TO TAKE ANY ACTIONS WITH RESPECT TO ITS INVESTMENTS IN THE COMPANY AS IT MAY DEEM APPROPRIATE. ELLIOTT MANAGEMENT HAS NOT SOUGHT OR OBTAINED CONSENT FROM ANY THIRD PARTY TO USE ANY STATEMENTS OR INFORMATION CONTAINED HEREIN. ANY SUCH STATEMENTS OR INFORMATION SHOULD NOT BE VIEWED AS INDICATING THE SUPPORT OF SUCH THIRD PARTY FOR THE VIEWS EXPRESSED HEREIN. ALL TRADEMARKS AND TRADE NAMES USED HEREIN ARE THE EXCLUSIVE PROPERTY OF THEIR RESPECTIVE OWNERS. 1 Defined by dividing share price by book value per share adjusted for the post-tax difference between market value of leasing properties and the book value of leasing properties as disclosed in Sumitomo Realty's yuho. 2 Sumitomo Realty ranks at the bottom of the TOPIX 100 on its ISS Governance Score, director independence ratio and its usage of independent board committees (e.g. nomination, remuneration and audit committees).
Cision Canada
6 hours ago
- Cision Canada
THE BANFF WORLD MEDIA FESTIVAL AND PARAMOUNT+ IN CANADA ANNOUNCE 'SEASON TWO' RENEWAL OF BANFF SPARK: PRODUCERS EDITION
The Call for Applications will be announced in August, 2025 BANFF, AB and TORONTO, June 8, 2025 /CNW/ -- The Banff World Media Festival (BANFF) is pleased to announce that Paramount+ in Canada has renewed the BANFF SPARK Accelerator for Women in the Business of Media: Producers Edition for a second year. The program renewal was announced today during the opening ceremonies of the 46th edition of the Banff World Media Festival, taking place at the Fairmont Banff Springs Hotel from June 8-11, 2025. This national program is open to Canadian women, (including non-binary individuals), from across the country and is aimed at working toward gender parity in the media industry by supporting growth, investment, scaling, and sustainability of women-owned media companies. Twenty-five (25) women who own their own production outfits will participate in: a series of customized, virtual sessions covering high-level aspects of business strategy and planning, finance, and marketing best practices; one-on-one 'concierged' meetings with individuals, and curated sessions during the Banff World Media Festival. They will also benefit from a significant marketing and promotional campaign to help build their business profile in the industry. Participants receive a Banff World Media Festival pass, and a travel stipend to offset costs of attending the Festival. "Paramount+ in Canada has been an incredible and committed partner to advancing gender parity in our industry. This first-of-its-kind program has already generated positive career growth for more than 225 women participants by helping them form strategic partnerships, and hone their business skills. Despite the achievements and progress made, our industry still has work to do in breaking down barriers for women, and especially racialized women, to help them gain a foothold in the global marketplace," says Jenn Kuzmyk, Executive Director, Banff World Media Festival. "We are honoured to partner with Banff World Media Festival for a second consecutive year to continue the BANFF Spark Program: Producers Edition," said Vanessa Case, Vice President Content, Paramount+, Canada. "Investing in Canada's up and coming producers isn't just the right thing to do—it's a strategic imperative. Inclusive leadership drives innovation, improves decision-making, and ultimately reflects the audiences we serve." BANFF Spark provides business guidance, and a gateway to the Canadian and global film and television industry through the renowned Banff World Media Festival's (BANFF) conference and marketplace. Programmed through an intersectional lens, the initiative has a core mission to empower women of color, Indigenous women, women with disabilities, 2SLGBTQI+ women, and non-binary individuals to advance both domestically, and across the global media industry. This initiative is the eighth partnership Paramount+ in Canada has announced that reinforces its commitment to inclusivity. In addition to supporting the 2025 and now 2026, the streamer has announced partnerships with the 2024 Reelworld Summit, the, inkcanada to Connect Emerging Writers with Industry Allies; a collaboration with the; a collaboration with the Black Screen Office for the Black Creators Festival Initiative; a joint venture with BIPOC TV & Film and the National Screen Institute Partner for the new ELEVATE program; and partnerships with both The Shine Network Institute (TSNI) for the Indigenous Producers Budgeting Intensive and with the Pacific Screenwriting Program and the Indigenous Screen Office to Create the Indigenous Screenwriters Lab in 2024. About the Banff World Media Festival Now in its 46th year, the Banff World Media Festival (BANFF) and the Rockie Awards host one of the most important global conferences and content development marketplaces - gathering top creators, producers, showrunners, talent, networks, studios, streamers, press and media companies. BANFF's intimate, retreat-style event serves as a leading destination for development, co-production and co-venture partners and offers an unparalleled opportunity for international decision-makers to connect, map the future of the industry, and execute new business deals. Summit Series keynotes, Master Classes and renowned Showrunner Superpanels feature the industry's most inspiring creative and business leaders and give global profile to the most talked-about shows. The Rockie Awards recognize the best content and most influential entertainment industry executives, talent and creators in the world. BANFF continues to deliver important fellowships and initiatives including: the BANFF Spark Accelerator for Women in the Business of Media: Producers Edition, the Netflix-BANFF Diversity of Voices Initiative, and the Indigenous Screen Summit and Pitch Forum. Together these programs have provided more than 1000 opportunities for under-represented professionals in the Canadian media industry. For more information on the Banff World Media Festival, click here. @banffmedia #BANFFMediaFestival #ROCKIEAWARDS About Paramount+ Paramount+ is a global digital subscription video streaming service from Paramount that features a mountain of premium entertainment for audiences of all ages. Internationally, the streaming service features an expansive library of original series, hit shows, and popular movies across every genre from world-renowned brands and production studios, including SHOWTIME®, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures, and the Smithsonian Channel™, in addition to a robust offering of premier local content. The service currently lives in the U.S., Canada, the U.K., Australia, Latin America, the Caribbean, Austria, France, Germany, Ireland, Italy, Switzerland and Japan.
