Toronto – October 01, 2026 -- Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) has signed a subscription agreement for a C$10 million strategic equity investment from Macquarie Bank Limited and a non-binding term sheet for a proposed C$300 million project finance facility, bringing the total financing package for its Fenn-Gib Gold Project to up to C$310 million.
Macquarie buys in at a 10% premium to fund Fenn-Gib's Timmins development
Macquarie will acquire Mayfair common shares at C$4.26 each, a 10% premium to the 5-day volume-weighted average price through September 30, 2026, subject to TSX Venture Exchange approval. The proposed C$300 million facility, which includes up to C$20 million of capitalized interest, would cover the majority of the C$450 million initial development capital outlined in Mayfair's 2026 Pre-Feasibility Study for Fenn-Gib, located in the Timmins region of Northern Ontario.
Facility structure includes early drawdown and stepped interest rates
The package carries a C$25 million early drawdown tranche available at closing to fund early works, long-lead equipment and detailed engineering ahead of full construction. Pricing is set at Adjusted Term CORRA plus 4.75% per annum, stepping down to plus 4.25% after project completion. Quarterly repayments would begin six months after the start of commercial production, with full repayment required within 72 months of the initial drawdown following the early tranche.
Macquarie secures gold offtake rights tied to financing milestones
The financing includes an offtake right for Macquarie over the first 50,000 ounces of gold produced annually, capped at 300,000 ounces cumulatively, priced at a published reference price less US$50 per ounce. Half of the offtake vests upon signing the engagement letter and closing the equity investment, with the remainder vesting at facility close. Macquarie would act as Mandated Lead Arranger, Agent and Sole Underwriter, with the option to syndicate a minimum of 30% of the facility to other lenders, secured by first-ranking project security.
Executives frame deal as milestone for Canadian gold development
Mayfair CFO Kevin Annett called the engagement letter "an important milestone" for advancing Fenn-Gib toward development, citing Macquarie's mining sector experience. Mike Burns, Macquarie's Head of Mining Finance for the Americas, said Fenn-Gib "stands out as a Canadian gold project with the potential to become a significant new producer,