Mayfair Gold's Fenn-Gib Canada's First Carbon Neutral Gold Project

• Carbon offsets purchased to account for 2021 GHG emissions
• Canada-wide Thermal Residential Heating Project funded
• Vision to design Canada’s first carbon neutral gold mine

Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce that the 100 percent controlled Fenn-Gib Project (“Fenn-Gib”) is now Canada’s first carbon neutral gold project following the completion of carbon offset purchases to account for emissions from Company-wide activities undertaken during 2021, the Company’s first year of operations. Located in the Timmins region of Northeast Ontario, Fenn-Gib hosts a NI43-101 Indicated Resource of 2.08M ounces (see “About Mayfair” section below) with disseminated gold mineralization striking east-west on the Pipestone Fault over 1.25 kilometers (km) and up to 300 meters (m) wide at the west end.

Mayfair Gold President and CEO Patrick Evans commented: “Gold is Canada’s most valuable mined commodity, valued in excess of $12 billion annually. The industry is a significant driver of economic activity across Canada, directly employing approx. 400,000 Canadians and offering the highest average annual industrial rate of pay in the country. The future of the industry depends critically upon sustainable development. At Fenn-Gib, we are laying the foundation for Canada’s first carbon neutral gold mine. Our commitment started on January 1, 2021, when Mayfair acquired Fenn-Gib, and will continue through our exploration program, mine development, operations and eventual closure.”

An independent assessment of the Company’s activities, conducted by Toronto-based Carbonzero, determined that 738 tonnes of CO₂-equivalent greenhouse gas emissions were generated in 2021, which covered the Company’s Scope 1, 2 and most material Scope 3 emissions. These emissions were principally related to exploration activities at Fenn-Gib, where a total of 54,741m was drilled in 89 holes. To compensate for these emissions, Mayfair has purchased carbon offsets from the Canada-wide Thermal Residential Heating Aggregation Project, with the offsets being retired on the Canadian Standards Association (CSA) Clean CleanProjects^® Registry. The project, which is verified under ISO-14064-2, replaces conventional residential fossil fuel combustion heating with solar heating systems located at private residences across Canada and other facilities. The offsets were specifically selected to directly benefit a broad range of Canadians.

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