Mayfair Gold Secures C$310 Million Financing Package for Fenn-Gib

The agreement positions Macquarie as a cornerstone partner for the project, which holds an estimated 4.3-million-ounce indicated gold resource. Under the terms, Macquarie will acquire common shares at C$4.26, a 10% premium over the recent five-day volume-weighted average price. The larger C$300 million facility is intended to cover the bulk of the C$450 million in initial capital expenditure projected in the company’s 2026 pre-feasibility study.

Key features of the debt arrangement include a C$25 million early drawdown tranche, providing Mayfair with immediate liquidity for engineering and long-lead equipment procurement. Interest is set at the Adjusted Term Canadian Overnight Repo Rate plus 4.75%, with a provision for lower rates once the mine reaches commercial production. As part of the deal, Macquarie secures an offtake right for 50,000 ounces of gold annually, capped at 300,000 ounces total. While the term sheet remains non-binding pending due diligence and definitive documentation, the partnership marks a critical step toward Mayfair’s goal of launching construction in 2028 and achieving first production by 2030.