Quarterly ResultMay 14, 2026, 06:08 AM
Mayfair Gold Q1 Loss Widens to $7.32M; Exploration Expenses Up
AI Summary
Mayfair Gold Corp. reported a significant increase in its net loss for the first quarter of 2026, reaching $7.32 million, up from $1.82 million in the same period last year, primarily due to higher exploration and general and administrative expenses. The company's cash and cash equivalents decreased to $32.31 million. Operationally, Mayfair Gold commenced trading on the NYSE American, released a robust Pre-Feasibility Study for its Fenn-Gib Gold Project, and announced a subsequent acquisition of additional properties from Plato Gold.
Key Highlights
- Q1 2026 net loss widened to $7.32 million, compared to $1.82 million in Q1 2025.
- Loss per share for Q1 2026 was $0.11, up from $0.04 in Q1 2025.
- Cash and cash equivalents stood at $32.31 million as of March 31, 2026, down from $38.19 million at December 31, 2025.
- Exploration and evaluation expenses increased to $5.26 million in Q1 2026 from $1.20 million in Q1 2025.
- General and administrative expenses rose to $1.72 million in Q1 2026 from $0.42 million in Q1 2025.
- The company commenced trading on the NYSE American stock exchange under the ticker symbol "MINE" on January 27, 2026.
- A Pre-Feasibility Study for the Fenn-Gib Gold Project outlined C$450 million initial development capital and C$896 million cumulative free cash flow.
- Mayfair Gold announced on April 2, 2026, the acquisition of Marriott, Holloway, and Guibord properties from Plato Gold.