Professional
Added to YB: 2026-08-27
Pitch date: 2026-08-24
MFG.V [bullish]
Mayfair Gold Corp.
-4.49%
current return
Author Info
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Company Info
Mayfair Gold Corp. engages in the acquisition, exploration, development, and operation of mineral properties in Canada.
Market Cap
CAD 297.4M
Pitch Price
CAD 4.45
Price Target
8.25 (+88%)
Dividend
N/A
EV/EBITDA
-12.80
P/E
-13.78
EV/Sales
N/A
Sector
Metals and Mining
Category
value
Mayfair Gold – Expedited Development Plan; Scalable Resource Base
MFG.V: Atrium initiates BUY, PT C$8.25 (~96% upside). Thesis: Fenn-Gib (Timmins Gold Camp, Ontario, 100% owned; 4.3Moz Ind @0.74g/t) advancing via deliberately smaller high-grade start-up to exploit Ontario's 1P1P provincial permitting (<5Ktpd avoids federal), pulling re-rate ~5yrs forward. 2026 PFS: ~1Moz reserve @1.29g/t, 64.1Kozpa/14.3yr LOM (71.3Koz yrs1-6), $450M capex, AISC US$1,292/oz; NPV5% $652M/24% IRR/2.7yr payback @US$3,100 gold, >$1B/>34%/<2yr @US$4,100. Atrium base NAV C$1,093M @US$4,000 LT gold. Hidden upside: PFS uses only ~25% of Ind resources (~3.2Moz left), plus 450Koz stockpile, all internally fundable; trades ~US$44/oz M&I vs peers ~US$107, 0.19x vs 0.32x NAV. Catalysts: 1P1P approval H2'26 (near-term), financing/Indigenous 2027, construction decision 2028, first production 2030. Insiders ~35% (Muddy Waters ~17%). Risks: financing/dilution (avg); ~$23M cash, no debt. Barrick back-in right (needs 5Moz report, expires 2032)
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