Ontario has added Mayfair Gold’s (TSXV: MFG; NYSE-A: MINE) Fenn-Gib gold project to its accelerated permitting program, making the proposed development near Timmins the fourth selected under the province’s One Project, One Process framework.
The designation puts provincial approvals and Indigenous consultation under a coordinated review led by the Ministry of Energy and Mines. Mayfair is targeting a construction start in 2028 and first production in 2030, while Ontario estimates the project would support 450 construction jobs and 250 long-term positions.
“For too long, permitting delays stood in the way of getting Ontario’s resources to market,” Energy and Mines Minister Stephen Lecce said in a statement Monday. “To compete, we must be the best, which is why our government is planning to further accelerate permitting this fall, to get mines built faster, unlocking billions in investment to create more good-paying jobs right here at home.”
The decision advances Mayfair’s effort to develop a smaller, higher-grade starter operation within Fenn-Gib’s much larger gold resource. It also adds another gold development to a provincial program initially launched with lithium and nickel projects, as Ontario seeks to demonstrate that coordinating reviews can translate into construction.
Financing takes shape
Mayfair lined up financing of up to $310 million (US$218 million) from Australia’s Macquarie Bank in October. The proposed package comprises a $300-million project loan and a $10-million equity investment, compared with Fenn-Gib’s estimated $450-million initial development cost.
Macquarie completed the investment on Oct. 14, buying about 2.35 million shares at $4.26 apiece. The proposed debt financing remains subject to due diligence, definitive agreements and closing conditions, Mayfair said.
The loan proposal includes an early $25-million drawdown to support work ahead of full construction financing, including engineering, equipment orders and preliminary construction activities. The proposed debt would cover about two-thirds of initial capital costs, leaving Mayfair to arrange the balance.
Fenn-Gib, about 80 km east of Timmins, hosts 181.3 million indicated tonnes grading 0.74 gram gold per tonne for 4.3 million oz. contained metal, and 8.9 million inferred tonnes at 0.49 gram for 141,000 oz., according to its September 2024 resource estimate.
January’s prefeasibility study focused on probable reserves of 25.1 million tonnes grading 1.29 grams gold per tonne for about 1 million oz. contained metal. The development plan envisages processing 4,800 tonnes daily over a 14.3-year operating life, producing an average of about 64,100 oz. annually, including 71,300 oz. a year during the first six years.
Coordinated reviews
Fenn-Gib joins Frontier Lithium’s (TSXV: FL; US-OTC: LITOF) PAK lithium project, Canada Nickel’s (TSXV: CNC; US-OTC: CNIKF) Crawford nickel project and Kinross Gold’s (TSX: K; NYSE: KGC) Great Bear gold project under the framework, launched in October 2025.
Ontario aims to halve government review times by giving developers a single provincial contact to coordinate approvals across ministries. The designation does not itself grant the permits needed for construction, and the Crown’s duty to consult Indigenous communities remains in place, the province said.
Lecce previously told TNM that Ontario was targeting permitting timelines of about two years. He later outlined plans to extend the reforms to early exploration, advanced exploration and expansions at operating mines.
Mayfair shares finished Friday at $3.10 in Toronto, 6.6% weaker on the day, ahead of Monday’s announcement.
“The One Project, One Process designation is an important milestone for the Fenn-Gib Gold Project and reinforces Ontario’s commitment to responsible, investment-ready mining development,” Mayfair CEO Drew Anwyll said in the provincial statement.
“This framework provides greater coordination and predictability as we advance Fenn-Gib through permitting and development, helping move the project closer to construction and the significant employment and economic opportunities it can create for the region.”
Source: www.northernminer.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
