Mayfair Gold's Fenn-Gib gold project wins fast-track designation by Ontario government

Mayfair Gold MINE surged 12% in Monday's trading after saying its flagship Fenn-Gib gold project in Ontario was selected as a designated project under the provincial government's "One Project, One Process" initiative, which aims to reduce government review times by 50%.

Mayfair MINE said it expects the designation to streamline permitting and provide more predictable timelines while accelerating progress toward a construction decision and ultimately production and free cash flow.

Fenn-Gibb, which has 4.3M oz of indicated gold resources, is the fourth project to receive support under Ontario's push to accelerate mine development.

Last month, Mayfair MINE lined up C$310M in financing comprised of a C$300M project loan and a C$10M equity from Australia’s Macquarie Bank, compared with Fenn-Gib’s estimated C$450M initial development cost.

"For too long, permitting delays stood in the way of getting Ontario's resources to market," the province's Minister of Energy and Mines Stephen Lecce said. "One Project, One Process is single-handedly changing that—cutting duplication by half and delivering a one-stop shop for mining permitting, including for Mayfair Gold's Fenn-Gib project."