Ontario fast-tracks Mayfair Gold's Fenn-Gib project but grants no permits

Ontario has named Mayfair Gold’s Fenn-Gib gold project, about 80 km east of Timmins, to receive designation under its One Project, One Process fast track for approvals. It is the fourth project to receive the designation. The fast track aims to halve government review times by giving developers a single provincial contact, The Northern Miner reported.

The mine would be in the north, but Mayfair’s shares trade in Toronto, on the TSX Venture Exchange, run by Toronto’s TMX Group. About 40% of the world’s public mining companies are listed on the Toronto Stock Exchange and the TSX Venture Exchange, and they raised $16 billion in new shares in 2025, according to TMX.

Mayfair, a gold developer also listed on the NYSE American exchange in New York, puts the initial costs for the Fenn-Gib project at $450 million. Macquarie Bank, an Australian lender, has proposed a $300 million loan, about two-thirds of that, leaving Mayfair to arrange the rest.

The Northern Miner reported that the loan is not final: the bank is still checking the project, and the final loan contracts are not yet signed. It also reported that the designation does not itself grant the permits needed for construction. Construction is planned for 2028 to 2030, with production targeted to start in 2030.

Map: the Fenn-Gib project area near Matheson, about 80 km east of Timmins, and Toronto. © OpenStreetMap contributors

Sources: Government of Ontario · The Northern Miner · Mayfair Gold Corp. · TMX Group