Mayfair Gold Corp (TSXV: MFG) insiders have been scooping up the company’s stock recently, purchasing more than 500,00 Mayfair Gold shares in total on the open market between January 16 and January 27, 2025, at an average price of $5.22 per share.
Muddy Waters Capital LLC, Mayfair Gold’s largest beneficial insider equity owner, bought 250,000 shares on January 27 at $4.91 per share.
Muddy Waters, founded in 2010 by investor Carson Block, has become infamous for its research reports, exposing alleged “business fraud, accounting fraud, and fundamental problems.”
Muddy Waters, however, is a big believer in Mayfair Gold, as Block’s fund owns more than 10.7 million shares, or about 16% of Mayfair’s outstanding shares.
Mayfair Gold is developing its 100%-owned Fenn-Gib gold project in northern Ontario. The company recently reported results of a pre-feasibility study for Fenn-Gib, which estimates average annual gold production of 64,100 ounces over a 14.3-year mine life at an all-in sustaining cost of US$1,292 per ounce. A resource estimate completed in 2024 showed 4.3 million Indicated gold ounces plus 100,000 ounces in the Inferred category.
Shares of Mayfair Gold have climbed more than 75% over the past 52 weeks to its current price of $6.05.
In late 2025, Mayfair completed a 1-for-2 share consolidation as part of its move to also list its common shares on the NYSE American Stock Exchange. The company now has 66,797,608 common shares issued and outstanding.
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