Ontario is fast-tracking Mayfair Gold Corp.'s Fenn-Gibb development under its "One Project, One Process" initiative, aiming to cut permitting timelines by 50%. The project, backed by short seller Carson Block's Muddy Waters Capital LLC, has 4.3 million ounces of indicated gold resources and expects a construction decision by 2028, with production targeted for 2030. Premier Doug Ford highlighted the move to unlock Ontario's mineral resources and strengthen domestic supply chains. The expedited process will still require consultation with Indigenous groups. Mayfair secured a potential C$310 million financing package with Macquarie Bank, while the project is estimated to need about C$450 million in initial capital.
The initiative follows previous selections of Kinross Gold Corp.'s Great Bear and Canada Nickel Co.'s Crawford projects for expedited permitting. Block, who became a director in 2024 after a proxy battle, also launched a fund focusing on rising metals and mining stocks as short sellers seek new returns.
Ontario's new framework promises a more coordinated, transparent, and timely approach to project reviews and Indigenous consultations, according to the energy and mines ministry.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing