Muddy Waters-backed gold project wins fast-track approval in Ontario

Mayfair Gold, led by Carson Block's Muddy Waters Capital, has received fast-track permitting status for its Fenn-Gibb gold project in northern Ontario, potentially speeding up the mine's development, according to Bloomberg. The project has been chosen for Ontario's One Project, One Process initiative, designed to cut government review times by 50%.

Mayfair expects to decide on construction as early as 2028, with production expected by 2030. The Toronto-listed company's shares surged up to 13% following the announcement. The Fenn-Gibb site holds around 4.3 million ounces of indicated gold resources and will need about C$450m in initial development costs. Mayfair recently secured a financing package of up to C$310m ($222m) from Macquarie Bank to back the project.

Block, a prominent figure known for short-selling campaigns, joined Mayfair's board in 2024 after a successful proxy fight. That same year, he launched an investment fund focused on long positions in metals and mining companies, diverging from Muddy Waters' traditional bearish approach. This development showcases Block's increasing involvement in the mining sector.

Fenn-Gibb is the fourth project selected for expedited permitting under Ontario's initiative, joining projects backed by major mining firms like Kinross Gold.