On June 4, 2024, Mayfair Gold Corp announced that the Supreme Court of British Columbia has set aside the ex parte order obtained by Muddy Waters Capital LLC and dismissed Muddy Waters? application for a new injunction. On June 3, 2024, the Company applied to the Court to set aside the Muddy Waters Order, allowing it to fulfill its contractual obligations under the Settlement Agreement dated May 6, 2024, and the employment agreements with the Terminating Employees.

The Court dismissed Muddy Waters? application for a new injunction to restrict the distribution of the Change of Control Payments, and in its oral reasons, the Court found that Muddy Waters failed to make full and frank disclosure on the ex parte application and did not establish a strong prima facie case regarding the claim that the Company had acted oppressively, the setting aside of the Muddy Waters Order removes the restriction on the distribution of the Change of Control Payments.