The daughter of Kalanisi changed hands for £64,000 after winning on her second appearance for trainer Richie Rath last November and is unbeaten in three starts since joining Gordon Elliott.
After bolting up in a Listed event at Fairyhouse in February, the six-year-old produced a remarkable performance to win the Champion Bumper at Cheltenham and was then even more impressive in the corresponding race at Punchestown.
Fayonagh will undoubtedly be a warm order under Davy Russell, who rides her for the first time in the Jumps Racing Returns To Fairyhouse Maiden Hurdle over two miles.
Mark Gittins, son of owner Maura Gittins, told Press Association Sport: "We were over the moon when she won the Listed race at Fairyhouse and then for her to go and beat the boys at Cheltenham and again at Punchestown was incredible, to be honest. We've been living on cloud nine for the last six months.
"Gordon is very happy with her and tells me she's schooled well. If she can be half as good over hurdles as she was in bumpers, that'll be great."
Connections are already eyeing a potential step up in class at Down Royal early next month.
"We'll obviously see how she goes on Saturday, but I think Gordon is working back from the mares' Grade Three hurdle at Down Royal (November 3)," Gittins added.
"The race on Saturday slots in nicely and she gets the mares' allowance, so fingers crossed all goes well."