Dr. Vern Rampton reports

MAYO LAKE MINERALS CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Mayo Lake Minerals Inc., further to its news releases dated Oct. 5, 2026, and Oct. 7, 2026, has closed the first tranche of its non-brokered private placement through the issuance of 4,914,357 common share (CS) units at a price of four cents per CS unit for a total of $196,574.28, and 777,778 flow-through (FT) units at a price of 4.5 cents per FT unit for a total of $35,000.01. Aggregate gross proceeds were $231,574.29.

Dr. Vern Rampton, president and chief executive officer of the company, commented: "We thought it appropriate to close the first tranche at this time as it allows us to initiate studies that will assist us with early 2027 planning to complete our diamond drill program within the Anderson gold trend and our trenching program at Carlin West and Roop North. Inverse mag modelling is expected to locate a number of buried intrusions that are commonly associated with reduced intrusion-related gold systems (RIRGS) in the Anderson gold trend and at Carlin West, Roop North and Edmonton. Reprocessing and reinterpreting our soil geochem results throughout the eastern Anderson gold trend should differentiate the RIRGS from the epizonal veining in this area and further refine the drill targets."

Each CS unit consisted of one common share in the capital of the company and one common share purchase warrant. Each CS warrant shall entitle the holder thereof to acquire one common share at a price of seven cents per common share for a period of 30 months from the date of the final closing of the offering. Each FT unit consisted of one common share, issued on a flow-through basis, and one common share purchase warrant. Each FT warrant shall entitle the holder thereof to acquire one common share at a price of eight cents per common share for a period of 30 months from the closing date. The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

All securities issued pursuant to the offering are subject to a hold period of four months and one day from the date of issuance and the resale rules of applicable securities legislation.

In connection with the offering, the company paid a cash commission of $2,800 and issued 62,222 finder's warrants to an eligible finder. Each finder's warrant is exercisable to purchase one common share at a price of 4.5 cents per common share for a period of 30 months from the closing date, subject to acceleration as described below.

If, at any time following the date that is six months after the closing date, the volume weighted average trading price of the common shares on the Canadian Securities Exchange (or such other recognized Canadian stock exchange on which the common shares are then listed) is equal to or exceeds 24 cents for 21 consecutive trading days, the company may accelerate the expiry date of the CS warrants, the FT warrants and the finder's warrants by giving notice to the holders thereof, in which case the warrants will expire on the date that is 30 days following the date of the acceleration notice.

The offering constituted a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as certain insiders of the company subscribed for an aggregate of 2,025,650 CS units for aggregate gross proceeds of $81,026 under the first tranche of the offering. The company is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the company is not listed on a specified market and the fair market value of the participation in the offering by related parties does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the first tranche of the offering, which the company deems reasonable in the circumstances in order to avail itself of the proceeds of the first tranche of the offering in an expeditious manner.

Private placement extension

The company is extending the final closing of the offering to on or about Nov. 27, 2026. Under the remaining tranche(s) of the offering, the company may issue any combination of up to 11,710,642 CS units at a price of four cents per CS unit and up to 10,333,333 FT units at a price of 4.5 cents per FT unit, for additional aggregate gross proceeds of up to $468,425.71, such that the total gross proceeds of the offering, including the first tranche, do not exceed $700,000. For further details concerning the offering, please review the attached schedule at the end of this news release.

QP (qualified person) certification

The technical and scientific information contained in this news release has been prepared and approved by Dr. Vern Rampton, PEng, president and CEO of the company, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Mayo Lake Minerals Inc.

Mayo is engaged in the exploration and development of three mineral properties covering 145.6 square kilometres in the Mayo-Keno area of Yukon's Mayo mining district. All properties lie within the traditional territory of the First Nation of Na-Cho Nyak Dun. The Mayo-Keno area lies within the Tombstone gold belt and the Keno Hill silver district, where active exploration and development programs are being carried out by several companies.

Mayo's 86-square-kilometre Anderson-Davidson property contains the 48-square-kilometre Anderson gold trend, where more than 10,000 metres of linear gold-in-soil anomalies have been outlined. Mayo interprets these anomalies as prospective surface indicators of subsurface gold mineralization, including reduced intrusion-related gold systems and epizonal veining.

Mayo's 44-square-kilometre Carlin-Roop silver property exhibits geological and geochemical evidence prospective for Keno Hill-style high-grade silver mineralization. Its Carlin West zone has a footprint and certain geological characteristics that Mayo considers comparable to those of the historic Elsa Mine.

Mayo's 15-square-kilometre Edmonton property has a broad magnetic low that may indicate an alteration halo above a buried intrusion. Anomalous gold, silver and base metal geochemistry, together with positive SGH responses, define a multielement exploration target.

Comparisons with nearby or historical deposits are provided solely for geological context and do not imply that similar mineralization will be discovered.

We seek Safe Harbor.