Dr. Vern Rampton reports

MAYO LAKE MINERALS PROVIDES PARTICULARS OF 2026 PROGRAM TO FINALIZE TARGETING FOR 2027 DIAMOND DRILLING PROGRAM ON THE ANDERSON GOLD TREND

Mayo Lake Minerals Inc. has responded to investor queries with an outline of its fall 2026 flow-through expenditures, primarily within the 86-square-kilometre Anderson gold trend, and how this will lead to a more productive diamond drill campaign in 2027.

The AGT lies within the Tombstone gold belt, which hosts Victoria Gold's Eagle mine, Banyan Gold's AurMac and Sika Gold's RC deposits (multiple deposits) in the Mayo-Keno district, and Snowline Gold's Valley deposit about 180 kilometres east of AGT. Readers are cautioned that mineralization at these deposits is not necessarily indicative of mineralization on the company's properties. The results of the programs outlined in this release below will allow the company to prioritize its best defined gold targets for diamond drilling in the spring-summer of 2027, with the objective of establishing the scale and continuity of the systems.

The data collected to date on the AGT from high-quality airborne magnetics, ground geophysics, prospecting and mapping, geochemical soil surveys, soil gas hydrocarbon soil surveys, and the analysis and interpretation of these data strongly suggest that most of the delineated prospects in the AGT are low grade, bulk minable disseminated or sheeted vein deposits, so-called reduced intrusion-related gold systems. Others may be higher-grade epithermal vein deposits adjacent to, and overlying, RIRGS.

The identified projects are listed herein:

• Andy Owl: four zones; a 3,000-metre-long linear zone consists of intermittent in-soil anomalies marked by gold values up to 527 parts per billion gold, with zone widenings; three other zones total 1,080 m in length with gold values to 101 ppb Au;
• Andy Owl: 640-metre reverse circulation drill program; a gold structure was intercepted that was continuous along strike for 50 m and open in all directions; the width and grade of the gold mineralization have not been determined because both holes were collared in mineralization; one hole recorded 0.9 gram per tonne gold over 3.1 m expanding to 0.77 g/t Au over 6.1 m; a second along strike assayed 0.55 g/t Au over 3.1 m; the drilled structure consisted of quartz-sulphide veins containing stibnite, arsenopyrite, pyrite and silica-cemented breccia with strong gold-arsenic-antimony-mercury geochemical signatures;
• Dawn Gulch: a broad structurally controlled gold-in-soil anomaly with associated RIRGS pathfinder elements, including bismuth and antimony, is associated with a magnetic low, a strong SGH redox response and SGH gold target at depth; RIRGS has been verified with a comparison with Banyan Gold's Seattle Creek and Roaring Fork discoveries (See Mayo's press release dated Aug. 17, 2026);
• Peak: six zones; a 1,600-metre-long zone with widening of zones and gold values up to 272 ppb Au; four other zones total 2,630 m in length with gold values up to 340 ppb Au;
• Steep Creek: six zones; a 1,700-metre-long zone with widening of the zones and gold values up to 142 ppb Au; five other zones totalling 2,240 m in length with gold values up to 140 ppb Au;
• Norman: two zones; nearly 1,270 m of anomalies are marked by gold values up to 87 ppb Au.

Reprocessing, replotting, analysis and reinterpretation of the geochemical soil data from the eastern part of the AGT will most probably result in the delineating of RIRGS and/or confirmation of epizonal veins. This is the situation about 180 kilometres east of AGT at Snowline Gold's Rogue (RIRGS) and Einerson projects (epithermal). The readers are again cautioned that the mineralization at Snowline's deposits is not necessarily indicative of mineralization within the AGT. This reinterpretation will also result in fine-tuning of drill hole collar locations, azimuths and declinations. It should be noted that the Dawn Gulch and Andy Owl prospects show characteristics of identified RIRGS throughout the local region, specifically those within Banyan Gold's Nitra project (Mayo press release dated Aug. 17, 2026).

The company plans to have a contractor complete 3-D magnetic inversion modelling over critical parts of the AGT where intrusions are suspected to be the source of the RIRGS and associated epizonal vein deposits. At the same time or possibly in January of 2027, the modelling will be completed over the Carlin-Roop and Edmonton properties where buried intrusions are suspected to be the source of mineralization, be it simply gold or gold in combination with silver, copper and other base metals.

Intrusions and probably severely altered intrusions have been discovered within the AGT during prospecting and mapping. In addition, numerous features were identified during the original interpretation of the airborne mag (Mayo's press release dated May 29, 2012). An internal review has noted other features on the magnetics that are suggestive of buried intrusions and associated alteration. Three-dimensional magnetic intrusion modelling will confirm those areas where buried intrusions are present. In RIRG systems, gold is commonly zoned outward from the parent intrusion, from sheeted quartz veins within the intrusive cupola, to skarn and replacement mineralization at its margins, to proximal and distal vein-hosted gold.

Private placement

The company is in the process of completing a non-brokered placement to raise aggregate gross proceeds up to $700,000 through the issuance of a minimum of five million common share units (each, a CS unit) at a price of four cents per CS unit for minimum gross proceeds of $200,000 and up to 10 million flow-through units at a price of 4.5 cents per FT unit for gross proceeds of up to $500,000. The closing of the offering is expected to close on or about Nov. 4, 2026. The offering may close in one or more tranches. If the offering closes in more than one tranche, the date of the final closing (the closing date) will apply to all units issued under the offering. The initial tranche is anticipated to close prior to the end of October, with a probable extension of the offering closing to the end of November.

Each CS unit will consist of one common share in the capital of the company and one common share purchase warrant. Each CS warrant will 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 closing date. Each FT unit will consist of one common share that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). Each FT warrant will 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.

Qualified person

The technical and scientific information contained within this news release has been prepared and approved by Dr. Vern Rampton, PEng, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Dr. Rampton is in addition the company's president, chief executive officer and a director.

About Mayo Lake Minerals Inc.

Mayo is actively engaged in the exploration, discovery and development of three precious metal properties covering 145.6 square kilometres in the Mayo-Keno area of the Mayo mining district. The properties lie within the traditional territory of the Na-Cho Nyak Dun First Nation. The Mayo-Keno area lies within the Tombstone gold belt, where reduced intrusion-related gold deposits and related epithermal veins are attracting exploration and mine development, such as Victoria Gold's Eagle gold mine, Hecla Mining's silver mines at Keno, and projects being actively moved forward toward mine development by Banyan Gold, Sitka Gold and Snowline Gold.

Mayo's 86-square-kilometre Anderson-Davidson property has produced enough positive data to envisage a major mining camp in its Anderson gold trend, where over 10,000 m of linear gold-in-soil anomalies indicate the presence of RIRGS and associated epithermal veining. Mayo's Carlin-Roop silver property is 44 square kilometres in size with evidence suggesting the presence of high-grade silver common to the Keno Hill silver district. Its Carlin West zone has the same footprint and similar characteristics to the Elsa mine, which produced 30 million ounces of silver at 128 ounces per ton silver. At its diversified multimetal Edmonton property, a broad magnetic low probably indicates an alteration halo over a buried intrusion. The presence of anomalous gold, silver and base metal geochemical anomalies in combination with positive SGH anomalies suggests the presence of a significant multielement deposit.

We seek Safe Harbor.