Mr. Mark Trevisiol reports

MCFARLANE LAKE MINING FAST-TRACKS JUBY GOLD PROJECT GROWTH, INITIATING MRE UPDATE AND ADVANCING THE EXTRACTION OF BULK SAMPLE OF GOLD MINERALIZATION

McFarlane Lake Mining Ltd. has provided an update of continuing exploration activities and development plans on its 100-per-cent-owned Juby gold project, located west of Gowganda, Ont., within the southern part of the Abitibi greenstone belt.

Highlights:

• Mineral resource estimate (MRE) update under way: Drilling results to date have exceeded expectations. At the Golden Lake deposit, McFarlane has established continuity of mineralization stretching over 400 metres along strike with intercepts of gold mineralization ranging from 92 metres of 0.95 gram per tonne of gold to 208 metres of 0.88 g/t gold. Engineering is actively updating geological modelling as part of a new mineral resource estimate scheduled for release in June, 2026.
• Active drilling: Two diamond drill rigs are at the Golden Lake deposit. Visible mineralized intersections extend over 100 m in multiple drill holes yet to be released; more assays are expected in two to four weeks.
• Resource growth: Expanding known mineralized zones, coupled with new discoveries (826 zone) located 1.5 kilometres away from existing resource mineralization, strengthens the narrative of an evolving prolific gold property.
• Environmental baseline and bulk sample advancement: Environmental work is under way with monthly sampling at site to support baseline data collection. Regulatory and first nation discussions are under way to support McFarlane's regulatory submission of a notice of project status for a 50,000-tonne bulk sample.
• 2027 target: A closure plan and a bulk sample are planned for 2027.

MRE update initiated ahead of schedule

Based on continued success from the company's continuing drill program, McFarlane is initiating an update to its mineral resource estimate to produce a National Instrument 43-101-compliant resource and accompanying technical report. Recent drilling has delivered consistent mineralization across multiple target areas, supporting the company's internal assessment that the property has the potential to significantly increase its current resources.

The updated MRE is expected in June, 2026, and will incorporate results from the current drill campaign, including expansion drilling at Golden Lake and stepouts targeting the previously underexplored 826 zone. The company believes these efforts will enhance both the scale and continuity of mineralization at the Juby gold project.

Advancing toward bulk sample and development

In parallel with exploration success, McFarlane is advancing permitting activities to support the next phase of project development. The company intends to submit a notice of project status to the Ontario Ministry of Mines in the near term, initiating the regulatory process for an advanced exploration program.

This program will include the planned extraction and processing of up to 50,000 tonnes of mineralized material as part of a bulk-sampling initiative. McFarlane anticipates submitting a closure plan following the notice of project status, with the objective of securing permits to commence bulk sampling in 2027. Discussions with first nation communities and provincial regulators have commenced, with feedback being incorporated in the design and application of the submittal.

Highlights for bulk-sample location:

• Located within the existing mining lease LEA-108517, significantly reducing permitting time;
• Approximately 200 to 300 metres of continuous surface mineralization already exposed;
• Average grades of 1.5 to 3.0 grams per tonne gold, supported by drilling and channel sampling;
• Presence of multiple high-grade intervals (greater than seven grams per tonne gold) supports upside potential;
• Favourable topography enables simple open-cut mining with minimal stripping;
• Multiple pit access points improve operational flexibility and safety;
• Natural drainage conditions eliminate the need for dewatering infrastructure.

Continuing drilling at Golden Lake and overall Juby gold project resource growth

Exploration drilling continues to progress efficiently, with two diamond drill rigs currently operating at the Golden Lake area. The program is focused on expanding known zones of gold mineralization. Eight holes for a total of 5,200 metres have been drilled to date at Golden Lake, with another seven holes for a total of 4,000 metres planned. A total of approximately 7,000 metres have been completed to date on this drill program.

The company expects to release results from multiple holes in the coming weeks as assays are received and compiled. These results are anticipated to demonstrate continued growth of the Golden Lake resource base and reinforce the project's long-term development potential.

Outlook

McFarlane remains focused on executing a disciplined exploration and development strategy aimed at rapidly advancing Juby toward a development decision. With strong drilling momentum, an imminent MRE update and clear permitting pathways under way, the company is well positioned to unlock additional value from the project.

The company continues to engage in continuing and scheduled meetings with its first nation partners, which are actively supporting current drilling activities and collaborating on environmental baseline work and operational planning for the coming bulk-sample program. Drilling at site is being conducted by two contractors, each of which maintains business partnerships with first nation communities that have territorial rights within the Juby gold project area. The communities having territorial rights on the property include Matachewan First Nation, Temagami First Nation and Atikameksheng Anishnawbek.

About McFarlane Lake Mining Ltd.

McFarlane Lake is a Canadian gold exploration company focused on advancing its flagship Juby gold project, located near Gowganda, Ont., within the established Abitibi greenstone belt. The Juby gold project hosts a current (effective Sept. 29, 2025) National Instrument 43-101-compliant mineral resource estimate of 1.01 million ounces of gold in the indicated category at an average grade of 0.98 g/t gold (31.74 million tonnes) and an additional 3.17 million ounces of gold in the inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes). The estimate was calculated using a long-term gold price of $2,500 (U.S.) per ounce, applying cut-off grades of 0.25 g/t gold for open pit and 1.85 g/t gold for underground resources.

A sensitivity analysis completed at a higher gold price of $3,750 (U.S.) per ounce resulted in an indicated mineral resource of 1.20 million ounces grading 0.94 g/t gold (39.51 million tonnes) and an inferred mineral resource of 4.23 million ounces grading 0.85 g/t gold (154.50 million tonnes) applying cut-off grades of 0.25 g/t gold for open pit and 1.15 g/t gold for underground resources.

The independent mineral resource estimate was prepared by BBA E&C Inc. in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The full technical report supporting the resource estimate was filed on SEDAR+ on Nov. 21, 2025, and is also available on the company's website.

McFarlane is actively executing an exploration drilling program (as detailed herein) and additional technical studies at the Juby project to further evaluate and advance this large-scale gold system.

In addition to Juby, McFarlane holds a portfolio of 100-per-cent-owned gold assets across Ontario, including the past-producing McMillan gold mine and Mongowin properties located approximately 70 kilometres west of Sudbury and the Michaud/Munro properties located 115 kilometres east of Timmins. McFarlane Lake Mining is a reporting issuer in Ontario, British Columbia and Alberta.

Qualified person

The scientific and technical information disclosed in this news release was reviewed and approved by Bob Kusins, PGeo, a consultant to the company and a qualified person under National Instrument 43-101. The technical information was also reviewed by Mark Trevisiol, PEng, an officer of McFarlane and a qualified person under NI 43-101.

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