Mr. Mark Trevisiol of McFarlane Lake reports

MCFARLANE LAKE ANNOUNCES PROPOSED STRATEGIC INVESTMENT IN IMETAL RESOURCES, INC.

McFarlane Lake Mining Ltd. has entered into a subscription agreement with iMetal Resources Inc., pursuant to which the company has agreed to make a strategic investment in iMetal. Pursuant to the subscription agreement, the company has agreed to purchase 14,200,852 units of iMetal at a price of 10 cents per unit for an aggregate subscription price of $1,420,085. Upon completion of the strategic investment, the company is expected to beneficially own 19.9 per cent of iMetal's issued and outstanding common shares. The strategic investment is being completed pursuant to iMetal's previously announced non-brokered private placement, consisting of up to 30 million units at a price of 10 cents per unit for aggregate gross proceeds of up to $3-million.

Each unit consists of one iMetal share and one common share purchase warrant of iMetal. Each iMetal warrant will entitle the company to buy one iMetal share at an exercise price of 17.5 cents per iMetal share for a period of three years from the date of closing of the strategic investment. iMetal may accelerate the expiry date if the volume-weighted average trading price of the iMetal shares on the TSX Venture Exchange exceeds 40 cents for 20 consecutive trading days (subject to a beneficial ownership blocker), in accordance with the terms of the warrant certificate governing the iMetal warrants.

In connection with the strategic investment, the company and iMetal have entered into an investor rights agreement, which will become effective on closing of the strategic investment. The investor rights agreement gives the company the right to, among other things, nominate one director to iMetal's board of directors, participate in future equity issuances of iMetal to maintain McFarlane's pro rata equity interest and, subject to the approval of the board of iMetal, provide certain technical oversight on exploration on its Gowganda property, on the terms set out in the investor rights agreement. Closing of the strategic investment remains subject to the final approval of the TSX Venture Exchange and the Canadian Securities Exchange, and other customary closing conditions.

McFarlane's land position is approximately 5,500 hectares while iMetal has approximately 7,500 hectares.

Mark Trevisiol, chief executive officer, president and director of the company, commented: "We are pleased to be participating in the iMetal financing. This creates an opportunity for both companies and allows interests to be more aligned in exploring geological trends in this area for the development and benefit of both companies. We look forward to working with the iMetal team."

Update on marketing service engagement

The company is also announcing the renewal of its marketing service engagement with The Market Link, a Vancouver-based marketing and media platform company, to provide an issuer advertising campaign. Further to the marketing services agreement entered into on Nov. 14, 2025, and extended on March 19, 2026, the company and Market Link have entered into a second extension of the arrangement for an additional four-month term that started on July 26, 2026, for total cash compensation of $110,000 (U.S.). Market Link is arm's length to the company and has no direct or indirect interest in the securities of the company. No securities will be issued as compensation. Market Link will continue to deploy products from its range of offerings, which include digital marketing services, on-site awareness products, e-mail distribution, advertising placements, sponsored company materials and other media services.

About McFarlane Lake Mining Ltd.

McFarlane Lake Mining 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 (as defined hereafter) mineral resource estimate (MRE) of 1.01 million ounces of gold in the indicated category at an average grade of 0.98 gram per tonne (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 MRE 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 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 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 as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. The technical information was also reviewed by Mark Trevisiol, PEng, an officer of McFarlane and a qualified person under NI 43-101.

Advisers

Wildeboer Dellelce LLP is acting as legal counsel for McFarlane. Cassels Brock & Blackwell LLP is acting as legal counsel and Integrity Capital Partners is acting as financial adviser for iMetal.

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