Dr. Vern Rampton reports

MAYO LAKE REPORTS ANNUAL MEETING RESULTS

Mayo Lake Minerals Inc. has released the results of its annual and special meeting held on Jan. 23, 2026, in Carp, Ont., and to provide an operational update on preparations for its 2026 field season.

The company previously announced its 2026 trenching and drilling campaign on Jan. 26, 2026.

Annual meeting results

A total of 31,536,883 shares, representing 28 per cent of the outstanding common shares were voted. The shareholders approved all matters presented at the meeting:

• Directors re-elected: Dr. Vern Rampton (100 per cent), Lee Bowles (100 per cent), Jeff Ackert (100 per cent) and Gregory LeBlanc (99.7 per cent); the latter three are independent;
• Auditor reappointed: Jones & O'Connell LLP (100 per cent);
• Share consolidation authorized: Shareholders unanimously approved a special resolution authorizing the board to consolidate the outstanding shares at a ratio of not less than one new share for every three outstanding shares, subject to the board determining that such consolidation is in the best interests of the company. The board does not currently intend to proceed with a consolidation.

Operational status: contractor negotiations and mobilization

Following the company's previously announced programs, Mayo Lake is exploring the availability of drilling, trenching and logistics companies to finalize timing and contracts. One-on-one meetings with various contractors were initiated at the AME Roundup in Vancouver in late January with timelines to be announced once contracts are finalized.

Chief executive officer comment

Dr. Vern Rampton, president and chief executive officer, commented: "It was abundantly clear from the positively charged atmosphere at the recent AME Roundup that the financing environment has become highly supportive of junior exploration companies, both in the Yukon and right across Canada. In particular, funding activity across the Tombstone gold belt continues to increase, kick-started by several recent gold discoveries and the ongoing development of other projects in the Mayo-Keno area. We believe Mayo is well positioned to participate in this momentum with our plans for substantial drilling and trenching programs at our two flagship projects: the Carlin-Roop silver discovery and the Anderson gold trend, which hosts numerous identified drill targets. We are making good progress with contractors and other active parties in the region and look forward to confirming our mobilization plans as agreements and permits are finalized."

Regional context: Tombstone gold belt and Mayo-Keno area.

The Mayo-Keno area lies within the Tombstone gold belt, a prolific corridor hosting intrusion-related and epizonal mineralizing systems, including reduced intrusion-related gold systems, high-grade silver veins, skarns and polymetallic vein systems. Recent discoveries and resource expansions across the district have increased exploration activity and investor interest in the TGB. Notable nearby resources include:

• Banyan gold: AurMac deposit with reported pit-constrained indicated resources of 2.27 million ounces gold (112 million tonnes at 0.63 gram per tonne) and inferred resources of 5.45 Moz Au (260.0 Mt at 0.60 g/t);
• Sitka gold: Blackjack and Eiger deposits with indicated resources of 1.29 Moz Au (40.0 Mt at 1.01 g/t) and inferred resources of 1.18 Moz Au (612.0 Mt at 0.75 g/t);
• Victoria gold: Eagle and Olive deposits with measured and indicated resources of 4.66 Moz Au; Raven deposit with inferred resources of 1.07 Moz Au (19.9 Mt at 0.59 g/t);
• Hecla mining: silver; proven and probable reserves of 64.4 Moz silver (2.64 Mt at 24.3 ounces per ton Ag) plus inferred resources of 9.24 Moz Ag (1.3 Mt at 14.8 oz/t Ag) as of Dec. 31, 2024; production is continuing at Keno Hill;
• Snowline gold: Rogue project; measured and indicated resources: 7.44 Moz Au (204 Mt at 1.21 g/t) and inferred resources of 890,000 oz Au (44.5 Mt at 0.62 g/t).

Banyan, Sitka, Snowline and Hecla all have strong market support. Victoria is currently under bankruptcy protection and is for sale with a restart of full production expected once a purchase is finalized.

These district-scale results support continued exploration across the belt and provide geological context for Mayo Lake's 2026 exploration program.

Mayo Lake project portfolio totals 145.6 square kilometres and reflects the district's multicommodity potential.

• Project 1: silver flagship -- Carlin-Roop (44 square kilometres): targeting Keno-style high-grade silver; the Carlin West prospect exhibits geological characteristics comparable with historic high-grade deposits in the district;
• Project 2: gold flagship -- Anderson-Davidson (86 square kilometres): hosts the Anderson gold trend (48 square kilometres), where more than 10 km of linear gold-in-soil anomalies have been outlined, which are interpreted as the surface expressions of subsurface gold veining and at depth intrusion-related mineralization;
• Project 3: diversified metal flagship -- Edmonton (15 square kilometres): a broad magnetic low combined with anomalous gold, silver and base metal geochemistry and positive SGH signatures suggest a buried intrusion with multielement potential.

There is no assurance that exploration will define mineral resources comparable with those of nearby companies; however, the geological setting and recent district activity provide a strong rationale for Mayo Lake's planned work programs.

Qualified person

The technical and scientific information contained within this news release has been written by Dr. Vern Rampton, PEng, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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. All 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 are attracting exploration and mine development, witness Victoria Gold's Eagle gold mine, Hecla Mining's silver mines at Keno and projects actively moving forward toward mine development by Banyan Gold, Sitka Gold and Snowline Gold.

Carlin-Roop is a 44-square-kilometre property with evidence suggesting the presence of high-grade silver common to the Keno Hill silver district. The 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 Ag. 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 have been outlined. These anomalies are probably the surface indication of subsurface gold veining. At Edmonton, 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 could point to a major multielement deposit.

The Mayo-Keno region is currently buzzing with activity as a result of recent discoveries that have propelled the Tombstone gold belt into the spotlight.

We seek Safe Harbor.