Dr. Vern Rampton reports

MAYO LAKE MINERALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UNITS FOR UP TO $700,000

Mayo Lake Minerals Inc. intends to complete a non-brokered private placement to raise aggregate gross proceeds of 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 five 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.

Each CS unit will consist of one common share in the capital of the company (each, a common share) and one common share purchase warrant (each, a CS 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.

In connection with the offering, the company may pay certain eligible finders a cash commission of up to 8 per cent of the gross proceeds raised by such finders and may issue such number of finder warrants (each, a finder warrant) as is equal to up to 8 per cent of the number of units sold by such finders. Each finder warrant will entitle the holder thereof to acquire one common share for a period of 30 months from the closing date at a price of four cents per common share, in the case of finder warrants issued in respect of CS units, or five cents per common share, in the case of finder warrants issued in respect of FT units.

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 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.

Dr. Vern Rampton, president and chief executive officer of the company, stated: "We will be using most of the FT funds to delineate more deposits in the Anderson gold trend and refine the many drill targets that we have already defined. Some inverse mag will be completed to define prospective igneous sources for mineralization on all three properties. This will allow us to focus on drilling well delineated reduced intrusion-related gold deposits on the Anderson gold trend next summer."

The net proceeds from the sale of CS units will be used primarily for working capital, property acquisitions and general operating costs. The gross proceeds from the sale of FT units will be used to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures, as both terms are defined in the tax act, on the company's Anderson-Davidson, Carlin-Roop and Edmonton properties in Yukon. The company will renounce such expenditures to subscribers of FT units with an effective date no later than Dec. 31, 2026.

All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day from the applicable date of issuance in accordance with applicable Canadian securities laws. Closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange.

This press release has been prepared by Dr. Vern Rampton, PEng, in his capacity as a qualified person under the guidelines of National Instrument 43-101.

We seek Safe Harbor.