Dr. Vern Rampton reports

MAYO LAKE MINERALS ANNOUNCES AMENDMENT TO PRICING OF FLOW-THROUGH UNITS IN NON-BROKERED PRIVATE PLACEMENT

Further to Mayo Lake Minerals Inc.'s news release dated Oct. 5, 2026, it has reduced the issue price of the flow-through units in its previously announced non-brokered private placement from five cents to 4.5 cents per FT unit. The maximum gross proceeds from the sale of FT units remain $500,000, which, at the amended price, represents up to 11,111,111 FT units. The common share unit portion of the offering is unchanged and will consist of a minimum of five million common share units at a price of four cents per CS unit for minimum gross proceeds of $200,000. Aggregate gross proceeds of the offering remain up to $700,000. The offering is expected to close on or about Nov. 4, 2026, and may close in one or more tranches, in which case the date of the final closing will apply to all units issued under the offering.

Each CS unit will consist of one common share in the capital of the company and one common share purchase warrant. 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) and one common share purchase warrant. Each CS warrant and each FT warrant will entitle the holder thereof to acquire one common share for a period of 30 months from the closing date at an exercise price of seven cents per common share, in the case of a CS warrant, or eight cents per common share, in the case of an FT warrant.

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 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 an exercise price of four cents per common share, in the case of finder warrants issued in respect of CS units, or 4.5 cents per common share (reduced from five cents), in the case of finder warrants issued in respect of FT units.

All securities issued under the offering will be subject to a statutory hold period of four months and one day from the date of issuance. Closing of the offering remains subject to the receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange.

We seek Safe Harbor.