Mr. Mark Trevisiol reports

MCFARLANE LAKE ANNOUNCES APPOINTMENT OF NEW DIRECTOR AND GRANT OF AWARDS

Dario Zulich has accepted a position as a new member of McFarlane Lake Mining Ltd.'s board of directors. Mr. Zulich is an accomplished entrepreneur and community leader who has made significant contributions to the sports and entertainment industry as well as to the business and philanthropic communities in Northeastern Ontario. As the owner of the Sudbury Wolves hockey club, Mr. Zulich in his role as chief executive officer of SW Sports and Entertainment Inc., directs a diverse portfolio of businesses, which include the Sudbury Wolves hockey club, the Sudbury Five basketball club and the Sudbury Spartans football club. Under his leadership, these entities have become an integral part of the local sports scene, providing entertainment and inspiration to fans of all ages.

Prior to his success in the sports and entertainment industry, Mr. Zulich was formerly the chief executive officer of TESC Contracting Ltd. for nearly two decades and he currently remains a partner in the business today. During his time as CEO, he helped to establish TESC as one of Ontario's largest industrial contracting businesses, specializing in multitrade construction services for mining and metals, power generation, forest products, and power generation markets.

In addition to his achievements in the business world, Mr. Zulich has also been an active member of various community boards and organizations, including The United Way Centraide, Sudbury & District Chamber of Commerce, Laurentian University's Next 50 Campaign, and the YMCA Building Committee for the Centre for Life. Furthermore, he is the co-founder of the Wolves United organization and founder of SWSE Play it Forward, philanthropic partnerships aimed at raising support and funding for youth mental health.

"We are delighted to have Dario join our board of directors," said Mark Trevisiol president and chief executive officer of McFarlane Lake. "Our company was founded and is managed by people from Northern Ontario. Dario's stature and experience will undoubtedly complement our team as we continue to develop our portfolio of gold properties in Ontario and Manitoba."

In connection with the appointment, the board of directors has approved the grant of 325,000 incentive stock options to Mr. Zulich exercisable into the equivalent amount of common shares at a price of 12 cents per share for a period of five years. The options vested immediately. The board of directors has also approved the grant of an aggregate of seven million restricted share units (RSUs) to directors Perry Dellelce and Mr. Trevisiol which vest immediately. Each vested RSU entitles the holder to receive one common share. These grants were made to appropriately reward the previous and continuing contributions of Mr. Dellelce and Mr. Trevisiol and to encourage them to continue contributing significantly to McFarlane Lake's success in future.

Prior to the RSU grants, the company had no RSUs outstanding. The company currently has 9,975,000 options outstanding.

All grants of options and RSUs are subject to the company's stock option plan and restricted share unit plan, as applicable, which were amended by shareholders at McFarlane Lake's 2023 annual and special meeting of shareholders on March 6, 2023. The RSUs are also subject to the terms of the applicable grant agreements.

For further information regarding the grant of the RSUs, please refer to the company's management information circular dated Jan. 25, 2023, which is available under McFarlane Lake's profile at SEDAR.

Early warning

Mr. Trevisiol of 15 Kincora Court, Sudbury, Ont., P3E 2B9, acquired ownership and control of 3.5 million RSUs of McFarlane Lake, that if settled for common shares of the company would represent approximately 3.00 per cent of the issued and outstanding common shares. Immediately prior to the grant of the MT RSUs, Mr. Trevisiol held 11,356,000 common shares representing approximately 10.03 per cent of the issued and outstanding common shares of McFarlane Lake. As a result of the acquisition of the MT RSUs, Mr. Trevisiol currently holds the following securities of the company: (i) 11,356,000 common shares (10.03 per cent); (ii) 2.25 million options (22.56 per cent); (iii) 3.5 million RSUs (50 per cent); and (iv) 500,000 common share purchase warrants (3.03 per cent). If said options, RSUs and warrants were settled or exercised for common shares, as applicable, Mr. Trevisiol would hold approximately 14.74 per cent of the issued and outstanding common shares on a partially diluted basis.

Mr. Trevisiol holds the common shares for investment purposes. Mr. Trevisiol may, from time to time, take such actions in respect of his holdings in securities of McFarlane Lake as he may deem appropriate in light of the circumstances then existing, including the purchase of additional common shares or other securities of McFarlane Lake or the disposition of all or a portion of his security holdings in McFarlane Lake, subject in each case to applicable securities laws and the terms of such securities. Certain common shares held by Mr. Trevisiol are subject to certain escrow conditions under the policies of the Neo Exchange Inc. and are subject to certain lockdown periods as described in the company's filing statement dated Jan. 14, 2022.

The disclosure in this news release is being issued in accordance with National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report on SEDAR under McFarlane Lake's profile. To obtain a copy of the early warning report filed by Mr. Trevisiol, please contact Mr. Trevisiol at 705-665 5087 or refer to SEDAR under McFarlane Lake's profile.

Mr. Dellelce of suite 800, 365 Bay St., Toronto, Ont., M5H 2V1, acquired ownership and control of 3.5 million RSUs of McFarlane Lake, that if settled for common shares would represent approximately 3.00 per cent of the issued and outstanding common shares. Immediately prior to the grant of the PD RSUs, Mr. Dellelce held 9.15 million common shares representing approximately 8.08 per cent of the issued and outstanding common shares. As a result of the acquisition of the PD RSUs, Mr. Dellelce currently holds the following securities of the company: (i) 9.15 million common shares (8.08 per cent); (ii) 1,425,000 options (14.29 per cent); (iii) 3.5 million RSUs (50 per cent); and (iv) 550,000 warrants (3.32 per cent). If said options, RSUs and warrants were settled or exercised for common shares, as applicable, Mr. Dellelce would hold approximately 12.33 per cent of the issued and outstanding common shares on a partially diluted basis.

Mr. Dellelce holds common shares for investment purposes. Mr. Dellelce may, from time to time, take such actions in respect of his holdings in securities of McFarlane Lake as he may deem appropriate in light of the circumstances then existing, including the purchase of additional common shares or other securities of McFarlane Lake or the disposition of all or a portion of his security holdings in McFarlane Lake, subject in each case to applicable securities laws and the terms of such securities. Certain common shares held by Mr. Dellelce are subject to certain escrow conditions under the policies of the NEO and are subject to certain lock down periods as described in the filing statement.

The disclosure in this news release is being issued in accordance with National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report on SEDAR under McFarlane Lake's profile. To obtain a copy of the early warning report filed by Mr. Dellelce, please contact Mr. Dellelce at 416-361-3121 or refer to SEDAR under McFarlane Lake's profile.

Related party disclosure

The grants of the RSUs and options constitute related party transactions within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. For these grants, the company has relied on applicable exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101. No new insiders were created as a result of these grants, nor has there been any change of control.

About McFarlane Lake Mining Ltd.

McFarlane Lake is a mineral exploration company focused on the exploration and development of the High Lake mineral property located immediately east of the Ontario-Manitoba border and the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border. In addition, McFarlane holds the McMillan and Mongowin mineral property located 70 kilometres west of Sudbury and owns the Michaud/Munro mineral property 115 km east of Timmins. McFarlane is a reporting issuer under applicable securities legislation in the provinces of Ontario, British Columbia and Alberta.

We seek Safe Harbor.