Mr. Mark Trevisiol reports

MCFARLANE FILES TECHNICAL REPORT ON ITS HIGH GRADE GOLD RESOURCE ON HIGH LAKE PROPERTY, INCLUDES TECHNICAL UPDATE ON WEST HAWK LAKE PROPERTY

McFarlane Lake Mining Ltd. has filed an independent technical report prepared in accordance with National Instrument 43-101 for the 100-per-cent-owned High Lake property west of Kenora, Ont., and the West Hawk Lake property in Manitoba 10 kilometres west of the High Lake property. The Technical Report includes an Initial Mineral Resource Estimate ("MRE"), previously announced (see table 1), of the Purdex Zone on the High Lake Property

The Technical Report titled "Technical Report and Initial Mineral Resource Estimate of The High Lake - West Hawk Lake Gold Project, Kenora Mining Division, Ontario and Falcon Lake Area, Manitoba" was independently prepared by P&E Mining Consultants and is dated June 30, 2023, and supports the disclosure made by the Corporation in its May 24, 2023 press release announcing an Initial Mineral Resource Estimate. There are no differences between the Technical Report and the information disclosed in the May 24, 2023, news release.

The Technical Report can be found under the Corporation's profile on SEDAR (www.sedar.com) and on the Corporation's website (www.mcfarlanelakemining.com).

The MRE, independently prepared by P&E Mining Consultants Inc., has been classified in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2014) and follows the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). It is based on our recently completed drilling program and mineralization modelling with an effective date of April 14, 2023.

These Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources in this news release are uncertain in nature and there has been insufficient exploration to define these Mineral Resources as Indicated or Measured; however, it is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

The mineralized zone on the Purdex Zone extends to surface and there may be an opportunity to mine these Mineral Resources early in a development project through an open pit. P&E has reviewed two potentially feasible pit options and subsets of the Mineral Resource that could be exploited through these options, which are outlined in Table 2 below.

Qualified Person

The technical contents of this news release have been reviewed and approved by Eugene Puritch, P.Eng., FEC, CET, President & Principal Mining Engineer, P&E Mining Consultants Inc. Mr. Puritch is an independent Qualified Person, as defined by NI 43-101 and is independent of the Company.

About McFarlane Lake Mining

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 km 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.

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