Mr. Mark Trevisiol reports

MCFARLANE LAKE ANNOUNCES UP TO C$4.5 MILLION PRIVATE PLACEMENT, ROB MCEWEN TO PARTICIPATE

McFarlane Lake Mining Ltd. intends to offer for sale, on a non-brokered private placement basis: (i) up to 50 million units of the company at a price of five cents per unit; and (ii) up to 33,333,333 flow-through shares of the company at a price of six cents per FT share, to raise collective aggregate gross proceeds of up to $4.5-million. The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will be exercisable by the holder to acquire one common share at a price of seven cents per common share for a period of 18 months from the closing of the offering, which is expected to occur on or about Oct. 30, 2023. The offering may be closed in multiple tranches at the sole discretion of the company.

The company expects to enter into a definitive subscription agreement with Rob McEwen, a lead investor who has agreed in principle to subscribe for $1-million worth of securities.

Mr. McEwen is chairman and chief owner of McEwen Mining Inc., which has three producing mines in Nevada, Ontario and Argentina and holds 68-per-cent interest in the large Los Azules copper project in Argentina. Mr. McEwen has been associated with the gold industry all his career, his first 18 years in the investment industry and since 1990 as chief executive officer of several gold mining companies. Mr. McEwen was awarded the Order of Canada in 2007, the Queen Elizabeth's Diamond Jubilee Award in 2013, was inducted into the Mining Hall of Fame in 2017, and has honorary doctor of law degrees from York University and Western University.

"We are delighted that Rob McEwen is participating in the offering and look forward to working with him as we continue to build out our gold resources at High Lake and develop our Canadian gold properties," says Mark Trevisiol, chairman and chief executive officer of McFarlane Lake.

Mr. McEwen stated: "I was attracted to McFarlane Lake because of its terrific high-grade intercepts and the fact that it is in Canada and located close to where Goldcorp Inc. enjoyed such phenomenal exploration success and profitability. As Canadians, we need our governments to move with greater urgency to develop our natural resources. Mining provides high-paying jobs, employs a wide range of skills and has a large multiplier effect on the economy!"

McFarlane Lake will utilize the net proceeds from the offering to further explore the company's High Lake property, as well as for general working capital purposes. The gross proceeds received by the company from the sale of the FT shares will be used to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the tax act. All qualifying expenditures will be renounced in favour of the subscribers of the FT shares effective Dec. 31, 2023.

There can be no assurances that the offering will be completed on the terms set out herein, or at all, or that the proceeds of the offering will be sufficient for the purposes of the company set out herein. In connection with the offering, the company may pay finders' fees equal to: (i) 3 per cent of the aggregate gross proceeds of the offering payable in cash; (ii) 3 per cent of the aggregate securities sold payable in units; or (iii) any combination of cash and units calculated in the manner set forth in (i) or (ii), as applicable.

The offering is subject to acceptance by the Neo Exchange Inc. (operating as Cboe Canada) and all regulatory approvals, and all of the securities issued in connection with the offering will be subject to applicable statutory holding periods or any other resale restrictions imposed under applicable securities legislation. If required in the context of the offering, the company will obtain written security holder approval for the offering from at least 50 per cent of the holders entitled vote thereon in accordance with the policies of Cboe.

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 properties 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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