Mr. Mark Trevisiol reports

MCFARLANE LAKE ANNOUNCES CLOSING OF FIRST TRANCHE OF UPSIZED PRIVATE PLACEMENT OFFERING

On Nov. 1, 2023, McFarlane Lake Mining Ltd. closed the first tranche of its previously announced non-brokered private placement offering of units of the company and flow-through shares of the company on Oct. 17, 2023. The first tranche consisted of 43.5 million units at a price of five cents per unit and 24,943,681 flow-through shares at a price of six cents per FT share for combined aggregate gross proceeds to the company of approximately $3,671,620. Due to strong investor demand, the company has upsized the offering to up to $4.6-million. At the request of certain proposed investors, the company will aim to close the second (and final) tranche of the offering for approximately $928,380 on or about the week of Nov. 13, 2023.

Each unit consisted of one common share of the company and one common share purchase warrant. Each warrant is exercisable by the holder to acquire one common share at a price of seven cents per common share until May 1, 2025.

The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the first tranche will be subject to a four-month hold period ending on March 2, 2024.

McFarlane Lake intends to utilize the net proceeds from the first tranche to further explore the company's West Hawk Lake and High Lake properties, 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.

The offering remains subject to final acceptance by the NEO Exchange (operating as Cboe Canada) and all regulatory approvals. In accordance with the policies of Cboe, a majority of existing shareholders of the company approved the offering prior to the closing of the first tranche.

Early warning reporting

Rob McEwen's investment company Evanachan Ltd. acquired ownership and control of 20 million common shares and 20 million warrants of McFarlane Lake, representing approximately 11.01 per cent of the issued and outstanding common shares and 15.68 per cent of the outstanding warrants, respectively. As a result of the purchase of the acquired securities, Evanachan became an insider of the company for securities law purposes.

Immediately prior to the acquisition of the acquired securities, Evanachan did not hold any common shares or warrants of McFarlane Lake.

Evanachan purchased the acquired securities for $1-million. The acquired securities will be held by Evanachan for investment purposes. Evanachan may, from time to time, take such actions in respect of its holdings in securities of McFarlane Lake as it 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 its securityholdings in McFarlane Lake, subject in each case to applicable securities laws and the terms of such securities.

The acquired warrants are subject to a warrant blocker provision whereby Evanachan shall not be entitled to exercise acquired warrants if it would result in Evanachan holding 20 per cent or more of the total issued and outstanding common shares of the company.

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 Evanachan, please contact Rob McEwen, the president of Evanachan, at 647-258-0395, extension 200, or refer to SEDAR+ under McFarlane Lake's profile.

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 Lake holds the McMillan and Mongowin mineral property located 70 kilometres west of Sudbury and owns the Michaud/Munro mineral properties 115 kilometres east of Timmins. McFarlane Lake is a reporting issuer under applicable securities legislation in the provinces of Ontario, British Columbia and Alberta.

We seek Safe Harbor.