Mr. Mark Trevisiol reports

MCFARLANE LAKE MINING PROVIDES UPDATE ON JUBY GOLD PROJECT

McFarlane Lake Mining Ltd. has provided an update on its Juby gold project, located near Shining Tree in Ontario or about 90 kilometres west of Temiskaming Shores. The Juby gold project hosts a current (effective Sept. 29, 2025) National Instrument 43-101-compliant mineral resource estimate (MRE) of 1.01 million ounces of gold in the indicated category at an average grade of 0.98 gram per tonne (g/t) gold (31.74 million tonnes) and an additional 3.17 million ounces of gold in the inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes).

Since acquiring the Juby gold project, McFarlane has been focusing on the following exploration and corporate items to move the project forward:

• The exploration team -- McFarlane has hired geologists and technicians to support the upcoming fieldwork (diamond drilling) at the Juby gold project. These new employees are based in Northern Ontario, close to the Juby gold project.
• After applying for its exploration permit, McFarlane has had early-stage correspondence with first nations with territorial rights on the Juby gold project. McFarlane has welcomed their participation in potential work on the property. McFarlane has sent out numerous requests to bid on forthcoming diamond drilling work on the property, including to those first nations with the capacity to take on this work.
• Leading McFarlane's Juby exploration program, Winston Whymark, manager of exploration, has put forth a comprehensive review of all historical drill core on the property, specifically from 2000 to 2011. Over 110,000 metres of historic core were reviewed and nearly 10,000 metres of drill core, which were not sampled previously, have been identified. Approximately 2,000 metres of core have been considered top priority for sampling and are currently being processed. McFarlane expects assay results in the coming weeks. The importance of this is noteworthy; there is a significant potential to add gold ounces to the resource base without having to incur the cost and the time associated with diamond drilling.
• The exploration team is also looking to add additional gold ounces through brownfield expansion around Juby's known mineralization. The exploration team is now gearing up for a 10,000-to-15,000-metre diamond drill program at site. The strategy of this program is to prioritize drilling areas within the Juby gold project that can add significant gold ounces to the gold resource, utilizing the knowledge McFarlane gained from its latest geological modelling. The Juby gold project is defined by four gold resource areas: Juby, Golden Lake, Big Dome and Hydro Creek. Golden Lake and Juby have the most significant potential to add ounces to the existing resource. More details will be shared in the coming weeks.
• Corporately, McFarlane has engaged Alliance Advisors IR to provide investor relations support for the company moving forward. Early efforts will focus on key messaging objectives for the Juby gold project.
• McFarlane will attend and present at the upcoming Red Cloud Mining Showcase in Toronto on Nov. 4 and Nov. 5. McFarlane recently presented at the Northern Ontario Prospectors Conference held in Kirkland Lake, Ont., where a significant number of gold producers were represented, including Agnico Eagle, Alamos Gold, Iamgold and Discovery Silver.
• McFarlane has also received proposals for environmental baseline study work. This work is necessary to derisk the project by establishing existing water quality conditions for both surface water and groundwater around the Juby gold project. This is a necessary step toward advancing permitting applications for future ore extraction from the site and supports McFarlane's responsibility to develop the site in a sustainable manner.

In the coming weeks, McFarlane will provide further updates on its exploration program at the Juby gold project as it prepares to develop and expand upon existing gold resources. The team at McFarlane is extremely excited to be participating in what is one of Ontario's larger gold resource properties, located in the prolific Abitibi greenstone belt.

Grant of stock options

The company also announces that its board of directors has approved the grant of an aggregate of 35.1 million stock options to certain directors, officers and consultants of the company in accordance with the policies of the Canadian Securities Exchange and the company's stock option plan.

The options are exercisable into the equivalent amount of common shares of the company at a price of 10 cents per share until Nov. 2, 2030. The options are subject to various vesting provisions in accordance with the terms approved by the board of directors.

About McFarlane Lake Mining Ltd.

McFarlane Lake Mining is a Canadian gold exploration company focused on advancing its flagship Juby gold project, located near Gowganda in Ontario, within the established Abitibi greenstone belt. The Juby gold project hosts a current (effective Sept. 29, 2025) NI 43-101-compliant mineral resource estimate of 1.01 million ounces of gold in the indicated category at an average grade of 0.98 g/t gold (31.74 million tonnes) and an additional 3.17 million ounces of gold in the inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes). The estimate was calculated using a long-term gold price of $2,500 (U.S.) per ounce, applying cut-off grades of 0.25 g/t gold for open-pit and 1.85 g/t gold for underground resources.

A sensitivity analysis completed at a higher gold price of $3,750 (U.S.) per ounce resulted in an indicated mineral resource of 1.20 million ounces grading 0.94 g/t gold (39.51 million tonnes) and an inferred mineral resource of 4.23 million ounces grading 0.85 g/t gold (154.50 million tonnes), applying cut-off grades of 0.25 g/t gold for open-pit and 1.15 g/t gold for underground resources.

The independent MRE was prepared by BBA E&C Inc. in accordance with NI 43-101, Standards of Disclosure for Mineral Projects. The full technical report supporting the resource estimate will be filed on SEDAR+ within 45 days of the company's public announcement of the MRE.

McFarlane is actively planning an exploration drilling program and additional technical studies at the Juby project to further evaluate and advance this large-scale gold system.

In addition to Juby, McFarlane holds a portfolio of 100-per-cent-owned gold assets across Ontario, including the past-producing McMillan gold mine and Mongowin properties, located approximately 70 kilometres west of Sudbury, and the Michaud/Munro properties, located 115 kilometres east of Timmins. McFarlane is a reporting issuer in Ontario, British Columbia and Alberta.

Qualified person

The scientific and technical information disclosed in this news release was reviewed and approved by Mark Trevisiol, PEng, an officer of McFarlane and a qualified person under NI 43-101.

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