Mr. Mark Trevisiol reports

MCFARLANE LAKE AMENDS GRANT OF STOCK OPTIONS

McFarlane Lake Mining Ltd.'s board of directors has approved an amendment to the terms of the previously granted aggregate of 35.1 million stock options issued on Nov. 2, 2024, to certain directors, officers, employees and consultants of the company.

The options are exercisable into an equivalent number of common shares of the company at a price of 15 cents per share until Nov. 2, 2030, replacing the previously announced exercise price of 10 cents per share.

The amendment to the exercise price has been made in order to align with the company's most recent financing, which was completed at 15 cents per share under the LIFE offering in two tranches on Sept. 26, 2025, and Oct. 9, 2025, reflecting strong support and belief in the company's growth strategy from our investors.

The amended grant remains subject to acceptance by the Canadian Securities Exchange and the execution of option agreements by the holders. All other terms of the options, including vesting provisions, remain unchanged and continue to be governed by the company's stock option plan.

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 National Instrument 43-101.

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