Mr. Mark Trevisiol reports

MCFARLANE LAKE ANNOUNCES PARTIAL REDEMPTION OF SENIOR SECURED DEBENTURES FOLLOWING SALE OF WEST HAWK LAKE AND HIGH LAKE

In accordance with the trust indenture dated Sept. 29, 2025, between McFarlane Lake Mining Ltd. and Odyssey Trust Company and with the consent of a majority of the holders provided on Oct. 24, 2025, waiving the indenture's 60-day notice requirement for redemption, the company submitted notice on Nov. 11, 2025, of the early redemption of $2,344,469 (U.S.) of its $15-million (U.S.) aggregate principal amount of 15-per-cent senior secured debentures maturing Oct. 26, 2026. The debentures have been redeemed as of Nov. 11, 2025, in accordance with the terms of the indenture.

The trustee will pay holders of debentures a redemption amount of approximately $167.92 (U.S.) for each $1,000 (U.S.) principal amount of the debentures, being equal to (i) $156.30 (U.S.) and (ii) all accrued and unpaid interest hereon to but excluding the redemption date, inclusive of the early repayment premium required pursuant to the indenture.

Under the indenture, the Oct. 28, 2025 West Hawk Lake and High Lake sale was considered a permitted asset sale (as defined in the indenture) of a secured asset, of which at least 50 per cent of the net cash proceeds (as defined in the indenture) are to be applied to redeem the debentures. The payment of $2,344,469 (U.S.) against the debentures represents 50 per cent of the net cash proceeds from the sale of West Hawk Lake and High Lake.

Holders of the debentures are encouraged to contact their investment dealer or the trustee to co-ordinate the surrender of their debentures. The redemption price will be payable in cash upon presentation and surrender to the trustee of the debentures called for redemption at 1230, 300-5th Ave. SW, Calgary, Alta., T2P 3C, attention: Corporate Trust.

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, Ont., within the established Abitibi greenstone belt. The Juby 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 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 National Instrument 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, see announcement of Oct. 7, 2025.

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

In addition to the Juby gold project, McFarlane holds a portfolio of 100-per-cent-owned gold assets in 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 Lake Mining 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.

Advisers

Wildeboer Dellelce LLP is acting as legal counsel for McFarlane.

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