Mr. Mark Trevisiol reports

MCFARLANE RECEIVES EXPLORATION PERMIT

McFarlane Lake Mining Ltd. has received its exploration permit for upcoming work at the 100-per-cent-owned Juby gold project, located west of Gowganda, Ont., within the southern part of the prolific Abitibi greenstone belt.

"Receiving the exploration permit is a key milestone for McFarlane as we advance toward the largest drilling campaign seen on the property," said Mark Trevisiol, chief executive officer of McFarlane. "With established drilling partners and clear technical objectives, we are well positioned to move into the next phase of exploration and unlock additional potential of the project. We welcome the participation of first nations and their partners in the exploration program at the Juby gold project."

The permit approval marks a significant step in advancing the company's 2025 to 2026 drill campaign and follows McFarlane's Dec. 11, 2025, announcement outlining continued progress toward restarting exploration activities at Juby, see full release on-line.

The exploration permit authorizes a range of planned activities, including diamond drilling, line cutting, geophysical surveys and associated exploration support work. With the permit now in place, McFarlane can proceed to execute its expanded drilling program designed to test priority targets identified through updated geological modelling, structural interpretation and resource evaluation.

In preparation for the 2025 to 2026 program, the company has awarded drilling contracts to two separate contracting groups. These include Bagone'an, a partnership majority owned by Atikameksheng Anishnawbek First Nation with partners Jacob & Samuel Drilling, and Wiijiiwaagan Drilling LP, a partnership owned by Matachewan First Nation LP (MFNLP) and Longyear Canada. These collaborations provide strong operational depth while also supporting local participation in the project. There are three first nation communities recognized as having territorial rights within the Juby gold project, they include Matachewan First Nation, Temagami First Nation and Atikameksheng Anishnawbek First Nation, the latter being a business partner with Wahnapitae First Nation.

The confirmation of drilling partners, combined with the receipt of the exploration permit, sets the foundation for an exciting and transformative drill program at Juby in 2026. The upcoming campaign aims to expand known mineralized zones, evaluate new targets and build upon previous results to support future resource growth.

2026 drill program: a transformative step for Juby

With the exploration permit in hand and new long-term drilling partnerships established, McFarlane is now positioned to advance preparations for an ambitious 2026 drill program at the Juby gold project -- anticipated to be one of the most significant exploration campaigns in the project's history.

The company expects the program to:

• Expand upon known mineralized zones and target new areas identified through recent geologic and structural modelling;
• Support the next phase of resource growth at Juby;
• Deepen relationships with local and indigenous communities through meaningful and sustained participation in project activities.

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 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 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 was filed on SEDAR+ on Nov. 21, 2025, and is also available on the company's website.

McFarlane has recently announced its planned exploration drilling program (see announcement Dec. 11, 2025) and is further advancing environmental baseline studies at the Juby project to support background data required for bulk sample applications and future mining permits.

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 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.

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