Mr. Mark Trevisiol reports

MCFARLANE COMMENCES EXPLORATION DRILLING AT JUBY GOLD PROJECT

Exploration drilling has commenced at McFarlane Lake Mining Ltd.'s 100-per-cent-owned Juby gold project, located west of Gowganda, Ont., within the southern part of the prolific Abitibi greenstone belt.

"Commencing drilling at Juby is an important milestone for McFarlane as we begin a meaningful exploration program on one of the largest gold systems in the southern Abitibi," said Mark Trevisiol, president and chief executive officer of McFarlane Lake. "With up to 13,000 metres planned across multiple zones, including priority targets at Golden Lake and Juby, this program is designed to expand known mineralization and test the project's depth and strike potential. We believe Juby offers significant upside, and this drilling campaign is a key step toward unlocking that value for shareholders."

Drilling personnel and equipment are at site, and the company has collared and commenced drilling on the first hole. The first hole is a follow-up to one drilled in 2013 in what is termed the 826 zone area. There are two more holes planned in this area. The objective of drilling in the 826 zone is to expand upon gold mineralization intersected in 2013 and to test for continued mineralization at depth and along strike.

The bulk of the drilling, however, will take place at the Golden Lake zone and the Juby zone. On Dec. 11, 2025, McFarlane released details of its drilling program. Both the Golden Lake and Juby zones will be targeted mainly at depth to explore for new gold mineralization.

There are 12,000 to 13,000 metres of drilling planned for this phase. McFarlane expects to complete the drilling by May of 2026.

About McFarlane Lake Mining Ltd.

McFarlane Lake 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 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 mineral resource estimate 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 of Dec. 11, 2025), and is further advancing environmental baseline studies at the Juby gold project to support background data required for bulk sample applications and future mining permits.

In addition to the Juby gold project, 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 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 Bob Kusins, PGeo, a consultant to the company, a qualified person under National Instrument 43-101, and Mark Trevisiol, PEng, an officer of McFarlane, a qualified person under National Instrument 43-101.

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