Mr. Mark Trevisiol reports

NEAR SURFACE INTERSECTION YIELDS 6.58 G/T GOLD OVER 10.35 METRES

McFarlane Lake Mining Ltd. has released results from its second drill hole from its exploration campaign being conducted on its 100-per-cent-owned Juby gold project, located west of Gowganda, Ont., within the southern part of the Abitibi greenstone belt. Drilling was initiated in December, 2025, on the property and commenced at the company's 826 zone.

Highlights:

• Drill hole JU8-26-142 has intersected 6.58 grams per tonne gold over 10.35 metres, all contained within a broader intersection of 3.32 g/t gold over 22.35 metres (see Tables 1 and 2).
• As reported in the company's Jan. 22, 2026, announcement, JU8-26-142 logged 20 separate occurrences of visible gold, the assays of which are released today.
• These results further extend gold mineralization as the system seems to demonstrate a higher-grade gold concentration continuing to the southwest but is also open along strike.
• As previously reported, the company is adding an additional 500 to 600 metres of drilling in the 826 zone. Today, the company is announcing it is again increasing drilling by another 400 metres, for a total of 1,000 metres of additional drilling in the 826 zone.

"We are enthused by these early results," said Mark Trevisiol, chief executive officer and chairman of McFarlane. He added: "Our second hole delivered a high-grade near-surface intersection, which has caused us to pivot from our original drilling plan. We plan to chase this a bit more and follow up with geophysics to try to track this high-grade gold trend."

On Jan. 22, 2026, the company announced it was adding two additional holes for 600 metres of additional drilling in the 826 zone. Today, the company is also announcing a further two additional holes of 200 m each in length to be drilled along strike and approximately 100 m stepout from hole JU-13-137 in the 826 zone. This would bring the total drilling in this area under this program to approximately 1,600 m. As noted in earlier announcements, the 826 zone is approximately 1,400 to 1,500 m away from the company's existing Juby deposit, with most of this distance having seen no exploration drilling.

Geologically, the mineralization can be characterized as being hosted within a brittle-ductile shear zone cutting Archean conglomerate. Strongly iron carbonate-altered intermediate to mafic dikes intersect the conglomerate at 36.4 to 38.25 m and 42.55 to 42.85 m. These dikes exhibit patchy fuchsite alteration, contain approximately 3 per cent pyrite and host quartz-iron carbonate-pyrite with gold stringers. The conglomerate is brecciated and locally sheared, with intense silica-iron carbonate alteration and up to 5 per cent pyrite. The breccia matrix is characterized by a quartz/iron carbonate/pyrite in a gold stockwork. Gold grades appear to correlate with intensity of sulphide mineralization, silica/iron carbonate alteration and brecciation.

After the 826 zone, the next phase of drilling will focus on Golden Lake and then the Juby zone, where most of the drilling will be targeted to expand mineralization at depth in both deposits.

Quality assurance and quality control

The drill core samples collected by McFarlane Lake Mining and described in this news release were placed in core boxes by the drill crew contracted by the company. Core was then transported by McFarlane personnel to a secure processing facility. The core is then reviewed with core metreage blocks checked to verify core integrity, geologically logged and samples marked. Core samples are cut in half, with one-half remaining in the box and the other inserted into a clean plastic bag with a sample tag. Certified reference materials are inserted into the sample stream at a rate of no less than 10 per cent. Samples are then transported in secure sealed bags with security tags for preparation and assay by MSALabs in Timmins, Ont., a certified lab with AC89, IAS accreditation and compliance with ISO/IEC standard 17025:2017.

Samples reported are crushed at the lab in their entirety to 70 per cent passing two millimetres, with one 300-to-500-gram subsample split and placed into a jar for analysis by photon assay. Gold concentration results are then recorded with reference to each sample tag number.

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 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 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 is actively executing an exploration drilling program (as detailed herein) 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 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 Bob Kusins, PGeo, a consultant to the company and a qualified person under National Instrument 43-101. The technical information was also reviewed by Mark Trevisiol, PEng, an officer of McFarlane and a qualified person under NI 43-101.

We seek Safe Harbor.