Mr. Mark Trevisiol reports

MCFARLANE LAKE PAYS DOWN DEBT

McFarlane Lake Mining Ltd., further to its news release dated July 6, 2026, has given notice to Odyssey Trust Company and to the holders of the debentures of the partial redemption of $10,960,534 (U.S.) of the remaining $12,655,531 (U.S.) aggregate principal amount of 15 per cent senior secured debentures maturing Oct. 26, 2026, leaving approximately $1,695,000 (U.S.) remaining outstanding. The effective date of the redemption is expected to be Friday, July 31, 2026. The trustee will administer the redemption process in accordance with the trust indenture dated Sept. 29, 2025, between the company and the trustee. As previously disclosed, the company applied the funds received from the exercise of warrants (announced July 6, 2026), together with the proceeds of the $6.75-million (Canadian) private placement (announced on June 5, 2026) and existing cash resources of the company, toward a redemption of debentures held by the debentureholders who participated in the exercise process. The partial redemption received the approval of debentureholders holding a majority of the principal amount of the debentures and consent to the redemption of debentures held by debentureholders that participated in the exercise process was obtained from all debentureholders that did not participate in the exercise process.

"This marks a significant milestone for the company. Getting the majority of the debt paid down significantly improves the investment climate for McFarlane. A thank you to all the stakeholders who supported us as we continue to advance and unlock the value that management has long recognized in this asset," said Mark Trevisiol, chief executive officer, president and chairman of McFarlane.

The company has notified debentureholders that participating debentureholders -- being those who exercised their warrants under the exercise process -- will receive repayment of the principal amount of their debentures, together with all interest that would otherwise have accrued through the debentures' scheduled maturity date of Oct. 26, 2026. Each original holder of warrants voluntarily determined whether to exercise, hold or sell their warrants, and no holder was under any obligation to exercise. To the knowledge of the company, no insiders or related parties of the company participated in the exercise process and substantially all of the remaining outstanding debentures are held by insiders and advisers of McFarlane.

If any debentures remain outstanding at maturity and are held by insiders or other related parties, the company may explore potential options with those holders at that time, including an extension or refinancing. Any such arrangements would be subject to applicable regulatory requirements, including the policies of the Canadian Securities Exchange. While there can be no assurance that any arrangement will ultimately be pursued or completed, the company believes it would have flexibility to discuss and evaluate alternatives with those holders if required.

Debentures held by debentureholders that did not participate in the exercise process will remain outstanding and continue to their scheduled maturity date of Oct. 26, 2026. Further details regarding the repayment of the debentures will be provided in a subsequent news release.

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 on the redemption date upon presentation and surrender to the trustee of the debentures called for redemption at Suite 1230, 300 5th Ave. SW, Calgary, Alta., T2P 3C4, attention: corporate trust.

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 (MRE) of 1.01 million ounces of gold in the indicated category at an average grade of 0.98 gram per tonne (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 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 Lake is actively executing 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 Bob Kusins, PGeo, an independent consultant to the company and a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. The technical information was also reviewed by Mark Trevisiol, PEng, an officer of McFarlane and a non-independent qualified person under NI 43-101.

Advisers

Wildeboer Dellelce LLP acted as legal counsel for McFarlane.

We seek Safe Harbor.