Mr. Mark Trevisiol reports

MCFARLANE FILES UPDATED MINERAL RESOURCE ESTIMATE ON JUBY GOLD PROJECT

McFarlane Lake Mining Ltd. has filed an updated mineral resource estimate for its Juby gold project located in the prolific Abitibi belt in Ontario, Canada. The technical report, prepared in accordance with National Instrument 43-101, is now available under the company's issuer profile on SEDAR+ and on its website.

"The filing of the updated MRE technical report is an important milestone in the development of the Juby gold project and for McFarlane Lake," said Mark Trevisiol, chief executive officer and chairman of McFarlane Lake Mining. "This independent NI 43-101 report reinforces the scale, quality and growth potential of Juby, and provides external validation of what we believe is a highly strategic gold asset in one of Ontario's most prolific mining regions. Investors can now see a clear, significant and independently verified increase in gold ounces over the prior MRE with an effective date of Sept. 29, 2025, supporting our goal of growing this resource by another 60 per cent."

Recently, McFarlane was granted an extension of its drilling permit to December, 2029. This permit encompasses the main exploration target areas of Golden Lake, Juby and Juby East, and 826 Zone, as well as the Hydro Creek and Big Dome deposit areas. McFarlane selected Bagone'an Drilling Contractor to perform some of its drilling on the property. This contractor is a first nation (Atikameksheng Anishnawbek First Nation) partnership with J.S. Drilling of Sudbury. AAFN is one of three first nations having territorial rights on the property. The two drills being supplied by Bagone'an will add to the current drill on the property such that, by the end of October, three drills will be operating on the property.

The table below provides more details on the MRE within the pit shell and underground components of the resource.

While finalizing the technical report, the independent qualified person determined that a small portion of the mineral resource disclosed in the company's news release of Aug. 17, 2026, required reclassification because the open pit at the Hydro Creek open-pit shell extended beyond the claim boundary. Although no gold ounces were located outside of the claim boundary, correcting the pit geometry changed the resource attribution. The qualified person reviewed the attribution, and approved the corrected figures presented herein, which have been reviewed and approved by the qualified person and are reflected in the technical report. The resulting net effect is a change of less than 0.6 per cent from the previously announced estimate. The amendment does not materially affect the geological interpretation, estimation methodology, cut-off grades or other key assumptions behind the estimate, and it does not affect the company's exploration plans for Juby. The mineral resource figures in this news release and the technical report supersede and replace the corresponding figures in the Aug. 17, 2026, news release.

About the preparation of the mineral resource estimate and technical report

The mineral resource estimate for the Juby gold project was independently prepared by Todd McCracken, PGeo, of BBA E&C Inc., a highly respected Canadian engineering and consulting firm with extensive experience in resource estimation, project evaluation and National Instrument 43-101 compliance. The work was completed primarily by senior technical staff from BBA's Sudbury, Ont., office.

The MRE has been classified and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards (2014) and prepared following the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). The estimate incorporates a comprehensive review of historical and modern geological information, including drill logs, assays, geological modelling and spatial interpretation of the mineralized zones.

The accompanying National Instrument 43-101 technical report, now filed on SEDAR+, provides full details of the methodology, data verification, estimation assumptions and geological context underpinning the resource. The independent nature of this work provides third party validation of the scale and quality of the Juby deposit, marking a significant milestone for McFarlane Lake Mining as it advances the project toward its next phase of exploration and development.

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 project hosts a current (effective Aug. 14, 2026) NI 43-101 mineral resource estimate of 1.07 million ounces of gold in the indicated category at an average grade of 0.96 gram per tonne gold (34.68 million tonnes) and an additional 5.09 million ounces of gold in the inferred category at an average grade of 0.87 gram per tonne gold (183.05 million tonnes). The estimate was calculated using a long-term gold price of $3,600 (U.S.) per ounce, applying cut-off grades of 0.25 g/t gold for open pit and 1.60 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 is filed on SEDAR+ under the company's profile and is also available on the company's website.

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 the 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 Todd McCracken, PGeo of BBA, who is independent of McFarlane and a qualified person under National Instrument 43-101, and Mr. Trevisiol, PEng, an officer of McFarlane and a qualified person under National Instrument 43-101.

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