McFarlane Lake Mining Limited (CSE: MLM) (OTC: MLMLF) (FRA: W2Z) is pleased to announce further results from its diamond drilling exploration campaign being conducted on its 100%-owned Juby Gold Project, located west of Gowganda, Ontario, within the southern part of the “Abitibi Greenstone Belt”. Drilling was initiated on the property in December 2025, commencing at the 826 Zone, and is now at the Golden Lake Zone (see Figure 1).

Highlights

• Drilling Extends Mineralization to 750 metres – based on 2026 exploration drilling, the gold mineralized envelope at the Golden Lake deposit has seen significant expansion. From Figure 2, the mineralized envelope now extends to over 750 metres along strike.
• More Wide Intersections –
  • Previously reported drill hole GL 26-71 of 208.6 m of 0.88 g/t gold and drill hole GL 26-73A of 136 m of 0.67 g/t gold now have new drilling to the east of these holes along strike to further support these wide gold intercepts, namely:
    • Drill hole GL 26-74 at Golden Lake intersected 109.6 m of 0.69 g/t gold, including 23.4 m of 1.24 g/t gold and 6.3 m of 2.47 g/t gold. See Figure 3 and Tables 1 and 2.
    • Drill hole GL 26-76 at Golden Lake intersected 174.65 m of 0.35 g/t gold, including 21 m of 0.65 g/t gold and 3 m of 3.11 g/t gold. See Figure 2 and Tables 1 and 2.
• More Drilling –
  • Drill holes some 1100 m to the northwest of GL 26-76 – specifically drill holes GL 26-85 and GL 26-84 – have encountered gold mineralization. This is extremely encouraging as it supports that additional gold mineralization is now present on the far western side of the exploration drill plan. The current drill program covers an east-to-west drill pattern that extends approximately 1.6 kilometres (see Figure 4).
  • Approximately 7,500 m have been drilled thus far on the Juby Gold Project, against an original plan of 13,000 m.
• Geophysics – The Company has undertaken a geophysical analysis on the property with a priority on the 826 Zone (see the announcement dated February 4, 2026). Results will be shared once the full analysis is completed.

“The continued extension of the mineralization envelope is very encouraging. We continue to see wide intercepts of gold mineralization, which are not only an important factor in calculating resources but also positively affect project mining economics. Our strategy remains on track: releasing an updated resource statement in June and continuing to ready our site for a bulk sample of mineralization in 2027,” said Mark Trevisiol, CEO and Chairman of McFarlane.

McFarlane has recently made presentations to all three First Nation communities having territorial rights in the area. Presentations focused on the environmental baseline study work being conducted, as well as the Company’s plans around the extraction of a 50,000-tonne bulk sample in 2027. Drilling being conducted at site is contracted through two separate firms, each having a business partnership with two of the three First Nation communities that have territorial rights on the property. 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.

Figure 1 – Juby Gold Project – Plan View of Exploration Drilling Program Showing Drill Hole Locations at Golden Lake, Juby, and 826 Zones

Figure 2 – Extension of Mineralization – Golden Lake Deposit Looking North

Figure 3 – Golden Lake Deposit Intersection Hole GL 26-74 – Section Looking Northwest

Figure 4 – Golden Lake Drilling Plan – Longitudinal Section

Table 1 – Golden Lake Collar Information

*Table 2 – Golden Lake Zone intercepts

Figure 5 shows the area of planned drilling on the Golden Lake and Juby deposits in the upcoming weeks.

Figure 5 – Planned Area of Exploration for Golden Lake and Juby Resource Areas

Quality Assurance and Quality Control

The drill core samples collected by McFarlane 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%. Samples are then transported in secure sealed bags with security tags for preparation and assay by MSA Labs in Timmins, Ontario, 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% passing 2 mm, with one 300 to 500 g 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 Limited

McFarlane Lake Mining Limited is a Canadian gold exploration company focused on advancing its flagship Juby Gold Project, located near Gowganda, Ontario, within the established Abitibi Greenstone Belt. The Juby Gold Project hosts a current NI 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 US$2,500 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 US$3,750 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 November 21, 2025. The technical report is also available on the Company’s website www.mcfarlanelakemining.com.

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%-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.

Readers are cautioned to refer to the “Cautionary Statement on Mineral Resources” and all other disclaimers included in this news release for important information regarding the limitations and verification status of the data presented above and elsewhere herein.

To learn more, visit: https://mcfarlanelakemining.com/.

Additional information on McFarlane can be found by reviewing its profile on SEDAR+ at www.sedarplus.com.

Qualified Person

The scientific and technical information disclosed in this news release was reviewed and approved by Bob Kusins, P.Geo, a consultant to the Company and Qualified Person under National Instrument 43-101. The technical information was also reviewed by Mark Trevisiol, P.Eng., an officer of McFarlane and a Qualified Person under National Instrument 43-101.

Further Information

For further information regarding McFarlane, please contact:

Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
(705) 665-5087
mtrevisiol@mcfarlanelakemining.com

Bryan Baritot,
Investor Relations
McFarlane Lake Mining Limited
investors@mcfarlanelakemining.com