McFarlane Lake Mining Limited (CSE: MLM) (OTCQB: MLMLF)  is pleased to announce the signing of a definitive asset purchase agreement with Total Metals Corp. for the sale of the Company’s High Lake and West Hawk Lake properties located in close proximity east and west of the Ontario-Manitoba border.

Under the terms of the Agreement, the Company will receive total consideration of $9.25 million, comprised of:

• $7.25 million in cash, payable on closing; and
• 3,333,333 common shares of Total Metals, issued at a deemed price equal to $0.60 per share, and issuable on closing.

Completion of the transaction is conditional on Total Metals raising at least $10 million in gross proceeds from a concurrent financing and other customary closing conditions, including required regulatory and third-party approvals, with the transaction expected to close on or before October 31, 2025.

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 Project hosts a current (effective September 29, 2025) NI 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 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 will be filed on SEDAR+ within 45 days of the Company’s public announcement of the MRE.

McFarlane is actively planning 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%-owned gold assets across Ontario and Manitoba, including the past-producing McMillan Gold Mine and Mongowin properties located approximately 70 kilometres west of Sudbury, the High Lake and West Hawk Lake properties situated along the Ontario-Manitoba border, and the Michaud/Munro properties located 115 kilometres east of Timmins. McFarlane Lake Mining Limited 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.

Qualified Person

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the company, and a Qualified Person as defined under National Instrument 43-101. Technical information was also reviewed by Mark Trevisiol P.Eng., an officer of McFarlane and a Qualified Person under National Instrument 43-101.

Advisors

Wildeboer Dellelce LLP is acting as legal counsel for McFarlane.