McFarlane Lake Announces Sale of High Lake and West Hawk Lake Properties for $9.25 Million

Executive Summary

• McFarlane Lake Mining Limited signed a definitive asset purchase agreement to sell its High Lake and West Hawk Lake properties to Total Metals Corp. for total consideration of $9.25 million.
• Consideration consists of $7.25 million cash payable at closing and 3,333,333 Total Metals common shares valued at $0.60 per share.
• Closing is contingent on Total Metals raising a minimum of $10 million in a concurrent financing and obtaining required regulatory and third‑party approvals; the transaction is expected to close on or before October 31 2025.

Key Details

• Transaction Structure: Asset purchase (High Lake & West Hawk Lake properties).
• Total Consideration: $9.25 million.
• Cash: $7.25 million payable at closing.
• Equity: 3,333,333 Total Metals common shares @ $0.60 per share.
• Closing Conditions:
• Total Metals must raise ≥ $10 million in gross proceeds from a concurrent financing.
• Standard regulatory approvals and third‑party consents required.
• Expected Closing Date: On or before October 31 2025.
• Strategic Rationale: Allows McFarlane to monetize non‑core assets while focusing on its flagship Juby Gold Project and other owned gold properties in Ontario and Manitoba.
• Resource Context (Company Background):
• Juby Gold Project NI 43‑101 compliant MRE (effective 2025‑09‑29):
  • Indicated: 1.01 M oz Au @ 0.98 g/t (31.74 Mt).
  • Inferred: 3.17 M oz Au @ 0.89 g/t (109.48 Mt).
• Sensitivity at $3,750/oz gold price increases indicated resources to 1.20 M oz and inferred to 4.23 M oz.
• Advisors: Wildeboer Dellelce LLP – legal counsel for McFarlane.

Notable Quotes

• “The sale of the High Lake and West Hawk Lake properties provides us with immediate cash and a strategic equity position in Total Metals, further strengthening our balance sheet as we advance the Juby Gold Project.” – Mark Trevisiol, CEO & President, McFarlane Lake Mining Limited.