McFarlane Lake Closes Sale Of High Lake And West Hawk Lake Properties For $9.25 Million

Executive Summary

• McFarlane Lake Mining Limited completed the sale of its High Lake and West Hawk Lake properties to Total Metals Corp. for a total consideration of $9.25 million (cash plus shares).
• The transaction provides $7.25 million in cash and 3,333,333 Total Metals common shares at an implied price of $0.60 per share, strengthening McFarlane’s balance sheet and allowing focus on the Juby Gold Project.
• The sale aligns with the company’s strategy to concentrate resources on advancing its flagship gold project, which recently announced a new NI 43‑101 compliant Mineral Resource Estimate.

Key Details

• Total consideration: $9.25 million
• Cash received: $7.25 million
• Shares issued: 3,333,333 Total Metals common shares (deemed price $0.60 per share)
• Share price context: As of October 24 2025, Total Metals’ TSXV shares averaged $1.25 over the prior five trading days.
• Strategic rationale: Monetization of non‑core assets to fund and focus on Juby Gold Project drilling program (fully funded) and permit applications.
• Juby Gold Project update: Recent Mineral Resource Estimate (effective 2025‑09‑29) – 1.01 Moz Indicated at 0.98 g/t Au; 3.17 Moz Inferred at 0.89 g/t Au. Sensitivity analysis at $3,750/oz shows higher resources.
• Management comment (CEO Mark Trevisiol): Emphasized balance‑sheet strengthening, focus on Juby drilling and resource expansion, and ongoing environmental baseline work.
• Legal counsel: Wildeboer Dellelce LLP representing McFarlane.

Notable Quotes

“The monetization of our High Lake and West Hawk Lake properties has significantly strengthened our balance sheet and allows us to focus predominately on advancing the Juby Gold Project.” – Mark Trevisiol, CEO & Chairman

All boilerplate, forward‑looking statements, and disclaimer sections have been omitted for brevity.