McFarlane Intersects 109.6 metres at 0.69 g/t Gold,

The most recent news release from May 19, 2026, reports drilling results at the Golden Lake Zone intersecting 109.6 metres at 0.69 g/t Gold (including higher-grade intervals). This follows a series of positive exploration updates throughout early 2026. The company has completed approximately 57% of its planned 13,000-metre drilling program at the Juby Gold Project. Key milestones include expanding the mineralized envelope to over 750 metres along strike and identifying new mineralization northwest of the current program. An updated Mineral Resource Estimate (MRE) is scheduled for release in June 2026, with a bulk sampling program targeted for 2027. The company continues to engage with First Nations communities and has environmental baseline work underway.

The news is categorized as Routine - Positive because it represents the expected progression of a drilling campaign announced in December 2025. While the expansion of mineralization to 750 metres along strike is encouraging, it validates rather than surprises upon existing expectations set by the April and March announcements. The market has already priced in the potential for resource growth given the MRE filing in late 2025 and the subsequent drilling program initiation. There are no new strategic investors or major financing events announced in this specific release that would alter the capital structure significantly compared to previous months. The primary material event remains the upcoming June 2026 Resource Update, which will determine if these drill results translate into a significant resource increase (Indicated/Inferred).

McFarlane Lake Mining Ltd. is focused on its 100% owned Juby Gold Project in Ontario (near Gowganda). The flagship asset currently holds an NI 43-101 compliant Mineral Resource Estimate of 1.01 million ounces Indicated @ 0.98 g/t Au and 3.17 million ounces Inferred @ 0.89 g/t Au (effective Sept 29, 2025). The project includes the Golden Lake Zone, Juby Zone, and 826 Zone. Recent drilling has expanded the envelope significantly, with visible gold occurrences noted in high-grade zones. The company is transitioning from exploration to advanced permitting stages, evidenced by environmental baseline studies and bulk sample planning for 2027.