McFarlane Lake firms up High Lake, West Hawk sale deal

Mr. Mark Trevisiol reports MCFARLANE LAKE ANNOUNCES SALE OF HIGH LAKE AND WEST HAWK LAKE PROPERTIES FOR $9.25 MILLION McFarlane Lake Mining Ltd. has signed 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, composed 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 60 cents 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 Oct. 31, 2025. About McFarlane Lake Mining Ltd. McFarlane Lake is a Canadian gold exploration company focused on advancing its flagship Juby gold project, located near Gowganda, Ont., within the established Abitibi greenstone belt. The Juby project hosts a current (effective Sept. 29, 2025) National Instrument 43-101-compliant mineral resource estimate of 1.01 million ounces of gold in the indicated category at an average grade of 0.98 gram per tonne 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 $2,500 (U.S.) 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 $3,750 (U.S.) 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-per-cent-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 is a reporting issuer in Ontario, British Columbia and Alberta. Qualified person The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, PGeo, consulting geologist for the company, a qualified person as defined under National Instrument 43-101. Technical information was also reviewed by Mark Trevisiol PEng, an officer of McFarlane, a qualified person under National Instrument 43-101. Advisers Wildeboer Dellelce LLP is acting as legal counsel for McFarlane. We seek Safe Harbor.