New Drilling Intersects 136 metres of 0.67 g/t Gold

• Date: April 13, 2026
• Headline: New Drilling Intersects 136 metres of 0.67 g/t Gold
• Key Announcement: McFarlane Lake Mining announced drill hole GL 26-73A intersected 136m @ 0.67 g/t Au (including higher-grade sub-intervals). Hole GL 26-71 was updated to show 208.2m total intercept @ 0.88 g/t Au.
• Operational Update: The company is increasing drilling at the Golden Lake deposit by at least 1,000m and shifting one rig to the Juby deposit for an additional 4,000–5,000m of drilling.
• Context: This follows a series of positive drill results starting in February 2026 (826 Zone) and March 2026 (Golden Lake expansion). The current NI 43-101 resource (effective Sep 29, 2025) stands at 1.01 Moz Indicated @ 0.98 g/t Au and 3.17 Moz Inferred @ 0.89 g/t Au.
• Management Commentary: CEO Mark Trevisiol states results "continue to exceed our original expectations" and there is room to push deeper.

• News Consistency: This release is consistent with the March 30, 2026 announcement (92.6m @ 0.95 g/t) and March 2, 2026 announcement (95.4m @ 1.36 g/t). It confirms the continuity of mineralization at Golden Lake rather than discovering a new high-grade zone unexpectedly.
• Market Expectation: The market has already reacted positively to the drilling program commencement in December 2025 and the initial strong results in February/March 2026 (stock rose from ~$0.10 to $0.17). This news validates the previous trajectory but does not fundamentally alter the valuation model beyond incremental resource growth.
• Capital Implications: The decision to add 1,000m at Golden Lake and shift a rig to Juby implies increased burn rate. While funded by recent financings (Oct 2025), this extends the timeline for cash consumption without immediate revenue generation.
• Risk Mitigation: Positive drilling reduces exploration risk regarding the continuity of the deposit, supporting the potential for an updated resource estimate later in 2026. However, it does not address the looming debt maturity (October 2026).

• Company: McFarlane Lake Mining Ltd. is an exploration-stage gold company focused on Ontario, Canada.
• Flagship Project: Juby Gold Project (near Gowganda, ON). 100% owned following acquisition from Aris Mining in September 2025.
• Development Stage: Advanced Exploration / Pre-Production. Currently conducting a 13,000m+ drill program to expand resources and support permitting.
• Resource Base: As of Sep 29, 2025: 1.01 Moz Indicated @ 0.98 g/t Au and 3.17 Moz Inferred @ 0.89 g/t Au. Sensitivity analysis suggests potential for >4 Moz Inferred at higher gold prices ($3,750/oz).
• Royalties: No specific royalty burdens mentioned on the Juby project in provided news; acquired from Aris Mining with standard terms implied (no retained NSR disclosed in text).