McFarlane Lake Mining Limited – Early Drilling Extends Gold Mineralization

Press Release

• “826 Zone” gold mineralization extended by 80 metres
• Unsampled, previously drilled core, returns 7.2 g/t gold over 1.2 metres extending gold mineralization in Juby deposit

Toronto, Canada – January 22, 2026 – McFarlane Lake Mining Limited (“McFarlane” or the “Company”) (CSE: MLM, OTC: MLMLF) is pleased to announce some early success in its exploration campaign being conducted on its 100%-owned Juby Gold Project, located west of Gowganda, Ontario, within the southern part of the “Abitibi Greenstone Belt”.

Highlights

• Visible gold has been confirmed in new drill core, with drill hole JU826-142 logging 20 separate occurrences of visible gold over an 11-metre interval beginning at 33 metres below surface (see Figure 3). Assays remain pending.
• Early drilling at the “826 Zone” expands the gold system, extending known mineralization by up to 80 metres (see Figures 1 and 2 and tabulated in Tables 1 and 2). Drill hole JU826-141 intersected near-surface gold mineralization within 20 metres of surface, returning 2.09 g/t Au over 4.17 m, within a broader mineralized interval of 0.70 g/t Au over 28.17 m(19.83 m to 48.00 m).
• In response to these early intersections, the Company has approved an additional 500 to 600 metres of drilling to further define the 826 Zone.
• McFarlane is also finding additional gold mineralization through assaying of previously unsampled drill core from drilling completed between 2003 and 2011, targeting intervals where no prior sampling was completed. Key results returned to date include:
  • JU-03-36: 7.2 g/t Au over 1.2 m
  • JU-03-31: 0.65 g/t Au over 4.75 m
  • JU-11-112: 0.77 g/t Au over 3.69 m and 0.48 g/t Au over 4.60 m
As shown in Figures 4 and 5 and summarized in Table 3, these new results expand the mineralized footprint of the Juby gold system.

Figure 1 – Plan View of Exploration Drilling program showing location of 826, Juby and Golden Lake Zones

Figure 2 – Section looking West on 826 Zone

Figure 3 – Visible Gold Cluster- Drill core from hole JU826- 142

Table 1 – 826 Zone Collar Data

Table 2 – 826 Zone Composite Data

* Historical Composite
– see note 1 on historical data

Table 3 – Unsampled Previously Drilled Core Composite Data

Figure 4 – Juby Resource zone 409- Latest Assays from unsampled drill core extending mineralization along strike

Figure 5 – Juby Resource Zone 406, 412 – Latest Assays extending mineralized width of zone

“Our team is extremely pleased with these early results from our exploration drilling,” said Mark Trevisiol, CEO and Chairman of McFarlane, adding, “This area of the property has seen very little drilling. Demonstrating mineralized continuity so early in the program is very encouraging. Moreover, this is some 1,400 to 1,500 metres away from our existing Juby deposit, with most of this distance having seen no exploration drilling.”

McFarlane is expanding drilling in the ‘826’ Zone to test for continuity along strike with step out holes of 100 metres being planned; another 2 holes are now being added.

After the ‘826’ Zone, the next phase of drilling will focus on Golden Lake and then Juby zones, where most of the drilling will be targeted to expand mineralization at depth in both deposits, see Figure 6 below.

Figure 6 – Planned area of exploration for Golden Lake and Juby Resource areas

Quality Assurance and Quality Control

The drill core samples collected by McFarlane Lake Mining and described in this news release were placed in core boxes by the drill crew contracted by the Company. Core was then transported by McFarlane personnel to a secure processing facility. The core is then reviewed with core metreage blocks checked to verify core integrity, geologically logged, and samples marked. Core samples are cut in half, with one half remaining in the box and the other inserted into a clean plastic bag with a sample tag. Certified reference materials are inserted into the sample stream at a rate of no less than 10%. Samples are then transported in secure sealed bags with security tags for preparation and assay by MSA Labs in Timmins, Ontario, a certified lab with AC89, IAS accreditation and compliance with ISO/IEC standard 17025:2017.

Samples reported were crushed in their entirety to 70% passing 2 mm, with one 300 to 500 g subsample split and placed into a jar for analysis by photon assay. Samples with visible gold were assayed to completion by splitting the sample into multiple 300 to 500g jars until no material remains with analysis by photon assay.

About McFarlane Lake Mining Limited

McFarlane Lake Mining Limited is a Canadian gold exploration company focused on advancing its flagship Juby Gold Project, located near Gowganda, Ontario, within the established Abitibi Greenstone Belt. The Juby Gold Project hosts a current (effective September 29, 2025) NI 43-101 compliant Mineral Resource Estimate (“MRE”) of 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t 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 US$2,500 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 US$3,750 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 was filed on SEDAR+ on November 21, 2025, and is also available on the Company’s website www.mcfarlanelakemining.com .

McFarlane is actively executing an exploration drilling program as detailed herein, 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%-owned gold assets across Ontario, including the past-producing McMillan Gold Mine and Mongowin properties located approximately 70 kilometres west of Sudbury and the Michaud/Munro properties located 115 kilometres east of Timmins. McFarlane Lake Mining Limited is a reporting issuer in Ontario, British Columbia, and Alberta.

Readers are cautioned to refer to the “Cautionary Statement on Mineral Resources” and all other disclaimers included in this news release for important information regarding the limitations and verification status of the data presented above and elsewhere herein.

To learn more, visit: https://mcfarlanelakemining.com/.

Additional information on McFarlane can be found by reviewing its profile on SEDAR+ at www.sedarplus.com.

Note 1

Historical Technical Data

Under National Instrument Standard (NI) 43-101 guidelines, technical data regarding drill holes JU-13-137 and JU-18-140, the data for these holes are considered historical. The data was taken from a report titled “Technical Report on the Update Mineral Resource Estimate on the Juby Gold Project”, co-authored by GeoVector Management and SGS Geological Services, having an effective date of July 14, 2020.

Stock Option Grant

In connection with the recent appointment to the board of McFarlane, the board of directors of McFarlane has approved the grant of 2,000,000 incentive stock options (the “Options”) to Mr. Steve Kaszas, a member of McFarlane’s board of directors. The options are exercisable into the equivalent amount of common shares of the Company at a price of $0.15 per share for a period of 5 years. Fifty percent (50%) of the Options vest immediately, with the remaining 50% in 6 months. The grant remains subject to acceptance by the Canadian Securities Exchange and the execution of an option agreement by Mr. Kaszas.

Qualified Person

The scientific and technical information disclosed in this news release was reviewed and approved by Bob Kusins, P.Geo, a consultant to the Company and Qualified Person under National Instrument 43-101. Technical information was also reviewed by Mark Trevisiol, P.Eng., an officer of McFarlane and a Qualified Person under National Instrument 43-101.

Further Information

For further information regarding McFarlane, please contact:

Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
(705) 665-5087
mtrevisiol@mcfarlanelakemining.com

Kaitlin Taylor,
Investor Relations
McFarlane Lake Mining Limited
(778) 887-6861
investors@mcfarlanelakemining.com

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