COMPANY ACHIEVES FIRST STEP TO FUND ITS ACQUISITION OF THE JUBY GOLD PROJECT

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, ON / ACCESS Newswire / September 15, 2025 / McFarlane Lake Mining Limited (CSE:MLM)(OTCQB:MLMLF) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, is pleased to announce that, further to its press release of August 25, 2025 (the "August News Release"), its previously announced US$15 million debt financing (the "Debt Financing") is now fully subscribed.

The proceeds raised pursuant to the Debt Financing will be used to fund the cash portion of the Company's proposed acquisition of the Juby Properties and an interest in the Knight Properties (together "the Juby Gold Project") from Aris Mining Holdings Corp. ("AMHC"), as outlined in the asset purchase agreement dated July 7, 2025 (the "APA") among the Company, Aris Mining Corporation and AMHC.

The August News Release also announced the concurrent equity offering of common shares for gross proceeds of up to US$10,000,000 (or about CDN$13,800,000) (the "Equity Offering"). Both the Debt Financing and the Equity Offering are expected to close on or about September 19, 2025. The net proceeds from the Debt Financing and Equity offering will be used primarily to fund the acquisition of the Juby Gold Project, which is also expected to close on September 19, 2025.

"This is a significant step toward completing McFarlane Lake's acquisition of the Juby Gold Project", said Mark Trevisiol, CEO and Chairman of the Company, adding "I would like to thank those who have agreed to participate in the Debt Financing, our team is excited to close the acquisition and to start advancing and developing what I believe is one of Ontario's premier gold properties."

About McFarlane Lake Mining

McFarlane Lake is a gold exploration company focused on acquiring the Juby Gold project near Gowganda, Ontario. The exploration and development of the past producing McMillan Gold Mine property and Mongowin gold property located 70 km west of Sudbury, Ontario. The exploration of the High Lake mineral property located immediately east of the Ontario-Manitoba border and the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border. In addition, McFarlane Lake owns the Michaud/Munro mineral properties 115 km east of Timmins. McFarlane Lake is a "reporting issuer" under applicable securities legislation in the provinces of Ontario, British Columbia and Alberta.

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

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

Advisors

Wildeboer Dellelce LLP is acting as legal counsel for McFarlane Lake. Cassels Brock & Blackwell LLP is acting as legal counsel for the Lenders. Fasken Martineau DuMoulin LLP is acting as legal counsel for AMHC.

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation, including, without limitation, statements with respect to: the terms of the Debt Financing and the Equity Offering; the anticipated timing and completion of the Debt Financing, the Equity Offering and the acquisition of the Juby and Knight Properties; the intended use of proceeds from the Debt Financing and the Equity Offering; the negotiation and execution of definitive documentation; the receipt of required regulatory and stock exchange approvals; and statements made by management regarding the potential of the Juby and/or Knight Properties, expectations for the gold market, and the Company's ability to advance the Juby and/or Knight Properties into production. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", "is expected", "anticipates" or "does not anticipate", "plans", "believes" or "intends", or variations of such words and phrases, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of McFarlane Lake to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of November 27, 2024, which is available for view on SEDAR+ at www.sedarplus.com. Forward-looking statements contained herein are made as of the date of this press release and McFarlane Lake disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

The securities issuable in connection with the Debt Financing and the Equity Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Further Information

For further information regarding McFarlane Lake, please contact:

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

SOURCE: McFarlane Lake Mining Limited