McFarlane Lake Mining Technical Presentation by EMC Communications

JANUARY 2026

Cautionary Note Regarding Forward-Looking Statements

This presentation of McFarlane Lake Mining Incorporated (the “Company” or “McFarlane Lake”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained herein is subject to change without notice and is based on publicly available information, internally developed data, third party information and other sources. The third-party information has not been independently verified. While the Company may not have verified the third-party information, nevertheless, it believes that it obtained the information from reliable sources and has no reason to believe it is not accurate in all material respects. Where any opinion or belief is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion or belief only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it. The information contained in this presentation does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in securities of the Company and is not to be considered as a recommendation by the Company that any person make an investment in the Company. The information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. This presentation should not be construed as legal, financial or tax advice to any individual, as each individual’s circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances.

The distribution of this presentation may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions and the Company does not accept liability to any person in relation thereto.

Cautionary Statement on Mineral Resources

This news release uses the terms indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimates disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to an indicated or measured mineral resource category; however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

**Cautionary Note Regarding Drill Results and Grades:

The drill results, grades, and interceptions disclosed herein for the Juby Gold Project and Tyranite properties are from prior exploration programs and have not been verified by a qualified person under NI 43-101. These results are historical in nature, are not current, and should not be relied upon as indicative of future exploration success or as current mineral resources or reserves Further, the grades and interceptions presented may not reflect the potential for economic extraction and are presented for illustrative purposes only Additional exploration work, including verification drilling, sampling, and independent analysis by a qualified person, will be required to verify these results and bring them into compliance with NI 43-101.

**Historical Technical Data

Under NI 43-101 guidelines the technical data and information provided in this announcement is considered to be historical The data and information 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.

Latest MRE – September 29,2025 US$2500/oz Au:

3.17

million inferred ounces gold at 0.89 gpt gold

1.01 million indicated ounces gold at 0.98 gpt gold

(See Table 1 and note 1)

Resource Sensitivities at US $3750/oz gold yield:

4.22

million inferred ounces at 0.85 gpt gold

1.2

million indicated ounces at 0.94 gpt gold

(see Table 2 and note 1)

One of Ontario’s Largest undeveloped gold properties

Sudbury

Toronto

Investment Opportunity

The Juby Project has all the infrastructure to support a district scale mining camp

IT CHECKS ALL THE BOXES

✓ INFRASTRUCTURE – POWER, ROADS

✓ POPULATION BASE 25,000 WITHIN 100 KM

✓ +90% METALLURGICAL RECOVERIES (impurity free)

✓ PRODUCTION OPTIONALITY

✓ HIGH GRADE OPEN PIT STARTER OPTION WITH DIRECT SHIPPING OF ORE

✓ 11 PROCESS PLANTS WITHIN 150km RADIUS

✓ or SMALL FLOTATION ONLY MILL (50 k OZ/YR)

✓ Or LARGE SCALE (+250 K OZ/YR OPERATION)

Located amongst Canada’s Largest Gold Mines in Prolific Abitibi Greenstone Belt that has produced >200Moz

➢ 116,000 meters drill to date

➢ Drill core and drill logs in tack for review

Major Fault Zones

Community &Environment

First Nations Early Exploration

• Discussion on Exploration Agreements

• Transparency on plans with regular updates

Employment and training

• Employing skilled First Nations talent for upcoming programs

• Implementing best-in-class advanced training programs

Environmental Initiatives

• Planning commenced for future regulatory processes (EA/IA)

• Environmental baseline studies to be planned

Archaeology

• Upcoming Stage Archaeology

Table 1 – Detail Mineral Resource Estimate within pit shell + underground shapes

(OP= Open Pit, UG= Underground, Mt= Millions tonnes, Moz= Millions Ounces, Au= Gold metal)

Resources Constraints

Table 2 – Gold Price Sensitivities

Exploration - Focused On Adding Gold Ounces

Review

JUBY PROPERTY

>200MozAu

Excellent access to infrastructure and experienced workforce

ProlificAbitibi GreenstoneBelt

SHINING TREE GEOLOGY

JUBY

PROPERTY

Ridout-Tyrrell

Porcupine

Assemblage

2690-2680Ma

Sedimentsand FelsicIntrusions

FOUR GOLD DEPOSITS

HYRDOCREEK

BIGDOME

GOLDEN LAKE JUBY

RTDZ – WHAT DOES IT LOOK LIKE?

Deformation

-Shearing-Folding

JUBY HYDRO CREEK

Exploration - Focused On Adding Gold Ounces

Cheapest way to ADD ounces *UNSAMPLED DRILL CORE* potential to add 75,000 – 150,000 Ounces *$5.33-$10.66 per ounce Discovered*

*Exploration team recognized ~10,000m of unsampled core from years 2000-2011*

Phase 1 – Review and process 2000m of top priority unsampled drill core

Phase 2 – Complete remaining 8000m of unsampled core.

MORE GOLD - PARALLEL STRUCTURES

B C D

A

PARALLEL STRUCTURES? 2.5km

A–826Zone

0.85g/tAuover 36.30m

B–Byberg Mining Lease Grabsupto 7.54g/t Au

C–JubyMining Lease Grabsupto 17.60g/t Au

D–Whatisunderthe glacial sandand gravel

Exploration - Focused On Adding Gold Ounces

On strike Juby east and Juby south parallel structure

Exploration Drilling– 1,500-2,000 meters of drilling *Blue Sky Potential*

*826*

2800m Juby Deposit

1400m Juby Juby Deposit JU-13-137

Looking north

#1 - Juby East 2800m of strike length, under cover rocks

#2 - 826 zone Hole JU-13-137

0.9 gpt over 33.8m Inc (2.0 gpt over 8.8m)

Looking west

Exploration - Focused On Adding Gold Ounces

Potential to ADD 500,000-1,100,000 ounces

*$2.50-$4.50 per ounce Discovered*

Infill & Expand – Planned 23 holes for a total of 10,000-12,000 meters of drilling

Long Section – Golden Lake and Juby

Golden Lake – significant potential to add 500k - 700k ounces

Juby West – potential to add 50k - 75k ounces

Juby East – potential to add 200k - 400k ounces

CROSS-SECTION

Top 10 Drill Hole Intersections that make JUBY Golden

(Data below is considered historical see note regarding historical estimate referenced herein**)

2,934g/tAu over 0.07m (G98-09)

1,097.07g/tAuover 0.40m (G05-22)

OPEN AT DEPTH

Gold deposits that extend well below depths of 3,000m

Our Deepest known ore body 750m

Hydro Creek Big Dome

Lake Juby

More Gold - Conceptual HG Targets @ Juby Main

• Potential to step-out from higher grade areas at Juby Main (green below)

• Estimated ~5,000 m in 9 drillholes to test targets

Mineralization >3 gpt Au

Grade Shells at 1.5 gpt Au

HIGH GRADE OPEN PIT POTENTIAL – EARLY ORE SHIPPING

Over 1 million ounces of HIGH-GRADE GOLD within open pit shells

OVER 3 G/T GOLD

Excellent metallurgy recoveries provides process plant optionality

OPPORTUNIT

Past testing indicated the option to produce a gold concentrate (ie no cyanide)

( Data above is considered historical see note regarding historical estimate referenced herein**)

The Path to Developing Ontario's Next Gold Deposit

Q3 Q4

✓ Acquisition + 43-101 update (completed)

✓ Drilling by Dec 2025 (permit application in)

✓ Sale of properties to generate $9.25 million (completed)

➢ Baseline Water Study

➢ Permit Applications –Advanced Exploration

➢ Complete Phase 1 Infill & exploration 10-15k meter diamond drill program

➢ Commence 8000m historic drill core sampling program

➢ Commence Phase 2 Infill and expansion drilling ~15-20k meters

➢ Marketing

➢ Scoping study + update resource statement

➢ Advanced Exploration & Closure plan permitting

➢ Milling Agreement

➢ Continue Baseline

Environmental Study

➢ Marketing and Financing

➢ Prepare for Mining

➢ Marketing and Financing

➢ Select feasibility firm ➢ Feasibility ➢ Continue shipping ore

Final option on

Proven Management Team LED BY A TEAM WITH EXPERIENCE

Mark Trevisiol

President, CEO, Chair of Board

Over 30 yearsofexperiencein mining and metals processing. FormerSenior Executive in Falconbridge and Xstrata Nickel. Managed operations in mining, milling, smelting and refining.

PastCEO of twopublic mining companies, CrowflightMineralsand Silver Bear Resources.

Brad Boland CFO, Secretary

Over 25 yearsof experiencein theresource industry, holdingpositionssuch asVP Finance for Goldcorp, VP Controller for Kinross,CFO for Consolidated Thompson IronMines,and he is currentlythe CFO for Kiboko Gold Inc. and Volta MetalsLtd.

Winston Whymark Manager Exploration

Winston has worked in exploration for over 15 years, most of that time spent in gold exploration in management roles. He is manager of operations for Inventus Mining and was formerly Exploration Supervisor for Argonaut Gold.

Andrew McLellan, MSc Senior Geologist

Andrew is a geologist with 15 years experience working in the Abitibi Greenstone belt focused on gold exploration. He has spent time working for Glencore, Trelawney Mining and Exploration, Baffinland Iron Mines, and various gold exploration companies.

Capital Structure

Rob McEwen participated in Past Financings

As of Nov 2025

QUESTIONS?

GREATLY UNDERVALUED OPPORTUNITY

FOR GOLD INVESTING

APPENDIX 1 Experienced Board

Perry Dellelce

Director

Mr. Dellelce is a founder and the managing partner of Wildeboer Dellelce LLP, one of Canada’s leading corporate finance and transactional law firms. Mr. Dellelce practices in the areas of securities, corporate finance, and mergers and acquisitions.

Mr. Dellelce serves on the boards of many of Canada’s leading businesses, including but not limited to Mount Logan Capital Inc. andLendified Inc. Mr. Dellelce is the past chair and a current member of the boardof directors of the Sunnybrook Foundation and the current chair of the NEO Exchange Inc. and Canadian Olympic Foundation. Mr. Dellelce holds a BA from Western University, a LLB from the University of Ottawa, and an MBA degree from the University of Notre Dame.

Amanda Fullerton Director

Ms. Fullerton has been the Vice President, Legal & Corporate Secretary of GCM Mining Corp. since March 25, 2019. She also has been the Corporate Secretary at Denarius Silver Corp. since February 2021. She was a Vice President, Legal (and prior thereto, Associate, Legal) of Macquarie Capital Markets Canada Ltd. FromMarch 24, 2014, to March 22, 2019.

Prior thereto, Ms. Fullerton was an associate with Fasken Martineau DuMoulin LLP from September 2008to March 2011 and MacLeod Dixon LLP (now Norton Rose Fulbright LLP) from March 2011 to March 2014and practiced in the areas of corporate finance, mergers and acquisitions and corporate/commercial law, focused primarily on the mining industry.

Deborah Battiston

Director

Ms. Battiston is a CPA and an ICD.D (“Institute of Corporate Director’s Director”) obtained from the University of Toronto’s Rotman School of Management. Ms. Battiston also holds a BA in Economics from the University of Guelph. She has over 35years of financial management experience, 24 of which are in the public company sector, with broad experience in the mining sector, having served as CFO and director of multiple mining companies.

Her mining experience includes CFO of QMX Gold Corporation through junior exploration into production in Val d’Or Quebec; Buffalo Coal Corp, an operating coal mine in South Africa; Afrique Gold, an operating gold mine in Côte d'Ivoire Africa; and ConsolidatedThompson Iron Mines Limited, where she was CFO.

Experienced Board

Fergus

Kerr Director

Mr. Kerr is a Professional Mining Engineer and is currently self-employedas a consultant. Mr. Fergus is a graduate of the Royal School of Mines anda mining engineer with over 35 years of experience, including 14years at Denison Mine’s Elliot Lake uraniummine, where he servedas a General Manager for five years. Subsequent to Denison, Mr. Kerr servedas Sector Director at Workplace Safety & Insurance Board, and Mine Manager, Sudbury Operations at Inco LLC Area Manager at Inco’s Sudbury operations.

Mr. Kerr is a sought after health and safety specialist consulting globally with recent assignments in Mongolia, Indonesia, and Australia.

Dario Zulich Director

Mr. Zulich is an accomplished entrepreneur and community leader who has made significant contributions to the sports andentertainment industry as well as to the business and philanthropic communities in Northeastern Ontario. As the owner of the Sudbury Wolves Hockey Club, Mr. Zulich in his role as CEO of SW Sports and Entertainment Inc., directs a diverse portfolio of businesses, which include the Sudbury Wolves Hockey Club, the Sudbury Five Basketball Club, and the Sudbury Spartans Football Club. Under his leadership, these entities have become an integral part of the local sports scene, providing entertainment and inspiration to fans of all ages.

Prior to his success in the sports and entertainment industry, Mr. Zulich was formerly the CEO of TESC Contracting Limited (“TESC”) for nearly two decades andhe currently remains a partner in the business today. During his time as CEO, he helped to establish TESC as one of Ontario’s largest industrial contracting businesses, specializing in multi-trade construction services for mining & metals, power generation, forest products, and power generation markets.

Roger Emdin P.Eng Director

30+ years of seniormanagement and operating roles withlarge producing mines.

Diverse experience including Mine Engineer, Mine Manager, and ManagerSustainable Development for SudburyIntegrated Nickel.

Vice President,Harte Goldthrough bulk sample and mine development.

10yearsasthe Industry Chairforthe Mining Legislative ReviewCommittee of Ontarioand Chair of the Board of CEMI.

NOTES TO MRE for Tables 1 and 2

(OP= Open Pit, UG= Underground, Mt= Millions tonnes, Moz= Millions Ounces, Au= Gold metal)

Note 1: Mineral Resource Statement Notes

1. CIM definition standards were followed for the resource estimate.

2. This Mineral Resource has an effective date of September 29, 2025.

3. The 2025 resource models used ordinary kriging (OK) grade estimation within a threedimensional block model with mineralized domains defined by wireframe solids.

4. Mineral resources are constrained within pit shells (OP) and Underground Shapes (UG)

5. Open pit cut-off of 0.25 g/t Au milled is based on the cost/tonne ($USD/t) milled for incremental mining, processing, and G&A

6. Underground cut-off of 1.85 g/t Au milled is based on the cost/tonne ($USD/t) milled for incremental mining, processing, and G&A

7. The 0.25 g/t Au cut-off for OP and the 1.85 g/t Au cut-off for UG used for reporting is based on the following:

a. Long term Gold price of US$2,500/oz

b. Metallurgical recoveries are based on metallurgical testing recovery of 92%

c. Average Bulk density (specific gravity) was determined for each lithology and/or mineralized domain within the deposit

d. Processing costs of USD$11.00/t, G&A costs of USD$4.00/t, and Tailings Fee of USD$2.00/t milled

e. Dilution of 5% for OP, and 10% for UG

f. Overall Pit Slope angle of 47 degrees

8. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding.

9. The resource estimate was prepared by Todd McCracken, P.Geo, of BBA E&C Inc. in accordance with National Instrument 43-101 standards of Disclosure for Mineral Projects