McFarlane Lake Closes Sale Of High Lake And West Hawk Lake Properties For $9.25 Million

Rhea-AI Summary

McFarlane Lake Mining (OTCQB:MLMLF / CSE:MLM) closed the sale of the High Lake and West Hawk Lake properties to Total Metals for $9.25 million consideration on October 28, 2025.

McFarlane received $7.25 million in cash plus 3,333,333 common shares of Total Metals issued at a deemed price of $0.60 per share; Total Metals' five‑day average on the TSXV was $1.25 as of October 24, 2025. The company said the sale strengthens its balance sheet and lets management concentrate on advancing the Juby Gold Project, where a new Mineral Resource Estimate was announced October 7, 2025. McFarlane added that planned drilling at Juby is fully funded and a drill permit application has been submitted, and environmental baseline proposals are under review.

Positive

• Total consideration of $9.25 million
• Received $7.25 million cash
• Received 3,333,333 Total Metals shares (deemed $0.60/share)
• Planned drilling at Juby fully funded and drill permit submitted

Negative

• Divested the High Lake and West Hawk Lake properties, reducing asset portfolio

TORONTO, ON / ACCESS Newswire / October 28, 2025 / McFarlane Lake Mining Limited ("McFarlane" or the "Company") (CSE:MLM)(OTCQB:MLMLF) is pleased to announce that it has closed the previously announced sale of the High Lake and West Hawk Lake properties to Total Metals Corp. ("Total Metals") (TSX-V:TT.V)(FSN:04N) for total consideration of $9.25 million, receiving $7.25 million in cash and 3,333,333 common shares of Total Metals, issued at a deemed price equal to $0.60 per share. As of October 24, 2025, Total Metals' shares have averaged $1.25 on the TSXV over the five trading days ended October 24.

The sale of the High Lake and West Hawk Lake properties aligns with McFarlane's strategy to focus on the exploration and development of the Company's flagship Juby Gold Project, where the company recently announced a new Mineral Resource Estimate, (see news release dated October 7, 2025 and resource statement herein).

Mark Trevisiol, CEO and Chairman of McFarlane commented, "The monetization of our High Lake and West Hawk Lake properties has significantly strengthened our balance sheet and allows us to focus predominately on advancing the Juby Gold Project. With planned drilling fully funded, and our drill permit application submitted, we're eager to begin drilling and showcasing the opportunity at Juby for resource expansion. In the coming weeks we will share more details with our stakeholders on our strategy for expanding gold resources. In parallel we are also focusing on reviewing environmental baseline proposals on the property. We look forward to sharing our detailed development plans with all stakeholders and we wish Total Metals success as they begin work on the High Lake and West Hawk Lake properties."

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 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 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%-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.

Qualified Person

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the company, and a Qualified Person as defined 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.

Advisors

Wildeboer Dellelce LLP is acting as legal counsel for McFarlane.

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities legislation. 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 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 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.

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.

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

SOURCE: McFarlane Lake Mining Limited

View the original press release on ACCESS Newswire

FAQ

What did McFarlane (OTCQB:MLMLF) receive in the sale of High Lake and West Hawk Lake on October 28, 2025?

McFarlane received $7.25 million in cash and 3,333,333 Total Metals shares issued at a deemed price of $0.60 per share for total consideration of $9.25 million.

How does the Total Metals five‑day average share price relate to McFarlane's sale on October 24, 2025?

Total Metals' shares averaged $1.25 on the TSXV over the five trading days ended October 24, 2025, as referenced in the sale announcement.

What does the sale mean for McFarlane's focus on the Juby Gold Project (MLMLF)?

The company said the monetization strengthens its balance sheet and allows it to focus on advancing the Juby Gold Project, following a new Mineral Resource Estimate announced October 7, 2025.

Is drilling at the Juby Gold Project funded and what is the permit status for MLMLF?

Planned drilling at Juby is reported as fully funded, and a drill permit application has been submitted.

Will McFarlane retain any interest in High Lake and West Hawk Lake after the October 28, 2025 closing?

No; McFarlane closed the sale of the High Lake and West Hawk Lake properties to Total Metals for the stated consideration.