TORONTO, May 28, 2026 (GLOBE NEWSWIRE) -- McFarlane Lake Mining Limited (CSE:MLM, OTC:MLMLF, FRA: W2Z)) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, is pleased to announce a non-brokered private placement financing (the "Offering") for aggregate gross proceeds of up to approximately $6.75 million, led by a strategic investment from well-known mining investor Michael Gentile, who has agreed to subscribe for up to $6.35 million of the Offering, with Pierre Beaudoin, committing to subscribe for the balance. Mr. Beaudoin is a precious metal mining executive with more than 30 years of diversified mining, mineral processing, design, construction and start-up experience.

Under the terms of the Offering, the investors have agreed to subscribe for units of the Company (the "Units") at a price of $0.12 per Unit for aggregate gross proceeds of $6,750,000. Each Unit will consist of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share at a price of $0.16 per Common Share for a period of 36 months from the date of issuance.

Mark Trevisiol, Chief Executive Officer and President of McFarlane Lake, commented: "We are very pleased to welcome Michael Gentile and Pierre Beaudoin as strategic investors. Their experience in the mining sector and track record of supporting high-quality exploration and development companies aligns well with our vision for McFarlane Lake. Our exploration program remains fully funded and this investment now gives us optionality around debt securities repayment."

Mr. Gentile commented: "I am excited to make this major investment in McFarlane Lake and support the advancement of the Juby Gold Project. McFarlane Lake ticks all the boxes I look for in a mining project: size, scale, infrastructure, grade and compelling exploration upside all in a proven Tier 1 jurisdiction and trading at only a $60M market cap. I look forward to working closely with management to advance the asset and create long-term shareholder value."

Proceeds of the Offering may be used to repay a portion of the Company's outstanding debentures, to advance the Company's exploration and development programs at the Juby Gold Project, and for general working capital purposes.

Closing of the Offering is subject to customary conditions, including receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange (the "CSE"). All securities issued pursuant to the Offering will ...