McFarlane Lake Mining Provides Corporate Update

TORONTO, ON / ACCESSWIRE / December 28, 2023 / McFarlane Lake Mining Limited (NEO:MLM)(OTCQB:MLMLF) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, announces that the Company's board of directors has approved: (i) the grant of 5,650,000 stock options (collectively, the "Options") to certain directors, officers and consultants of the Company; and (ii) the grant of 3,600,000 restricted shares units (collectively, the "RSUs") to certain consultants of the Company, each in accordance with the rules of Cboe Canada and the applicable plan.

The Options are exercisable into the equivalent amount of common shares of the Company at a price of $0.09 per share until December 27, 2028.

The RSUs granted to the consultants will vest in accordance with the terms and conditions set forth in the applicable award agreements and once vested, each vested RSU will entitle the holder thereof to receive a common share in the capital of the Company.

About McFarlane Lake

McFarlane Lake is a mineral exploration company focused on the exploration and development 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 holds the McMillan and Mongowin mineral property located 70 km west of Sudbury and owns the Michaud/Munro mineral property 115 km east of Timmins. McFarlane 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.ca.

Further Information
For further information regarding McFarlane Lake, please contact:

Roger Emdin, Chief Operating Officer
McFarlane Lake Mining Limited
1-705-562-8520
remdin@mcfarlanelakemining.com

Craig MacPhail
NATIONAL Capital Markets
cmacphail@national.ca
1-416-525-5709

SOURCE: McFarlane Lake Mining Limited