McFarlane Lake Mining Ltd. Obtains DTC Eligibility

DTC eligibility is expected to simplify trading and enhance the liquidity of McFarlane Lake shares in the United States. The Company's shares recently began trading on the OTCQB® Venture Market ("OTCQB") under the ticker symbol MLMF.

DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages publicly traded companies' electronic clearing and settlement. Securities that are eligible to be electronically cleared and settled through DTC are considered "DTC eligible." This electronic method of clearing securities speeds up the receipt of stock and cash. It thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a more comprehensive selection of brokerage firms by coming into compliance with their requirements.

The Company's common shares trade on the NEO Exchange Inc. under the symbol "MLM" and on the OTCQB under the symbol "MLMF."

About McFarlane Lake Mining

McFarlane Lake is a Canadian gold exploration and development company with six gold properties with historic mineralization; two west of Sudbury in a region consistently on the top gold exploration opportunities as identified by the Ontario Geological Survey and an additional two straddling the Ontario - Manitoba border, which are geologically similar to a number of significant gold deposits in Ontario. Three of the properties are past producers of gold, and all six properties are near infrastructure (roads, power), significant population bases and in a geopolitically stable environment. The two remaining properties under option are located in the historic Timmins area along the prolific Porcupine Destor fault, home to dozens of mines over the last century and several current producing mines.

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

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

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 the applicable 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, including, without limitation, the impact of DTC eligibility for McFarlane Lake's common shares, including access to additional investors and enhanced liquidity. 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", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to 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 "Risks Factors" in the Company's Filing Statement dated as of January 14, 2022 which is available for view on SEDAR at www.sedar.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.

McFarlane Lake's' operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

Further Information

For further information regarding McFarlane Lake, please contact:

Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Ltd.
mtrevisiol@mcfarlanelakemining.com
1 705-562-8520

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