McFarlane Lake Announces Proposed Strategic Investment in iMetal Resources, Inc.
TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- McFarlane Lake Mining Limited (“McFarlane” or the “Company”) (CSE: MLM, OTC: MLMLF, FRA: W2Z) is pleased to announce that it has entered into a subscription agreement (the “Subscription Agreement”) with iMetal Resources, Inc. (TSXV: IMR, OTC: IMRFF, FRA: A7VA) (“iMetal”), a Canadian-based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec, pursuant to which the Company has agreed to make a strategic investment (the “Strategic Investment”) in iMetal. Pursuant to the Subscription Agreement, the Company has agreed to purchase 14,200,852 units of iMetal (“Units”) at a price of $0.10 per Unit for an aggregate subscription price of $1,420,085. Upon completion of the Strategic Investment, the Company is expected to beneficially own 19.9% of iMetal’s issued and outstanding common shares (“iMetal Shares”). The Strategic Investment is being completed pursuant to iMetal’s previously announced non-brokered private placement consisting of up to 30,000,000 Units at a price of $0.10 per Unit for aggregate gross proceeds of up to $3,000,000.
Each Unit consists of one iMetal Share and one common share purchase warrant of iMetal (each, an “iMetal Warrant”). Each iMetal Warrant will entitle the Company to buy one iMetal Share at an exercise price of $0.175 per iMetal Share for a period of three (3) years from the date of closing of the Strategic Investment (the “Expiry Date”). iMetal may accelerate the Expiry Date if the volume-weighted average trading price of the iMetal Shares on the TSX Venture Exchange (“TSXV”) exceeds $0.40 for 20 consecutive trading days (subject to a beneficial ownership blocker), in accordance with the terms of the warrant certificate governing the iMetal Warrants.
In connection with the Strategic Investment, the Company and iMetal have entered into an investor rights agreement (the “Investor Rights Agreement”) which will become effective on closing of the Strategic Investment. The Investor Rights Agreement gives the Company the right to, among other things, nominate one director to iMetal’s board of directors, participate in future equity issuances of iMetal to maintain McFarlane’s pro rata equity interest and, subject to the approval of the board of iMetal, provide certain technical oversight on exploration on its Gowganda property, on the terms set out in the Investor Rights Agreement. Closing of the Strategic Investment remains subject to the final approval of the TSX Venture Exchange and the Canadian Securities Exchange, and other customary closing conditions.
Figure 1 shows the relative land positions of McFarlane and iMetal, with iMetal being located to the east, south and north of McFarlane’s Juby Gold Project. McFarlane’s land position is approximately 5,500 hectares while iMetal has approximately 7,500 hectares.
Mark Trevisiol, Chief Executive Officer, President and Director of the Company, commented: “We are pleased to be participating in the iMetal financing. This creates an opportunity for both companies and allows interests to be more aligned in exploring geological trends in this area for the development and benefit of both companies. We look forward to working with the iMetal team.”
Figure 1 – Property position of McFarlane Lake Mining and iMetal
Update on Marketing Service Engagement
The Company is also announcing the renewal of its marketing service engagement with The Market Link (“Market Link”), a Vancouver-based marketing and media platform company, to provide an issuer advertising campaign. Further to the marketing services agreement entered into on November 14, 2025, and extended on March 19, 2026, the Company and Market Link have entered into a second extension of the arrangement for an additional four-month term that started on July 26, 2026, for total cash compensation of US$110,000. Market Link is arm’s length to the Company and has no direct or indirect interest in the securities of the Company. No securities will be issued as compensation. Market Link will continue to deploy products from its range of offerings, which include digital marketing services, on-site awareness products, email distribution, advertising placements, sponsored company materials, and other media services.
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 Gold Project hosts a current (effective September 29, 2025) NI 43-101 (as defined hereafter) 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 was filed on SEDAR+ on November 21, 2025, and is also available on the Company’s website www.mcfarlanelakemining.com.
McFarlane is actively executing 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 km west of Sudbury and the Michaud/Munro properties located 115 km east of Timmins. McFarlane is a reporting issuer in Ontario, British Columbia, and Alberta.
Readers are cautioned to refer to the “Cautionary Note Regarding Forward-Looking Information” 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.ca.
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Bob Kusins, P.Geo, a consultant to the Company and a qualified person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The technical information was also reviewed by Mark Trevisiol, P.Eng., an officer of McFarlane and a qualified person under NI 43-101.
Advisors
Wildeboer Dellelce LLP is acting as legal counsel for McFarlane. Cassels Brock & Blackwell LLP is acting as legal counsel and Integrity Capital Partners is acting as financial advisor for iMetal.
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
Bryan Baritot, Investor Relations
McFarlane Lake Mining Limited
investors@mcfarlanelakemining.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 applicable Canadian securities legislation.
All statements in this news release, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, projections and assumptions made by management as of the date of this news release. Forward-looking statements are often, but not always, identified by the use of words such as “expects”, “anticipates”, “plans”, “intends”, “believes”, “estimates”, “projects”, “potential”, “possible”, “target”, “scheduled”, or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of McFarlane to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, closing of the Strategic Investment, obtaining the final approvals of the TSXV and Canadian Securities Exchange in respect of the Strategic Investment, general market and economic conditions, and those described under the heading “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis dated as of April 23, 2026, and other disclosure documents filed by the Company with Canadian securities regulators, all of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and McFarlane disclaims any obligation to update or revise them to reflect new events or circumstances, except as required by applicable law.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
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