Mayo Lake Minerals closes up to $1.89 million LIFE financing

Ottawa, Ontario--(Newsfile Corp. - July 22, 2026) - Mayo Lake Minerals Inc . (CSE: MLKM) (" Mayo " or the " Company ") is pleased to announce a non-brokered private placement (the " Offering ") for aggregate gross proceeds of between a minimum of $1,600,000 and a maximum of $1,890,000 from the sale of any combination of the following: common share units (each, a " CS Unit ") at a price of $0.08 per CS Unit, subject to the minimum sale of 6,250,000 CS Units; and flow-through units (each, a " FT Unit ", and together with the CS Units, the " Units ") at a price of $0.105 per FT Unit. Each CS Unit consists of one common share of the Company (each, a " Common Share ") and one common share purchase warrant (each, a " CS Warrant "). Each CS Warrant entitles the holder thereof to purchase one Common Share at a price of CAD$0.12 per Common Share for a period of thirty-six (36) months from the date of issuance, provided, however, that should the volume-weighted average trading price at which the Common Shares trade on the Canadian Securities Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceeds CAD$0.20 for twenty-one (21) consecutive trading days at any time following the date of issuance, the Company may accelerate the warrant term (the " Reduced Warrant Term ") such that the CS Warrants shall expire on the date which is 30 business days following the date a press release is issued by the Company announcing the Reduced Warrant Term.

Each FT Unit consists of one common share issued on a "flow-through" basis (each, a " FT Share ") within the meaning of the Income Tax Act (Canada) (the " Tax Act ") and one Common Share purchase warrant (a " FT Warrant "). Each FT Warrant entitles the holder to acquire one Common Share at a price of $0.14 for a period of thirty-six (36) months from the date of issuance, provided, however, that should the volume-weighted average trading price at which the Common Shares trade on the Canadian Securities Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceeds CAD$0.20 for twenty-one (21) consecutive trading days at any time following the date of issuance, the Company may accelerate the warrant term (the " Reduced FT Warrant Term ") such that the FT Warrants shall expire on the date which is 30 business days following the date a press release is issued by the Company announcing the Reduced FT Warrant Term. The Company intends to use the net proceeds from the sale of the CS Units to advance exploration on its gold and silver properties in the Mayo-Keno region of Yukon's Tombstone Gold Belt, as well as for working capital and general corporate purposes, as more fully described in the Offering Document (as defined below).

The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Tax Act (the " Qualifying Expenditures ") related to the Company's properties on or before December 31, 2027. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2026. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (" NI 45-106 "), the CS Units and FT Units (the " LIFE Securities ") will be offered for sale to purchasers resident in the provinces of Canada, expect for Quebec (the " Canadian Selling Jurisdictions ") pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 - E xemptions from Certain Conditions of the Listed Issuer Financing Exemption (the " Listed Issuer Financing Exemption ").