Mayo Lake extends share consolidation and life offering closing dates

Ottawa, Ontario--(Newsfile Corp. - August 13, 2026) - Mayo Lake Minerals Inc . (CSE: MLKM) (" Mayo " or the " Company ") announces that further to its press release of August 5, 2026, due to the complex nature of certain logistical issues, the Company will be required to extend the concurrent closing date of its previously announced one-for-three (1:3) share consolidation (" Consolidation" ) and $1.89M listed issuer financing exemption (" LIFE" ) from August 14, 2026 to on or about August 28, 2026.

The LIFE offering consists of both common share units at a price of $0.08 per unit and flow-through units at a price of $0.105 per flow through unit, for aggregate gross proceeds of up to $1,890,000. All prices are stated on a post-consolidation basis.

The Company will obtain a new CUSIP and ISIN in relation to the Consolidation which will be subject to the approval of the Canadian Securities Exchange.

The Company intends to use the net proceeds of the LIFE 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 Company's Offering Document that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.mayolakeminerals.com . Prospective investors should read the Offering Document before making an investment decision.

ABOUT MAYO LAKE MINERALS INC. Mayo is actively engaged in the exploration, discovery and development of three precious metal properties covering 145.6 square kilometres in the Mayo-Keno area of the Mayo Mining District. All properties lie within the traditional territory of the Na-Cho Nyäk Dun First Nation.

The Company's flagship 86 km² Anderson-Davidson Project is located within the Tombstone Gold Belt, one of Canada's most active districts for Reduced Intrusion-Related Gold Systems (RIRGS), where neighbouring companies continue to report significant exploration success. Mayo also owns the 44 km² Carlin-Roop Silver Property and the diversified Edmonton Property , all strategically located in one of Canada's premier mineral exploration regions.

Additional information is available at www.mayolakeminerals.com .

For further information please contact: Vern Rampton, Ph.D., P.Eng. President, CEO & Chairman vrampton@mayolakeminerals.com Tel. 613-836-2594 Darrell Munro, B.A., LL.B. Corporate Administrator dmunro@mayolakeminerals.com Tel. 613-836-2594 Lee Bowles, Director Business Development lbowles@ironstonecapital.ca Tel. 011 3462 466 9063 or 416-561-7474

Forward-Looking Information This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, statements regarding the completion of the proposed share consolidation, the proposed LIFE Offering, the anticipated timing of closing, receipt of regulatory approvals, the intended use of proceeds, exploration plans, and the Company's future business objectives.