Interview with Mark Trevisiol, President & CEO of McFarlane Lake Mining
Recording date: 18 October 2026
McFarlane Lake Mining (CSE:MLM) is a Canadian gold explorer advancing the Juby Gold Project near Gowganda in Ontario's southern Abitibi Greenstone Belt. The district has produced more than 200 million ounces of gold over the past century and hosts major operations nearby, including IAMGOLD's Côté Gold to the west. The August 2026 Mineral Resource Estimate, prepared by BBA E&C Inc. at a US$3,600/oz gold price, contains 1.07 Moz Indicated at 0.96 g/t and 5.09 Moz Inferred at 0.87 g/t.
The company's balance sheet has changed sharply this year. McFarlane acquired Juby from Aris Mining for US$22 million, including a US$15 million debenture due in October 2026. In late May, Michael Gentile and Pierre Beaudoin invested C$6.75 million. CEO Mark Trevisiol said that investment, and the investor support that followed, allowed the company to repay more than US$13 million of the debt. Around US$1.7 million remains, largely held by friendly parties. A C$17.25 million bought deal financing closed in September, and Trevisiol said about C$12 million of that was flow-through funding.
That capital funds a 50,000 m Phase 2 programme over 12 to 15 months, with three drills expected on site before 1 November. Two drills will extend known mineralisation along strike and at depth. The third will focus first on infill drilling to convert Inferred ounces to Indicated. Trevisiol has set a goal of about 10 Moz within two years. The presentation allocates conceptual target ranges across the Big Dome, Hydro Creek and Golden Lake trend, the 826 Zone, Juby East and Byberg. These targets are not resources and remain to be tested.
Trevisiol was open about the role of price in the latest resource. He said drilling and modelling alone would have added roughly 800,000 to 900,000 oz at last year's US$2,500/oz assumption, with the higher price adding a further significant step to its now 6.2 million ounces of combined gold resource.
Development work runs in parallel. A scoping study is due to begin this quarter, with results targeted by the end of Q2 2027. Environmental baseline studies began in December 2025, and the company aims to submit an advanced exploration permit application in Q1 2027 to support a proposed bulk sample. Metallurgical testwork is confirming earlier SGS results, and historical testing suggests the material may respond to flotation, which could reduce capital requirements.
The team has been strengthened with the appointment of Gilbert Lamarche as COO. Lamarche was previously COO of Foran Mining and spent more than 15 years at Vale. Two senior field geologists have also joined.
McFarlane at US$33/oz of enterprise value against a peer average of US$48/oz. Key risks include the high Inferred proportion, sub-1 g/t grades, unsecured milling capacity, permitting timelines and a fully diluted share count of 727.0 million. Assay results, toll milling discussions and the scoping study are the main catalysts to monitor over the next 12 to 18 months.
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