Mr. Gino Roger reports

MIDLAND IN PARTNERSHIP WITH RIO TINTO IDENTIFIES NEW TARGETS AND RESUMES DRILLING ON THE NEW SANTOS NICKEL-COPPER ZONE, TETE NORD PROJECT

Midland Exploration Inc. will resume work in the vicinity of the recent nickel-copper discovery named Santos. This zone was discovered during the maiden drilling program completed by Rio Tinto Exploration Canada Inc. (RTEC) on the Tete Nord property. The coming drilling program will begin shortly to test new prospective geophysical targets located near Santos as well as farther south in the vicinity of the Palmeiras and Savane showings.

Located near the town of La Tuque, Que., the Tete Nord property is currently wholly owned by Midland but is subject to an option agreement with RTEC since December, 2021 (see press release by Midland dated Dec. 2, 2021).

Highlights:

• Commencement of a new drilling program with six drill holes totalling up to 1,900 metres;
• Several new drilling targets identified in the Santos and Palmeiras areas, north of the former Lac Edouard nickel-copper mine;
• New drilling targets at Savane.

New drilling targets at Santos and Palmeiras

Over the past few months, ground-based gravity surveys were completed in the vicinity of the new Santos nickel-copper zone and farther south along the same north-south-trending structure, in the vicinity of the Palmeiras showing. The gravity survey led to the identification of new prospective drilling targets, favourably located near the two showings. This new drilling campaign will consist of six drill holes totalling up to 1,900 metres and is scheduled to begin in early July, depending on the forest fire situation in this part of the province of Quebec.

During the maiden drilling program, drill hole MDLD0015, designed to test a VTEM (versatile time-domain electromagnetic) anomaly and an off-hole anomaly detected in drill hole MDLD0009, intersected, from 14 metres to 80 metres downhole depth, several layers with nickel-copper mineralization within altered gabbro horizons. From 20.11 to 22.79 metres, the drill hole intersected 1.10 per cent nickel and 0.71 per cent copper over 2.68 metres. Farther down, from 33.02 to 43.39 metres, a mineralized interval graded 0.45 per cent nickel and 0.18 per cent copper over 10.37 metres (see press release by Midland dated April 27, 2023). Regionally, this new Santos zone is favourably located along a north-south-trending structure, approximately eight kilometres north of the former Lac Edouard nickel-copper mine.

Modelling of the ground gravity survey completed this summer in the Santos area led to the identification of a new anomaly located a few hundred metres northwest of the Santos zone. A total of three drill holes totalling up to 900 metres will be completed in the Santos area. Two of these drill holes will test possible extensions of the Santos zone to the south and west, and the third drill hole will be collared northwest of Santos to test the new gravity anomaly.

Approximately two kilometres south of Santos, along the same north-south-trending structure, a large gravity anomaly was detected immediately north of the Palmeiras showing, where mineralized melagabbro to pyroxenite outcrops were identified near VTEM anomalies. One drill hole totalling up to 300 metres is planned to test this new geophysical target.

Additional drilling on the Savane showing

A gravity survey was also completed in the Savane showing area. During the maiden drilling campaign, a mineralized interval intersected in drill hole MDLD0001 graded 1.07 per cent nickel and 0.13 per cent copper over 0.78 metre, from 101.87 to 102.65 metres. Modelling of the gravity survey resulted in a better definition of the geometry of the mineralized intrusion at Savane and the identification of two lobes possibly representing previously unknown parts of the mineralized intrusion. Two drill holes totalling up to 700 metres will be completed to test these intrusive targets.

In addition, prospecting work will be conducted approximately 750 metres northwest of the Savane showing to explain the presence of a new gravity anomaly like the one associated with the mineralized intrusion at the Savane nickel-copper showing.

About the Tete Nord nickel-copper property

The Tete Nord property covers mafic and ultramafic rocks of the La Bostonnais complex north of La Tuque, which hosts the former Lac Edouard mine, which historically produced 50,000 tonnes of ore grading 1.50 per cent nickel and 0.50 per cent copper (source: SIGEOM NTS sheet 31P09).

Cautionary statements:

• Note that grab sample grades may not be representative of mineralized zones.
• The true thickness of reported intervals cannot be determined with the information currently available; intervals are thus reported in core length.
• Mineralization occurring at the former Lac Edouard mine is not necessarily indicative of mineralization that may be found on the Tete Nord property held by Midland.

Quality control

Drill core samples were sent to ALS Thunder Bay for preparation and ALS Vancouver for analysis. Samples were prepared according to the RIORCK package, where the entire sample is crushed to 70 per cent passing less than two millimetres using a Boyd crusher-splitter combination; and then, one kilogram of material is pulverized to at least 85 per cent passing 75 microns. This method includes between-sample washes on both crushers and pulverizers. Samples were analyzed for a full element suite using lithium borate fusion (ME-ICP06 and ME-MS81), with four-acid and aqua regia digestion (ME-MS61L and ME-MS41L), tin and carbon, by induction furnace (ME-IR08) and gold/platinum/palladium by ultralow-detection 30-gram fire assay (PGM-MS23L). The MDLD0015 batch of 114 samples included eight certified reference materials (CRM) and 13 blanks as well as four core duplicates, for a quality control insertion rate of 28 per cent. Reference materials consist of in-house standards CL-LG, CL-HG and EA-M, all independently prepared and certified. ALS included laboratory quality control using a range of blanks and CRM standards, and 16 RTX samples were analyzed twice as duplicates.

About Midland Exploration Inc.

Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland is proud to count on reputable partners such as RTEC, BHP Canada Inc., Barrick Gold Corp., Wallbridge Mining Company Ltd., Probe Gold Inc., Agnico Eagle Mines Ltd., Osisko Development Corp., SOQUEM Inc., Brunswick Exploration Inc., Nunavik Mineral Exploration Fund and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up Midland's portfolio and generate shareholder value.

This press release was prepared by certified geologist Mario Masson, PGeo, vice-president, exploration, for Midland and a qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.