Mr. Gino Roger of Midland Exploration reports

MIDLAND ANNOUNCES NON-BROKERED CHARITY FLOW-THROUGH FINANCING WITH STRATEGIC INVESTMENT FROM CENTERRA GOLD

Midland Exploration Inc. has arranged a non-brokered private placement for aggregate gross proceeds of $5,058,750 from the sale of 10.65 million shares of the corporation at a price of 47.5 cents per flow-through (FT) share. Each FT share will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

Concurrently with the charity FT offering, the corporation intends to complete a non-brokered private placement with institutional investors for additional gross proceeds of approximately $1.05-million from the sale of 3,181,818 common shares of the corporation at a price of 33 cents per share.

Centerra Gold Inc. is expected to participate in the offering as a strategic investor and, upon closing, will hold 9.9 per cent of the corporation's issued and outstanding common shares.

Midland's president and chief executive officer, Gino Roger, commented: "This placement will provide Midland with sufficient funds to ensure the progress and development of our wholly owned gold exploration projects in Abitibi, James Bay and Northern Quebec. We are thrilled to welcome Centerra as one of our newest shareholders."

The gross proceeds from the issuance and sale of the FT shares will be used for Canadian exploration expenses that qualify as flow-through mining expenditures, as both terms are defined in the tax act. The qualifying expenditures will be incurred on or before Dec. 31, 2026, and will be renounced to the subscribers with an effective date no later than Dec. 31, 2025, in an aggregate amount not less than the gross proceeds raised from the issuance of the FT shares.

Refundable tax credits of 22.5 per cent are expected to be recovered on qualifying expenditures incurred by the corporation on its gold projects.

The offering is expected to close on or about July 25, 2025, subject to certain conditions, including approval by the TSX Venture Exchange, and the execution of an investor rights agreement (IRA) with Centerra. Under the IRA and subject to conditions, Centerra will be granted certain rights, including the right to participate in future share issuances in order to maintain its interest in the corporation. All securities issued in connection with the offering will be subject to a hold period of four months plus one day from the closing date, in accordance with Canadian securities legislation.

About Centerra Gold Inc.

Centerra is a Canadian-based mining company focused on operating, developing, exploring and acquiring gold and copper deposits in North America, Turkey and other markets worldwide. Centerra owns and operates the Mount Milligan mine in British Columbia, Canada, and the Oksut mine in Turkey. It also owns several exploration and development assets and manages a molybdenum business unit with assets in Canada and the United States.

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 BHP Canada Inc., Rio Tinto Exploration Canada Inc., Agnico Eagle Mines Ltd., Wallbridge Mining Company Ltd., Probe Gold Inc., Electric Elements Mining Corp., SOQUEM 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 the corporation portfolio and generate shareholder value.

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