Mr. Gino Roger reports

MIDLAND SIGNS DEFINITIVE AGREEMENT WITH BARRICK FOR THE LEWIS GOLD PROPERTY

Midland Exploration Inc. has signed a definitive option agreement with a wholly owned indirect subsidiary of Barrick Mining Corp. for the Lewis gold property, currently wholly owned by Midland and located about 60 kilometres southwest of the town of Chapais in the Abitibi, Quebec.

Option agreement

Pursuant to the transaction, Barrick has the right to acquire up to a 75-per-cent interest in the property in consideration for cash payments totalling $750,000 and exploration work totalling $12-million on or prior to Dec. 31, 2032. Barrick will be the operator of the work carried out under the transaction.

Barrick may earn an initial 51-per-cent interest in the property by paying in cash $250,000 to Midland and funding exploration work of at least $3-million, including a guaranteed amount of $200,000 on or prior to Dec. 31, 2028, at which point Barrick and Midland will form a joint venture (the JV).

Barrick may earn an additional 9 per cent in the JV, for a total 60-per-cent interest, by making cash payments totalling $200,000 and funding exploration work of at least $1.5-million on or prior to Dec. 31, 2030 (the first JV funding option).

Finally, Barrick may earn an additional 15 per cent in the JV, for a total 75-per-cent interest, by making cash payments totalling $300,000 and funding exploration work of at least $7.5-million on or prior to Dec. 31, 2032 (the second JV funding option).

If Barrick does not exercise or complete the first JV funding or the second JV funding option, the JV interests will be subject to any subsequent adjustments in ownership made in accordance with the proportionate funding and dilution terms of the JV agreement. Dilution to or below a 10-per-cent JV interest results in conversion of the JV interest to a 2-per-cent net smelter return (NSR) royalty with the right to repurchase 50 per cent of the NSR royalty (1-per-cent NSR) for a payment of $1.5-million.

About the Lewis property

This project, acquired in April, 2020, consists of 154 exclusive exploration rights (formerly called claims) (86 square kilometres) and covers a strategic position characterized by a regional flexure proximal to the Guercheville-Opawica deformation zone. The Lewis gold property is located approximately 60 kilometres northwest of the Nelligan deposit, which hosts 106,395,000 tonnes of inferred resources grading 0.96 gram per tonne Au for 5.16 million ounces of gold and also 102,845,000 tonnes of indicated resources grading 0.85 g/t Au for 3.12 million ounces of gold (see Iamgold Corp. press release dated Feb. 20, 2025). In addition, approximately 10 kilometres west of the Lewis property lies the former Lac Shortt mine, which historically produced 2.7 million tonnes at a grade of 4.6 grams per tonne Au (source: MERN-SIGEOM).

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 Barrick, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Centerra Gold 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 Midland's portfolio and generate shareholder value.

We seek Safe Harbor.