Midland Exploration Inc. the commencement of a major exploration program for nickel and copper in Nunavik, following up on exploration work carried out from 2020 to 2023 during which new Ni-Cu-Co mineral occurrences were discovered. This new program will be conducted under the strategic alliance. executed in August 2020 between Midland?s wholly owned subsidiary, Midland Base Metals Inc., and Rio Algom Limited, wholly owned subsidiary of BHP Group PLC.

The 2024 exploration program will focus on anewmajor crustal-scale structureand its subsidiaries that were identified in the regional airborne Z-Tipper axis electromagnetic survey (?ZTEM?) performed in 2023. These structures, previously poorly recognised, are deemed favorable for nickel-copper mineralization. The 2024 program will consist of regional helicopter-borne Time Domain Electromagnetic surveying as well as one phase of mapping and prospecting scheduled to take place in July.

Highlights: Regional MT surveys completed in 2022 identified a new major crustal-scale structure in a poorly explored area, that is deemed favorable for nickel-copper mineralization; New Ni-Cu-Co mineral occurrence discovered by prospecting in 2022; Lake sediment survey totalling approximately 1,534 samples done in July 2023; Helicopter-borne Z-Tipper axis electromagnetic survey (ZTEM) totalling approximately 8,900 line-kilometers done in July 2023 identifying several new conductive features; New Ni-Cu-Co mineral occurrence discovered by prospecting in 2023; Regional helicopter-borne Time Domain Electromagnetic survey (?HELITEM®?) totalling approximately 6,500 line-kilometers to be done in July 2024; Prospecting and mapping to be done in July 2024. New Ni-Cu-Co showing identified in 2022-2023. The Alliance with BHP for nickel-copper exploration is focused on mafic intrusive rocks with troctolite/olivine gabbro compositions similar to those in Voisey?s Bay and the Nain Province, but that have historically received far less exploration in Quebec, despite the discovery of several Ni-Cu-Co prospects and occurrences.

The Papavoine Ni-Cu-Co prospect, discovered in 2000 and currently held by Midland for the benefit of the Alliance Agreement, graded up to 0.63% Ni, 0.31% Cu and 0.04% Co over 6.6 metres in channel samples (see Midland?s press release dated August 12, 2021). Approximately 20 kilometres southeast of Papavoine, the Mantas intrusion yielded grades up to 0.48% Ni, 0.21% Cu and 0.06% Co over 0.7?metre in channel sample (see Midland?s press release dated August 12, 2021). In 2022, work by Midland and BHP also confirmed an additional area with strong potential, called Target 22.

Grab samples at Target 22 returned up to 0.81% Ni, 0.22% Cu and 0.19% Co. In 2023, Midland and BHP also expanded the Target-22 Soisson Intrusive Suite to 10 km long with some local mineralised outcrop. Regional MT surveys completed in 2022.

Regional MT surveys covering approximately 230 stations in three blocks have been completed in 2022 within the area of interest of the Alliance. Consistent with a Mineral Systems Framework approach, the objective of the surveys was to identify structures that could have channeled nickel-copper bearing mafic intrusions from the mantle to the upper crust. A major crustal-scale structure (Abloviak shear zone) is obvious at the Voisey?s Bay Ni-Cu-Co mine in Labrador and is interpreted to be critical in the genesis of the deposit.

The 2022 MT surveys successfully identified a major crustal-scale structure that is interpreted to cross the whole area of interest. This structure is a high priority target for nickel-copper mineralization. The structure is in a poorly explored zone of the area of interest and has been the primary focus of exploration in 2023 and in the upcoming 2024 exploration.

Lake sediment survey in July 2023 A high-density lake sediment survey that consisted of approximately 1,383 samples was performed in July 2023 to cover the crustal-scale structure identified in the 2022 MT survey. The lake sediment survey was also analyzed by a portable XRF device so that field follow-up of anomalies was done during the 2023 prospection campaigns. ZTEM electromagnetic survey in July 2023 A Z-Tipper axis electromagnetic survey (ZTEM) was done on the crustal-scale structure.

The survey helped to define the location and orientation of the structure near the surface as well as identifying conductive features that could be caused by nickel-copper mineralization. Prospecting program in July and August 2023 Two phases of prospecting and mapping within the area of interest were completed during July and August 2023. Over a period of five (5) weeks total, these field programs were mainly targeting the crustal-scale structure, and more specifically any nickel-copper lake sediment anomalies or ZTEM anomalies.

The budget has been approved for the 2024 prospecting campaign, and HELITEM® survey starting in July.