Announcement • May 28
Midland Exploration Inc. Completes Induced Polarization Geophysical Survey and Identifies Several Anomalies on Its Caniapisc Au Project Midland Exploration Inc. announced the preliminary interpretation of the results of the induced polarization ground geophysical survey completed on its Caniapisc Au project, in the Eeyou Istchee James Bay and Caniapiscau regions. The Caniapisc Au project is wholly owned by Midland and consists of 315 exclusive exploration rights covering an area of 159 square kilometres. The 2025 exploration programs successfully identified several gold-bearing boulders, with a maximum value of 24.5 g/t Au on a selected boulder grab sample. A 23.7 line-kilometre ground IP geophysical survey covering part of the southern part of the project, where several mineralized boulders were identified in 2025, was completed. Several unexplained chargeability anomalies were found within and along the border of the lake and located south and southwest of gold-bearing glacially transported boulders. The 23.7 line-kilometre pole-dipole IP geophysical survey, completed in winter 2026, covers the lake north of the gold-in-till anomalies in the southern part of the project, and extend northward to cover gold-bearing mineralized boulders identified in 2025. The IP survey covers an area approximately of 4.5 kilometres by 1.2 kilometres and was performed along east-west lines, perpendicular to the magnetic grain, separated by 200 metres and with a spacing of 37.5 metres along the lines. Several IP chargeability anomalies were found in the southwestern part of the survey. These anomalies are unexplained, due to the absence of outcrops in this area. However, several glacially transported Au-bearing boulders were found to the south and south-west of these anomalies in 2024-2025, which could suggest these boulders originate from these up-ice IP anomalies. Several Au anomalies in B-horizon soils are also found close to these strong IP anomalies. These combined features suggest potential exploration targets for gold to be followed up. Other strong to moderate IP chargeability anomalies were also found further to the east and also remain unexplained to date. Several Au-bearing boulders have been uncovered in the vicinity of these anomalies in 2024 and 2025. The data from the identified IP anomalies will be further evaluated using, in part, a geological and structural interpretation that is in progress and using the 2025 airborne magnetic and electromagnetic survey. The 2025 airborne survey also identified electromagnetic anomalies that will be followed up during the summer program. The upcoming summer exploration program in preparation includes a follow-up prospecting and geological mapping program, a soil sampling program to complete the coverage of the project, and an airborne LiDAR survey. The Caniapisc Au project lies south of the Caniapiscau Reservoir and is geologically located within the Ashuanipi Subprovince, a lesser-known and explored portion of the Archean Superior Province. The project is more specifically located in the Raynouard Complex, characterized by a 50 kilometre-long volcanosedimentary belt comprising bimodal volcanic sequences, metasedimentary rocks and iron formations. Historical exploration work, to the south of the Caniapisc Au project, highlights the potential of the Raynouard Complex with the presence of volcanogenic Cu-Zn-Ag-Au and porphyry Cu-Au-Ag-Mo mineralization. The Caniapisc Au project is strategically located north of these showings, where a historical 2014 till sampling survey identified gold anomalies. Results from five till samples in 2025 confirm the historical gold-in-till anomalies. The 2025 exploration programs on the Caniapisc Au project included geological mapping, prospecting, soil sampling, and a magnetic and electromagnetic geophysical survey. These programs successfully identified several Au-Zn-Mn-Ag and Au-Zn-Ag-(Pb)-bearing boulders within a 2-kilometre radius up-ice from gold-in-till anomalies where 16 selected grab samples yielded values greater than 2.0 g/t Au, including a sample returning 24.5 g/t Au. While boulders are mostly observed until now in the project area, an amphibolite outcrop in the south-western part of the project returned a value of 0.56 g/t Au from a selected grab sample. A 2,001-kilometres magnetic and electromagnetic geophysical survey covering the Caniapisc Au project was completed and the final data is being evaluated to further understand the geological and structural context of the project. The IP data quality was verified by qualified persons at TMC Geophysics and Baseline Geophysics by analyzing the quality of the decays at each measurement. The data is plotted on a pseudosection to be visualized as a 2D grid. Irregular decays and readings were rejected. Contour maps are produced from the pant leg filtered values of the apparent resistivity and chargeability. The result of the filtering process is that the plotted value at the surface is a weighted average of the pseudosection values along a pant leg centred on that station. While this filter is not entirely an accurate representation of the data, as pole-dipole anomalies have an asymmetric response, it remains more accurate than plotting a single n-level. Grab samples are selective by nature and reported values are not necessarily indicative of mineralized zones. Mineralization occurring at deposits and former mines mentioned in this press release is not necessarily indicative of mineralization that may be intersected on projects held by Midland described in this press release. Jean-François Larivière, P. Geo, Ph. D, prepared, reviewed and approved this press release and verified the project data as Midland’s qualified person within the meaning of National Instrument 43-101. New Risk • May 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (CA$371k revenue, or US$269k). Minor Risk Market cap is less than US$100m (CA$56.1m market cap, or US$40.6m). Announcement • May 22
Midland Exploration Inc. announced that it has received CAD 5.323255 million in funding from MJG Capital Fund, LP On May 21, 2026, Midland Exploration Inc. has closed the second and final tranche by issuing 6,926,123 units of Midland at a price of CAD 0.45 per unit for aggregate gross proceeds of CAD 3.1 million. Each unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one common share of Midland at a price of CAD 0.65 for a period of two years from the date of issuance. The total gross proceeds for this tranche and the one previously closed on May 11, 2026 is CAD 5.3 million. Institutional investors have participated in the second tranche of the private placement, such as CDPQ Sodémex Inc. (a wholly-owned subsidiary of Caisse de dépôt et placement du Québec), Desjardins Capital Appui PME S.E.C., NQ Investissement Minier and SIDEX, société en commandite. In addition, Centerra Gold Inc. (“Centerra”) has exercised its preemptive right to maintain its ownership to approximately 9.9% by acquiring 1,173,333 units. This right was granted to Centerra in July 2025 pursuant to an investor rights agreement with Midland. This second tranche was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. All securities issued under this second tranche will be subject to a statutory hold period expiring on September 22, 2026. As part of the second tranche, Midland paid a cash finder’s fee of $68,280 to Red Cloud Securities Inc. and $5,400 to Raymond James Ltd. 
