Midland Signs Definitive Agreement With Barrick for the Lewis Gold Property

MONTREAL, Nov. 17, 2025 (GLOBE NEWSWIRE) -- Midland Exploration Inc. ("Midland") (TSX-V: MD) is pleased to announce the signing of a definitive option agreement with a wholly-owned indirect subsidiary of Barrick Mining Corporation ("Barrick") for the Lewis gold property (the “Property”), currently wholly-owned by Midland and located about 60 kilometres southwest of the town of Chapais in the Abitibi, Quebec (the “Transaction”).

Option Agreement

Pursuant to the Transaction, Barrick has the right to acquire up to a 75% interest in the Property in consideration for cash payments totaling $750,000 and exploration work totaling $12,000,000 on or prior to December 31, 2032. Barrick will be the operator of the work carried out under the Transaction.

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

Barrick may earn an additional 9% in the JV, for a total 60% interest, by making cash payments totalling $200,000 and funding exploration work of at least $1,500,000 on or prior to December 31, 2030 (the “First JV Funding Option”).

Finally, Barrick may earn an additional 15% in the JV, for a total 75% interest, by making cash payments totalling $300,000 and funding exploration work of at least $7,500,000 on or prior to December 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% JV interest results in conversion of the JV interest to a 2% net smelter return (“NSR”) royalty with the right to repurchase 50% of the NSR royalty (1% NSR) for a payment of $1,500,000.

About the Lewis Property

This project, acquired in April 2020, consists of 154 exclusive exploration rights (formerly called “claims”) (86 km²) 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 million tonnes of inferred resources grading 0.96 g/t Au for 5.16 million ounces of gold and also 102.845 million tonnes of indicated resources grading 0.85 g/t Au for 3.12 million ounces of gold (see IAMGOLD Corp. press release dated February 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 g/t Au (Source: MERN-SIGEOM).