Midland and SOQUEM Discover New Copper, Gold and Silver Showings Grading up to 13.70% Cu, 4.38 g/t Au and 65.40 g/t Ag on Nachicapau

On December 4, 2025, Midland Exploration Inc., in partnership with SOQUEM Inc., announced the discovery of six new copper-gold-silver showings on their Nachicapau project in the Labrador Trough, Quebec. The results are from a 2025 exploration campaign that included the collection of 213 rock grab samples.

Highlights from the selective grab samples include grades up to 13.70% copper (Cu), 4.38 grams per tonne (g/t) gold (Au), and 65.40 g/t silver (Ag). In addition to the sampling, the company completed a 20.45 line-kilometre OreVision® induced polarization (IP) survey, which has identified several new anomalies that warrant follow-up. The company notes that these results expand the footprint of a major hydrothermal system.

The discovery of new high-grade surface showings is a positive development that confirms the prospectivity of the Nachicapau project. The results are consistent with the company's exploration strategy outlined in its January 29 and June 17, 2025, news releases, which detailed plans for a surface exploration program and IP survey on the property. The work shows steady progress on a key partner-funded project.

However, the impact is routine and not material at this stage. The results are from "grab samples," which are selective by nature and often not representative of the overall grade of a mineralized zone. While the copper grades are high, they do not surpass some of the spectacular grades previously announced from the project (e.g., 39.90% Cu reported on June 17, 2025).

The primary value of this news is the identification of new IP anomalies which, combined with the surface geochemistry, provide well-defined targets for a future drilling campaign. The market typically awaits drill results that demonstrate grade over mineable widths before ascribing significant value to early-stage discoveries. Therefore, this news supports the current valuation and exploration thesis but does not fundamentally alter it. It is a necessary and successful step in the exploration process, making it a routine positive event.

Midland Exploration is a mineral exploration company that operates under the "project generator" business model. Its strategy is to generate a portfolio of high-quality exploration projects across Quebec and then form joint ventures or option agreements with major and mid-tier mining companies. These partners fund the majority of exploration expenditures in exchange for the right to earn an interest in the projects. This model minimizes shareholder dilution and financial risk for Midland while providing exposure to multiple discoveries. The company is active in gold, lithium, copper, and nickel exploration.

Midland does not have a single flagship project but rather a portfolio of high-potential, partner-funded assets. The most significant is currently the Galinée Lithium Project, optioned to Rio Tinto. It is located just 5 km from Winsome Resources' large Adina lithium deposit and has returned excellent drill intercepts, including 1.38% Li2O over 37.86 metres. Other key projects include the Nunavik Nickel project (with BHP), various gold projects in the Abitibi (with Barrick and Wallbridge), and the Labrador Trough copper-gold projects (with SOQUEM).