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Midland Announces Non-Brokered Charity Flow-Through Financing with Strategic Investment from Centerra Gold

MONTREAL, July 22, 2025 (GLOBE NEWSWIRE) -- Midland Exploration Inc. ("Midland" or the "Corporation") (TSXV:MD) is pleased to announce that the Corporation has arranged a non-brokered private placement (the "Charity FT Offering") for aggregate gross proceeds of $5,058,750 from the sale of 10,650,000 shares of the Corporation (each a "FT Share") at a price of $0.475 per FT Share. Each FT Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) ("Tax Act").

Concurrently with the Charity FT Offering, the Corporation intends to complete a non-brokered private placement with institutional investors for additional gross proceeds of approximately $1,050,000 (the "Concurrent Offering", and together with the Charity FT Offering, the "Offering") from the sale of 3,181,818 common shares of the Corporation (each a "Share") at a price of $0.33 per Share.

Centerra Gold Inc. ("Centerra") (TSX:CG) (NYSE:CGAU) is expected to participate in the Offering as a strategic investor and, upon closing, will hold 9.9% of the Corporation's issued and outstanding common shares.

Midland's President and Chief Executive Officer, Gino Roger, commented: "This placement will provide Midland with sufficient funds to ensure the progress and development of our wholly owned gold exploration projects in Abitibi, James Bay, and northern Quebec. We are thrilled to welcome Centerra as one of our newest shareholders."

The gross proceeds from the issuance and sale of the FT Shares will be used for "Canadian exploration expenses" that qualify as "flow-through mining expenditures", as both terms are defined in the Tax Act (the "Qualifying Expenditures"). The Qualifying Expenditures will be incurred on or before December 31, 2026, and will be renounced to the subscribers with an effective date no later than ...