Analyst Note

This document has been prepared for general information purposes only and should not be considered a solicitation to purchase or sell securities. Any opinions or analysis herein reflect the views of the Analyst as at the date appearing above, and are subject to change without notice. The information contained in this document is derived from sources we deem to be reliable, but cannot be guaranteed. PearTree Securities Inc. (“PT Securities”) and/or its a�liates and/or any of their respective o�cers, directors, and representatives (collectively “PearTree”), shall not be held liable for any loss or damage resulting from the use of the information or the implementation of the recommendations contained herein. PT Securities is registered as an Exempt Market Dealer. PT Securities is a subsidiary of PearTree Financial Services Ltd., an unregistered firm that consults to charities on tax and other matters related to a flow through share donation program. Peartree may, in exchange for remuneration, participate in the financing of companies mentioned in this document. Peartree and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell these stocks on the market or otherwise.

By Éric Lemieux, MSc, P.GeoMining & Exploration Analytics eric.lemieux@peartreesecurities.com

Midland Exploration Inc. (MD-V)

Midland hits Ni-Cu-PGE at Laflamme – Flames of discovery?! And acquires land within the Québec James Bay Cheechoo area play

Event: Midland discovers new Ni-Cu-PGE Zone and assembled, via map staking, a land position in a potential hotspot near Éléonore in James Bay, Québec.

Impact: Positive. Midland is pursuing work on its Laflamme property in the Abitibi, where an untested ultramafic complex is emerging and may have similar features to Balmoral’s Grasset deposit. New land positioning for gold in James Bay adds depth and diversification to Midland’s portfolio of properties for a limited cost.

Analysis• On April 14, 2016, Midland disclosed that drill hole LAF-16-38 had intersected a Ni-Cu-PGE zone with 42.6m @ 0.45% Ni, 0.35% Cu, 0.15 g/t Pt, and 0.24 g/t Pd on its Laflamme project, located in an under-explored area 25km west of the town of Lebel-sur-Quévillon in the Québec Abitibi (see Exhibit 1). Recent DDH LAF-16-38 hit a new Ni-Cu-PGE zone, named Copernick, within ultramafic intrusive rocks with disseminated, locally semi-massive, and net-textured mineralization at 446.5 to 489.1m depth, including 3.5m @ 1.11% Ni, 0.47% Cu, 0.21 g/t Pt, and 0.79 g/t Pd (449 to 452.5m depth), and 4.05m @ 0.44% Ni, 0.88% Cu, 0.21 g/t Pt and 0.27 g/t Pd (458.95 to 463m depth) intercepts. We estimate a NSR value of 192.02 $/t for the 2 intercepts at an estimated 85% true width. Mineralization contains variable amounts of pyrrhotite, pentlandite, and chalcopyrite occurring as disseminations but locally forming semi-massive and net-textured zones.

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April 15, 2016

• A new 5,000-m drilling campaign on Laflamme is in progress. The Laflamme property is composed of 587 claims (32,800 ha) and is a 66% / 34% JV with Aurbec Mines Inc. (a 50.1% subsidiary of Maudore Minerals Ltd (MAO-V) that declared bankruptcy on January 7, 2015). The new Copernick zone was intersected at a vertical depth of 425m and remains open along strike and potentially down-plunge toward the NE. Recent borehole electromagnetic surveys suggest a conductor located below and to the east of DDH LAF-16-38. Recall previous DDH LA-11-08 was drilled in the NE part of the Laflamme property in 2011 (100m to the SW of DDH LAF-16-38 collar to collar), testing a wildcat combined magnetic and electromagnetic (VTEM) anomaly, and intersected an ultramafic rock sequence about 200m thick, with 8m @ 0.66% Ni, 0.35% Cu, 0.17 g/t Pt, 0.16 g/t Pd, 0.11 g/t Au, and 1.4 g/t Ag (90.6 to 98.6m depth). This zone appears modelled as distinct from the Copernick zone and suggests a new area for Ni-Cu-PGE mineralization. Midland is pursuing work hoping to make a discovery reminiscent of Balmoral’s 3.45Mt @ 1.76% NiEq (1% Ni cut-off) Grasset deposit (see March 15, 2016 Analyst Note).

• Also on April 12, 2016, Midland announced the acquisition, by inexpensive map designation (~$55,000), of a land position within the Cheechoo discovery area to the SE of the Éléonore deposit, in Eeyou Istchee James Bay, Québec. The 100% interest in 3 new properties, with potential gold endowment, are located 10km SE, 15km east and 10km NE respectively of the recent gold discovery made by Sirios Resources Inc. (SOI-V) on its Cheechoo project (see Exhibit 3). Recall that on January 21, 2016 Sirios resumed drilling on its Cheechoo gold property, testing the Jordi, K and I gold zones extensions within a low-grade auriferous tonalite. On March 29, 2016, SOI confirmed gold mineralization at the contact between metasediments/tonalite which returned 20.3m @ 12.08 g/t Au (including 4.4m @ 48.38 g/t Au with a residual grade of 1.08 g/t Au over 14.8m). The Cheechoo target area is located <12km SE from Goldcorp’s Eleonore gold mine that contains P&P reserves of 28.32Mt @ at 5.87 g/t Au (5.34 Moz Au) within a total mineral reserves & resources base of 8.44M oz. Au (see March 2, 2016 Analyst Note). • More to discover in that area: At Éléonore, the world-class Roberto gold deposit is hosted by sedimentary rocks, located a few kilometres south of a tectonometamorphic contact between the Opinaca (paragneiss to migmatites) and the La Grande subprovinces (tonalitic basement, volcano-sedimentary units and syn- to late-tectonic intrusions). Current studies suggest a complex geological setting with multiple, long-lived metamorphic and deformation events, as well as magmatic activity. This has induced multiple gold mineralizing and/or remobilization styles that include, among other, quartz, diopside, schorl (iron-rich tourmaline), and arsenopyrite veins (East-Roberto zone). At Cheechoo, the tonalite intrusion is interpreted as being contemporaneous with some of the auriferous zones at Roberto. Sirios has been investigating surface anomalies with exploratory drilling since 2012 and has outlined a roughly 400 x 500m area of anomalous low-grade to high grade gold mineralization. The mineralization seems to be associated near the contact metasediments/tonalite and is presently defined by a 1km NW trend. Sirios disclosed on March 7, 2016 that 9 drill holes (#42 to 50) were completed in an area between 0.5 to 1.5km NW of the known gold halo, with visible gold in holes (#42, 47 and 48) within mineralogical assemblages containing diopside, garnet, brown tourmaline (schorl), chlorite, and black quartz-tourmaline veinlets (similar to Éléonore).

• Midland has established a strong foothold in the Cheechoo area and should become an active player. The 3 new properties (Rivendell, Dagorlad, and Mordor) total 400 claims (19,130 ha) in an area that has seen limited work. These new claims appear to be mainly underlain by metasediments, tonalites and in the general area of the contact between the Opinaca and the La Grande subprovinces. Recall Midland has over $15M in treasury and a low burn rate which gives it budget flexibility. The Rivendell property is also just south of the Éléonore Sud project (west of Cheechoo) jointly held by Eastmain Resources (ER-T) (36.8%), Azimut

Exploration Inc. (AZM-V) (26.4%), and Goldcorp (Les Mines Opinaca Ltée.) (36.8%). The Éléonore Sud property is said to be underlain by the same rock formations as those found on Goldcorp’s Éléonore mine. The JT Zone, discovered in 2009-2010, has returned assays of 8m @ 5.3 g/t Au and 3m @ 10.9 g/t Au within N-S stacked horizons of metamorphosed sediments and intrusive rocks. The Éléonore Sud property covers a large area, with little rock exposure and limited work. Azimut Exploration Inc has reprocessed (see its March 3 and 30th, 2016 press releases) the geochemical data and demonstrated that the Éléonore Sud property reveals an attractive kilometre-scale gold target comparable in size and intensity to the gold-arsenic soil footprint of the Eleonore deposit to the NW. This strong gold-arsenic soil anomaly is located east of the JT Target and is on trend with the Cheechoo discovery (see Exhibit 4) highlighting the area’s potential endowment and the evolution of geological models over time. • Midland is relatively well positioned. We continue to anticipate that Midland shall carry on expanding its numerous partnerships and embark on a robust summer exploration season. We remain of the opinion that the spotlight on the Québec Detour Gold Trend, the Éléonore-Cheechoo area, Québec Labrador Trough and now the Laflamme sector is warranted as the structural and lithological complexity suggests areas ripe for more mineral discoveries.

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• A new 5,000-m drilling campaign on Laflamme is in progress. The Laflamme property is composed of 587 claims (32,800 ha) and is a 66% / 34% JV with Aurbec Mines Inc. (a 50.1% subsidiary of Maudore Minerals Ltd (MAO-V) that declared bankruptcy on January 7, 2015). The new Copernick zone was intersected at a vertical depth of 425m and remains open along strike and potentially down-plunge toward the NE. Recent borehole electromagnetic surveys suggest a conductor located below and to the east of DDH LAF-16-38. Recall previous DDH LA-11-08 was drilled in the NE part of the Laflamme property in 2011 (100m to the SW of DDH LAF-16-38 collar to collar), testing a wildcat combined magnetic and electromagnetic (VTEM) anomaly, and intersected an ultramafic rock sequence about 200m thick, with 8m @ 0.66% Ni, 0.35% Cu, 0.17 g/t Pt, 0.16 g/t Pd, 0.11 g/t Au, and 1.4 g/t Ag (90.6 to 98.6m depth). This zone appears modelled as distinct from the Copernick zone and suggests a new area for Ni-Cu-PGE mineralization. Midland is pursuing work hoping to make a discovery reminiscent of Balmoral’s 3.45Mt @ 1.76% NiEq (1% Ni cut-off) Grasset deposit (see March 15, 2016 Analyst Note).

• Also on April 12, 2016, Midland announced the acquisition, by inexpensive map designation (~$55,000), of a land position within the Cheechoo discovery area to the SE of the Éléonore deposit, in Eeyou Istchee James Bay, Québec. The 100% interest in 3 new properties, with potential gold endowment, are located 10km SE, 15km east and 10km NE respectively of the recent gold discovery made by Sirios Resources Inc. (SOI-V) on its Cheechoo project (see Exhibit 3). Recall that on January 21, 2016 Sirios resumed drilling on its Cheechoo gold property, testing the Jordi, K and I gold zones extensions within a low-grade auriferous tonalite. On March 29, 2016, SOI confirmed gold mineralization at the contact between metasediments/tonalite which returned 20.3m @ 12.08 g/t Au (including 4.4m @ 48.38 g/t Au with a residual grade of 1.08 g/t Au over 14.8m). The Cheechoo target area is located <12km SE from Goldcorp’s Eleonore gold mine that contains P&P reserves of 28.32Mt @ at 5.87 g/t Au (5.34 Moz Au) within a total mineral reserves & resources base of 8.44M oz. Au (see March 2, 2016 Analyst Note). • More to discover in that area: At Éléonore, the world-class Roberto gold deposit is hosted by sedimentary rocks, located a few kilometres south of a tectonometamorphic contact between the Opinaca (paragneiss to migmatites) and the La Grande subprovinces (tonalitic basement, volcano-sedimentary units and syn- to late-tectonic intrusions). Current studies suggest a complex geological setting with multiple, long-lived metamorphic and deformation events, as well as magmatic activity. This has induced multiple gold mineralizing and/or remobilization styles that include, among other, quartz, diopside, schorl (iron-rich tourmaline), and arsenopyrite veins (East-Roberto zone). At Cheechoo, the tonalite intrusion is interpreted as being contemporaneous with some of the auriferous zones at Roberto. Sirios has been investigating surface anomalies with exploratory drilling since 2012 and has outlined a roughly 400 x 500m area of anomalous low-grade to high grade gold mineralization. The mineralization seems to be associated near the contact metasediments/tonalite and is presently defined by a 1km NW trend. Sirios disclosed on March 7, 2016 that 9 drill holes (#42 to 50) were completed in an area between 0.5 to 1.5km NW of the known gold halo, with visible gold in holes (#42, 47 and 48) within mineralogical assemblages containing diopside, garnet, brown tourmaline (schorl), chlorite, and black quartz-tourmaline veinlets (similar to Éléonore).

• Midland has established a strong foothold in the Cheechoo area and should become an active player. The 3 new properties (Rivendell, Dagorlad, and Mordor) total 400 claims (19,130 ha) in an area that has seen limited work. These new claims appear to be mainly underlain by metasediments, tonalites and in the general area of the contact between the Opinaca and the La Grande subprovinces. Recall Midland has over $15M in treasury and a low burn rate which gives it budget flexibility. The Rivendell property is also just south of the Éléonore Sud project (west of Cheechoo) jointly held by Eastmain Resources (ER-T) (36.8%), Azimut

Exploration Inc. (AZM-V) (26.4%), and Goldcorp (Les Mines Opinaca Ltée.) (36.8%). The Éléonore Sud property is said to be underlain by the same rock formations as those found on Goldcorp’s Éléonore mine. The JT Zone, discovered in 2009-2010, has returned assays of 8m @ 5.3 g/t Au and 3m @ 10.9 g/t Au within N-S stacked horizons of metamorphosed sediments and intrusive rocks. The Éléonore Sud property covers a large area, with little rock exposure and limited work. Azimut Exploration Inc has reprocessed (see its March 3 and 30th, 2016 press releases) the geochemical data and demonstrated that the Éléonore Sud property reveals an attractive kilometre-scale gold target comparable in size and intensity to the gold-arsenic soil footprint of the Eleonore deposit to the NW. This strong gold-arsenic soil anomaly is located east of the JT Target and is on trend with the Cheechoo discovery (see Exhibit 4) highlighting the area’s potential endowment and the evolution of geological models over time. • Midland is relatively well positioned. We continue to anticipate that Midland shall carry on expanding its numerous partnerships and embark on a robust summer exploration season. We remain of the opinion that the spotlight on the Québec Detour Gold Trend, the Éléonore-Cheechoo area, Québec Labrador Trough and now the Laflamme sector is warranted as the structural and lithological complexity suggests areas ripe for more mineral discoveries.

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