MIDAS MINERALS LTD — Capital/Financing Update 2023

Jul 23, 2023

ASX / MEDIA ANNOUNCEMENT 24 July 2023

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LARGE PROSPECTIVE LITHIUM CORRIDORS DEFINED AT YELLOWKNIFE, CANADA

Highlights

• Initial 173 assays received for Midas’ Yellowknife Lithium Project (“YLP”), Northwest Territories, Canada

• 48% of samples show strong fractionation, containing maximums of up to 2.11% Li2O, 6,410ppm Ta2O5, 31,750ppm SnO2 and 6.94% BeO

• The very wide spaced reconnaissance sampling has successfully defined large areas of fractionated pegmatites

• Three target areas totalling 40km strike, containing hundreds of pegmatites within the 718km[2] project area

• Ongoing mapping and sampling programs are locating additional fractionated pegmatites and refining potential drill targets

• A further 226 samples have been submitted for analysis, results are pending

• Midas has the right to earn into up to 80% of the Yellowknife Project’s critical mineral rights, currently held by Gold Terra Resource Corp.

Midas Minerals Ltd (“Midas”, or “the Company”) ( ASX: MM1 ) is pleased to provide results of initial samples collected from the Yellowknife Lithium Project in Northwest Territories, Canada.

Initial work by Midas personnel has included very wide-spaced reconnaissance pegmatite mapping and sampling over several hundred square kilometres with the aim of understanding of the variability of pegmatite fractionation in this large prospective pegmatite field. Further to the Company’s ASX announcement dated 12 June 2023, assay results from the initial 173 rock chip samples have now been received. The highest values were 2.11%, 1.95%, 1.57%, 1.41%, 1.32% Li2O (refer Appendix A, Table 1). A further 226 samples have been submitted for analysis, results are pending.

The results confirm 83 (approximately half) of the samples assayed show strong fractionation, with 67 containing anomalous to high levels of key LCT indicator elements Li, Cs, Ta and/or Sn (refer Appendix A, Tables 1 to 3).

The Yellowknife region is well known for pegmatites containing tantalum and lithium minerals related to multiple fertile stocks of the Prosperous Granite Complex. Several other explorers are active in the area including Li-FT Power Ltd (CSE: LIFT) (“Li-FT”) and Patriot Battery Metals Inc (TSXV: PMET, ASX: PMT) / Loyal Lithium Limited (ASX: LLI).

Midas has the right to earn up to an 80% interest in the critical mineral rights (including lithium and associated pegmatite minerals and rare earths deposits) over an area of 718km[2] at Gold Terra Resource Corp.’s (TSXV:YGT) (“Gold Terra”) Yellowknife Gold Project in Northwest Territories, Canada (refer Midas’ ASX announcement dated 1 June 2023).

Midas Managing Director Mark Calderwood commented: “We have quickly been able to get a good handle on areas most likely to contain spodumene-bearing pegmatites. Very wide spaced reconnaissance mapping and sampling has already located at least a dozen pegmatites containing high lithium and or tantalum mineralisation. With the results of the 226 samples currently pending analysis we should be able select areas for more systematic mapping and sampling in August and commence drilling thereafter”.

LEGAL58475620.1 Midas Minerals Limited* | Level 2, 8 Richardson Street, West Perth WA 6005 P: +61 8 6383 6595 | E: info@midasminerals.com www.midasminerals.com

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East Belt

40 samples were collected over an area of about 16km². All samples are confirmed to be highly fractionated with most containing anomalous to high levels of tantalum (Ta) and many containing anomalous levels of tin (Sn), caesium (Cs) and beryllium (Be). Eight samples from the East Belt area contained anomalous to high levels of lithium (Li) from spodumene. The highest values were 2.11%, 1.95%, 1.57%, 1.32% Li2O (refer Appendix A, Table 1).

The Nite spodumene and tantalum pegmatites located 300m to 800m to the east of YLP, within the Li-FT tenure, were discovered in the 1950s and from part of the same Pegmatite swarm as sampled at East Belt.

Prosperous

14 preliminary samples were collected over 18km strike west of the Prosperous Lake granite intrusion. With the exception of one sample, all samples collected showed moderate to high fractionation and with variably anomalous Li, Ta, Cs, Sn and Be (refer Appendix A, Table 2). Further mapping and sampling have been undertaken and an additional 96 samples are pending analysis.

Quyta Bell

119 samples were collected over 25km strike of the Quyta Bell area west of the Duncan Lake Pluton. The area contains thousands of pegmatite outcrops. The wide spaced sampling has been successful in providing an initial understanding of fractionation of the pegmatites varying from primitive microcline to fractionated albite spodumene pegmatites.

30 of the samples assayed to date are moderately to highly fractioned and one returned 1.41% Li2O, 626ppm Ta2O5, 768ppm Sn and 163ppm Cs (refer Appendix A, Table 3). Further mapping and sampling have resulted in the discovery of the QB1 and QB2 spodumene pegmatites for which assays are pending. The QB1 pegmatite represents a priority drill target with plans to confirm and rank other drill targets during August.

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Photo 1: Sampling on QB1 Pegmatite, Quyta Bell

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Figure 1: Yellowknife Lithium Project with Prospective Areas.

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Figure 2: Quyta Bell Sample Locations and Prospective Areas (refer to Midas’ ASX release dated 12 June 2023).

In relation to the disclosure of visual occurrences of pegmatite and spodumene, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company expects to receive further laboratory analytical results of rock chip samples in Q3 2023.

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Figure 3: Prosperous Sample Locations and Prospective Area.

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Figure 4: East Belt Sample Locations and Prospective Area.

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The Board of Midas Minerals Limited authorised this release.

For more information:

Mark Calderwood Nathan Ryan Managing Director Media / Investor Relations E: mcalderwood@midasminerals.com E: nathan.ryan@nwrcommunications.com.au

About Midas

Midas Minerals is a junior mineral exploration company with a primary focus on lithium and gold. Midas’ Board and management has a strong track record of delivering value for shareholders through mineral discoveries and mine development and growing microcap explorers into successful ASX100-ASX300 companies. The Company has three projects located in Western Australia (refer below), as well as the Greenbush Project in Ontario, Canada and the Yellowknife Lithium Project, in the Northwest Territories, Canada.

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Midas Minerals Western Australia Projects Location Map Midas Minerals Canadian Projects Location Map

Newington Lithium-Gold Project: 316km[2] of tenements located at the north end of the Southern Cross and Westonia greenstone belts, prospective for lithium and gold. Exploration in 2022 has outlined anomalous lithium and LCT indicator elements over at least 20km strike. Initial drilling intercepted pegmatites that are laterally extensive, wide and gently dipping. The project also has a number of gold targets and includes significant prior drill intercepts that justify follow-up exploration.

Weebo Gold Project: Tier 1 location within the Yandal greenstone belt with 323km[2] of tenements between the Thunderbox and Bronzewing gold mines, prospective for gold and nickel. Drilling in 2022 intercepted significant gold mineralisation on several prospects. A number of additional gold and nickel geochemical and geophysical anomalies have been defined, the Company plans to drill test these in 2023.

Challa Gold, Nickel-Copper-PGE Project: 907km[2] of tenement and applications with limited but successful exploration to date. A number of significant PGE and gold-copper exploration targets have been defined.

Yellowknife Lithium Project: The Company can earn up to 80% of 718km[2] of mineral claims and applications located outside Yellowknife City, Northwest Territories. Large numbers of pegmatites associated with multiple fertile granite intrusions of Slave Craton. Several known lithium and tantalum occurrences on the project and a number of significant lithium deposits located nearby. Exploration has commenced to map and sample pegmatite swarms.

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Greenbush Lithium Project: 102km[2] of mining claims located in the Thunder Bay area, Ontario, proximal to infrastructure, with little outcrop and no historic drilling. A 15m by 30m spodumene bearing pegmatite outcrop was discovered in 1955 on the northeast shore of a lake and initial sampling by Midas has returned results up to 3.82% Li2O from the main outcrop and surrounds, as well as anomalous tantalum occurrences demonstrating regional upside potential. Further mapping and sampling are planned in parallel with seeking drilling permits. Midas also holds the 2.1km[2] Barbara Lake Project about 130km northeast of Thunder Bay.

Competent Persons Statement

The information in this announcement that relates to new Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr Mark Calderwood, the managing director of the Company. Mr Calderwood is a Competent Person and is a member of the Australasian Institute of Mining and Metallurgy. Mr Calderwood has sufficient experience relevant to the style of mineralisation under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code”). Mr Calderwood consents to the inclusion in this announcement of the matters based on his information and supporting documents in the form and context in which it appears.

Mr Calderwood is a shareholder of the Company and the Company does not consider this to constitute an actual or potential conflict of interest to his role as Competent Person due to the overarching duties he owes to the Company. Mr Calderwood is not aware of any other relationship with Midas which could constitute a potential for a conflict of interest.

In relation to previously reported Exploration Results referred to in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward Looking Statements

This announcement may contain certain forward-looking statements and projections, including statements regarding Midas’ plans, forecasts and projections with respect to its mineral properties and programmes. Although the forward-looking statements contained in this release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company.

The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that Midas will be able to confirm the presence of Mineral Resources or Ore Reserves, that Midas’ plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of Midas’ mineral properties. The performance of Midas may be influenced by a number of factors which are outside the control of the Company, its directors, staff or contractors.

The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

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APPENDIX A: ASSAY RESULTS

Table 1 – East Belt Assay Results

SAMPLE	Easting	North	Fract.1	Anomalous2	**Li2O **	Li	Ta2O5	Cs	Sn	Rb	Be	Nb	K:Rb3
YRK0023	645082	6936472	3	Ta, Cs, Sn	0.03	145	195	34	108	1475	152	109	17
YRK0024	645067	6936463	3	Cs	0.02	94	5	45	7	1640	2	2	11
YRK0037	645069	6936462	3	Ta	0.03	159	344	25	53	1035	192	133	14
YRK0073	643602	6938220	3	Li, Ta, Cs, Sn	0.19	870	134	42	115	837	122	75	17
YRK0074	643604	6938220	3	Li, Ta, Cs, Sn	1.32	6140	164	48	157	804	119	88	14
YRK0079	643570	6938266	3	Li, Ta, Cs, Sn	2.11	9800	189	63	139	813	173	77	11
YRK0093	643822	6935281	3	Ta, Sn, Cs	0.01	44	607	31	1035	951	240	68	12
YRK0094	643811	6935263	3	Ta, Cs, Sn	0.02	80	319	38	252	1070	143	87	11
YRK0095	643801	6935244	3	Sn, Ta	0.01	40	6410	29	>25000	569	7	791	13
YRK0105	646313	6936278	3	Ta	0.00	5	98	7	25	560	124	79	12
YRK0106	646433	6936218	3	Ta, Be	0.01	41	52	19	42	630	310	69	20
YRK0107	646458	6936171	3	Ta, Cs, Sn	0.01	59	389	48	901	989	40	211	9
YRK0108	646505	6936114	3	Li, Ta, Cs, Sn	0.05	211	98	57	149	2020	16	63	12
YRK0109	646453	6936004	3	Ta, Cs, Sn	0.00	21	208	42	88	1340	48	59	8
YRK0129	646623	6935822	3	Ta	0.00	23	164	22	48	965	97	48	14
YRK0130	646622	6935614	3	Ta, Sn	0.01	27	121	20	56	939	240	74	13
YRK0131	646338	6935830	3	Ta, Sn	0.00	5	635	8	132	233	10	96	37
YRK0132	646010	6935955	3	Ta, Cs, Sn	0.00	21	642	95	189	1555	144	83	8
YRK0133	646693	6936637	3	Ta, Cs, Sn	0.01	46	415	99	178	2210	219	127	13
YRK0134	646372	6935903	3	Li, Ta	1.95	9080	60	24	52	554	156	53	16
YRK0135	646354	6935712	3	Ta	0.00	22	228	12	32	339	150	105	24
YRK0136	646311	6935793	3	Ta, Sn, Cs	0.01	27	632	32	105	1135	111	129	13
YRK0137	646747	6936396	3	Ta, Sn	0.01	27	125	18	61	552	163	62	15
YRK0138	646639	6937005	3	Ta, Sn	0.01	35	375	27	63	989	157	134	13
YRK0155	645967	6937665	3	Ta, Cs, Sn	0.00	13	110	85	201	2290	20	40	9
YRK0156	645964	6937685	3	Ta, Cs, Sn	0.00	17	212	37	96	1210	128	67	11
YRK0157	646793	6936817	3	Li, Ta	1.57	7270	161	15	42	317	18	173	15
YRK0163	646692	6937087	3	Ta, Cs, Sn	0.02	80	327	41	75	1080	92	87	17
YRK0164	646777	6936763	3	Ta, Cs, Sn	0.01	55	270	39	61	1180	230	80	20
YRK0165	645950	6937674	3	Ta	0.01	55	126	17	50	850	208	69	14
YRK0166	644014	6938213	3	Ta	0.00	6	212	5	21	112	4	36	20
YRK0167	643901	6937805	3	Li, Ta, Cs, Sn	0.11	500	196	77	242	1105	100	122	13
YRK0168	643475	6938643	3	Ta, Cs, Sn	0.00	13	232	38	129	1125	210	66	12
YRK0169	643350	6938901	3	Li, Ta, Cs, Sn	0.05	219	303	40	1105	848	109	72	10
YRK0171	646551	6938821	3	Cs	0.03	138	22	153	22	1580	280	36	35
YRK0172	645917	6938249	3	Ta, Cs, Sn	0.01	30	576	72	91	1335	280	90	11
YRK0176	646613	6932880	3	Ta, Sn	0.01	40	140	14	128	1140	54	124	24
YRK0177	646558	6932668	3	Ta	0.00	13	200	14	48	354	250	123	20
YRK0178	645924	6934904	3	Ta, Sn	0.01	27	200	19	95	1070	140	84	16
YRK0180	644117	6937398	3	Ta, Cs, Sn	0.00	11	263	67	125	1555	122	46	9

Notes:

1. Fract. denotes fractionation rating (1= low, 2 = moderate, 3 = high)

2. Anomalous LCT indicator elements Li >180ppm, Ta2O5 >40ppm, Cs >30ppm, Sn >60ppm, Be >300ppm

3. K:Rb ratio, the lower the ratio the more fractionated.

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Table 2 – Prosperous Assay Results

SAMPLE	Easting	North	Fract.1	Anomalous2	**Li2O **	Li	Ta2O5	Cs	Sn	Rb	Be	Nb	K:Rb3
YRK0061	644817	6944955	3	Li, Cs, Be	0.05	210	19	54	38	1400	300	56	32
YRK0063	640330	6956848	3	Ta	0.00	7	80	4	20	220	105	82	32
YRK0064	640275	6956854	3	Sn	0.00	13	26	17	55	810	63	46	19
YRK0065	640249	6956793	1	Ta	0.00	<2	117	2	9	109	6	27	88
YRK0066	640263	6956718	3	Ta	0.00	11	54	14	51	567	140	65	21
YRK0067	640305	6956711	3	Ta, Sn	0.00	11	327	8	105	649	230	149	26
YRK0069	642349	6952555	3	Ta	0.00	5	72	13	37	540	113	60	19
YRK0070	642479	6952274	3		0.00	<2	10	27	24	706	117	18	35
YRK0071	644816	6944982	3		0.04	179	19	13	15	331	4	58	27
YRK0072	645360	6940286	3	Cs, Be	0.00	20	18	48	11	851	600	27	48
YRK0076	642447	6952489	3	Ta	0.00	3	48	12	17	311	4	132	36
YRK0077	645504	6940217	3		0.00	14	21	10	9	204	96	33	42
YRK0078	645655	6940212	3	Ta, Cs, Be	0.01	69	44	38	42	504	340	68	26
YRK0170	644590	6943766	3	Cs	0.00	9	6	132	16	3550	9	4	27

Notes:

1. Fract. Denotes fractionation rating (1= low, 2 = moderate, 3 = high)

2. Anomalous LCT indicator elements Li >180ppm, Ta2O5 >40ppm, Cs >30ppm, Sn >60ppm, Be >300ppm

3. K:Rb ratio, the lower the ratio the more fractionated.

Table 3 – Quyta Bell Assay Results

SAMPLE	Easting	North	Fract.1	Anomalous2	**Li2O **	Li	Ta2O5	Cs	Sn	Rb	Be	Nb	K:Rb3
YRK0001	647157	6971185	1		0.00	7	4	4	5	207	2	12	126
YRK0002	647156	6971310	1		0.00	3	2	18	7	539	1	5	126
YRK0003	648752	6971057	1		0.00	3	0	7	4	191	2	1	152
YRK0004	648759	6971026	1		0.00	19	4	21	13	327	4	6	100
YRK0005	648847	6971182	1		0.00	7	2	11	8	323	3	6	107
YRK0006	649473	6973102	1		0.00	7	5	8	11	118	5	4	121
YRK0007	649596	6973243	2	Cs	0.00	19	13	72	33	307	11	15	77
YRK0008	649522	6973406	1		0.00	4	5	6	12	178	7	9	110
YRK0009	649541	6973549	1	Cs	0.00	<2	1	31	11	756	13	2	88
YRK0010	649292	6972895	1		0.00	17	3	20	9	648	3	6	110
YRK0011	649238	6972893	1		0.00	17	5	11	12	276	7	10	89
YRK0012	649159	6972867	1		0.00	5	3	11	5	390	2	6	156
YRK0013	649029	6972762	1		0.00	16	7	12	19	308	9	13	92
YRK0014	649045	6972685	1		0.00	6	19	11	18	419	135	28	69
YRK0015	649306	6972691	2		0.00	15	11	18	19	166	5	12	88
YRK0016	651263	6974217	1		0.00	5	2	16	10	212	1	4	150
YRK0017	651243	6974203	2	Cs	0.00	17	3	88	29	653	3	7	96
YRK0018	651129	6974080	1		0.03	147	1	7	6	88	1	2	179
YRK0019	651017	6974190	1		0.00	6	1	21	9	402	<0.4	2	171
YRK0020	651088	6974202	1		0.00	14	1	19	16	136	1	5	119
YRK0021	648362	6973935	3	Li, Ta, Cs, Sn	1.41	6560	626	163	768	879	28	171	17
YRK0022	648349	6973971	3	Cs	0.02	80	17	38	45	286	9	25	59
YRK0025	651241	6974195	1		0.00	6	1	17	8	318	1	2	198
YRK0026	648736	6974254	1		0.00	5	12	14	24	286	5	22	82
YRK0027	648785	6974365	2	Li, Cs, Be	0.04	199	2	513	4	31	>25000	2	97
YRK0028	648790	6974371	2		0.01	32	19	15	31	253	26	15	92

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SAMPLE	Easting	North	Fract.1	Anomalous2	**Li2O **	Li	Ta2O5	Cs	Sn	Rb	Be	Nb	K:Rb3
YRK0029	648798	6974533	2		0.01	29	12	14	20	242	20	15	67
YRK0030	648700	6974503	1		0.00	11	2	8	5	169	7	5	105
YRK0031	642075	6973662	2		0.00	10	14	14	29	496	9	33	43
YRK0032	642087	6973637	1		0.00	21	8	12	35	491	4	22	44
YRK0033	641599	6970458	1		0.00	12	8	16	46	434	6	20	66
YRK0034	641605	6970439	1		0.00	7	4	7	25	319	5	22	50
YRK0035	641625	6970637	3		0.00	12	27	26	37	574	28	53	35
YRK0036	646418	6975733	2	Ta	0.00	11	159	9	9	314	4	137	59
YRK0038	642073	6973661	1		0.00	11	7	6	22	245	5	16	50
YRK0039	641622	6970477	1		0.01	67	1	17	13	110	3	5	434
YRK0040	641634	6970668	2		0.00	10	14	25	32	632	5	26	58
YRK0041	641622	6970706	1		0.00	11	11	9	23	289	5	22	58
YRK0042	642790	6970266	1		0.02	71	7	20	7	335	5	26	77
YRK0043	646322	6975949	1		0.00	13	11	16	20	336	4	16	78
YRK0044	646237	6976075	3	Cs	0.00	22	15	31	34	829	8	44	35
YRK0045	646196	6976156	1		0.00	5	11	28	16	1085	4	22	55
YRK0046	656868	6987054	2		0.00	21	9	12	28	326	4	20	54
YRK0047	656927	6987095	1		0.00	3	5	23	16	729	3	7	84
YRK0048	642116	6959407	1		0.00	14	2	13	5	542	2	8	109
YRK0049	642118	6959447	1		0.00	23	4	7	11	339	4	15	99
YRK0050	642276	6959540	1		0.00	12	7	5	9	157	7	14	84
YRK0051	646384	6975933	1		0.00	3	3	10	7	353	3	11	79
YRK0052	646319	6975968	3	Cs	0.00	14	17	27	43	542	6	28	50
YRK0053	646231	6976095	3		0.00	8	14	18	23	412	10	27	37
YRK0054	649464	6976365	1		0.00	14	7	5	17	130	3	13	145
YRK0055	649449	6976325	1		0.01	39	9	11	17	185	3	16	128
YRK0056	649423	6976395	2		0.01	43	13	19	18	170	3	15	102
YRK0057	656835	6987047	1		0.02	91	5	22	20	616	3	13	61
YRK0058	658951	6979644	1		0.00	11	3	16	7	833	5	3	71
YRK0059	651602	6967555	1		0.00	19	4	6	3	255	2	5	187
YRK0060	651522	6967540	1		0.00	9	4	12	8	421	3	8	122
YRK0062	642404	6959472	1		0.00	17	4	10	10	340	5	12	108
YRK0068	635643	6960193	1		0.00	5	1	2	<3	173	2	5	219
YRK0075	649992	6968547	1		0.00	18	24	11	26	338	9	35	63
YRK0080	651512	6967352	1	Ta	0.00	17	81	3	5	67	13	53	149
YRK0081	651488	6967258	1		0.00	12	5	16	9	447	2	6	146
YRK0082	649630	6966807	1		0.00	3	6	17	12	503	2	7	150
YRK0083	649554	6966884	1		0.00	12	2	22	8	444	2	6	144
YRK0084	644663	6974178	1		0.00	3	1	23	<3	1355	2	3	63
YRK0085	644704	6973973	3	Ta	0.00	5	74	22	18	600	25	73	36
YRK0086	650061	6968596	1		0.00	11	3	3	5	89	6	8	125
YRK0087	651439	6967239	1		0.00	10	2	11	4	365	2	3	150
YRK0088	651647	6967603	1		0.00	6	6	15	9	212	2	9	133
YRK0089	649527	6966873	1		0.00	4	2	18	5	419	2	5	154
YRK0090	649576	6966957	1		0.00	8	2	5	<3	183	2	8	224
YRK0091	644637	6974146	2		0.00	8	14	13	12	491	5	23	51
YRK0092	652189	6976130	1		0.01	30	14	13	26	237	3	22	103
YRK0096	652946	6982978	2	Sn	0.00	19	8	10	131	221	3	15	71
YRK0097	655156	6985002	2	Cs, Sn	0.01	29	4	62	62	1145	2	3	72

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SAMPLE	Easting	North	Fract.1	Anomalous2	**Li2O **	Li	Ta2O5	Cs	Sn	Rb	Be	Nb	K:Rb3
YRK0099	654933	6986607	3		0.00	23	4	10	27	231	3	10	51
YRK0101	652178	6976272	1		0.00	4	6	23	43	195	2	8	152
YRK0102	652190	6976152	1		0.00	5	1	6	9	71	1	<0.8	246
YRK0103	652226	6976025	1		0.00	5	3	4	14	104	1	7	210
YRK0104	652322	6975895	3	Ta, Cs	0.01	32	68	27	39	92.6	5	36	77
YRK0110	656609	6987513	3	Cs, Sn	0.00	16	33	112	85	983	8	25	34
YRK0111	653119	6983172	1	Cs	0.00	11	2	50	18	886	2	4	82
YRK0112	656592	6987402	2	Cs	0.00	9	7	36	23	1160	4	12	53
YRK0113	656400	6987306	3		0.00	6	5	7	9	123	5	6	59
YRK0115	647418	6959334	1		0.00	16	1	8	<3	306	2	4	177
YRK0116	647622	6959211	1		0.00	2	1	12	<3	472	1	<0.8	165
YRK0117	647998	6959097	1		0.00	18	3	6	3	132	3	11	168
YRK0118	648380	6958950	1		0.00	5	1	6	<3	224	2	2	192
YRK0119	648869	6958661	1		0.00	12	1	5	3	120	3	6	178
YRK0120	649141	6958575	1		0.00	14	2	2	3	89	2	9	192
YRK0121	653413	6955753	1		0.02	74	5	7	10	396	2	28	126
YRK0122	653472	6955668	1		0.00	18	2	5	7	217	4	11	91
YRK0123	653658	6955561	1		0.00	4	1	18	7	426	1	4	186
YRK0124	653301	6955780	1		0.00	12	2	6	5	445	2	9	138
YRK0125	653739	6952332	1		0.00	7	1	3	4	49	4	5	198
YRK0126	653645	6952221	1		0.00	6	1	21	5	392	3	3	165
YRK0127	653583	6952273	1		0.01	41	3	8	14	198	7	12	105
YRK0128	653877	6952263	1		0.00	12	1	14	5	259	4	2	149
YRK0139	649219	6978281	1		0.00	20	7	15	17	315	3	22	73
YRK0140	649366	6978203	2	Cs	0.00	22	9	36	11	489	4	11	72
YRK0141	649170	6978068	1		0.00	11	1	19	6	369	3	5	74
YRK0142	645993	6974447	1		0.00	6	11	14	11	438	2	24	59
YRK0143	645941	6974595	1		0.00	8	6	25	9	678	2	10	77
YRK0144	644344	6975899	1		0.00	8	7	7	13	299	5	14	52
YRK0145	646711	6973065	1		0.00	5	2	8	8	393	1	5	173
YRK0146	640616	6972208	1		0.00	5	26	8	14	336	50	90	54
YRK0147	639972	6968285	1		0.00	13	0	2	<3	35	1	2	305
YRK0148	639972	6968285	1		0.01	39	0	4	<3	114	3	3	355
YRK0149	639910	6968202	3		0.00	4	30	11	22	548	7	44	26
YRK0150	639887	6968181	1		0.00	6	4	12	9	656	3	13	41
YRK0152	646641	6973062	2	Ta	0.00	23	56	10	13	431	5	33	48
YRK0153	646905	6972971	1		0.00	2	1	15	7	347	1	2	198
YRK0154	640375	6972016	3	Cs	0.00	6	23	21	38	671	13	49	27
YRK0158	655206	6952486	1		0.00	22	2	3	5	79	4	5	102
YRK0159	655156	6952394	1		0.00	13	2	29	11	791	2	7	110
YRK0162	639171	6958349	1		0.01	54	3	16	<3	157	3	7	181
YRK0173	643104	6965759	1		0.00	13	8	3	4	172	3	26	85
YRK0174	646904	6973371	1		0.00	18	9	16	3	290	3	3	148
YRK0175	647015	6973618	1		0.00	3	4	7	5	110	3	3	180

Notes:

1. Fract. denotes fractionation rating (1= low, 2 = moderate, 3 = high)

2. Anomalous LCT indicator elements Li >180ppm, Ta2O5 >40ppm, Cs >30ppm, Sn >60ppm, Be >300ppm

3. K:Rb ratio, the lower the ratio the more fractionated.

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APPENDIX B: JORC CODE 2012 EDITION, TABLE 1 FOR EXPLORATION RESULTS

Section 1 – Sampling Techniques and Data

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Sampling	•	Nature and quality of sampling (e.g. cut	Reported samples were grab rock chip samples.
techniques		channels, random chips, or specific specialised
		industry standard measurement tools
		appropriate to the minerals under investigation,
		such as d own hole gamma sondes, or handheld
		XRF instruments, etc.). These examples should
		not be taken as limiting the broad meaning of
		sampling.
	•	Include reference to measures taken to ensure
		sample representativity and the appropriate
		calibration of any measurement tools or systems
		used.
	•	Aspects of the determination of mineralisation
		that are Material to the Public Report. In cases
		where ‘industry standard’ work has been done
		this would be relatively simple (e.g. ‘reverse
		circulation drilling was used to obtain 1 m
		samples from which 3 kg was pulverised to
		produce a 30 g charge for fire assay’). In other
		cases more explanation may be required, such
		as where there is coarse gold that has inherent
		sampling problems. Unusual commodities or
		mineralisation types (e.g. submarine nodules)
		may warrant disclosure of detailed information.
Drilling	•	Drill type (e.g. core, reverse circulation, open-	Not applicable as drilling has been undertaken.
techniques		hole hammer, rotary air blast, auger, Bangka,
		sonic, etc.) and details (e.g. core diameter, triple
		or standard tube, depth of diamond tails, face-
		sampling bit or other type, whether core is
		oriented and if so, by what method, etc.).
Drill sample	•	Method of recording and assessing core and	Not applicable as no drilling has been undertaken.
recovery		chip sample recoveries and results assessed.
	•	Measures taken to maximise sample recovery
		and ensure representative nature of the
		samples.
	•	Whether a relationship exists between sample
		recovery and grade and whether sample bias
		may have occurred due to preferential loss/gain
		of fine/coarse material.
Logging	•	Whether core and chip samples have been	Rock chip sample descriptions for all samples have
		geologically and geotechnically logged to a level	been recorded according to sample type, rock type
		of detail to support appropriate Mineral	and mineral assemblage. Sample descriptions are
		Resource estimation, mining studies and	qualitative in nature.
		metallurgical studies.
	•	Whether logging is qualitative or quantitative in
		nature. Core (or costean, channel, etc.)
		photography
	•	The total length and percentage of the relevant
		intersections logged.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Sub-	•	If core, whether cut or sawn and whether	Samples are rudimentary and not representative of
sampling		quarter, half or all core taken.	the pegmatite as a whole.
techniques and sample preparation	• •	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples prepared at ALS Yellowknife were dried and crushed to a top size of 70% passing 2.0mm. 250grams of crushed samples were pulverised to 85 passing 75 microns. 2 samples were split to produce a duplicate for QAQC purposes.
	•	Quality control procedures adopted for all sub- sampling stages to maximise representivity of	The preparation methods are appropriate for the sampling method.
		samples.
	•	Measures taken to ensure that the sampling is
		representative of the in situ material collected,
		including for instance results for field
		duplicate/second-half sampling.
	•	Whether sample sizes are appropriate to the
		grain size of the material being sampled.
Quality of	•	The nature, quality and appropriateness of the	At ALS Vancouver, prepared rock chip samples were
assay data		assaying and laboratory procedures used and	fused with sodium peroxide and digested in dilute
and		whether the technique is considered partial or	hydrochloric acid. The resultant solution was
laboratory		total.	analysed by Inductively Coupled Plasma – Mass
tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Spectrometry (ICP-MS) for (lab code ICP-MS89L) Ag, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Ge, Ho, In, K, La, Li, Lu, Mn, Mo, Nb, Nd, Ni, Pb, Pr, Rb, Re, Sb, Se, Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn.
	•	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and	The sodium peroxide fusion – hydrochloric digest method offers total dissolution of the sample and is useful for LCT mineral matrices that may resist acid digestions.
		precision have been established.	Industry, normal practice, QAQC procedures were
			followed by ALS.
Verification	•	The verification of significant intersections by	Not applicable as no new drilling is being reported.
of sampling		either independent or alternative company
and		personnel.
assaying	•	The use of twinned holes.
	•	Documentation of primary data, data entry
		procedures, data verification, data storage
		(physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of	•	Accuracy and quality of surveys used to locate	Any grid references are presented in UTM Zone 11
data points		drill holes (collar and down-hole surveys),	NAD 83
		trenches, mine workings and other locations
		used in Mineral Resource estimation.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data	•	Data spacing for reporting of Exploration	Not applicable as no new drilling is being reported.
spacing and		Results.
distribution	•	Whether the data spacing and distribution is
		sufficient to establish the degree of geological
		and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Orientation	•	Whether the orientation of sampling achieves	Not applicable as no new drilling is being reported.
of data in		unbiased sampling of possible structures and
relation to		the extent to which this is known, considering
geological		the deposit type.
structure	•	If the relationship between the drilling orientation
		and the orientation of key mineralised structures
		is considered to have introduced a sampling
		bias, this should be assessed and reported if
		material.
Routine	•	The measures taken to ensure sample security.	All samples to date have delivered to the laboratory
Sample			by company personnel.
security
Audits or	•	The results of any audits or reviews of sampling	Not applicable as no new drilling is being reported.
reviews		techniques and data.

Section 2 - Reporting of Exploration Results

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Mineral	•	Type, reference name/number, location and	The Yellowknife Lithium Project area comprises 114
tenement and		ownership including agreements or material	tenements blocks in three tenement groups detailed
land tenure		issues with third parties such as joint ventures,	as follows:
status		partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Quyta-Bell(100% owned by a Gold Terra Resources Corp.) 54 Claims, numbers: M10066, M10074, M10185-
	•	The security of the tenure held at the time of	10187, M10385, M10428-10434, M10436-10473,
		reporting along with any known impediments to	M10475, M10500, M10540.
		obtaining a licence to operate in the area.	Claims M10074, M1086, M10187 and parts of
			claims M10066, M10185, M10472 and 10473 are
			subject to pre-existing royalty arrangements totalling
			2% NSR with an option for an additional 1% on all
			minerals.
			Quyta-Bell East(100% owned by a Gold Terra
			Resources Corp.)
			17 Claim applications, numbers: M11742-11753,
			M11755, M11760-11763.
			East Belt(100% owned by Gold Terra Resources
			Corp. subject to pre-existing royalty arrangements
			totalling 2% NSR with an option for an additional 1%
			on all minerals).
			43 Claims, numbers: M10050-M10059, M10067-
			10069, M10091-10102, M10104, M10107-10108,
			M10199, M10210, M10474, M10501, M11155-
			11156, F57044, F76510, K17051, K1710, NT-3624,
			NT-5217, NT-5527, NT-5546-5547, NT-5553.
			Midas can earn up to 80% of the critical minerals
			rights (comprising pegmatite Lithium and associated
			minerals and rare earth (“CM”)) and title by
			expenditure and cash payments, subject to a 1.5%
			Gross Revenue Royalty (“GRR”) to Gold Terra on
			Quyta-Bell and Quyta-Bell East. If Gold Terra elects
			to dilute to below 10% then Midas with have 100%
			rights to CM subject to a 2.5% GRR on the Quyta
			Bell and Quyta-Bell East blocks. All other mineral
			rights remain with Gold Terra.
			The active claims and leases comprising the YLP JV
			area (“Property”) are issued through the Mining
			Recorder’s Office, a division of the Department of
			Industry, Tourism and Investment, and entitles the

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
			owner to the underlying mineral rights and to legal
			access to the Property. Permits from the Mackenzie
			Valley Land and Water Board (“MVLWB”), a federal
			government organisation, are necessary for certain
			activities that exceed a threshold of land use. The
			work being conducted on the Property is under
			MVLWB Land use Permit No. MV2018C0023 and
			under MVLWB Water License MV2018L2-0006.
			Other surface rights for mine development are
			administered by the Department of Lands,
			Government of NWT.
			There are no current impediments to operate in the
			project area, apart from a number of small
			recreational leases held by private people and there
			may be additional environmental conditions imposed
			to operating in catchments of certain lakes.
Exploration	•	Acknowledgment and appraisal of exploration	A summary of relevant prior exploration and public
done by other		by other parties.	domain information is contained within ASX
parties			announcements dated 5 April 2023 and 1 June
			2023.
Geology	•	Deposit type, geological setting and style of	The Yellowknife LCT pegmatite field is situated in
		mineralisation.	the southern part of the Slave Craton and are
			hosted in metamorphosed turbiditic sediments of the
			Archean age Burwash Formation. A number of
			granitoid bodies intrude the Burwash including the
			predominately S-type granites of the Prosperous
			Lake plutonic suite.
			A large number of LCT pegmatites have been
			recorded in the Yellowknife region. Spodumene is
			a common constituent of many of the LCT
			pegmatites, accessory minerals of tantalum and
			beryllium are also present in many of the LCT
			pegmatites.
Drill hole	•	A summary of all information material to the	No drilling activities are being reported.
Information		understanding of the exploration results including a tabulation of the following information for all Material drill holes:	The coordinates of samples assayed to date are included in Appendix A, Tables 1, 2 and 3.
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level –
		elevation above sea level in metres) of the
		drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on
		the basis that the information is not Material
		and this exclusion does not detract from the
		understanding of the report, the Competent
		Person should clearly explain why this is the
		case.
Data	•	In reporting Exploration Results, weighting	No analytical results are being reported.
aggregation		averaging techniques, maximum and/or
methods		minimum grade truncations (e.g. cutting of high
		grades) and cut-off grades are usually Material
		and should be stated.
	•	Where aggregate intercepts incorporate short
		lengths of high grade results and longer
		lengths of low grade results, the procedure
		used for such aggregation should be stated

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
		and some typical examples of such
		aggregations should be shown in detail.
	•	The assumptions used for any reporting of
		metal equivalent values should be clearly
		stated.
Relationship	•	These relationships are particularly important	No drilling activities are being reported.
between		in the reporting of Exploration Results.
mineralisation widths and intercept lengths	• •	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported If it is not known and only the down hole
		lengths are reported, there should be a clear
		statement to this effect (e.g. ‘down hole length,
		true width not known’).
Diagrams	•	Appropriate maps and sections (with scales)	Figures 2 to 5 show project location, geology and
		and tabulations of intercepts should be	the location of samples.
		included for any significant discovery being
		reported These should include, but not be
		limited to a plan view of drill hole collar
		locations and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all	All relevant and material exploration data for the
reporting		Exploration Results is not practicable,	target areas discussed, has been reported or
		representative reporting of both low and high	referenced.
		grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Fractionation rankings included in Appendix A, Tables 1 to 3, determined by a review of a combination of K:Rb, Nb:Ta and K:Cs ratios.
			Lithium tabled as ppm Li and as % Li2O and
			tantalum tabled in pentoxide (Ta2O5).
Other	•	Other exploration data, if meaningful and	All relevant and material exploration data for the
substantive		material, should be reported including (but not	target areas discussed, has been reported or
exploration		limited to): geological observations;	referenced.
data		geophysical survey results; geochemical
		survey results; bulk samples – size and
		method of treatment; metallurgical test results;
		bulk density, groundwater, geotechnical and
		rock characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further work	Further exploration is warranted across the
		(e.g. tests for lateral extensions or depth	tenements to improve the understanding of the
		extensions or large-scale step-out drilling).	mineralisation.
	•	Diagrams clearly highlighting the areas of
		possible extensions, including the main
		geological interpretations and future drilling
		areas, provided this information is not
		commercially sensitive.

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