Midland Exploration : MD&A, March 31, 2024

Midland Exploration Inc.

Management's Discussion and Analysis

Quarterly Highlights

Three and six months ended March 31, 2024

Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

The following quarterly highlights management discussion and analysis (the "MD&A Highlights") of the financial condition and results of the operations of Midland Exploration Inc. ("Midland" or "the Corporation") constitutes management's review of the factors that affected the Corporation's financial and operating performance for the three and six months ended March 31, 2024. This MD&A Highlights should be read in conjunction with the Corporation's unaudited condensed interim consolidated financial statements as at March, 31, 2024 prepared in accordance with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting, as well as with the management discussion and analysis for the year ended September 30, 2023 ("Annual MDA"). All figures are in Canadian dollars unless otherwise noted.

Further information regarding the Corporation and its operations are filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) in Canada and can be found on www.sedar.com.

Gino Roger, geological engineer, president and chief executive officer of Midland, qualified person under NI 43-101, has reviewed the following technical disclosure of the MD&A Highlights.

Abbreviation	Period
Q1-23	October 1, 2022, to December 31, 2022
Q2-23	January 1, 2023, to March 31, 2023
Q2-23 YTD	October 1, 2022, to March 31, 2023
Q3-23	April 1, 2023, to June 30, 2023
Q4-23	July 1, 2023, to September 30, 2023
Fiscal 23	October 1, 2022, to September 30, 2023
Q1-24	October 1, 2023, to December 31, 2023
Q2-24	January 1, 2024, to March 31, 2024
Q2-24 YTD	October 1, 2023, to March 31, 2024
Q3-24	April 1, 2024, to June 30, 2024
Q4-24	July 1, 2024, to September 30, 2024
Fiscal 24	October 1, 2023, to September 30, 2024

1. NATURE OF ACTIVITIES
   Midland, incorporated on October 2, 1995, and operating under the Business Corporations Act (Québec), is a company in the mining exploration business. The Corporation's operations include the acquisition and exploration of mining properties. The Corporation's shares are listed on the TSX Venture Exchange (the "Exchange") under the MD ticker.
2. OVERALL PERFORMANCE

2.1 Highlights of exploration work in Q2-24 YTD

• La Peltrie. Expansion of the mineralized zone intersected in discovery hole LAP-22-12 with a total interval of 0.13% Cu (0.20% copper equivalent ("CuEq")) over 513.5 metres. Higher- grade intervals within the La Peltrie Project's mineralized envelope graded up to 1.18% Cu (1.33% CuEq) over 9.5 metres and 0.50% Cu (0.56% CuEq) over 13.2 metres in holes LAP-23-18 and LAP-23-20 respectively (see CuEq parameters in Section 4.3).
• Galinée. Spodumene-bearing pegmatite outcrops found 900 and 500 metres southwest and south of the Iceberg Showing with grab samples grading up to 3.6% Li2O. Iceberg Showing on Galinée consists in spodumene-bearing pegmatite dykes identified over at least 600 metres strike length with high-grade grab samples grading up to 7.2 % Li2O. Drilling program has started on the iceberg showing and is currently in pause for the Cree Goose Break and planned to continue in June.

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

• Nachicapau. Discovery of 6 new mineralized veins at surface and numerous erratic boulders with copper and gold mineralization spread over an area of 7 km2, with 23 samples, including 9 on outcrops, yielded grades greater than 0.1% Cu and 6 samples yielded grades greater than 1% Cu, up 20.4% Cu. The best gold grade obtained on Nachicapau, at 3.98 g/t Au, 3.33% Cu and 28.2 g/t Ag, is associated with a boulder located 300 metres north of Cu-Au horizons discovered in 2022.
• Start of a Sonic drilling campaign on the Patris property.
• Recent acquisition by map designation of the Caniapisc Au project with historical unexplained gold anomalies in till samples with up to 41 pristine and 66 modified gold grains. A Reconnaissance exploration program planned for summer 2024.

2.2 Working capital

Midland has an adjusted working capital1) of $5,343,828 as of March 31, 2024 ($4,613,449 as of September 30, 2023), which will allow the Corporation to continue its activities, including its exploration programs for at least the next two years.

The adjusted working capital1) is calculated as follows:

	As at	As at
	March 31,	September 30,
	2024	2023
	$	$
Current assets	5,743,097	5,678,842
Current liabilities	(1,419,269)	(1,865,393)

Working capital	4,323,828	3,813,449
Investments - non-current portion	1,020,000	800,000
Adjusted working capital1)	5,343,828	4,613,449

1. 1. Midland has included a non-IFRS measure, "Adjusted working capital", to supplement its financial statements, which are presented in accordance with IFRS. Midland believes that this measure, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Corporation. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
2. Private placements
   On November 16, 2022, the Corporation completed a private placement of 666,666 shares at a price of $0.45 per share for total gross proceeds of $300,000. On November 16 and 30, 2023, the Corporation completed private placements of 2,761,228 flow-through shares at $0.65 per share for total gross proceeds of $1,794,798. In addition, the Corporation completed on November 30, 2023, with an originator of flow-through donation financing, a private placement of 666,667 flow-through shares at $0.90 per share for total gross proceeds of $600,000. Directors and officers of the Corporation participated in the flow-through private placement for a total consideration of $174,850 under the same terms as other investors.
3. Outstanding share data

	As at	As at
	May 9, 2024	March 31, 2024
	Number	Number
Common shares	86,870,758	86,870,758
Options	6,260,000	6,260,000
	93,130,758	93,130,758

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

2.5 New agreements with partners and updates

Option agreement with RTEC for lithium in James Bay - Wookie property addition

On April 22, 2024, the Corporation signed an amended option agreement on April 22, 2024, with Rio Tinto Exploration Canada Inc. ("RTEC") and the addition of the Wookie project to the option agreement signed with RTEC in June 2023. Under the amended option agreement, RTEC may acquire an initial 50% interest (the "First Option") in the Properties over a period of five (5) years, subject to the following conditions:

• Additional cash payment of $100,000 within 45 days of the amendment execution and additional cash payment of $250,000 over a 4-year period.
• Additional exploration expenditures of $1,500,000 for a new total of $16,000,000, including a firm commitment to spend not less than $2,000,000 in the first 18 months following the lifting of the wildfire restrictions in Quebec last August 2023.

After acquiring an initial 50% interest, RTEC will have the option to increase its interest in the Properties to 70% (the "Second Option") over a period of five (5) years following the exercise of the First Option, subject to the following conditions:

• Additional exploration expenditures of $4,000,000 for a new total of $54,000,000.

3. RESULTS OF OPERATIONS

As operator, Midland incurred exploration expenditures totalling $1,342,455 ($2,564,048 in Q2-23 YTD), on its properties of which $488,062 was recharged to its partners ($294,577 in Q2-23). The operating partners incurred $5,598,575 exploration expenses in Q2-24 YTD ($3,133,947 in Q2-23 YTD). Also, the Corporation invested $352,366 ($365,051 in Q2-23) to complete several property acquisitions or renew its claims in Quebec of which $207,454 was recharged to its partners ($32,580 in Q2-23).

The Corporation reported a loss of $714,804 in Q2-24 YTD compared to $234,660 for Q2-23 YTD.

Operating expenses increased to $1,253,286 ($1,113,483 in Q2-23 YTD), and the main variances can be explained as follows:

• Salaries $563,164 ($467,112 in Q2-23 YTD). Increased activities of administrative nature in Q2-24 YTD such as training and conferences.
• Office and other expenses $173,510 ($107,832 in Q2-23 YTD). During Q2-24 YTD, transition to a new server for $15,000, expenses related to the ECOLOGO® UL 2723 certification for $17,000 and increased rate on the part XII.6 tax for $11,000.
• Conference and mining industry involvement $188,176 ($143,337 in Q2-23 YTD). Midland's team resumes almost pre-pandemic level of travelling to participate at the different mining conferences.
• Impairment of exploration and evaluation assets $47,929 ($148,676 in Q2-23 YTD). See details at Section 4.

The Corporation has received listed shares as part of agreements on its exploration properties. An unfavorable change in fair value of listed shares for $26,060 (favorable for $47,625 in Q2-23 YTD) was recorded as follows:

	Q2-24 YTD	Q2-23 YTD
	$	$
Probe Gold Inc. ("Probe")	5,765	10,500
Brunswick Exploration Inc. ("Brunswick")	(30,825)	30,625
Niobay Metals inc.	(1,000)	6,500
	(26,060)	47,625

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

A $341,840 ($689,507 in Q2-23 YTD) recovery of deferred income taxes (non-cash item) was recognized to record the amortization, in proportion of the work completed, of the premium related to flow-through shares following the November 2023 private placements (November and December 2022, in Q1-23). All exploration work imposed by the November and December 2022 flow-through financings was completed before September 30, 2023. The balance on flow-through financing not spent according to the restrictions imposed by the November 2023 financings represents $1,681,515 as at March 31, 2024; the Corporation has to dedicate these funds to Canadian mining properties exploration.

In Q2-24, the Corporation reported a loss of $328,335 compared to loss of $178,057 for Q2-23 and the variance explanations are similar to those for the Q2-24 YTD.

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

4. EXPLORATION ACTIVITIES

Deferred
exploration	Balance		Geo-	Drilling	Geo-	Sub	Stock-		Tax	Option	Impair-	Net	Balance
and	Sept. 30,	Geology	based	Recharge	March 31,
physics		chemistry	total	credits	Payment	ment	change
expenses	2023			comp.		2024
Q2-24 YTD
Abitibi	$	$	$	$	$	$	$	$	$	$	$	$	$
7,383												7,383
Abitibi Gold	-	-	-	-	-	-	-	-	-	-	-
Adam	941,825	2,690	-	569	-	3,259	1,189	-	(968)	-	-	3,480	945,305
Casault Au	1,924,569	842	-	6,703	-	7,545	-	(7,545)	-	-	-	-	1,924,569
Fleuribleu	63,079	-	-	-	-	-	-	-	-	-	-	-	63,079
Gaudet	744,877	897	-	-	-	897	793	-	-	-	-	1,690	746,567
Heva Au	433,266	-	-	-	45	45	-	-	(16)	-	-	29	433,295
Jouvex Au	800,695	3,538	-	-	-	3,538	753	-	(1,452)	-	-	2,839	803,534
La Peltrie Au	970,108	5,041	-	584	0	5,625	-	(5,625)	-	-	-	-	970,108
Lac Esther	117,206	386	-	-	-	386	-	-	(169)	-	-	217	117,423
Laflamme Au	4,249,507	41,775	5,400	11,511	18,772	77,458	6,220	-	(10,526)	-	-	73,152	4,322,659
Lewis	616,872	60,021	-	147,955	1,419	209,395	1,090	-	(6,015)	-	-	204,470	821,342
Mar.Cadillac Au	502,241	-	-	-	-	-	-	-	-	-	-	-	502,241
Mistaouac	470,091	-	-	-	-	-	575	-	-	-	-	575	470,666
Molion	-	5,698	-	-	-	5,698	-	-	-	-	-	5,698	5,698
Nickel Square	55,331	25,045	116,060	-	-	141,105	1,837	-	(3,048)	-	-	139,894	195,225
Nomans	242,847	18,393	-	-	19,666	38,059	820	-	(14,815)	-	-	24,064	266,911
Noyelles	193,714	-	-	-	-	-	-	-	-	-	-	-	193,714
Olga	571	-	-	-	-	-	-	-	-	-	-	-	571
Patris Au	1,520,055	1,989	-	(1,343)	238	884	4,813	2,663	(404)	-	-	7,956	1,528,011
Samson	2,079,669	-	-	329	2,710	3,039	-	-	(434)	-	-	2,605	2,082,274
Vezza	-	14,652	-	-	-	14,652	-	-	-	-	-	14,652	14,652
Wawagosic	32,949	-	-	-	-	-	-	-	-	-	-	-	32,949
	15,966,855	180,967	121,460	166,308	42,850	511,585	18,090	(10,507)	(37,847)	-	-	481,321	16,448,176
Grenville						23,575						21,137	21,137
Grenville Li	-	23,575	-	-	-	-	-	(2,438)	-	-
Tete Nord	97,535	4,320	-	-	-	4,320	-	-	-	(81,352)	-	(77,032)	20,503
Weedon Cu Zn Au	907,099	5,987	150,240	-	-	156,227	801	-	-	-	-	157,028	1,064,127
	1,004,634	33,882	150,240	-	-	184,122	801	-	(2,438)	(81,352)	-	101,133	1,105,767
James Bay						1,002						1,002	1,860,466
BJ Eleonore Au	1,859,464	1,002	-	-	-	-	-	-	-	-
BJ Li RTEC	-	-	116,025	-	-	116,025	-	(116,025)	-	-	-	-	-
Bombadil	-	704	-	-	-	704	-	-	(307)	-	-	397	397
Caniapisc Au	-	2,880	-	-	-	2,880	-	-	-	-	-	2,880	2,880
Elrond	214,487	6,876	-	-	-	6,876	-	-	(1,000)	-	-	5,876	220,363
Fangorn	15,950	-	-	-	-	-	-	-	-	-	-	-	15,950
Galinée	330,813	-	-	-	-	-	-	-	-	-	-	-	330,813
Helms	65,026	-	-	-	-	-	-	-	-	-	-	-	65,026
JV Eleonore Au	651,125	704	-	-	-	704	945	(352)	(154)	-	-	1,143	652,268

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

Deferred	Balance						Stock-						Balance
exploration		Geo-	Drilling	Geo-	Sub		Tax	Option	Impair-	Net
and	Sept. 30,	Geology	based	Recharge	March 31,
physics		chemistry	total	credits	Payment	ment	change
expenses	2023			comp.		2024
Q2-24 YTD
	$	$	$	$	$	$	$	$	$	$	$	$	$
Komo	140,854	386	-	-	-	386	-	-	-	-	-	386	141,240
Lasalle	239,884	-	-	-	-	-	-	-	-	(59,315)	-	(59,315)	180,569
McDuff	35,213	-	-	-	-		-	-	-	-	-	-	35,213
Moria	154,563	-	-	-	-	-	-	-	-	-	-	-	154,563
Mythril	6,372,291	25,996	-	4,415	-	30,411	2,355	-	(41,582)	-	-	(8,816)	6,363,475
Mythril BRW	-	-	-	-	-	-	-	-	-	-	-	-	-
Shire	349,498	-	-	-	-	-	-	-	-	-	-	-	349,498
Wookie	27,681	5,859	-	-	-	5,859	-	-	-	-	-	5,859	33,540
	10,456,849	44,407	116,025	4,415	-	164,847	3,300	(116,377)	(43,043)	(59,315)	-	(50,588)	10,406,261
North						272,548						-	-
BHP Ni	-	96,089	61,551	-	114,908	-	(272,548)	-	-	-
Labrador Trough	821,161	34,007	-	-	2,291	36,298	6,583	(16,775)	(1,753)	-	-	24,353	845,514
Nachicapau	257,383	77,149	-	-	68,845	145,994	-	(71,855)	(7,386)	-	-	66,753	324,136
Soissons	110,270	-	-	-	-	-	-	-	-	-	-	-	110,270
Soissons NMEF	129,643	-	-	-	-	-	-	-	-	-	-	-	129,643
Willbob Au	3,370,074	13,511	-	13,550	-	27,061	608	-	(1,789)	-	-	25,880	3,395,954
	4,688,531	220,756	61,551	13,550	186,044	481,901	7,191	(361,178)	(10,928)	-	-	116,986	4,805,517
TOTAL	32,116,869	480,012	449,276	184,273	228,894	1,342,455	29,382	(488,062)	(94,256)	(140,667)	-	648,852	32,765,721

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

Deferred	Balance						Stock-						Balance
exploration		Geo-		Geo-	Sub		Tax	Option		Net
and	Sept. 30,	Geology	Drilling	based	Recharge	Write-off	March 31,
physics	chemistry	total	credits	Payment	change
expenses	2022			comp.			2023
Q2-23 YTD
Abitibi	$	$	$	$	$	$	$	$	$	$	$	$	$
7,383												7,383
Abitibi Gold	-	-	-		-	-	-	-	-	-	-
Adam	446,046	20,425	-	164,510	-	184,935	512	-	-	-	-	185,447	631,493
Casault Au	2,054,569	6,376	-	6,223	-	12,599	-	(12,599)	-	-	-	-	2,054,569
Fleuribleu	54,823	-	-	-	-	-	604	-	-	-	-	604	55,427
Gaudet	714,630	(3,035)	25,939	145	-	23,049	1,387	-	-	-	-	24,436	739,066
Guyberry	67,004	-	-	-	-	-	-	-	-	-	-	-	67,004
Heva Au	371,453	5,119	-	47,617	6,726	59,462	-	-	-	-	-	59,462	430,915
Jeremie	121,140	-	-	-	-	-	-	-	-	-	-	-	121,140
Jouvex Au	733,296	16,974	47,280	-	-	64,254	325	-	-	-	-	64,579	797,875
La Peltrie Au	1,045,108	6,544	-	556	-	7,100	-	(7,100)	-	-	-	-	1,045,108
Lac Esther	73,927	1,544	-	-	-	1,544	-	-	-	-	-	1,544	75,471
Laflamme Au	3,345,909	105,671	-	464,245	46,225	616,141	3,155	-	-	-	-	619,296	3,965,205
Lewis	581,524	14,868	-	-	1,742	16,610	1,428	-	-	-	-	18,038	599,562
Mar.Cadillac Au	499,918	2,323	-	-	-	2,323	-	-	-	-	-	2,323	502,241
Mistaouac	422,236	11,312	-	-	-	11,312	248	-	-	-	-	11,560	433,796
Nickel Square	4,337	-	-	-	-	-	376	-	-	-	-	376	4,713
Nomans	108,154	4,230	-	-	-	4,230	633	-	-	-	-	4,863	113,017
Noyelles	183,813	4,200	-	-	-	4,200	724	-	-	-	-	4,924	188,737
Olga	571	-	-	-	-	-	-	-	-	-	-	-	571
Patris Au	679,420	93,664	-	616,554	104,297	814,515	2,729	-	-	-	-	817,244	1,496,664
Samson	1,992,857	9,715	60,925	371	2,780	73,791	523	-	-	-	-	74,314	2,067,171
Turgeon	202,050	-	-	-	-	-	-	-	-	-	-	-	202,050
Wawagosic	32,949	-	-	-	-	-	-	-	-	-	-	-	32,949
	13,743,117	299,930	134,144	1,300,221	161,770	1,896,065	12,644	(19,699)	-	-	-	1,889,010	15,632,127
Grenville						396						396	318,427
Gatineau	318,031	24	-	372	-	-	-	-	-	-
Tête Nord	97,535	-	-	-	-	-	-	-	-	-	-	-	97,535
Weedon Cu Zn Au	903,534	3,565	-	-	-	3,565	-	-	-	-	-	3,565	907,099
	1,319,100	3,589	-	372	-	3,961	-	-	-	-	-	3,961	1,323,061

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

Deferred	Balance						Stock-						Balance
exploration		Geo-		Geo-	Sub		Tax	Option		Net
and	Sept. 30,	Geology	Drilling	based	Recharge	Write-off	March 31,
physics	chemistry	total	credits	Payment	change
expenses	2022			comp.			2023
Q2-23 YTD
James Bay	$	$	$	$	$	$	$	$	$	$	$	$	$
					-						453	1,859,328
BJ Eleonore Au	1,858,875	-	-	-	-	453	-	-	-	-
Elrond	204,254	8,941	-	-	-	8,941	553	-	-	-	-	9,494	213,748
Fangorn	15,950	-	-	-	-	-	-	-	-	-	-	-	15,950
Galinée	288,121	16,885	-	-	-	16,885	-	-	-	-	-	16,885	305,006
Helms	65,026	-	-	-	-	-	-	-	-	-	-	-	65,026
JV Eleonore Au	617,865	-	66,520	-	-	66,520	-	(33,260)	-	-	-	33,260	651,125
Komo	112,868	14,661	-	-	-	14,661	-	-	-	-	-	14,661	127,529
Lasalle	239,803	81	-	-	-	81	-	-	-	-	-	81	239,884
McDuff	7,383	-	-	-	-	-	-	-	-	-	-	-	35,213
Moria	148,555	5,887	-	-	-	5,887	-	-	-	-	-	5,887	154,442
Mythril	6,086,996	29,597	154,549	4,006	(217)	187,935	1,235	-	-	-	-	189,170	6,276,166
Shire	329,206	12,555	-	-	-	12,555	-	-	-	-	-	12,555	341,761
Wookie	27,681	-	-	-	-	-	-	-	-	-	-	-	27,681
	10,030,413	88,607	221,069	4,006	(217)	313,465	2,241	(33,260)	-	-	-	282,446	10,312,859
North						197,698						-	-
BHP Ni	-	103,182	87,525	-	6,991	-	(197,698)	-	-	-
Labrador Trough	687,469	62,300	3,000	-	25,362	90,662	3,713	(43,920)	-	-	-	50,455	737,924
Soissons	106,746	3,524	-	-	-	3,524	-	-	-	-	-	3,524	110,270
Soissons NMEF	129,643	-	-	-	-	-	-	-	-	-	-	-	129,643
Willbob Au	3,305,386	41,573	-	17,100	-	58,673	-	-	-	-	-	58,673	3,364,059
	4,229,244	90,525	17,100	32,353	3,713	350,557	3,713	(241,618)	-	-	-	112,652	4,341,896
TOTAL	29,321,874	602,705	445,738	1,321,699	193,906	2,564,048	18,598	(294,577)	-	-	-	2,288,069	31,609,943

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Midland Exploration Inc.

Management Discussion & Analysis - Quarterly Highlights

Three and six months ended March 31, 2024

Exploration and evaluation		Actual Q2-23 YTD			Actual Q2-24 YTD			Budget Fiscal 24
expenses
Properties	Midland	Partners	Total	Midland	Partners	Total	Midland	Partners	Total
100 % Midland	$	$	$	$	$	$	$	$	$
Abitibi Gold	-	-	-	-	-	-	-	-	-
Adam	184,935	-	184,935	3,259	-	3,259	5,000	-	5,000
Fleuribleu	-	-	-	-	-	-	-	-	-
Heva Au	59,462	-	59,462	45	-	45	7,000	-	7,000
Jouvex	64,254	-	64,254	3,538	-	3,538	30,000	-	30,000
Lac Esther	1,544	-	1,544	386	-	386	7,000	-	7,000
Lewis	16,610	-	16,610	209,395	-	209,395	250,000	-	250,000
Mistaouac	11,312	-	11,312	-	-	-	25,000	-	25,000
Molion	-	-	-	5,698	-	5,698	50,000	-	50,000
Nickel Square	-	-	-	141,105	-	141,105	200,000	-	200,000
Nomans	4,230	-	4,230	38,059	-	38,059	170,000	-	170,000
Noyelles	4,200	-	4,200	-	-	-	55,000	-	55,000
Olga	-	-	-	-	-	-	30,000	-	30,000
Patris	814,515	-	814,515	3,547	-	3,547	-	-	-
Samson	73,791	-	73,791	3,039	-	3,039	-	-	-
Valmond	-	-	-	-	-	-	4,000	-	4,000
Vezza	-	-	-	14,652	-	14,652	9,000	-	9,000
Gatineau Zn	396	-	396	412	-	412	5,000	-	5,000
Palatin	-	-	-	23,575	-	23,575	150, 000		150, 000
Grenville Li	-	-	-	4,320		4,320	-	-	-
Weedon Cu-Zn-Au	3,565	-	3,565	156,227	-	156,227	165,000	-	165,000
BJ Éléonore Au	-	-	-	1,002	-	1,002	60,000	-	60,000
BJ Gold	-	-	-	-		-	-		-
Bombadil	-	-	-	704	-	704	-	-	-
Caniapisc Au	-	-	-	2,880		2,880	50,000	-	50,000
Elrond	8,941	-	8,941	6,876	-	6,876	60,000	-	60,000
Galinée	16,885	-	16,885	-	-	-	-	-	-
Helms	-	-	-	-		-
Komo	14,661	-	14,661	386	-	386	-	-	-
Lasalle	81	-	81	-	-	-	-	-	-
Moria	5 ,887	-	5,887	-	-	-	-	-	-
Mythril	187,935	-	187,935	30,411	-	30,411	220,000	-	220,000
Shire	12,555	-	12,555	-	-	-	-	-	-
Tilly	-	-	-	-	-	-	125,000	-	125,000
Wookie	-	-	-	5,859	-	5,859	5,000	-	5,000
Pallas	600	-	600	-		-
Soissons	3,524	-	3,524	-	-	-	-	-	-
Willbob	58,673	-	58,673	27,061	-	27,061	125,000	-	125,000
Project generation	-	-	-	-	-	-	119,000	-	119,000
	1,548,556	-	1,548,556	682,436	-	682,436	1,926,000	-	1,926,000

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