Barrick options Midland’s Quebec gold project

Staff Writer | November 18, 2025 | 9:43 am Exploration Top Companies Canada Gold

Midland commences exploration at Gaudet, stock jumps

Image courtesy of Midland Exploration.

Barrick Mining (TSX: ABX) (NYSE: B) has entered into an option agreement with Canadian gold junior Midland Exploration (TSXV: MD) for its Lewis property in Quebec.

Under the terms, Barrick can acquire up to 75% of the project by making C$750,000 in staged cash payments and spending C$12 million on exploration by the end of 2032. During the option period, Midland will serve as the project’s operator.

An initial 51% interest can be earned by paying C$250,000 cash to Midland and funding exploration work of at least C$3 million by 2028.

Following the initial earn-in, the companies will form a joint venture. Barrick will then have the option to earn a further 9% by 2030 (C$200,000 cash and C$1.5 million expenditure), and another 15% by 2032 (C$300,000 cash and C$7.5 million expenditure).

Near Nelligan

Acquired by Midland in 2020, the Lewis property consists of 154 exclusive exploration rights covering 86 km² of Quebec’s Abitibi region. It is located about 60 km northwest of Iamgold’s (TSX: IMG; NYSE: IAG) Nelligan deposit, which hosts nearly 103 million tonnes of indicated resources grading 0.85 gram per tonne gold for 3.12 million oz. of gold.

Barrick signed a similar earn-in agreement with Midland for the Patris gold property in Abitibi in May 2023. The major can acquire 51% by paying $392,500 and funding at least $4 million in exploration over the first four years, followed by additional cash and work commitments to reach 60% and then 75%.

Midland and Barrick started a drilling program on Patris in mid-2024.

Major partners

The projects are part of several in Midland’s Quebec-focused portfolio with majors as partners. Others involve BHP (NYSE, LSE, ASX: BHP), Rio Tinto (NYSE, LSE, ASX: RIO), Centerra Gold (TSX: CG; NYSE: CGAU) and Agnico Eagle Mines (TSX, NYSE: AEM).

Shares of Midland Exploration inched 1.2% higher on the Barrick partnership. Trading at C$0.45 apiece, the company has a market capitalization of C$47.8 million ($34.2 million).

For Barrick, this transaction comes amid a strategic shift towards North America. Recently, its interim CEO Mark Hill stated that the company considers the region as key to its future growth.