Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (April 2026)
45 slides from Midnight Sun Mining's investor presentation, Apr 19, 2026
Slide 1: Advancing the Newest Copper System in the Heart of Zambia
ADVANCING THE NEWEST COPPER SYSTEM IN THE HEART OF ZAMBIA T R A N S F O R M A T I V E C O P P E R D I S C O V E R I E S I N T H E H E A R T O F Z A M B I A April25 August 2026 th, 2025
Slide 2: Forward looking statements
Forward looking statements This Presentation is for information purposes in connection with Midnight Sun Mining, (“Midnight Sun” or the “Company”). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, em
Slide 3: The Opportunity
The Opportunity IN THE HEART OF THE TOP GLOBAL HOTSPOT FOR COPPER DISCOVERY1 SURROUNDED BY PREMIER GLOBAL COPPER PRODUCERS AND OPERATORS A UNICORN – EXPLORATION UPSIDE & POTENTIAL NEAR-TERM PRODUCTION DUMBWA TARGET – ANALOGOUS SYSTEM TO BARRICK’S LUMWANA MINE HIGH-GRADE, AT-SURFACE OXIDE COPPER DEPO
Slide 4: The Domes Region of Zambia: The Top Spot In Global Copper Exploration
The Domes Region of Zambia The Top Spot In Global Copper Exploration One of the only geological environments where copper deposits often reach billion tonne scale, at or near-surface and a globally top-ranked mining powerhouse for +100 years • Home to the 5 largest copper mines in Africa: Ivanhoe –
Slide 5: AMBIA
} PL en AMBIA fos ANGOLA Pawn 4 I l I C Ls wt = <4 ~ Zambia-Lobito Rail Corridor planned extension ie] (China Molybdenum Tenke 122Mt @ 2.06% Cu NX Barrick Mining 7, Lumwana e First Quantum Kansanshi >1Bt @ ~0.66% Cu First Quantum Sentinel 1.03Bt @ 0.51% Cu Midnight Sun Solwezi Project Copper Mine Ro
Slide 6: Zambia-Lobito Rail Corridor and Domes Region map
z nie Zambia-Lobito Rail Corridor a em ee DEMOCRATIC REPUBLIC peek planned extension s Do mes Ae Cons ue ‘ Region ———— ai Iabompoh 2 « g oul Kansanshi Pit Ee wy First Quantum bal KANSANSHI A >1 Bt @ ~0.66% Cu First Quantum SENTINEL 1.03Bt @ 0.51% Cu LUMWANA BI Kunde! — 1.62Bt @ 0.52% Cu Midnight Sun
Slide 7: Lobito Corridor and Eastern Rail Line
Lobito Corridor and Eastern Rail Line A US-vs-China “Tug of War” over key copper supplies Barrick Mining Lumwana China’s Eastern Rail Corridor Planned extension East to Tanzania
Slide 8: Size, And Shallow Depth
Size, And Shallow Depth The Great Differentiator of The Domes LUMWANA KANSANSHI SENTINEL 1.62 Billion tonnes @ 0.52% Cu >1 Billion Tonnes @ 0.66% Cu 1 Billion Tonnes @ 0.51% Cu • Billions of Tonnes • Shallow/Near-Surface 8 1) Source: https://www.first-quantum.com/English/our-operations/default.aspx#
Slide 9: Why The Domes Region Is The Top Location
Size And Shallow Depth Why The Domes Region Is The Top Location Zambia – Domes Region Global Copper Regions Chile, Panama, Arizona, Argentina Type of Deposits ✓ Basement Hosted and Sediment-Hosted X Porphyry Depth of Mineralization ✓ Shallow ~ Surface to 200m average X Deep – Up to 2 km depth Averag
Slide 10: Dumbwa + Kazhiba Main
Dumbwa + Kazhiba Main Potential Non-Dilutive Funding Pathway Dumbwa Target – Our Flagship “Basement-Hosted” Sulphide Copper System. Large-scale, near surface. Analogous to Barrick’s nearby Lumwana Deposit • First new discovery in the belt in 22 years • ~20 km Copper-In-Soil Anomaly with grades up to
Slide 11: Our Geological Approach: Led By Dr. Kevin Bonel
Our Geological Approach Led By Dr. Kevin Bonel – Track Record Of Success • +25 years' experience in Sub-Saharan Africa. Dr. Bonel is a sulphide-copper specialist, credited with multiple major discoveries • Former Barrick Exploration Manager at Lumwana Mine and Freeport McMoRan • Led exploration team
Slide 12: In just 24 months
Dr. Bonel took Lumwana from 900Mt @ 0.5% Cu to 1.62Bt @ 0.52% Cu In just 24 months 12
Slide 13: Our Geological Approach: Methodical, Precise and Cost-Effective
Our Geological Approach Methodical, Precise and Cost-Effective Dr. Bonel is utilizing the same 3-phase approach and methodology he and his team applied to transform Barrick’s Lumwana Mine Phase 3 Drilling to define Phase 2 and delineate structure Dipole-Dipole IP Survey to define depth and dip direc
Slide 14: Dumbwa Target
DUMBWA TARGET NEW BASEMENT-HOSTED SULPHIDE-COPPER SYSTEM DEFINING GEOLOGICAL ANATOMY OF A LUMWANA ANALOGUE 14
Slide 15: Dumbwa Target: A New Major Copper System
Dumbwa Target A New Major Copper System, In The Heart Of Zambia • A near surface, low strip, large-scale sulphide copper system, with very similar geology and mineralization to Barrick’s Lumwana Mine • Underlying continuous copper-in-soil anomaly for over 20 km along strike HISTORIC DRILLING and up
Slide 16: A shared characteristic: The Copper Clearing
A shared characteristic: The Copper Clearing This is typical vegetation across our property and similar to that surrounding the Lumwana Mine 16
Slide 17: A shared characteristic: The Copper Clearing
A shared characteristic: The Copper Clearing Both Lumwana and Dumbwa feature copper clearings caused by high copper in soil. These vast “copper clearings”, are a stark indicator of an underlying mineralized copper system. Soil toxicity, caused by the copper rich environment prevents vegetation growt
Slide 18: Bedrock exposure of high-grade sulphides
A large bedrock exposure of high-grade sulphides exists in the centre of one copper clearing at Dumbwa. One of only a few such surface exposures across the property. Samples were 3% Cu and 1.8% Cu respectively 18
Slide 19: Historic Drilling
6 Midnight Sun DUMBWA TARGET 0 5 km fH Kundelunga LJ Nguba |_| Mwasha | Upper Roan sediments 1) Lower Roan sediments ima Basement DC-15-03: 13m @ 0.63% Cu including 3m @ 1.3% Cu DCAC-39: >12m @ 0.65% Cu including 6m @ 1.06% Cu SDDDO6: 13.5m @ 0.77% Cu SDRCO6: >10m @ 0.75% Cu SDRCO5: 15m @ 0.71% Cu S
Slide 20: Dumbwa Target: Our Methodical Approach To Discovery
Dumbwa Target – Our Methodical Approach To Discovery Understanding and Defining The First 12 KM’S With 20km’s of mineralized strike length to define, we made the decision to start with the southern half of the Dumbwa soil anomaly – roughly 12km’s of strike We carried out dipole-dipole IP over this p
Slide 21: Methodical and concise approach to drilling Dumbwa
Led by Dr. Bonel, we launched a methodical and concise approach to drilling Dumbwa The plan was to drill every 50m across the mineralized target, and every 100m-200m along strike At 10,000m of drilling per month, this would allow us to quickly and methodically develop a detailed understanding of the
Slide 22: "007" The Discovery Hole – Our Model Confirmed
Dumbwa Target “007” The Discovery Hole – Our Model Confirmed DBW-25-007, and DBW-25-0031,2,3 ➢ 39.7m of 0.51% Cu including 7.0m of 1.13% Cu from Hole DBW-25-007 ➢ 25.9m of 0.48% Cu from Hole DBW-25-003 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept w
Slide 23: Dumbwa Deposit Zonation Of Mineralization
Dumbwa Deposit Zonation Of Mineralization Across Mineralized Lenses – Center Of System To East and West Extents Bornite 23 and Chalcopyrite – Centre of system Chalcopyrite Disseminated Chalcopyrite Disseminated Chalcopyrite
Slide 24: Nearly 5km Of Drilled Strike Length
Dumbwa Target Nearly 5km Of Drilled Strike Length • We are drilling methodically, at 100-200 metre line spacing, with 50m hole spacing to systematically define the strike length and extents of this new sulphide copper system at Dumbwa • We are drilling an average of 10,000 metres per month, with 5 r
Slide 25: Dumbwa Target Initial Drill Results
Dumbwa Target Initial Drill Results Drill Highlights to date:1,2,3,4 ➢ 22.0m of 1.0% Cu from hole DBW-25-010 ➢ 15.0m of 0.98% Cu and 5.25m of 0.79% Cu from hole DBW-25-009 ➢ 25.0m of 0.89% Cu from Hole DBW-25-021 (4 separate mineralized zones were intercepted within the hole) ➢ 39.7m of 0.51% Cu inc
Slide 26: Dumbwa Deposit Drill Plan
Dumbwa Deposit Drill Plan Relating the soil anomaly to drilling and extrapolating northwards 4.0 4.0 km km 4.0 km Bornite observed downhole and Bornite AND chalcopyrite extrapolated to surface. observed downhole and Note relationship between bornite extrapolated to surface. Note (with chalcocite and
Slide 27: Dumbwa Sulphide Mineralized Drill Sections - February 2026
Dumbwa Sulphide Mineralized Drill Sections - February 2026 S N +4 km Drilled Strike Long section from south to north looking west, covering initial 4km of mineralized strike extent. These are sulphide observations and intercepts, showing the extent of mineralization, open to the north for 20 km’s 1)
Slide 28: Dumbwa and Lumwana – The Analogue: Lumwana
Dumbwa and Lumwana – The Analogue Lumwana Is A Strain Related Sulphide Copper Deposit Lumwana was formed through strain as copper precipitated in zones of Grey Gneiss lower strain and areas of dilation – Boudin especially on the contact of boudins and in the ‘neck’ between boudins C1 Schist Fabric A
Slide 29: Dumbwa and Lumwana – The Analogue: Dumbwa
Dumbwa and Lumwana – The Analogue Dumbwa Is A Strain Related Sulphide Copper Deposit FENCE LINE 1N Based on visual W observation E Surface Dumbwa features similar same strain- related mineralization to Lumwana Lumwana and Dumbwa are both comprised of 3 main mineralized lenses Average thickness of mi
Slide 30: Dumbwa: A Direct Analogue to Lumwana
Dumbwa A Direct Analogue to Lumwana1,2 Lumwana Dumbwa Depth of Mineralization Starts 20m-30m below surface Starts at surface Thickness of Mineralization 40m to 60m average 200m average Copper-in-soil anomaly Yes Yes. 20km length, up to 0.73% Cu Biological Anomalies Yes. Copper clearing Yes. Copper c
Slide 31: Dumbwa – Nearly 5km Of Drilled Strike
Dumbwa – Nearly 5km Of Drilled Strike Our Geological Understanding So Far Drill program at Dumbwa ongoing, at an avg rate of ~10,000m per month of diamond drilling. Holes are spaced at 50m across the target with line spacing of 100m-200m We are rapidly defining the scale and extent of Dumbwa, while
Slide 32: Mitu & Kazhiba Target 2
Mitu & Kazhiba Target 2 ADDITIONAL SULPHIDE-COPPER EXPLORATION OPPORTUNITIES 32
Slide 33: Mitu 2025 Exploration Program
Mitu 2025 Exploration Program • Target 1 associated with large, known area of near-surface oxide copper mineralization • Targets located in “Lower Roan” stratigraphy, known to host most of the copper deposits in the Zambian Copper belt Oxide-Copper Mineralization • Target 1 historic drilling results
Slide 34: Kazhiba Target 2: A Brand-New Sulphide Copper Target
Kazhiba Target 2 A Brand-New Sulphide Copper Target +85% of deposits in the Zambian Copper Belt are hosted in “Lower Roan” geology Kazhiba Target 2 ✓ Lower Roan Hosted ✓ V-Tem Geophysical Anomaly ✓ Subtle traditional geochemical response ✓ Partial Ionic Leach Anomaly 4km x 2km ✓ Dipole-Dipole IP con
Slide 35: Kazhiba Main – Near Surface High-Grade Oxide Copper
KAZHIBA MAIN – NEAR SURFACE HIGH-GRADE OXIDE COPPER POTENTIAL NON-DILUTIVE FUNDING SOURCE 35
Slide 36: Copper Oxide Plan: Near-Surface, Near-Term Mining Opportunity
Copper Oxide Plan Near-Surface, Near-Term Mining Opportunity • 2 key target areas for near-surface, high-grade oxide-copper 21m @ 10.69% Cu 26m @ 5.6% Cu mineralization: Kazhiba and Mitu 15m @ 3.01% Cu • Copper Oxide represents a near-term mining opportunity, that could produce significant near-term
Slide 37: Copper Oxide Plan: Resource and Expansion
Copper Oxide Plan Resource and Expansion Oxide Copper Targets Goal: Leverage Kazhiba Main Copper Oxide Deposit toward significant potential near-term cash flow, in turn, funding exploration and development of larger sulphide targets 1 1 – Kazhiba - Kazhiba Main Zone Copper Oxide Deposit • Significan
Slide 38: Kazhiba Main – High-Grade Drill Results to Maiden Resource
Copper Oxide Plan Kazhiba Main – High-Grade Drill Results to Maiden Resource • 21m @ 10.69% Cu • 26m @ 5.6% Cu • 15m @ 3.01% Cu • 7m @4.66% Cu • 14.2m of 5.71% Cu, incl. 7.2m of 9.58% Cu 1) Midnight Sun News Release dated January 29 th, 2025 38 2) Source: https://www.midnightsunmining.com/zambian-pr
Slide 39: Kazhiba Oxide Copper: High-Grade, Near Surface and Acid-Soluble
Kazhiba Oxide Copper High-Grade, Near Surface and Acid-Soluble • Malachite mineralization in Drill Hole MSZ-25- DD-029E. See Figure on Slide 33 for location1 • The 1.41% average grade is well above typical economic thresholds for oxide heap leach operations1 • The deposit is comprised almost entirel
Slide 40: Maiden Mineral Resource Estimate
Maiden Mineral Resource Estimate (“MRE”) 2.33 million tonnes of Indicated mineral resources grading 1.41% copper (Cu) at a selected base case cut-off of 0.10 % Cu over all rock type categories1 40 1) See January 20th News Release: https://midnightsunmining.com/2025/midnight-sun-announces-resource-es
Slide 41: Time to Monetize Kazhiba Main
Time to Monetize Kazhiba Main “The Company now intends to move forward with its plan to monetize Kazhiba Main and expects to immediately commence discussions with key counterparties to that end.” Midnight Sun CEO – Al Fabbro, January 20th 2026 1 41 1) See January 20th News Release: https://midnights
Slide 42: We are working to deliver a large, near-surface copper deposit
Dumbwa is Zambia’s newest copper system, and analogous to Barrick’s 1.6B tonne Lumwana ~$35M in the bank, and potential to fund ongoing work at Dumbwa without additional dilution through sale of Kazhiba Main We have a brand-new copper system de-risked, and being defined quickly through aggressive on
Slide 43: Midnight Sun – Capital Structure
Midnight Sun – Capital Structure CAPITAL STRUCTURE Basic Shares Outstanding 213.2 million Total Warrants Outstanding 44.5 million Total Broker Warrants Outstanding 1.9 million • $0.33 Expire May 22, 2027 33.2 million • $0.33 Expire May 22, 2027 (Broker Warrants) 0.627 million • $2.00 Expire Oct 28,
Slide 44: Directors & Management
Directors & Management Al Fabbro Kevin Bonel Matt MacKenzie PRESIDENT, CEO & DIRECTOR COO, ZAMBIA EXECUTIVE VP, CORPORATE SECRETARY • Finance and mining executive and entrepreneur • Ph.D, P.Geo. Independent geologist and exploration manager • MBA and JD • +45 years' experience • +25 years' experienc
Slide 45: Corporate Inquiries
T R A N S F O R M A T I V E C O P P E R D I S C O V E R I E S I N T H E H E A R T O F Z A M B I A CORPORATE INQUIRIES Adrian O’Brien CORPORATE ADDRESS VP Business Development & Communications #1205 – 789 West Pender Street TSX.V: MMA 604 809 6890 Vancouver, BC V6C 1H2 OTCQX: MDNGF adrian@midnightsun
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