Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (July 2025)
44 slides from Midnight Sun Mining's investor presentation, Jul 17, 2025
Slide 1: Transformative Copper Discoveries 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 July 17th, 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 Our projects; Solwezi and Luswishi are large, highly prospective, and located in the “Domes Region” of Zambia - the very heart of the prolific Zambian copper belt. One of the largest global copper-producing regions1 Our Solwezi Project is surrounded by world-class copper mines and to
Slide 4: Zambia – A World Class Copper District
Zambia – A World Class Copper District A globally ranked “top copper producer” and mining powerhouse for +100 years Geological environment is conducive to large, high-grade and scalable copper deposits, in fact Zambia possesses one of the world’s highest-grade deposits of copper Home to world-class
Slide 5: The Heart of The Zambia-Congo Copper Belt
The Heart of The Zambia-Congo Copper Belt Surrounded by World-Class Producers
Slide 6: Zambia-Lobito Rail Corridor
Zambia-Lobito Rail Corridor ee planned extension DEMOCRATIC REPUBLIC OF CONGO Ae es at Oy _ eg I oO n ZAMBIA S ae ae First Quantum KANSANSHI >1 Bt @ ~0.66% Cu Solterarai= First Quantum SENTINEL 1.03Bt @ 0.51% Cu LUMWANA BI Kunde! — 1.62Bt @ 0.52% Cu Midnight Sun undelunga es SOLWEZI [_] Nguba 7. [_}
Slide 7: Size, Grade And Shallow Depth
Size, Grade 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 - <150 Metres • 0.56% Cu Average 7 1) Source: https://www.first-quantum.com/English/ou
Slide 8: Sulphide Copper Targets Discoveries Across Our Property
Sulphide Copper Targets Discoveries Across Our Property 1 – Dumbwa • Flagship Target • Soil Anomaly >20 km up to 0.73% Cu • Drill intercepts include 16m of 1.24% Cu, and 13.5m of 0.77% Cu from surface 2 • Phase One Dipole-Dipole IP Survey completed • Drilling planned to begin August 2025 2 – Kazhiba
Slide 9: Our Geological Approach
Our Geological Approach Led By Dr. Kevin Bonel – Track Record Of Success • +25 years' experience in Sub-Saharan Africa, most recently with Barrick at the Lumwana Mine and Freeport McMoRan. Credited with multiple major discoveries • Led exploration team at Lumwana, transforming the deposit from a Tie
Slide 10: Our Approach to Discovery
Our Approach to Discovery Measured, 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 Target drilling to Phase 2 define and delineate structure Dipole-Dipole IP Survey to define
Slide 11: 2025 Exploration Program
2025 Exploration Program Designed To Significantly Advance All 3 Key Target Areas Dumbwa Kazhiba Mitu IP Survey and Drilling and Partial Ionic Leach Extensive Drilling Additional IP Sampling, IP, Drilling 1) Midnight Sun News Release dated January 29 th, 2025 2) Source: https://www.first-quantum.com
Slide 12: Dumbwa
DUMBWA A TIER-ONE SULPHIDE-COPPER EXPLORATION TARGET 12
Slide 13: Dumbwa A Tier-One Exploration Target
Dumbwa A Tier-One Exploration Target • A near surface, low strip, large-scale exploration opportunity with very similar geology and mineralization to Barrick’s Lumwana Mine – The Lumwana Analog • Continuous high-grade copper-in-soil anomaly for over 20 km along strike and ~1 km wide with peak values
Slide 14: Dumbwa Target Map
i Midnight Sun DUMBWA TARGET 0 5 km | Kundelunga LJ Nguba [_] Mwasha i Upper Roan sediments || Lower Roan sediments | Basement D g g 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% C
Slide 15: Dumbwa A Direct Analog to Lumwana
Dumbwa A Direct Analog to Lumwana1 Lumwana Dumbwa Depth of Mineralization Shallow ~less than 150m Shallow ~less than 150m Geochemical anomaly Yes Yes. 20km, peak grade of 0.73% Cu Biological Anomalies Yes. Copper clearing Yes. Copper clearing Host Rock Unit Basement hosted Basement hosted Host Miner
Slide 16: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Kevin Bonel employing same logical steps as those he used to transform Lumwana Phase one – Geochemical Sampling 20 km geochemical “copper-in-soil” anomaly peaking at 0.73% Cu, with extensive copper-clearing at surface Phase Two – Dipole-Dipole IP Survey 56-line km, di
Slide 17: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Recently completed IP survey over top of historical copper in soils geochemical trend 17 1) Midnight Sun News Release dated July 17th, 2025
Slide 18: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Figure 1: Oblique view of cross-sectional IP Chargeability results. Note: warm colours denote chargeability highs and are interpreted as the mineralized target horizon. Chargeability identifies how well the ground reacts when a current is applied through it. Areas wit
Slide 19: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Oblique view of cross sectional IP Resistivity results. Note: cool colours denote resistivity highs which are the typical exploration target for disseminated sulphides in crystalline basement rocks as seen in Dumbwa. These Resistivity highs have also been correlated t
Slide 20: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program IP Chargeability depth IP Resistivity depth slices created by slices created by combining all combining all geophysical line data and geophysical line data viewing at a specific and viewing at a depth level shown in specific depth level metres above sea level. shown i
Slide 21: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program What does the IP tell us? • Illustrates the structural architecture of the Dumbwa Target which is pivotal in understanding the geometry of the target itself • The mineralized horizon varies from quite flat lying and gently sloping, while other areas show convincing ev
Slide 22: Kazhiba Target
Kazhiba Target 2 A NEW SULPHIDE-COPPER EXPLORATION TARGET 22
Slide 23: Kazhiba Target: 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. Key characteristics indicate this is a very strong target for the discovery of a copper mineralized stratigraphic unit and potential sulphide source of the transported
Slide 24: Interpreted Kaziba Dome – IP Chargeability
24 interpreted Kaziba Dome Target 2 Partial lonic Leach Copper anomaly is directly associated with an IP Chargeability Anomaly ‘Lj, yy yy, 2025 Kazhiba Sulfide and Oxide Targets IP - Chargeability
Slide 25: Interpreted Kaziba Dome – Low Resistivity
25 interpreted Kaziba Dome Target 2 Partial lonic Leach copper anomaly is directly associated with an IP low resistivity unit GY 4, Lj, | Uy, 2025 Kazhiba Sulfide and Oxide Targets IP - Low Resistivity
Slide 26: Kazhiba Target 2 – IP Chargeability – Drill Plan
6 to 8 diamond drill holes totalling ~1,000 metres planned on the ~4km by 2-km Kazhiba sulphide copper target (Target 2) This target has demonstrated a significantly elevated copper signature in Partial Ionic Leach testing, coupled with high chargeability / low resistivity responses from IP geophysi
Slide 27: Mitu
Mitu MULTIPLE SULPHIDE-COPPER EXPLORATION TARGETS 27
Slide 28: 2025 Mitu – Partial Ionic Leach Sampling Program
Mitu features several initial sulphide copper targets, including a target which is also associated with a large, known area of near- surface oxide copper mineralization Targets are located in the “Lower Roan” stratigraphy, which is Oxide-Copper Mineralization known to host most of the copper deposit
Slide 29: Mitu 2025 Exploration Program
Mitu 2025 Exploration Program An extensive Partial Ionic Leach sampling program has been launched to test the entire Mitu Trend along the western flank of the Solwezi Dome, carrying out Phase One of our exploration approach Mitu has similar regolith(surface material) to Kazhiba, which is generally u
Slide 30: Oxide Copper: Cooperative Exploration Plan with First Quantum
OXIDE COPPER A COOPERATIVE EXPLORATION PLAN WITH FIRST QUANTUM 30
Slide 31: First Quantum Cooperative Exploration Plan
First Quantum Cooperative Exploration Plan Oxide-Copper – Near-Surface, Near-Term Mining Opportunity Extensive oxide copper potential exists across our entire property package. We are focused on two initial key target areas featuring near-surface or at-surface high-grade oxide-copper 21m @ 10.69% Cu
Slide 32: Vast Land Package, Multiple Opportunities
Vast Land Package, Multiple Opportunities Discoveries Across Our Entire Property Oxide Copper Targets Goal: Demonstrate oxide copper mineralization has grade, scale, and growth potential 1 Leverage opportunity toward significant potential near-term cash flow, in turn, funding exploration and develop
Slide 33: Targets For Near-Surface Mineralization – Kazhiba and Mitu
First Quantum Cooperative Exploration Plan 2 Targets For Near-Surface Mineralization – Kazhiba and Mitu • 21m @ 10.69% Cu • 26m @ 5.6% Cu • 15m @ 3.01% Cu • 7m @4.66% Cu • 21.1m of 8.52% Cu • 4.5m of 6.31% Cu • 24m of 3.15% Cu • 8m of 5.14% Cu • 14.2m of 5.71% Cu, incl. 7.2m of 9.58% Cu 1) Midnight
Slide 34: Initial Target – Kazhiba Transported Oxide
First Quantum Cooperative Exploration Plan Initial Target – Kazhiba Transported Oxide Kazhiba contains a strongly variable, near-surface (low strip), unexploited, oxide copper opportunity featuring a high-grade oxide copper blanket 21m @ 10.69% Cu 26m @ 5.6% Cu 15m @ 3.01% Cu 31 historic drill holes
Slide 35: Kazhiba – Results of 2024 Exploration
First Quantum Cooperative Exploration Plan Kazhiba – Results of 2024 Exploration Oxide “Proof of Concept” established 2024 Drill Highlights include: 10.69% Cu over 21 metres, 5.60% Cu over 26 metres, and 3.01% Cu over 15 metres, and 4.66% Cu over 7 metres1, all near surface with very low strip Ident
Slide 36: Kazhiba Oxide Copper 2024 Drill Results
Kazhiba Oxide Copper 2024 Drill Results 36
Slide 37: 2025 phase one exploration campaign now underway
The 2025 phase one exploration campaign is now underway, following up on the 2024 program, with continued drilling on extensions of the high-grade transported oxide copper blanket and addressing the new geochemical and geophysical targets with a combination of drilling and additional IP lines Approx
Slide 38: Initial Target - Mitu
First Quantum Cooperative Exploration Plan Initial Target - Mitu Drilling to date, intercepted numerous high-grade intervals of oxide 21m @ 10.69% Cu 26m @ 5.6% Cu 15m @ 3.01% Cu mineralization, starting from surface Mineralization intercepted at Mitu, contained significant cobalt and nickel in addi
Slide 39: Mitu Exploration Program
First Quantum Cooperative Exploration Plan Mitu Exploration Program An extensive Partial Ionic Leach sampling program (approximately 1800 samples) has been launched to test the entire Mitu Trend along the western flank of the Solwezi Dome, including areas of known mineralization Mitu has similar reg
Slide 40: Funding
FUNDING Midnight Sun currently has a treasury of ~CDN$11.5MM ~CDN$2.25MM recently raised through from additional warrant exercise Budgets for initial 2025 Exploration Program are: • Phase One –Dumbwa IP Survey, Kazhiba Drilling (Oxide and Sulphide) and Mitu Partial Ionic Leach Survey – USD$500,000 •
Slide 41: The Takeaway
The Takeaway - In less than 18 months, Midnight Sun has.. • Established Cooperative Exploration plan in place with First Quantum to jointly define potential oxide-copper feed sources on our property, for First Quantum’s SX/EW oxide copper circuit at the Kansanshi Mine, less than 6 km’s northeast of
Slide 42: Midnight Sun – Capital Structure
Midnight Sun – Capital Structure CAPITAL STRUCTURE Basic Shares Outstanding 176.0 million Total Warrants Outstanding 48.7 million • $0.33 Expire May 22, 2027 43.2 million • $0.33 Expire May 22, 2027 1.3 million Total Options Outstanding 12.7 million Share Price $0.53 Market Capitalization $96.0 mill
Slide 43: 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 44: 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 OTC: MDNGF adrian@midnightsunmi
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