Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (April 2025)
38 slides from Midnight Sun Mining's investor presentation, Apr 2, 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 April 2nd, 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 property is 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 vast property features multiple oxide and sulphide copper targets; each a unique opport
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 Surrounded by World-Class Producers
The Heart of The Zambia-Congo Copper Belt 5 Surrounded by World-Class Producers
Slide 6: Regional map with Midnight Sun licences
2 Hy Kundelunga LJ Nguba 4 CI Mwasha | Upper Roan sediments Hi Lower Roan sediments rg Hy Basement i C > Basement domes —— First Quantum — SENTINEL 1.03Bt @ 0.51% Cu LUMWAN. 1.62Bt @ 0.52% Cu _—— _—— — -_—— ——— —_—— — -_—— — — “ZAMBIA DEMOCRATIC REPUBLIC OF CONGO i FirstQuantum Pit Sh ee Cooperative
Slide 7: Average Grade in Zambia's Domes Region
Average Grade in Zambia’s Domes Region 0.56% Cu LUMWANA KANSANSHI SENTINEL 0.52% Cu 0.66% Cu 0.51% Cu 20 km from Midnight Sun ~10 km from Midnight Sun ~120 km from Midnight Sun 1) Midnight Sun News Release dated January 29 th, 2025 2) Source: https://www.first-quantum.com/English/our-operations/defa
Slide 8: Size And Shallow Depth: Billions of Tonnes
Size And Shallow Depth The Great Differentiator In The Domes Billions of Tonnes not Millions of Tonnes LUMWANA KANSANSHI SENTINEL 1.62 Billion Tonnes >1 Billion Tonnes 1 Billion Tonnes 1) Midnight Sun News Release dated January 29 th, 2025 2) Source: https://www.first-quantum.com/English/our-operati
Slide 9: Vast Land Package, Multiple Opportunities
Vast Land Package, Multiple Opportunities Discoveries Across Our Entire Property 1 – Dumbwa • 29 m of 0.70% Cu incl 16.5 m of 0.93% Cu • Dumbwa Soil Anomaly >20 km up to 0.73% Cu • Geophysical Targets 2 2 - Kazhiba • 21.0 m of 10.69% Cu • 26.0 m of 5.6% Cu • 15m 0f 3.01% Cu • 8.0 m of 5.14% Cu • Kaz
Slide 10: Our Attack Plan For Discovery and Growth
Vast Land Package, Multiple Opportunities Our Attack Plan For Discovery and Growth 1 - Oxide Copper Targets Demonstrate that oxide copper mineralization has grade, scale, and growth potential and leverage the opportunity toward significant potential near-term cash flow. In turn, use that cash flow t
Slide 11: Dumbwa: A Tier-One Sulphide-Copper Exploration Target
DUMBWA A TIER-ONE SULPHIDE-COPPER EXPLORATION TARGET 11
Slide 12: Dumbwa Target
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 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 mineralisation to Lumwana – The Lumwana Analog • Continuous high-grade copper-in-soil anomaly for over 20 km along strike and ~1 km wide with peak values up to 0.73% Cu
Slide 14: Dumbwa: A Direct Analog to Lumwana
Dumbwa A Direct Analog to Lumwana1 ➢ The recent discovery ➢ Both N/S trending of two satellite ➢ Both 15 degrees deposits at east-dipping Lumwana, ➢ Both are basement transformed the hosted project to Tier 1 ➢ Both schist-hosted status in just 24 mos, mineralised zones increasing from 900 ➢ Both fea
Slide 15: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Q2 2025 Exploration Program underway now Kevin Bonel utilizing same logical steps employed by his previous team at Lumwana, where they moved that analogous asset from Tier-2 to Tier-1 status in just 24 months, giving Barrick a world-class 1.62 billion tonne, 0.52% cop
Slide 16: Our Geological Approach: Dr. Kevin Bonel
Our Geological Approach Dr. Kevin Bonel - A Track Record of Success Dr. Kevin Bonel – COO, Zambia • +25 years' experience in Sub-Saharan Africa, most recently with Barrick Gold’s operations at the Lumwana Mine and Freeport McMoRan • Led exploration team at Lumwana. Their discoveries transformed Lumw
Slide 17: Oxide Copper: A Cooperative Exploration Plan with First Quantum
OXIDE COPPER A COOPERATIVE EXPLORATION PLAN WITH FIRST QUANTUM 17
Slide 18: First Quantum Cooperative Exploration Plan
First Quantum Cooperative Exploration Plan Oxide-Copper – Near-Surface, Near-Term Mining Opportunity Cooperative Exploration plan in place with First Quantum to jointly define potential feed sources on our property, for First Quantum’s SX/EW oxide 21m @ 10.69% Cu copper circuit at the Kansanshi Mine
Slide 19: 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 20: 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 21: Kazhiba – Results of 2024 Exploration
First Quantum Cooperative Exploration Plan Kazhiba – Results of 2024 Exploration Established “Proof of Concept” 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 Identified
Slide 22: Kazhiba Oxide Drilling Plan
Kazhiba Oxide Drilling Plan Copper (%) Grade Contours ° 22
Slide 23: Kazhiba Results – Target 2
First Quantum Cooperative Exploration Plan Kazhiba Results – “Target 2” 2024 Program identified a very significant ~4-kilometre by 2-kilometre sulphide copper target Significantly elevated copper signature in Partial Ionic Leach testing, high chargeability / low resistivity IP response, coinciding w
Slide 24: 2025 phase one exploration campaign 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 25: Interpreted Kazhiba Dome – IP Chargeability
25 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 26: Interpreted Kazhiba Dome – IP Low Resistivity
26 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 27: 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 28: Kazhiba Target 2 – IP Resistivity – 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 29: Kazhiba Target 2 – IP Chargeability – Drill Plan
29 Kazhiba Target 2 – IP Chargeability – Drill Plan
Slide 30: Kazhiba Target 2 – IP Chargeability – Drill Plan
30 Kazhiba Target 2 – IP Chargeability – Drill Plan
Slide 31: Initial Target - Mitu
First Quantum Cooperative Exploration Plan Initial Target - Mitu Mitu 21m @ 10.69% Cu Drilling to date, intercepted numerous high-grade intervals of oxide 26m @ 5.6% Cu 15m @ 3.01% Cu mineralization, starting from surface Mineralization intercepted at Mitu, contained significant cobalt and nickel in
Slide 32: 2025 Mitu – Partial Ionic Leach Sampling 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 Mitu has similar regolith to Kazhiba, which is generally unresponsive to traditional geochemical analysis, so Partial Ionic Leach is expected to more effectiv
Slide 33: 2025 Mitu – Partial Ionic Leach Sampling Program
The Company plans to collect approximately 1,800 samples for Partial Ionic Leach analysis along the entire Mitu target trend Oxide and sulphide copper mineralization has previously been identified at Mitu, and the Partial Ionic Leach sampling program will cover all highly prospective geology Those r
Slide 34: The Blue Sky: Large-Scale Sulphide Targets
THE BLUE SKY LARGE-SCALE SULPHIDE TARGETS AT DUMBWA, KAZHIBA, AND MITU 4 TARGETS FOR TRANSFORMATIVE SULPHIDE COPPER DISCOVERY, WHOLLY CONTROLLED BY MIDNIGHT SUN WE INTEND TO USE CASHFLOW FROM OXIDE COPPER PRODUCTION TO SELF FUND FUTURE EXPLORATION 34
Slide 35: 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 36: Midnight Sun – Capital Structure
Midnight Sun – Capital Structure CAPITAL STRUCTURE Basic Shares Outstanding 172.0 million Total Warrants Outstanding 48.7 million • $0.50 Expire July 2, 2025 4.2 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 Pric
Slide 37: Directors & Management
Directors & Management Al Fabbro Kevin Bonel Adrian O’Brien PRESIDENT, CEO & DIRECTOR COO, ZAMBIA VP BUSINESS DEVELOPMENT & COMMUNICATIONS • Finance and mining executive and entrepreneur • Ph.D, P.Geo. Independent geologist and exploration manager • Senior Exploration Executive and Senior Marketing
Slide 38: 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
Midnight Sun Mining — Investor Presentation (April 2025) on 6ix