Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (April 2025)
40 slides from Midnight Sun Mining's investor presentation, Apr 24, 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 24th, 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 We are surrounded by world-class copper mines and top-tier mining companies including First
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 5 Surrounded by World-Class Producers
Slide 6: Regional map of Domes licences and nearby mines
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: Size, Grade And Shallow Depth: The Great Differentiator of The Domes
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 • Dumbwa Soil Anomaly >20 km up to 0.73% Cu • Multiple drill intercepts including 16m of 1.24% Cu, and 13.5m of 0.77% Cu from surface 2 • Geophysical Target 2 – Kazhiba Target 2 • Identified during 2024 exploration program through Pa
Slide 9: 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, 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 and Drill Intercepts
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 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% copper deposit, projected to double output a
Slide 17: Kazhiba Target
Kazhiba Target 2 A NEW SULPHIDE-COPPER EXPLORATION TARGET 17
Slide 18: Kazhiba Target: A Brand-New Sulphide Copper Target
Kazhiba Target 2 A Brand-New Sulphide Copper Target Our 2024 Exploration Program identified a very significant +4-kilometre by +2-kilometre sulphide copper target The target revealed significantly elevated copper signature in Partial Ionic Leach testing, and was confirmed through high chargeability
Slide 19: Interpreted Kaziba Dome – IP Chargeability
19 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 20: Interpreted Kaziba Dome – IP Low Resistivity
20 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 21: 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 22: Kazhiba Target 2025 Exploration Program
Kazhiba Target 2 2025 Exploration Program 22 Kazhiba Target 2 – IP Chargeability – Drill Plan
Slide 23: Mitu
Mitu MULTIPLE SULPHIDE-COPPER EXPLORATION TARGETS 23
Slide 24: 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 25: 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 26: Oxide Copper: A Cooperative Exploration Plan with First Quantum
OXIDE COPPER A COOPERATIVE EXPLORATION PLAN WITH FIRST QUANTUM 26
Slide 27: First Quantum Cooperative Exploration Plan: Near-Term Mining Opportunity
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 28: Vast Land Package, Multiple Opportunities
Vast Land Package, Multiple Opportunities Discoveries Across Our Entire Property 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, some of that cash flow can
Slide 29: 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 30: 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 31: 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 32: Kazhiba Oxide Copper 2024 Drill Results
Kazhiba Oxide Copper 2024 Drill Results 32
Slide 33: 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 34: 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 35: 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 36: Funding
FUNDING Midnight Sun currently has a treasury of ~CDN$10.5MM Expected influx of ~CDN$2.5MM 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 • Phase
Slide 37: 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 38: Midnight Sun – Capital Structure
Midnight Sun – Capital Structure CAPITAL STRUCTURE Basic Shares Outstanding 176.0 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 39: 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 40: 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