Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (February 2026)
47 slides from Midnight Sun Mining's investor presentation, Feb 17, 2026
Slide 1: Advancing the Newest Copper Deposit in the Heart of Zambia
ADVANCING THE NEWEST COPPER DEPOSIT 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 February August 25th2026 , 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 DEPOSIT - +BILLION TONNE TARGET – DRILLING ONGOING HIGH-GRADE, AT-SURFACE OXIDE COPPER DEPOS
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 +billion-tonne, near-surface copper deposits are the average, and in a jurisdiction where if you find it, you can build it. • Globally top-ranked mining powerhouse for +100 years • Home
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, 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/Near-Surface • 0.5% Cu Average 8 1) Source: https://www.first-quantum.com/English/our-
Slide 9: Size, Grade And Shallow Depth: Why The Domes Region Is The Top Spot
Size, Grade And Shallow Depth Why The Domes Region Is The Top Spot Zambia – Domes Region Global Copper Regions Chile, Panama, Arizona, Argentina Type of Deposits ✓ Sediment-Hosted and Basement Hosted X Porphyry Depth of Mineralization ✓ Shallow ~ Surface to 200m X Deep – Up to 2 km depth Grade ✓ 0.5
Slide 10: Exploration Upside + Near-Term Production Potential
Exploration Upside + Near-Term Production Potential A Non-Dilutive Path To Funding Dumbwa Deposit – Our Flagship “Basement-Hosted” Sulphide Copper Deposit targeting +Billion- tonnes • ~20 km Copper-In-Soil Anomaly with grades up to 0.73% Cu Systematic Drilling Underway1,2,3 Kazhiba Main - Our Near-T
Slide 11: Our Geological Approach
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: Dumbwa
BASEMENT-HOSTED SULPHIDE-COPPER DEPOSIT TARGETING +BILLION TONNES DUMBWA 13
Slide 14: 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 15: Dumbwa
DUMBWA A TIER-ONE SULPHIDE-COPPER EXPLORATION TARGET 15
Slide 16: 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 • Continuous high-grade copper-in- HISTORIC DRILLING soil anomaly for over 20 km along strike and ~1 km wide with peak values u
Slide 17: Outside of the 20 km copper-in-soil anomaly, Dumbwa is a vegetation
Outside of the 20 km copper-in-soil anomaly, Dumbwa is a vegetation rich environment, as seen here 17
Slide 18: Copper clearings over the soil anomaly
However, over the soil anomaly, exists vast “copper clearings”, which are a stark indicator of an underlying mineralized copper system. Soil toxicity, caused by the copper rich environment prevents most vegetation from growth 18
Slide 19: 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 19
Slide 20: Samples taken by Dr. Bonel
Samples taken by Dr. Bonel in this location resulted in 3.0% Cu and 1.8% Cu respectively 20
Slide 21: 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 22: Dumbwa – A Basement Dome Hosted Copper System
Dumbwa – A Basement Dome Hosted Copper System Geological Analog to Lumwana1 Lumwana Dumbwa Mineralization Starting Depth Near surface (layer of overburden) At surface Depth Extent of Mineralization 150 metres 200-250 metres Geochemical anomaly Yes Yes. 20km, peak grade of 0.73% Cu Biological Anomali
Slide 23: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Kevin Bonel employed same logical 3 phased approach as used to transform Lumwana, which led to our discovery Phase 1 – Geochemical Sampling Status: Complete Result: 20 km “copper-in-soil” anomaly peaking at 0.73% Cu Phase 2 – Dipole-Dipole IP Survey Status: Phase 1 Co
Slide 24: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Oblique view of cross-sectional IP Chargeability results Oblique view of cross sectional IP Resistivity results Note: warm colours denote chargeability highs and are interpreted as the mineralized Note: cool colours denote resistivity highs which are the typical explo
Slide 25: A methodical and concise approach to drilling Dumbwa
A methodical and concise approach to drilling Dumbwa 25
Slide 26: Dumbwa “007” The Discovery Hole
Dumbwa “007” The Discovery Hole 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 widths 26 3) 2) October 1st 20
Slide 27: Dumbwa 2025 Initial Drill Results
Dumbwa 2025 Initial Drill Results Drill Highlights to date:1,2,3,5 ➢ 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 inclu
Slide 28: Dumbwa 2025 Initial Drill Results
Dumbwa 2025 Initial Drill Results • We are drilling methodically, at 100 and 200 metre spacing, to systematically define the strike length and extents of the Dumbwa Copper System • Drilled strike length now exceeds 3.6 kilometres showing exceptional continuity, with grades and intervals that mirror
Slide 29: Dumbwa Deposit “007” The Discovery Hole
Dumbwa Deposit “007” The Discovery Hole 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 29 3) 2) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/ November 18 2
Slide 30: Dumbwa Deposit “007” The Discovery Hole
Dumbwa Deposit “007” The Discovery Hole 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 30 3) 2) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/ November 18 2
Slide 31: 5 drill rigs, 3.6 km of strike
• 5 drill rigs • Drilling at 100 and 200 metre spacing • 3.6 km’s of strike length now established • Total drill plan for 2026 includes 11.8 km’s of mineralized strike to be defined before the end of the year 31
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: Copper Oxide: Kazhiba Main
COPPER OXIDE KAZHIBA MAIN – A HIGH-GRADE NEAR SURFACE DEPOSIT 35
Slide 36: Copper Oxide Plan
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 • Cooperative Exploration plan in place with First Quantum, which is a non-binding technical allia
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: 2024 and 2025 Drilling at Kazhiba Main
• 2024 and 2025 Drilling at Kazhiba Main to define the Copper Oxide deposit, consisted of RC and Diamond drilling to define the extents of high-grade, near-surface copper oxide mineralization1 39 1) See January 20th News Release: https://midnightsunmining.com/2025/midnight-sun-announces-resource-est
Slide 40: Kazhiba Main Section
Kazhiba Oxide Copper Kazhiba Main Section Kazhiba Main Copper Oxide Deposit section. Location detail showing on Slide 33, denoted A to B3 40 1) 2) Midnight Sun News Release dated January 29 th, 2025 See Midnight Sun’s November 4th, 2025 News Release 3) See January 20th News Release: https://midnight
Slide 41: 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 42: Kazhiba Main Mineral Resource Estimate
KAZHIBA MAIN MINERAL RESOURCE ESTIMATE Maiden Mineral Resource Estimate (“MRE”) consists of 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 42 1) See January 20th News Release: https://midnightsu
Slide 43: CEO quote on Kazhiba Main monetization
“Kazhiba Main hosts a meaningful inventory of near-surface, acid-soluble copper within a compact footprint, extending to an average maximum depth of only about 30 metres and grading 1.41%, well above typical economic thresholds for oxide copper. Our goal is to convert this deposit into a non-dilutiv
Slide 44: The Takeaway
The Takeaway - In less than 18 months, Midnight Sun has.. • Raised CDN$40.5MM • Increased Market Cap by from CDN$27MM to +CDN$376MM. 2025 TSX Venture Top 50 Company • Launched an aggressive exploration program on Dumbwa, our flagship Deumbwa Deposit. The program has already demonstrated an 11.8 km m
Slide 45: 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 46: 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 47: 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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