Slide 1: Advancing a New Copper Discovery in the Heart of Zambia
ADVANCING A NEW COPPER DISCOVERY 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 September August 25th, 2026 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: Why Midnight Sun. Why Now.
WHY MIDNIGHT SUN. WHY NOW. Four elements underpin the investment thesis. 01 02 LOCATION COPPER OPPORTUNITIES ESTABLISHED COPPER DISTRICT TWO DISTINCT PATHS TO VALUE Zambia’s Domes Region Dumbwa – Sulphide Kazhiba - Oxide 03 04 FUNDING TIMING MULTIPLE PATHS FORWARD STRUCTURAL COPPER DEMAND Well funde
Slide 4: Why Copper? The AI Revolution Runs on Copper
Why Copper? THE AI REVOLUTION RUNS ON COPPER1 30,000–40,000 tonnes Cu Copper required for a 1 GW AI data-centre campus 2.5 Mt Cu / year by 2040 Projected global data-centre copper demand AI data centres alone could require the equivalent output of several top-tier copper mines every year. 4 1) https
Slide 5: Zambia's Domes Region: Geological Setting Built for Giant Copper Deposits
ZAMBIA’S DOMES REGION A GEOLOGICAL SETTING BUILT FOR GIANT COPPER DEPOSITS One of the few geological environments capable of hosting large-scale copper deposits at or near surface LARGE SCALE COPPER SYSTEMS NEAR-SURFACE POTENTIAL ESTABLISHED COPPER DISTRICT 5
Slide 6: Zambia's Domes Region Built for Copper
ZAMBIA’S DOMES REGION BUILT FOR COPPER If you can find it, you can build it. GLOBAL-SCALE ESTABLISHED 100+ YEARS COPPER DISTRICT COPPER INFRASTRUCTURE COPPER MINING Home to multiple major copper operations Existing mines, smelters and SX-EW capacity Deep mining expertise and established supply chain
Slide 7: At the Intersection of Geology and Infrastructure
AT THE INTERSECTION OF GEOLOGY AND INFRASTRUCTURE Midnight Sun / Zambia’s Domes Region Adjacent to major copper operations and strategically positioned between Atlantic and Indian Ocean rail corridors. Ivanhoe Mines Kamoa-Kakula 1.4Bt @ 2.73% Cu LOBITO TANZANIA CORRIDOR CORRIDOR ATLANTIC ACCESS INDI
Slide 8: Dumbwa: A Distinctive Geological Setting
DUMBWA: A DISTINCTIVE GEOLOGICAL SETTING Basement-hosted copper mineralization in Zambia’s Domes Region. Basement-hosted deposits are less common in the Domes Region; both Lumwana and Dumbwa both occur in this geological setting. 1 8 1) Source: https://www.barrick.com/operations/lumwana/default.aspx
Slide 9: Scale and Shallow Mineralization Distinguish the Domes Region
SCALE AND SHALLOW MINERALIZATION DISTINGUISH THE DOMES REGION 01 02 03 SCALE DEPTH MINING CONTEXT MULTIPLE LARGE-TONNAGE MINERALIZATION AT OR ESTABLISHED COPPER COPPER SYSTEMS NEAR SURFACE DISTRICT Sentinel · Lumwana · Kansanshi Major deposits with Operating mines · Established mineralization beginn
Slide 10: Our Geological Leadership: Dr. Kevin Bonel
OUR GEOLOGICAL LEADERSHIP DR. KEVIN BONEL – FROM LUMWANA TO DUMBWA 25+ YEARS Sulphide copper specialist with 25+ years in Sub-Saharan Africa, including senior roles with Barrick and Freeport-McMoRan. LUMWANA EXPERIENCE Led Barrick’s exploration team at Lumwana as the deposit grew from ~900 Mt at 0.5
Slide 11: From Geological Thesis to Discovery
FROM GEOLOGICAL THESIS TO DISCOVERY 2023 Bonel recognized key geological similarities between Lumwana and Dumbwa 2024 Joined Midnight Sun and applied a systematic, data-driven approach at Dumbwa. 2025 Copper discovery at Dumbwa. Now defining the extent of the mineralized system. 11
Slide 12: Dumbwa Copper Deposit
DUMBWA Copper Deposit A new copper discovery takes shape. 12
Slide 13: The Starting Point: A 20 km Copper-in-Soil Anomaly
THE STARTING POINT: A 20 km COPPER-IN-SOIL ANOMALY ~20 km ANOMALY Limited historical drilling Copper-in-soil Peak soil value: 0.73% Cu HISTORIC DRILLING
Slide 14: The Dumbwa Copper Clearing
A SURFACE EXPRESSION OF THE SYSTEM THE DUMBWA COPPER CLEARING Elevated copper in soil, is associated with a distinctive surface expression. Similar copper clearings occur at both Dumbwa and Lumwana. 14
Slide 15: From Discovery to Deposit Definition
FROM DISCOVERY TO DEPOSIT DEFINITION A SYSTEMATIC APPROACH TO DUMBWA 01 02 PHASE 1 PHASE 2 SOUTHERN 11.5 KM NORTHERN 9 KM DEFINE THE DISCOVERY EXPAND THE SYSTEM Geochemistry + IP Extend geochemistry into untested 50m x 100m fence drilling areas Initial Magnetic Survey IP + magnetic surveys extended
Slide 16: The Dumbwa Exploration Strategy: Define South. Expand North.
THE DUMBWA EXPLORATION STRATEGY DEFINE SOUTH. EXPAND NORTH. 01 02 PHASE 1 PHASE 2 SOUTHERN 11.5 km Expand Define the discovery 20 km 02 PHASE 2 01 NORTHERN 9 km PHASE 1 Define Expand the system ~20 KM PROSPECTIVE CORRIDOR 16 1) https://midnightsunmining.com/multiple-target-areas/
Slide 17: The Dumbwa Discovery: The Hole That Changed the Story
THE DUMBWA DISCOVERY DBW-25-007 THE HOLE THAT CHANGED THE STORY DISCOVERY HOLE DISCOVERY HOLE - DBW-25-0071,2,3 39.7m @ 0.51% Cu including 7.0m @ 1.13% Cu CONFIRMATION HOLE - DBW-25-003 25.9m @ 0.48% Cu MULTIPLE STACKED MINERALIZED LENSES Beginning near surface and demonstrated to ~200m depth 17 1)
Slide 18: The Dumbwa Discovery
THE DUMBWA DISCOVERY Copper mineralization across multiple lenses. 18 BORNITE + CHALCOPYRITE CHALCOPYRITE DISSEMINATED CHALCOPYRITE DISSEMINATED CHALCOPYRITE Centre of system
Slide 19: Dumbwa Copper Deposit: Defining the Scale
DUMBWA Copper Deposit Defining the scale of the discovery. 19
Slide 20: The Dumbwa Deposit Today: 6.7 km of Strike
THE DUMBWA DEPOSIT TODAY 6.7 KM OF STRIKE – DRILLED AND GROWING 56,855 M DRILLED Across 6.7 km of strike SYSTEMATIC DEFINITION DRILLING 50 m E-W x 100-200 m N-S spacing 6.7 km RAPID, LOW-COST EXECUTION drilled 6,000-10,000 m/month strike 4-5 rigs | ~$160 per metre 20 1) News Release: June 29, 2026:
Slide 21: Mineralization Across 6.7 km of Strike
THE DUMBWA DEPOSIT TODAY MINERALIZATION ACROSS 6.7 KM OF STRIKE REPRESENTATIVE DRILL HIGHLIGHTS1,2,3,4,5 • 93m @ 0.40% Cu DBW-25-099R • 80m @ 0.39% Cu DBW-25-123 • 22m @ 1.00% Cu DBW-25-010 • 50.0m @ 0.46% Cu incl. 6.0m @ 1.36% Cu DBW-25-030 • 39.7m @ 0.51% Cu incl. 7.0m @ 1.13% Cu Hole DBW-25-007 2
Slide 22: Copper Sulphides Across 4 km of Drill Sections
THE DUMBWA DEPOSIT TODAY COPPER SULPHIDES ACROSS 4 KM OF DRILL SECTIONS Bornite, chalcocite and chalcopyrite occur across multiple sections and high-grade blocks. 22 1) All reported assays for Dumbwa can be found at this link: https://midnightsunmining.com/wp-content/uploads/26.06.29-MMA-Drill-Hole-
Slide 23: Higher-Grade Zones Emerging Within the System
THE DUMBWA DEPOSIT TODAY HIGHER-GRADE ZONES EMERGING WITHIN THE SYSTEM EMERGING HIGHER-GRADE DOMAINS1,2 >6 m% 3.5 - 6m% 1-3 m% Multiple higher-grade domains are emerging within the 6.7 km drilled corridor. 23 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of inte
Slide 24: The system is not simply growing, it is becoming better understood
WE ARE BEGINNING TO UNDERSTAND HOW THE SYSTEM WORKS A LARGE CONTINUOUS SYSTEM 56,855 m drilled along 6.7 km of strike is defining the scale and continuity of the mineralized system. STRUCTURAL AND GRADE CONTROLS Drilling is revealing grade variability along strike and the NW-SE structures that appea
Slide 25: Dumbwa: The Geological Model Is Taking Shape
DUMBWA: THE GEOLOGICAL MODEL IS TAKING SHAPE A STACKED MINERALIZED SYSTEM IS EMERGING1,2,3 STRAIN-RELATED, BASEMENT- HOSTED COPPER SYSTEM 3 PRINCIPAL MINERALIZED LENSES EMERGING BROAD MINERALIZED ENVELOPE FROM OR NEAR SURFACE 25 1) All reported widths are intercept widths; true widths are estimated
Slide 26: Dumbwa and Lumwana: A Similar Geological Architecture
DUMBWA AND LUMWANA A SIMILAR GEOLOGICAL ARCHITECTURE1,2,3 LUMWANA DUMBWA HOST Basement-hosted gneiss Basement-hosted gneiss MINERALIZATION Strain-related sulphide mineralization Strain-related sulphide mineralization GEOMETRY Stacked mineralized lenses Stacked mineralized lenses ORIENTATION North-So
Slide 27: Lumwana: The Regional Analogue
LUMWANA: THE REGIONAL ANALOGUE A LARGE-SCALE, STACKED COPPER SYSTEM1 Grey-gneiss boudin Sulphide-copper mineralization STACKED MINERALIZED LENSES STRAIN-RELATED 20 km MINERALIZATION NEAR-SURFACE MINERALIZATION 1.6 Bt @ 0.52% Copper Lumwana Proven & Probable Reserve 27 1) https://www.barrick.com/Engl
Slide 28: Dumbwa Copper Deposit: The Next Phase
DUMBWA Copper Deposit The next phase. Defining grade. Testing depth. Extending scale. 28
Slide 29: The Next Phase at Dumbwa: Define Grade. Define Depth. Extend Scale.
THE NEXT PHASE AT DUMBWA DEFINE GRADE. DEFINE DEPTH. EXTEND SCALE. EXTEND SCALE Test the northern continuation and new targets east and west of the main corridor 20 km DEFINE DEPTH Test continuity and geometry of the stacked mineralized system at depth TEST DEFINE DEPTH GRADE DEFINE GRADE Define the
Slide 30: The Next Phase at Dumbwa: Define Grade. Define Depth. Extend Scale.
THE NEXT PHASE AT DUMBWA DEFINE GRADE. DEFINE DEPTH. EXTEND SCALE. EXTEND SCALE Test the northern continuation and new targets east and west of the main corridor NEWLY ADDED LICENSE DEFINE DEPTH 20thekm Test continuity and geometry of stacked mineralized system at depth DEFINE GRADE Define the conti
Slide 31: Dumbwa – Our Understanding Today
DUMBWA – OUR UNDERSTANDING TODAY A LARGE, NEAR-SURFACE COPPER SYSTEM Mineralization now defined across 6.7 km of strike, within a much larger prospective corridor. THE GEOLOGICAL MODEL IS TAKING SHAPE A stacked, strain-controlled mineralized system with increasingly defined higher-grade domains. A R
Slide 32: Kazhiba Main: High-Grade, Near Surface Oxide Copper Deposit
KAZHIBA MAIN HIGH-GRADE, NEAR SURFACE OXIDE COPPER DEPOSIT Unlocking value to fund Dumbwa. 32
Slide 33: Kazhiba Main: A High-Grade, Near-Surface Oxide Copper Resource
KAZHIBA MAIN A HIGH-GRADE, NEAR-SURFACE OXIDE COPPER RESOURCE MAIDEN RESOURCE 2.33 Mt @ 1.41% Cu Indicated Resource | 0.1% cutoff NEAR SURFACE Surface to ~30m depth OXIDE COPPER Predominantly acid soluble malachite Amenable to conventional SX-EW processing STRATEGIC LOCATION Close to existing SX-EW
Slide 34: Kazhiba Main: Unlocking Capital to Advance Dumbwa
KAZHIBA MAIN UNLOCKING CAPITAL TO ADVANCE DUMBWA A defined, high-grade oxide copper resource at surface, in the heart of an established copper processing district. KAZHIBA MAIN MONETIZATION NON-DILUTIVE CAPITAL DUMBWA Define grade. Test depth. Extend scale. Unlocking value from a non-core asset to a
Slide 35: Midnight Sun Funded to Advance Dumbwa
MIDNIGHT SUN FUNDED TO ADVANCE DUMBWA 217.75M ~$170M ~52% Basic shares outstanding Market Capitalization Insider, Corporate and Institutional 43.6M WARRANTS | 15.9M OPTIONS 31.0M warrants exercisable at $0.33 through May 2027 ANALYST COVERAGE Haywood Capital Markets | SCP Resource Finance A strong t
Slide 36: Decades of Discovery, Development & Capital Markets Experience
MIDNIGHT SUN DECADES OF DISCOVERY, DEVELOPMENT & CAPITAL MARKETS EXPERIENCE AL FABBRO DR. KEVIN BONEL, PH.D., P.GEO MATT MACKENZIE ADRIAN O’BRIEN President, CEO, Director COO, Zambia Executive VP, Corporate Secretary VP Business Development & Comms. 45+ years | Mining & Capital Markets 25+ years | E
Slide 37: Defining Zambia's Next Large-Scale Copper Opportunity
DEFINING ZAMBIA’S NEXT LARGE-SCALE COPPER OPPORTUNITY INVESTOR & 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@midnightsunmining.com Canada www.midnightsun