Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (November 2025)
43 slides from Midnight Sun Mining's investor presentation, Nov 4, 2025
Slide 1: Transformative Copper Discoveries in the Heart of Zambia
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 November August 254 th, 2025 th, 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 an
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 . Zambian President HH undertaking steps to elevate Zambia to higher global ranking Geological environment conducive to large, high-grade and scalable copper deposits Home to world-cla
Slide 5: Zambia copper belt map with Midnight Sun projects
. (ae AMBIA o™- pt ZAMBIA wm ~ WH - > Ivanhoe Mines Kamoa-Kakula 1.4Bt @ 2.73% Cu © . Zambia-Lobito Rail Corridor planned extension .. Se China Molybdenum Tenke 122Mt @ 2.06% Cu First Quantum Sentinel 1.03Bt @ 0.51% Cu Midnight Sun Solwezi Project Copper Mine (Basement rock © Copper Deposit (>50Mt)
Slide 6: Solwezi and Luswishi project locations
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: 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 • Our Flagship – A Tier-One Exploration Target • Soil Anomaly >20 km up to 0.73% Cu • 2025 Drilling: Initial Dumbwa intercepts include 39.7m of 0.51% Cu including 7.0m of 1.13% Cu from Hole DBW-25-007 and 25.9m of 0.48% Cu from Hole
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. 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 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 Sulphide Copper Exploration Program
2025 Sulphide Copper Exploration Program Significantly Advancing All Key Targets DUMBWA KAZHIBA MITU 1) Midnight Sun News Release dated January 29 th, 2025 2) Source: https://www.first-quantum.com/English/our-operations/default.aspx#module-operation--kansanshi 11 3) Source: "First Quantum says new Z
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 vegetation outside the soil anomaly
Outside of the 20 km copper-in-soil anomaly, Dumbwa is a vegetation rich environment, as seen here 14
Slide 15: 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 15
Slide 16: 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 16
Slide 17: Samples taken by Dr. Bonel
Samples taken by Dr. Bonel in this location resulted in 3% Cu and 1.8% Cu respectively 17
Slide 18: Dumbwa Target map with historic 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 19: 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 20: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program Kevin Bonel employing same logical 3 phased approach as used to transform Lumwana Phase 1 – Geochemical Sampling Status: Complete Result: 20 km “copper-in-soil” anomaly peaking at 0.73% Cu, extensive copper-clearing at surface Phase 2 – Dipole-Dipole IP Survey Status:
Slide 21: Dumbwa 2025 Exploration Program: IP Results
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 22: Dumbwa 2025 Exploration Program: IP Depth Slices
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 23: Dumbwa 2025 Exploration Program
Dumbwa 2025 Exploration Program What do the IP, Geochem and historic technical results tell us? • IP Illustrates structural architecture of Dumbwa. We have a clear understanding of target geometry • Mineralized horizon varies from quite flat lying and gently sloping, while other areas show convincin
Slide 24: Dumbwa 2025 Initial Drill Results
Dumbwa 2025 Initial Drill Results • Drilling underway and ongoing on southern 11.5 km. Holes plotted based on IP results • 2025 Drilling: Initial Dumbwa intercepts include 39.7m of 0.51% Cu including 7.0m of 1.13% Cu from Hole DBW-25-007 and 25.9m of 0.48% Cu from Hole DBW-25-0031,2 • Historic Drill
Slide 25: Systematically drilling Dumbwa for the first time
We are systematically drilling Dumbwa for the first time. By carrying out preliminary testing including Dipole Dipole IP, we are drilling what we know and perfecting our roadmap to define the extents of this tier- one exploration target. No wasted money, and no wasted time. 25
Slide 26: Mitu & Kazhiba Target
Mitu & Kazhiba Target 2 ADDITIONAL SULPHIDE-COPPER EXPLORATION OPPORTUNITIES 26
Slide 27: 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 28: 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 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 29: Oxide Copper
OXIDE COPPER HIGH-GRADE NEAR SURFACE MINERALIZATION COOPERATIVE EXPLORATION PLAN IN PLACE WITH FIRST QUANTUM 29
Slide 30: Oxide Copper Exploration Plan: Near-Term Mining Opportunity
Oxide Copper Exploration Plan Oxide-Copper – 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 15m @ 3.01% Cu mineralization: Kazhiba and Mitu Cooperative Exploration plan in place with First Quantum, which is a tech
Slide 31: Oxide Copper Exploration Plan: Discovery and Expansion
Oxide Copper Exploration Plan Discovery and Expansion Oxide Copper Targets Goal: Demonstrate oxide copper mineralization has grade, scale, and growth potential. Leverage opportunity toward significant potential near- 1 term cash flow, in turn, funding exploration and development of larger sulphide t
Slide 32: Kazhiba and Mitu – High-Grade Drill Results
Oxide Copper Exploration Plan Kazhiba and Mitu – High-Grade Drill Results • 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 Sun News Release dated January
Slide 33: Kazhiba Main and Eastern Targets
Oxide Copper Exploration Plan Kazhiba Main and Eastern Targets • 2024 Drill Highlights at Kazhiba Main: 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 • 2025 RC drilling completed, totalling 163 holes with assays pending. Due diligence dia
Slide 34: Resource-edge definition campaign at Kazhiba-Main complete
• The 2025 resource-edge definition campaign at Kazhiba-Main is now complete, with 163 holes totalling 5,243m. Assays for the 2025 RC program are pending and will be incorporated into a maiden NI 43- 101compliant resource estimate, with expected completion in Q4 2025 • Due-diligence diamond drilling
Slide 35: Kazhiba Oxide Copper 2025 Due Diligence Drilling
Kazhiba Oxide Copper 2025 Due Diligence Drilling • A number of drill intervals with “no sample return” were reported in 2024 RC drilling, and interpreted as potential cavities within the mineralized footprint. Midnight Sun initiated a due diligence diamond drilling campaign in 2025 to confirm there
Slide 36: Kazhiba East – Expansion Potential
Kazhiba Oxide Copper Kazhiba East – Expansion Potential • The 2025 RC drilling program on Kazhiba Eastern targets is now underway. This program is expected to continue to the end of November 2025 and will consist of approximately 100 additional RC drill holes • The Kazhiba Eastern targets could repr
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Slide 39: Oxide Copper Exploration Plan: Mitu Exploration Program
Oxide Copper Exploration Plan Mitu Exploration Program • ~1800 sample Partial Ionic Leach program completed to test entire Mitu Trend along the western flank of the Solwezi Dome • Mitu has similar surface material to Kazhiba, which is Oxide-Copper generally unresponsive to traditional geochemical an
Slide 40: The Takeaway
The Takeaway - In less than 18 months, Midnight Sun has.. • Raised $10MM. Through warrant exercise, have increased treasury balance by ~ CDN$11.5MM • Launched an aggressive exploration program on Dumbwa, our flagship and a tier-one exploration target. The program has already demonstrated an 11.5 km
Slide 41: 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 42: 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 43: 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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