Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (March 2026)
48 slides from Midnight Sun Mining's investor presentation, Mar 11, 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 March August 252026 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 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: Zambia map with copper deposits and Lobito Rail Corridor
} 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: Domes Region licences 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: 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 Opportunity
Exploration Upside + Near-Term Production Opportunity A Potential 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 Underway. +4 km drilled str
Slide 11: 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 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: Our Geological Approach: Methodical, Precise and Cost-Effective
Our Geological Approach 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 Drilling to define Phase 2 and delineate structure Dipole-Dipole IP Survey to define depth and dip direc
Slide 14: Dumbwa Deposit
DUMBWA DEPOSIT BASEMENT-HOSTED SULPHIDE-COPPER DEPOSIT TARGETING +BILLION TONNES 14
Slide 15: Dumbwa Deposit: A New Major Copper Deposit
Dumbwa Deposit A New Major Copper Deposit, In The Heart Of Zambia • A near surface, low strip, large-scale sulphide copper deposit, with very similar geology and mineralization to Barrick’s Lumwana Mine. Targeting +1 Billion Tonnes • Underlying continuous high-grade HISTORIC DRILLING copper-in-soil
Slide 16: Outside the copper-in-soil anomaly, vegetation rich environment
Outside of the 20 km copper-in-soil anomaly, Dumbwa is a vegetation rich environment, as seen here 16
Slide 17: Copper clearings within the soil anomaly
However, within 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 vegetation growth 17
Slide 18: 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. Samples were 3% Cu and 1.8% Cu respectively 18
Slide 19: 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 20: Dumbwa Deposit 2025 Exploration Program
Dumbwa Deposit 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: Ph
Slide 21: Dumbwa Deposit 2025 Exploration Program: IP results
Dumbwa Deposit 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 typic
Slide 22: A methodical and concise approach to drilling Dumbwa
A methodical and concise approach to drilling Dumbwa 22
Slide 23: Dumbwa Deposit: 007 The Discovery Hole
Dumbwa Deposit “007” The Discovery Hole Estimated Near-Vertical Shear Zone (N/S Trending) 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 Estimated Near-Vertical Shear Zone (N/S Trending) 1) All reported wid
Slide 24: Zonation Of Mineralization Across Mineralized Lenses
Dumbwa Deposit Zonation Of Mineralization Across Mineralized Lenses – Center Of System To East and West Extents Bornite 24 and Chalcopyrite – Centre of system Chalcopyrite Disseminated Chalcopyrite Disseminated Chalcopyrite
Slide 25: Dumbwa Deposit Initial Drill Results
Dumbwa Deposit 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 in
Slide 26: Over 4 km Drilled Strike Length
Dumbwa Deposit Over 4 km Drilled Strike Length • We are drilling methodically, at 100 and 200 metre line spacing, with 50 metre hole spacing to systematically define the strike length and extents of the Dumbwa Deposit • We are drilling an average of 10,000 metres per month, with 5 rigs turning • Dri
Slide 27: Dumbwa: Geological Analog to Lumwana
Dumbwa – A Basement Dome Hosted Copper Deposit Geological Analog to Lumwana1 Lumwana Dumbwa Mineralization Starting Depth Near surface (30m layer of At surface overburden) Average Thickness of 40-60 metres 200 metres Mineralization Geochemical anomaly Yes Yes. 20km, peak grade of 0.73% Cu Biological
Slide 28: Dumbwa Deposit Drill Plan
Dumbwa Deposit Drill Plan Relating the soil anomaly to drilling and extrapolating northwards 4.0 4.0 km km 4.0 km Bornite observed downhole and Bornite AND chalcopyrite extrapolated to surface. observed downhole and Note relationship between bornite extrapolated to surface. Note (with chalcocite and
Slide 29: Sulphide Mineralised Drill Sections Updated February 2026
Dumbwa Deposit Sulphide Mineralised Drill Sections Updated February 2026 S N 4 km Drilled Strike Long section from south to north looking west, covering 4km of mineralized drilled strike extent. These are sulphide observations and intercepts, showing the extent of mineralisation along the shear zone
Slide 30: Strain Related Mineralization: Kamisengo (Lubwe) Analog
Dumbwa Deposit – Strain Related Mineralization Kamisengo (Lubwe) – Lumwana/Dumbwa Mineralization Analog Under strong deformation schist (muscovite, biotite) will develop along micro-planes which allow the passage Grey Gneiss of copper-bearing fluids to infiltrate. Boudin Where the schist develops ar
Slide 31: Kamisengo (Lubwe) Lumwana/Dumbwa Mineralization Analog
Dumbwa Deposit W E Kamisengo (Lubwe) – Lumwana/Dumbwa Mineralization Analog Based on visual observation We see the same strain- related mineralization at Lumwana and Dumbwa Lumwana has 3 main lenses, Dumbwa has 3 FENCE LINE 1N main lenses Average thickness of mineralization at Lumwana is 40-60m star
Slide 32: 5 drill rigs, 10,000 metres of drilling per month
• 5 drill rigs • Drilling at 100 and 200 metre spacing • 10,000 metres of drilling per month • 4 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 July 32
Slide 33: Mitu & Kazhiba Target 2
Mitu & Kazhiba Target 2 ADDITIONAL SULPHIDE-COPPER EXPLORATION OPPORTUNITIES 33
Slide 34: 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 35: 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 36: Copper Oxide: Kazhiba Main
COPPER OXIDE KAZHIBA MAIN – A HIGH-GRADE NEAR SURFACE DEPOSIT 36
Slide 37: Copper Oxide Plan: Near-Surface, Near-Term Mining Opportunity
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 38: 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 39: 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 39 2) Source: https://www.midnightsunmining.com/zambian-pr
Slide 40: 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 40 1) See January 20th News Release: https://midnightsunmining.com/2025/midnight-sun-announces-resource-est
Slide 41: 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 41 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 42: 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 43: 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 43 1) See January 20th News Release: https://midnightsu
Slide 44: 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 45: The Takeaway
The Takeaway - In less than 24 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 our flagship Dumbwa Deposit. The program has already demonstrated an 11.8 km mineralized
Slide 46: 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 47: 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 48: 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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