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 June25 August 2026 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 DISCOVERY DUMBWA – NEAR SURFACE, VERY LARGE SCALE, BULK TONNAGE, SULPHIDE COPPER1 SURROUNDED BY PREMIER GLOBAL COPPER PRODUCERS AND OPERATORS2, 3 KAZHIBA MAIN - HIGH-GRADE, AT-SURFACE OXIDE COPPER DEPOSIT4 ADVANCING MAJOR DISCOVERY, D
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 copper deposits often reach billion tonne scale, at or near-surface and a globally top-ranked mining powerhouse for +100 years • Home to the 5 largest copper mines in Africa: Ivanhoe –
Slide 5: Dumbwa Deposit near Barrick's Lumwana
Barrick Mining Lumwana Dumbwa Deposit
Slide 6: Dumbwa Deposit
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 Cy ne A First Quantum KANSANSHI >1 Bt @ ~0.66% Cu First Quantum SENTINEL 1.03Bt @ 0.51% Cu LUMWANA BI Kunde! — 1.62Bt @ 0.52% Cu Midnight Sun und
Slide 7: Lobito Corridor and Eastern Rail Line
Lobito Corridor and Eastern Rail Line Access to key copper supplies for East and West Barrick Mining Lumwana China’s Eastern Rail Corridor Planned extension East to Tanzania Dumbwa Deposit
Slide 8: Size and Shallow Depth: The Great Differentiator of The Domes
Size, And Shallow Depth The Great Differentiator of The Domes1,2,3 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 8 1) Source: https://www.first-quantum.com/English/our-operations/default.
Slide 9: Why The Domes Region Is The Top Location
Size And Shallow Depth Why The Domes Region Is The Top Location1,2,3 Zambia – Domes Region Global Copper Regions Chile, Panama, Arizona, Argentina Type of Deposits ✓ Basement Hosted and Sediment-Hosted X Porphyry Depth of Mineralization ✓ Shallow ~ Surface to 200m average X Deep – Up to 2 km depth A
Slide 10: 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. A sulphide-copper specialist, credited with multiple major discoveries • Former Barrick Exploration Manager at Lumwana Mine and Freeport McMoRan • Led exploration team at Lumwana.
Slide 11: Lumwana from 900Mt to 1.6Bt in 24 months
Dr. Bonel took Lumwana from 900Mt @ 0.5% Cu to 1.6Bt @ 0.52% Cu In just 24 months Dumbwa Deposit 11
Slide 12: 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 13: Dumbwa Deposit
DUMBWA DEPOSIT LARGE-SCALE, NEAR-SURFACE, BASEMENT- HOSTED, SULPHIDE-COPPER SYSTEM 13
Slide 14: Dumbwa Deposit: A New Major Copper System
Dumbwa Deposit A New Major Copper System, In The Heart Of Zambia1,2,3,4 • A near surface, large-scale sulphide bulk tonnage, copper system, with very similar geology and mineralization to Barrick’s Lumwana Mine • Underlying continuous copper-in-soil HISTORIC DRILLING anomaly for over 20 km along str
Slide 15: A shared characteristic: The Copper Clearing
A shared characteristic: The Copper Clearing This is typical vegetation across our property and similar to that surrounding the Lumwana Mine 15
Slide 16: A shared characteristic: The Copper Clearing
A shared characteristic: The Copper Clearing Both Lumwana and Dumbwa feature copper clearings caused by high copper in soil. These vast “copper clearings”, are a stark indicator of an underlying mineralized copper system. Soil toxicity, caused by the copper rich environment prevents vegetation growt
Slide 17: 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 17
Slide 18: 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 19: Our Methodical Approach: Phase One
Dumbwa Deposit – Our Methodical Approach Phase One - Defining The First 11.5 KM’S • 20km’s of mineralised strike length to explore, based on 20km copper-in-soil anomaly1 • Phase One program will explore explore and define the southern half of Dumbwa – 11.5km’s of strike1 • Drilling is driven by geoc
Slide 20: Dumbwa – The Discovery
Dumbwa – The Discovery 20
Slide 21: "007" The Discovery Hole
Dumbwa Deposit “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 ➢ 3 mineralised lenses, starting near surface and extending to ~200m depth 21 1) All reported widths are intercept widt
Slide 22: Zonation of Mineralization Across Mineralized Lenses
Dumbwa Deposit Zonation Of Mineralization Across Mineralized Lenses – Center Of System To East and West Extents Bornite 22 and Chalcopyrite – Centre of system Chalcopyrite Disseminated Chalcopyrite Disseminated Chalcopyrite
Slide 23: Drill Highlights To Date
Dumbwa Deposit Drill Highlights To Date Drill Highlights to date:1,2,3,4,5 ➢ 93m of 0.40% Cu from hole DBW-25-099R ➢ 80m of 0.39% Cu from hole DBW-25-123 ➢ 44m of 0.53% Cu from hole DBW-25-036 ➢ 22m of 1.0% Cu from hole DBW-25-010 ➢ 36m of 0.58% Cu and 60m of 0.3% Cu from hole DBW-25- 122 ➢ 15m of 0
Slide 24: 6.7km Of Drilled Strike Length
Dumbwa Deposit 6.7km Of Drilled Strike Length • 100-200 metre line spacing (N-S) • 50m hole spacing (E-W) • Monthly average of 6,000m - 10,000m • 4-5 rigs turning. Incredibly low, $160 per metre drill cost • Over 56,855m of drilling completed for 6.7 km strike • Dumbwa/Lumwana analogue definitive •
Slide 25: The first 4km – Bornite and Chalcopyrite Distribution
Dumbwa Deposit The first 4km – Bornite and Chalcopyrite Distribution1,2,3,4,5 4.0 4.0 km km 4.0 km Bornite observed downhole and extrapolated to surface. Bornite AND chalcopyrite observed downhole and Note relationship between bornite (with chalcocite and extrapolated to surface. Note relationship b
Slide 26: Sulphide Mineralized Drill Sections
Dumbwa Deposit Sulphide Mineralized Drill Sections1,2 26 1) News Release: May 13, 2026: https://midnightsunmining.com/2026/midnight-sun-extends-dumbwa-copper-deposit-to-over-5-3-kilometres-remains-open- along-strike-with-drilling-ongoing/Source: https://www.first-quantum.com/English/our-operations/d
Slide 27: Sulphide Mineralized Grade Shell
Dumbwa Deposit Sulphide Mineralized Grade Shell1,2,3,4,5 27 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) See Company News Releases for Dumbwa Assays dated October 15 th 2025, November 18th 2025, January 29th 2026, May 13th 2026 and June 2
Slide 28: Dumbwa and Lumwana Analogous Deposits
Dumbwa and Lumwana Analogous Basement-Hosted Sulphide Copper Deposits1 Lumwana was formed through strain as copper precipitated in zones of Grey Gneiss lower strain and areas of dilation – Boudin especially on the contact of boudins and in the ‘neck’ between boudins C1 Schist Fabric Average thicknes
Slide 29: Dumbwa and Lumwana Analogous Deposits
Dumbwa and Lumwana Analogous Basement-Hosted Sulphide Copper Deposits1,2,3 Dumbwa features the same basement-hosted, strain- related mineralisation as Lumwana Lumwana and Dumbwa are both comprised of 3 main mineralised lenses Average thickness of mineralisation at Dumbwa is 175m-200m starting near s
Slide 30: Expansion of E-W Mineralised Extent
Dumbwa Deposit Expansion of E-W Mineralised Extent1 • Work to date indicates that some of the early drill fences located in the south part of the Dumbwa copper deposit were stopped short of fully testing the mineralised width, particularly in the southernmost high-grade zone • Further drilling is pl
Slide 31: Dumbwa: A Direct Analogue to Lumwana
Dumbwa A Direct Analogue to Lumwana1,2,3 Lumwana Dumbwa Depth of Mineralization Starts 20m-30m below surface Starts at surface Thickness of Mineralization 40m to 60m average 200m average Copper-in-soil anomaly Yes Yes. 20km length, up to 0.73% Cu Biological Anomalies Yes. Copper clearing Yes. Copper
Slide 32: Our Geological Understanding So Far
Dumbwa – Over 6.7km Of Drilled Strike Our Geological Understanding So Far1,2,3,4,5 Drilling at Dumbwa ongoing, at an avg rate of ~10,000m per month. Holes are spaced at 50m across the mineralised corridor (E-W) with line spacing of 100m-200m (N-S). 260 holes drilled to date We are rapidly defining t
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: Kazhiba Main – Near Surface High-Grade Oxide Copper
KAZHIBA MAIN – NEAR SURFACE HIGH-GRADE OXIDE COPPER POTENTIAL NON-DILUTIVE FUNDING SOURCE 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 • Copper Oxide represents a near-term mining opportunity, that could produce significant near-term
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: 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 41: Maiden Mineral Resource Estimate
Maiden Mineral Resource Estimate (“MRE”) 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 41 1) See January 20th News Release: https://midnightsunmining.com/2025/midnight-sun-announces-resource-es
Slide 42: Time to Monetize Kazhiba Main
Time to Monetize Kazhiba Main “The Company now intends to move forward with its plan to monetize Kazhiba Main and expects to immediately commence discussions with key counterparties to that end.” Midnight Sun CEO – Al Fabbro, January 20th 2026 1 42 1) See January 20th News Release: https://midnights
Slide 43: Kazhiba Main & Dumbwa Potential Non-Dilutive Funding Pathway
Kazhiba Main & Dumbwa Potential Non-Dilutive Funding Pathway1 By leveraging the value of our Kazhiba Main Oxide-Copper Deposit, we create a non-dilutive pathway to additional funding to continue exploring and defining the size and scale of our flagship asset – Dumbwa Step 3 - Planned Step 2 - Fund o
Slide 44: Delivering a new large tonnage, near-surface sulphide copper deposit
Dumbwa is now Zambia’s newest major copper deposit, with 6.7km’s of strike and growing5 We now have a clear understanding of both grade and potential scale for this very large tonnage, near-surface, sulphide copper deposit5 We have confirmed our model and analog to Barrick’s 1.6B tonne Lumwana5 Ongo
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