Midnight Sun Mining Corp. · TSXV:MMA
Midnight Sun Mining — Investor Presentation (January 2026)
41 slides from Midnight Sun Mining's investor presentation, Jan 24, 2026
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 January 20th August 25 th, 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: 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 top-tier mines and operator
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
} 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 and Solwezi 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: 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 – Dumbwa
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 Drilling underway and ongoing1,2,3 ➢ 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 3 DBW-25-009 ➢ 39.7m o
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: Dumbwa 2026 Ongoing Exploration Program
2026 Ongoing Exploration Program Significantly Advancing A Tier-One Exploration Target DUMBWA 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 Zambia m
Slide 12: Dumbwa: A Tier-One Sulphide-Copper Exploration Target
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 copper-in-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 resulted in 3% Cu and 1.8% Cu
Samples taken by Dr. Bonel in this location resulted in 3% Cu and 1.8% Cu respectively 17
Slide 18: Dumbwa Target map
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: 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 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, extensive copper-clearing at surface Phase 2 – Dipo
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: what the results tell us
Dumbwa 2025 Exploration Program What did the IP, Geochem and historic technical results tell us? • IP Illustrates structural architecture of Dumbwa. We have a clear understanding of target geometry • Strong correlation between mineralized intervals intercepted in previous drilling at Dumbwa and the
Slide 23: Dumbwa 2025 Initial Drill Results
Dumbwa 2025 Initial Drill Results Drilling underway and ongoing on southern 11.8 km. Holes plotted based on IP results 2025 Drilling:1,2,3 ➢ 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 ➢ 39.7m of 0.51% Cu including 7.0m of 1.13% Cu from Hole D
Slide 24: Dumbwa 2025 Initial Drill Results
Dumbwa 2025 Initial Drill Results 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 24 3) 2) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/ November 18 2025 Ne
Slide 25: We are 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 2
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 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 29: Copper Oxide: Kazhiba Main
COPPER OXIDE KAZHIBA MAIN – A HIGH-GRADE NEAR SURFACE DEPOSIT 29
Slide 30: 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 31: 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 32: 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 32 2) Source: https://www.midnightsunmining.com/zambian-pr
Slide 33: 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 33 1) See January 20th News Release: https://midnightsunmining.com/2025/midnight-sun-announces-resource-est
Slide 34: 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 34 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 35: 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 36: 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 36 1) See January 20th News Release: https://midnightsu
Slide 37: CEO quote on Kazhiba Main
“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 38: The Takeaway - In less than 18 months, Midnight Sun has..
The Takeaway - In less than 18 months, Midnight Sun has.. • Raised CDN$40.5MM • Increased Market Cap by from CDN$27MM to +CDN$370MM. 2025 TSX Venture Top 50 Company • Launched an aggressive exploration program on Dumbwa, our flagship and a tier-one exploration target. The program has already demonst
Slide 39: 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 40: 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 41: 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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