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August 25th, 2025 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 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 18th, 2025
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2 This Presentation is for information purposes in connection with Midnight Sun Mining, (“Midnight Sun” or the “Company”). Whil e the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees, consultants or advisers give, have given, or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability, completeness or suitability of the information in this Presentati on, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such informat ion being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees, consultants or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious , statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions o r misstatements or for any loss, howsoever arising or out of or in connection with the use of this Presentation. Each party to w hom this Presentation is made available must make its own independent assessment of the Company and the Presentation after making such investigations and taking such advice as may be deemed necessary. Any reliance placed on the Presentation is strictly at the risk of such perso n relying on the Presentation. This Presentation may contain forward-looking statements regarding the Company and its subsidiaries. These statements are based on various assumptions made by the Company. Such assumptions are subject to factors which are beyond our control, and which i nvolve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be mate rially different from any future results, performances or achievements expressed or implied by the forward -looking statements. Forward-looking statements may in some cases be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “intend ”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable ter minology. These forward-looking statements are only predictions. Actual events or results may differ materially, and a number of factors may cause our actual results to differ materially from any such statement. Such factors include, among others, general market conditions, demand for products, development in reserves and resources, unpredictable changes in regulations affecting our markets, market acceptance of products and such other factors that may be relevant from time to time. Although we believe that the expectations and assumptions reflected in the statements are reasonable, any person relying on s uch Information are cautioned that we cannot guarantee future results, levels of activity, performance or achievement. In prepari ng this Presentation and except as required by law, we do not undertake or agree to any obligation or responsibility to provide the recipient with access to any additional information or to update this Presentation or Information or to correct any inaccuracies in, or omissi on from this Presentation or to update publicly any forward-looking statements for any reason after the date of this Presentation to conform these statements to actual results or to changes in our expectations. This Presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or pu rchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. Copies of this Presentation should not be distributed to any affiliates, third parties or indirect recipients in any manner whatsoever. The distribution of this Presen tation in or to persons subject to other jurisdiction may be restricted by law and persons into whose possession this Presentati on comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdictions. This Presentation may not be reproduced, disseminated or used without the express and written consent of the Company. If the Company suffers loss, damage or liability of any kind in connection with your breach of the restriction on reproduction or use, you will indemnify the Company from and against such loss, damage or liability. ALL DOLLAR AMOUNTS ARE IN CAD UNLESS OTHERWISE NOTED. All true widths are calculated using cross-sectional analysis. Qualified Person: Darin Labrenz, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents herein. Forward looking statements
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3 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 operators including First Quantum, Barrick, Rio Tinto, Ivanhoe and Anglo American. First Quantum’s Kansanshi Mine, one of Africa’s top copper producers, is located right next door2 • A true “unicorn” in the exploration sector, Midnight Sun represents numerous opportunities for transformative exploration upside with the rare optionality of near-term production potential through near-surface oxide copper mineralization • Our Solwezi Project features multiple shallow, basement-dome hosted and sediment-hosted sulphide copper targets; each a unique opportunity for a transformative discovery, including our flagship Dumbwa Target – A 20 km copper-in-soil target, indicating a near surface, low strip, large-scale exploration opportunity with very similar geology and mineralisation to Barrick’s nearby Lumwana Mine. With a significant discovery in hand at Dumbwa, ongoing systematic drilling is underway • Near-term production potential exists, through near surface oxide copper mineralization and we have a Cooperative Exploration plan in place with First Quantum, which is a technical alliance designed to expedite the delineation of oxide copper resources on our property3. Drilling at Kazhiba ongoing, with an initial NI43-101 Resource Estimate underway • Our geological environment is conducive to world-class, large, high-grade and scalable copper deposits and we have already made drill discoveries across our project, with similar geological characteristics and grades to the operating mines that surround us • Timing is everything. Copper is forecast to see unprecedented demand and market and for many years to come 1) Source: British Geological Survey https://www.bgs.ac.uk/news/zambia-the-copper-mining-powerhouse-looking-towards-a-safer-low-carbon-future/ 2) Source: First Quantum Minerals Ltd. https://www.first-quantum.com/English/our-operations/default.aspx#module-operation--kansanshi 3) April 23rd, 2024 News Release https://midnightsunmining.com/2024/midnight-sun-announces-cooperative-oxide-copper-exploration-plan/ 4) https://www.barrick.com/English/operations/lumwana/default.aspx
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4 Zambia – A World Class Copper District 1) Source: British Geological Survey https://www.bgs.ac.uk/news/zambia-the-copper-mining-powerhouse-looking-towards-a-safer-low-carbon-future/ 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-class producing copper mines and operators including First Quantum, Barrick, Ivanhoe, Rio Tinto, and Anglo American Mining = 75% of Zambia’s export earnings Strong local workforce and deep talent pool of local geologists, geoscientists and drillers aboard our team Democratically elected government, with Mining Act in place
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• Billions of Tonnes 7 1) Source: https://www.first-quantum.com/English/our-operations/default.aspx#module-operation--kansanshi 2) Source: "First Quantum says new Zambia mine, smelter to cost $2.4bn". Mining Weekly. 26 March 2012. Retrieved19 November 2018. 3) Source: https://www.barrick.com/operations/lumwana/default.aspx KANSANSHI >1 Billion Tonnes @ 0.66% Cu SENTINEL 1 Billion Tonnes @ 0.51% Cu LUMWANA 1.62 Billion tonnes @ 0.52% Cu Size, Grade And Shallow Depth The Great Differentiator of The Domes • Shallow - <150 Metres • 0.56% Cu Average
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8 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: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 DBW-25-007 ➢ 25.9m of 0.48% Cu from Hole DBW-25-003 Historic Dumbwa Drilling:4 ➢ 16m of 1.24% Cu, and 13.5m of 0.77% Cu from surface • Systematic drilling underway and ongoing 2 – Mitu 2026 Drill Target 3 – Kazhiba Target 2 2026 Drill Target 2 3 1 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/ 3) November 18th 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-intercepts-1-0-copper-over-22-metres-and-0-98-copper-over-15-metres-at-dumbwa/ 4) See Company Website: https://midnightsunmining.com/multiple-target-areas/
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9 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 at Lumwana. Transitioned from ~900 Mt at 0.55% Cu, to 1.62 Bt at 0.52% Cu, making it a world-class asset and the largest deposit in Zambia1 • Barrick’s Lumwana Mine and our Dumbwa Target are geologically analogous. Dr. Bonel is employing the same data-driven, step-by-step geological approach to Dumbwa, that he and his team did at Lumwana 1) Barrick Gold Corp. Presentation. February, 24, 2025. BMO Capital Markets Global Metals, Mining & Critical Minerals Conference. Available https://www.barrick.com/English/investors/presentations/event-details/2025/BMO-Capital-Markets-Global-Metals-Mining--Critical-Minerals-Conference/default.aspx
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10 1) Midnight Sun News Release dated January 29th, 2025 2) Source: https://www.first-quantum.com/English/our-operations/default.aspx#module-operation--kansanshi 3) Source: "First Quantum says new Zambia mine, smelter to cost $2.4bn". Mining Weekly. 26 March 2012. Retrieved19 November 2018. 4) Source: https://www.barrick.com/operations/lumwana/default.aspx 5) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths Our Approach to Discovery Measured, Methodical, Precise and Cost-Effective Phase 1 Geochemical Sampling – Traditional or Partial Ionic Leach Survey Phase 2 Dipole-Dipole IP Survey to define depth and dip direction in preparation for drilling Phase 3 Target drilling to define and delineate structure Dr. Bonel is utilizing the same 3-phase approach and methodology he and his team applied to transform Barrick’s Lumwana Mine
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DUMBWA KAZHIBA MITU 11 1) Midnight Sun News Release dated January 29th, 2025 2) Source: https://www.first-quantum.com/English/our-operations/default.aspx#module-operation--kansanshi 3) Source: "First Quantum says new Zambia mine, smelter to cost $2.4bn". Mining Weekly. 26 March 2012. Retrieved19 November 2018. 4) Source: https://www.barrick.com/operations/lumwana/default.aspx 5) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2025 Sulphide Copper Exploration Program Significantly Advancing All Key Targets
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12 DUMBWA A TIER-ONE SULPHIDE-COPPER EXPLORATION TARGET
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13 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 up to 0.73% Cu. Occurrence of “copper clearing” over anomaly caused by soil toxicity due to high copper tenor • 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 DBW-25-007 25.9m of 0.48% Cu from Hole DBW-25-003 • Historic Drilling:4 16m of 1.24% Cu, and 13.5m of 0.77% Cu from surface • Model now well defined. Drilling underway and ongoing 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/ 3) November 18th 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-intercepts-1-0-copper-over-22-metres-and-0-98-copper-over-15-metres-at-dumbwa/ 4) See Company Website: https://midnightsunmining.com/multiple-target-areas/
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14 Outside of the 20 km copper-in-soil anomaly, Dumbwa is a vegetation rich environment, as seen here
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15 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
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16 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
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17 Samples taken by Dr. Bonel in this location resulted in 3% Cu and 1.8% Cu respectively
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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 Mineralization Schist-hosted mineralized zones Schist-hosted mineralized zones Stacked Mineralized Horizons Yes Yes Orientation North-South trending North-South trending Dip 15 degrees east-dipping 15 degrees east-dipping 19 Dumbwa A Direct Analog to Lumwana1 1) https://midnightsunmining.com/multiple-target-areas/ 2) Barrick Gold Corp. Presentation. February, 24, 2025. BMO Capital Markets Global Metals, Mining & Critical Minerals Conference. Available https://www.barrick.com/English/investors/presentations/event-details/2025/BMO-Capital-Markets-Global-Metals-Mining--Critical-Minerals-Conference/default.aspx There are only 3 known basement-hosted systems in the Zambian-Congo Copper Belt to date; Kamoa Kakula, Lumwana and Dumbwa. Kamoa Kakula and Lumwana are the two largest deposits in the belt, while Dumbwa’s extents are in the process of being defined...
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20 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: Phase 1 Complete totalling 11.5 km’s Result: Positive results providing correlation of soil anomaly and drill intercepts, as well as depth and dip direction of mineralization to guide targeted drilling Phase 3 – Diamond Drilling Status: Initial drilling underway on southern 11.5 km of anomaly, based on IP Results: Initial successful results reported October 1st 2025 IP 60% Completed Drilling now scheduled 1) Midnight Sun News Release dated July 17th, 2025
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21 Dumbwa 2025 Exploration Program Oblique view of cross sectional IP Resistivity results Note: cool colours denote resistivity highs which are the typical exploration target for disseminated sulphides in crystalline basement rocks as seen in Dumbwa. These Resistivity highs have also been correlated to disseminated copper mineralization by the historic drill intercepts 1) Midnight Sun News Release dated July 17th, 2025 Oblique view of cross-sectional IP Chargeability results Note: warm colours denote chargeability highs and are interpreted as the mineralized target horizon. Chargeability identifies how well the ground reacts when a current is applied through it. Areas with high chargeability are exploration targets and these areas also coincide with mineralized intercepts observed in historic drilling
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22 Dumbwa 2025 Exploration Program IP Chargeability depth slices created by combining all geophysical line data and viewing at a specific depth level shown in metres above sea level. Depth slices of 1,025m, 1,100m, 1,150m, 1,200m, 1,250m, and 1,300m are shown with superimposed copper in soils contours IP Resistivity depth slices created by combining all geophysical line data and viewing at a specific depth level shown in metres above sea level. Depth slices of 1,025m, 1,100m, 1,150m, 1,200m, 1,250m, and 1,300m are shown with superimposed copper in soils. To help understand depth slices, the Solwezi airport is at 1397m above sea level. 1300m would be near surface 1) Midnight Sun News Release dated July 17th, 2025
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23 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 convincing evidence for folding from open folds to very tight upright folds • Strong correlation between mineralized intervals intercepted in previous drilling at Dumbwa and the interpreted target horizon derived from IP survey • Positive correlation identified between target horizon and the overlying soil anomaly • ID’d several major cross-cutting structures that help explain the offset between historical soil geochemistry and previously drilled mineralization • Drilling underway on southern 11.5 km. Holes plotted based on IP results. Initial results 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-25-003 • 1) Midnight Sun News Release dated July 17th, 2025 2) https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/
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24 Dumbwa 2025 Initial Drill Results Drilling underway and ongoing on southern 11.5 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 DBW-25-007 ➢ 25.9m of 0.48% Cu from Hole DBW-25-003 Historic Dumbwa Drilling:4 ➢ 16m of 1.24% Cu, and 13.5m of 0.77% Cu from surfaceSystematic drilling underway and ongoing Historic Drilling: 16m of 1.24% Cu, and 13.5m of 0.77% Cu from surface 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/ 3) November 18th 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-intercepts-1-0-copper-over-22-metres-and-0-98-copper-over-15-metres-at-dumbwa/ 4) See Company Website: https://midnightsunmining.com/multiple-target-areas/
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25 Dumbwa 2025 Initial Drill Results 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/ 3) November 18th 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-intercepts-1-0-copper-over-22-metres-and-0-98-copper-over-15-metres-at-dumbwa/ 4) See Company Website: https://midnightsunmining.com/multiple-target-areas/
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26 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.
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27 Mitu & Kazhiba Target 2 ADDITIONAL SULPHIDE-COPPER EXPLORATION OPPORTUNITIES
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28 2025 Mitu – Partial Ionic Leach Sampling 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 • Target 1 historic drilling results included: 11.6 m of 3.44% Cu and 11.5 m of 1.41% Cu1 • Extensive 1800 sample, Partial Ionic Leach sampling program completed. Assays pending • Results of PIL sampling will drive Phase 2 of our approach, a Dipole-Dipole IP Survey to finalize targets for follow-up drilling in 2026 Mitu 2025 Exploration Program Sulphide-Copper Targets 1 & 2 Oxide-Copper Mineralization
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29 Kazhiba Target 2 A Brand-New Sulphide Copper Target 1) Midnight Sun News Release dated January 29th, 2025 2) Midnight Sun News Release dated February 27th, 2025 3) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths +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 confirmed sulphide unit through high chargeability / low resistivity IP response Initial 4-hole drill-testing completed, to confirm a new copper-bearing, sulphide body. Assays pending 4 km x 2 km
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30 OXIDE COPPER HIGH-GRADE NEAR SURFACE MINERALIZATION COOPERATIVE EXPLORATION PLAN IN PLACE WITH FIRST QUANTUM
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31 Oxide Copper Exploration Plan Oxide-Copper – Near-Surface, Near-Term Mining Opportunity 2 key target areas for near-surface, high-grade oxide-copper mineralization: Kazhiba and Mitu Cooperative Exploration plan in place with First Quantum, which is a technical alliance, designed to speed up defining oxide copper mineralization across our property. First Quantum have an SXEW oxide circuit at Kansanshi, just 6km away Near-term mining opportunity, that could produce significant near-term positive cash flow for Midnight Sun 1) Source: https://www.midnightsunmining.com/zambian-properties/ 2) April 23rd, 2024 News Release https://midnightsunmining.com/2024/midnight-sun-announces-cooperative-oxide-copper-exploration-plan/ 21m @ 10.69% Cu 26m @ 5.6% Cu 15m @ 3.01% Cu
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32 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- term cash flow, in turn, funding exploration and development of larger sulphide targets 1 - Kazhiba • Primary Oxide Target Area • Kazhiba Main Zone drilling completed. Initial NI43-101 Compliant resource calculation underway and due before end of 2025 • Main Zone – Due diligence diamond drilling underway • Additional Oxide Copper Targets – Follow-up drilling underway, with expected completion in November 2025 2 – Mitu • Several Geophysical Targets • Partial Ionic Leach sampling completed 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) https://midnightsunmining.com/multiple-target-areas/ 1 2
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33 Oxide Copper Exploration Plan Kazhiba and Mitu – High-Grade Drill Results 1) Midnight Sun News Release dated January 29th, 2025 2) Source: https://www.midnightsunmining.com/zambian-properties/ 3) See Midnight Sun News Releases – Kazhiba and Mitu Drill Results: https://midnightsunmining.com/news/ 4) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths • 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
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34 Oxide Copper Exploration Plan Kazhiba Main and Eastern Targets 1) Midnight Sun News Release dated January 29th, 2025 2) See Midnight Sun’s November 4th, 2025 News Release 3) Midnight Sun News Release dated February 27th, 2025 4) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths • 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 diamond drilling campaign on Main Zone underway • Initial 2025 diamond drill highlights include drill hole MSZ-25-029E which intercepted 7.39% copper over 14.86m, including 16.9% over 4m extending from 17m to 31.86m depth2 • Kazhiba Eastern targets - Multiple additional oxide copper targets that share a very similar geochemical signature to Kazhiba Main Zone3 Drilling underway on Kazhiba Eastern targets, with expected completion before end of November
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35 • 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 at Kazhiba Main is expected to continue through the end of November 2025
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36 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 were no cavities. Early observations are that the voids do not exist and are in fact significant copper intercepts • Upper figure illustrates results from 2024 RC drilling with originally interpreted ‘cavities’: Lower figure highlights the positive copper results along with verification that cavities are absent from 2025 diamond hole MSZ-25-DD- 029 • Due-diligence diamond drilling continuing through November 2025 • We expect the positive results from the due-diligence diamond drilling to have a significant impact on the maiden NI43-101 resource estimate 1) Midnight Sun News Release dated January 29th, 2025 2) See Midnight Sun’s November 4th, 2025 News Release
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37 • 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 represent significant expansion potential for near surface oxide copper resources at Kazhiba Kazhiba Oxide Copper Kazhiba East – Expansion Potential 1) Midnight Sun News Release dated January 29th, 2025 2) See Midnight Sun’s November 4th, 2025 News Release
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40 2025 Mitu – Partial Ionic Leach Sampling 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 generally unresponsive to traditional geochemical analysis. Partial Ionic Leach is expected to more effectively identify and track further copper targets • PIL sampling program included all highly prospective geology, including areas of known oxide and sulphide copper mineralization • Results of PIL survey to drive follow up Dipole-Dipole IP Survey and finalize drill targets for 2026 follow-up Oxide-Copper Mineralization Oxide Copper Exploration Plan Mitu Exploration Program
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41 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 mineralized horizon and we are now drilling to define the system extents. Initial successful copper intercepts for 2025 include 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 • Established a Cooperative Exploration Plan with First Quantum. A technical alliance designed to delineate potential oxide-copper mineralization on our property. Near-surface, oxide copper presents the potential for a unique near-term mining opportunity that could in turn produce significant near-term positive cash flow4 • Carried out 2024 program on Kazhiba Main Target, delineating a high-grade oxide-copper blanket and providing “Proof of Concept” for Oxides. Highlights included 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 , all near surface. Work also defined a significant sulphide copper target and multiple new targets for additional oxide copper mineralization. Follow up drilling to define extents of Kazhiba Main and PIL sampling to test the new oxide targets is underway. Initial 43-101 Resource expected November 2025 • Increased Market Cap by from CDN$27MM to CDN$360MM in less than 18 months. 2025 TSX Venture Top 50 Company • Increased land position, through strategic acquisition of Luswishi Dome Project We are well funded, de-risked and marching toward both transformative discoveries and near-term cashflow from multiple targets 1) Source: British Geological Survey https://www.bgs.ac.uk/news/zambia-the-copper-mining-powerhouse-looking-towards-a-safer-low-carbon-future/ 2) Source: First Quantum Minerals Ltd. https://www.first-quantum.com/English/our-operations/default.aspx#module-operation--kansanshi 3) April 23rd 2024 News Release https://midnightsunmining.com/2024/midnight-sun-announces-cooperative-oxide-copper-exploration-plan/ 4) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 5) October 1st 2025 News Release: https://midnightsunmining.com/2025/midnight-sun-confirms-dumbwa-system-with-initial-copper-intercepts/
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42 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, 2027 11.2 million • $1.35 Expire Oct 28, 2027 (Broker Warrants) 1.3 million Total Options Outstanding 13.3 million Share Price $1.37 Market Capitalization $293.0 million Cash Position >$40.0 million Management & Directors 12% Corporate & Institutional ~40% 52 Week Range $0.205 - $2.00 1) As at November 18h, 2025 ANALYST COVERAGE Pierre Vaillancourt Senior Mining Analyst Ph: (416) 507-2309 Em: pvaillancourt@haywood.com Taylor Combaluzier, P.Geo VP, Mining Analyst Ph: 416-948-6495 Em: tcombaluzier@redcloudsecurities.com
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43 Directors & Management Al Fabbro PRESIDENT, CEO & DIRECTOR • Finance and mining executive and entrepreneur • +45 years' experience • Former head retail trading of Yorkton Securities, and Yorkton's Natural Resources Group • +10 years IA Canaccord Capital, specializing in the natural resource sector and former Lead Director of Roxgold Robert Sibthorpe CHAIR EMERITUS & DIRECTOR • Geologist, executive and mining entrepreneur • +50 years' experience • Experience includes Noranda, Falconbridge and Ivanhoe. Former analyst for Midland Doherty, Yorkton Securities, and Canaccord • Former President/CEO Roxgold and recipient of AMEBC Colin Spence Award Matt MacKenzie EXECUTIVE VP, CORPORATE SECRETARY • MBA and JD • +12 years' experience • Former finance positions with GE Capital Markets and BMO Capital Markets. Experience in mineral exploration, production, oil and gas services • Former Manager of Business and Legal Affairs of Roxgold Rick Mazur DIRECTOR • P.Geo, Geoscientist, Project geologist, financial analyst and senior executive • +45 years' experience • Former Analyst, Former Director of Roxgold, Current Director of Big Ridge Gold, Impact Silver, and CEO of Forum Energy Metals Wayne Moorhouse DIRECTOR • CFA – Experienced mining and construction executive • Experience from exploration to mine operations to M&A • Former Director of Genco, Stealth Energy, and former CFO Roxgold. Current President/CEO of EnviroMetal Technologies Alastair Brownlow CFO • CPA, U.S. CPA (Washington) Extensive experience as CFO of publicly listed resource companies, spanning exploration, development, and production stage. • Former auditor in the British Virgin Islands • Began career at CPA firm specializing in the mining industry Adrian O’Brien VP BUSINESS DEVELOPMENT & COMMUNICATIONS • Senior Exploration Executive and Senior Marketing Executive • +25 years’ experience • Former Director, Marketing and Communications PureGold Mining, former Director & President Kermode Resources, former President/CEO Pro Minerals, former Vice President Apella Resources • Former Director Prospectors and Developers Association of Canada Brett A. Richards DIRECTOR • Mining and Metals Executive with Senior level experience • +30 years' experience • Former CEO of African Thunder Platinum, Renew, Octéa, Roxgold, Avocet, and founder of Katanga. Held senior executive positions with Kinross Gold and Co-Steel. • Current Director of Goldshore Resources and Nickel 28 Kevin Bonel COO, ZAMBIA • Ph.D, P.Geo. Independent geologist and exploration manager • +25 years' experience in Sub-Saharan Africa, most recently with Barrick Gold’s operations at the Lumwana Mine and Freeport McMoRan • Led exploration team at Lumwana adding 25 years of reserves • Responsible for discoveries including the Kamaranda copper deposit, the Mpemba Hill deposit, a new copper deposit near Mpongwe, Zambia. Oversaw Kisanfu pre-feasibility and feasibility in DRC, and reinterpretation of Munali Ni deposit in Zambia, now in production Margot Naudie ADVISORY BOARD • BA and CFA with +25 years of capital markets experience • Senior Portfolio Manager for North American and global natural resource portfolios • Held senior roles at leading asset management firms including TD Asset Management, Marret Asset Management Inc., and the Canadian Pension Plan Investment Board • Brendan Wood TopGun Investment Mind (Platinum) for 5 consecutive years • Bachelor of Arts in Politics and Economics from McGill University, MBA from Richard Ivey School of Business, and Chartered Financial Analyst (CFA) Charter holder • Current President of Elephant Capital Inc. Darin Wagner ADVISORY BOARD • P.Geo, Senior Exploration and Mining Executive • +30 years’ experience • Has served as Co-Founder, Senior Management or an Advisor to: MAG Silver, New Millennium Metals, Platinum Group Metals, Dryden Gold, West Timmins Mining, Balmoral Resources, Falco Resources, Newcastle Gold, and Nova Royalty • Served as President, CEO, Director, and QP for West Timmins through discovery of Thunder Creek and 144 gold deposits and oversaw $424 million acquisition by Lake Shore Gold • Founder, President and CEO of Balmoral until $160 million acquisition by Wallbridge Mining Company Ltd Adrian Karolko VP, EXPLORATION • P.Geo, Senior Exploration • +18 years’ experience • Active member of Pre-Feasibility and Feasibility team on Cangrejos gold-copper porphyry deposit in Ecuador, owned by Lumina Gold until $581 million acquisition by CMOC Singapore • Exploration Manager for Miedzi Copper, a privately held company headed by Ross Beaty, and is co-credited with the discovery of the Nowa Sol copper-silver stratabound deposit in western Poland
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CORPORATE INQUIRIES Adrian O’Brien VP Business Development & Communications 604 809 6890 adrian@midnightsunmining.com CORPORATE ADDRESS #1205 – 789 West Pender Street Vancouver, BC V6C 1H2 Canada 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 TSX.V: MMA OTC: MDNGF www.midnightsunmining.com