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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 A D V A N C I N G A N E W C O P P E R D I S C O V E R Y I N T H E H E A R T O F Z A M B I A August 2026
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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 WHY MIDNIGHT SUN. WHY NOW. Four elements underpin the investment thesis. 01 LOCATION ESTABLISHED COPPER DISTRICT Zambia’s Domes Region 02 COPPER OPPORTUNITIES TWO DISTINCT PATHS TO VALUE Dumbwa – Sulphide Kazhiba - Oxide 03 FUNDING MULTIPLE PATHS FORWARD Well funded Active drilling Kazhiba funding pathway 04 TIMING STRUCTURAL COPPER DEMAND GROWTH Electrification Grid infrastructure AI / data centres
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4 1) https://www.spglobal.com/en/research-insights/special-reports/copper-in-the-age-of-ai Why Copper? THE AI REVOLUTION RUNS ON COPPER1 30,000–40,000 tonnes Cu Copper required for a 1 GW AI data-centre campus 2.5 Mt Cu / year by 2040 Projected global data-centre copper demand AI data centres alone could require the equivalent output of several top-tier copper mines every year.
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5 LARGE SCALE COPPER SYSTEMS NEAR-SURFACE POTENTIAL ESTABLISHED COPPER DISTRICT One of the few geological environments capable of hosting large-scale copper deposits at or near surface ZAMBIA’S DOMES REGION A GEOLOGICAL SETTING BUILT FOR GIANT COPPER DEPOSITS
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6 ZAMBIA’S DOMES REGION BUILT FOR COPPER If you can find it, you can build it. GLOBAL-SCALE COPPER DISTRICT Home to multiple major copper operations ESTABLISHED COPPER INFRASTRUCTURE Existing mines, smelters and SX-EW capacity 100+ YEARS COPPER MINING Deep mining expertise and established supply chains 6
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AT THE INTERSECTION OF GEOLOGY AND INFRASTRUCTURE Midnight Sun / Zambia’s Domes Region Adjacent to major copper operations and strategically positioned between Atlantic and Indian Ocean rail corridors. LOBITO TANZANIA CORRIDOR CORRIDOR ATLANTIC ACCESS U.S. - backed rail corridor INDIAN OCEAN ACCESS Eastern rail corridor ESTABLISHED MINING JURISDICTION Long history of large-scale copper production MA JOR COPPER NEIGHBOURS Sentinel · Lumwana · Kansanshi STRATEGIC INFRASTRUCTURE Positioned for Atlantic and Indian Ocean rail access 7
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8 DUMBWA: A DISTINCTIVE GEOLOGICAL SETTING Basement-hosted copper mineralization in Zambia’s Domes Region. Basement-hosted deposits are less common in the Domes Region; both Lumwana and Dumbwa both occur in this geological setting.1 1) Source: https://www.barrick.com/operations/lumwana/default.aspx
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MINING CONTEXT ESTABLISHED COPPER DISTRICT 03 DEPTH MINERALIZATION AT OR NEAR SURFACE 02 9 SCALE AND SHALLOW MINERALIZATION DISTINGUISH THE DOMES REGION Major deposits with mineralization beginning at or near surface Operating mines · Established Infrastructure · Skilled workforce 01 SCALE MULTIPLE LARGE-TONNAGE COPPER SYSTEMS Sentinel · Lumwana · Kansanshi Scale. Shallow mineralization. Established mining infrastructure.
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10 OUR GEOLOGICAL LEADERSHIP DR. KEVIN BONEL – FROM LUMWANA TO DUMBWA 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 25+ YEARS Sulphide copper specialist with 25+ years in Sub-Saharan Africa, including senior roles with Barrick and Freeport-McMoRan. LUMWANA EXPERIENCE Led Barrick’s exploration team at Lumwana as the deposit grew from ~900 Mt at 0.5% Cu to 1.6 Bt @ 0.52% Cu.1 THE DUMBWA CONNECTION In 2023, Dr. Bonel recognized key geological similarities between the Lumwana and Dumbwa mineral systems.
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11 FROM GEOLOGICAL THESIS TO DISCOVERY 2023 Bonel recognized key geological similarities between Lumwana and Dumbwa 2024 Joined Midnight Sun and applied a systematic, data-driven approach at Dumbwa. 2025 Copper discovery at Dumbwa. Now defining the extent of the mineralized system.
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12 DUMBWA Copper Deposit A new copper discovery takes shape.
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THE STARTING POINT: A 20 km COPPER-IN-SOIL ANOMALY Limited historical drilling ~20 km ANOMALY Copper-in-soil Peak soil value: 0.73% Cu HISTORIC DRILLING
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14 A SURFACE EXPRESSION OF THE SYSTEM THE DUMBWA COPPER CLEARING Elevated copper in soil, is associated with a distinctive surface expression. Similar copper clearings occur at both Dumbwa and Lumwana.
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15 FROM DISCOVERY TO DEPOSIT DEFINITION A SYSTEMATIC APPROACH TO DUMBWA 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/default.aspx#module-operation--kansanshi PHASE 2 NORTHERN 9 KM EXPAND THE SYSTEM 02 Extend geochemistry into untested areas IP + magnetic surveys extended over broader target area Larger drilling step-outs along the main corridor Define higher-grade zones Test additional targets east and west 01 PHASE 1 SOUTHERN 11.5 KM DEFINE THE DISCOVERY Geochemistry + IP 50m x 100m fence drilling Initial Magnetic Survey Metallurgical testing Define N/S and E/W extents Nearing completion – Q3 2026 ~20km of prospective strike - from discovery to systematic deposit definition.
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16 THE DUMBWA EXPLORATION STRATEGY DEFINE SOUTH. EXPAND NORTH. 1) https://midnightsunmining.com/multiple-target-areas/ 20 km 01 PHASE 1 SOUTHERN 11.5 km Define the discovery 02 PHASE 2 NORTHERN 9 km Expand the system ~20 KM PROSPECTIVE CORRIDOR 01 PHASE 1 Define 02 PHASE 2 Expand
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17 THE DUMBWA DISCOVERY THE HOLE THAT CHANGED THE STORY DISCOVERY HOLE - DBW-25-0071,2,3 39.7m @ 0.51% Cu including 7.0m @ 1.13% Cu CONFIRMATION HOLE - DBW-25-003 25.9m @ 0.48% Cu MULTIPLE STACKED MINERALIZED LENSES Beginning near surface and demonstrated to ~200m depth 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/ DBW-25-007 DISCOVERY HOLE
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18 THE DUMBWA DISCOVERY BORNITE + CHALCOPYRITE Centre of system CHALCOPYRITE DISSEMINATED CHALCOPYRITE DISSEMINATED CHALCOPYRITE Copper mineralization across multiple lenses.
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19 DUMBWA Copper Deposit Defining the scale of the discovery.
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20 THE DUMBWA DEPOSIT TODAY 6.7 KM OF STRIKE – DRILLED AND GROWING 1) News Release: June 29, 2026: https://midnightsunmining.com/2026/midnight-sun-continues-rapid-strike-expansion-at-dumbwa-now-6-7-kilometres-of-near- surface-copper-mineralization/ 56,855 M DRILLED Across 6.7 km of strike SYSTEMATIC DEFINITION DRILLING 50 m E-W x 100-200 m N-S spacing RAPID, LOW-COST EXECUTION 6,000-10,000 m/month 4-5 rigs | ~$160 per metre 6.7 km drilled strike
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21 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) All reported assays for Dumbwa can be found at this link: https://midnightsunmining.com/wp-content/uploads/26.06.29-MMA-Drill-Hole-Table-for-Website.pdf REPRESENTATIVE DRILL HIGHLIGHTS1,2,3,4,5 • 93m @ 0.40% Cu DBW-25-099R • 80m @ 0.39% Cu DBW-25-123 • 22m @ 1.00% Cu DBW-25-010 • 50.0m @ 0.46% Cu incl. 6.0m @ 1.36% Cu DBW-25-030 • 39.7m @ 0.51% Cu incl. 7.0m @ 1.13% Cu Hole DBW-25-007 THE DUMBWA DEPOSIT TODAY MINERALIZATION ACROSS 6.7 KM OF STRIKE
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22 1) All reported assays for Dumbwa can be found at this link: https://midnightsunmining.com/wp-content/uploads/26.06.29-MMA-Drill-Hole-Table-for-Website.pdf 2) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths THE DUMBWA DEPOSIT TODAY COPPER SULPHIDES ACROSS 4 KM OF DRILL SECTIONS Bornite, chalcocite and chalcopyrite occur across multiple sections and high-grade blocks.
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23 THE DUMBWA DEPOSIT TODAY HIGHER-GRADE ZONES EMERGING WITHIN THE SYSTEM 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) All reported assays for Dumbwa can be found at this link: https://midnightsunmining.com/wp-content/uploads/26.06.29-MMA-Drill-Hole-Table-for-Website.pdf EMERGING HIGHER-GRADE DOMAINS1,2 >6 m% 3.5 - 6m% 1-3 m% Multiple higher-grade domains are emerging within the 6.7 km drilled corridor.
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24 A LARGE CONTINUOUS SYSTEM 56,855 m drilled along 6.7 km of strike is defining the scale and continuity of the mineralized system. STRUCTURAL AND GRADE CONTROLS Drilling is revealing grade variability along strike and the NW-SE structures that appear to influence the distribution of mineralization. EMERGING HIGHER-GRADE DOMAINS Increasing drill density is beginning to define multiple higher-grade domains within the system. WE ARE BEGINNING TO UNDERSTAND HOW THE SYSTEM WORKS The system is not simply growing, it is becoming better understood.
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25 STRAIN-RELATED, BASEMENT- HOSTED COPPER SYSTEM 3 PRINCIPAL MINERALIZED LENSES EMERGING BROAD MINERALIZED ENVELOPE FROM OR NEAR SURFACE DUMBWA: THE GEOLOGICAL MODEL IS TAKING SHAPE A STACKED MINERALIZED SYSTEM IS EMERGING1,2,3 1) All reported widths are intercept widths; true widths are estimated to be 70-95% of intercept widths 2) 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 3) Figure 5: Cross Section through Kamisengo – Lumwana (Source: 2024 Barrick NI-43-101 Technical Report).
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LUMWANA DUMBWA HOST Basement-hosted gneiss Basement-hosted gneiss MINERALIZATION Strain-related sulphide mineralization Strain-related sulphide mineralization GEOMETRY Stacked mineralized lenses Stacked mineralized lenses ORIENTATION North-South trending North-South trending DIP Gentle east dip Gentle east dip NEAR SURFACE MINERALIZATION Yes Yes 26 DUMBWA AND LUMWANA A SIMILAR GEOLOGICAL ARCHITECTURE1,2,3 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 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 3) Figure 5: Cross Section through Kamisengo – Lumwana (Source: 2024 Barrick NI-43-101 Technical Report Lumwana provides an important geological analogue for understanding Dumbwa.
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27 1) https://www.barrick.com/English/operations/mineral-reserves-and-resources/default.aspx 20 km LUMWANA: THE REGIONAL ANALOGUE A LARGE-SCALE, STACKED COPPER SYSTEM1 Grey-gneiss boudin Sulphide-copper mineralization STACKED MINERALIZED LENSES STRAIN-RELATED MINERALIZATION NEAR-SURFACE MINERALIZATION 1.6 Bt @ 0.52% Copper Lumwana Proven & Probable Reserve
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28 DUMBWA Copper Deposit The next phase. Defining grade. Testing depth. Extending scale.
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29 THE NEXT PHASE AT DUMBWA DEFINE GRADE. DEFINE DEPTH. EXTEND SCALE. 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/default.aspx#module-operation--kansanshi 20 km DEFINE GRADE Define the continuity and scale of the emerging higher-grade domains DEFINE DEPTH Test continuity and geometry of the stacked mineralized system at depth EXTEND SCALE Test the northern continuation and new targets east and west of the main corridor TEST DEPTH DEFINE GRADE
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30 A LARGE, NEAR-SURFACE COPPER SYSTEM Mineralization now defined across 6.7 km of strike, within a much larger prospective corridor. THE GEOLOGICAL MODEL IS TAKING SHAPE A stacked, strain-controlled mineralized system with increasingly defined higher-grade domains. A RELEVANT GEOLOGICAL ANALOGUE Dumbwa shares important geological architecture with the large-scale Lumwana copper system. DUMBWA – OUR UNDERSTANDING TODAY THE NEXT PHASE IS CLEAR Define grade. Test depth. Extend scale. We are rapidly defining the potential for Zambia’s next large-scale sulphide copper deposit.
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31 KAZHIBA MAIN HIGH-GRADE, NEAR SURFACE OXIDE COPPER DEPOSIT Unlocking value to fund Dumbwa.
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OXIDE COPPER 32 KAZHIBA MAIN A HIGH-GRADE, NEAR-SURFACE OXIDE COPPER RESOURCE 1) See January 20th News Release: https://midnightsunmining.com/2025/midnight-sun-announces-resource-estimate-for-kazhiba-main-copper-oxide-deposit/ MAIDEN RESOURCE 2.33 Mt @ 1.41% Cu Indicated Resource | 0.1% cutoff NEAR SURFACE Surface to ~30m depth Predominantly acid soluble malachite Amenable to conventional SX-EW processing STRATEGIC LOCATION Close to existing SX-EW operations and copper producers
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33 1) https://midnightsunmining.com/2025/midnight-sun-announces-resource-estimate-for-kazhiba-main-copper-oxide-deposit/ KAZHIBA MAIN UNLOCKING CAPITAL TO ADVANCE DUMBWA A defined, high-grade oxide copper resource at surface, in the heart of an established copper processing district. KAZHIBA MAIN MONETIZATION NON-DILUTIVE CAPITAL DUMBWA Unlocking value from a non-core asset to accelerate advancement of Dumbwa. Define grade. Test depth. Extend scale.
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34 MIDNIGHT SUN FUNDED TO ADVANCE DUMBWA 1) As at August 19h, 2026 Basic shares outstanding $170M Market Capitalization ~52% Insider, Corporate and Institutional 43.6M WARRANTS | 15.9M OPTIONS 217.75M ANALYST COVERAGE Haywood Capital Markets | SCP Resource Finance A strong treasury today, with the potential for additional non-dilutive capital from Kazhiba Main. 31.0M warrants exercisable at $0.33 through May 2027
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35 MIDNIGHT SUN DECADES OF DISCOVERY, DEVELOPMENT & CAPITAL MARKETS EXPERIENCE AL FABBRO President, CEO, Director Former Yorkton and Canaccord Capital, natural resources executive; former Lead Director of Roxgold. 45+ years | Mining & Capital Markets DR. KEVIN BONEL, PH.D., P.GEO COO, Zambia Formerly Barrick at Lumwana and Freeport- McMoRan. Led exploration at Lumwana, contributing to significant reserve growth; responsible for multiple Zambian copper discoveries. 25+ years | Exploration & Discovery MATT MACKENZIE Executive VP, Corporate Secretary Former GE Capital Markets and BMO Capital Markets; former Manager of Business & Legal Affairs at Roxgold. 15+ years | Legal, Finance & Corporate Development ADRIAN O’BRIEN VP Business Development & Comms. Senior exploration and marketing executive; former President/CEO and public-company director; former Director of PDAC. 25+ years | Finance, Exploration, Corporate Development & Communications BOARD & ADVISORS ALISTAIR BROWNLOW CFO Extensive CFO experience across publicly listed exploration, development and producing resource companies; began career in mining-focused public accounting. 10+ years | Finance & Public Company Reporting BRETT RICHARDS Director Former CEO of multiple African mining companies, including Roxgold and Avocet; former senior executive with Kinross Gold and founder of Katanga. 30+ years | Mining Executive & Company Building RICK MAZUR, P.GEO. Director P.Geo and former mining analyst; former Director of Roxgold and former CEO of Forum Energy Metals. 45+ years | Geology, Mining & Capital Markets WAYNE MOORHOUSE, CFA Director Former CFO of Roxgold with experience from exploration through mine operations and M&A; current President/CEO of EnviroMetal Technologies. 30+ years | Mining Finance, Operations & M&A DARIN WAGNER, P.GEO. Advisor Co-founder/executive behind multiple discoveries and successful mining companies, including Balmoral and West Timmins. 30+ years | Geology, Discovery & Company Building MARGOT NAUDIE Advisor CFA and former senior portfolio manager with TD Asset Management, Marret and CPP Investments; five-time Brendan Wood TopGun Investment Mind. 25+ years | Capital Markets & Natural Resources Investing ROBERT SIBTHORPE Chair Emeritus & Director Former Noranda, Falconbridge and Ivanhoe; former President/CEO of Roxgold and recipient of the AME Colin Spence Award. 50+ years | Geology, Mining & Capital Markets
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INVESTOR & 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 D E F I N I N G Z A M B I A ’ S N E X T L A R G E- S C A L E C O P P E R O P P O R T U N I T Y TSX.V: MMA OTCQX: MDNGF www.midnightsunmining.com