Midnight Sun Mining (MMA ) Precious Metals & Critical Minerals Hybrid Conference summary

Project transformation and strategic context

• Project reached a critical inflection point three years ago, now achieving critical mass with recent assay results highlighting significant system growth.

• Zambia's Domes Region is emphasized as a globally significant, surface-level copper jurisdiction, surrounded by Africa's five largest copper mines.

• The region benefits from low CapEx, favorable mining laws, and a stable, democratically elected government, making it attractive for development and M&A.

• Major infrastructure projects, including the U.S.-backed Lobito rail corridor and a new China-backed eastern rail, are increasing global competition for copper assets.

• The company’s strategy is to develop assets to critical mass for M&A, not to operate mines, leveraging proximity to majors and infrastructure.

Dumbwa deposit exploration and results

• Dumbwa is a newly discovered, basement dome-hosted copper deposit, analogous to Barrick’s Lumwana, with mineralization starting at surface and extending to 200 m depth.

• Over 50,000 m drilled since August last year, covering 6.2 km of strike, with 5.3 km of drill intercepts and consistent mineralization.

• Drill results show multiple stacked mineralized lenses, with grades ranging from 0.2% to 0.7% copper, and some intercepts over 1%.

• The southern half alone targets 1 billion tons, with ongoing expansion drilling to increase tonnage and define grade variability.

• Aggressive drilling program aims to complete 12 km by Q3, with five rigs operating and 10,000 m drilled per month.

Financials, funding, and asset monetization

• Raised $30 million in October, with $25 million cash on hand and a total budget of $20 million for the first 12 km of Dumbwa drilling.

• Monetizing the high-grade, near-surface Kaziba Main oxide copper deposit (2.33 million tons at 1.41% Cu) to fund Dumbwa without further dilution.

• Market cap peaked at $400 million in the last 18 months, now stabilized above $200 million as drilling advances.

• Drilling costs are low at $160/m, enabling rapid and cost-effective advancement.