Midnight Sun Mining (MMA ) Study result summary

Drilling progress and system definition

• Over 260 drill holes and 56,855 metres completed, confirming continuous near-surface sulphide copper mineralization over 6.7 km of strike at Dumbwa, with five ongoing and systematic expansion northward.

• Five drill rigs are operating continuously, expanding the deposit northward and laterally, with aggressive monthly drilling rates (6,000–10,000 m/month) and recent drilling extending the strike by 1.4 km to the north.

• Drilling strategy is systematic, progressing from south to north, using broadly spaced fences to define high-grade core and lower-grade margins, with focus on the full mineralized corridor.

• Phase I drilling aims to reach 12.15 km of strike by mid-September, with approximately 12,500m remaining and completion expected in Q3 2026; Phase II infill and extension planned.

• Early 3D modeling of mineralized schists is underway, providing new insights into geometry and grade distribution.

Geological insights and mineralization

• Dumbwa mineralization is controlled by strain, with high-grade copper zones in the core of deformation shear zones and higher-grade core ranging from 100 to 600 metres wide within a broader mineralized shell up to 1,000 metres wide.

• The system is subdivided into southern, central, and northern blocks, each with distinct grade shells (red: high, yellow: intermediate, blue: low).

• Mineralization remains open along the copper-in-soil anomaly, to the east and west, and at depth.

• Bornite distribution and structural corridors influence grade variability and block definition.

• Mineralization is often at or near surface, with over 50% of drilled mineralization starting at surface.

Assay results and grade context

• Southern block shows intercepts like 26.85 m at 0.53% Cu, 38 m at 0.63% Cu, and 9 m at 0.58% Cu; central block includes 93 m at 0.4% Cu and 40 m at 0.5% Cu.

• Additional notable intercepts include 21.64m @ 0.42% Cu, 13.67m @ 0.51% Cu, 25m @ 0.38% Cu, 21.0m @ 0.21% Cu, 25.5m @ 0.18% Cu, 24.3m @ 0.27% Cu, and 28.0m @ 0.25% Cu.

• Low-grade halo intercepts (blue zone) are common, e.g., 10 m at 0.27% Cu, 8 m at 0.13% Cu.

• Grades and thicknesses are comparable to the Lumwana deposit, with similar geology and mineralization style; cutoff grades for resource modeling are expected to align with Lumwana (0.13–0.16% Cu for reserves).

• Assays are based on four-acid digest with ICP-OES finish; intervals are drilling intervals, not true widths.