Midnight Sun Mining (MMA ) Q2 2025 earnings summary

Executive summary

• Completed exploration at Kazhiba Target with 2,005m of RC drilling and significant high-grade copper intersections, including 21.0m @ 10.69% Cu and 26.0m @ 5.60% Cu.

• Terminated Dumbwa earn-in agreement with KoBold Metals; retained 100% ownership and planning new exploration at Dumbwa.

• Entered an earn-in agreement for the Luswishi Dome Project, with staged ownership up to 80% based on exploration milestones.

• Initiated new drilling campaigns at Kazhiba and Dumbwa, and appointed a new VP, Exploration.

Financial highlights

• Net loss for six months ended June 30, 2025: $3,808,077 ($0.02/share), up from $1,695,252 ($0.01/share) year-over-year.

• Exploration expenditures for the period: $765,789, up from $98,754 year-over-year.

• Cash at June 30, 2025: $6,394,545; short-term investments: $3,005,425; working capital: $9,552,814.

• Shareholders’ equity increased to $23,269,413 from $21,535,559 at year-end 2024.

• Raised $3,654,543 from warrant exercises and $301,500 from option exercises during the period.

Outlook and guidance

• Sufficient cash and working capital to fund planned exploration and administrative expenses for the next twelve months.

• Ongoing exploration at Solwezi, Kazhiba, Dumbwa, and Luswishi Dome, with focus on advancing copper targets.

• No current plans for additional equity financing in the near term.