Midnight Sun Mining (MMA ) Status Update summary

Project progress and technical highlights

• Drilling at Dumbwa has reached approximately 94 holes and 17,800 meters, with a focus on a highly predictable, near-surface, large-tonnage copper deposit along an 11 km strike, aiming for a resource declaration by late 2026.

• QA/QC issues with assay labs have delayed results, but visual core logging and geochemical data strongly support the presence of significant copper mineralization, with high confidence in the deposit's scale and predictability.

• Early assay results at Dumbwa show thick, near-surface intercepts (up to 136 m at 0.26% Cu, 39.7 m at 0.51% Cu), directly comparable to major regional deposits, with mineralization open along strike and at depth.

• Geological modeling indicates a north-south trending shear zone hosting copper mineralization, with a high-grade bornite core and chalcopyrite halo, similar in style to the Lumwana deposit but with greater strike length and thickness.

• Resource modeling suggests potential for 1–2.9 billion tons at 0.2–0.5% Cu, with contained copper possibly exceeding 8 million tons, and minimal overburden, making it highly attractive for open-pit mining.

Kazhiba project update

• Kazhiba drilling is complete, with final assay results in hand and QA/QC underway; a maiden 43-101 resource estimate is targeted for year-end.

• Grade projections for Kazhiba are in the 2–4% Cu range, with some intervals exceeding 20% Cu, and a potential tonnage around 100 million tons, though this could increase following recent drilling.

• Resolution of previously assumed voids in the deposit has allowed for more continuous resource modeling, significantly improving the outlook.

• Additional targets at Kazhiba East-Central and East-Southeast have been drilled, with results pending, indicating further upside.

• Mineralization at Kazhiba is shallow (15–40 m depth), acid-soluble, and easily accessible, with no significant deleterious elements identified.

Financial and corporate status

• The company is well-funded with approximately CAD 38–39 million in cash, following a recent CAD 30.5 million raise at CAD 1.35 per share.

• Drilling costs are low (CAD 160/m for core, CAD 50/m for RC), with a projected spend of CAD 16 million to drill 8 km of strike by mid-2026.

• M&A remains a key strategic focus, with Dumbwa as the flagship asset and Kazhiba providing near-term production optionality; all options for asset monetization are under consideration.

• Strong QA/QC protocols are in place, including use of local standards and third-party lab verification, ensuring high confidence in assay data.

• Outstanding warrants and a robust shareholder base provide additional financial flexibility.