Vancouver, British Columbia--(Newsfile Corp. - November 7, 2022) - Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") is pleased to release the initial results from drilling conducted on its Solwezi Licences during 2022. The Solwezi Licences are located immediately southwest of First Quantum's Kansanshi Copper Mine, the largest copper mining complex in Zambia.

Exploration Highlights

• 12 diamond drill holes, totalling 2,639 metres ("m"), completed to date during 2022
• A new mineralization style intercepted, which is comparable to that at the Kansanshi Mine
• Assay results received for five drill holes. Results include:
  • 4.15m @ 2.28% Cu eq (1.29% Cu & 0.13% Co & 0.09% Ni) from 113.5m
  • 5.80m @ 2.41% Cu eq (1.86% Cu & 0.07% Co & 0.02% Ni) from 119.2m
  • 7.3m @ 0.79% Cu eq (0.58% Cu and 0.02% Co & 0.02% Ni) from 149.0m

Overview
Midnight Sun's 2022 exploration program was designed to validate and confirm new structural control models for upgraded stratabound copper mineralization in different areas of known mineralization on the Solwezi Licences. The new structural control models were developed in-house following a review and re-interpretation of past exploration work and new high-resolution geophysical data over the project area.

During the 2022 Solwezi field season, Midnight Sun has completed 12 drill holes totaling 2,639 metres of core with two additional drill holes currently in progress. Drilling has been on the Mitu Trend and on the Crunch Zone Prospect. The Company intends to continue field work as long as weather conditions permit. For the balance of the 2022 field season, the Company's work will focus on gaining a better understanding of the newly identified Kansanshi-style mineralization on the Mitu Trend.

Al Fabbro, President and CEO of Midnight Sun, stated, "The start of our 2022 program has accomplished precisely what we hoped for, which is proof of concept. The work completed has revealed a new, prolific style of mineralization at Mitu which is a very exciting find and adds to the already known mineralized potential in the area."

Targets Tested and Results
Mitu Trend
The Mitu Trend targets were developed based on the interpretation of airborne magnetic data which highlighted a corridor of intense deformation, about 8 - 10 kilometres wide, that includes numerous northeast-trending structures which are also key to mineralization at the Kansanshi Mine.

Five widely spaced diamond drill holes were completed on the Mitu Trend targeting northeast-trending mineralization settings at two localities within the wider Mitu Trend (Figure 1).

Drill holes MTDD-044 and MTDD-045 are located approximately 500 metres apart and intersected structurally controlled Cu-Co mineralization (Figure 1 & 2) including:

• 4.15m @ 2.28% Cu eq (1.29% Cu & 0.13% Co & 0.09% Ni) from 113.5m, in MTDD-044
• 5.80m @ 2.41% Cu eq (1.86% Cu & 0.07% Co & 0.02% Ni) from 119.2m, in MTDD-044
• 7.30m @ 0.79% Cu eq (0.58% Cu & 0.02% Co & 0.02% Ni) from 149.0m, in MTDD-045

Holes drilled to test the continuity of the historic intercept in hole MDD-17-15 which measured 4.23% CuEq over 11.6m (see the Company's news release dated July 4, 2017) achieved a technical success, encountering sulphide minerals in fault breccia and the associated alteration zones broadly within the target depth interval. A detailed assessment is underway to assess the complexity of the setting in which this discovery was made.

Crunch Zone
The Crunch Zone exploration target is situated between the Kazhiba Dome in the northwest and the Solwezi Dome in the southeast (Figure 1). Based on geophysical data, it appears a northeast trending wedge of Copperbelt strata is 'crunched' between the domes showing interference fold patterns that abruptly terminate against the domal structures. An analysis of the VTEM electromagnetic survey suggest mineralized fluids may have migrated along major faults or thrusts which occurred where the Copperbelt strata encountered the dome structures.

An initial drill program consisting of several drill traverses to test for mineralization as well as determining the rock succession in the contact zones is underway at the Crunch Zone with seven holes completed. No assays from these holes have been received yet.

Figure 1: Geology of Midnight Sun's Solwezi Licences showing the locations of drill holes completed.

Figure 2: Drill cores from MTDD-044 (above) and MTDD-045 (below) illustrating the style, setting and alteration associated with copper mineralization at Mitu.

Mitu Trend Drilling - Significant Downhole Intercepts

Notes:

• Reported intervals are the downhole widths. More structural and orientation data is required to determine true widths.
• Reported intervals are calculated for zones assaying > 0.1% copper or 0.01% cobalt and containing less than 2 meters of internal waste.
• Copper equivalent values are estimated using current metal prices of $3.50/lb copper, $23.50/lb cobalt, and $10.00/lb nickel and are presented for ease of interval comparison only. Metallurgical recovery factors are assumed to be 100% although the recovery factors for various metals may vary significantly.

Location of Reported Drill Holes

Quality Control/Quality Assurance
Core samples obtained from diamond drilling were transported directly to SGS Inspection Services in Kalulushi, Zambia by Midnight Sun personnel for sample preparation. There the samples were sorted, dried, crushed, and pulped before final chemical analysis using ICP42S method which encompasses a 3 or 4 acid digest followed by an AAS multi-element scan. All samples returning >10,000 ppm Cu were automatically re-assayed for higher level concentrations by SGS, which is a fully accredited laboratory. Standards and blanks were inserted regularly in the sample stream and checks were done for Cu.

Qualified Person: Richard Mazur, P.Geo., a Director of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.

ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.

Al Fabbro
President & CEO

For Further Information Contact:
Al Fabbro
President & CEO
Tel: +1 604 351 8850

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.

This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit