Midnight Sun Mining Corp. — Capital/Financing Update 2022

May 5, 2022

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MIDNIGHT SUN ANNOUNCES WARRANT EXTENSION

Vancouver, British Columbia, May 5, 2022 – Midnight Sun Mining Corp. (the “ Company ” or “ Midnight Sun ”) (TSX-V: MMA / OTCQB: MDNGF ) intends to extend the exercise period of a total of 7,940,185 share purchase warrants, all of which are exercisable at $0.25 per common share (collectively, the " Warrants "). The Warrants were issued pursuant to a private placement which closed on May 25, 2020. The Company proposes to extend the expiry dates for these Warrants by an additional twelve months and accordingly, the new expiry dates for the Warrants will be May 25, 2023.

All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

MINING INDABA

Midnight Sun congratulates the Investing in African Mining Indaba on returning for the first time since 2020. The Mining Indaba takes place in Cape Town, South Africa, and is the premier conference focused on mining projects across the African continent. Midnight Sun will be represented there May 9, 2022 – May 12, 2022 and invites anyone to connect with the Company.

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.

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