Midnight Sun Mining Corp. — Capital/Financing Update 2023

Jun 24, 2023

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MIDNIGHT SUN ANNOUNCES WARRANT EXTENSION

Vancouver, British Columbia, June 23, 2023 – Midnight Sun Mining Corp. (the “ Company ” or “ Midnight Sun ”) (TSX-V: MMA / OTCQB: MDNGF ) intends to extend the exercise period of a total of 5,619,714 share purchase warrants, all of which are exercisable at $0.50 per common share (collectively, the " Warrants "). The Warrants were issued pursuant to a private placement which closed on July 2, 2021. 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 July 2, 2024.

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

About Midnight Sun

Midnight Sun is focused on its flagship Solwezi Project, located in Zambia. Surrounded by world-class copper mines, including Africa’s largest copper mining complex, First Quantum Minerals’ Kansanshi Mine, the Solwezi Project is vast, highly prospective, and located in the second largest copper producing region in the world. Led by an experienced geological team with multiple discoveries and mines around the world to their credit, Midnight Sun intends to find and develop Zambia’s next generational copper deposit.

ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.

Al Fabbro President & CEO

For Further Information Contact: Adrian O’Brien Director of Marketing and Communications Tel: +1 604 809 6890 Em: adrian@midnightsunmining.com

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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