Midnight Sun Makes Strategic Acquisition of Luswishi Dome Project
Midnight Sun enters into an Earn-In Agreement to acquire the Luswishi Dome Project, located approximately 40 kilometers southeast of the Solwezi Project, in the Domes Region of Zambia
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Midnight Sun Mining Corp. (TSXV: MMA) (OTC Pink: MDNGF) ('Midnight Sun' or the 'Company') is pleased to announce that the Company has entered into an Earn-In and Operating Agreement (the 'Earn-In Agreement') with Zambezi Mint Investment Limited regarding the 366 square kilometre Luswishi Dome Project, located approximately 40 kilometres southeast of the Company's Solwezi Project, in Zambia.
Midnight Sun's President & CEO, Al Fabbro, states, 'The presence of domal structures has long been recognized as a hallmark of major copper discoveries in the region, and it is exactly what led us to our Solwezi Project over a decade ago. This same geological feature underpins the world-class deposits and operating mines surrounding us, including Barrick's Lumwana Mine, First Quantum's Kansanshi and Sentinel Mines, and Ivanhoe's Kamoa-Kakula -- all excellent examples of world-class domes deposits.
So, when Midnight Sun had the rare opportunity to secure what may be the last remaining Dome in the district not already controlled by a major or us, we moved quickly. The project boasts not only a highly prospective geological setting, but also an exceptional historical data package from previous operators. This head start allows us to fast-track exploration, saving both time and capital as we drive the Luswishi Project toward drilling and discovery.
This acquisition strengthens our position in a highly competitive district and aligns with our strategy of targeting high-impact assets with near-term discovery potential. Midnight Sun is firmly positioned as a leading explorer in Zambia.'
*Location map for the Luswishi Project provided below.
Terms of the Earn-In Agreement
The Earn-In Agreement consists of three stages:
Stage 1: To earn an initial 51% ownership of the licence, Midnight Sun must complete CAD $750,000 worth of exploration and development expenditures on the licence within 24 months of the agreement date.
Stage 2: To earn an additional 19% (70% cumulative ownership) of the licence, Midnight Sun can sole fund an NI 43-101 compliant inferred mineral resource within 24 months of the completion of Stage 1.
Stage 3: To earn an additional 10% (80% cumulative ownership) of the licence, Midnight Sun can sole fund a pre-feasibility study within 36 months of the completion of Stage 2.
Midnight Sun has the right, but not the obligation, to complete any of the stages and there is no firm spend.
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Qualified Person: Darin Labrenz, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
About Midnight Sun
Midnight Sun is focused on exploring our flagship Solwezi Project, located in Zambia. Situated in the heart of the Zambia-Congo Copperbelt, the second largest copper producing region in the world, our property is vast and highly prospective. Our Solwezi Project is surrounded by world-class producing copper mines, including Africa's largest copper mining complex right next door, First Quantum's Kansanshi Mine. Led by an experienced geological team with multiple discoveries and mines around the world to their credit, Midnight Sun's goal is 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: [email protected]
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 NEWS RELEASE.
This news release contains 'forward-looking statements' within the meaning of the applicable Canadian securities legislation that are based on expectations, estimates, assumptions and projections as at the date of this news release. There is no guarantee of the Company completing any stage of the Earn-In Agreement, and, as such, any information in this news release regarding the timing of earn-in stages; expenditure amounts or work-product; the respective ownership interests of the Company in the licence; and any other information herein that is not a historical fact may be 'forward looking statements'. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (which may, but not always, include phrases such as 'anticipates', 'plans', 'scheduled', 'believed' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking statements.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253604
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