Midnight Sun Announces Resource Estimate for Kazhiba Main Copper Oxide Deposit Maiden Indicated Resource of 2.33 Mt at 1.41% Cu
Midnight Sun Announces Resource Estimate for
Kazhiba Main Copper Oxide Deposit
Maiden Indicated Resource of 2.33 Mt at 1.41% Cu
Vancouver, British Columbia, January 20th, 2026 – Midnight Sun Mining Corp.
(TSXV: MMA / OTCQX: MDNGF) (“Midnight Sun” or the “Company”) is pleased to
announce the completion of a maiden Mineral Resource Estimate for the near-
surface Kazhiba Main Oxide Copper Deposit, located in Solwezi, Zambia.
The maiden Mineral Resource Estimate (“MRE”) consists of 2.33 million tonnes of
Indicated mineral resources grading 1.41% copper (Cu) at a selected base case cut -
off of 0.10 % Cu over all rock type categories . The initial MRE was prepared for the
Company by DMT Kai Batla PTY Ltd. and has an effective date of January 20, 2026.
Midnight Sun CEO Al Fabbro states: “The delivery of this resource estimate for
Kazhiba Main represents a significant milestone for Midnight Sun. Kazhiba Main
hosts a meaningful inventory of near-surface, acid-soluble copper within a compact
footprint, extending to an average maximum depth of only about 30 metres and
grading 1.41%, well above typical economic thresholds for oxide copper. Our goal is
to convert this deposit into a non -dilutive funding source to advance our flagship
Dumbwa Project. This opportunity is incredibly rare in the mineral exploration sector,
and Midnight Sun is well positioned for an exciting future. The Company now intends
to move forward with its plan to monetize Kazhiba Main and expects to immediately
commence discussions with key counterparties to that end.”
The table below summarizes the MRE of the Kazhiba Main Copper Oxide Deposit.
Mineral Resource Estimate – Kazhiba Main Oxide Copper Deposit
Classification Grade Cut-off
%Cu Tonnes % Cu Grade Cu
(Mlbs)
Indicated 0.10 2,327,200 1.41 72.3
Notes:
1. The effective date of the MRE is January 20, 2026.
2. The MRE was completed by Dexter Ferreira, senior geostatistician , mining engineer
and geologist, and a registered member of the South African Council of Natural
Scientific Professionals.
3. Mineral resources are reported using the 2014 CIM Definition Standards and were
estimated using the 2019 CIM Best Practices Guidelines, as required National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
4. Mineral resources which are not mineral reserves do not have demonstrated
economic viability.
5. Mining method is assumed to be open pit, and with mineralization consisting of
soluble malachite in saprolitic soils and underlying dolomite, recovery assumed heap
leaching with sulfuric acid followed by solvent extraction and electrowinning.
6. The MRE relies on assays collected from 37 diamond drill holes and 2 17 reverse
circulation drill holes drilled on a grid of approximately 50m x 50m.
7. The MRE is undiluted and in situ, constrained by a localized digital terrain model
using all drill hole collars in 3D space. A second DTM model was created for the soil
dolomite contact, with strings drawn on a section by section basis using drillhole
lithological tagging. From this, a geological model was created using Datamine
Studio™.
8. The MRE is reported within a conceptual pit shell using the following parameters: Cu
USD$12,000/tonne (“t”) , Selling Costs USD $100/t of product, Mining Cost USD $1/t
material moved, Mining Dilution 5%, Mining Recovery 95%, Mining Face 50 degrees,
Processing Cost USD$10/t processed, Processing Recovery 95%.
9. No metallurgical testwork has been completed on the Kazhiba Main Oxide Deposit.
Typical copper recovery for malachite -dominant ores such as Kazhiba Main Oxide
Deposit range from 75% to 95%, supported by laboratory and commercial data on
similar deposits.
10. Grades for Cu were estimated using 1.0 meter composite assays by geologic domain.
Inverse distance squared was selected as the final estimation method of
interpolating Cu values into three -dimensional block model. An average density
value of 2.72 g/cm 3 was used based on specific gravity measurements from 130
mineralized samples.
The Qualified Person selected a base case cut -off grade scenario of 0.1 0% copper,
based on the following key economic considerations:
• Grade and scale : The 1. 41% average grade is well above typical economic
thresholds for oxide heap leach operations . The deposit is comprised almost
entirely of acid-soluble malachite, and is near surface with an average maximum
depth of 30 metres;
• Processing costs : Heap leaching of copper oxides is among the lowest -cost
methods, with operating costs typically US$1.50–3.00/lb Cu (or lower for oxides),
driven by low energy use and simple infrastructure;
• Proximity to infrastructure : The deposit is strategically located proximal to
existing infrastructure, including First Quantum’s Kansanshi Mine, with the
deposit located within 6.8 kilometres of the paved bypass road maintained by
First Quantum;
• Market context: As of early 2026, copper prices exceeded US$5.50/lb, providing
substantial headroom over costs even at conservative recoveries (70% to 80%)
and moderate acid consumption;
Figure 1: Kazhiba location, showing proximity to First Quantum’s Kansanshi Mine, and location of Kazhiba Main
Copper Oxide Deposit
Figure 2: Kazhiba Main 2024 and 2025 drill hole locations . Note: Location of MSZ -25-DD-029E and
location of section shown in Figure 4 (A to B).
Figure 3: Malachite mineralization in Drill Hole MSZ-25-DD-029E. See Figure 2 for location.
Figure 4: Kazhiba Main Copper Oxide Deposit section. Location detail showing in Figure 2, denoted A
to B.
National Instrument 43-101 Disclosure
The Company will file a National Instrument 43 -101 (NI 43-101) technical report on
SEDAR+ within the mandated 45-day period following the date of this press release.
Dexter Ferreira, of DMT Kai Batla Pty Ltd, who is independent of the Company, has
reviewed and approved the scientific and technical information herein regarding the
Kazhiba Copper Oxide project. Mr. Ferreira was responsible for the Kazhiba Copper
Oxide Mineral Resource Estimate and has approved the scientific and technical
information pertaining to the Mineral Resource Estimate in this news release.
Darin Labrenz, P.Geo., a consulting geologist for the Company, is the Qualified
Person for this news release and has reviewed and verified that the technical
information contained in this news release is accurate and approves of the written
disclosure of the same.
Each of Mr. Ferreira, and Mr. Labrenz are Qualified Persons as defined in NI 43-101.
The Qualified Persons have reviewed and verified the sampling and analytical
procedures, results of the Quality Assurance / Quality Control (QAQC) program, the
database, domain interpretation, estimation parameters, and validation of the block
model and are of the opinion that a generally prudent and acceptable approach has
been adopted in developing the estimate. There was no limitation on the verification
process.
About Midnight Sun and Kazhiba Main
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
property is comprised of three exploration licences, with the Kazhiba Main Oxide
Copper Deposit contained within exploration licence 21509 -HQ-LEL, held by the
Company’s subsidiary, Zambian High Light Mining Investment Ltd. The Solwezi
Project is surrounded by 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
VP Business Development and Communications
Tel: +1 604 809 6890
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.
Cautionary Note Regarding Mineral Resources
Mineral resources that are not mineral reserves do not have demonstrated economic
viability. The mineral resource estimate contained in this news release is based on
limited information and is subject to various assumptions, qualifications, and
procedures described herein. There is no certainty that the mineral resources
estimated will be realized. The economic viability of mineral resources is influenced
by many factors including commodity prices, mining and processing costs,
metallurgical recoveries, capital costs, and regulatory requirements, all of which are
subject to change and uncertainty.
This news release contains “forward- looking statements” and "forward -looking
information" (collectively, "forward-looking statements") within the meaning of applicable
Canadian securities legislation. Forward-looking statements in this news release include ,
but are not limited to, statements regarding: the Company's plans to monetize the Kazhiba
Main Deposit and commence discussions with counterparties; the Company's goal to
convert the deposit into a non-dilutive funding source to advance the Dumbwa Projec t;
the MRE; the timing for filing the NI 43 -101 technical report on SEDAR+; assumptions
regarding mining methods , processing methods , and metallurgical recoveries;
assumptions regarding copper prices, processing costs, mining costs, and other economic
parameters used in the conceptual pit shell; statements regarding the potential economic
viability of the Kazhiba Main Deposit; and the Company's plans and expectations for
future exploration and development activities. Such forward- looking statements are
based on various assumptions and factors that may prove to be incorrect, including but
not limited to assumptions about: copper prices; exchange rates; processing and recovery
rates that can be achieved; mining and processing costs; the results of future metallurgical
testwork; the ability to obtain necessary permits and approvals; the availability of
financing; and general business and economic conditions.
Forward-looking statements involve known and unknown risks, performance uncertainties
and other factors which may cause the actual results, or achievements of the Company to
be materially different from any future results, performance or achievements expressed