Midnight Sun Initiates Phase Two Exploration Program at Dumbwa

Midnight Sun Mining Corp. announced the commencement of Phase Two exploration at its wholly-owned Dumbwa copper deposit in Zambia. This program marks a strategic shift from the systematic evaluation of Phase One to a targeted exploration strategy. Phase Two aims to expand known mineralization laterally and along strike, identify higher-grade zones, and test newly identified prospective structures outside the currently defined corridor.

Exploration tools for the new phase include integrated high-resolution ground magnetics, dipole-dipole induced polarization (IP) geophysics, soil geochemistry, and diamond drilling. Phase One progress is highlighted by nearly 75,000 meters of drilling completed, the identification of four areas of intense copper mineralization, and the successful completion of an initial high-resolution ground magnetic survey. The magnetic survey identified a "fingerprint" of high-grade copper mineralization and two new, previously unrecognized exploration targets approximately 1.0 to 1.2 km east of the main corridor. Phase One drilling is expected to be completed by the end of Q3 2026.

The company retained Rose & Company Holdings, LLC for investor relations services at a fee of US$50,000 per quarter.

Midnight Sun Mining Corp. (MMA) announced a routine progression in its Dumbwa exploration program, marking the logical start of Phase Two following the completion of Phase One’s systematic evaluation and magnetic surveying. The company’s previous guidance indicated that Phase One would conclude in Q3 2026, with Phase Two focusing on lateral extensions and higher-grade domains.

While the identification of new targets east of the main corridor is geologically encouraging, the announcement does not constitute a new resource estimate, a financing event, or a change in the company's financial profile. The retention of an investor relations firm is considered a standard operational expense and does not alter the fundamental risk/reward profile.

There is no material financial impact or immediate catalyst for the stock price beyond incremental exploration updates. The market has already priced in the ongoing drilling campaign, as evidenced by the stock's consolidation in the $0.60–$0.75 range over the past month.

Midnight Sun Mining Corp. is an exploration-stage company focused on copper projects in Zambia's Domes Region, situated adjacent to major operations such as First Quantum's Kansanshi and Barrick's Lumwana. Its flagship Dumbwa project is a basement-hosted, strain-controlled sulphide copper system featuring a near-surface, high-grade central corridor that is 100–600 meters wide within a broader mineralized shell exceeding 1,000 meters in width. Mineralization at Dumbwa extends to depths greater than 200 meters.

The company’s secondary asset, Kazhiba Main, is a high-grade, near-surface oxide copper deposit with a maiden indicated resource of 2.33 million tonnes at 1.41% Cu. This deposit is positioned for monetization to help fund the advancement of the Dumbwa project. Midnight Sun Mining Corp. is currently in the exploration phase with no commercial revenues, relying entirely on equity financing and potential asset monetization to fund operations.