Midnight Sun Announces Resource Estimate for Kazhiba Main Copper Oxide Deposit
Midnight Sun Validates Monetization Strategy with Maiden Kazhiba Resource; Eyes Non-Dilutive Funding for High-Grade Dumbwa Project.
On January 20, 2026, Midnight Sun Mining Corp. announced its maiden Mineral Resource Estimate (MRE) for the Kazhiba Main Oxide Copper Deposit in Zambia. The estimate, prepared by DMT Kai Batla PTY Ltd., defines an Indicated resource of 2.33 million tonnes grading 1.41% copper, containing 72.3 million pounds of copper. The resource is extremely shallow, with an average maximum depth of only 30 meters, and utilizes a low 0.10% Cu cut-off grade based on a USD $12,000/tonne copper price assumption. Management explicitly stated the intent to monetize this asset—likely through its existing relationship with First Quantum Minerals—to fund exploration at its primary "basement-hosted" target, the Dumbwa Project.
This news is Material - Positive for three reasons: - Proof of Concept for Monetization: The company previously signaled it would use Kazhiba’s near-surface oxides to avoid further dilutive equity raises. This MRE provides the hard data required to enter formal divestment or toll-milling negotiations with nearby operators like First Quantum (Kansanshi Mine is only 6km away). - High-Grade Oxide Profile: A grade of 1.41% Cu for a near-surface, acid-soluble oxide deposit is high compared to global averages, making it an attractive "early-feed" candidate for existing SX-EW plants in the region. - Strategic De-risking: By defining 72 million pounds of copper that can be extracted via low-cost open-pit methods, the company has created a tangible "bank account" to fund the significantly more expensive and deeper drilling required at the 20km-long Dumbwa soil anomaly.
Midnight Sun holds the Solwezi Project in the Zambian Copperbelt, situated adjacent to First Quantum’s Kansanshi Mine (Africa's largest copper complex). - Flagship Project: The Dumbwa Project. It features a 20km-long copper-in-soil anomaly. Management views this as a "Lumwana-style" target (referencing Barrick's nearby billion-tonne mine). - Secondary Asset: Kazhiba Main (Oxide). Now defined with a maiden resource to be used as a funding mechanism. - Ownership: The company regained 100% control of Dumbwa in Feb 2025 after cancelling an earn-in with KoBold Metals, opting to lead the discovery themselves under COO Kevin Bonel.