Copper Explorer Finds Massive 3.6km Mineralized System at Dumbwa in Zambia

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Midnight Sun Mining Corp. (MMA:TSX.V; MDNGF:OTCQB) announced assay results from 28 drill holes totaling 5,247.3 meters at its wholly owned Dumbwa Target in Solwezi, Zambia, according to a release on January 29.

The ongoing drilling efforts continue to significantly extend the mineralized system at Dumbwa along its strike, the company said.

Highlights include:

• Hole DBW-25-021 intercepted 0.89% copper (Cu) over 25 meters, with four distinct mineralized zones within the hole.
• Hole DBW-25-030 intercepted 0.46% Cu over 50 meters, including 1.36% Cu over 6 meters.
• Hole DBW-25-027 intercepted 0.48% Cu over 21.85 meters.

"Similar to the nearby Lumwana Mine, delineating basement-hosted copper systems like Dumbwa requires defining continuous, shallow mineralization along extensive strike at surface, and these latest intercepts continue to do exactly that," said Midnight Sun Chief Operating Officer Kevin Bonel. "Each hit strengthens our confidence in the Dumbwa system and further validates our thesis. Our strategy of methodically delineating Dumbwa in 100- to 200-meter increments along strike has proven to be the right strategy to rapidly reveal the true scale of this copper system. We are advancing quickly, hitting consistent copper mineralization that mirrors what my team encountered as we expanded Lumwana."

Bonel continued, "With drilled strike length now exceeding 3.6 kilometers with exceptional continuity, we are efficiently tracking the system and delineating it with precision. As the strike continues to grow, each step-out makes Dumbwa larger, stronger, and increasingly compelling."

Drilling at Dumbwa has now demonstrated a mineralized strike of 3.6 kilometers running north-south, according to the company. So far, 122 holes have been completed, with five more currently in progress, and an additional 140 holes planned to test the mineralized corridor over the next 3 kilometers of strike. This represents approximately 25,000 meters of planned drilling.

Samples from an additional 64 drill holes have been submitted for assay, with the remaining samples currently being cut and prepared, Midnight Sun said.

More On the Project

Dumbwa is a near-surface, low-strip, bulk-tonnage exploration target with geological and mineralization characteristics similar to Barrick Mining Corp.'s (ABX:TSX; B:NYSE) Lumwana mine, located roughly 60 kilometers to the west, the company has said.

The site features a significant copper-in-soil anomaly extending about 20 kilometers along strike and over one kilometer wide, with peak copper values reaching 0.73%. Previous drilling has confirmed the presence of sulfide copper mineralization, but additional drilling, guided by structural controls, is needed to better understand the dip, continuity, size, and scale of the system, according to Midnight Sun's release.

Multiple stacked mineralized horizons have been identified, resembling those at the Lumwana mine. A recent dipole-dipole IP survey covering the southern 11.5 kilometers of the strike extent has revealed the structural framework of the Dumbwa target, which is crucial for understanding its geometry. The interpreted IP results show a horizon that varies from relatively flat-lying and gently dipping to areas with clear evidence of folding, ranging from open folds to very tight upright folds.

There is a strong correlation between the mineralized intervals encountered in previous drilling at Dumbwa and the target horizon interpreted from the IP data, according to the company. Additionally, a positive relationship exists between this horizon and the overlying soil anomaly. The interpreted IP survey also identified several major crosscutting structures, which help explain offsets between historical soil geochemistry and previously drilled mineralization.

'Major Resource Potential' at Dumbwa

According to Emily Jarvie writing for Proactive on December 23, 2025, Haywood Securities initiated coverage of Midnight Sun with a "Buy" rating and a target price of CA$3, citing the company's exploration assets in Zambia and upcoming project milestones as key factors driving its valuation. The firm stated that its target price is based on a 0.97x multiple of its net asset value (NAV) estimate.

While acknowledging that Midnight Sun's projects are in the early exploration stage and lack defined resources or mine plans, Haywood highlighted two main assets supporting its investment thesis: the Dumbwa copper project and the Kazhiba oxide copper prospect. "While MMA's Zambia projects are early stage, with no resource or mine plans from which to derive value, our target price is supported by major resource potential at Dumbwa and the presence of high-grade oxide copper at Kazhiba," the analysts wrote, according to Jarvie.

Dumbwa represents a significant and largely unexplored copper-in-soil anomaly in Zambia's Copperbelt, Haywood said. The analysts noted a continuous surface anomaly extending approximately 20 kilometers along strike and up to one kilometer in width, supported by geophysical survey data and historical drilling by First Quantum Minerals, which intersected copper mineralization in most of the holes drilled across the trend.

Haywood also highlighted Midnight Sun's early drilling results at Dumbwa, describing them as promising for a large, shallow system. "We believe Dumbwa represents a high-potential copper development opportunity," the analysts wrote, adding that if drilling confirms a large underlying sulfide system, "the project could become a Tier-One copper deposit."

Kazhiba MRE Changes Rating

While Red Cloud analyst Taylor Combaluzier had a Buy rating on Midnight Sun, in a January 21, 2026, research note, he changed that rating from Buy to Hold after Midnight Sun announced a maiden MRE for the Kazhiba Main oxide deposit at its flagship Solwezi project in Zambia.

He wrote that "The indicated resource delineated 2.3Mt at 1.41% Cu for 72.3M lbs Cu at a 0.10% Cu cutoff. We view this maiden MRE negatively, given its modest size and grade, which came in lower than both our Lower Case and Upper Case mineral inventory estimates." Combaluzier also stated that these results were also below management's guidance.

After reviewing where the stock was trading at the time, Combaluizer concluded, "When we initiated on the stock, it was trading at CA$0.41/sh and had a CA$67.7M market cap. Since then, it has performed very well and is now trading at CA$1.47/sh with a CA$314.3M market cap. In our view, this modest maiden MRE for Kazhiba and exploration progress at Dumbwa to date does not justify the stock's current valuation."

The Catalyst: Copper Prices Going 'Bonkers'

Copper prices reached their highest level on record Thursday, joining the rally in precious metals that has propelled gold and silver to their own all-time highs, according to Myra P. Saefong writing for MarketWatch on January 29. The surge in the industrial metal is driven by increasing demand from China and optimistic comments from Federal Reserve Chair Jerome Powell about the U.S. economy, which has led to expectations of higher copper consumption.

On Comex, copper for March delivery rose 4.7% to settle at US$6.20 a pound, marking the highest close based on records dating back to 1972, according to Dow Jones Market Data. It traded as high as US$6.583, setting a new all-time intraday high. Shares of the Global X Copper Miners exchange-traded fund also reached a record-high intraday level of US$99.99, based on data since 2010, and were last up 2.3% at US$94.12.

The U.S. has an "improved growth outlook, mainly driven by strong consumption factors such as artificial intelligence and data-center buildout," said Phil Flynn, senior market analyst at the Price Futures Group, Saefong reported. "Of course, when you think about that, one of the first things you think about is copper, and copper prices are exploding after the Fed chairman's comments," he said in a Thursday report.

Powell noted that the U.S. economy expanded at a "solid pace" last year and has entered 2026 on a "firm footing."

"Copper may be the most important commodity in the world right now when it comes to the artificial-intelligence revolution — and without copper, none of it will be possible," said Flynn. As a result, "we're seeing more investment in copper, and people who didn't pay attention to copper are now focused on it."

Gold and silver prices also reached record highs this week. The most active April gold contract settled Thursday at US$5,354.80 an ounce, while March silver finished Monday at US$115.504 an ounce, the MarketWatch piece said.

Overall, "it's absolutely bonkers across the metals space, with copper leading the group in base metals," said Edward Meir, an analyst at Marex, Saefong noted.

The global copper market was valued at US$241.88 billion in 2024 and is expected to reach US$339.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030, according to Grand View Research. Copper is essential in solar panels, wind turbines, and related grid infrastructure, the research firm highlighted.

"Due to its electrical efficiency, it plays a central role in solar photovoltaic systems, wind turbines, electric grids, and energy storage systems," Grand View stated. "The global push for cleaner energy sources to meet climate targets has led to rising installations of renewable power capacity, all requiring significant amounts of copper. Moreover, as countries upgrade aging power grids and integrate smart grid technologies, the demand for copper-intensive transmission and distribution networks continues to climb."

Ownership and Share Structure¹

According to Refinitiv, management and insiders own about 5% of Midnight Sun Mining, institutions own 3%, and the rest is retail.  

The stock has traded in a 52-week range between CA$0.48-2.00. The company's market cap was CA$327.3 million on January 29.