Copper Zone Continues Growing as 200th Drill Hole Confirms Expanding Strike Length

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Midnight Sun Mining Corp. and Barrick Mining Corp.
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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) reported drill results from its wholly owned Dumbwa copper deposit at the Solwezi Project in Zambia, stating that drilling has now confirmed near-surface copper sulphide mineralization over a continuous strike length of 5.3 kilometers. The company said drilling has surpassed 200 holes totaling more than 42,000 meters, with assay results received for approximately the first 4 kilometers of drilled strike.

According to the company, the initial discovery and delineation drill program remains active with four rigs focused on extending the deposit north along strike and expanding previously drilled mineralization east and west. The company also stated that quality control issues related to laboratory analysis had been resolved and that assay backlogs had been substantially alleviated.

The company reported drill intercepts including 93 meters grading 0.40% copper in hole DBW-25-099R, 80 meters grading 0.39% copper in hole DBW-25-123, 44 meters grading 0.53% copper in hole DBW-25-036, and 36 meters grading 0.58% copper in hole DBW-25-122. Additional reported intercepts included 17.84 meters grading 0.85% copper in hole DBW-25-149, including 8 meters grading 1.71% copper, and 61 meters grading 0.34% copper in hole DBW-25-147, including 6 meters grading 1.30% copper.

"What began as a geological concept has now been established as a significant discovery, with over 5.3km of strike now tested and supported by more than 40,000m of drilling. Our team is rapidly defining what is emerging as an exceptionally large, near-surface, structurally controlled copper sulphide deposit," COO Kevin Bonel stated in the news release.

Bonel also stated that the company had established Dumbwa as "a basement-hosted, strain-related deposit, geologically comparable in every way to Barrick Mining Corp.'s (ABX:TSX;  B:NYSE) Lumwana."

The company said geological logging showed the Dumbwa deposit to consist of stacked series of copper sulphide mineralised biotite and muscovite-biotite schists within basement gneiss sequences. Midnight Sun stated that similarities between Dumbwa and the nearby Lumwana deposit included host rocks, mineralization style, structural controls, and associated kyanite overprints.

Midnight Sun stated that the east-west width of the mineralised corridor ranges from 200 meters to greater than 500 meters, while mineralization has been demonstrated from surface to depths between 175 meters and 220 meters, with some deeper holes extending beyond 300 meters.

The company also disclosed that it encountered laboratory assay quality control issues in February 2026 at SGS Laboratories in Kalulushi, Zambia. According to Midnight Sun, SGS identified contributing factors including ICP instrument calibration issues, poor-quality argon gas supply, and complications related to a facility relocation. The company stated that SGS has since remedied the issues and that assay results are now meeting Midnight Sun's internal QA/QC standards. Of the 200 holes drilled to date, the company said assay results for 66 holes remain pending.

Midnight Sun stated that recent samples have also been dispatched to Intertek Laboratories in Perth, Australia, for assaying.

In a May 11 commentary, Barry Dawes of Martin Place Securities wrote that copper had "continued higher with its first ever weekly close above US$6/lb." Dawes stated that "many other metals and resources will perform more strongly than gold" and added that "Copper will be heading much higher from here." He also wrote that copper was "testing" higher pricing levels during a period in which metals markets experienced ongoing corrections and shifting short-term trading patterns.

According to a May 11 report from TradingKey, three-month copper on the London Metal Exchange reached US$13,637 per tonne, marking its highest level since January 29. The report stated that copper had previously posted a closing high of US$13,952 per tonne and briefly traded above US$14,500 per tonne during the same session. TradingKey stated that copper prices had remained firm despite geopolitical tensions and disruptions connected to the Strait of Hormuz.

The report stated that Citigroup maintained a near-term copper price target of US$13,000 per tonne and wrote that the copper market had "continue[d] to demonstrate resilience under the pressure of war and ongoing blockades." According to the report, Citi attributed support in the copper market to "the energy transition, growth in AI and military demand, and supply-side constraints."

TradingKey also reported that Citi stated, "even a more significant sell-off in risk assets would likely see dip-buying in the copper market support prices above US$12,000 per ton through the second quarter." The report further stated that Citi outlined a separate scenario in which "average copper prices could reach US$15,000 per ton by year-end" if the Strait of Hormuz reopened and restocking demand accelerated.

The report additionally stated that copper prices had increased by approximately 10% since late 2025 despite higher oil prices and geopolitical conflict. TradingKey cited structural demand tied to energy transition activity, military consumption, and government inventory accumulation as factors that had offset some downside pressure on copper demand.

In a May 11 edition of "What's Chen Buying? What's Chen Selling?", Chen Lin wrote that broader markets had continued moving higher despite geopolitical developments. Referring to copper, Lin stated, "I am calling for copper to break out in 2026 in my presentation."

Ongoing Drilling Progress, Resource Plans, and Assay Backlog Resolution

According to a May 4 report from Ron Struthers of Struthers' Resource Stock Report, copper had been in what he described as "a stealth bull market." Struthers wrote that "most investors are unaware of the huge copper shortage that is about to evolve and the resulting high prices."

The report listed Midnight Sun Mining Corp. with a recent price of CA$1.22, an entry price of CA$0.27, and an "Opinion - Hold."

Struthers referenced a recent update from Haywood Securities and wrote that "MMA has broken through the backlog of assays and could have drill results this week on about 29 holes." He also stated that "there remains a large backlog of holes to assay and release results, with 46 more holes in process at SGS Labs in Zambia."

According to the report, "there have been persistent QA/QC issues with the core samples submitted to SGS labs in Zambia, so MMA is transitioning its Dumbwa core for assays to Intertek Testing Services in Perth, Australia." Struthers added that "the company has already worked with Intertek for metallurgical testing at Dumbwa, so MMA is expanding that relationship."

The report stated that "drilling with four rigs is proceeding well, having covered 5.3km of strike length at Dumbwa to date, which is mostly mineralized." Struthers also wrote that "MMA drillers have now collared hole #200" and that "in addition to the drilling along the north-south strike, MMA is planning 20 holes to the east of the main trend."

Struthers wrote that "MMA expects to finish drilling this summer to define a footprint of ~12km long by 400m wide." He further stated that "MMA's plan is to release an initial resource on the project by 4Q26, based on drilling over ~8km of strike."

Referencing Haywood Securities, Struthers wrote that "Haywood believes the resource could be in the range of 700Mt grading 0.4-0.5% Cu to a depth of 175m."

The report also stated that "MMA has initiated discussions for the sale of its Kazhiba Main Oxide Copper Deposit." Struthers wrote that Haywood believed "this asset, located within 10km of the Kansanshi SX-EW mill, which currently treats oxide ore from the Kansanshi mine, could be sold for ~CA$60M by mid-year."

According to the report, the company had "CA23.5M in cash, with another CA$18M of in-the-money warrants that expire in May 2027."

Ongoing Drill Expansion and Phase Programs

Midnight Sun stated that the Dumbwa deposit remains open to the north along the entire extent of the continuous copper-in-soil anomaly, to the east in certain areas, and at depth. The company said drilling is continuing along the planned strike length of 11.2 kilometers as part of the Phase One exploration program.

According to the company, the initial broadly spaced shallow drilling has tested approximately one-third of the strike extent targeted in Phase One, with assay results released for the first 4 kilometers. Midnight Sun said the program includes a further 200 planned holes totaling an additional 40,000 meters of drilling, including width extensions on certain previously drilled fences.

The company stated that Phase One exploration drilling is planned to test an additional 5.7 kilometers north for a total of 11.2 kilometers of suspected north-south copper mineralised strike. The company also stated that Phase Two exploration is planned to test the northern half of the 20-kilometer copper-in-soil anomaly.

Midnight Sun said further drilling is planned in the southern portion of the Dumbwa deposit after geological cross-sections indicated some earlier drill fences may have stopped short of fully testing the mineralized width, particularly in the southernmost higher-grade zone. The company stated that these additional holes are intended to test the possible eastward growth of the mineralized envelope.

The company also stated that exploration work at Dumbwa, including drilling, is expected to continue on an ongoing basis.

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 and CA$2.00. The company's market cap was CA$327.3 million on January 29.