Copper System Grows to 6.7 Kilometers as Drilling Pushes Deposit Farther North

Midnight Sun Mining Corp. (MMA:TSX.V; MDNGF:OTCQB) reported additional assay results from 77 drill holes completed at its wholly owned Dumbwa copper deposit in Solwezi, Zambia. The company said drilling has now exceeded 260 holes totaling 56,855 meters, confirming continuous near-surface sulphide copper mineralization over 6.7 kilometers of strike at the deposit.

Among the latest drill results, hole DBW-26-200 returned 21.64 meters grading 0.42% copper from 0.36 meters, hole DBW-26-165 intersected 13.67 meters grading 0.51% copper from 19.33 meters, and hole DBW-26-150 returned 25.00 meters grading 0.38% copper from 97.00 meters. Additional mineralized intervals were reported from several other drill holes, with assay results based on four-acid digest and ICP-OES finish. The company noted that reported intervals are drilling intervals and are considered relative rather than true widths.

According to the company, drilling has confirmed continuous near-surface sulphide copper mineralization across the first approximately 5.2 kilometers of the drilled trend, while five drill rigs continue expanding the deposit northward along strike and laterally to the east and west of known mineralization.

Recent drilling focused on extending the Dumbwa deposit to the north and refining its lateral boundaries, resulting in an additional 1.4 kilometers of strike extension. The company said drilling intersected the same geology that characterizes Dumbwa, including flat to gently east-dipping biotite and muscovite-biotite schists hosting sulphide copper mineralization. It also reported that the higher-grade core of the north-south trending Dumbwa shear zone has re-emerged beyond a northwest-southeast structural corridor where weaker schist development and associated grade attenuation had previously been encountered. Midnight Sun added that mineralization remains open along the full extent of the copper-in-soil anomaly, in select areas to the east and west, and at depth.

Midnight Sun President and CEO Al Fabbro said in a company news release, "To date, we have demonstrated that Dumbwa is, at a minimum, a 6,700 meter long and 600 meter to 1,000 meter wide, north-south, strain-controlled copper system." He added, "As our drilling has progressed north of the disruption zone we just passed through, we are again seeing good development of visually strong copper mineralization and the northernmost holes we have reported today demonstrate the return of thick, higher-grade mineralization within the central corridor of the deposit."

Trade Policy and Economic Data Drive Copper Markets

Recent commentary has highlighted U.S. trade policy as a key factor influencing copper markets. Yahoo Finance reported on July 3 that attention had shifted away from shipping disruptions in the Strait of Hormuz and toward the pending U.S. review of the domestic refined copper market and a possible decision on copper import tariffs. The publication stated that "copper's real swing factor now sits in Washington, not the Gulf." David Wilson, a metals strategist at BNP Paribas, told Yahoo Finance that opposition to the proposed tariff remained active, saying those against the measure were "still actively and significantly lobbying to not have a tariff." The report also cited Vanda Insights founder Vandana Hari, who said shipping conditions through the Strait of Hormuz had improved but remained uneven, adding that copper prices would continue to respond to underlying supply and demand conditions as well as trade policy developments.

Trading Economics reported on July 4 that copper futures approached US$6.20 per pound, putting the metal on pace for a weekly advance after weaker-than-expected U.S. employment data for June reduced expectations for further Federal Reserve interest rate increases. According to the publication, industrial metals had previously been pressured by signals from Federal Reserve officials that additional monetary tightening could be warranted, while improving commercial shipping conditions through the Strait of Hormuz had eased concerns about supply disruptions. Trading Economics described copper as one of the world's most widely used industrial metals because of its role in construction, electronics, electricity generation, and renewable energy systems, noting that prices are closely tied to industrial demand and broader economic activity. The publication also identified Chile as the world's largest copper producer, followed by the Democratic Republic of the Congo, Peru, China, and the United States.

Power Hedge wrote in a July 5 market outlook that its long-term outlook for commodities had remained positive, stating that copper producers and diversified mining companies could benefit if demand associated with artificial intelligence continued to outpace supply growth. The report also said that higher oil prices during 2026, attributed to conflict in the Middle East and disruptions affecting the Strait of Hormuz, had contributed to renewed inflationary pressures and changing macroeconomic expectations. According to the analysis, elevated inflation driven by higher energy prices and semiconductor shortages had supported expectations for modest Federal Reserve rate increases instead of rate cuts. The report further noted that crude oil is widely used across the economy, including in mining equipment, contributing to higher production costs in the mining sector and other industries.

Third-Party Maintained Buy Rating Following Expanded Dumbwa Drill Results

In a June 30 report, Ron Struthers discussed Midnight Sun Mining's latest drilling results from the Dumbwa copper deposit in Zambia, noting that drilling had surpassed 260 holes and 56,855 meters while confirming continuous near-surface sulphide copper mineralization over 6.7 kilometers of strike. The report highlighted drill intercepts including 21.6 meters grading 0.42% copper, 13.7 meters grading 0.51% copper, and 25.0 meters grading 0.38% copper. It also quoted Midnight Sun President and CEO Al Fabbro, who stated, "To date, we have demonstrated that Dumbwa is, at a minimum, a 6,700 meter long and 600 meter to 1,000 meter wide, north-south, strain-controlled copper system."

Struthers wrote that "The project is going very well and is increasing in size," adding that the reported drill results were "consistent with previous drill numbers." He also noted that approximately 12,500 meters of Phase 1 drilling remained to complete the planned 11.5-kilometer strike extent of the South Block, with the program expected to conclude in the third quarter of 2026, after which Phase 2 drilling was planned to cover an additional 10 kilometers of strike on the northern portion of the Dumbwa property.

The report also referenced an update from Haywood, which maintained a Buy rating and a CA$3.00 target price on Midnight Sun. Haywood stated, "We are maintaining a Buy rating and our CA$3.00 target price." The firm added, "The drill program is demonstrating a consistently mineralized deposit over a major strike length, albeit with variable grades that may ultimately be lower overall compared to Lumwana. We recognize these results did not help the stock price but maintain our view that Dumbwa could develop into a significant resource, which will ultimately be a positive catalyst for the shares."

Phase One Program Advances Across Initial Target Area

Midnight Sun said approximately 12,500 meters of Phase One drilling remain to complete testing of the initial 11.5-kilometer strike extent, with the program expected to conclude in the third quarter of 2026. Five drill rigs continue operating as the company advances northward along strike while also testing extensions to the east and west of known mineralization.

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The company said its drilling strategy is designed to define the full mineralized envelope, including both the higher-grade core and surrounding lower-grade mineralization. Drill fences are spaced approximately 100 to 200 meters apart along the target, with drill holes positioned every 50 meters across each east-west fence. Drilling has progressed systematically northward from the southern property boundary, defining a mineralized system extending approximately 6.7 kilometers in strike length.

Midnight Sun stated that the central higher-grade zone is typically between 200 and 600 meters wide, while the total mineralized envelope commonly extends from 1.0 to 1.5 kilometers across. The company said the drilling approach is intended to establish both the geometry of the higher-grade core and the full extent of the broader mineralized system rather than focusing exclusively on the higher-grade center.

The June 2026 corporate presentation also states that the Phase One program is targeting the southern 11.5 kilometers of a 20-kilometer copper-in-soil anomaly, with drilling conducted on 50-meter east-west hole spacing and 100 to 200-meter north-south line spacing. The presentation notes that more than 56,855 meters of drilling have been completed over a 6.7-kilometer strike length and describes the Dumbwa system as at least 6,700 meters long, 600 to 1,000 meters wide, near surface, and extending to greater than 200 meters depth.