Midnight Sun Secures Zambia Copper Licence Deal with Earn-in Terms

Midnight Sun Mining Corp. (TSXV: MMA, OTCQX: MDNGF) has signed an earn-in deal with Mulundu Holdings Limited for Zambia’s Mulundu Licence, a 62-square-kilometer area in the country’s Copperbelt region. The agreement includes a phased funding structure to secure a growing stake in the project, pending environmental clearance from the Zambia Environmental Management Agency. Midnight Sun will pay an initial $25,000 within seven days, with the option to earn up to 51% ownership by investing CAD$750,000 in exploration and development within 24 months of obtaining environmental clearance. Should the company fund an additional CAD$3 million within 36 months, it could increase its stake to 80%. If dilution reduces any party’s interest below 10%, their share converts to a 2% net smelter royalty, which Midnight Sun may later buy out for CAD$1 million. The deal follows Midnight Sun’s integration of the Mulundu Licence into its broader Dumbwa exploration program, which aims to extend geophysical and geochemical data across the Dumbwa Trend—a region that may overlap with existing Midnight Sun holdings. The Solwezi Copper Project, where the Mulundu Licence is located, is adjacent to operating mines, including Lumwana and First Quantum Minerals’ Kansanshi, underscoring Zambia’s established copper production infrastructure.