Midnight Sun Confirms Kazhiba Licence Renewal

Rhea-AI Summary

Midnight Sun Mining (TSXV: MMA) (OTC Pink: MDNGF) has secured the renewal of Large Scale Exploration Licence 21509-HQ-LEL for the Kazhiba Target in Zambia. The company is collaborating with First Quantum Minerals on an exploration program targeting near-surface oxide copper mineralization, strategically located near Africa's largest copper mining complex, Kansanshi.

The company has also amended its earn-in agreement with KoBold Metals Company by removing the longstop date to allow time for obtaining necessary Zambian regulatory approvals. This exploration program aims to establish potential near-term production and non-dilutive cash flow while continuing exploration of sulphide copper targets at Kazhiba, Mitu, and Crunch.

Positive

• Successful renewal of Large Scale Exploration License for Kazhiba Target
• Strategic location near Kansanshi, Africa's largest copper mining complex
• Ongoing collaboration with First Quantum Minerals for exploration program
• Potential for near-term production and non-dilutive cash flow

Negative

• Pending Zambian regulatory approvals for KoBold earn-in agreement

Vancouver, British Columbia--(Newsfile Corp. - December 23, 2024) - Midnight Sun Mining Corp. (TSXV: MMA) (OTC Pink: MDNGF) ("Midnight Sun" or the "Company") is pleased to announce that, per an online public notice dated December 20, 2024, the renewal application for Large Scale Exploration Licence 21509-HQ-LEL (the "Licence"), which includes the Kazhiba Target, was approved at the most recent meeting of the Mining Licensing Committee.

Midnight Sun's President & CEO, Al Fabbro, stated: "The Kazhiba licence issue has been resolved, removing any concern as to the status of this critical component of our exploration and development plans. We wish to once again thank the Zambian Ministry of Mines and Minerals Development for their assistance in rectifying this matter, and our valued shareholders for their patience and support. We now turn our focus to the many exciting near-term catalysts ahead, starting with the completion and results of our exploration program at Kazhiba. Working in collaboration with First Quantum Minerals, this program is part of a larger, multi-target campaign aimed to define near-surface oxide copper mineralization destined for Africa's largest copper mining complex, Kansanshi, located just a few kilometres from our property. Near-term production and potential cash-flow provides incredibly rare optionality to our Solwezi Project, and a non-dilutive path toward the continued exploration of our underlying sulphide copper targets at Kazhiba, Mitu and Crunch."

KoBold Earn-In - Longstop Removal

Midnight Sun and KoBold Metals Company have agreed to amend the previously announced earn-in agreement (see news release dated February 20^th, 2024) to remove the longstop date to allow time for the two parties to receive the necessary Zambian regulatory approvals to complete the final condition precedent of the agreement.

Qualified Person: Darin Labrenz, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.

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About Midnight Sun

Midnight Sun is focused on exploring our flagship Solwezi Project, located in Zambia. Situated in the heart of the Zambia-Congo Copperbelt, the second largest copper producing region in the world, our property is vast and highly prospective. Our Solwezi Project is surrounded by world-class producing copper mines, including Africa's largest copper mining complex right next door, First Quantum's Kansanshi Mine. Led by an experienced geological team with multiple discoveries and mines around the world to their credit, Midnight Sun intends to find and develop Zambia's next generational copper deposit.

ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.

Al Fabbro
President & CEO

For Further Information Contact:
Adrian O'Brien
Director of Marketing and Communications
Tel: +1 604 809 6890
Em: adrian@midnightsunmining.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.

This news release contains "forward-looking statements" within the meaning of the applicable Canadian securities legislation that are based on expectations, estimates, assumptions and projections as at the date of this news release. The information in this news release that is not a historical fact may be "forward-looking statements". Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (which may, but not always, include phrases such as "anticipates", "plans", "scheduled", "believed" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking statements.

Although the forward-looking statements contained in this news release are based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Such factors include, among others, risks relating to the timing and ability of the Company to obtain and the timing of the approval of relevant regulatory bodies, if at all; risks relating to property interests; risks related to access to the project; risks inherent in mineral exploration, including the fact that any particular phase of exploration may be unsuccessful; geo-political risks; the global economic climate; metal prices; environmental risks; political risks; and community and non-governmental actions. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking statements. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234912

FAQ

What does the Kazhiba license renewal mean for Midnight Sun Mining (MDNGF)?

The renewal secures a critical component of their exploration and development plans, allowing them to proceed with their copper exploration program in collaboration with First Quantum Minerals.

How close is MDNGF's Solwezi Project to the Kansanshi copper mining complex?

The project is located just a few kilometers from Kansanshi, Africa's largest copper mining complex.

What are the main exploration targets for MDNGF in the Solwezi Project?

The main exploration targets are Kazhiba, Mitu, and Crunch, focusing on both near-surface oxide copper mineralization and underlying sulphide copper targets.

What changes were made to MDNGF's earn-in agreement with KoBold Metals?

The longstop date was removed from the agreement to allow time for obtaining necessary Zambian regulatory approvals.