Midnight Sun is focussed on the exploration and discovery of world class copper deposits in the heart of the prolific Zambia-Congo Copperbelt. Our vast 506² km Solwezi Project in Zambia represents multiple distinct opportunities for the discovery of transformative, multi-generational copper deposits. We are surrounded by world-class operating mines and located adjacent to the largest copper mine in Africa – First Quantum’s Kansanshi Mine. We have joined forces with Bill Gates-backed KoBold Metals, to explore our flagship target – Dumbwa. KoBold will spend $15 million USD in exploration over the next 4.5 years, to earn a 75% interest in the target. And now, we are executing our plan to further explore the discoveries we’ve already made, systematically, across the extent of our property.
The Zambia-Congo copper belt is host to world-class copper deposits and some of the world’s richest mines. Many of the world’s leading mining companies are active in the region both as operators and explorers, including Barrick, Rio Tinto, Glencore, Ivanhoe Mines, First Quantum, Anglo American and KoBold Metals.
In January 2024, we entered into an Earn-In Agreement with KoBold Metals to explore our Dumbwa Target. KoBold can earn a 75% interest in Dumbwa by incurring USD$15 million dollars in exploration expenditures and making cumulative cash payments to Midnight Sun of USD$500,000 over 4.5 years.
Dumbwa is a tier-one exploration target, featuring a continuous high-grade copper-in-soil anomaly, which extends for over 20 km along strike and +1 km in width, with peak values of up to 0.73% copper. It is one of four key prospects that comprise our Solwezi Project.
KoBold plans to initiate an aggressive drill campaign in 2024 to begin systematic exploration of structural targets at Dumbwa.
About KoBold Metals
- KoBold Metals Company, a US-based exploration and mining company, is advancing 60 active projects spanning 4 continents. Founded in 2018, KoBold is backed by world-class technology investors including Breakthrough Energy Ventures (initiated by Bill Gates), and Silicon Valley venture capital firm Andreessen Horowitz, as well as institutional investors such as T. Rowe Price and the Canadian Pension Plan Investment Board. KoBold leverages artificial intelligence through proprietary analytical tools and big data to improve and accelerate the exploration process.
- KoBold has an established presence in Zambia, including its flagship Mingomba project for which it is currently completing resource definition drilling and a pre-feasibility study. KoBold has over 40 people based in Zambia, led by Mfikeyi Makayi, CEO of KoBold Metals Africa.
- KoBold has one of the top global sediment-hosted copper teams – including Chief Geologist, Dr. David Broughton, a world-renowned expert in sediment hosted copper deposits. Dr. Broughton is credited with leading the discoveries of both Kamoa and Platreef, as well as serving as Geologist and Project Manager for Kansanshi’s pre-feasibility project, which became Zambia’s largest producing copper mine and is adjacent to the Solwezi Project.
A dedicated team of mineral exploration professionals, and geologists, with multiple discoveries and mines around the world to their credit.
At Midnight Sun, we aim to better the communities in which we operate. We recognize that demand for responsibly mined critical metals such as copper play an integral role in electrification and a low-carbon world outlook.