Midnight Sun Mining Corp. announced the Company has signed an earn-in agreement (the "Earn-In Agreement") with KoBold Metals Company ("KoBold"), through their respective Zambian subsidiaries, to explore the Dumbwa Target ("Dumbwa Target" or "Dumbwa"), located on the Company's Solwezi Project in Zambia. The Earn-In Agreement allows KoBold to earn a 75% interest in Dumbwa by incurring USD 15 million in exploration expenditures and making cumulative cash payments to Midnight Sun of USD 500,000 over 4.5 years.

The Dumbwa exploration target is located in the heart of the Zambia-Congo Copperbelt, and is one of four key prospects that comprise Midnight Sun's 506 square kilometre Solwezi Project. Dumbwa is located within one of three exploration licenses held by the Company; the Company anticipates continuing exploration on its other licenses as well as the portions of the license within which Dumbwa is located that are not subject to the earn-in. The Dumbwa Target area included in the KoBold agreement is 1082 kilometres.

KoBold plans to initiate a drill campaign in 2024 to begin systematic exploration of structural targets at Dumbwa. The remaining 398 square kilometres of property that make up the Solwezi Project will remain with Midnight Sun, and the Company intends to continue exploration on the other key targets outside of the area subject to the KoBold Earn-In Agreement.