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The rise of Midnight Sun Mining in Zambia

Midnight Sun Mining Corp seems to be on a roll. Following strategic appointments to senior management and the Board of Directors, the Canadian junior has raised over 14 million USD in less than a month and signed a partnership agreement with KoBold Metals for more than 15 million USD. Headed by Al Fabbro, the Canadian mining company is developing the Solwezi project in Zambia, at the heart of the Zambia-Congo copper belt.

Strategic appointments

In less than a month, the board has expanded its table to include geologist Darin Wagner, co-founder of Falco Resources and NewCastle Gold acquired by Equinox Gold in 2017. The Canadian junior also welcomed a more financial profile embodied by Margot Naudie, president of Elephant Capital and former director of Canadian bank TD Asset Management and Marret Asset Management.

In terms of management, Midnight Sun Mining, headed by Al Fabbro, formerly of Canaccord Capital and RoxGold, acquired by Fortuna Silver Mines in 2021, has just welcomed geologist Kevin Bonel. He will be in charge of developing the Solwezi project in Zambia, a country he already knows well having worked for Barrick Gold on the Lumwana project and with Freeport McMoRan on the Kabompo project.

Major financial partners

In recent months, Midnight Sun Mining has strengthened its teams and financial capabilities. Firstly, with an eloquent media announcement in February 2024, it collaborated with KoBold Metals, an American mining company financially backed by Bill Gates and Jeff Bezos. The latter intends to take a 75% interest in part of the Solwezi project, the Dumbwa zone, by investing US$15 million in exploration and making US$500,000 in cash payments over a 4.5-year period. In addition, the Canadian junior has raised around US$14 million through banks and investment funds such as Red Cloud Securities, Canaccord Genuity and Haywood Securities.

For the time being, the Canadian junior, which continues to explore the subsurface of its permits in Zambia, has not yet announced a date for the publication of a pre-feasibility study.

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