Midnight Sun Technical Webinar May 19th, 2026

Added: 2026-05-23

[00:00:00]Okay.

[00:00:10]All right, good afternoon everybody.

[00:00:12]This is Adrian O'Brien, vice president of business development for Midnight Sun, um welcoming everyone on the webinar today.

[00:00:19]Um joining you today from New York, so uh bear with me. Hopefully we don't have any uh any glitches in internet or anything like that, but we should be smooth sailing. Um the team is on the call and ready to roll. Kevin's got a great uh presentation for you today. Um I'm going to go through a few things kind of thematically and bring everybody up to speed just very quickly before I hand the reins to Kevin to kick off the uh the technical aspect of this. Um but uh you know, an exciting time for us. We certainly put out some results last week that uh that are starting to give a clearer view to Dumbwa and what Dumbwa is. Um and today certainly we're going to cover uh all aspects of this. We're going to give you a deeper dive and really the the idea behind this call is to give Kevin a chance to talk to you directly, let him dig into the technical aspects of Dumbwa, and really show you how much our understanding of this system has advanced. Now obviously we are going to get into some forward-looking statements. Um really quickly to cover this off, we're going to be talking about this system, we're going to be talking about Dumbwa, and uh and we're going to be showing you what we think is coming up and where we think this is going and and give you a better sense of that. So just be aware we're going to cover some forward-looking statements as we go.

[00:01:28]Now before we dive into Kevin's technical call, um you know, what I want to really quickly touch on. We don't have to spend too much time on this because most of you are familiar with the setting, but I want to talk a little bit about what's going on in Zambia to date. And certainly anybody that sat through one of my presentations over the last little while has has already seen me talk about this, but you know, we talk a lot about the setting and the the local the location of Dumbwa. And really when you look at the Domes region today, um you know, I just want to bring everyone's attention around to what's going on around us because this is really topical right now and certainly there's more attention being drawn to it all the time. So, you know, as we've moved this asset forward and certainly now that we're in this phase post discovery, we're starting to delineate and really understand what Dumont is.

[00:02:16]It's worth bringing attention back to where we're working. And looking at the Domes region and why this area is so important today. So, you know, of course looking at the general setting, we've got Ivanhoe's Kamola-Kakula, we've got First Quantum Sentinel Mine, we've got Barrick's Lumwana Mine, which we are going to talk about today certainly in the respect of the comparison to Dumont.

[00:02:39]And we have Kansanshi just a few kilometers away from us.

[00:02:42]But what's going on in this area is that of course we've seen all of the you know, all of the attention on Lumwana moving Lumwana towards this new super pit that Barrick is underway on, you know, advancing that target towards this $2 billion expansion and and certainly globally doubling their output at the end of the day.

[00:03:02]But some of the other aspects of this that are really really critical relate to what's going on with these rail lines. And you know, I think just getting to the heart of what's happening around us, you have now the Lobito Corridor underway and the US government you know, the last few months we've been hearing varied reports of what is happening in terms of funding. The US government is putting up somewhere in the range of $4 billion. I've heard numbers up to 4.4 billion in in phased funding.

[00:03:31]But this is the Lobito Corridor and as you can see, it connects all of these different projects in the region.

[00:03:38]Bars being right in the middle of this surrounding green. And this is absolutely critical. What you have developing around us is what I refer to as a perfect storm for M&A.

[00:03:49]You have all of these major companies working around us, you have other majors and massive copper producers, groups like Rio Tinto, groups like Glencore, groups like BHP and and Freeport-McMoRan that are in the area, that are looking around, that are interested in projects, and certainly it comes back to a couple of things.

[00:04:09]These deposits are very, very large, a billion plus tons, and they're right at surface. It's one of the only locations in the world where that's the case. And so, what you're seeing is this um you know, sort of a rush to get into the area and for for groups to come in. And of course, with Lobito underway, that's putting a lot more attention on the area. But over the last couple of months, I've been talking a lot about the new Chinese race rail corridor, which starts at the same point as Lobito, north of Endola, and runs east through Tanzania to an eastern port. So, we've now got this tension between sort of US and China, um you know, a global tug-of-war, if you will, over these copper assets. Now, if you were looking previously at the amount of companies that were there and and all of the all of the attention the area is getting, certainly there's going to be increased interest from other companies that are coming out of Asia looking at this area um with this eastern rail corridor going in as well. So, two rail corridors increasing the amount of activity in the region, and all of that bodes very, very well for what we're trying to do. And so, when Kevin gets into the comparisons today, really think through the lens of the importance of these areas, the importance of location in this camp, and we are the only company in the heart of the camp with a major discovery, and it's been an awfully long time since a discovery of this sort was made. So, you know, the thematic point behind this is a perfect setting for for um developing a brand new discovery and a new asset, a perfect location, and a perfect setting for M&A down the road, which we've always been very open about that being our target.

[00:05:48]So, where are we today? Kevin's going to show you exactly where we are. We're going to get into the details. We're going to talk about Dimboola, but I think this really, uh, you know, concisely wraps up where we're at. We have taken Dimboola from just a conceptual target into what's now a confirmed very large-scale at-surface copper deposit. Um, this is a big system. We've done, uh, a lot of work over the last little while and really, you know, getting to the heart of how important this discovery is globally.

[00:06:17]But now it's about not so much whether or not mineralization exists. We're past that point. It's how this sulfide copper deposit sits. What is it? How is it organized? Getting a really solid understanding and looking at those higher-grade zones, how they're developing along strike, and just how big this footprint can become. And so, you know, as we develop that understanding, we can really get to the heart of what Dimboola is, and now we're starting to get that picture. So, of course, the assays out this week, um, speak to the quality of the asset, but they speak to really a tremendous understanding of exactly what we've done over the last eight or 10 months. Um, keeping in mind, we started drilling Dimboola last year in August. Um, so this has been very, very quick, uh, reaching over 5 km of scale, but I'm going to let Kevin tell you about that. I'm going to hand the reins to Kevin Bonnell. Kevin, of course, is our chief operating officer and uh, has driven this discovery. And he's, uh, he's led the team towards something now that we're getting a tremendous understanding on, and today he's going to show you exactly what that understanding is. Kevin, I'm going to turn this off. I'm going to let you share your screen and, uh, let's show everybody what you've been working on.

[00:07:26]Jared, thank you very much. Good day, everybody.

[00:07:43]Okay, let's get started. So, I've just created um 15 slides which I think can encapsulate uh the Dunwa geology, mineralization, and potential um fairly well. There will be a Q&A. I'm happy to field any questions uh that anybody might have during or after the presentation.

[00:08:02]Um but what we're going to do is we're going to provide you with a drill progress update.

[00:08:07]Um we're going to go through together two field logs of two new mineralized intercepts north of the the now famous copper clearing. We've we've moved through the copper clearing and and we're heading northwards now. Um we're still in uh still hitting pretty interesting material.

[00:08:22]Um I'm going to talk around and explain the grade zoning in Dunwa because I don't think it's something that came through as well as it could have in the press release. And I think that's worth a much much closer look. Um we're going to look at two or three key geological sections that and how they fit into the overall geology of the uh of the Dunwa deposit and and and the shifts in the nice tectonostratigraphy.

[00:08:46]Um we're going to briefly examine the influence of northwest-southeast structural corridors on the continuity of the north-south mineralization because they they do have an effect that is important to understand. Um then I'm going to lead you through our conclusions, my team's conclusions to date on the geology, mineralization, and potential of Dunwa, and also um what we're going to be doing as next steps over the next uh two or three months.

[00:09:14]Um so, going into the first slide, um let's take a look at the drilling progress.

[00:09:19]Uh to date, we've uh we're on our 223rd hole. Um we've done 46,732 m of drilling, which does not include the meters in in the ongoing hole. This was a snapshot as of yesterday morning.

[00:09:33]Um we've got or we've demonstrated 6,250 m of 6.2 km of mineralized strike.

[00:09:43]The mineralization is persistent. It's present along the entire strike length that we've tested to date with our drilling.

[00:09:50]Grades are variable and we'll look at that in the grade in the grade maps.

[00:09:55]And of course there's the influence of these northwest-southeast structures.

[00:10:01]But otherwise it's it's copper sulfide mineralized schists over the first 6.25 km that we've tested.

[00:10:08]The drill spacing varies as you can see on the on the location map from 100 m north-south by 50 m east-west.

[00:10:16]In the north we we widened it out a little bit because the it's structurally a little bit harder up there than it is in the south. There's some very late brittle faulting which probably dates to the sag phase of the of of of the relaxation of the Lufilian arc during tectonic buildup. And then it does offset the ore body from time to time.

[00:10:37]So, some of this drilling is there really once we find the ore body then then we move north and south. So, not I'm not saying all these holes will necessarily be drilled but at least we are working to a plan.

[00:10:49]The remaining strike distance we have to complete phase one which was phase one was always to cover the entire 11.1 first 11.5 km of Dumbwa and demonstrate the the presence and continuity of copper sulfide mineralization along its entire length.

[00:11:06]We've got about 5,600 m to go on top of the 6,250 m we've already drilled.

[00:11:13]The orange and blue and green holes which will be coming back to in a bit are come to about another 36,000 m of drilling.

[00:11:21]We average with four rigs around 7,500 m per month. So, we've got about four months to go to to demonstrate the the full potential on this phase one drilling.

[00:11:32]We have a fifth rig arriving. It got loaded on the flatbed in Indola today.

[00:11:36]It should arrive in a couple of days.

[00:11:38]And we are deploying that immediately onto GM metallurgical drilling. Um, we're currently negotiating uh with Intertek Australia to conduct uh some metal some metallurgical testing for us on a range of different kind of dumbbell or mineralization styles. Um, kind of, you know, the higher grade intercepts, the medium grade intercepts, and one or two from the lower grade intercepts. So, we start getting an idea on recoveries, on on on how we're going to how this is going to um you know, behave in a in a processing plant and and start answering those very, very important technical questions. So, that process is is very much about to begin.

[00:12:16]And finally, just a quick word on assays. We we did have issues with the lab, which we have now resolved, mainly revolving around QAQC and and and running batches again and again and again until the standards that we inserted came back to the minimum of one standard deviation. Uh, that seems to have largely resolved itself now and and and we're certainly getting much more regular reporting.

[00:12:41]So, to talk about where we're drilling right now, we've we've drilled through the the copper clearing or otherwise known as the copper kill zone, where there's extremely high copper in soils.

[00:12:51]Um, the the large the four large red dots you can see is where we are drilling uh right now.

[00:12:57]Um, that's where the four rigs are located. Uh, one rig one hole finished today and the rig is moving um a 50-step out uh west because it encountered very good mineralization.

[00:13:06]Um, but the the important message is the copper sulfide mineralization has continued unabated.

[00:13:12]You know, we um we we we are conducting a ground magnetic survey. That's complete now. We're just um sending it for processing and interpretations to help us understand some of these late faults, which are offsetting the ore body um from time to time by as much as 50, 60 m maybe.

[00:13:29]Um but nevertheless, our hits in the copper clearing and in north of the copper clearing continue to be good. Um pretty happy with what I'm seeing coming out of the drill program.

[00:13:38]Um not every dart we throw hits the bull's eye, but when when we do hit it, we we see some really really good stuff.

[00:13:44]And [snorts] also the mineralization appears to extend somewhat more west than we modeled and previously expected, which which is a good thing.

[00:13:52]Um you can see how those four holes are currently in the western part of the drill plan, and that's because we are following um some some well-mineralized shists westwards.

[00:14:02]Um we're going to keep following them until we reach the edge.

[00:14:05]Um DBW220 we're going to talk about a little bit.

[00:14:10]Like I said, it's hot off the press. It it literally stopped um this morning. Um we do field logs, and and I'd like to take you through the field log because it's a good example of some of the surprises that Dunwa can throw your way.

[00:14:22]Um you know, we thought our drill program was pretty good, and then we yeah, we pick up mineralization in the drill holes.

[00:14:29]Um we start following it um you know, across the strike and um following the geology basically, which is always, you know, the best thing.

[00:14:37]And um we came out of the overlying soil anomaly, which was always, you know, the the reason to be interested in this deposit in the first place was this, you know, enormous, you know, very east-west constrained soil anomaly. And what we're what we're finding now is the mineralized shists in this particular part of the of of of Dunwa do extend do appear to carry on westwards.

[00:15:00]Um you can see from the field log that I've put up on the screen that um the the mineralization continues to be quite good.

[00:15:08]Um so, I mean, 44 to 50 that was nice with chalcopyrite. 59 to 80, 21 m of chalcopyrite and bornite isolated blebs, and then that goes all the way up to 120 m to give a total mineralized intercept of 61 m and that's where you go into the more classic limonite two micro schist with chocolate bar and occasional blebbing bornite and there is disseminated chocolate bar at present throughout that entire unit.

[00:15:36]We kept drilling. We went through a quartz vein which I suspect is one of these faults that I've just been talking about. 122 to 126 a small kind of micro schist and then we enter another entire lens. So from 128 m down to 207 which was the bottom of the hole before we stopped it at about 220 this afternoon, we carried on in bornite chocolate bar and chalcocite mineralized two micro and and biotite schists. So a very very good hole and and certainly keeps the thing growing northwards.

[00:16:11]The distance between those two holes 220 and 221 which we're also going to talk about is 833 m. You can see the small infill fence that we've already designed to keep carrying on this westward extension to the mineralization towards the north and already it's in mineralization even though over a distance of 833 m we picked up almost immediately a very shallow 34 m 18.1 m of kyanite schist with bornite lying along the the schistosity foliation and the planes.

[00:16:45]We went through some about 10 to 15 m of more barren material and then 66 m to the bottom of the hole which was the last report I got. We were back into kyanite schist with chocolate bar and bornite blebs.

[00:17:00]So I was a bit surprised how far west this is going but certainly the copper clearing up for now seems to be a north of the copper clearing seems to be living up to its name.

[00:17:10]Very very interesting. Okay.

[00:17:12]So the geology and geometry of um mineralization in the great distribution cells shells.

[00:17:21]So, these are all published. They all these assays were published in our in our last press release, but this is how they relate to each other spatially. You you've got to find a way to get them to talk to each other and tell you the Dumble story.

[00:17:34]And one of the ways we do that is by examining meter percent, which is the the interval, the thickness of the mineralization multiplied by the copper percent.

[00:17:44]So, 6 m percent would be 6 m of 1%. It might be 12 m of 1/2 a percent. It might be 24 m of 0.25%.

[00:17:53]It's all 6 m percent.

[00:17:56]And what that then allowed us to do is delineate [clears throat] this core better graded part of the Dumble system surrounded by slightly lower graded material, which is the yellow shell that you can see on your screen. And then enwrapping the entire kind of zone is is a lower grade outer shell, which is where you really are getting down to your 10 m of 0.15 and and 0.2. And and we have to drill that shell because otherwise we can't figure out where the edge of our red zone is, our yellow zone is, and our blue zone is. So, when you see the significant intercept file, that's really what you're looking at.

[00:18:35]Um if you go within the red zone and you will start to see quite a lot of consistency in terms of thickness and grade between holes, provided you're in the red grade shell. Anywhere you drill, I believe, inside this shell is going to provide you similar grades to what you've seen posted on the screen. So, DBW 36 was 44 m of 0.53.

[00:19:02]You could question if 42 m of 0.25% is high grade. It's certainly very thick.

[00:19:08]It's got a lot of copper, um but the grade's 0.25%. But the reason why I put it in is we need a rule and the rule is let's see where our 6 m % and better material is.

[00:19:19]And that's why that one's in there.

[00:19:21]26.85 m of 0.53 DBW007 which was three stack shifts. The best one was the deepest one from 100 m 39.7 m of 0.51 next door to it DBW10 was 38 m of 0.63 DBW009 on the same line and this is one of the sections we're going to look at was 15 m of 0.98 then we have 23 m of 0.49 in 31 35 m of 0.51 and then up in the north this little sliver of higher grade material encapsulated by slightly lower grade material 32 m of 0.36 and 17 m of 0.47. So as long as you stay within that red zone you are almost certainly every hole you will you're going to see something like that from future drilling.

[00:20:14]So look at the yellow zone to give you an idea why we why we sub classify it from the red zone. This is where you're moving away from the high grade strain intense copper mineralized core of of the system into a more lower strain margin and and you got to remember just like Lualaba high strain equals copper mineralization. You need the development of shifts you need the dilation of zones to form you need the micro planes for the later mineralizing event to come through during the Lufilian Orogeny.

[00:20:47]And this is [snorts] when you start seeing things like 9 m of 0.41 5 m of 0.75 that's not far short of actually 6 m of a percent.

[00:20:56]5 m of 0.76 8 m of 0.49 so you can see the shifts are generally thinning and where they don't thin and DBW46 is a good example of that. You get 28.5 m at 0.21. So, it brings you in just below the 6 m % but better than 3 and 1/2, um which is which is still pretty good mineralization. And then out in the blue zone, I haven't bothered labeling those because that they are they are genuinely low grade, but it does help define the geometry of the ore body.

[00:21:28]So, this is the southern block and you can see how I've divided out the southern block.

[00:21:33]We have this kind of neck of lower grade material, which is one of the southeast structures that we're going to talk about um in the next few slides. And now we're going to jump to the northern or the central block as we're calling it right now because we're still south of the copper clearing here. The copper clearing is where our current drilling is.

[00:21:51]We have a number of assays from this, not complete yet. We're waiting for a few more, but again some spectacularly graded materials in this northern in this central block. Um starting from the top, DB 149 had 20 m at 0.76.

[00:22:05]Um that was a nice nice intercept. I think one of the best holes we have from a meter meter percent perspective is 99R, which was 93 m of 0.4. And that's one section we're definitely going to have a look at.

[00:22:19]Out in the yellow zones, you can see I've highlighted a few of the lower grade sort of, you know, yellow shell of 19 m of 0.24, 43 m of 0.2.

[00:22:29]Low grade, but very very thick mineralization. Lot of tons.

[00:22:33]Um DB 127 14 m of 0.48. There's a 21 m of 0.33 and so on. I'm sure by now you're getting the message and I can move on.

[00:22:42]Um and you can see a couple of holes here that we drilled because we are trying in some sections you can see clearly that we stopped short of proving the eastern extent of the mineralization.

[00:22:53]So, we have gone back in on a few lines to try and grow things out eastwards.

[00:22:57]And you will see from the sections why that's justified.

[00:23:02]And just a bit more about the lower grade material or or the yellow zone material, 19 m of 0.23, 16 m of 0.37.

[00:23:10]That that may be a red zone. Um it's still a very nice intercept. Um you know, it's it's comparable with with with a lot of many parts of the ore body at Longwana.

[00:23:20]Uh 10 m of 0.35, that's what we call kind of our medium grade shell. And then the blue shell um obviously is lower.

[00:23:29]So, to go to the sections, the first section we're going to look at is the first drill fence that we drilled. I know it's not a great scan and I apologize for that, but you should be able to see it on your screen. Um red is simply mineralized shists color coded by um grade.

[00:23:44]And gray is is the intervening um what they call at Longwana internal barrenite internal waste or just unmineralized material. So, it'll be nice, it might be some amphibolite.

[00:23:56]It can be thin unmineralized shists, but the development of thick shists in the tectono-stratigraphy is really what controls the location, intensity, and grade of the copper mineralization at Dumbwa.

[00:24:10]Um and you can see going from west to east across this section, which is about 300 m wide, um DB14 had 16 m of 0.43.

[00:24:20]Um DB10 had 38 m of 0.63.

[00:24:24]Uh DB20 had two nice intercepts, 9 m of 0.58 and 12 m of 0.54.

[00:24:30]And DB009 had 13 m of 0.41, 15 m of 0.98. That was a good intercept. And then finally the lowermost shist, 12 m of 0.28. And you can see how as you move away from the central high strain core where the shists developed, and you can see from the section they're generally flat lying. And then they take quite a sharp um sort of you know, dip to the east. We see that again and again and again in our sections.

[00:24:56]Uh the grade tends to fall away and the shists thin as you move away from the high grade zone. So, we do look we do do some deep drilling out to the east on some sections to follow these down where we feel that the the thickness of the shists and the grades justifies that. I think the deepest hole we drilled was 358 m into the east dipping material and and sure enough it was mineralized at depth. That was up in the copper clearing by the way.

[00:25:22]So, just to jump a little bit north to give you an idea about why we are returning to drill a few more holes and and and try and grow some of the mineralized material and certainly in this part of the system out towards the east is this line in particular. You can see how we stopped the drilling at DB W 25031, but it's got 23 m of 0.49.

[00:25:45]So, that's why we've planned EXT008, EXT009, EXT006, and EXT007.

[00:25:55]And that's purely to take that 23 m of 0.49% further east just to add more mineralized material to this section and eventually the overall Dumbwa resource.

[00:26:08]That's a good example of that actually and there's a few lines like that.

[00:26:12]So, jumping into the the northern or the central block I should say which which which you know is now north of the southern block that we've just examined.

[00:26:21]This is what it looks like in cross section and that's a that's a clearer image. Multiple shist development including a major blowout in 93 99R of 93 m at 0.44. And I can't help but wonder if that's analogous analogous to the to the Roan and Equinox ore shoots in Chimwadzulo and also we had a couple at Lubwe as as well known as Kamiyobo now at Luwana Um, where where you get these sudden enormous thickenings of the schist and and huge jumps in grade. So, the 0.44 is because this is a fully diluted intercept. We've included the in the internal waste into this into this intercept. But, you know, fundamentally, I've never found a way to predict them. Maybe there is a way to predict them, but they can occur anywhere in the ore body.

[00:27:14]They may not be particularly long north-south, but boy do you get a a good hit when you find one. And again, you can see very clearly in the SA results moving from west to east how you come from a a relatively low-grade thin schist development into a high strain zone where the schists thicken. You get a lot more dilation. You get a lot more copper mineralization. Then you see that easterly dip come into play and the grades tend to get tend to fall off quite sharply as you move away from that central core zone from your red zone, which is why the yellow zone is so such a narrow wrap around it. And the blue's a little bit wider, but then again, blue goes down to 0.1 cutoff, which is the same geological cutoff that Lulo uses.

[00:28:00]So, we decided to employ the same.

[00:28:01]Really it's a geological tool more than a, you know, a resource tool.

[00:28:05]Um, so some of these are still awaiting SA results. We have a few SAs from further north coming soon, but these ones are pending anytime. And that's 145, 142, and 146.

[00:28:17]I'm not expecting much from those. I think we've got the SAs from the core of this thing. And as you can see, some of them are pretty impressive intercepts.

[00:28:27]Okay, so so let's have a summary of the geology of Dunwa. Geologically and mineralogically, it's indistinguishable from Lulo.

[00:28:34]You can argue that there are some differences in the geometry. Chini Wungu is a reasonably, you know, shallow dipping south dipping sequence of of of of stacked mineralized schists with internal waste, which is what we've got.

[00:28:48]Our dip is, you know, more off to the east where we do have dips. And they don't have that sort of steep drop-off east dip at the east of them, but geometrically there's some differences, but geologically and mineralogically we're just not seeing the same. And not only that, the intercepts that we we reported in the PR and that I just show you are highly comparable with what they drill at Lamuana day-to-day. We're using similar cutoffs mainly for geological model at this moment at the moment. We haven't started an MRE yet, but we are planning to fairly soon on that southern portion of the ore body because we've got such clear grade zoning, you know, along and across strike.

[00:29:27]So, if you want it summarized in in in in a paragraph, Dumbuya is a strike extensive sequence of copper sulfide mineralized biotite and two mica biotite and muscovite shifts within a barren gray and pink nice of package that are gently dipping eastwards or flat-lying.

[00:29:42]The soil anomaly coincides with the east dipping shifts where they come to surface.

[00:29:47]Occasional southeast trending structures disrupt shift development resulting in thin weakly mineralized shifts.

[00:29:54]Where strain conditions are ideal, the shifts can blow out, very similar to the Lamuana ore shoots, like 99R, my favorite hole. These blowouts for now are unpredictable and possible anywhere outside of these southeast structural corridors, I think is a fair conclusion.

[00:30:10]And this is what I'm talking about when I allude to these southeast structural corridors disrupting shift development and therefore disrupting copper mineralization. So, if you take the resistivity, this is the 1025RL resistivity, you can clearly see these corridors cutting through the bright white resistivity which seems to largely define where the mineralization is.

[00:30:33]This is where we're drilling right now and we're getting good results and you can see we're in the this resistive zone here and then you have these zones of resistivity, which cut southeast and from northwest to southeast, and they largely eliminate economic mineralization, shall I say.

[00:30:51]We do have copper shifts in them, but they tend to be thin, weakly developed, and and fairly poorly mineralized. You know, up to a point we're lucky if we see 0.15 from some of these holes, but we do know about these now. We do understand them in a way that we didn't before, and so when we get into the northern one, we'll probably put a couple of holes in. I fully expect to see something similar, and those two fence lines will be dropped out of the drill program, and we'll focus on where we we know we have better material to to chase.

[00:31:24]So, that's those explained in basic very very very simply. We don't really know what causes these structural corridors.

[00:31:31]It's not silicification. If anything, the rocks are softer and more altered, which leads us to believe that they are probably structural in nature, but we'll we'll go back and revisit these one day in the future. At the moment, the focus is on just keep growing this thing, particularly to the east, a little bit to the west, and carrying on to the north.

[00:31:53]So, final slide, and then we're on to Q&A. Conclusions and what's next? What can we safely conclude from 46,000 m of drilling, detailed geological modeling, observations on the core? Well, I think these are fair conclusions.

[00:32:08]Dumbo is now, without doubt, a very large copper mineralized system.

[00:32:13]Grades form distinct zones of better intercepts, greater than 6 m %, as you've seen, a weaker wrapping around envelope of 3.5 to 6 m % and then weak, less than 3.5 m % outer enclosing zone.

[00:32:27]Um yeah.

[00:32:28]Mineralization is generally very shallow. We see a lot of it start immediately at the surface.

[00:32:34]All our holes have to be assayed from 0 m because one of the high tenor of copper in the soils and two, because what we we in most instances we go straight into mineralized shists.

[00:32:45]Um and and there is occasional weak north-south orientated flexure which does take the shists a bit deeper and and that's normally reflected in the overlying soil geochemistry. And when I say a bit deeper, down to 50 to 60 m before your first intercept from surface and and there's probably some faulting control as well. Um but the faults are very difficult to model unless you're lucky enough to hit one with your core.

[00:33:08]The mineralized package itself varies along strike um between 100 m and 250 m thick where it's flat lying and then it can go down to very quickly down to 380 when it takes that sort of 30 to 45° easterly dip on the eastern edge of the system.

[00:33:24]Um the mineralization host is is mostly flat lying to gently dipping kyanite metasomatized biotite and muscovite shists separated by barren gray nice rafts and budins, exactly the same as what you see in the wire. There's there's no difference.

[00:33:38]Um persistent copper sulfide mineralization has been drill demonstrated now over the first 6.2 km of strike and we expect it to continue to at least the end of the main soil anomaly for a total of 11.5 km total strike. Um I can't rule out further northward growth at this stage. That's just where the sort of the main soil anomaly ends and then it becomes quite a subtle soil anomaly. Maybe the mineralization weakens, stops, or it goes a bit deeper and there's barren material separating the mineralized shists from the overlying soil. I'll know that when we get there.

[00:34:12]Um so you could say that the mineralization opens northwards, remains open northwards along strike. There are eastward growth opportunities and in the copper clearing with today's drilling literally, um we appear to be showing significant west growth opportunity as well. And of course the late northwest-southeast orientated structural corridors do negatively influence shift development and subsequent copper intercepts, but luckily they're not too long. I mean, they're less than 900 m of strike and they haven't eliminated a great deal of Dumble.

[00:34:43]So, what's next? What's the plan? Well, for the next 3 or 4 months, we are going to carry on the Northwood extension drilling until we get to the full 11.5 km.

[00:34:52]Um we need to begin an inferred MRE on the southernmost grade block. Uh all the assays are in for that block and there's really no reason apart from maybe waiting for the Eastwood extension at drilling um to begin, you know, putting some proper numbers to it. Um we need to follow the Westwood mineralized shifts.

[00:35:09]It was a pleasant surprise um in in in the copper clearing and the and parts of the north parts of the copper clearing and keep that fence going out at 50-minute steps until the mineralization runs out. We need to infill the 833-m gap between 220 and 221 to test the continuity of that same kind of Westwood extent.

[00:35:29]We need to complete the expansion drilling. There's not a lot of that to do. Um most of it's in the southern block anyway to see if we can grow the red grade shell and and add some more mineralized material in in the south. Um we're about to begin geometallurgical testing. Uh the rig's on its way. We've already picked the holes that we want to reproduce. What we're really doing now is finalizing things with Intec in terms of sample tonnage that they want um in order to properly process and give us a better idea of what our metallurgy's going to be.

[00:35:59]And the target remains the same. It hasn't changed since the last webinar or or or or or anything. Uh we expect to complete the phase one drilling by the end of August, especially with the addition of the fifth rig when it comes off geomet sampling and then we'll start working our way back south and and start the phase two infill, particularly in the in the north um based on according to need. You know, if we've drilled a you know, two if we've drilled a fence 250 to 300 m north-south, then um we know where the mineralization is.

[00:36:28]There's no reason not to go and infill it and and and join the dots.

[00:36:32]Um, so, thank you very much for your time and attention. I hope that's giving you, um, you know, a better understanding of Dun War beyond what the press release says.

[00:36:41]And, um, I'm going to hand back to Adrian now who will run the Q&A.

[00:36:49]Excellent. Thanks very much, Kev. Um, certainly that was a a pretty good deep dive. Um, you can, uh, you can either leave your screen up if you like, um, so that we can refer to your slides if there's questions about geology. Um, and definitely, Kevin, leave your, uh, leave your, uh, mic on because we're going to probably let you answer a bunch of these as we go along. Um, so so far, any So, any questions need to come in through the Q&A tab. Um, I do have a couple of questions here. So, we're going to work our way through these as they come in. Um, encourage you to put your questions in there and we'll try to, uh, try to get to many as many of these as we can. Um, right off the bat, I've got one question from James Shelley that came in about, uh, about 10 minutes ago, uh, maybe maybe even a little longer than that. Um, we had a question here about the expectation to complete phase one, um, within, you know, four months or so and a question about assay reporting along that line. In other words, are we going to, uh, receive assays within that four-month period? The assays are coming coming in on a on an ongoing basis. So, the delays we've dealt with have been related to QA/QC issues. Um, they have nothing to do with, uh, you know, overall timeline. So, we do get a timeline from our lab. Um, you know, we have an expectation of how long that's going to take. Um, but, uh, at this point, we do expect assays to roll within that period. So, completing this by August, within that time frame, we we be receiving results unless there's any QA QC issues that we catch. Um, but that's the expectation. Kevin, would you say that's accurate from your standpoint?

[00:38:29]I think that's fair. Um, they're they're they're performing a hell of a lot better than they were.

[00:38:33]A lot fewer rejects now. I'm not saying there's no rejects, um, but there there's a couple, but not to the extent it caused the horrific delays that it did since February. Um, I mean, really the issue started in February. We've got them fixed largely and also we're losing we're using two labs now, not just one.

[00:38:50]Um, we're we're splitting um samples between SGS and Intertek. And um, yeah, big improvement. I'm I'm a much happier COO now and uh yeah, you can expect much more regular um updates as the SA results roll in.

[00:39:05]Excellent. Uh, we have a question here from Andrew Neil, uh, regarding our estimated all-in drilling costs from per meter. Uh, they were about 160. Has that changed at all, Kev, or are we right on the money with 160?

[00:39:16]>> no change. No change.

[00:39:17]>> No change. Perfect. Um, another question from James Shelley, do we see any impact on fuel availability yet from the >> Not yet. Yeah.

[00:39:25]>> Not yet.

[00:39:26]Um, we had a fuel shortage which was mainly due to um stations hoarding um in anticipation of price rises. And certainly the price of fuel has gone up.

[00:39:38]Um, but that was quite short term. The the energy regulation board stepped in and put a stop to that and there's been no notable fuel shortages recently. Um, I can't speak to the future. The energy market's not one of my areas of expertise, but everything seems pretty stable and okay right now. Of course.

[00:39:55]Um, so we got a question here from Hans Hans uh regarding uh Dumbwa consisting of multiple separate resource blocks rather than one continuous thing. Um, you know, and I think what we're starting to understand and and Kevin, maybe I'm simplifying it, but you can correct me if I'm wrong. We've got this very large footprint that continues for an immense strike length and then sections that are higher grade, medium grade, and lower grade. So, the idea is to isolate those pockets that are that are most consistent. And so, what Hans is asking is, you know, what point does this project become attractive enough for a major to make an approach?

[00:40:30]Certainly, we can't comment on any conversations that are happening or anything like that.

[00:40:35]But, with regard to critical scale, you know, we always look at this and we set a target right out of the shoot of reaching a billion tons. And I think you know, it's safe to say that if you can reach that kind of critical mass, you do have a target that would stand out in in a region like this and probably globally from the perspective of size. And I think you can get to a target that would make sense for M&A for somebody out there.

[00:41:00]And do you want to add anything to that, Kevin, or or Matt or Al or anybody else that's on here?

[00:41:06]I think the only thing I'd add is, you know, asking us what the eventual grade might be is is not really a fair question. Exactly.

[00:41:13]>> Because it's it's it's going to depend on where you put your pit. I mean, if you only want to mine the red material, then, you know, you're going to you're going to drop a tons, but you're going to get better grades. If you want to go out to the yellow shell, the yellow envelope, you know, you're adding significant tons at the slight expense of grade. And if you want to try and grab it all, you're looking at a hell of a lot of tons you know, fairly low grade you know, by comparison with other mines.

[00:41:38]So, it's not really a fair question at this stage. I'd rather leave that for the for the resource geologists. I think it's a fair comment that certainly, you know, from the from the southern results, it does look like it's going to be you know, two main areas to mine separated by this this lower grade net. It's way too early to tell for the copper clearing and northwards.

[00:42:02]I think you I think you hit on something really important there, Kevin, that that I think we need to express to people is that what you're looking at today is only not even a quarter of the potential strike length of Dimbula. So, you know, we're advancing getting up around the 6 km mark. The initial target is the first 11 and 1/2 km. We do have an entire northern extension. We still need to explore. That's going to require geochem. It's going to require geophysics. It's going to require drilling. The point being we have a massive amount of strike to to go and and explore still. This is only the very early beginning and we're already reaching a very extensive extensive strike length and scale. So, you're seeing a very big system being advanced, being you know, moved out and and delineated if you will. So, this is just the very beginning phase and we've got a long way to go. There can be lots of twists and turns and lots of upside opportunity ahead. Um so, I'm going to get into a question from Pierre. Pierre and and you know, I think this is getting into talking about the system at depth.

[00:43:10]Pierre's asking about talking about our the root system and what this could look like in 3D.

[00:43:16]You know, it's Kevin I will throw that over to you because you're certainly the guy to answer on the geological side, but I mean we we we started on Saturday morning actually. We had a resource geologist who's highly experienced at deriving 3D models and we'll have something at least in the southern half where we've got the assay results to justify a 3D model.

[00:43:42]We will start putting that together, but really the section and the sections tell you as much as you need to know about the 3D of this deposit. You know, these shifts will continue like this going northwards. You jump 400 m north.

[00:43:55]You again you can see very very similar geometry for the shifts, multiple shift development in an overall grey nice to pink nice package.

[00:44:03]And then you get this abrupt and we see it quite often actually, you get this abrupt steepening of the dip off to the east, but again the system tends to weaken. Um we don't we don't really do a lot of testing below 220 to 30 m. Um yeah, uh because um it's just we just drilled the occasional deep strat hole out to the east to test the validity of the model and confirm this deeply east dipping um portion of the system, but the main part of the system I think we need to focus on is the flat lying core.

[00:44:36]Um that that's our focus for now. That's what we need to get all the way up to the 11.5 km mark and then phase two we can come back and start thinking about, you know, the kind of, you know, the the more deeper roots of this thing. Um so that's our strategy at the moment. Um yeah, I agree Pierre, it's geologically interesting you know, how deep does this thing go? Does it go all the way to the Moho? I don't know. Uh but certainly on that eastern limb where it's dipping, where we have drilled 380 390 m, we still see the shifts more or less where they should be um following that steep dip down and on the majority of the ore body I suspect that geometry is not going to change.

[00:45:13]Excellent. Look, we've got a few questions from Pierre. Um and given Pierre's support and of course Haywood's support, um let's go through a few of these and and, you know, get to the the bottom of some of these things that he's looking at. And I think they're some of these are really good questions. He's asking about mineral donation and and it's probably a great thing to explain to people how the donation of this system looks. Um can you maybe explain that in in sort of a visual sense, Kevin, what the mineral donation for copper looks like at Dumbo?

[00:45:41]Yeah, so I mean the center of red core I'm I'm I'm in the slide here right here right now is is a great example. Um the central red core running down the middle of this thing is where you will see bornite and chalcocite. Yes. That's where we get our spectacular grades um particularly in the south of uh Dumbo, but really running all the way through to the north. We know when we're in the core of the system because we're seeing bornite and chalcocite in the core. And that that's where the grade jumps up substantially.

[00:46:09]And then as you move away from that, the bornite and chalcocite generally falls away and chalcopyrite becomes the dominant sulfide phase.

[00:46:16]Until it's the only sulfide phase. And of course, you know, the the copper sulfide phase with the least amount of copper is chalcopyrite and then bornite and then the high one, which is literally Cu2S, is chalcocite. And chalcocite will always give you a kick. Um and that's that's the east to west donation we see is bornite chalcocite in the middle.

[00:46:38]East and west you go into a chalcopyrite dominant to 100% phase zone and then that will fade away to nothing or or sometimes become pyrite. Um in terms of north-south um as long as you've got this high grade um schist development um thick schists, you find of this this this this north-south strip. It's usually about 100 m wide.

[00:47:02]Um occasionally a bit more, occasionally slightly less. So 100 m is an average of bornite chalcocite dominant mineralization that that changes the zones to chalcopyrite east and west quite quickly.

[00:47:14]So I mean you could say, all right, well, on this map is [snorts] the red really mapping bornite and chalcocite? And the answer is, yeah, probably is. I've not really looked at it from that perspective, but it wouldn't be far off. And then the yellow zone, coincidentally chalcopyrite yellow is is where where we get a lot of chalcopyrite and and the grades fall away and then blue is low grade dissem- or or low disseminations of chalcopyrite.

[00:47:38]Um so [snorts] I hope that answers the question about zoning.

[00:47:40]Yeah, I think that's great, Kev. Um the other question Pierre had here was regarding geochem. So if I'm not mistaken, we are carrying out geo- geochem uh or we're carrying out geochem ahead of the drilling in order to fill in areas where there's previous multi-generations of geochem. Is that Is that right? Or maybe you can explain it a little bit.

[00:47:59]>> that is entirely correct. So, the geochem stays just ahead of the drilling. And it does help us site our bore holes, but there's a bit of topography, and it gets a little bit more rugged up north. And so, you get dispersion, and you get soil creep.

[00:48:13]So, although we do use it, sometimes it's not the most reliable. It's better used in conjunction with other data channels like IP.

[00:48:20]So, where we get an IP chargeable zone um in section uh coincident with high copper in soil, then we drill with a lot more confidence when then we do when those two things are decoupled. I mean, look, the IP program worked really, really well. Um I mean, if we drill high IP, you know, on the trend, generally speaking, we we we find copper sulfides, but not every time. So, sometimes it's due to pyrite, sometimes it's due to magnetite. And that's why you use your geochemistry to try and filter out your kind of red herring IP chargeable zones in your section.

[00:48:52]And of course, you know, we've also noted that that geochemistry, whilst it's been very, very good at reflecting almost one-to-one the uh the tenor and and quality of copper mineralization in the bedrock under the soils, it's not foolproof. Um and that's that really tells the story about the Westwood extension in the copper clearing that we're drilling right now. Yeah. And and finding, you know, kyanite schists mineralized with bornite and chalcopyrite. It's covered with 40 m of barren nice. Yeah. That's a lot of barren rock to get a geochemical signal through.

[00:49:25]And I mean, we're moving away there on that part of the system, not saying it happens everywhere. On that part of the system, the geochemistry in the soils is really weak.

[00:49:35]But go down 40 m, and you you you're seeing really nice sulfide mineralization. Now, I don't mean it's going to be great grade. Um I I refuse to commit to that at this stage. I'll wait for the assays. But certainly, I like what I see in from those holes, and it was a bit of a surprise because although there was a bit of IP there which gave a clue, there was really no overlying geochem. So, I would say good guide, not a silver bullet.

[00:50:01]Yeah, I think that's really well encapsulated. Um we had a question here uh from somebody anonymous asking about cash. Um what our cash position is, where we're sitting today, and about raising uh raising money. Um we are in a great position. You know, we raised uh we raised 30.5 million at a dollar 35 back in October. Um as we touched on in the presentation, the drill cost in Zambia is incredibly incredibly low. It might be the lowest I've ever seen actually on projects I've worked on throughout my career. Um we're looking at about 160 all-in per meter.

[00:50:32]Uh so, incredibly incredibly low, which means our cash goes a long way. So, we're sitting on around 25 million today. Um we're in great shape. We have uh you know, we have a lot of drilling to do between now and the end of August, but even that's going to leave us with a significant amount of cash in the bank.

[00:50:47]Um and we have no need to go out and raise money. So, we're in really really great shape, and of course we are uh we are underway in our plan to monetize Kazeba, which uh which I think is going to give us a an opportunity to uh to avoid future funding and do so in a non-dilutive way where we can continue to have the cash to advance Dumbwa without going out and having to raise money in the open market. So, um it's a great plan, it's a great strategy, and uh and we're going to keep on that path.

[00:51:15]I think it's the best way to go. Um we had a question here about uh stopping drilling today. So, this was from uh uh you know, somebody here uh just I cannot see the name for whatever reason. It's really strange. Um oh, it's Andre Kowalski. Um question was if we stopped drilling today, hypothetically, how big is Dumbwa? But, we can't comment on that. Um just going to be perfectly blunt. We can't comment on size. We can't put tonnage to something before we complete the proper studies in order to do that. Um but, you know, what you can do is can look at comparable, you can look at strike length. I would encourage people to understand Lamuana. Look at technical reports and take a read, understand what that system looks like, and just get some ideas. It's there's not a lot of comparable basement dome hosted deposits out there to look at. Um, and you know, of course, given Kevin's extensive work at Lamuana, he's giving you all a really good sense of the comparable and why why we're doing that. But, at the end of the day, um, you know, unfortunately, it's not something we can really comment on until we get to that point. But, what we do know is we have a huge amount of strike length, um, getting up to 6-plus kilometers now, and an extensive system that's continuous, that we can see the mineralization, understand the mineralization, and start to look at what kind of tonnage we're looking at.

[00:52:30]Um, Kevin, maybe you can answer this.

[00:52:32]When, uh, Pierre is asking about the fact that Doomba is flat-lying, um, if a deposit like this in basement dome is flat-lying, then what constrains it or why would it be narrow, um, by comparison, or would it extend further? I guess what we're seeing now is extension beyond where we originally thought, um, particularly with those fence extensions you're about to go out and do. Um, but maybe you can just comment in a little bit more detail on that.

[00:52:59]I'm not sure. I mean, I I'm not going to cop out and say refer to the Lamuana geological model, which would answer that question quite nicely, actually. Um, I mean, look, ultimately, at this stage right now, Pierre, the most honest answer I can give you is we don't know how far laterally this thing goes.

[00:53:15]We weren't expecting this westward drilling. Um, it's it's it it's a very pleasant surprise. I mean, we were drilling the holes hoping to close off the mineralization we drilled on east along that drill fence, and suddenly we went straight into really nice material, and we're just going to follow it and hope it goes on forever.

[00:53:34]Um, that's the best I answer I can give right now. I'm not entirely sure I understood the question, um, but in terms of lateral extent of this flat-lying, system.

[00:53:44]The honest answer right now Pierre is I don't know.

[00:53:46]I suspect I suspect it's wider than we think it is or it's I think more correctly to say wider than our current model says it is. But that's the good thing about models you can change them according to what you get from your drilling.

[00:54:01]Totally fair. That was good Kev. Thank you.

[00:54:03]So I have a question here from Ian Herbertson. He's asking are the unmineralized nice units between the mineralized schist lenses generally thinner or thicker than what is seen at Lamuana?

[00:54:15]No, I'd say about the same.

[00:54:16]Yeah.

[00:54:17]About the same. Yeah, about the same. I mean they they pinch and swell. You get the old big raft and and you get lots of little rafts. Again it depends you know what part it depends what your drill core's gone through. Yeah. But certainly you know in the early days of Lamuana I worked at the pre-feasibility at Lamuana back in the early 2000s for when I was with Equinox and we didn't really understand or suspect the kind of the boudinage the the isolated grey nice rafts separating the the the mineralized shifts from each other and that that was never really understood until Lamuana actually became a mine. And you could see these things in the pit wall.

[00:54:56]That was when I think the penny dropped for me about how these things develop how they form the regime under which they happen the stage at which the mineralized fluids coming through the relationship between the shifts and the internal waste the the the kind of barren nice rafts and and boudins.

[00:55:15]And I think we're being a little bit harsh calling them barren nices because actually on occasion not I'm not always they can actually they can be quite more mineralized. There is some leakage into them from the from the hanging wall and footwall shifts. But generally speaking gun to my head I'm failing to see any difference between this deposit and Lamuana and and and And and that alludes directly to your question.

[00:55:38]Excellent. Thanks, Kev. Um so we've got a couple of questions here that all tie together. Um so these are regarding the uh last drill results, um market reaction to last drill results, and uh you know, I think that Hans actually put this well, which is what do you think the market misunderstood? Um I'm going to add a couple of things then I'm going to throw it to you, Kevin, to talk about um the understanding between what you see and what this all means versus how the market may have uh understood it. And I think there's a couple of things at play with the last news release. I think one was the timing of results and the delays in getting assays out. Um that doesn't help the situation, and of course, you know, if you look at our QAQC protocols, they're doing their job. The idea is to capture any issues that come up, um and we did do that, and we caught those issues, and we were able to remedy them. Um but it doesn't explain the delays at uh at SGS Zambia that we had to deal with, and that was very frustrating for uh for obviously everybody involved. But um looking at the actual drill results, looking at where we're sitting today, um Kevin, do you think that people misunderstand where this is sitting today, or when you look at it from your perspective, um you're obviously very excited, you see something developing to a very, very large system. Um what do you think people might misunderstand about this?

[00:56:54]I think context. Yes, context. When you look at a long list of drill results, and you see things like 20 m at.15, and 20 25 m at.2. You you know, I mean, without really going into the higher grade material that we have, and we certainly have that, um you lose context. You You need to know to make an assessment, you need to know spatially where those holes are.

[00:57:21]And I think the penny might have dropped for an awful lot of people on this call who would have read that press release and seen those results and thought, "Oh, grades are desperate." When you actually see the grades in context, when you see that we've drilled in the low-grade blue zone, the medium-grade yellow zone, the better-graded red zone, that that's how it all fits together.

[00:57:41]And I I don't think you can just look at a list like that and draw conclusions.

[00:57:45]You've got to You've got to understand it spatially, how they relate to each other, how they relate to the geological model, how they relate to the grade model, how they relate to the mineralization model, and then you get a map like you see on your screen right now to the left.

[00:57:59]So, I mean, if you look at, you know, look at the northern fence on that map.

[00:58:03]DB 72, 79, 81, 71. They're all going to appear in the same part of the table.

[00:58:08]They're all going to be low grade. And that's because that fence went into a low-grade part of the system. And if you're going to prove the system, if you're going to understand the geometry, and you're going to understand your model, unfortunately, sometimes you've got to drill the good and the bad that you understand all of it. Because if we didn't go out and drill the 0.1, 0.2 shell, which is defined by the blue envelope, we wouldn't know there was a blue envelope. It would look like a, you know, almost a north-south fault-hosted deposit instead of, you know, flat-lying schists. So, I think context was the main issue there, and understanding how what you're reading in that table relates to what's going on on the ground. And I hope this cleared a lot of that up in people's minds.

[00:58:50]Absolutely. Well, that's why these are so valuable, Kev. It's great to get you uh on online and give everybody a chance to talk to you and give you a chance to explain it with the important geological context that really frames what the system is becoming. Um We've had a couple of questions around the mechanics of the straining system. We've been getting uh I see Pierre is asking some questions here about strain. So, for me to put it in really layman's terms first, I'm going to let Kevin obviously explain it, but what what the reference is regarding is Kevin has explained that these are strain-related deposits. So, this is a deposit that's formed through strain rather than chemistry. Um In areas where you get the most strain, you get the most copper deposition.

[00:59:30]That's really the way I understand it.

[00:59:32]That's certainly the way we've been through it. But Kev, let's hear the really proper technical explanation of how these are formed in comparison.

[00:59:41]Okay, so I mean, the only way to form a schist is enormous amounts of tectonic strain movement.

[00:59:48]So, the rocks crumble. They break. They They They go through a process we call cataclasis and mylonitization, and they recrystallize. So, your original bands of feldspar and and amphibole and, you know, under strain will break up, recrystallize, and form schists.

[01:00:04]Um, which are, you know, heavily foliated, um, you know, rocks, um, strongly foliated rocks where the dominant minerals are no longer feldspar and quartz and and, uh, amphibole, they've now become biotite and muscovite, you know, platy, flaky, you know, they they they're they're the only things that can really, you know, grow under these very high strain conditions, under these tectonic conditions. And so, they form, and they form around the boudins, um, and and you can almost imagine the formation of a schist in an environment like this, like a river flowing around a boulder.

[01:00:38]And where the river touches the boulder is going to be a lower pressure zone than where the river is roaring between boulders. And it's that change. It's that dropping down your pressure graph more than anything else. Temperature won't change much, but pressure will.

[01:00:54]So, where you are where the schists are forming against these incompetent rafts and boudins of gneiss is where the copper will eventually precipitate in the lower grade zones. You know, to form a schist, you've got to form microplanes. It's going to dilate. It's going You're going to get microdilations forming that kind of all link up into a single system. And and and you need that in order for the copper-bearing fluids to penetrate these ancient crystalline gneisses, um, in order to to form a mineral deposit. And that's why we have 75 to 80% of our mineralization is within the schists on either side of gneissic waste. And that's that's really is the model. And and between the boudins would be a low strain zone. Right up against the boudin, same as water slows down immediately where it contacts, you know, an immovable object.

[01:01:45]Those are your low strain zones. And that's where the copper will tend to precipitate. And actually, if you look at this the grades in this section, where you can see the reds and yellows, you can see how they tend to accumulate in the immediate contacts between the schist and the gneiss. And inside the schist. So, you can see that relationship. And that is the relationship.

[01:02:08]That's excellent, Kev. That was a really really really great example of of how this works. Good good explanation.

[01:02:14]Quick question from Pierre, but I think you answered this in your initial presentation.

[01:02:19]Are all assays being done at Intertek now? I think there is still material with SGS. Is that correct?

[01:02:24]No, SGS have improved The improvement at SGS has been dramatic.

[01:02:30]I I I don't want to hammer them and hit them too hard.

[01:02:34]They've worked really really hard to get their house in order. I I think that deserves reward, not punishment. So, at the moment, we're content to use both if we get faster assay reports in return.

[01:02:44]And that's exactly what we're seeing right now. Excellent. Rod has a question here that's more from my side.

[01:02:51]Asking about our last financing and just a sense of who our institutional shareholders are, what we're doing to expand that.

[01:02:58]You know, we have a really great roster of institutional shareholders. When when I first joined the company in 2023, we we looked at that as part of the overall plan. Part of the plan was to advance the institutional ownership of Midnight Sun. And we've gone from having no institutional ownership to well over 30% institutional ownership. And when you look at the breakdown of that financing in in October 2026 or 2025, sorry.

[01:03:24]That 30.5 million was largely institutional. I think there was 15 individual funds in there and some very big funds that led the financing. So, having a sense of who they are, we know who they all are.

[01:03:37]I'm in constant contact with all of them. We're We're basically we all have a pretty close relationship and making sure that they're getting the information they need. And to answer your question about support, they've been hugely supportive and and they're showing that. So, you know, we want to obviously grow that relationship. We want to bring additional institutional shareholders in. It's a big part of why I'm out on the road on a regular basis meeting with those groups, keeping them in the loop and continuing to bring in additional institutional owners and particularly groups that will step into the open market and build their position, which is exactly what we see from those current shareholders that are institutional where they're stepping up on a constant basis and basis and supporting the deal. So, we're really really happy with the way that that's unfolding and just what we've managed to do as this has advanced.

[01:04:24]Looking at a couple of these other questions, we're getting some pretty technical questions, Kevin. Some stuff that just going to caution everybody, there's lots of questions we're getting on things we can't comment on.

[01:04:34]So, if you feel like I'm avoiding a question, certainly not avoiding anything, but the reality being if we're getting questions around tonnage, we haven't completed a resource. We can't really comment on tonnage right now, but what we can comment on strike length, we can comment on geometry, we can comment on what we've accomplished and certainly draw some parallels.

[01:04:55]So, trying to get to the right geological data you guys can really draw things from here and understand it better.

[01:05:03]What I can say, there's a question here about strip ratio.

[01:05:06]Again, we're not there yet. We can't talk about strip ratio at Doonbeg, but what we can talk about is Lemoine and maybe Kevin's experience. I don't know Kev if you've got a handle at all on how the strip ratio works at Lamuana or what they're dealing with, but maybe you can comment a bit on that.

[01:05:20]>> Only what they pub- Yeah, only what they published in the right in the in their technical reports and reports. And their strip ratio varies between 3.1 and 4.2.

[01:05:30]Yeah, and I think what's really interesting is looking at their cut-off, right? Their cut-off grade, correct me if I'm wrong, um, 1%, 1.3%, 1.6% depending on what particular resource you're looking at. Can you comment on those a little bit?

[01:05:43]>> Yeah, I'm going to I'm I'm going to correct you. Point 1% to 0.1%. Thank you. Yeah, around point around 0.13 for resource and 0.16 reserve.

[01:05:53]Yeah, there you go. There you go.

[01:05:55]Excellent. Thanks, Kev.

[01:05:57]>> It should really be updated It should really be updated regularly according to the copper price. That's what you base your cut-off on, but give or take, yeah, that's about what's used.

[01:06:06]Excellent.

[01:06:07]Um, there's another question here about widening of the geochem anomaly as we go north. There is a couple of areas um, we typically refer to them as blowout areas, Kev, but um, you know, at this point we're not there yet. We haven't drilled them yet. There's not a lot we can say. Am I right? I But they are definitely blowing out in terms of the geochem that we see on the uh on the map.

[01:06:27]Anything else you want to >> so so here's here's what I think, all right? Now we're going down speculation alley.

[01:06:33]Here's what I think. That geochem blowout in the north, as you've seen in the sections that I've popped up, and this is a great section for showing that.

[01:06:41]Dumba takes a kind of steep easterly dip towards the eastern edge of the system.

[01:06:47]If that easterly dip doesn't happen and it stays flat lying a bit longer, you're going to get a much wider shift at surface.

[01:06:57]And I think that's probably your blowout.

[01:07:00]I just think that part of the system, you're not seeing the steep easterly dip. Look, we'll know when we get there and we drill it. But to put my head on the block today in this webinar, I think that's all that's happening. It's purely geometry driven.

[01:07:13]Yeah, that's totally fair.

[01:07:15]Um we've got time here for a couple more. Um I know we're getting pretty close to wrap-up time. Um we're well over an hour now, so uh we'll get into one or two more here, and then we're going to have to wrap it up. Um we do have a question here that I actually really like the direction this is going in terms of getting a little bit into the political setting in in Zambia. And um you know, we're looking at policy contacts. So, the question here is from Chris Roberts, and Chris is asking if the Zambian election coming up on August 13th might create any uh short-term operational challenges or concerns about mining policy campaign, um and questions about President Hichilema here looking to win a second term. And I think that's accurate. Kevin, you're on the ground in Zambia. Um how would you comment on the political environment and what's going on with the election coming up?

[01:08:03]Well, I'm not a political commentator.

[01:08:05]Um I'm going to stick to what I think the effect it will have on our program.

[01:08:09]Yeah. Um I you know, I'm I'm certainly no CNN news anchor, that's for sure. I mean, look, um in my past experience, I've been here 30 years. Yeah. And there's very little disruption, really. Uh there's the usual rallies and road blockages, and of course, on election day, we will give everybody it'll it'll be a day of no work. It'll be no drilling. We'll give everybody the opportunity to go and cast their vote, uh which is the right thing to do, and that is the only disruption I am expecting. Um historically, um elections in Zambia have been have been very peaceful, um very good-natured, and and I see no reason for this one to be any different than anyone I've experienced before.

[01:08:47]Yeah. Yeah, exactly. And I think it's really speaks to the whole thing just when you look at President Hichilema and uh just the amount of effort he puts in to marketing in country, how much he's out there. Um I know there's been site visits at numerous locations um with some of the majors in the belt uh over the last while and President Hichilema has been there. He's put his time in speaking and he's not shy about his goal to be a much bigger global producer than Zambia currently is. So, that part is definitely pretty exciting.

[01:09:17]So, you know, I think it's a very very positive positive plan. And there was a question here about nationalization. There's no history of that in Zambia. So, obviously not a not a piece that we're looking to.

[01:09:29]What we're looking at here is uh just there's a couple of questions left.

[01:09:36]We're we're getting pretty far over time. I just want to get to a couple more though. So, if Kev, if you can hang on for a second.

[01:09:44]One one question here that we did have was from somebody asking about let's see here.

[01:09:55]So, currently I think this is I'm going to break this into two pieces, but really we're looking at overall strike length here.

[01:10:03]Would it be safe to say that we have an overall strike now of over 6 km?

[01:10:09]And then the structural corridors represent smaller sections in between.

[01:10:13]Is that correct?

[01:10:15]Yep. You got that spot on. So >> So, of the 6. Of the 6.25 km that we've tested and demonstrated, you know, persistent copper sulfide mineralization, even the structural corridors have copper sulfide mineralization. It's just that the shists didn't develop as well as everywhere else. So, you don't get the nice thick intercepts that you see in the core. I mean, they probably of the 11.5, I would say they probably um maybe eliminate most 1.5, 1.6 km.

[01:10:48]It's just going to be kind of, you know, two corridors that, you know, are subeconomic mineralized corridors. And that's really what breaks this up into, you know, it's individual packets, I suppose you could say, or resources. That that that But I think the key message there is that we know about them and we understand them and we know how to deal with them now, you know? That's something we didn't know last time we had this webinar. Um we didn't know what the shifts were doing inside those zones. We didn't know what the grades were going to be like inside those zones. The copper anomaly, funnily enough, bangs right through them as if it's not there. Yeah.

[01:11:21]>> But that's the dispersion I was talking about in a previous question. Uh that Pierre asked. Um so the copper anomaly largely is unaffected by these zones, but certainly and that gives you the encouragement to drill them, doesn't it?

[01:11:32]Absolutely.

[01:11:33]>> when we drilled them, yeah, I mean, you know, we were disappointed. We're following these great thick packages of mineralized schist and getting all excited and we crossed over whatever controls this thing and straight away everything kind of, you know, went dead on us. Um so we know they're there. We know they're not great. Um but they they are the minority of this thing. They're they're they're they're certainly not the majority of it. Excellent. Um so I think we've got time here for one more.

[01:11:57]Um we're getting pretty pretty close to the wire. Um and I've had a couple questions in here on this and I'm trying to balance them so we're not regurgitating the the same technical data over and over. So I'm going to ask you this one a little bit differently because I think it'll provide context and and Donald, just so you know, this is referring to your question. Um but we've kind of hit on this a few times and in Kevin's presentation as well just in terms of overall grade and keeping in mind we haven't published a resource so we can look at the resource um study down the road and kind of think about what we're sitting on today in terms of the detail we're gathering within these grade shells that Kevin is referring to and what we're starting to see taking shape. But I'm going to flip it because Donald's asking a good question, which is that how does grade compare at Lumwana? Like what are they dealing with at Lumwana?

[01:12:43]We know that Lumwana's listed as a 0.5 average, but if I'm not mistaken good, we know there's three separate deposits there. Um we've got Jimmy Woongu, Lubwe, and Kamaranda, if I'm not mistaken.

[01:12:56]How do they look in terms of grade? Are they consistent from one to the next?

[01:13:00]Are those deposits different from one another, Kev? Maybe you can comment on what they look like a little bit from your own history and and work there.

[01:13:08]Yeah, I mean very very comparable to what we're seeing, particularly within our red zone within our red grade zone.

[01:13:13]Mhm.

[01:13:13]>> You know, lots of 0.5s, even 0.7s. And I mean it's it's showing similar variability to to to Jimmy Woongu and and certainly Lubwe. Yes.

[01:13:23]>> I I think the best intercept I have encountered when we were drilling there was like, I don't know, 9 m at a percent or something like that. Which diluted out to, you know, 12 m at about 0.7. So yeah, I mean very very similar, but again it boils down to which zone you're talking about. If you go out into the blue zone, yeah, I mean we're we're way below what they might have in Lonmin.

[01:13:43]But if you go into the red and yellow zone, I mean it's we're comparable in every way. Similar grades. Yeah, for sure. And just between those three, like Jimmy, Lubwe, and Kamaranda, are each of those very similar to each other, or do they vary a bit between the three?

[01:13:59]The main difference between Kamissangao, as it's called now, Lubwe when I drilled it, is Lubwe Kamissangao has a lot more pyrrhotite.

[01:14:11]Than Jimmy Woongu. Jimmy Woongu's kind of, you know, subordinate sulfide phase is pyrite, with the odd flake of pyrrhotite. Kamissangao was much much more pyrrhotite. That's really the only difference. And and we're we're we're much more pyritic end of the spectrum. We do see the odd bit of pyrrhotite, but mostly my subordinate sulfide phase is pyrite.

[01:14:35]Very similar to Jimmy Okay.

[01:14:39]>> In terms of its sulfide phase mineralogy. Yeah, that's what I was kind of getting at. That's that's awesome, Kev. I think that gives people another kind of useful piece of context as well.

[01:14:48]We're both 15 minutes over, so I'm going to wrap it up.

[01:14:51]I want to really thank everybody for taking the time today. We will hold another one of these after the next set of assays. We'll make sure that that with each round of assays we bring out, we have a chance for everybody to hear from Kevin directly and understand the importance and the significance of those assays as we go and as we continue to advance Dunwoody.

[01:15:10]I hope everybody else has a great rest of their day and thank you for joining us today.

[01:15:15]Thank you everybody.