Koryx Copper Provides Interim Update on Pre-Feasibility Study Progress for the Haib Copper Project in Southern Namibia

Koryx advances Haib Copper PFS, targeting 48 Mtpa capacity and key permits by 2027.

What the company is saying

Koryx Copper S.A. is positioning the Haib Copper Project in Namibia as a large-scale, world-class copper development, emphasizing technical progress and imminent PFS completion. The company highlights completion of conversion drilling, near-final metallurgical test work, and parallel advancement of infrastructure and permitting, with DRA Global Limited as lead engineering consultant. CEO Heye Daun expresses strong confidence in delivering the PFS before the end of November 2026, citing credible assumptions and specialist technical studies. The narrative stresses operational scale—48 million tons per year process plant capacity, 1.15 Bt tailings facility, and 1.45 TWh annual power demand—while presenting the project as low-cost and low-risk, though without disclosing economic metrics. Environmental permitting is framed as on track, with ECC applications submitted in August and September 2026 and a decision expected before end-2027. The company underscores its 100% ownership of Haib and over 160,000 meters of historical drilling, aiming to benchmark the project as a rapidly advancing copper asset.

What the data suggests

The disclosed figures show a technically advanced project: the PFS base case targets 48 million tons per year of run-of-mine material, with 12 Mtpa of coarse gangue at 0.05% Cu rejected before flotation, and a tailings facility sized for 1.15 billion tons. Heap leaching of 50 million tons of oxide copper is excluded from the current PFS but remains a future option. Power requirements are substantial at 260 MVA and 1.45 TWh per year, with a 68 km, 220 kV transmission line planned. Water will be sourced from the Orange River, 9 km from site, with an off-channel reservoir. Over 160,000 meters of drilling have been completed since the 1970s, and QA/QC protocols are detailed. Environmental permit applications were filed in August and September 2026, with a decision expected before end-2027. The update is comprehensive on technical and permitting progress but does not disclose economic outcomes, costs, or resource/reserve figures. All operational milestones remain pre-production and contingent on future studies and approvals.

Analysis

The announcement provides a detailed technical update on the Haib Copper Project's PFS, with several realised milestones such as completed conversion drilling and advanced metallurgical test work. However, the majority of key claims are forward-looking, including the pending PFS results (expected by November 2026), future DFS work, and anticipated permitting outcomes (ECC decision before end of 2027). The language is optimistic, referencing 'outstanding production and economic metrics' and positioning Haib as a 'world class copper development project,' but no actual production, revenue, or economic results are disclosed. The project is capital intensive, with large-scale mining, power, and water infrastructure described, yet all economic benefits remain long-dated and contingent on future studies and permits. While technical progress is credible and well-documented, the narrative inflates the immediacy and certainty of future value creation. The gap between narrative and evidence is moderate: technical milestones are real, but economic and operational outcomes are still aspirational.

Risk flags

• ●Permitting risk is significant: the Environmental Clearance Certificate, required for the mining license, is not expected until late 2027, and the review period could extend due to project complexity. Any delay or negative decision would halt project advancement.
• ●Execution risk is high given the project's scale: a 48 Mtpa process plant, 1.15 Bt tailings facility, and 1.45 TWh annual power demand require major capital investment, complex engineering, and coordinated infrastructure delivery, all of which are subject to cost overruns and logistical challenges.
• ●Economic uncertainty remains: the announcement provides no PFS-level financial metrics such as NPV, IRR, capex, or opex, leaving the project's economic viability unquantified until the PFS is released.
• ●Power and water supply depend on third-party agreements: the final power supply agreement with NamPower and the Infrastructure Development Agreement with NamWater are still in negotiation, and any failure to secure these could delay or jeopardize project development.
• ●Technical risk persists: while metallurgical test work shows continuity, the process flowsheet and heap leach potential are still being finalized, and actual recoveries or process performance may differ from expectations.

Bottom line

Koryx Copper S.A. is making credible technical progress on the Haib Copper Project, with a 48 Mtpa process plant and key infrastructure plans advancing toward a pre-feasibility study release by November 2026. The project is large and capital intensive, with substantial power and water requirements and a tailings facility sized for 1.15 billion tons. Permitting is underway, but the critical Environmental Clearance Certificate is not expected before end-2027, making any production or cash flow at least a year away and contingent on regulatory approval. No economic metrics are disclosed, so project viability remains unproven until the PFS is published. Investors should focus on the upcoming PFS results and permitting milestones, as these will determine whether Haib can move from technical promise to economic reality. The most important takeaway is that while technical and permitting progress is real, all value remains contingent on future studies and regulatory decisions.

Announcement summary

(TSXV:KRY) (OTCQX:KRYXF) Koryx Copper S.A. provided an interim update on the technical and engineering studies supporting the Pre-Feasibility Study (PFS) for its 100% owned Haib Copper Project in southern Namibia. The PFS results are expected to be released before the end of November 2026. The Haib deposit is a large, disseminated porphyry copper deposit with associated molybdenum and gold, and is planned to produce copper and molybdenum concentrates via large-scale open pit mining and conventional sulphide milling and flotation. Conversion drilling for the PFS has been completed, and metallurgical, infrastructure, and permitting workstreams are advancing in parallel. DRA Global Limited is the lead engineering consultant, supported by Namibian technical consultants. The core PFS metallurgical test work program is nearing completion, with most results under final review, and interim results show excellent continuity from prior test work. Jameson Cell and coarse particle flotation (CPF) are being used to maximize early gangue rejection, concentrate grades, and metal recovery, with partially liberated sulphides up to 450 µm successfully floated. Testing of transitional mineralized material is expected to be completed in early October 2026. The DFS metallurgical program began in August 2026, focusing on building a comprehensive geo-metallurgical model for comminution and flotation for the DFS planned in 2027. Process plant design is progressing, with process flow diagrams and design criteria near finalization. The PFS base case capacity is set at 48 million tons per year (Mtpa) of run of mine material, with approximately 12 Mtpa of coarse gangue at 0.05% Cu rejected before flotation. Heap leaching of approximately 50 million tons of oxide copper mineralized material is no longer part of the PFS base case but remains an option for the future. The tailings storage facility (TSF) site selection process evaluated nine sites, resulting in the selection of a site able to contain 1.15 Bt of tailings in one facility. The process plant's increased throughput to 48 Mtpa raises the project's electricity requirements to an estimated 260 MVA maximum demand and 1.45 TWh annual consumption. The power supply strategy includes a 68 km, 220 kV transmission line from Harib substation, connection to the NamPower grid, solar PV, and battery storage. The Orange River water supply scheme has been selected as the preferred bulk water supply solution, with an abstraction point 9 km south of the mine and an off-channel storage reservoir. Koryx and NamWater have signed a Memorandum of Understanding, and an Infrastructure Development Agreement is being developed. Applications for Environmental Clearance Certificates (ECC) for the Mining License Area and Water Abstraction from the Orange River were submitted to the Ministry of Environment, Forestry and Tourism on 19 August 2026 and 4 September 2026, respectively. The ESIA and EMP were prepared in accordance with Namibian regulations and international good practice, and a decision is expected before the end of 2027. The ECC is required for the granting of the Mining License. All drill core is HQ sized at collar, reduced to NQ in fresh rock, logged, photographed, and cut for analysis at ALS Laboratories Ltd. in South Africa and Activation Laboratories in Canada. QA/QC frequency is 1 in 20 for blanks, duplicates, and standards. Mr. Dean Richards, BSc. (Hons) Geology, Pr.Sci.Nat., MGSSA, is the Qualified Person for the Haib Copper Project. More than 160,000m of drilling has been conducted at Haib since the 1970s, with significant programs by Falconbridge, Rio Tinto, Teck, and Koryx Copper. Haib is described as a large copper porphyry deposit with significant gold and molybdenum credits and a long history of exploration and project development.

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