Koryx Copper Advances Projects and Unlocks Value in the Namibian and Zambia Copperbelt

• Koryx Copper is exploring for copper in Namibia and Zambia, with a focus on the Haib Copper deposit in Namibia
• The company published a Preliminary Economic Assessment (PEA) for Haib Copper showing strong economics with NPV of $1.3 billion and IRR of 36%
• Ongoing drilling aims to increase the copper grade of the deposit through targeting high-grade structures; assay results from this program are expected by mid-2024
• The company is engaging with potential partners/investors to help advance Haib Copper towards development
• Exploration work is also progressing on earlier-stage copper-cobalt projects in Zambia, with drilling planned for later in 2024

Koryx Copper Advances Haib Copper Towards Development

Junior explorer Koryx Copper (TSXV:KRY) is making steady progress advancing its flagship Haib Copper project in Namibia. The February 2021 Preliminary Economic Assessment (PEA), amended in January this year, demonstrates robust economics for the large-tonnage, near-surface deposit. Ongoing drilling aims to boost the copper grade and further strengthen project economics ahead of more advanced studies.

"The Haib Copper deposit is a very large tonnage deposit," explained Koryx President & CEO Pierre Léveillé. "The PEA that we have done in February 2021, which we will update this year, is showing a $3.50 per pound of copper. The NPV after tax is $1.3 billion, the IRR after tax is 36%. So it's very strong economics."

While already hosting an impressive resource of 850 million tonnes grading 0.31% copper, Léveillé sees good potential to increase the copper grade at Haib Copper. The deposit was previously drilled on a wide spacing by past operators seeking to maximize tonnage. Koryx's approach has been to drill angled holes to specifically target higher-grade vertical structures that were missed by the earlier vertical drilling.

Interview with President & CEO, Pierre Léveillé

Strengthening Project Economics

The strategy appears to be paying off, with multiple holes returning long intercepts well above the PEA cut-off grade of 0.25% copper. Highlights include 200 meters grading 0.49% copper. Assays are pending for a further 19 holes.

"We know we're in the right territory to improve the grade," said Léveillé. "We're not drilling outside the deposit, we're infill drilling between the [existing] holes that are already there."

An updated resource estimate incorporating the new drilling is expected by mid-2024. This will be followed by a revised PEA using current cost estimates and what is anticipated to be an improved copper grade. While prior studies evaluated an 8 Mtpa operation, the upcoming PEA will focus on a single scenario in line with 43-101 requirements.

Although Koryx is a small company with a C$20 million market cap, Léveillé is confident in their ability to keep advancing Haib Copper. The plan is to systematically de-risk and add value to the project through modest work programs funded by periodic capital raises. Eventually, the company expects to bring in a larger partner, likely a major mining company or private equity group, to finance the buildout of the project.

Progress in Zambia

Exploration work is also progressing at Koryx's earlier-stage projects in Zambia. At the Luanshya West project, where prior work identified numerous copper and cobalt anomalies, an IP geophysical survey was recently completed to refine drill targets.

"The main goal of that IP survey was to establish the depth at which we should drill," said Léveillé. "Now we will have some drilling targets for a small program, probably 2,000 meters, not a lot of money. It should be spent first to test these anomalies."

Despite the projects being at an early stage, Léveillé noted they are already attracting interest from larger companies. Major miners like Rio Tinto and Glencore are actively looking for new copper projects in the Central African Copperbelt.

Summary

In summary, Koryx offers investors exposure to an advanced-stage copper development project in Namibia with a clear path to value creation over the next 12+ months. The upcoming resource update and revised PEA are potential re-rating catalysts. While exploration success in Zambia could provide a further boost. With a tight share structure and multiple irons in the fire, Koryx is well-positioned to benefit from the positive copper market fundamentals.

The Investment Thesis for Koryx Copper

• Exposure to a large (850 Mt) copper resource in mining-friendly Namibia
• PEA shows robust economics (36% IRR) with room for improvements via higher-grade drilling
• Fully-funded to deliver multiple catalysts over the next 12 months: updated resource, revised PEA, additional drill results
• Attracting interest from major miners looking to secure new copper assets
• Earlier-stage projects in Zambia provide additional copper-cobalt exposure and discovery opportunities
• Experienced management team with a disciplined approach to adding value and attracting partners

The Copper Market

The copper market is widely expected to shift into a structural deficit in the coming years as demand growth, driven by global decarbonization efforts, outpaces supply. Electricity generation, transmission and storage infrastructure will require massive amounts of copper. As will the shift to electric vehicles.

At the same time, a lack of new mine development and declining grades at existing operations mean supply increases will likely be constrained. This has major miners racing to secure new projects to fill their development pipelines.

"It's not very usual that you will see a very large project like this in a small cap company like Koryx, it's unusual, but it's there," said CEO Pierre Léveillé, highlighting the opportunity Koryx presents for investors and partners. As a potential district-scale copper asset in a top jurisdiction, Haib is well-placed to help fill the industry's project pipeline gap.