831 Meters at 0.27% Copper Equivalent From Surface, Including 244 Meters at 0.42% CuEq

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Koryx Copper SA (KRY:TSXV; KRYXF:OTCQX; KYX:NSX) reported assay results from 17 drill holes totaling 6,430 meters from its ongoing infill and expansion drill program at the wholly owned Haib Copper Project in southern Namibia. The August 14 results included wide copper-equivalent intervals and the highest copper and silver grades recorded at Haib to date.

Among the reported results, hole HM155 returned 831 meters at 0.27% copper equivalent (CuEq) from surface, including 244 meters at 0.42% CuEq from 536 to 780 meters. HM147 returned 654 meters at 0.25% CuEq from surface, including 84 meters at 0.47% CuEq from 4 to 88 meters and 46 meters at 0.47% CuEq from 234 to 280 meters.

HMRC008 returned 231 meters at 0.44% CuEq from surface, including 12 meters at 2.55% CuEq from surface, 10 meters at 0.61% CuEq from 190 to 200 meters, and 14 meters at 0.47% CuEq from 216 to 230 meters. A two-meter interval from 4 to 6 meters returned 8.01% copper, 330 ppm molybdenum, and 0.342 grams per tonne gold, for 8.38% CuEq. The company said a sample within the interval contained the highest copper and silver grades recorded at Haib to date, grading 8.01% copper and 60.5 grams per tonne silver.

Other highlighted results included HM152 with 578 meters at 0.25% CuEq, including 14 meters at 0.59% CuEq; HM139 with 466 meters at 0.26% CuEq, including 76 meters at 0.52% CuEq; HM146 with 497 meters at 0.22% CuEq, including 62 meters at 0.37% CuEq; and HM134 with 605 meters at 0.21% CuEq, including 20 meters at 0.54% CuEq.

The results covered three target areas and included both intersections that supported the existing grade-shell model and intersections expected by the company to alter portions of that model. At Target Area 1, HM134 indicated that greater than 0.2% copper grades potentially extended about 100 meters below the current grade shell. HM139 was drilled to better define the southern limit of mineralization, with results expected to shift the 0.25% copper grade shell southward by approximately 50 to 140 meters, depending on depth.

HMRC005 returned 12 meters at 0.51% copper near surface, which the company said had the potential to extend the 0.25% copper grade shell laterally by approximately 30 to 40 meters. HMRC007 ended with 17 meters, averaging 0.39% copper, and is to be continued with a diamond tail. HMRC008 also ended in mineralization and is to be extended with a diamond tail.

At Target Area 2, HM146 and HM155 were drilled 31 meters apart on the same section line. The company said the copper grades over their common interval were virtually identical and expected to expand the 0.25% copper grade shell. HM156, however, indicated a localized reduction in mineralized volume along the northern limit of Target 2, while two intervals exceeding 0.46% copper occurred outside the existing model. HMRC009 returned lower grades between 100 and 170 meters that were expected to reduce the 0.25% copper grade shell locally. At Target Area 3, HM152 correlated with the current grade-shell model and included a two-meter gold interval grading 0.46 grams per tonne at 530 meters.

"These results stand out for their length as much as their grade," Koryx Copper President and CEO Heye Daun said. "HM155 intersected 0.27% CuEq from surface to 831m, including 244m at 0.42% CuEq, while HM139 and HM147 returned continuous zones of 76m at 0.52% CuEq and 84m at 0.47% CuEq, respectively," Daun said the company was approaching the end of infill drilling ahead of an updated resource estimate and was advancing toward publication of a preliminary feasibility study at the end of 2026.

Drilling was continuing with 15 drill rigs, seven operating on double shifts. Technical studies and cost estimation were also underway toward the planned PFS publication at the end of 2026.

Copper Market Balances Inventory Shifts Against Supply Constraints

In an August 25 Big Go report, copper prices on the London Metal Exchange were described as having pulled back after reaching a record high, while supply conditions continued to support the market. The report said LME inventories remained relatively low, spot supply had tightened, and concerns persisted about insufficient new mine development. "Supply-side factors remain a key pillar of support for copper prices," the report said. It also noted that a large-scale cancellation of warrants had attracted attention after spot copper had traded at a significant premium to futures, indicating increased competition for near-term physical supply.

Trading Economics data timestamped at 06:39 on August 25 showed copper at US$6.6372 per pound, up 4.60% over the preceding month and 48.61% over the preceding year. Its market summary noted that copper futures had recently retreated as exchange inventories increased, with LME-monitored inventories reaching 238,575 tons on August 20, approximately 16% above their February low. SHFE-monitored stocks had increased 28.4% during the preceding week to 89,548 tons.

"The rise in inventories, along with a sharp narrowing in the LME cash premium over three-month copper, pointed to improved near-term availability and weighed on prices," Trading Economics said. The report also noted that supply risks remained after flooding at a major copper complex in the Democratic Republic of Congo threatened to reduce production during the year.

An August 25 update by Michael Fisher cited ING analysts Warren Patterson and Ewa Manthey, who said copper had continued to receive support from constrained LME inventories and physical metal flows into the United States. "Copper edged higher after fresh withdrawals from LME warehouses renewed concerns over tight exchange inventories. LME canceled warrants increased by 51.4kt, the largest daily rise since May," the analysts said.

Patterson and Manthey also said earlier deliveries into LME warehouses had eased some inventory pressure before the latest withdrawals. "Recent deliveries into LME warehouses helped ease some of the tightness. However, the latest withdrawal suggests that any recovery in inventories may prove temporary," they said. They added that "inventory movements remain a key focus, with exchange stocks still relatively low."

The analysts also pointed to continued physical demand from the United States, stating that "Copper remains supported by strong metal flows into the U.S." They said copper had risen nearly 15% since the beginning of the year, while record-high prices had begun raising concerns about demand in China. Their assessment identified constrained exchange stocks, warehouse withdrawals, and U.S.-bound metal flows as the principal factors shaping near-term copper market conditions.

Third-Party Points to Haib's Scale and Upcoming PFS

According to an August 19 report from investment writer Dominic Frisby, Koryx Copper remained one of the copper companies he favored. "I like Koryx Copper (TSXV: KRY)," Frisby wrote. He noted that he had previously written about the company in early July and described the shares as being "in consolidation mode, after a big run up in 2025."

Frisby focused much of his company-specific discussion on the scale of the Haib Copper Project. "Its main asset is Haib, which has a characteristic that increasingly matters in this copper market: it's big," he wrote. He described Haib's resource as roughly 1.32 billion tonnes containing around 7.6 billion pounds of copper, along with molybdenum and gold. "It is low grade. But it is enormous, close to surface and potentially capable of supporting a very large, long-life open-pit operation," Frisby stated.

He also discussed recent drilling at Haib, citing an 831-meter interval at 0.27% copper equivalent from surface that included 244 meters at 0.42%, as well as a 654-meter interval at 0.25% that included 84 meters at 0.47%. "Recent drilling continues to demonstrate the scale," Frisby wrote.

Frisby identified the project's economics as the next issue Koryx needed to demonstrate. "Koryx now needs to demonstrate that all this copper can be mined economically," he wrote. He identified the pre-feasibility study, which he said was due around the end of the year, as the next major milestone. According to Frisby, the study was expected to provide additional information about "the optimum mine size, capex, operating costs, recoveries and, crucially, the economics of exploiting the higher-grade portions of the deposit first."

His August 19 commentary also included risks specific to Koryx and Haib. "Haib is low grade. The capital spend will be enormous. The PFS could disappoint. Koryx will probably need to raise more money before the story reaches its conclusion," Frisby wrote. He also stated that a buyer he expected "may never show up."

Frisby's discussion nevertheless maintained his previously stated recommendation of the company. He concluded his Koryx-specific discussion by writing, "But investing is a probability game, and you have to weigh up the odds." 

BMO Capital Markets had an Outperform rating on Koryx Copper. On June 30, BMO set a CA$6.00 price target for the stock. MarketBeat listed that target as the highest among the two analysts covering Koryx and reported a CA$5.25 consensus price target, with both analysts carrying positive ratings.

Stifel Nicolaus also maintained a Buy rating on Koryx Copper. Analyst Cole McGill reiterated the rating on August 17 with a CA$4.50 price target. The source listed the target as representing 47.06% upside at the time.

Haib Work Program Moves Through Drilling, Technical Studies, and PFS Preparation

Koryx's May 2026 investor presentation outlined a 55,000-meter resource conversion and growth drilling program at Haib as part of a broader work program. The presentation described a CA$35 million program aimed at increasing the mineral resource estimate grade and size, optimizing and right-sizing the project, and demonstrating the techno-economic feasibility of a 100,000-tonne-per-year open-pit copper mine. The development schedule also included metallurgical testwork and trade-off studies, permitting work and a PFS, with financing, a definitive feasibility study, and implementation identified to commence in 2027.

The technical strategy included completion of metallurgical testwork to demonstrate the techno-economic feasibility of a conventional sulfide flotation process and investigation of processing techniques intended to enhance the process flowsheet. The company also identified work to improve mineral resource size and grade through molybdenum and gold by-products, high-grade shoots, and the low-grade halo.

Processing studies included evaluation of lower-grade material using conventional milling and flotation with sorting compared with heap-leach options. The program also called for work on ore sorting, coarse particle flotation, and heap-leach trade-offs. The conceptual process flowsheet described crushing, milling, and flotation of higher-grade material to produce a copper, molybdenum, and gold concentrate, with lower-grade material directed to heap leaching for additional copper cathode production. Sorting and related testwork were underway at the time of the presentation.
Infrastructure work included power, water, and transport trade-off studies. The presentation said an application had been made for NamPower to conduct a capacity assessment for connection to a 220-kilovolt line 45 kilometers from the plant site. The project was modeled with 150 megawatts of power demand, while photovoltaic and wind-power assessments were underway.

For water, the presentation identified a demand of 20 million cubic meters per year for a 20-million-tonne-per-year plant. Scenarios under consideration included an Orange River source nine kilometers away with on-site attenuation dams capable of storing up to six months of water. A 230-kilometer pipeline from Neckartal Dam was being advanced as an alternative backup and growth option.

The technical program also covered geological modeling and grade estimation, pit optimization, mine design, scheduling and costing, infrastructure design and capital estimates, environmental and social risk assessment, closure planning, and baseline studies. Water-related work included supply studies and surface-water management, while metallurgical studies covered crushing, milling, mineralogy, heap leaching, diagnostic leaching, and gravity gold recovery. Geotechnical work, mill sizing, and studies covering tailings facilities, waste-rock dumps, and infrastructure locations were also identified.

The presentation further called for environmental and mine permitting and work to establish social license at the national, regional, and local levels. Its indicative schedule placed mining and environmental permitting alongside the study program, with the company aiming to reach a permitted PFS-stage project before financing, definitive feasibility work, and implementation beginning in 2027. The timing and level of the updated mineral resource estimate, PEA, and PFS were described as dependent on progress with resource conversion drilling, ongoing heap-leach testwork, and additional milling and flotation versus heap-leach trade-off studies.

Ownership & Share Information¹

Koryx Copper S.A. has approximately 121.5 million shares outstanding and a market capitalization of approximately CA$449.8 million. The company's 52-week trading range is approximately CA$0.96 to CA$3.90.

Institutions own 11.51%, with Management & Insiders owning 4.09%. The remaining shares are held by Retail.