Koryx Copper Completes Haib PFS Drilling, Eyes Updated MRE and PFS by Year-End

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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) has completed its Pre-Feasibility Study (PFS) infill and expansion drill program at its wholly owned Haib copper project in southern Namibia, reporting assay results from 18 holes totaling 7,074 m (meters) on September 22, 2026.

Key Takeaways

• Koryx Copper reported assay results from 18 holes totaling 7,074 m at the Haib copper project, with the company now having completed its infill and expansion drilling program.

• The latest results include broad near-surface copper-equivalent intercepts, including 438 m grading 0.40% CuEq (copper equivalent) in HM199 and 681 m grading 0.34% CuEq in HM193.

• Higher-grade zones were identified within several of the broad intercepts, including 224 m at 0.51% CuEq in HM199 and 22 m at 0.71% CuEq in HM193.

• The company said its updated Mineral Resource Estimate (MRE) and PFS remain on track for publication before the end of 2026.

• Haib's March 2026 MRE outlined 744 million tonnes grading 0.28% Cu (copper) in the Indicated category and 579 million tonnes grading 0.24% Cu in the Inferred category, containing approximately 3.48 million tonnes combined.

Latest News: Haib Drill Program Complete

Koryx Copper reported assay results from 18 drill holes totaling 7,074 m, completing the company's infill and expansion drill program at Haib. The results included several broad copper-equivalent intercepts, with higher-grade zones occurring within the larger mineralized intervals.

The strongest reported intersections included:

• HM193: 681 m @ 0.34% CuEq from surface, including 22 m @ 0.71% CuEq and 169 m @ 0.40% CuEq.
• HM199: 438 m @ 0.40% CuEq from surface, including 16 m @ 0.77% CuEq and 224 m @ 0.51% CuEq.
• HM191: 429 m @ 0.30% CuEq, including 82 m @ 0.56% CuEq.
• HM192: 411 m @ 0.30% CuEq, including 102 m @ 0.40% CuEq.
• HM186: 369 m @ 0.29% CuEq, including 150 m @ 0.37% CuEq.
• HM182: 324 m @ 0.31% CuEq, including 58 m @ 0.45% CuEq.
• HM189: 648 m @ 0.22% CuEq, including 115 m @ 0.35% CuEq.
• HMRC015: 491 m@ 0.22% CuEq, including 352 m @ 0.34% CuEq.

Several of the holes also returned higher-grade Cu intervals within the broader intersections. In HM199, for example, a 16 m interval from 4 m downhole graded 0.77% CuEq, while HM193 returned 22 m at 0.71% CuEq from 180 m. HM186 returned a 150 m interval grading 0.34% Cu from surface, including 14 m at 0.57% Cu and 8 m at 0.89% Cu.

In the release, Koryx said the results were consistent with its previous drilling and highlighted the presence of higher-grade zones near surface, particularly in Target Area 3, where the mine plan is scheduled to begin. With the drilling now complete, Koryx's technical team is moving to geological modeling and estimation work ahead of the planned updated mineral resource estimate and PFS before the end of 2026.

Koryx's President and CEO, Heye Daun, said the results were consistent with previous drilling, highlighting wide intercepts across the Haib deposit and higher-grade zones near surface, particularly in Target Area 3, where the company's mine plan is scheduled to begin. With the drilling program complete, the technical team is focused on geological modeling and estimation work for the updated MRE and PFS, both of which management said remain on track for publication before the end of 2026.

Project Background and Resource Base

Haib is located in southern Namibia and is being advanced as a large-scale copper-molybdenum-gold porphyry project. Koryx's March 2026 MRE reported 744 million tonnes in the Indicated category grading 0.28% Cu, 63 parts per million Mo (molybdenum), and 0.02 grams per tonne Au (gold), along with 579 million tonnes in the Inferred category grading 0.24% Cu, 66 ppm Mo, and 0.02 g/t Au.

The MRE contained approximately 2.09 million tonnes of Cu in the Indicated category and 1.385 million tonnes in the Inferred category. It also outlined 103.6 million pounds of contained Mo and 487,900 ounces of gold in the Indicated category, plus 84.5 million pounds of Mo and 380,200 ounces of gold in the Inferred category. The March resource update also incorporated a lower stripping ratio, with the company reporting a reduction to 0.92x from 1.74x in the previous resource estimate. Koryx has been using its ongoing drilling and technical work to support the next stage of project evaluation.

According to the company, the completed drill program represents an important transition point for the project. Rather than additional drilling being the immediate focus, the company is now moving toward incorporating the new data into geological modeling, resource estimation, and the PFS.

Copper Demand Affected by Global Policy

Demand for copper is expected to increase as data-center construction, power-grid investment, electric vehicles, and defense applications expand. A 2026 study from S&P Global projected that global copper demand will rise from approximately 28 million metric tons in 2025 to 42 million metric tons by 2040, representing an increase of about 50%. The study identified core economic activity and energy source transitions as the largest reasons for additional demand, while AI data centers and defense represent emerging demand drivers.  

Supply growth remains a consideration as demand expands. In a separate January 2026 report, S&P Global argued that, without significant additions to global supply, the copper market could face a shortfall of approximately 10 million metric tons by 2040. The study projects that mined copper production could peak around 2030 before declining as existing mines age, while recycled copper would cover only part of the additional demand. The International Energy Agency also continues to track copper as a critical mineral, with its 2026 Critical Minerals Data Explorer providing updated projections for copper demand under multiple energy and technology scenarios.

Red Cloud Securities' Ron Stewart reiterated a "Buy" rating and CA$5 price target.

U.S. trade policy has also affected copper markets and inventories. On April 2, 2026, the White House modified the Section 232 tariff regime for copper, among other metals, so that applicable duties would generally be assessed on the full customs value of covered products rather than only their metal content. The proclamation established additional duties ranging from 10% to 50%, depending on the product, its origin, and its treatment under the applicable provisions.

The tariff changes have contributed to unusual flows of copper into the United States. Reuters reported in August 2026 that U.S. copper imports had reached 885,000 metric tons during the first half of 2026, while COMEX inventories had climbed to a record 675,185 tons as traders responded to the prospect of future tariffs on refined copper. At the same time, copper prices on the London Metal Exchange approached record levels, illustrating how U.S. tariff expectations have affected the distribution of available metal even as the broader global market remained sensitive to supply disruptions and demand growth.

U.S. copper supply remains an important consideration for the domestic market. The U.S. Geological Survey's 2026 Mineral Commodity Summaries estimated U.S. mine production at approximately 1 million metric tons in 2025, down from 1.05 million metric tons in 2024, while refined copper production was estimated at 850,000 metric tons. The USGS also added copper to the U.S. critical minerals list in 2025.

What Analysts and Research Reports Are Saying

Red Cloud Securities' Ron Stewart published a September 23, 2026, research note following Koryx's September 22 assay release. The report focused on the continuity demonstrated by the final drill results and the project's progression toward an updated mineral resource estimate and PFS.

Stewart reiterated a "Buy" rating and CA$5 price target, saying, "In our view, this batch reinforces the deposit's scale and grade continuity and marks a further step toward resource conversion, headlined by HM167's 969m at 0.27% CuEq from surface, the longest continuously mineralized intercept drilled at Haib to date."

Broader analyst coverage has also remained focused on the scale of the Haib resource and the project's advancement through the development process. Current market-data aggregators report a five-analyst consensus of "Strong Buy" and an average 12-month price target of approximately C$5.89, although individual analyst targets vary materially.

Ownership & Share Information¹

Koryx Copper S.A. has a market cap of approximately CA$426.76 million, with 121.58 million shares outstanding. The company's 52-week range is CA$1.17-CA$3.90.

Institutions own 11.51% of shares, while Management & Insiders own 4.09%. The remaining 84.40% of shares are Retail.

Frequently Asked Questions

Q: When will Koryx Copper release its updated MRE and PFS?

A: Koryx has said its updated mineral resource estimate and pre-feasibility study remain on track for publication before the end of 2026. The company is now focused on geological modeling and resource-estimation work following completion of the drill program.

Q: What did Koryx's latest Haib drilling show?

A: The latest 18 holes returned broad copper-equivalent intercepts across the Haib deposit. Among the highlights were 438 at 0.40% CuEq in HM199 and 681 m at 0.34% CuEq in HM193, both starting at surface.

Q: What is the current Haib resource?

A: The March 2026 MRE reported 744 million tonnes grading 0.28% copper in the Indicated category and 579 million tonnes grading 0.24% Cu in the Inferred category. Together, the two categories contain approximately 3.48 million tonnes of copper.

Q: What is CuEq in mining?

A: Copper equivalent, or CuEq, is a way of expressing the combined value of multiple metals as an equivalent copper grade. At Haib, the calculation incorporates copper along with by-product metals, including molybdenum and gold. CuEq allows mineralized intervals containing multiple metals to be compared using a single grade measure.

Q: What is a Pre-Feasibility Study?

A: A Pre-Feasibility Study, or PFS, is an engineering and economic assessment used to evaluate whether a mineral project has a sufficiently defined technical and economic basis to advance toward development. It typically examines areas including mining methods, processing, infrastructure, capital costs, operating costs, and projected project economics.

Q: What is a Pre-Feasibility Study (PFS) in mining?
A: A Pre-Feasibility Study (PFS) is a detailed technical and economic assessment used to evaluate whether a mining project is potentially viable for development. A PFS typically examines factors including mineral resources, mine design, processing methods, infrastructure, capital costs, operating costs, production forecasts, and projected economic returns.

Q: What is a Mineral Resource Estimate (MRE)?
A: A Mineral Resource Estimate (MRE) is an estimate of the quantity and grade of mineralization contained within a mineral deposit based on geological data and exploration results. Mineral resources are generally classified into categories such as Measured, Indicated, and Inferred according to the level of geological confidence, with Indicated resources having a higher level of confidence than Inferred resources.

Q: What does copper equivalent (CuEq) mean?
A: Copper equivalent (CuEq) is a standardized grade that expresses the combined value of copper and other potentially valuable metals as an equivalent percentage of copper. The calculation typically incorporates metal prices, recoveries, and other assumptions, allowing polymetallic mineralization to be represented using a single copper-equivalent grade.

Q: What is a porphyry copper deposit?
A: A porphyry copper deposit is a large mineral deposit in which copper and potentially other metals are dispersed through large volumes of altered igneous rock. Porphyry deposits can contain relatively low average grades but very large quantities of mineralized material, making their scale and potential for bulk mining important considerations in project development.

Q: What is an infill drilling program in mining?
A: Infill drilling is exploration drilling conducted between existing drill holes to obtain additional geological and assay data within a known mineralized area. The additional information can help improve understanding of the continuity, geometry, and grade distribution of a deposit and may support the conversion of mineral resources into higher-confidence categories.