Koryx Raises C$25 Million to Fast-Track Haib Copper Project in Namibia

Koryx Copper has strengthened its balance sheet after successfully raising C$25 million through a bought-deal private placement, a move that significantly enhances the company’s ability to advance its flagship Haib Copper Project in southern Namibia. The financing represents an important milestone for Koryx as it shifts its focus from early-stage exploration toward more advanced technical and engineering studies aimed at defining a clear development pathway for one of Namibia’s most notable undeveloped copper assets.

Under the terms of the transaction, Koryx issued approximately 10.2 million common shares at a price of C$2.45 per share. The underwriters were also granted an option to purchase an additional 1.53 million shares, which could further increase the total proceeds if fully exercised. The financing is expected to close around 20 January 2026, subject to customary regulatory approvals. Net proceeds will be directed toward advancing technical studies, expanding exploration activities, and supporting general working capital requirements, all of which are critical to accelerating progress at the Haib project.

Haib stands out as a large-scale copper-molybdenum porphyry system with a substantial body of historical work already completed. More than 80,000 metres of drilling have been carried out to date, providing a solid geological foundation for ongoing evaluation. Current estimates outline an indicated mineral resource of 414 million tonnes grading 0.35 percent copper, alongside an inferred resource of 345 million tonnes at 0.33 percent copper. Copper mineralisation at Haib is dominated by chalcopyrite, a sulphide mineral that is generally well suited to conventional flotation processing methods.

From a development perspective, Haib offers potential for a long-life open-pit mining operation, with upside linked to both flotation and possible heap leach processing routes. The new funding will allow Koryx to refine metallurgical test work, optimise engineering assumptions, and expand drilling to improve confidence in the resource model. While the company also holds exploration licences in Zambia, management has made it clear that Haib remains the core strategic focus due to its scale, location, and development potential.

Looking ahead, this capital injection places Koryx in a stronger position to de-risk future investment decisions and move steadily toward a viable mine development scenario. For Namibia, the advancement of Haib could contribute to long-term copper production, export revenues, and skills development, reinforcing the country’s role as an emerging mining jurisdiction. More broadly, progress at Haib reflects growing investor interest in African copper assets at a time when global demand for the metal is being driven by electrification, renewable energy, and infrastructure growth.

Mini-Glossary

• Bought-deal private placement: A financing arrangement where underwriters purchase shares upfront and then resell them to investors, providing certainty of funds to the company.
• Porphyry system: A large, low-grade mineral deposit typically mined by open-pit methods, often hosting copper and molybdenum.
• Indicated and inferred resources: Categories of mineral resources that reflect different levels of geological confidence based on available data.
• Chalcopyrite: A copper iron sulphide mineral and one of the most common sources of copper ore.
• Flotation: A mineral processing technique used to separate valuable minerals from waste rock using chemical and physical properties.
• Heap leach: A processing method where ore is stacked and irrigated with a solution to dissolve and recover metals.

Editor: Vural Burç ÇAKIR