Name of the Project
Haib copper project.

Location
About 20 km north-east of Noordoewer, in southern Namibia.

Project Owner/s
Koryx Copper, a Luxembourg-based copper development company.

Project Description
Haib is an advanced, large-scale openpit copper/molybdenum/gold porphyry project comprising predominantly sulphide mineralisation with a small oxide and transitional component.

The March 2026 mineral resource estimate, reported at a 0.15% copper cutoff, comprises 744-million tonnes in the indicated category grading 0.28% copper, 63 parts per million (ppm) molybdenum and 0.02 g/t gold, or 0.32% copper equivalent, containing 2.09-million tonnes of copper. A further 579-million tonnes in the inferred category grades 0.24% copper, 66 ppm molybdenum and 0.02 g/t gold, or 0.28% copper equivalent, containing 1.385-million tonnes of copper.

The prefeasibility study (PFS) base-case flowsheet provides for all sulphide material to be treated through conventional crushing, milling and flotation, replacing the earlier sulphide heap-leach concept. Coarse-particle flotation is expected to reject up to 25% of run-of-mine feed as coarse gangue with limited copper loss, reducing downstream grinding, water and energy requirements.

The current process concept comprises three 14-million-tonne-a-year crushing and screening trains, two 18.5-million-tonne-a-year milling and coarse-particle-flotation circuits, two 14-million-tonne-a-year conventional flotation trains and a three-million-tonne-a-year heap-leach circuit for residual oxide and transitional material. The flotation circuit is designed to produce separate copper-rich and molybdenum-rich concentrates, while the heap-leach circuit will produce copper cathode.

The preferred infrastructure concept provides for grid power supplemented by solar PV generation and potential battery storage, with capacity designed for up to 200 MVA. Raw-water demand is estimated at about 20-million cubic metres a year, with supply from the Orange river and off-channel storage the preferred PFS option.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The September 2025 PEA estimated an after-tax net present value, at an 8% discount rate, of $1.351-billion, an after-tax internal rate of return of 20.1% and an after-tax payback period of 3.9 years. These economics predate the March 2026 mineral resource update and the current PFS flowsheet and are expected to be revised in the PFS.

Capital Expenditure
The September 2025 PEA estimated development capital at $1.559-billion, excluding $159-million of heap-leach and solvent-extraction/electrowinning capital previously scheduled for Years 2 and 3. The PFS is reassessing capital requirements following the removal of sulphide heap leaching from the base-case flowsheet.

Planned Start/End Date
Koryx is targeting publication of the PFS and a further mineral resource update before the end of 2026. Environmental approval is targeted for the first half of 2027. A mining licence application was submitted on September 1, 2025. A mine-development or production start date has not been stated.

Latest Developments
The infill and expansion drilling programme has been completed, with geological modelling and estimation work under way for the updated mineral resource estimate and PFS. 

Both remain on track for publication before the end of 2026. 

The company has reported assays from a further 18 drillholes totalling 7 074 m.

Results include 438 m at 0.40% copper equivalent in HM199, including 224 m at 0.51% copper equivalent, and 681 m at 0.34% copper equivalent in HM193. 

Koryx has highlighted near-surface higher-grade zones in Target Area 3, where mining is scheduled to begin. However, HM198 is expected to marginally reduce mineralised tonnage in part of Target Area 1, while a predicted higher-grade interval in HM200 has not materialised and will be assessed. Reported intersections are interval widths, with true widths unknown. 

Key Contracts, Suppliers and Consultants
DRA Projects Europe (process and technology/PFS processing work); Knight Piésold Consulting (mine water, tailings and environmental studies); MSA Group (March 2026 mineral resource estimate); Qubeka Mining Consultants (mining studies); and Ferrodrill Namibia (drilling).

Contact Details for Project Information
Koryx Copper, tel +1 604 687 2038 or email info@koryxcopper.com.