Unlocking Copper's Potential: Koryx's Haib Project Poised for Resource Renaissance

The global copper market is on the cusp of a supply crunch, driven by rising demand from renewable energy infrastructure and EV adoption. In this context, projects with scalable resources, high-grade continuity, and operational momentum are poised to command premium valuations. Koryx Copper's Haib Project in southern Namibia fits this profile perfectly. Recent drill results, accelerating exploration, and a catalyst-rich timeline suggest the asset is primed to deliver a value inflection point for investors.

Drill Results Reinforce Grade Consistency and Resource Upside

The Haib Project has delivered a series of high-impact intercepts in its Phase 2 drilling program, with many exceeding the existing resource grade of 0.35% Cu. Notably, HM62 returned 572 meters at 0.33% Cu, including a 68-meter interval grading 0.53% Cu—a stark improvement over the average. Similarly, HM64 intersected 26 meters at 0.66% Cu, with traces of gold (Au) and molybdenum (Mo). These results underscore the deposit's structural continuity, a critical factor for open-pit mineability.

The project's current resource stands at 414 million tonnes (Mt) at 0.35% Cu (Indicated) and 345Mt at 0.33% Cu (Inferred). However, the latest drilling is expected to boost these figures, particularly in the shallow-to-middle pit zones, where intercepts like HM62 and HM51 suggest tonnage and grade gains. A key highlight is the potential for a starter pit using near-surface high-grade zones, which could generate early cash flow and de-risk the project.

By-Product Synergies: Mo and Au Add Margin Expansion Leverage

Beyond copper, Haib's multi-metal potential represents a critical value driver. Recent assays reveal molybdenum (Mo) grades exceeding 0.1% in Target 2 zones, with isolated intervals hitting 0.3% Mo. Gold (Au) traces, while lower, are also present, such as 0.09g/t Au in HM51 and 0.168g/t Au in HM67. These by-products are non-correlated with Cu, meaning they can be extracted at minimal incremental cost—a rare and highly attractive feature in modern mining projects.

Koryx is now refining a Mo-specific geological model to quantify this upside. At current prices ($23/lb for Mo and $1,900/oz for Au), these by-products could add $10–15/lb of copper equivalent value, significantly improving the project's economics. This diversification also buffers against copper price volatility, making Haib a lower-risk, higher-reward asset.

Operational Momentum: Execution on Track Amid Logistical Challenges

While delays in receiving four man-portable drill rigs initially slowed progress, Koryx has recalibrated its program to deliver 28,000 meters by end-2025—a substantial portion of the original 55,000m target. The revised schedule prioritizes high-grade zones and infill drilling to convert resources to the Indicated category, a key step toward feasibility studies. By Q4 2026, Phase 4 infill drilling will complete the dataset, positioning Haib for a full-scale development decision.

The company's focus on multi-element assays and lithological re-logging of historical data ensures geological modeling is robust. Metallurgical testing for conventional flotation and heap leach options is progressing as planned, with results expected to validate cost-efficient processing flowsheets.

Catalyst-Rich Timeline: Near-Term Value Triggers

• Q3 2025: Updated mineral resource estimate incorporating Phase 2 results.
• Q4 2025: Technical report release, including revised economics with by-product credits.
• Q2 2026: Start of Phase 4 infill drilling to boost Indicated resources.
• End-2026: Completion of infill drilling, enabling a feasibility study.

These milestones are binary inflection points for the stock, with each step reducing uncertainty and unlocking valuation multiples.

Valuation Upside: A Copper Asset at a Precious Metals Price

At current copper prices (~$3.50/lb), Haib's 414Mt Indicated resource implies a standalone NPV of ~$2.8 billion (assuming 0.8 recovery and $1/lb sustaining costs). Factoring in Mo/Au credits adds ~$500 million, pushing the total NPV to $3.3 billion. With Koryx's market cap currently at ~$1.2 billion, the upside is compelling, especially as resources grow and by-products are quantified.

Investment Thesis: Act Now on the Resource Renaissance

The Haib Project combines high-grade copper, strategic by-products, and operational execution in a region with low political risk and stable infrastructure. With a catalyst-rich roadmap and a valuation gap relative to peers, this is a buy-the-dip opportunity. Investors should take a position now to capitalize on the coming resource upgrades and feasibility-driven upside.

Final Call: Koryx Copper is no longer just a copper explorer—it's a future producer with a multi-metal asset in one of the world's most stable mining jurisdictions. The pieces are falling into place; the time to act is now.