Koryx Copper's $10M Bet on Haib: A Copper Giant's Ascent in Africa

The mining sector has long been a bellwether for global economic health, and few projects currently on the horizon rival the scale and potential of Koryx Copper's Haib Copper Project in Namibia. On July 7, 2025, Koryx announced a $10 million bought deal offering to accelerate exploration and technical studies at Haib—a move that could position the company as a key player in the copper market. Let's dissect how this capital is strategically allocated and why investors should take note.

A Project of Monumental Scale

The Haib Copper Project, spanning 2,400 square kilometers, boasts one of the largest undeveloped copper deposits in Africa. With indicated resources of 456.9 million tonnes grading 0.31% Cu and inferred resources of 342.4 million tonnes at 0.29% Cu (as of January 2018), the project has the raw material to rival established mines. But what truly sets Haib apart is its historical pedigree: exploration by Rio Tinto Zinc in the 1970s, followed by Teck Resources in 2010 and 2014 (drilling 14,500 meters), laid the groundwork for today's ambitions.

How the $10M Proceeds Are Being Deployed

The $10M infusion is earmarked to advance three critical fronts:
1. Drilling Expansion: Koryx aims to complete its Phase 2 diamond drilling program, which has already delivered standout results. By adding four portable drilling rigs to the existing fleet, the company expects to hit its 2025 target of 25,000 meters drilled. Notable intercepts include HM62 (572 meters at 0.33% Cu, including high-grade intervals like 68 meters at 0.53% Cu) and HM64 (26 meters at 0.66% Cu with gold byproduct credits). These results underscore the deposit's continuity and potential for resource upgrades.
2. Geological and Metallurgical Modeling: An updated 3D model is in the works, incorporating new drill data to refine resource estimates and assess byproduct recovery (e.g., gold and molybdenum). Metallurgical tests are also prioritized to validate a 85% copper recovery rate via a combination of flotation and heap leaching—a process that could reduce costs and improve margins.
3. Feasibility and Permitting: With a preliminary economic assessment (PEA) showing a pre-tax NPV of up to $1.67 billion at $3.00/lb copper, the next step is a feasibility study. This will include environmental impact assessments, infrastructure planning (leveraging Namibia's rail access), and community engagement to secure permits.

The Value Accretion Play: Why This Matters

The Haib Project's true value lies in its optionality. The PEA's sensitivity analysis reveals that even at a conservative $2.50/lb copper price, the project remains economically robust. But the real kicker is its scalability:
- Resource Expansion: The recent drilling has highlighted high-grade zones that could convert inferred resources into indicated or measured categories, boosting confidence in the project's economics.
- Cost Optimization: Solar energy integration and pilot plant validation of heap leaching could slash operating costs. The PEA's current estimate of $7.64 per tonne for processing is already competitive, but further reductions could make Haib a cash-flow powerhouse.
- Byproduct Bonuses: Gold and molybdenum grades in drill results add incremental revenue streams. For example, HM51's 12-meter interval grading 0.58% Cu and 0.09 g/t Au could enhance margins in a high-grade starter pit.

Risks on the Horizon

No project is without risk. Copper's price volatility remains a wildcard, as does the permitting process in Namibia. Additionally, the feasibility study will need to confirm whether the deposit's metallurgical characteristics can achieve the 85% recovery target. Investors should also note that while the PEA looks promising, the road to production includes regulatory hurdles and capital-intensive infrastructure development.

The Investment Case: A Copper Bull's Dream

For investors with a long-term horizon, Haib represents a compelling opportunity. The project's size, historical data, and the current drilling success suggest a high probability of unlocking value. shows a 30% rise since early 2024, but this may only be the beginning.

Recommendation: Koryx Copper is a “buy” for investors bullish on copper's long-term fundamentals. With global demand for EVs and renewables driving a structural shortage, Haib's scale and low-cost potential could make it a cornerstone asset. However, investors should remain mindful of near-term copper price fluctuations and regulatory timelines.

In a sector where few projects offer both size and technical maturity, Haib stands out. This $10M allocation isn't just a bet on copper—it's a bet on Koryx's ability to turn a legacy deposit into a 21st-century mining powerhouse.