Koryx Copper outlines drill targets at Luanshya West

The most recent news, dated 2025-12-05 (with two identical headlines at different times), provides an exploration update for Koryx Copper's Zambian projects: Luanshya West and Mpongwe.

At Luanshya West, the company has defined multiple drill targets following the completion of a drone magnetic survey, soil sampling, and pitting during the 2025 field season. A maiden drill program of approximately 3,000 meters is planned for early 2026 to test these targets, which are located in various stratigraphic and structural settings.

At the Mpongwe Project, initial regional surface soil sampling has been completed over most of the license area. Results from this sampling are expected in January 2026, which will help define areas for follow-up exploration.

Koryx Copper currently holds a 51% ownership stake in these Zambian licenses and has an option to increase its ownership to 80% by incurring an additional $3 million (U.S.) in expenditures over the next 30 months. The President and CEO, Heye Daun, expressed satisfaction with the progress and anticipation for the upcoming drilling.

This news is a routine update on the company's early-stage exploration projects in Zambia. While positive in that it demonstrates ongoing work and progression towards drill testing, it does not constitute a material impact on Koryx Copper's overall valuation or risk profile. The company's primary value driver remains the advanced-stage Haib Copper Project in Namibia, which recently delivered a Preliminary Economic Assessment (PEA) with significant projected economics.

The planned 3,000-meter drill program in Zambia is relatively small compared to the ongoing 55,000-meter drill program at Haib. The Zambian projects are still in early exploration, with drill targets just defined and first drilling planned for "early 2026." This is a standard step for an exploration company with a diversified portfolio, but it does not represent a game-changer or a significant shift in the company's trajectory. The 51% current ownership and the option to increase to 80% with a $3 million expenditure over 30 months indicates a cautious, phased approach to these early-stage assets, which is prudent. The CEO's comments align with typical statements of progress in early exploration.

The news is in line with previous expectations, as the company had indicated in its April 8, 2025 news release that it planned 2025 work programs for the Zambia licenses, including drone magnetics and fieldwork starting in April, with drill testing planned for late 2025 (now updated to early 2026). The slight delay from "late 2025" to "early 2026" for drilling is minor and within the normal variability of exploration schedules, especially given the mention of planning over the "wet season."

Given the company's current stage with a PEA-level flagship project, updates on early-stage exploration are expected but typically do not move the needle materially unless exceptionally high-grade or large-scale discoveries are announced. This update describes methodical progress rather than a breakthrough.

Koryx Copper Inc. is a Canadian-based mineral exploration and development company primarily focused on copper assets in Southern Africa.

Flagship Project: Haib Copper Project, Southern Namibia (100% owned) * Type: Advanced-stage, large-scale porphyry copper-molybdenum-gold deposit. * Resource Estimate (effective August 31, 2024, latest updated): * Indicated: 414 Mt at 0.35% Cu (containing 1.459 Mt copper) * Inferred: 345 Mt at 0.33% Cu (containing 1.136 Mt copper) * Cut-off grade: 0.25% Cu. * Preliminary Economic Assessment (PEA, effective September 4, 2025, filed October 8, 2025): * Highlights a 23-year mine life with annual payable copper production of 92,000 tonnes in the first 10 years. * After-tax NPV8% of $1.351 billion and IRR of 20.1%. * First 10-year C1 cash costs of $1.81/lb and AISC of $2.05/lb. * Upfront construction capital: $1.559 billion (including 10% contingency). * Processing involves a 28 Mtpa mill flotation circuit and a 7 Mtpa heap leach circuit, targeting an average 89% recovery for mill/float and 74% for heap leach. * Development Strategy: Focused on rapidly advancing the project through ongoing drilling (55,000m planned for 2025-2026 to upgrade and expand resources), metallurgical testwork (conventional flotation, heap leaching, pre-concentration), and technical studies (PFS expected by end of 2025, DFS in 2026). * Permitting: Mining License application submitted. Environmental and Social Impact Assessment (ESIA) is underway, with the Environmental Clearance Certificate (ECC) submission planned for early 2026. The Exclusive Prospecting Licence (EPL 3140) was renewed until July 7, 2027. * Infrastructure: Studies for power (hybrid solution with grid, solar PV, battery), water (Orange River/Neckartal Dam), tailings storage (626 Mt capacity), and site logistics are progressing.

Zambian Projects: Luanshya West (LEL 23246) and Mpongwe (LEL 23248) * Stage: Early-stage exploration for copper and cobalt. * Ownership: 51% owned, with an option to earn up to 80% by spending an additional $3 million (U.S.) over 30 months. * Work Programs: 2025 field season involved drone magnetics, soil sampling, and pitting. Maiden drill program for Luanshya West planned for early 2026. Regional soil sampling results for Mpongwe expected January 2026.

Corporate Structure: The company completed its continuation from British Columbia, Canada, to the Grand Duchy of Luxembourg, becoming Koryx Copper S.A. (effective November 12, 2025), to better align its legal and corporate structure with its operational footprint and financing strategy. It also dual-listed on the Namibian Securities Exchange (NSX: KYX) on April 10, 2025.