Koryx Copper Announces Maiden Drill Program on Zambia Projects and Agreement to Increase Ownership to 80%
Koryx Copper acquires an 80% stake in Zambia and begins maiden drilling at its newly acquired project.
Koryx Copper S.A. has entered into an Amended and Restated Option Agreement with World Class Mineral Ventures Limited (WCMV) to increase its indirect ownership in Koryx Copper Zambia Ltd (KCZ) from 51% to 80%. The transaction requires a cash payment of US$200,000 and the issuance of 80,000 common shares, with a deemed share price of C$3.50. Remaining contractual earn-in expenditure commitments are eliminated upon closing.
A conditional right allows Koryx to acquire the remaining 20% interest for US$400,000 if WCMV elects not to contribute to future funding.
Concurrently, Koryx announced a maiden 2,500m diamond drill program at the Luanshya West project, commencing late September 2026, targeting four priority areas identified via magnetic surveying and soil sampling. Follow-up and infill soil sampling (~3,000 samples) is ongoing at the Mpongwe project, with results expected by early November 2026.
Koryx Copper S.A. has increased its ownership stake in Zambia to 80% and initiated maiden drilling, marking the logical conclusion of the earn-in commitments established during the June 2026 exploration update. This move simplifies the corporate structure for the Zambian assets, with the financial consideration consisting of $200k in cash and a nominal share issuance.
The primary impact is operational, accelerating the exploration timeline for Zambia without providing immediate resource upside or near-term economic catalysts. The company’s core valuation drivers remain anchored to the Haib Copper Project in Namibia and its upcoming Preliminary Feasibility Study (PFS), which is targeted for Q4 2026. This development aligns with previous management guidance and historical exploration pacing, representing incremental progress rather than a market-moving event.
Koryx Copper S.A. (KRY) is an exploration and development company focused on the 100%-owned Haib Copper Project in southern Namibia, near the South African border. Haib is a large, advanced Paleoproterozoic porphyry copper-molybdenum-gold deposit. The company has completed extensive historical drilling exceeding 120,000 meters and is currently advancing a Pre-Feasibility Study (PFS).
The updated Mineral Resource Estimate, effective March 2026, reports 744Mt Indicated @ 0.40% CuEq and 579Mt Inferred @ 0.39% CuEq. The stripping ratio has been significantly improved to 0.92x from 1.74x.
The company is also advancing early-stage exploration on two Zambian Copperbelt licenses, Luanshya West and Mpongwe, currently held at a 51% interest with an option to earn up to 80%.