Koryx Copper Announces Further Drill Results at the Haib Copper Project in Southern Namibia

Koryx Copper S.A. reported assay results from 19 drill holes totaling 8,586m of infill and expansion drilling at its 100%-owned Haib porphyry Cu-Mo-Au deposit in southern Namibia.

The release highlights six headline holes:

• HM167: 969m @ 0.27% CuEq (84ppm Mo, 0.021g/t Au), incl. 18m @ 0.48%, 58m @ 0.45%, 28m @ 0.42% CuEq.
• HM164: 855m @ 0.28% CuEq (108ppm Mo, 0.017g/t Au), incl. 110m @ 0.50%, 48m @ 0.52% CuEq.
• HM168: 728m @ 0.32% CuEq (103ppm Mo, 0.027g/t Au), incl. 40m @ 0.60%, 50m @ 0.51% CuEq.
• HM165: 600m @ 0.30% CuEq (35ppm Mo, 0.023g/t Au), incl. 78m @ 0.43%, 54m @ 0.46% CuEq.
• HM185: 413m @ 0.41% CuEq (89ppm Mo, 0.022g/t Au), incl. 236m @ 0.57% CuEq.
• HM177: 413m @ 0.38% CuEq (49ppm Mo, 0.029g/t Au), incl. 30m @ 1.10%, 10m @ 1.33% CuEq from 8m downhole.

The company also highlighted HM160, which returned 74m @ 0.54% Cu, including 6m @ 1.36% Cu and 8m @ 1.69% Cu, plus tungsten up to 994ppm.

HM181 returned only 230m @ 0.13% CuEq and is interpreted as lying outside Target 1 mineralization. Several holes suggest potential tonnage gains outside the current model, including HM173 with 92m @ 0.34% Cu at 176m downhole, HM162 with 56m @ 0.35% Cu at 124m downhole, and HM171 with upper zones outside the model.

Koryx Copper S.A. (KRY) has completed dense infill and expansion drilling within its known porphyry system, yielding results consistent with the March 2026 Mineral Resource Estimate (MRE) and the August 14, 2026 release. That prior announcement included HM155 with 831m @ 0.27% CuEq and HMRC008, which recorded a high of 8.01% Cu and 60.5 g/t Ag.

The market has already priced in significant appreciation, with the stock closing at C$3.70 on August 25, 2026. This represents an increase of roughly 274% from the C$0.98–0.99 range seen in late August 2025, placing the share price near its 52-week high of C$3.80. Investors appear to be anticipating continued confirmation, resource growth, and a de-risked Preliminary Feasibility Study (PFS) by late 2026.

Against this backdrop, the latest drilling results align with modestly positive expectations. HM167 stands as the longest intercept to date at 969m @ 0.27% CuEq, maintaining a grade consistent with previous long intercepts. HM185 delivered a 236m @ 0.57% CuEq intercept, representing a genuine above-resource core, while HM177 returned a near-surface 30m @ 1.10% CuEq, which is high-grade but narrow. There were no reported misses on key infill holes, and HM181’s weaker result serves as a boundary confirmation rather than a threat to the project’s viability.

As these are infill and resource-definition holes, the appropriate benchmark is resource grade rather than previous headline results. The combination of resource-grade intersections with some above-grade cores provides confirmation without materially transforming the resource, mine life, or Net Asset Value (NAV) at this time.

Koryx Copper S.A., a Luxembourg-domiciled company listed on the TSXV, is developing the 100%-owned Haib Copper Project in southern Namibia. The project hosts a large Paleoproterozoic porphyry Cu-Mo-Au deposit. An updated mineral resource estimate (MRE) released in March 2026 reported an indicated resource of 744Mt grading 0.28% Cu, 63ppm Mo, and 0.02g/t Au, equating to 0.32% CuEq. This resource contains approximately 2.09Mt of copper, alongside molybdenum and gold by-product resources. Inferred resources total 579Mt at 0.24% Cu, or 0.28% CuEq. The company notes that the stripping ratio has been reduced to 0.92x from 1.74x.

Haib is an advanced pre-feasibility study (PFS) project. A 2025 preliminary economic assessment (PEA) outlined a post-tax net present value at an 8% discount rate (NPV8%) of US$1.351bn and an internal rate of return (IRR) of 20.1%, with production of 92,000 tonnes per annum (ktpa) of payable copper over years 1–10. The company is currently pursuing a 40Mtpa sulphide milling and flotation flowsheet incorporating coarse particle flotation and ore sorting.

In addition to Haib, Koryx holds 51% interests in the Luanshya West and Mpongwe copper exploration licences in Zambia, with options to earn up to 80%.

As of May 31, 2026, the company’s financial position showed no revenue, cash of C$57.2m, working capital of C$44.4m, and total assets of C$62.6m, with 121.5m shares outstanding. Operating losses for the nine months ended May 31, 2026, were C$31.6m, driven by exploration, technical studies, general and administrative expenses, and share-based compensation.