714 Meters of Copper Gold & Moly Hit as Massive Drill Program Delivers New Results

Koryx Copper SA (KRY:TSXV; KRYXF:QTCQX; KYX:NSX) reported assay results from 15 drill holes totaling 5,351 meters completed as part of the ongoing infill and expansion drill program at its wholly owned Haib Copper Project in southern Namibia. According to the company, the results included consistent, wide intercepts of up to 714 meters with copper equivalent (CuEq) grades exceeding the average mineral resource estimate grade, along with pockets of higher grade gold and molybdenum mineralization and localized tungsten results.

Among the reported drill results, hole HM138 returned 584 meters grading 0.34% CuEq from surface, including 72 meters grading 0.48% CuEq, 128 meters grading 0.36% CuEq, and 170 meters grading 0.42% CuEq, including a 20-meter interval grading 0.70% CuEq. Hole HM149 intersected 428 meters grading 0.35% CuEq from surface, while HM153 returned 714 meters grading 0.31% CuEq from surface, including 68 meters grading 0.54% CuEq and 82 meters grading 0.41% CuEq. Other reported intersections included HM141 with 582 meters grading 0.25% CuEq, HMRC001 with 243 meters grading 0.40% CuEq, HM137 with 162 meters grading 0.46% CuEq, HM139 with 65 meters grading 0.55% CuEq, and HMRC002 with 24 meters grading 0.68% CuEq.

The company said the Haib deposit is a disseminated porphyry copper deposit with associated molybdenum and gold mineralization. It stated that the project is envisaged to produce copper and molybdenum concentrate through large-scale open-pit mining using conventional crushing, milling, and sulphide flotation, with the potential for additional copper cathode production through oxide heap leaching. The company also said ongoing process flow sheet optimization is aimed at improving project economics while reducing technical risk.

In its discussion of the results, the company said several drill holes produced results in line with expectations and supported the current resource model. At Target 1, HM139 intersected high-grade copper and gold mineralization in the lower portion of the hole that was not encountered in previous drilling. The company said the hole was stopped in mineralization because of rig limitations and will be extended using a second rig in the coming months. HMRC001, the first reverse circulation hole completed at Haib, returned copper and molybdenum grades above expectations. At Target 2, the company said HM138 produced its highest gold metal intersections recorded at Haib to date, while HM153 maintained good to excellent molybdenum mineralization across the full drilled extent. At Target 4, the company said HMRC002 indicated that a minor positional adjustment to the East-West Structural Zone boundary would be required in the resource model, but that this does not materially affect the mineralization interpretation.

President and CEO Heye Daun said in a company news release, "This is another excellent set of drill results from our ongoing 15-rig drill program. Very wide intersections at good grades exceeding 0.3% CuEq, and mostly starting from surface, indicates the potential for further improvements of our mineral resource. In conjunction with the recently announced process flow sheet enhancements, we expect the economics of the Haib project to improve significantly in the upcoming PFS, which is on track to be published before the end of 2026."

Copper Prices Respond to Interest Rates, Trade Policy, and Supply Factors

In a June 30 market report, Ron Struthers wrote that copper remained in a long-term uptrend, stating, "Last week saw a significant correction in copper prices, but you can see that the long-term uptrend is well in place." Referring to the recent pullback, he added, "The recent correction and last week's pullback in copper provides some better buy prices on our copper juniors."

In a July 1 report, Dominic Frisby identified Namibia as an emerging mining jurisdiction and highlighted a copper developer operating in the country as his preferred Namibia investment idea. Frisby wrote that the company had become "significantly de-risked" compared with two years earlier and described the project as one of the larger undeveloped copper deposits globally. He stated that copper remained supported by long-term demand drivers, including artificial intelligence infrastructure, electrification, manufacturing, electric vehicles, data centers, power grids, wind turbines, solar installations, and defense applications, while noting that large new copper discoveries had become increasingly uncommon.

Frisby also pointed to Namibia's mining sector, describing the country as a growing mining jurisdiction with a long operating history, established property rights, rule of law, relatively low corruption by regional standards, and developed infrastructure, including roads, ports, and power. He noted that the country is the world's third-largest uranium producer and has oil, gold, copper, lithium, and diamond resources. Referring to the featured copper project, Frisby wrote that it had grown into one of the larger undeveloped copper deposits in the world and stated that large, long-life deposits in investable jurisdictions remain relatively scarce. He also noted the company's stated objective of optimizing and de-risking the project toward an investment decision or an asset or equity sale.

Trading Economics reported on July 4 that copper futures approached US$6.20 per pound and were positioned for a weekly gain after weaker-than-expected June U.S. employment data reduced expectations for additional Federal Reserve interest rate hikes. The publication noted that industrial metals had previously faced pressure following comments from Federal Reserve officials indicating a greater willingness to tighten monetary policy. It also reported that easing supply concerns, as commercial shipping through the Strait of Hormuz improved, had weighed on prices. Trading Economics described copper as one of the world's most widely used industrial metals, citing its role in construction, electronics, power generation, and renewable energy systems, and noted that Chile is the largest global copper producer, followed by the Democratic Republic of the Congo, Peru, China, and the United States.

Power Hedge wrote in a July 5 market outlook that its long-term commodity bull thesis remained unchanged, stating that copper miners and diversified mining companies could benefit if demand associated with artificial intelligence continued to outpace supply growth. The report also said that higher oil prices in 2026, linked to Middle East hostilities and disruption in the Strait of Hormuz, had contributed to renewed inflationary pressures and changes in the broader macroeconomic outlook. According to the analysis, elevated inflation, supported by higher energy prices and semiconductor shortages, had limited the Federal Reserve to modest interest rate increases rather than rate cuts. The report added that higher crude oil prices had increased operating costs across multiple industries, including mining.

Third-Parties Maintain BUY Rating as Haib Flowsheet Work Advances

In the mentioned July 1 report, Dominic Frisby identified Koryx Copper as his preferred investment among the Namibia opportunities he had reviewed, writing, "This is the one that has impressed me the most." Frisby stated that the company had become "significantly de-risked" and wrote, "My simple view: it gets taken out by a major within 18-36 months at twice today's prices or more." He also described the Haib project as having "quietly grown into one of the larger undeveloped copper deposits on the planet," adding that "there are not so many capable of supporting decades of production."

Discussing the company's strategy, Frisby quoted Koryx's stated objective of "optimizing, right-sizing and de-risking the project towards an investment decision and/or asset/equity sale" and wrote that CEO Heye Daun was "getting everything in place for a mine to be built, and then he will sell to a major." Frisby also cited Haywood Securities' description of Haib as "a simple, buildable large-scale copper project differentiated by its infrastructure advantages and a high-quality concentrate" and noted that BMO Capital Markets had initiated research coverage with a CA$6.00 target price.

In a June 4 report, Red Cloud Securities analyst Ron Stewart maintained a BUY rating on Koryx Copper with a CA$5.00 per share target price. Stewart wrote that Koryx had provided an update on its 100%-owned Haib copper project in Namibia and stated that "the process flowsheet optimization is largely finalized ahead of PFS, with the work aimed at improving economics while reducing technical risk."

Stewart identified coarse particle flotation as a key component of the update, writing, "In our view, CPF has the biggest impact on the project economics." He also stated that the optimized flowsheet "should result in improved unit operating costs and a lower capital intensity."

Streetwise Ownership Overview*

Koryx Copper SA (KRY:TSXV;KRYXF:QTCQX;KYX:NSX)

Restructures

Date	Old Symbol	Old Shares	New Symbol	New Shares
06/14/24	KRY	5	KRY	1
11/10/23	DSM	1	KRY	1
11/16/16	JAU	2	DSM	1
10/09/14	JAU	3	JAU	1
01/10/14	JAU	10	JAU	1
11/04/10	JAU	5	JAU	1
05/27/03	ISN	1	JAU	1
10/25/99	BXG	5	CDB	1
07/06/04	CDB	1	ISN	1

^*Share Structure as of 7/6/2026

Technical Work and Development Milestones

According to the company's May 2026 investor presentation, Koryx is conducting a more than 55,000-meter infill drill program following completion of an updated preliminary economic assessment and technical studies in 2025. The presentation states that the company is targeting publication of a prefeasibility study in the second half of 2026.

The presentation also outlines a technical strategy focused on completing metallurgical testwork to demonstrate the techno-economic feasibility of a conventional sulphide flotation process while investigating additional processing techniques intended to enhance the process flowsheet. The company states that optimization work is being carried out alongside the ongoing drill program.

Infrastructure work described in the presentation includes an application to NamPower to conduct a capacity assessment for connection to a 220-kilovolt transmission line located 45 kilometers from the proposed plant site. The presentation states that the project's anticipated power demand is 150 megawatts and notes that photovoltaic and wind power assessments are underway.

For water supply, the presentation states that the project is evaluating multiple supply scenarios for an operation requiring approximately 20 million cubic meters of water annually for a 20-million-tonne-per-year plant. These include sourcing water from the Orange River, located about 9 kilometers from the site, with on-site water storage capacity of up to six months, as well as a Neckartal Dam alternative involving a 230-kilometer pipeline that is being advanced as a backup and growth option.

The presentation states that the Haib project is a scalable, pre-prefeasibility stage open-pit copper, molybdenum, and gold project in southern Namibia. It also notes that the project has more than 120,000 meters of historical drilling and extensive metallurgical testwork completed by previous operators, while the current program is focused on advancing technical studies alongside ongoing infill drilling.