"We have a highly experienced team ready to make discoveries in Zambia and to develop our exciting Haib Copper project in Namibia."

Pierre Léveillé

PRESIDENT AND CEO, KORYX COPPER INC

October 27, 2023

Koryx had the Haib Copper License renewed in July. What does this milestone mean moving forward? 

The Haib Copper License EPL 3140 has officially been renewed by the Ministry of Mines and Energy of Namibia on July 7, 2023, and is valid for a period of two years from the date it was renewed. We have also had significant support from our stakeholders in the area as for them, renewing the license means we will start employing people on site again. We plan to resume work shortly but first need to raise funds and also fix the gravel roads that have washed away since we left the site two years ago. 

Can you speak of the advantages of the Haib project?

Haib is a large tonnage low-grade copper deposit with nearly 1 billion t of ore at 0.31% Copper. When Koryx took over the project from Teck Resources in 2017, we had two major objectives. Firstly, we wanted to find a way to extract the metal at a low CAPEX and OPEX. With the deposit being low grade, it was important for us to find cost-efficient extraction technology. We tested different technologies and the deposit showed to be amenable to bio heap leaching. As the deposit is starting at the surface we have a low-strip ratio of 1.41:1, at a low CAPEX of US$340 million for an operation that has an after-tax NPV of US$957 million and an after-tax IRR of 29.7% at a copper price of US$3.00/lb, and an after-tax NPV of  US$1.3 billion and an after-tax IRR of 42.1% at a copper price of US$3.50/lb. 

We have started assaying for molybdenum with Teck Resources and have realized that molybdenum accounts for approximately 10% of the overall grade. This can increase the copper equivalent grade by at least 10%.  

What is Koryx’s exploration strategy for the three copper exploration licenses in Zambia?

Deep South’s key focus in Zambia has been on Luanshya West as the Chililabombwe and Mpongwe licenses were still very greenfield with no historic data. Luanshya West had 850 soil samples and a geophysical survey historically done, and based on that, we were already seeing the potential for anomalies. We have done an additional 1,980 samples at Luanshya West, and are also awaiting assay results from Chililabombwe where we did 140 samples. Further work will be planned for Luanshya West to get started in October 2023. 

At Luanshya West, Koryx has identified 10 copper anomalies and 13 cobalt anomalies with a peak value of 634 ppm for copper and 558 ppm for cobalt. The next step will be to do a geophysical survey with some infil sampling on some of the anomalies followed by a 3000-m reverse circulation drilling program down to 150 m. The program is to prove the anomalies are really there or if it is just at surface. If we can prove that the anomalies deeper than surface showings, we are definitely on to something that could be pretty interesting. 

Can you speak to the operating environment for juniors in Namibia and Zambia?

Namibia has always been one of the best countries in Africa for junior mining companies to do business in as the country is welcoming to mining and the legal environment is well organized where the rule of law prevails. Zambia had some challenges between 2015 and 2020 with a president that was not extremely friendly towards the mining industry, but the current president is very business oriented and is bringing Zambia back on track to again be one of the best countries to do business in, in terms of mining in Africa. 

Zambia has one of the most prospective copper belts in the world and there are currently six mines that are larger than our Haib project in Namibia. I believe Zambia will certainly play an important role in feeding the need of the growing copper market in the future, and although at a smaller scale, so will Namibia.  

What will make Koryx Copper a great story for investors in the coming months?

Koryx Copper is a serious company in copper exploration and development and we have a highly experienced team ready to make discoveries in Zambia and to develop our exciting Haib Copper project in Namibia.

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