Koryx secures N$226.2 million for Haib project advancement

Koryx Copper Inc. has scaled up its public share offering, partnering with Stifel Nicolaus Canada Inc. as lead underwriter. The deal sees Stifel Nicolaus purchasing 16.56 million shares at C$1.05 (N$13.65) each, raising C$17.4 million (or N$226.2 million) for the prospective mining company.The agreement includes an option for Stifel Nicolaus to buy an additional 15% of shares within 30 days, to meet extra demand or stabilise the market.The funds will support technical studies and exploration at the Haib Copper Project, in addition to general corporate purposes. Stifel Nicolaus will earn a 6% cash commission and receive warrants to purchase shares equivalent to 3% of the offering at C$1.05 each, valid for 24 months.As part of its plans to advance the Haib project, Koryx is assessing a processing plant capable of handling 20 to 30 million tonnes per year of crushed material. Based on standard copper recovery rates, the Haib Copper Project could produce 60,000 to 100,000 tonnes of copper annually, as concentrated and refined copper cathode, for a period of 15 to 25 years, according to the company’s earlier statements.Providing a market update recently, Koryx CEO Heye Daun said a Preliminary Economic Assessment (PEA) would guide further development work on the Haib project.“We are pleased with the substantial progress we have made with the metallurgical test work, process flowsheet, and infrastructure development aspects of the Haib Copper Project over the past six months. Results are encouraging and are being incorporated into the PEA, which we are preparing to publish in the third quarter of 2025.”According to Daun, the high-quality PEA is intended to demonstrate the techno-economic feasibility of Haib as a conventional, long-life, low-cost, large-scale open-pit mine, with a simple milling and flotation process as the base case, producing copper in clean concentrates, with additional copper cathode to be produced from a heap-leach expansion scenario.“We have multiple world-class engineering consultants in the final stages of completing this study. We are also expediting our drilling programme to produce an improved mineral resource and to capture additional project value through an enhanced technical study during the first half of 2026,” he said.Daun expressed confidence that Haib could become Africa’s next world-class copper project.“As we incrementally de-risk and improve the Haib Copper Project, our confidence continues to grow that we will turn this formerly forgotten project into Africa’s next simple, but large and world-class copper mine.”

Koryx secures N$226.2 million for Haib project advancement

Comments

Namibian Sun 2026-03-26

Please login to leave a comment

Koryx secures N$226.2 million for Haib project advancement

Comments

Namibian Sun 2026-03-26

Please login to leave a comment

Subscription Required to Access Content ×

Login

Subscription Required to Access Content