By Oliver Diggle
Copper is quickly becoming one of the more important commodities in the global economy, and a favourite for investors the world over.
It is used in nearly all modern systems that move electricity and data, from transformers to batteries. Demand is increasingly being pulled by grid expansions, and capital spending linked to AI data centres.
The London Metal Exchange (LME) three-month copper price stood at USD12,423/t at the end of 2025, up 41.7% from the start of the year. Throughout 2025, there was a glut of copper on the market with some estimates placing the surplus as high as 500kt.
While that is forecast to fall during 2026 as stockpiles are used up, the current oversupply is expected to keep a cap on prices in the short term. Longer-term forecasts are more optimistic, as copper is an essential part of strategic sectors such as AI, defence and energy grids, all of which are poised for growth.
A project that is setting itself up to benefit from the long-term bullish prospects is Koryx Copper (KYX), a Canadian-listed company (TSX Venture Exchange) that is also dual-listed on the Namibian Securities Exchange (NSX).
The company completed the regulatory process to dual list under the symbol KYX on 9 April 2025, with trading on the NSX commencing on 10 April 2025. Its flagship asset is the Haib Copper Project in southern Namibia, while it also has a stated strategy to build a portfolio of exploration licences in Zambia.
Haib is an advanced-stage porphyry copper system with a long operating history. It has seen more than 70,000 metres of drilling since the 1970s and has been worked on by several major operators, including Rio Tinto. The project lies roughly 25 kilometres north of Noordoewer, with the Orange River forming its southern boundary. The location supports access and logistics, but it also raises the standard for environmental assurance, particularly around water management.
Koryx is currently focused on converting Haib from a legacy deposit into a commercial open pit mine. A crucial component as to whether they will succeed is their ability to improve the Mineral Resource Estimate (MRE) – an estimate of the quantity and quality of the ore body. The Haib project is estimated to have around 511Mt of indicated resources at a grade of 0.33% Cu and 309Mt of inferred resources at 0.31% Cu.
While those grades are low, they are relatively typical of large open-pit porphyry systems. These grades also generally improve over time as more drilling is completed, and a clearer picture of the geology is created.
Throughout 2025, there has been ongoing exploration to the tune of thousands of metres to improve the grade, thereby de-risking the project. As of December 2025, twelve active drill rigs were operational on site, all with the aim of improving the MRE. There are plans to release an updated MRE, which is said to include gold and molybdenum as by-products for the first time.
In July 2025, the company announced a bookbuild, led by Cirrus Capital, to raise CAD10 million through a public offering. High demand resulted in the offer being increased, and it ultimately closed at CAD25 million.
The capital raising comprised 19,047,680 common shares issued at CAD1.05 per share (equivalent to NAD13.76 per share using an exchange rate of NAD13.10/CAD), raising CAD20 million in gross proceeds. A private placement of 4,761,844 common shares at the same price raised a further CAD5 million.
With a base of Namibian shareholders already in place, and with Haib located in Namibia, the dual listing on the NSX was intended to provide access for local retail and institutional investors to the exploration sector in Namibia. That was a huge success, as the July raise saw about 40% of the allocation taken up by Namibian investors.
Since the close of the bookbuild at the end of July 2025, Koryx’s share price peaked at CAD2.93 on 6 January 2026, a 179% increase in under half a year. The growth has been supported by a stronger copper price and a series of positive drilling updates over recent months.
Building on this strong momentum, Koryx has announced a further capital raise of CAD40 million (~ NAD476 million), up from the initially planned CAD25 million, due to strong demand and to provide more liquidity in the Namibian market. The private placement offering was made up of 16,327,000 shares at CAD2.45 per share.
The proceeds will go towards further developing Haib, as exploration is expensive, and a lack of financing is one of the main reasons why projects like these do not get off the ground. That bodes well for Koryx, as it currently appears to have no difficulty raising funds.
*Oliver Diggle an Economist at Cirrus Capital
