Koryx Copper has successfully completed the third tranche of its non-brokered private placement, raising N$13 million through the sale of 2,818,182 common shares at N$20 per share.
This brings the total gross proceeds to N$232 million, with 16,335,778 shares sold across three tranches.
According to Koryx Executive Chairman Heye Daun, the funds will accelerate the development of the company’s 100%-owned Haib Copper Project in southern Namibia.
Key initiatives include an 8,200-meter Phase 2 drill program aimed at higher-grade zones identified during the highly successful Phase 1 drilling campaign earlier this year.
“With new leadership, a proven technical team, and collaborations with top-class Namibian and international engineering groups and consultants, we are well-positioned to push forward the development of the Haib Copper Project,” said Daun.
The Phase 2 program focuses on improving resource quality and expanding the deposit’s size potential. Initial results are anticipated by late November 2024, with plans to scale up drilling operations further.
Koryx has also launched a Phase 2 metallurgical test program at Maelgwyn Laboratory in South Africa.
The program, focused on milling and flotation tests, aims to provide critical data for an enhanced Preliminary Economic Assessment (PEA) scheduled for mid-2025. The study will prioritize de-risking the project’s processing methods and evaluating bacterial heap-leaching techniques for lower-grade material.
Following the enhanced PEA, Koryx plans to release a Pre-Feasibility Study (PFS) by late 2025 as part of its fast-tracking strategy for the Haib Copper Project.
“We are expanding our team and infrastructure to accelerate drilling and studies at Haib,” Daun added. “Our goal is to establish the project’s technical and economic feasibility in 2025, with the enhanced PEA and PFS released in quick succession.”
