Koryx Copper is undertaking a comprehensive technical review of its Haib project in Namibia to demonstrate its economic feasibility and attract potential investors.
The company’s focus is on updating and enhancing its technical studies, including geological assessments, resource estimates and mining feasibility analyses.
Koryx Copper Executive Chairman Heye Daun said the company is looking at refreshed data, coupled with significant drilling activities and technical studies aimed at moving the Haib Copper Project in Namibia towards feasibility.
“For Koryx, it is all about rebuilding credibility for the company and the project. We are committed to ensuring that all activities contribute to a solid foundation for future growth and success,” Daun said.
Daun emphasised the necessity of updating historical technical work, noting, “A lot of historical technical work is out of date or has to be redone or changed. We need to establish a conventional processing route for the Haib project, which is crucial for demonstrating its feasibility and viability in today’s market.”
He believes this effort is essential to attract further investment and support. This initiative comes with substantial capital requirements, which have been addressed through recent financing announcements.
This comes as this month Koryx Copper Inc. completed the first tranche of its non-brokered private placement, raising a total of C$9,668,463.20 (N$122 million) by selling 8,789,512 common shares at C$1.10 per share.
The company increased the overall offering size to C$17 million, with the second tranche already fully subscribed and expected to close soon.
“This is the biggest financing Haib has ever seen, and it will go a long way to enable us to rightsize and optimise the project, helping us to fast-track it through the feasibility process,” Daun explained.
The proceeds will fund the Haib Copper Project in Namibia, the Luanshya West Project in Zambia, and general working capital and thus he emphasized that this financing is a critical milestone in the project’s development timeline.
Despite acknowledging the challenges ahead, particularly due to the project’s low grade and technical difficulties, Daun remains optimistic about the future.
He pointed to past successes, such as the Otjikoto Gold Mine, to illustrate his belief in the potential for transformative impact.
“It is not going to be easy, don’t get me wrong, because Haib is low grade and technically challenging. However, with higher copper prices and our technical capabilities, we believe we can finally demonstrate Haib’s economic feasibility,” he said.
