Koryx Copper CEO Heye Daun says he has raised about N$4 billion in equity—roughly two-thirds spent in Namibia—and secured N$4.5 billion in undrawn debt for Osino.
That capital-markets track record is why he considers himself an “investment ambassador” for Namibia.
Daun spoke at the Mining Expo, sketching a career built on discovery, de-risking and delivery: find the ore body, finance it in public markets, and hand a shovel-ready project to a capable builder.
He identified, drilled and advanced Otjikoto before B2Gold—first by consolidating the licences under Auryx Gold (which he led), then running aggressive step-out and infill drilling to define a NI 43-101 resource, backing it with metallurgy and geotech work, early mine design and a PEA/feasibility pathway, plus baseline ESIA and community engagement.
By the time B2Gold acquired Auryx, the project had a clear resource model, which provided momentum and a realistic development plan—ready to be taken through to construction.
When Heye Daun launched Osino in 2015, gold was out of favour and money was tight.
He built anyway. He stitched together a land package in central Namibia, hired a small, hungry team, and raised equity in careful tranches to keep the drills turning without over-diluting the company.
The bet paid off at Twin Hills.
What began as regional geochemistry and geophysics evolved into a discovery, and then into a resource, as Osino conducted step-out and infill campaigns to prove continuity.
While the rigs were operational, Daun pursued de-risking in parallel: metallurgy to optimise recoveries, geotech to define the pits, mine design and scheduling to secure costs, and the study conveyor—PEA to PFS to Feasibility—to convert geology into a bankable plan.
He treated permits and infrastructure as critical path, not afterthoughts. Baseline ESIA work started early; land access and surface rights were negotiated; power and water options were mapped and costed.
The financing story kept pace with the rocks. Daun raised equity through the cycle and, as the project matured, lined up a large (undrawn) debt package—about N$4.5 billion—to carry Osino toward construction. With the technical, permitting, and funding plans moving in sync, the company set a clear line of sight to first gold in 2027.
Osino was sold to Yintai Gold (now renamed Shanjin). Yintai/Shanjin acquired Osino, the owner of the Twin Hills project, in an all-cash deal (approximately C$368 million) following the termination of a prior agreement with Dundee Precious Metals.
In Daun’s model, discovery and de-risking are the art; selling at the right moment is the discipline that turns a good story into a national asset.
Now, with the Haib Copper Project in southern Namibia (under the Koryx banner), he’s applying leadership, technical rigour and financing discipline to deliver a buildable copper project.
He warned that reputation must be nurtured—international investors don’t always grasp local nuance, so loose public talk about ownership percentages can spook capital.
His playbook is blunt: play the long game (he favours gold and copper to match public-market appetites); pick partners well (financiers, technical experts, capital-markets pros); diversify assets and funding so one project or lender can’t sink you; match money to the moment (exploration, feasibility, construction each need different capital); and lead with values—put in your own money, build credibility, resist fast flips.
He also framed his approach with a quick read on Pierre Lassonde’s curve—the “roller-coaster” of a mining project’s value over time.
Valuations often spike upon discovery, sag during the orphan period of studies, permits, and financing, then climb again as construction finishes and cash flow nears.
The job, he said, is to shrink each risk band—exploration, technical, financing, commodity and political—so the story moves faster from geologist’s hunch to financier’s yes.
That’s why early rounds may rely on family and friends, while later stages attract institutions; it’s also why, when the de-risking is tight, it’s sometimes easier to raise US$100 million (approximately N$1.8 billion) than US$1 million (approximately N$18 million).
Momentum for early-stage capital is improving at home: Koryx recently raised C$25 million (approximately N$330–350 million) for Haib, with approximately 40% of the funding coming from Namibian investors.
The through-line, in Daun’s view, isn’t just the rocks—it’s discipline: the right commodity for public markets, the right partners, a diversified funding stack and a values-driven approach that protects credibility.
Do that, and you don’t just build mines—you build confidence in a project, in a company, and in Namibia as a place where world-class assets reach the finish line.
He anchored it to Pierre Lassonde’s curve—the project “roller-coaster” that pops on discovery, sags through the orphan stretch of studies, permits and financing, then re-rates into construction and first cash flow before settling into steady production.
The risk stack shifts as it moves: from “is it there?” (exploration) to “can we build and fund it?” (technical/permits/financing) to “can we run it profitably?” (operating/commodity).
Savvy long-only investors often buy the orphan period; speculators chase discovery spikes.
The way to beat the curve, Daun argued, is to front-load metallurgy and engineering, lock water/power/land and key permits early, line up a realistic blended funding plan (debt/equity/streams/offtakes), and maintain credible newsflow—avoiding dilution without de-risking and the classic capex/commissioning missteps.
