Koryx Copper Inc. has announced it will raise approximately C$10 million (about N$135 million) to fund further development of its Haib Copper Project in southern Namibia, one of Africa’s oldest known porphyry copper deposits.
Under a bought-deal agreement, Stifel Nicolaus Canada Inc. will act as lead underwriter and sole bookrunner for a syndicate purchasing 9,524,000 common shares at C$1.05 each (roughly N$14.20). The company intends to use the net proceeds to advance technical studies at Haib, continue exploration, and support working capital and general corporate purposes.
The offering includes an over-allotment option for underwriters to buy up to 15% more shares at the same price. It is expected to close on or about 30 July 2025, subject to regulatory approvals, including conditional approval from the TSX Venture Exchange.
Underwriters will receive a cash commission of up to 6% of gross proceeds (approximately C$600,000 or N$8.1 million) and compensation warrants equal to 3% of the shares sold, exercisable at the same price for 24 months.
Located in Namibia’s arid south near the Orange River, Haib is a large Paleoproterozoic porphyry copper-molybdenum deposit with a long history of exploration.
Koryx reported in a June 2024 press release that its current mineral resource estimate stands at 414 million tonnes grading 0.35 % copper in the Indicated category and 345 million tonnes at 0.33 % copper in the Inferred category, using a 0.25 % copper cut-off.
By mid‑2025, Koryx had completed over 11,000 m of a planned 55,000 m Phase 2 diamond drilling program, designed to upgrade resources and define structural controls on higher-grade mineralization.
Recent assays have reported strong intervals above the average grade, such as 88 m at 0.41 % copper and 228 m at 0.34 %, with local zones exceeding 0.9 % copper.
Metallurgical test work has delivered average flotation recoveries of ~89%, producing 20–25% copper concentrates, while testing continues on heap-leach potential and by-product recovery.
On-site infrastructure is expanding, with a field team of over 50 supporting four active drill rigs and additional rigs mobilizing.
Environmental baseline studies, water and power supply planning (with ~120 MW power and ~20 Mm³/year water requirements), and a mining licence application are all underway, as Koryx works toward completing an updated Preliminary Economic Assessment in 2025.
Haib is a potential long-life, low-cost copper operation critical to supporting the global energy transition while contributing to Namibia’s ambitions to develop its minerals sector.
