Just about a year ago, the Haib project was emerging from years of uncertainty marked by licence disputes, a lengthy court battle, delays in drilling, and the desertion of key executives, with then-CEO Pierre Leveille seemingly left to fight alone to keep the project alive. That began to change dramatically when Heye Daun and Alan Friedman entered the scene, bringing fresh leadership, capital, and strategic focus that set Koryx Copper on a new path.
Since then, the company has recorded significant progress at its flagship copper project in southern Namibia.
Under Daun’s stewardship as President and CEO, the project has advanced through resource expansion drilling, updated technical studies, and financing rounds aimed at positioning it for development.
The project, one of the oldest known porphyry copper deposits in Africa, is now advancing through resource expansion drilling, updated technical studies, and financing rounds aimed at positioning it for development.
Turbulent period
Formerly known as Deep-South Resources, the company rebranded to Koryx Copper after a turbulent period that saw its Haib licence EPL 3140 initially refused by Namibia’s Ministry of Mines and Energy in 2021.
The denial triggered a lengthy legal process that ended in March 2023, when the High Court of Namibia ruled in favour of the company and ordered the renewal procedure to continue.
The judgment restored momentum to the project and cleared the way for new management under Heye Daun to push ahead with drilling and development plans.
The High Court found that the Minister had not adequately considered the significant investments made by the company and had overlooked the impact of the COVID-19 pandemic on the exploration programme.
Deep-South’s then CEO, Pierre Leveille, welcomed the ruling, telling PR Newswire that it was “a very positive verdict and we are confident to be able to create a new positive working relationship with the Minister and the new Mining Commissioner. It is also an important decision for Namibia as it shows that the rule of law prevails in Namibia.”
The transition from Deep South to Koryx Copper marked more than just a name change. It symbolised a new chapter under Daun’s leadership, with renewed investor confidence and a sharper focus on exploration and development.
Significant developments
The company has undertaken multiple financings to support its work programmes.
In 2025, Koryx announced private placements and bought-deal offerings, including a CAD$25 million (N$337.5 million) financing and a CAD$17.4 million (N$234.9 million) raise.
Proceeds have been directed towards drilling, metallurgical test work, and updating the Preliminary Economic Assessment (PEA).
A 28,000-metre drilling programme is underway at Haib. By late August 2025, 15,349 metres had been completed, with results confirming extensions of mineralisation laterally and at depth.
Drill holes such as HM90 intersected 110 metres grading 0.70% copper, including higher-grade intervals.
Daun told Markets Insider in September 2025: “I am very pleased by two unrelated but equally significant developments at the Haib project. The first one is a very significant, high-grade drill result in drill hole HM90, and the second one is the approval of our EPL renewal application for another 2 years, in conjunction with the submission of our mining license application.”
According to a release dated August 28, 2025, the number of drill rigs on site is being increased. Six drill rigs are currently active, and “a further four man-portable drill rigs are due to arrive in Namibia in September increasing total drill rig count on site to 10.”
An updated PEA released in September 2025 outlined a production scenario of approximately 92,000 tonnes of payable copper annually.
The assessment estimated a post-tax Net Present Value (NPV8) of US$1.35 billion (N$24.3 billion) and upfront capital expenditure of US$1.56 billion (N$28.1 billion).
The All-In Sustaining Cost (AISC) was calculated at approximately US$2.05 (N$36.90) per pound of copper over the first 10 years of operations.
The study replaced earlier heap leach concepts with a conventional milling and flotation process flow sheet.
Koryx plans to complete the current drilling campaign in the first half of 2026, followed by a revised Mineral Resource Estimate.
Improve drilling rate
A pre-feasibility or feasibility study is scheduled for the second half of 2026. Environmental and social studies are in progress, alongside community engagement and infrastructure planning.
Daun told MarketScreener that “We are very encouraged by the latest drill results which demonstrates that the Haib copper/molybdenum project continues to incrementally improve, albeit at a slightly slower drilling and assaying pace than we expected earlier this year. We now have a bulked-up technical team in place, with additional drill rigs expected to arrive within the next few weeks, which should improve our drilling rate from the 2nd half of the year.”
The Haib Copper Project is located in Namibia’s //Karas Region, close to power and transport infrastructure. It represents one of the company’s core assets as it advances toward potential mine development and supports Namibia’s broader objective of expanding its mining sector.
If developed, Haib could significantly increase Namibia’s copper output, positioning the country alongside regional producers such as Zambia and the Democratic Republic of Congo, while diversifying its mining profile beyond uranium and diamonds.
Based on Koryx’s timeline, the earliest development decision for Haib could only be made after the feasibility stage in late 2026, meaning actual mine construction would likely commence in 2027 or later, subject to financing and government approvals.
As of mid-2025, Koryx Copper’s Haib project employs more than 50 permanent staff, including 12 geologists and four engineers.
