KRY.V · 2025-08-31 12:00:00

Koryx Announces Updated PEA Results FOR the Haib Copper Project, Southern Namibia 92,000MT Annual Payable Cu Production (1st 10 Years) $1.81/lb C1 Cost and $2.05/lb Aisc (1st 10 Years) US$1.351bn After-Tax NPV8% 20.1% After-Tax IRR

Economic Studies

Koryx Copper Inc.

Suite 888, 700 West Georgia Street,

Vancouver. BC, V7Y 1G5

Canada

KORYX ANNOUNCES UPDATED PEA RESULTS FOR THE

HAIB COPPER PROJECT, SOUTHERN NAMIBIA

92,000MT ANNUAL PAYABLE CU PRODUCTION (1st 10 Years)

$1.81/lb C1 COST and $2.05/lb AISC (1st 10 Years)

US$1.351bn AFTER-TAX NPV8%

20.1% AFTER-TAX IRR

23 YEAR MINE LIFE

PEA Context

The Haib project is a simple, scalable, advanced-stage, open pit sulphide Cu/Mo project located at

low altitude in an ideal, infrastructure -rich area of southern Namibia close to the South African

border. It was formerly owned by Rio Tinto and Teck, and since the end of 2024 is under credible ,

new Namibian leadership & management with (i) the stated aim of optimizing, right -sizing and de-

risking the project towards an investment decision and/or asset/equity sale, and (ii) a fifteen (15)

year track record of successful Namibian mine development and project exits.

The preliminary economic assessment (“ PEA”) objective is to reset the project scope & reposition

Haib as a credible, large-scale, long-life, low-risk and low-cost open pit milling & flotation mine plus

supplemental heap leach production. The PEA is based on the 2024 Mineral Resource Estimate

(“MRE”) block model that was used to report the 31 August 2024 MRE, with none of the drilling since

then included in this PEA. All additional drilling and extensive geological re-modelling will be reflected

in an updated MRE and technical study to be published in the second half 2026.

Significant further upside to be unlocked t hrough ongoing drill ing (potential size and grade

improvements) and met allurgical and sorting testwork (scalability and potential cost reductions)

which will be reflected in the next technical study.

PEA Highlights

• NPV8% of US$1.351bn (after-tax) and US$2.358bn (pre-tax) at LT analyst consensus Cu price

of US$4.31/lb and realistic technical assumptions.

• US$1.559bn (incl. 10% contingency) upfront construction capital.

• US$543m LOM sustaining capital (including US$149m in HL construction capital in year 1

and 2 of production).

• 20.1% IRR (post-tax) and 25.2% IRR (pre-tax) with 3.9 year payback.

• 23 years Life of Mine with 92ktpa of annual payable Cu production (Average Years 1-10)

• US$1.81/lb C1 cash costs and US$2.05/lb AISC (Average Years 1 – 10).

• US$2.21/lb C1 cash costs and US$2.47/lb AISC (Average Life-of-Mine).

• Capital intensity of US$16,871/t of annual payable Cu production (Average Years 1 – 10).

• Capital intensity of US$17,702/t of annual payable Cu production (Average Life-of-Mine).

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• Production of Cu/Mo concentrate via a 28mtpa conventional crushing/milling/flotation

(MF) process. Limited additional Cu cathode via 7mtpa of heap leaching (HL) and solvent

extraction/electrowinning (SX/EW). There will also be Au credits in the Cu concentrate.

• 89% average recovery from Mill/Float (MF) and 74% recovery from Heap Leach (HL).

• 150MW of maximum power demand to be source d through nearby Namibian grid , plus

supplementary hybrid renewable power and battery energy storage.

• 20m m 3 of process water per year from a hybrid solution of Orange river water (30km

distance) and potentially piped from Namibia’s Neckartal storage dam (260km distance).

• Permitting process underway with Namibian mining license application submitted and

environmental & social impact assessment (ESIA) processes proceeding.

• Specialist environmental and social studies and public consultation process advancing with

positive results. Public perception generally positive with interest in job creation, broader

economic development opportunities and community and infrastructure development.

• All study and technical work directed by Koryx’s highly experienced in-house team working

with world -class specialist s, lead by DRA Global Limited (“DRA”) (overall co -ordinating

consultant), Knight Piésold (“KP”), Qubeka Mining Consultants (“Qubeka”), the MSA Group

(“MSA”), SRK Consulting (“SRK”) and MJO Ingeniería y Consultores en Metalurgia (“MJOI”).

• Live webinar to discuss the PEA results. Participants must register for the event beforehand

using the link below. Date & Time: Friday, September 5, 2025 at 10:00am EST

Please join the Koryx team for the discussion & presentation followed by Q&A.

Vancouver, B.C., Canada – September 04, 2025 – Koryx Copper Inc. (“Koryx” or the "Company") (TSX-V: KRY)

is pleased to announce the results of the recently completed Preliminary Economic Assessment (“PEA”) of the

Company’s 100%-owned, flagship Haib Copper Project (“Haib” or the “Project”) in southern Namibia.

Heye Daun, Koryx Copper’s President and CEO commented as follows: "We are highly encouraged with the

very good results of this PEA, notwithstanding the fact that it is still based on the 2024 Mineral Resource model

and does NOT yet reflect all of the excellent drill results produced since late 2024. The objective of this PEA was

(i) to right-size and optimize the Haib project and reposition it as a credible, low-risk, large-scale, low-cost,

high-return, open pit milling & flotation operation, and (ii) to demonstrate Koryx’s material undervaluation

when compared to other Cu development equities.”

“With a Cu production rate of 92,000 tonnes per annum, a post-tax NPV8% of +US$1.35n, upfront capital cost

of US$1.56bn, low C1 cash cost of US$1.81/lb of Cu ( AISC of US$2. 05/lb of Cu during the first 10 years of

production and a long mine life of 2 3 years, Haib stands out as a n emerging, top-quality, near-term African

copper development project.”

“What makes this project truly unique however are a few of its key attributes, namely its simplicity, scalability,

low risk, ideal location at low altitude, close to water and power infrastructure, with low capital intensity, low

operating costs, a predictable permitting environment and lack of any technical, environmental or social fatal

flaws. This suggests that this project could be rendered shovel-ready, with an advanced feasibility study, secure

water and power supply and most major permits in place within just a few years.

”Lead by a strong and motivated technical team that has the drive and in-country experience of having recently

advanced and permitted a major gold mine development in Namibia (Osino Resources’ Twin Hills gold project

which is presently in construction), we look forward to successfully delivering another excellent large -scale

mine development project in Namibia (now our 3rd one in the past 15 years).”

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Property Description and Ownership

Haib is a porphyry copper exploration project located in the Karas Region of southern Namibia approximately

six kilometres north of the border with South Africa and between 12km and 15km east of the tarred B1

highway that connects Namibia with South Africa. Koryx Copper Inc. has a 100% interest in Deep South Mining

Company (Pty) Ltd., a Namibian subsidiary which in turn has a 100% interest in Haib Minerals (Pty) Ltd (“Haib

Minerals”) which holds the exploration rights to the Haib Project. Exclusive Prospect ing Licence 3140 (“EPL

3140”) allows for the exploration of base, rare and precious metals over an area of 36,589 hectares.

Results of PEA Financial Evaluation

A PEA financial model was developed from the updated studies with the following techno-economic results.

Table 1: PEA Financial Valuation Results

US$9,500/t US$10,000/t

Units Pre-Tax Post-Tax Pre-Tax Post-Tax

NPV8% US$m 2,358 1,351 2,986 1,742

IRR % 25.2% 20.1% 28.9% 23.0%

Payback Period years 3.8 3.9 3.4 3.6

LOM Cashflow US$m 6,557 4,084 7,948 4,944

Upfront Capex 3 US$m 1,557

Sustaining Capex 4 US$m 543

Ave Annual Payable Cu Production ktpa 88 LOM

C1 Cash Costs (Avg Years 1-10) 1 US$/lb 1.81 Years 1 - 10

AISC Costs (Avg Years 1-10) 2 US$/lb 2.05 Years 1 - 10

Capital Intensity US$/t 16,057 Years 1 - 10

Capital Intensity US$/t 16,740 LOM

Table 2: Key Assumptions & Parameters

Mill/Float Heap Leach

Item Units Total M/F H/L

Life of Mine Years 23

Copper price (base case) US$/t 9,500

Copper Recovery total % 84.2%

Copper Recovery M/F % 88.8% 88.8%

Copper Recovery H/L % 77.7% 77.7%

Government Royalty (tax-deductable) % 3.0%

Export Levy % 1.0%

Table 3: LOM Production Parameters

Total M/F H/L

Mineralised Material Tonnes Mined Mt 779

Mineralised Material Cu Grade Mined % Cu 0.309%

Contained Copper Metal kt 2,405

Waste Tonnes Mined Mt 1,400

Strip Ratio x 1.80

Concentrate grade % Cu 21%

LOM Copper in conc (Mill float) kt 1,842 1,842

LOM Copper cathode (Heap Leach) kt 257 257

LOM Payable Copper Production total kt 2,026

Avg payable Cu Production pa (first 10 years) ktpa 92 Years 1 - 10

Avg payable Cu Production pa (LOM) ktpa 88 LOM

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Table 4: Capital Cost Estimates

Capital Costs Total M/F H/L

Construction Capital (DRA Estimate) 3 US$m 968 808 159

Capitalised Pre-strip US$m 33

Rail siding US$m 4

Mining capex US$m 29

Owners cost US$m 31

Surface infrastructure US$m 301

Site infrastructure US$m 52

Contingency US$m 139

Total Project Capital (incl. contingency) US$m 1,557

Sustaining Capital (LOM) 4 US$m 543 362 181

Table 5: Unit Costs

Unit Costs per Tonne Mined/Processed Total M/F H/L

Mining Cost (per tonne mined) US$/t 2.15 2.15 2.15

Variable Processing Cost (per t processed) US$/t 5.85 6.14 4.64

Fixed Processing Cost (G&A) US$m 9.55 6.21 3.34

Unit Costs per ton Payable Cu Produced Total M/F H/L

C1 Cash Costs (Avg Years 1-10) 1 US$/t 3,980 4,161 2,843

C1 Cash Costs (Avg LOM) 1 US$/t 4,841 5,045 3,438

All-in Sustaining Costs (Avg Years 1-10) 2 US$/t 4,519 4,708 3,332

All-in Sustaining Costs (Avg LOM) 2 US$/t 5,415 5,629 3,944

Unit Costs per lb Payable Cu Produced Total M/F H/L

C1 Cash Costs (Avg Years 1-10) 1 US$/lb 1.81 1.89 1.29

C1 Cash Costs (Avg LOM) 1 US$/lb 2.20 2.29 1.56

All-in Sustaining Cost (Avg Years 1-10) 2 US$/lb 2.05 2.14 1.51

All-in Sustaining Costs (Avg LOM) 2 US$/lb 2.46 2.55 1.79

Notes:

1. C1 = Mining, processing plus on-site G&A and selling costs less by-product credits

2. AISC = C1 costs plus royalties & levies and sustaining capex (excluding closure costs & reclamation value)

3. Project Capital includes US$126m of EPCM costs

4. Sustaining capital includes deferred capital for the TSF and HL/SX/EW plant, plus 0.75% of other project capital costs + US$50m in

estimated closure costs - estimated salvage value

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Units Total/Avg. 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 21 22 23

Mining Pre-strip

Ore - M/F Mt 627 6.1 21.3 32.5 31.1 21.1 29.1 32.0 32.3 38.1 31.6 21.5 23.9 28.9 26.6 14.5 26.0 23.1 32.8 9.8

Ore - H/L Mt 152 3.9 11.7 8.2 5.6 4.4 10.3 6.9 9.1 12.7 8.4 4.1 6.2 5.5 3.7 3.5 5.8 4.4 3.6 2.9

Ore Tonnes Mined Mt 779 10.1 33.0 40.8 36.7 25.4 39.4 38.9 41.4 50.8 39.9 25.5 30.1 34.3 30.4 18.0 31.8 27.5 36.4 12.7

Ore Grade Mined 1 % 0.31% 0.31% 0.35% 0.33% 0.33% 0.33% 0.33% 0.31% 0.31% 0.28% 0.27% 0.29% 0.29% 0.29% 0.34% 0.30% 0.32% 0.29% 0.32% 0.29%

Waste Tonnes Mined Mt 1,400 8.8 39.5 31.8 35.7 47.1 32.9 33.7 30.9 44.6 75.2 95.5 90.5 86.2 90.2 88.5 87.3 37.5 22.1 3.3

Total Tonnes Mined Mt 2,179 19 72 73 72 73 72 73 72 95 115 121 121 121 121 106 119 65 59 16

Strip Ratio x 1.80 0.88 1.20 0.78 0.97 1.85 0.84 0.87 0.75 0.88 1.88 3.74 3.01 2.51 2.97 4.92 2.74 1.37 0.61 0.26

Stockpile Balance (closing) Mt 10.1 22.0 29.5 31.2 21.7 26.1 30.0 36.4 52.1 57.1 47.6 42.7 42.0 37.4 20.4 17.2 10.7 12.1 0.0

Stockpile Grade % 0.31% 0.33% 0.33% 0.32% 0.28% 0.28% 0.26% 0.25% 0.24% 0.22% 0.21% 0.21% 0.21% 0.21% 0.18% 0.17% 0.18% 0.22% 0.00%

Processing

Plant Feed (MF + HL) Mt 779 21.0 33.3 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 24.8

Feed Grade % 0.309% 0.00% 0.35% 0.34% 0.34% 0.35% 0.33% 0.33% 0.33% 0.32% 0.31% 0.28% 0.28% 0.29% 0.32% 0.27% 0.32% 0.28% 0.31% 0.26%

Cu Produced Kt 2,099 64.7 99.5 103.9 109.1 103.8 100.5 100.3 97.7 93.5 84.3 84.8 87.1 98.3 81.6 96.7 82.9 95.5 53.7

Revenue

Copper Price US$/t 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500

Total Sales 2 US$m 20,325 611 949 983 1,037 994 971 977 948 911 831 816 837 950 796 932 815 961 547

Royalty & Export Levy 3 US$m 813 24 38 39 41 40 39 39 38 36 33 33 33 38 32 37 33 38 22

Selling & Marketing Costs US$m 1,162 26 37 40 61 58 57 57 57 54 49 49 51 58 48 57 49 57 30

Operating Costs

Mining US$m (4,653) (134) (133) (132) (135) (133) (140) (141) (185) (234) (244) (243) (250) (253) (229) (271) (166) (153) (43)

Processing US$m (4,555) (129) (196) (204) (204) (204) (204) (204) (204) (204) (204) (204) (204) (204) (204) (204) (204) (204) (142)

Administration / Fixed / G&A US$m (484) (18) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21) (21)

Total Cash Operating Cost US$m (9,693) (280) (350) (358) (360) (359) (366) (367) (410) (460) (470) (469) (476) (479) (455) (496) (392) (379) (206)

Unit Costs

Cash Operating Cost (C1) US$/lb 2.20 2.04 1.61 1.61 1.75 1.70 1.68 1.63 1.74 2.01 2.51 2.75 2.63 2.36 3.25 2.61 2.30 1.37 1.68

All-in Sustaining Cost (AISC) 4 US$/lb 2.46 2.30 1.85 1.85 1.99 1.94 1.92 1.88 1.99 2.26 2.76 3.00 2.88 2.60 3.51 2.92 2.85 1.90 2.19

Capital Expenditure

Project Capex US$m (1,419) (1,419)

Contingency US$m (139) (139)

Sustaining Capex (incl. closure) 6 US$m (543) (159) (53) (13) (13) (13) (13) (13) (13) (13) (16) (13) (13) (13) (13) (30) (17) (13) (7)

Tax Paid US$m (2,473) (63) (196) (186) (188) (161) (130) (99) (95) (99) (136) (93) (117) (122) (178) (106)

Cash Flow

Net Free Cash Flow before Tax US$m 6,557 (1,557) 122 472 533 561 523 495 501 430 347 264 252 264 362 249 312 326 475 283

Net Free Cash Flow after Tax US$m 4,084 (1,557) 122 472 533 498 327 310 313 269 217 165 158 165 227 155 195 204 297 177

Discount Factor 8% 1.00 0.93 0.86 0.79 0.74 0.68 0.63 0.58 0.54 0.50 0.46 0.43 0.40 0.37 0.34 0.32 0.20 0.18 0.17

Disc. Cashflow8% before Tax US$m 2,358 (1,557) 113 404 423 412 356 312 292 232 174 122 108 105 133 85 98 65 87 48

Disc Cash Flow8% after Tax US$m 1,351 (1,557) 113 404 423 366 223 195 183 145 109 76 68 66 83 53 61 40 55 30

Payback Period (post-tax) 3.9

IRR (post-tax) 20%

Notes:

1. Mining dilution and ore loss has been applied to the scheduled ore tonnes by the mining consultant

2. Gross revenue including bi-product sales from Mo + Au and 96% payability for Cu in concentrate

3. Namibian government royalty (3%) and export levy (1%)

4. AISC comprises C1 costs + sustaining capex + royalties + export levies + copper refining, transport & marketing costs but excludes ongoing capital for growth projects

5. Project Capex includes US$126m of EPCM costs

6. Sustaining capital includes deferred capital for the TSF and HL/SX/EW plant, plus 0.75% of other project capital costs + US$50m in estimated closure costs - estimated salvage value

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Capital and Operating Cost Estimates

The capital cost estimate for the project was compiled by DRA, with inputs from Koryx and supporting

specialist consultants KP and Qubeka.

The estimate for the main crushing, milling and flotation plant for higher grade (“ HG”) mineralization was

developed by DRA for a plant designed to process 28 Mtpa of ROM, with about 4 Mtpa of >150µm barren

coarse particle flotation tailings being rejected ahead of conventional flotation of 24 Mtpa at a target grind of

about 80% < 150µm.

The capital cost estimate for the 7 Mtpa low grade (“ LG”) heap leach, copper solvent extraction and

electrowinning and iron removal circuit was based on the estimates prepared by METS for the previous PEA

of this project, updated by Koryx with input from DRA.

KP developed the capital cost estimates for the Tailings Storage Facility (“TSF”), access roads, water and bulk

power supply, stormwater management, housing and site accommodation. DRA and Qubeka prepared

estimates for infrastructure directly associated respectively with the process plants and contract mining area.

Each consultant submitted estimates of engineering, project and construction management (“EPCM”) services

costs associated with their scope of work. This was supplemented by a detailed estimate by Koryx of Owner’s

costs during project implementation.

The cost estimate for pre -strip of waste rock before commencing production mining operations was an

outcome of Qubeka’s detailed mining schedules.

Significant portions of the heap leach/SX/EW, TSF and other infrastructure costs will only be incurred in the

first or second year of operation, hence these were recorded as sustaining capital in the table below. Other

sustaining capital costs in subsequent years of operation were estimated by DRA and KP.

Table 6: Project Capital Cost Breakdown (US$m)

Item Description

Upfront

Construction

Capex

Heap Leach

Capex

(Y1 + Y2)

Sustaining

Capex

Total Capex

Mill float capital cost estimate 737 0 89 826

HL/SX/EW capital cost estimate Y1 145 137 31 313

Tailings Facility 30 0 200 230

Mining capex 29 0 11 41

Owners cost 31 0 0 31

Surface Infrastructure 246 0 32 278

Site infrastructure 50 0 0 50

EPCM Costs 116 14 30 159

Total Capital Cost (excl. Contingency) 1,385 151 393 1,929

Estimated 10% Contingency 139 0 0 139

Capitalized Pre strip Mining 35 0 0 35

Capex Total 1,559 151 393 2,102

Process plant operating cost estimates for the 28 Mtpa HG and 7 Mtpa LG plants were developed by DRA and

Koryx, with associated labour rates and complements being prepared by Koryx. KP provided minor operating

cost estimates for the related infrastructure. The process plants are expected to operate for 24 hours per day,

365 days per year.

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Table 7: Project Operating Costs (US$/t processed)

Cost Centre

28 Mtpa High Grade

Milling and Flotation Plant

7 Mtpa Low Grade

Heap Leach / SX EW Plant

US$/t

processed

US$m

/year

US$/t

processed

US$m

/year

Material Handling Including Grade Control 0.45 12.6 0.95 6.65

Operating and Maintenance Labor 0.44 12.32 0.53 3.71

Power 2.33 65.24 1.49 10.43

Consumables and Reagents Including Water 1.96 54.88 1.29 9.03

Maintenance 0.66 18.48 0.33 2.31

Laboratory Analyses 0.11 3.08 0.05 0.35

Tailings Storage Facility 0.19 5.32

MF Plant G&A Expenses 0.22 6.16 0.48 3.34

Total Variable and Fixed Processing Costs 6.36 178.08 5.12 35.82

Mining operating costs were estimated by Qubeka based on the envisaged mining contractor’s selected

equipment fleet and organisational structure. The estimate was done from first principles, using the original

equipment manufacturers (“OEM”) hourly life cycle cost estimates with the simulated production rates for the

primary mining equipment.

Site administration (G&A) costs were estimated by Koryx, based on other similar sized copper operations. The

unit operating cost estimates thus derived are summarized in the table below:

Table 8: Total Operating Cost Estimate

Cost Centre (average costs over life of mine) Unit Unit Cost US$m

/year

Waste Rock Mining US$/t mined 2.25 140.00

Mineralized Mining US$/t mined 2.25 79.93

MF Processing Plant US$/t processed 6.36 178.08

HL Processing Plant US$/t processed 5.12 35.82

Infrastructure Variable Costs US$m/year 8.52

Non Process G&A Costs US$m/year 3.13

Total Variable and Fixed Operating Costs 445.48

Total Unit Operating Cost US$/lb Cu 2.26

Financial Sensitivity Analysis

Figure 1: Financial Sensitivity Spider Diagram

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Table 9: IRR Sensitivity to Copper Price (Post-Tax)

Table 10: NPV8% Sensitivity Table (Post-Tax)

8,550 9,025 9,500 9,975 10,450

8% 16% 18% 20% 22% 24%

Copper Price (US$/t)

8,550 9,025 9,500 9,975 10,450

5.0% 1362 1708 2052 2395 2739

6.0% 1156 1474 1788 2103 2418

7.0% 974 1266 1556 1846 2136

8.0% 812 1083 1351 1618 1886

9.0% 667 919 1168 1416 1665

10.0% 537 772 1004 1235 1467

8,550 9,025 9,500 9,975 10,450

0.28% 369 616 861 1106 1348

0.29% 591 849 1107 1362 1617

0.31% 812 1083 1351 1618 1886

0.32% 1032 1313 1594 1875 2155

0.34% 1251 1544 1838 2131 2423

8,550 9,025 9,500 9,975 10,450

1.94 937 1207 1475 1743 2011

2.04 874 1145 1413 1681 1948

2.15 812 1083 1351 1618 1886

2.26 749 1020 1288 1556 1824

2.37 686 957 1226 1494 1762

8,550 9,025 9,500 9,975 10,450

5.26 923 1193 1461 1729 1997

5.55 868 1138 1406 1674 1941

5.85 812 1083 1351 1618 1886

6.14 756 1027 1295 1563 1831

6.43 700 971 1240 1508 1776

8,550 9,025 9,500 9,975 10,450

1,401 918 1186 1454 1722 1990

1,479 865 1134 1402 1670 1938

1,557 812 1083 1351 1618 1886

1,635 759 1030 1299 1567 1835

1,713 705 977 1247 1515 1783

Discount Rate (%)Mining Unit Cost ($/t)Plant Unit Cost ($/t)Build Capex (US$m) Mill Feed Grade (%)

Copper Price (US$/t)

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