Koryx Copper S.A. 17, Bd Friedrich Wilhelm Raiffeisen Gasperich, L-2411, Luxembourg Luxembourg KORYX COPPER ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE HAIB COPPER PROJECT, SOUTHERN NAMIBIA 2,090,000 MTS OF CONTAINED Cu (Indicated Resource)
Koryx Copper S.A.
17, Bd Friedrich Wilhelm Raiffeisen
Gasperich, L-2411, Luxembourg
Luxembourg
KORYX COPPER ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE
FOR THE HAIB COPPER PROJECT, SOUTHERN NAMIBIA
2,090,000 MTS OF CONTAINED Cu (Indicated Resource)
and 1,385,000 MTS OF CONTAINED Cu (Inferred Resource)
2,338,000 MTS OF CONTAINED CuEq (Indicated Resource)
and 1,583,000 MTS OF CONTAINED CuEq (Inferred Resource)
Au RESOURCE OF 487,900 OZS (Indicated Resource)
and 380,200 OZS (Inferred Resource)
Mo RESOURCE OF 103,600,000 LBS (Indicated Resource)
and 84,500,000 LBS (Inferred Resource)
STRIPPING RATIO REDUCED TO 0.92x FROM 1.74x
Highlights
• The table below summarises the most recent mineral resource estimate (“MRE”) (dated 25 March
2026, shaded green) and compares it to the prior published MRE (dated 01 September 2025, shaded
blue) for the Haib Copper Project in southern Namibia.
• This updated MRE reflects (i) a significant increase in copper equivalent grade (CuEq%) mainly due
to the inclusion of molybdenum (“Mo”) and gold (“Au”) b y-products (ii) a significant increase in
mineralised low-grade tonnage (iii) a significant increase in total contained Cu, Mo and Au and (iv)
a significant reduction in stripping ratio.
• Specifically: 18% and 23% CuEq% grade increase to 0.40% and 0.39% CuEq% in the high grade
Indicated and high grade Inferred category, respectively (>0.25% Cu).
• 416% and 636% increase in total mineralised material in the low grade Indicated and Inferred
category of 744Mt and 579Mt, respectively (>0.15% Cu).
• Stripping ratio reduced to 0.92x from 1.74x
25 March 2026 MRE
Material Type Cut-Off
Grade Tonnes CuEq
Grade1
Cu
Grade
Mo
Grade
Au
Grade Tonnes Cu
Grade1 Tonnes CuEq
Grade1
Cu% (Mt) (%) (%) (ppm) (g/t) (Mt) (%) % %
High Grade Indicated >0.25% 389 0.40 0.36 69 0.02 442 0.34 -12% 18%
High Grade Inferred >0.25% 182 0.39 0.35 84 0.02 255 0.32 -29% 23%
Low Grade Indicated 0.15 - 0.25% 355 0.22 0.19 56 0.02 69 0.24 416% -8%
Low Grade Inferred 0.15 - 0.25% 397 0.22 0.19 58 0.02 54 0.23 636% -4%
Total Indicated >0.15% 744 0.32 0.28 63 0.02 511 0.33 46% -3%
Total Inferred >0.15% 579 0.28 0.24 66 0.02 309 0.30 88% -9%
Total Waste Material 1,211 1,425
Waste to Mineralized Material Ratio 2 0.92 1.74
1 The 01 Sep 2025 MRE contained limited Mo results, and although they were reported, no CuEq% grade was reported.
Both Mo and Au byproducts havebeen estimated consistently across the entire mineralised envelope since and have
been reported as part of CuEq grade in the current, 25 March 2026 MRE Update.
2 The ratio of waste to mineralised material for the respective RPEEE pits (reasonable prospects for eventual economic
extraction) were compared. These RPEEE pit shells are conceptual and do not constitute an economic evaluation.
Variance (%)01 Sep 2025 MRE
- 2 -
• Total contained CuEq of 2 ,355kt in the Indicated category and 1 ,597kt in the Inferred category
(744Mt @ 0.32% CuEq Indicated and 579Mt @ 0.28% Cu Inferred).
o Total contained Cu of 2,090kt in the Indicated and 1,385kt in the Inferred category (744Mt
@ 0.28% Cu Indicated and 579Mt @ 0.24% Cu Inferred).
o Total contained Mo of 104Mlbs in the Indicated and 85Mlbs in the Inferred category (744Mt
@ 0.63ppm Indicated and 579Mt @ 66ppm Inferred).
o Total contained Au of 488koz in the Indicated and 380koz in the Inferred category (744Mt
@ 0.02g/t Indicated and 579Mt @ 0.02g/t Inferred)
• Ongoing drilling with 14 rigs to complete a 55,000m drill program by mid-2026.
• Excellent results from r ecently completed mineral sorting testwork (focusing on a combination of
bulk ore and fine particle sorting) indicates potential for significant further grade uplift of processed
mineralised material, thereby further enhancing the expected economics of the Haib project
(improving both capital intensity and AISC).
• Preliminary Feasibility Study (“PFS”) planned to be published during 4Q 2026.
Luxembourg, Luxembourg – March 25, 202 6 – Koryx Copper S.A. (TSX:KRY.V) (NSX:KYX) (OTCQB:KRYXF)
(“Koryx” or the " Company") is pleased to announce an updated Mineral Resource Estimate ( “MRE”) for its
wholly-owned Haib Project (“Haib” or the “Project”), in southern Namibia. This Mineral Resource Statement
represents an update to the previous statement that had an effective date of 01 September 2025 and was
reported in an NI 43 -101 Technical Report titled “Preliminary Economic Assessment of the Haib Copper
Project, Namibia”.
Haib is a large-scale, advanced open-pit sulphide copper, molybdenum, and gold porphyry project with a small
oxide cap. It has an envisaged average production rate 92,000tpa in clean concentrate over a 24 -year mine
life via a simple and low-risk open pit crushing/milling/flotation process. The Company's Preliminary Economic
Assessment (“PEA”), dated September 2025 , demonstrated the project to be technically and economically
feasible with attractive economics and a simple, scalable, long -life and low -cost development strategy
undergoing rapid advancement.
Heye Daun, Koryx Copper’s President and CEO commented: “We are very pleased with the large improvement
and refinement of the Haib MRE, particularly the grade increase of the high grade portion to 0.40% CuEq (from
0.34% CuEq) coupled with the conversion of a large volume of material previously modelled as waste into lower
grade mineralised material, thereby increasing the total copper inventory from 2. 6Mt to 3.5Mt of contained
copper whilst also reducing the expected stripping ratio from 1.74x to 0.92x.
The high-grade zone CuEq grade improvement was achieved primarily through the inclusion of byproducts (Mo
and Au), and refined modelling of the high-grade portions of the mineral resource. That high-grade portion in
the Indicated and Inferred category now represents over 15 years of life-of-mine, and with the addition of the
substantially larger lower grade halo, the life-of-mine of the Haib project is expected to grow very significantly
from its current 24 years to likely more than 35 years.
We will soon have 14 drill rigs on site aiming to complete 50,000m of additional infill and growth drilling before
the middle of 2026. The results will be incorporated into another MRE update, which will serve as the basis for
the PFS.
The combination of the (i) improved Cu grade in the high grade zones, (ii) establishment of Au and Mo indicated
and inferred resources, (iii) reduced expected strip ratio, (iv) increased life-of-mine and (v) potential additional
grade increase from mineral ore sorting, are expected to deliver a step-change improvement in overall project
economics (both capital intensity and AISC) to be published as part of the 4Q 2026 PFS. The Haib deposit
continues to grow, and demonstrate the scale and consistency require d for a future large -scale copper
producer.”
- 3 -
Haib Geology
Haib is Paleoproterozoic in age and is considered one of the oldest known porphyry copper deposits in the
world. Disseminated copper mineralisation is contained within the porphyritic granodiorite, porphyritic
andesite and associated breccias and is concentrated along a north-westerly structural trend that dips steeply
to the southwest. Broad zones of copper mineralisation occur over a strike length of approximately 2 km that
are commonly several hundreds of metres wide. Like many South American porphyries, Haib has a small oxide
cap.
Mineralisation has been intersected by diamond drilling to a depth of 790 m below the topographic surface.
Copper mineralisation is predominantly chalcopyrite, however small amounts of supergene copper
mineralisation in various mineralogical states occurs near surface to shallow depths (generally less than 10 m).
The MRE update has been produced by re-logging and refining of the geological interpretation and
mineralisation controls, together with the new drilling results received s ince the previous model update of
October 2024. This has resulted in an updated Mineral Resource Statement, with an effective date of 16 March
2026, based on an updated Mineral Resource model and a revised optimised pit shell.
Gold has been included in this update following metallurgical test -work allowing for assumed recovery to be
applied. Additional Molybdenum assay results have also generated a better estimate for the by -product
resource. Furthermore, using parameters aligned with the latest metallurgical results and assumptions,
payabilities and metal prices, a copper equivalent grade has been included in the Mineral Resource statement.
Haib Resource Modelling
A three -dimensional geological model of the copper mineralisation was constructed using all the drillhole
sample data , creating multiple mineralised zones using a grade shell approach at various copper grade
thresholds (>0.25%, 0.20 -0.25%, 0.15 -0.20%, 0.10-0.15% and <0.10%) . This produced a nested grade shell
model that accounts for all mineralisation currently defined in the resource area.
The model incorporated interpreted structural trends and geological domains that influence the
mineralisation (Figure 1). The copper grade was estimated using the accepted historical and all Koryx data.
Estimation of the grade of a three -dimensional block model was performed by ordinary kriging of five metre
composite sample copper grades using Leapfrog Edge software. An a verage in-situ dry bulk density value of
2.78 t/m3 was assigned to all blocks.
- 4 -
Figure 1. Plan view illustrating >0.2% Cu grade shells in the NW and SE zones and major structures
Haib Mineral Resource Statement
The Mineral Resource was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Best Practice Guidelines and is reported in accordance with the 2014 CIM Definition Standards, which have
been incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects
(NI 43-101).
The Mineral Resource was reported from within an optimised pit shell. The project envisages an open -pit
mining operation with flotation of sulphide mineralisation, and heap leach with solvent extraction ,
electrowinning (SX-EW) of oxide and transitional mineralisation.
The optimised pit shell was informed by mineralisation contained within the modelled 0.20% Cu grade shell.
Blocks that occur within the pit -shell with estimated grade above 0.15% Cu satisfy marginal cut -off grade
criteria and, together with the optimised p it shell, reasonable prospects for eventual economic extraction
(RPEEE) for the Mineral Resource has been demonstrated.
The assessment to satisfy the criteria of RPEEE is a high -level estimate and is not an attempt to estimate
Mineral Reserves. A summary of the Mineral Resource estimate is presented in Table 1.
SE Zone >0.2% Cu
5-15° dip to NE
NW Zone >0.2% Cu
70° dip to SE
COC Zone
Variable Cu grade
60° East Dipping Fault
Separates NW Zone
from SE Zone
N
Plan View of >0.20% Cu Grade
Shells and main structures
February 2026
J. Witley
500 m
- 5 -
Table 1. Mineral Resource Estimate for Haib as at 16 March 2026 at a 0.15% Cu cut -off
Category Type Tonnes
(Mt)
Cu Grade
(%)
Mo
Grade
(ppm)
Au Grade
(g/t)
CuEq
Grade
(%)
Cu
Content
(Mlbs)
Mo
Content
(Mlbs)
Cu
Content
(kt)
Mo
Content
(kt)
Au
Content
(koz)
Indicated
High Grade Oxide and
Transitional (>0.25%
Cu)
28 0.35 51 0.021 0.38 215 3.1 98 1.4 18.7
Low Grade Oxide and
Transitional
(0.15-0.25% Cu)
32 0.19 51 0.02 0.22 132 3.5 60 1.6 18.2
High Grade Sulphide
(>0.25% Cu) 361 0.36 71 0.02 0.40 2,891 56.2 1,311 25.5 253.3
Low Grade Sulphide
(0.15-0.25% Cu) 323 0.19 57 0.02 0.22 1,370 40.7 621 18.5 197.6
Indicated
Total High Grade
(>0.25% Cu) 389 0.36 69 0.02 0.40 3,106 59.3 1,409 26.9 272.0
Total Low Grade
(0.15-0.25% Cu) 355 0.19 56 0.02 0.22 1,502 44.2 681 20.1 215.9
Total 744 0.28 63 0.02 0.32 4,608 103.6 2,090 47.0 487.9
Inferred
High Grade Oxide and
Transitional (>0.25%
Cu)
5 0.30 45 0.02 0.33 31 0.5 14 0.2 2.7
Low Grade Oxide and
Transitional
(0.15-0.25% Cu)
30 0.19 51 0.02 0.22 124 3.4 56 1.5 21.4
High Grade Sulphide
(>0.25% Cu) 177 0.35 85 0.02 0.39 1,371 33.4 622 15.1 121.6
Low Grade Sulphide
(0.15-0.25% Cu) 367 0.19 58 0.02 0.22 1,527 47.3 693 21.5 234.5
Inferred
Total High Grade
(>0.25% Cu) 182 0.35 84 0.02 0.39 1,402 33.9 636 15.4 124.3
Total Low Grade
(0.15-0.25% Cu) 397 0.19 58 0.02 0.22 1,651 50.7 749 23.0 255.9
Total 579 0.24 66 0.02 0.28 3,052 84.5 1,385 38.3 380.2
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that that all
or any part of the Mineral Resource will be converted into a Mineral Reserve. The estimate of Mineral Resources may be materially
affected by geology, environment, permitting, legal title, taxation, socio-political, marketing, or other relevant issues.
3. Mt = Million tonnes, kt = thousand tonnes, Mlbs = Million pounds.
4. The Mineral Resource Statement for Haib as of 16 March 2026 is reported at a cut-off grade of 0.15% Cu within a conceptual pit
shell using the following assumed parameters:
• Copper Price 9,300 USD/t. Molybdenum price 43,860 USD/t. Gold Price 2,800 USD/oz.
• Royalty and Export Levy: 4%, Copper payability: 97.5%, Molybdenum payability 90.0%, Gold payability 95%.
• Overall slope angle: 45° for Fresh, 42° for Oxide and Transitional.
• Sulphide recovery flotation: 89% Cu, 55% Mo, 40% Au. Heap Leach recovery 85%.
• Mining Cost at pit rim USD/tonne: 2.07 (additional 0.008 USD/tonne per metre depth from pit rim).
• Processing Cost USD/tonne ore processed: 6.57 Flotation, 5.21 Heap Leach, solvent extraction and electro winning (SX-EW).
• SG&A Overheads 0.47 USD/tonne ore processed.
5. The copper equivalent calculation uses the following formula for price contribution of each metal in one tonne relative to copper.
(Cu grade * Cu Price * Cu Recovery * Cu payability + Au grade * Au Price * Au Recovery * Au payability + Mo grade * Mo Price *
Mo Recovery * Mo payability) / (Cu grade * Cu Price * Cu Recovery * Cu payability) * Cu grade,
Cu Price = USD 10,000/t, Mo Price + USD 50,000/t, Au Price = USD 4000/oz,
Cu Recovery = 87.5% Mo Recovery = 55% Au Recovery = 50%,
Cu Payability = 97.5%, Mo Payability = 90% Au Payability = 95%,
Recoveries are assumed from preliminary metallurgical testwork for bulk concentrate production.
- 6 -
Table 2. Indicated Resource Grade-Tonnage – 16 March 2026
Cut-off
Cu %
Tonnes
(Mt)
Cu
(%)
Mo
(ppm)
Au
(g/t)
CuEq
(%)
Cu
(kt)
Mo
(kt)
Au
(koz)
0.100 888 0.26 61 0.020 0.29 2,267 53.9 569.2
0.150 744 0.28 63 0.020 0.31 2,090 47.0 487.9
0.200 535 0.32 67 0.021 0.36 1,730 35.6 362.2
0.225 433 0.35 69 0.021 0.38 1,512 29.9 298.4
0.250 389 0.36 69 0.022 0.40 1,409 26.9 272.0
0.275 370 0.37 70 0.022 0.40 1,360 25.7 261.3
0.300 326 0.38 69 0.022 0.41 1,232 22.5 234.0
Figure 2. Grade-Tonnage Curve for Indicated Resources
978 960 945 913 888
801
744
619
535
433
389 370
326
253
183
130 92
0.24 0.24 0.24 0.25 0.26
0.27
0.28
0.30
0.32
0.35
0.36 0.37
0.38
0.40
0.42
0.44
0.47
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0
200
400
600
800
1000
1200
1400
1600
0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40
Cu %
Mt
Cut Off Grade (%)
GT Curve Haib All Model in February RPEEE Shell (9300 USD) -
Indicated 16-03-2026
Mt Cu%
- 7 -
Table 3. Inferred Resource Grade-Tonnage – 16 March 2026
Cut-off
Cu %
Tonnes
(Mt)
Cu
(%)
Mo
(ppm)
Au
(g/t)
CuEq
(%)
Cu
(kt)
Mo
(kt)
Au
(koz)
0.100 899 0.20 58 0.021 0.23 1,769 52.1 595.4
0.150 579 0.24 66 0.020 0.27 1,385 38.3 380.2
0.200 307 0.30 74 0.021 0.33 910 22.6 205.6
0.225 218 0.33 79 0.021 0.37 720 17.3 149.3
0.250 182 0.35 84 0.021 0.39 636 15.4 124.3
0.275 166 0.36 86 0.021 0.40 594 14.3 114.4
0.300 137 0.37 84 0.022 0.41 509 11.4 95.7
Figure 3. Grade-Tonnage Curve for Inferred Resources
1368
1039 998
939 899
670
579
436
307
218 182 166 137 100 71 54 38
0.24 0.24 0.24 0.25 0.26
0.27
0.28
0.30
0.32
0.35
0.36 0.37
0.38
0.40
0.42
0.44
0.47
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0
200
400
600
800
1000
1200
1400
1600
0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40
Cu %
Mt
Cut Off Grade (%)
GT Curve Haib All Model in February RPEEE Shell (9300 USD) -
Inferred 16-03-2026
Mt Cu%
- 8 -
Figure 4. Haib resource pit shell and block model – oblique view to the north
Figure 5. Section through Haib resource block model, drillholes and pit shell – NW Zone, view to the northwest
Koryx Copper - Haib Cu Project
Block Model & Pit Shell
Oblique View to the North
February 2026
J. Witley
Koryx Copper - Haib Cu Project
Block Model and Drillholes
Vertical Section NW Zone
February 2026
J. Witley
500 m
Pit Shell
(USD9,300/t Cu)