Impact: Positive
Koryx provided an update on its 2025 exploration and project development strategy for its 100%-owned Haib Cu project in Namibia. The company is planning a multi-phase, $20M technical program (>55,000m of drilling) that should feed into several economic studies (updated PEA, PFS, DFS). We view this as a positive update for Koryx as management is taking a strong initiative to advance Haib with additional drilling, metallurgical test work, and technical studies. At Cu prices of US$3.00/lb, Haib already generates an after-tax NPV7.5% of US$957M, IRR of 29.7%, and 4.2-year payback period (read note). We expect that the planned follow-up drill program could improve the grade and grow the ~5.7B lb in I&I resource. We also believe that achieving progressive development milestones could put Koryx in a position to initiate project financing in 2027.
