Koryx Copper Drills Record 969m Copper Interval at Haib

Koryx Copper has just posted a new record at its Haib copper project in Namibia, with a single drill hole returning an unbroken 969-metre corridor of copper mineralisation from surface, the longest such interval the project has ever produced. This is not a narrow vein hit. It is a near-kilometre corridor through a porphyry system that already hosts more than 1.3 billion tonnes of resource.

The timing matters as much as the result. These drill results, disclosed on 27 August 2026, arrive weeks before Haib’s late-2026 resource update and prefeasibility study (PFS). The data released today is the same data engineers will feed into pit shell designs, mine schedules, and net present value calculations. Several holes have extended mineralisation beyond the existing resource boundary, raising the possibility that the next estimate captures more tonnes at higher confidence levels.

Here is what these results actually change about Haib’s development trajectory, and what you should be tracking through the rest of 2026.

A near-kilometre drill hole rewrites what Haib looks like underground

The centrepiece is hole HM167: 969 metres of continuous mineralisation from surface, grading 0.27% CuEq (comprising 0.23% copper, 84 ppm molybdenum, and 0.021 g/t gold). It is the longest mineralised interval ever reported at Haib.

969 metres of continuous mineralisation from surface, the longest interval in Haib’s history, grading 0.27% CuEq.

But HM167 was not the only significant result in the batch. Across the full programme, 19 holes totalling 8,586 metres were reported, with each hole returning broad zones of mineralisation throughout its entire length. Two complementary results stand out.

HM185 returned 413 metres at 0.41% CuEq, including 236 metres at 0.57% CuEq. Koryx ranked it as one of the project’s leading intercepts on a contained-metal basis. HM177 recorded 30 metres at 1.10% CuEq starting just 8 metres below surface, within a much broader zone of mineralisation that extends well beyond that high-grade interval.

Each result carries a different signal. HM167’s near-kilometre thickness tells you this is a coherent porphyry system, the kind of geometry that supports large, low-cost open-pit mining rather than chasing patchy high-grade pods at depth. HM185 concentrates contained metal over a thick interval. HM177’s near-surface grade matters at the project economics stage because zones like this can be sequenced early in a mine plan, accelerating cash flow and improving the internal rate of return (IRR), which measures how quickly invested capital generates returns.

The geometry of HM167 is characteristic of large porphyry copper deposits, where mineralisation spreads through vast, low-grade, structurally coherent systems rather than high-grade narrow veins, and that geometry is precisely what makes open-pit bulk-mining economics viable at scale.

Management noted that infill drilling is approaching completion, with outcomes trending favourably relative to the existing resource estimate.

Which holes are pushing beyond the resource boundary, and why that matters

The headline intercepts confirm what Haib already had. The strategically significant finding is that several holes drilled into ground not captured by the March 2026 resource estimate, suggesting the deposit’s footprint is larger than the current model shows.

Four holes did the boundary-pushing work:

• HM162: Returned grades across a section of the system that sat outside the existing geological model, in ground that had not previously been attributed any mineralisation.
• HM173: Demonstrated that above-average copper grades persist into western areas that the current block model did not extend to.
• HM171: Returned above-resource-average grades in areas that fall outside the boundaries of the current estimate.
• HM181: Defined where mineralisation tapers off to the south of Target 1, establishing an edge of the deposit in a direction that had not previously been constrained.

Red Cloud Securities analyst Ron Stewart specifically identified HM171, HM173, and HM162 as possible contributors to tonnage growth in the next resource estimate. That assessment grounds the extension significance in independent analyst interpretation rather than company commentary alone.

What resource boundary extension means in practice

Infill drilling and step-out drilling accomplish different things. Infill holes tighten the spacing within the known resource, which allows material to be reclassified from inferred (lower confidence) to indicated (higher confidence). Step-out holes test ground beyond the current boundary, and when they intersect economic-grade mineralisation, they signal that the next resource estimate may capture additional tonnes entirely.

Mineral resource estimates translate drilling data into the block models that engineers use to design pit shells and mine schedules, and the reclassification of material from inferred to indicated confidence is the specific mechanism through which infill drilling programmes like Haib’s convert geological information into bankable project economics.

BMO Capital Markets analyst Rene Cartier flagged that infill outcomes can also locally tighten grade shells, providing a counterpoint: boundary extension is an opportunity, not a certainty. Some holes extend the envelope; others refine and in places adjust what sits within it.

For investors tracking Haib’s development, step-out holes intersecting economic-grade mineralisation outside the current model are a leading indicator. More tonnes give engineers larger pit shells to optimise, more flexibility in mine scheduling, and potentially more years of mine life, each of which can lift after-tax NPV and strengthen the case for project financing.

What Haib already is, and what 2025 PEA economics show

The new drilling sits against an already substantial resource base. The March 2026 resource estimate established Haib’s scale across two categories:

The indicated category also contains 103.6 million lb of molybdenum and 487,900 oz of gold. BMO’s Cartier has highlighted silver as a potential additional by-product not yet factored into the resource model, which means the by-product suite may have further upside beyond what current estimates capture.

A 2025 preliminary economic assessment (PEA), a conceptual-level study that models a potential mining scenario, outlined the following metrics:

• Annual copper production: approximately 92,000 tonnes
• Mine life: 23 years
• Initial capital expenditure: US$1.56 billion
• After-tax NPV (8% discount rate): US$1.35 billion
• After-tax IRR: 20%
• Copper price assumption: US$9,500 per tonne

The gap between a US$1.35 billion after-tax NPV from the PEA and Koryx Copper’s C$465 million market capitalisation tells you the market is still applying a substantial development-stage discount. That discount reflects permitting risk, financing uncertainty, and the conceptual nature of PEA-level economics. It narrows as drilling, permitting, and study milestones are de-risked through 2026 and 2027.

The late-2026 PFS will be measured directly against these PEA numbers. Investors should track whether new drilling shifts NPV and IRR materially relative to this baseline framework.

Mining feasibility studies progress through conceptual, prefeasibility, and definitive stages, with each iteration applying tighter geological data to capital cost, operating cost, and mine schedule assumptions, which is why the late-2026 PFS will be held to a materially higher evidentiary standard than the 2025 PEA numbers it is being measured against.

Past performance does not guarantee future results. Financial projections are subject to market conditions and various risk factors.

What comes next, and what to watch through the rest of 2026

The 2026-2027 catalyst sequence is unusually dense for a development-stage copper project. Each milestone carries the potential to either confirm or revise the investment thesis:

1. Late-2026 resource update: Watch for total tonnage change (especially indicated category growth versus the March 2026 estimate), any average-grade shifts in early mining phases, and conversion from inferred to indicated.
2. Q4 2026 PFS: Watch for updated NPV and IRR versus the 2025 PEA, changes to capex and operating cost estimates, and treatment of by-products including molybdenum, gold, and potentially silver.
3. Environmental Clearance Certificate (ECC) submission: Targeted for mid-2026, with approval expected in 2027.
4. Mining licence conversion: Koryx has lodged an application to transition Haib from an exploration licence to a full mining licence, with that process currently under way.
5. Definitive feasibility study (DFS): Projected for 2027 following PFS completion.

Both covering analysts see material upside from current levels. BMO Capital Markets rates Koryx Copper Outperform (Speculative) with a C$6.00 price target. Red Cloud Securities rates it Buy with a C$5.00 target. Both sit meaningfully above the 27 August 2026 closing price of C$3.83.

Red Cloud’s Ron Stewart highlighted that the nearly kilometre-long HM167 intersection demonstrated Haib’s scale and grade continuity, representing advancement toward upgrading resources to higher-confidence classifications.

With both analyst price targets sitting 30-57% above the closing price, the implied discount reflects permitting and financing execution risk. Whether the upcoming resource update, PFS, and ECC progress are sufficient de-risking events to close that gap is the live question for the second half of 2026.

Strategic interest is the unscheduled catalyst worth monitoring. If improved resource scale and PFS quality attract a strategic investor or offtake partner, that would represent external validation of Haib’s development potential and a potential re-rating trigger.

Where Haib stands after these results, and what the project needs to close the valuation gap

Six months ago, Haib was a large, interesting porphyry deposit on paper. Today, after the March 2026 resource estimate established scale and the August 2026 drilling programme added continuity, extension, and near-surface grade optionality, it looks more like a large, increasingly de-risked development asset with a specific study timeline.

The investment case for Haib is partly structural: global copper supply deficits are forecast to widen through the late 2020s as existing mines deplete and new project pipelines remain constrained, which raises the strategic value of development-ready assets with billion-tonne resource bases capable of sustaining multi-decade production.

That said, the geological side is only one part of the equation. What still needs to be proved:

• Resource conversion at scale: Reclassifying a meaningful portion of the 579 million tonne inferred category to indicated confidence.
• PFS confirmation of PEA economics: Demonstrating that NPV and IRR hold or improve when engineers apply tighter data to pit designs and mine schedules.
• Permitting approvals: ECC and mining licence progression through Namibian regulatory processes.
• Financing: Securing the capital structure to fund a US$1.56 billion development, whether through debt, equity, strategic partnership, or offtake arrangements.

Koryx Copper trades on the TSXV as KRY, on the NSX as KYX, and on the US-OTC as KRYXF. The prevailing discount between the C$465 million market cap and PEA-implied value is the variable investors should track through the second-half 2026 catalyst sequence. The late-2026 PFS is the next major valuation anchor.

This article is for informational purposes only and should not be considered financial advice. Investors should conduct their own research and consult with financial professionals before making investment decisions.