Koryx secures N$292 million for Haib project
Koryx Copper has secured C$25 million (N$296.2 million) in new funding through a bought-deal private placement, strengthening its balance sheet as it advances technical studies and exploration at the Haib Copper Project in southern Namibia.
The Vancouver-based company announced that it has entered into an agreement with Stifel Canada, acting as sole bookrunner alongside a syndicate of underwriters, to place 10.2 million common shares at a price of C$2.45 (N$29) per share, generating gross proceeds of approximately C$25 million.
The offering is being completed under Canada’s listed issuer financing exemption, meaning the shares will not be subject to a statutory hold period once issued, subject to regulatory approvals.
Koryx has also granted the underwriters an option to purchase up to an additional 1.53 million shares at the same price, exercisable up to 48 hours before the closing of the transaction. If fully exercised, the option would further increase the size of the raise.
The company said the net proceeds will be directed toward advancing technical studies at Haib, continuing exploration on the property, and supporting working capital and general corporate purposes.
The financing is expected to close on or about 20 January 2026, subject to final approvals from the TSX Venture Exchange and other customary conditions.
Haib is Koryx’s flagship asset and one of Namibia’s largest undeveloped copper projects.
The project is a large, advanced-stage copper-molybdenum porphyry system located in southern Namibia and has a long history of exploration dating back to the 1960s.
More than 80,000 metres of drilling have been completed over several decades by major mining groups including Falconbridge, Rio Tinto and Teck, alongside extensive metallurgical testing and technical studies.
The current mineral resource at Haib stands at 414 million tonnes grading 0.35 percent copper in the indicated category and 345 million tonnes grading 0.33 percent copper in the inferred category, using a 0.25 percent copper cut-off.
The scale of the deposit supports the company’s strategy of positioning Haib as a potential long-life open-pit operation with sulphide flotation processing, with additional upside from potential heap leach copper production.
Koryx has been progressing further technical work aimed at refining development pathways, optimising project economics and de-risking future investment decisions.
The fresh capital provides the company with flexibility to accelerate engineering studies, advance metallurgical optimisation and expand exploration drilling to test extensions of the mineralised system.
Beyond Namibia, Koryx also holds two copper exploration licences on the Zambian Copperbelt, providing longer-term growth optionality. However, Haib remains the company’s primary development focus and the central driver of its valuation strategy.
Porphyry copper deposits of Haib’s geological age are rare globally and particularly uncommon in southern Africa.
Despite having undergone multiple metamorphic and deformation events over geological time, the deposit retains many of the classical alteration and mineralisation characteristics associated with large porphyry systems.
Copper mineralisation is dominated by chalcopyrite, with minor bornite and chalcocite, and limited secondary copper development due to the arid environment.
The successful completion of the bought deal places Koryx in a strong funding position as it moves into an intensified phase of technical evaluation and exploration.
The outcome of these programmes is expected to shape the project’s next development milestones and future financing strategy as the company works toward defining a viable development pathway for one of Namibia’s most significant undeveloped copper assets.
-Extractor Magazine
The Vancouver-based company announced that it has entered into an agreement with Stifel Canada, acting as sole bookrunner alongside a syndicate of underwriters, to place 10.2 million common shares at a price of C$2.45 (N$29) per share, generating gross proceeds of approximately C$25 million.
The offering is being completed under Canada’s listed issuer financing exemption, meaning the shares will not be subject to a statutory hold period once issued, subject to regulatory approvals.
Koryx has also granted the underwriters an option to purchase up to an additional 1.53 million shares at the same price, exercisable up to 48 hours before the closing of the transaction. If fully exercised, the option would further increase the size of the raise.
The company said the net proceeds will be directed toward advancing technical studies at Haib, continuing exploration on the property, and supporting working capital and general corporate purposes.
The financing is expected to close on or about 20 January 2026, subject to final approvals from the TSX Venture Exchange and other customary conditions.
Haib is Koryx’s flagship asset and one of Namibia’s largest undeveloped copper projects.
The project is a large, advanced-stage copper-molybdenum porphyry system located in southern Namibia and has a long history of exploration dating back to the 1960s.
More than 80,000 metres of drilling have been completed over several decades by major mining groups including Falconbridge, Rio Tinto and Teck, alongside extensive metallurgical testing and technical studies.
The current mineral resource at Haib stands at 414 million tonnes grading 0.35 percent copper in the indicated category and 345 million tonnes grading 0.33 percent copper in the inferred category, using a 0.25 percent copper cut-off.
The scale of the deposit supports the company’s strategy of positioning Haib as a potential long-life open-pit operation with sulphide flotation processing, with additional upside from potential heap leach copper production.
Koryx has been progressing further technical work aimed at refining development pathways, optimising project economics and de-risking future investment decisions.
The fresh capital provides the company with flexibility to accelerate engineering studies, advance metallurgical optimisation and expand exploration drilling to test extensions of the mineralised system.
Beyond Namibia, Koryx also holds two copper exploration licences on the Zambian Copperbelt, providing longer-term growth optionality. However, Haib remains the company’s primary development focus and the central driver of its valuation strategy.
Porphyry copper deposits of Haib’s geological age are rare globally and particularly uncommon in southern Africa.
Despite having undergone multiple metamorphic and deformation events over geological time, the deposit retains many of the classical alteration and mineralisation characteristics associated with large porphyry systems.
Copper mineralisation is dominated by chalcopyrite, with minor bornite and chalcocite, and limited secondary copper development due to the arid environment.
The successful completion of the bought deal places Koryx in a strong funding position as it moves into an intensified phase of technical evaluation and exploration.
The outcome of these programmes is expected to shape the project’s next development milestones and future financing strategy as the company works toward defining a viable development pathway for one of Namibia’s most significant undeveloped copper assets.
-Extractor Magazine
