Interview with Heye Daun, President & CEO of Koryx Copper (TSXV:KRY)
Our previous interview: https://www.cruxinvestor.com/posts/koryx-copper-resources-tsxvkry-rediscovering-african-copper-giant-4522
Recording date: 18th of November, 2024
Koryx Copper (TSXV:KRY) presents an attractive opportunity for investors to gain exposure to the compelling long-term fundamentals of the copper market. The company's flagship Haib Copper Project in Namibia is a large, advanced-stage asset with the potential to be a globally significant producer.
Haib hosts a substantial resource containing 2.5 million tons (5 billion pounds) of copper at a grade of 0.3%. Over 70,000 meters of historic drilling has been completed on the deposit by major mining companies like Rio Tinto. Recent drilling by Koryx has already delivered a 10-15% increase in the copper grade to 0.35%. Importantly, this work identified new high-grade zones that indicate potential for further grade improvements. An updated resource estimate incorporating these results is pending.
The deposit is open at depth and along strike, with only about 200 meters of the total depth potential drilled to date. This provides substantial upside to grow the resource with additional step-out drilling. Koryx is planning an aggressive drill campaign for 2025 to further upgrade and expand the resource.
A prior PEA on Haib contemplated an 14.5 Mtpa heap leach operation. Koryx sees potential to boost recoveries and economics by employing conventional crush-grind-flotation processing, with the lower-grade material treated using bio-leaching. An updated PEA is underway incorporating this new approach and is expected in mid-2025. While the capex will be higher, CEO Heye Daun believes the large resource base can support the higher throughput and costs.
Koryx is led by an experienced team with a track record of successfully developing mining projects. Daun and the core group were responsible for the Osino gold discovery in Namibia that was recently acquired for C$ 380M. Key members of the Osino team have reassembled at Koryx, supplemented by veteran copper developer Trevor Faber. This team knows Namibia well and has the relationships to smoothly advance Haib.
Following a series of recent financings, Koryx is well funded to execute its business plan. The company expects to have $20 million in cash by the end of the year, sufficient to complete the planned drilling and PEA update. Koryx's shareholder base includes several highly respected mining private equity funds and natural resource investors.
Based on its current 65 million shares outstanding, Koryx has a market capitalization of approximately $65-70 million. This represents a compelling valuation for an advanced-stage copper asset of this scale in a top mining jurisdiction. Successful exploration results, completion of the PEA, and progress on key development milestones all have the potential to drive a significant re-rating of the stock as Haib is systematically de-risked and advanced up the value curve.
Koryx offers investors leverage to a rising copper price through a company with a proven team, strong financial backing, and a world-class project in a highly supportive mining jurisdiction.
Learn more: https://www.cruxinvestor.com/companies/koryx-copper
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An insight into junior mining and opportunities to invest.
Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster.
Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.