Koryx Copper Completes PFS Drill Program, Announces Further Positive Infill Drill Results at the Haib Copper Project in Southern Namibia

Highlights 

• Assay results reported for 18 drill holes at Haib comprising 7,074m of infill and expansion drilling.
• drilling program now complete ahead of planned publication of updated MRE and PFS
• Best 8 of 18 drill hole assay intersections as follows:
  • HMRC015: 491m @ 0.22% CuEq (33ppm Mo, 0.016g/t Au) (0 – 491m)
      incl. 79m @ 0.46% CuEq (412 – 491m)
      and 352m @ 0.34% CuEq (38 – 390m)
  • HM199: 438m @ 0.40% CuEq (52ppm Mo, 0.026g/t Au) (0 – 438m)
      incl. 16m @ 0.77% CuEq (4 – 20m)
      and 224m @ 0.51% CuEq (96 – 320m)
  • HM193: 681m @ 0.34% CuEq (39ppm Mo, 0.024g/t Au) (0 – 681m)
      incl. 22m @ 0.71% CuEq (180 – 202m)
      and 169m @ 0.40% CuEq (512 – 681m)
  • HM191: 429m @ 0.30% CuEq (57ppm Mo, 0.020g/t Au) (0 – 429m)
      incl. 82m @ 0.56% CuEq (314 – 396m)
      and 38m @ 0.41% CuEq (54 – 92m)
  • HM186: 369m @ 0.29% CuEq (44ppm Mo, 0.019g/t Au) (0 – 369m)
      incl 150m @ 0.37% CuEq (0 – 150m)
  • HM192: 411m @ 0.30% CuEq (37ppm Mo, 0.022g/t Au) (0 – 411m)
      incl. 102m @ 0.40% CuEq (6 – 108m)
      and 54m @ 0.39% CuEq (172 – 226m)
  • HM189: 648m @ 0.22% CuEq (65ppm Mo, 0.021g/t Au) (0 – 648m)
      incl. 14m @ 0.59% CuEq (434 – 448m)
      and 115m @ 0.35% CuEq (455 – 570m)
  • HM182: 324m @ 0.31% CuEq (42ppm Mo, 0.018g/t Au) (0 – 324m)
      incl. 18m @ 0.48% CuEq (176 – 194m)
      and 58m @ 0.45% CuEq (0 – 58m)

LUXEMBOURG, Sept. 22, 2026 (GLOBE NEWSWIRE) — Koryx Copper S.A. (TSXV:KRY) (NSX:KYX) (OTCQX:KRYXF) (“Koryx” or the “Company“) is pleased to announce assay results from 18 drill holes (7,074m) received as part of the ongoing infill and expansion drill program on the wholly-owned Haib Copper Project (“Haib” or the “Project”) in southern Namibia.   

Haib is a massive, disseminated porphyry Cu/Mo/Au deposit and is envisaged to produce a Cu and Mo concentrate via large-scale open pit mining and conventional sulphide milling and flotation.

Heye Daun, Koryx Copper’s President & CEO commented: “This release covers assay results from a further 18 drill holes totalling 7,074m. Consistent with our prior results, we continue to see very wide intercepts across the Haib deposit, together with some notably higher-grade zones near surface, and this set of results demonstrates this well, particularly within Target Area 3 where the mine plan is scheduled to begin. With the infill and expansion drilling program now complete, our technical team is focused on completing the geological modelling and estimation work required for the updated MRE and PFS, both of which remain on track for publication before the end of 2026.”

Figure 1: Plan view indicating recent drill hole locations. Results indicated in black are shown on the long section below

Figure 2: Long section showing eighteen drillhole intersections relative to the model for CuEq% Intercepts

Description of Drill Results

Target Area 1

HM190, located in the northeast of Target 1 and in line with expectations, is a shallow hole that returned consistent near-surface copper mineralisation, including a 22m interval grading 0.42% Cu from 58 to 80m. The proximity of these intervals to surface highlights the potential for shallow copper mineralisation in this part of the system. While molybdenum is practically absent, gold shows some concentration between 160 and 166m, where two samples returned grades >0.1g/t Au.

HM193 was collared in Target 1 and drilled through the Quartz Vein into Target 2 mineralisation. Copper intersections below 202m (28m @ 0.39% Cu and 22m @ 0.68% Cu) are associated with low-grade molybdenum (<50ppm) and above-average gold (>0.03g/t), which is typical of Target 1 mineralisation. Below 202m, within Target 2, there is a general increase in Mo tenor associated with very wide, lower-grade copper zones (194m @ 0.34% Cu and 169m @ 0.36% Cu), although, as demonstrated by the 8m @ 1.05% Cu intersection, higher-grade zones do occur. Overall, the results for HM193 correlate well with the current geological model.

HM198 intersected mineralisation from surface, with 0 to 20m grading 0.24% Cu, together with elevated molybdenum (157ppm) and gold (0–4m @ 0.11g/t). Apart from a deeper 16m interval grading 0.29% Cu, copper grades are low for the remainder of the hole. Located in the south of Target 1 to better define the limit of copper mineralisation, the results for HM198 are expected to produce a marginal reduction in mineralised tonnage in this area.

Copper and molybdenum grades in HM204 are generally low throughout the hole. The 22m interval from 224m downhole contains above-average gold mineralisation (>0.035g/t), which materially contributes to the CuEq grade. Tungsten is evident between 156 and 246m, with a best interval of 6m @ 258ppm W.

Target Area 2

Results for HM189, an infill hole in the south of Target 2, correlate well with the existing grade model. Copper mineralisation is contained in relatively narrow bands (6 to 14m) up to 450m downhole, supported by higher molybdenum grades. Below 450m, a 115m interval grading 0.27% Cu was returned, while the high molybdenum grade (160ppm) materially affects the CuEq grade. Gold is present, with two samples returning >0.1g/t, as is tungsten, with multiple samples returning >100ppm and a best result of 359ppm over 2m.

HM194 was drilled into Target 2 from outside the western limit of mineralisation and intersected several discrete zones of copper mineralisation, the most substantial being a 58m interval grading 0.45% Cu. As is typical of this area, molybdenum is notably enriched, as is gold. Tungsten is also present, with the best intervals being 8m @ 338ppm and 2m @ 580ppm.

HMRC012, located south of Target 2 to delineate the limit of mineralisation in this area, shows that the tenor of copper and molybdenum is low and that the trace lies beyond the main mineralisation. The only appreciable mineralisation occurs in a 4m interval grading 0.77% Cu and 724ppm Mo.

Copper mineralisation to 400m within HMRC015, an infill hole, is restricted to relatively narrow zones (<10m) with grades just above 0.30%, associated with low molybdenum. Below 400m, a significant zone of 79m grading 0.43% Cu is intersected, and it is clear that the hole ended in mineralisation. This final interval lies outside the current model but correlates well with projections of the main higher-grade Target 2 mineralisation. As such, a slight increase in higher-grade tonnage is expected in this area.

Target Area 3

HM182 is an infill hole located on the western edge of Target 3 showing a high-grade zone from surface averaging 0.42% Cu over 58m, including 20m @ 0.59% Cu. Below this, a further 42m zone grades 0.32% Cu, with materially higher Mo grades averaging 178ppm over the full interval. Below this, copper mineralisation is contained within at least seven zones varying in thickness from 4 to 18m, with copper typically >0.4% Cu. Mo is more variable. Results are generally in line with expectations, although the near-surface intersection is significantly higher grade than predicted by the model.

Results for HM186, an infill hole in the west of Target 3, are in line with expectations. The 150m interval grading 0.34% Cu from surface includes 14m @ 0.57% Cu and 8m @ 0.89% Cu. Deeper in the sequence, the Cu tenor is generally low, with slightly elevated molybdenum grades.

Copper results for HM191, a centrally located infill hole, are in line with expectations. Three wide zones returned copper grades >0.35% Cu, supported by good molybdenum grades. The widest and deepest interval is 82m at 0.51% Cu, including 20m @ 0.95% Cu. Gold is also present, with two samples between 334 and 366m returning grades >0.23g/t.

Results for HM192 returned a substantial 102m interval grading 0.38% Cu from 6 to 108m, including 6m at 0.66% Cu and 166ppm Mo. Multiple copper zones were intersected at depth, including 54m @ 0.36% Cu. Significant gold, for Haib, was returned between 376 and 390m, with 4m @ 0.10g/t Au and 8m @ 0.11g/t Au.

Results for HM199, an infill hole located in the centre of Target 3, are exceptional, although in line with expectations. From 4m downhole, a 16m interval grading 0.73% Cu was returned. The standout result, however, is 224m @ 0.46% Cu, including 26m @ 0.68% Cu and 20m @ 0.71% Cu. Gold is present throughout, with the best intervals being 24m @ 0.11g/t and 4m @ 0.10g/t.

Results for HM202, located in the eastern half of Target 3, generally correlate with the current model. At least seven zones were intersected, five of them with widths >28m. Copper grades vary within a narrow range, typically between 0.30 and 0.40% Cu, while molybdenum occurs at higher grades at the top and bottom of the borehole.

HM205 is drilled in the northeast of Target 3 and shows that copper mineralisation extends closer to surface than currently modelled. The 52m interval grading 0.39% Cu, including 12m @ 0.61% Cu, lies outside the current model and is expected to improve the near-surface higher-grade tonnage in this area. Mo grades are relatively low throughout, while gold is slightly above average.

Overall, results for HMRC017, an infill hole, correlate well with the current model. Mineralised intervals vary in thickness from 10m to 56m, with grades generally in the 0.35–0.40% Cu range, while molybdenum shows a marked increase below 92m. Gold is present, with two samples returning 0.16 and 0.11g/t.

Target Area 4

HM200 is located in the south of Target 4 and returned results for the first 158m of this infill borehole that correlate well with the current model. However, the high-grade interval predicted between 156 and 300m did not materialise. The reasons for this are not yet understood but will be assessed.

Table of Significant Intersections

1. True widths are unknown. Widths are interval widths and not true widths. The reported intervals are calculated using the following parameters:
   1. Only CuEq (%) was used to determine the intervals.
   2. The target composite grade is ≥0.30% CuEq.
   3. Composites start and end with samples ≥0.30% CuEq.
   4. Grades between 0.20% and 0.30% are included in interval but generally constitute <40% of the interval.
   5. Consecutive samples between 0.20% and 0.30% should be fewer than 5 samples (10m).
   6. Grades below 0.20% are included but generally constitute <20% of the interval.
   7. Consecutive grades <0.2% should be fewer than 2 samples (4m).
2. Mineral Resource (MRE) copper equivalent (CuEq%) values have been calculated using commodity type and price considering the relevant recovery rate. The following metal prices were used Cu US$4.54/lb; Mo US$22.68/lb; Au US$4,000/oz along with the following recoveries indicated from test work, Cu 89%; Mo 65% and Au 50%. The CuEq was then calculated using CuEq = [(Cu grade/100 * 0.89 Cu recovery * 2204.62 * $4.54 Cu price/lb) + (Mo ppm/1000000 * 0.65 Mo recovery * 2204.62 * $22.68 Mo price/lb) + (Au grade * 0.50 Au recovery * 4000 Au price/oz / 31.1035)] / [0.89 Cu Recovery * 2204.62 * $4.54 Cu price/lb]

Quality Assurance / Quality Control

All drill core is HQ sized at collar and reduced to NQ size in fresh rock. The core was all logged, photographed, and cut in half with a diamond saw. Half of the core was bagged and sent to ALS Laboratories Ltd. in Johannesburg, South Africa for analysis (SANAS Accredited Testing Laboratory, No. T0387) and ActLabs in Canada, while the other half was quartered with one quarter archived and stored on site for verification and reference purposes while the other quarter will be used for metallurgical test work. 33 elements are analyzed by Inductively Coupled Plasma (ICP) utilizing a 4-acid digestion and gold is assayed for using a 30g fire assay method. Duplicate samples, blanks, and certified standards are included with every batch and are actively used to ensure proper quality assurance and quality control (“QA/QC”) The QA/QC frequency is 1 in 20 for each of blanks, duplicates and standards. 

Qualified Persons

Mr. Dean Richards, BSc. (Hons) Geology, Pr.Sci.Nat., MGSSA – is the Qualified Person for the Haib Copper Project and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr.Sci.Nat. No. 400190/08). Mr. Richards is independent of the Company and its mineral properties and is a Qualified Person for the purposes of National Instrument 43-101.

About Koryx Copper S.A.

Koryx Copper S.A. is a Luxembourg domiciled copper development Company focused on advancing its 100% owned Haib Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia. Haib is a large copper porphyry deposit in southern Namibia with significant gold and molybdenum credits and a long history of exploration and project development by multiple operators.

More than 160,000m of drilling has been conducted at Haib since the 1970’s with significant exploration programs led by companies including Falconbridge (1964), Rio Tinto (1975), Teck (2014) and Koryx Copper (2021-2026). Extensive further drilling, metallurgical testing and various technical studies have been completed at Haib. Additional studies are underway aiming to demonstrate Haib as a future long-life, low-cost, low-risk open pit, sulphide milling and flotation copper project with additional heap leach potential.

Mineralisation at Haib is typical of a porphyry copper deposit and is dominantly chalcopyrite with minor bornite and chalcocite present and only minor secondary copper minerals at surface due to the arid environment. Haib is one of only a few examples of a Paleoproterozoic porphyry copper deposit in the world. Due to its age, the deposit has been subjected to multiple metamorphic and deformation events but still retains many of the classic mineralisation and alteration features typical of these deposits.

Further details of the Haib Copper Project are available in the technical report titled “March 2026 Mineral Resource Estimate Haib Copper Project, Namibia, National Instrument 43-101 Technical Report” dated effective March 16, 2026. The report and other information are available on the Company’s website at www.koryxcopper.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Additional information is also available by contacting the Company:

Aideen McDermott
Investor Relations
[email protected]
+1-416-837-7680

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the future or prospects of the Haib project or the Company, including prospective production rates and life-of-mine, the timing of publishing a PFS, the commencement of trading of the Shares under the new Company name, and the effective date of the new CUSIP and ISIN assigned to the Shares. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect “, “is expected “, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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