Can you update us on Koryx’s recent activities and the focus of your current drilling campaign?

When we took over the Haib copper project, we inherited a lot of drilling data from Rio Tinto and Teck Resources. Rio Tinto’s drilling was vertical with a wide spacing of 150 m, which likely caused them to miss much of the mineralization since most structures at Haib are vertical or sub-vertical. Teck was the first to recognize the potential in these structures, and we have built on their approach. By mapping these structures and drilling across them, we discovered extensions of 150 to 200 m with grades between 0.47% and 0.49% copper, and even up to 3.95% in smaller sections. Our initial 43-101 mineral resource estimate reported an average grade of 0.31% copper, and we anticipate a 10-15% increase in the upcoming estimate. We plan to resume drilling in September, focusing on further improving the grade. By early 2025, we would expect to increase the average grade to over 0.40%. 

Could you elaborate on your recent fundraising efforts?

In March and June 2024, we raised US$1.5 million and US$2 million, respectively. These funds were largely secured by reputable industry names like Resource Capital Funds, Extract Capital, and Ixios. MacKenzie Investment, already a major shareholder, also participated, along with Teck Resources. For the first time since acquiring the project, Teck Resources – our largest shareholder with a 9.93% stake – has committed to participating in every future financing round to maintain its stake. 

What plans do you have for the Zambian licenses?

We have greenfield licenses that we want to advance, as many companies are currently seeking projects in this country. If we advance these projects enough, they could become valuable financial assets. One of our Zambian projects, Luanshya West, is nearly ready for drilling. We plan to start a 2,000-m reverse circulation (RC) program after the 2024 rainy season to test identified anomalies. If we find significant mineralization, it could lead to an exciting discovery. 

How do you see the future of mining in Namibia?

Namibia is one of the best mining jurisdictions in Africa, and even globally, offering a great business environment. The country has seen many gold discoveries over the past decade but is now facing a shortage of new discoveries, especially in uranium and copper. Therefore, more exploration is needed to find new deposits that would promote the country further. 

What can we expect from Koryx Copper in the coming months?

We will start drilling 7,000 m in September and expect a new mineral resource estimate by the end of September. We will also begin metallurgical test work in October, including flotation, milling, HPGR, and bioleaching. After completing the drilling, we plan another resource estimate in March 2025, followed by an updated Preliminary Economic Assessment (PEA) in April. By October 2025, we aim to have a Pre Feasibility Study (PFS) with reserves for parts of the deposit. 

What is your outlook on copper today?

While many metal prices have dropped since last year, copper has remained relatively stable. Projections vary, but there is considerable long-term optimism. Copper is unique because it is essential across all energy systems, such as wind, solar, nuclear, and others. This universal importance might attract less traditional investors to copper mining. We are already seeing interest from some unexpected players like car manufacturers. An Indian aluminum producer also recently reached out to us about expanding into copper operations. Even companies traditionally focused on other commodities, like Barrick, are now shifting towards copper, as we see in their interest in Zambia. Copper is likely to be the “king commodity” for the next 30 years. It is essential for communication, transportation, infrastructure, and even cloud storage.