Initiating at Outperform (Speculative); Haib You Thought About Namibian Copper?

Research evidence excerpt

Initiating at Outperform (Speculative); Haib You Thought About Namibian Copper?

nd Copper-Eq. Production at Reasonable Estimated Costs

operating costs with a ramp- 120 3.50

up in operations starting in

2030. (kt) 100 3.00 (US$/lb)

2.50 AISC

80 & Production 2.00 Costs

Eq. 60

1.50 Cash

Copper 40

& 1.00 20 By-product Copper 0.50

0 0.00 Copper

2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052 2054 2056 2058 2060 2062 2064

Copper Production Copper Eq. Production Cash Costs AISC

Source: BMO Capital Markets

Koryx is advancing several parallel workstreams at Haib, including completion of a prefeasibility study,

environmental and social impact assessments, a resource conversion drilling program, and regional

exploration across Zambia and Namibia. Regarding the prefeasibility study, Koryx released a project

development update outlining the prefeasibility study base case flowsheet for the sulphide material.

Koryx has also been progressing permitting efforts, and in September 2025 a mining licence

application was submitted to the Ministry of Industries, Mining and Energy. A second round of

stakeholder engagement was completed in April 2026 with public feedback integrated to strengthen

its Environmental Clearance Certificate submission to the Ministry of Environment Forestry and Tourism.

Once approved, the Environmental Clearance Certificate represents the environmental sanction for the

project to proceed. To support the environmental and social impact assessments Koryx has commissioned

13 specialist baseline studies covering areas such as terrestrial biodiversity, aquatic health, water

resources and demand, hydrogeological, air quality, noise, archaeology and heritage, blast and vibration,

Koryx Copper | Page 6 June 30, 2026