en.Wedoany.com Reported - Koryx Copper (TSXV: KRY; US OTC: KRYXF) has received positive analyst reviews for its Haib copper project in southern Namibia. The latest infill drilling results, released by the company on Monday, revealed multiple wide-spaced, near-surface mineralized intersections, which analysts at BMO Capital Markets and Red Cloud Securities believe position the project as one of the most attractive copper development projects in Africa.

The infill drilling program comprised 15 holes totaling 5,351 meters. Among them, hole HM138 intersected 0.3% copper, 42 ppm molybdenum, and 0.04 g/t gold over 584 meters from surface; hole HM149 returned 0.31% copper, 56 ppm molybdenum, and 0.027 g/t gold over 428 meters from surface. Hole HM153 intersected 0.26% copper, 101 ppm molybdenum, and 0.018 g/t gold over 714 meters from surface; and hole HMRC001 returned 0.35% copper, 98 ppm molybdenum, and 0.02 g/t gold over 243 meters.

The purpose of this drilling was to upgrade inferred tonnage from the March resource estimate to the indicated category, in preparation for a pre-feasibility study expected later this year. The company plans to obtain environmental approval by 2027.

BMO mining analyst Rene Cartier noted in a report that while Koryx had previously released a preliminary economic assessment, the updated resource supports a larger-scale operation. He believes that the number of projects capable of producing over 100,000 tonnes of copper equivalent annually in quality African jurisdictions is limited, giving the Haib project a scarcity premium. Cartier initiated coverage with an Outperform rating and a C$6 target price, highlighting the company's strong balance sheet with approximately C$66 million in cash and a management team with a successful track record of building and selling mining companies.

Koryx is led by the former management team of Osino Mining. That team previously discovered and advanced the Twin Hills gold project in central Namibia, and sold the company to China's Shandong International Gold in 2024 for C$368 million (approximately US$259 million). Red Cloud Securities mining analyst Ron Stewart believes this experience, combined with the scale of the Haib project, existing infrastructure, and the rapid progress toward a pre-feasibility study, strengthens its case as one of Africa's next major open-pit copper mines. The analyst reiterated a Buy rating and a C$5 target price, stating that these drilling results enhance resource potential and de-risking plans.

Stewart stated in the report that the wide, near-surface intercepts reinforce the deposit's scale and grade continuity, marking a meaningful step toward resource conversion. The project plans to develop a conventional large-scale open-pit mine, using sulfide flotation to produce copper-molybdenum concentrate, with potential additional copper cathode production through oxide heap leaching.

The Haib project is located approximately 700 kilometers south of Namibia's capital, Windhoek, near the South African border and the Orange River, from which water can be sourced. The company's March resource estimate outlined 744 million tonnes of measured and indicated tonnage at 0.28% copper, 63 ppm molybdenum, and 0.02 g/t gold; plus 579 million tonnes of inferred tonnage at 0.24% copper, 66 ppm molybdenum, and 0.02 g/t gold.

At midday Tuesday on the Toronto Stock Exchange, Koryx Copper shares rose 3.4% to C$3.38 per share, giving the company a market valuation of C$411 million. The stock's 52-week trading range is C$0.96 to C$3.90.