Mr. Heye Daun reports

KORYX COPPER DRILLS WIDEST HISTORIC CONTINUOUS HIGH-GRADE ZONE

Koryx Copper Inc. has released assay results from drill hole HM90 received as part of the phase 3 drill program for its 2025 exploration and an update on the status of its mineral right tenure on the wholly owned Haib copper project in southern Namibia.

Haib is an advanced-stage copper/molybdenum/gold project that is envisaged to produce a copper concentrate through a conventional crushing/milling/flotation metallurgical process, with the potential for additional copper production through heap leaching.

Heye Daun, Koryx Copper's president and chief executive officer, commented: "I am very pleased by two unrelated but equally significant developments at the Haib project. The first one is a very significant, high-grade drill result in drill hole HM90, and the second one is the approval of our EPL renewal application for another two years, in conjunction with the submission of our mining licence application.

"On the first one: Drill hole HM90 was drilled to target the east-west structures related to breccias and shear zones in the Volstruis river area of target 2 and intersected 0.70 per cent Cu from surface to a depth of over 110 m including 36 m at 1.42 per cent Cu. This is very significant in proving the ability of the Haib deposit to produce such high grades, but also to demonstrate the continuity of these structures along strike and their much higher grade. Given the support provided by some neighbouring high-grade holes (and still open at depth), this area is opening up as a compellingly prospective target with the potential for near-surface, high-grade and low-strip starter pit development along these east-west-trending structures.

"On the second one, we are very pleased with the approval of our renewal application for exclusive prospecting licence 3140. As a management team with a proud track record in Namibia, we go to great lengths to deliver on our promises, and the renewal of EPL3140 provides us with an opportunity to further derisk the project as we advance the project towards the next critical permitting steps, namely obtaining the environmental and mining permits over the next year."

Discussion of drill results

Target 2 results

HM90 was drilled on the eastern margin of target 2, just north of the Volstruis River, to reduce the sample spacing and better define the eastern extent of mineralization. The 419-metre hole returned an average grade of 0.33 per cent copper, including a high-grade 110-metre zone from surface grading 0.70 per cent Cu. Below this, the rest of the hole averaged 0.20 per cent Cu. Within the upper high-grade interval, a contiguous 36-metre section of breccias averaged 1.42 per cent Cu, with a peak grade of 3 per cent Cu. Mineralization is almost entirely chalcopyrite, and this intercept represents the widest continuous high-grade zone (greater than 1 per cent Cu) encountered to date at Haib.

The 2021 Koryx drill hole HM06, located approximately 60 m south of HM90, also intersected a high-grade zone from surface, returning 90 m at 0.60 per cent Cu, including 36 m at 0.88 per cent Cu. HM06 was drilled by historical exploration operators to a depth of 152 m, stopping in mineralization, with the entire hole having a grade of 0.45 per cent Cu. Other historical drill holes situated approximately 75 m east and west of HM90 similarly report near-surface mineralization at above the average MRE grades of 0.40 per cent Cu. As such, the significantly higher-grade results from HM90 and HM06 define a highly prospective target, the lateral continuity of which is not yet been tested.

Permitting update

Ministry approves renewal of EPL 3140 application

The Koryx team submitted the application for the renewal of EPL 3140 to the Ministry of Industry, Mines and Energy on March 31, 2025. The application included a review of the fieldwork and technical update from the previous two years of work on the Haib project including significant resource drilling and metallurgical testwork programs. The application also confirmed that Koryx had satisfied the expenditure commitments made for the previous EPL licence period required for the renewal.

The MIME completed the review of the application and has subsequently granted the renewal of EPL 3140 for a further two years from the expiration of the previous permit. This validates the EPL until July 7, 2027, with standard requirements relating to the proposed work program and budget. Koryx also commits to make a presentation to the ministry after the first year of the permit validity and obtain annual environmental clearance certificates from the Ministry of Environment, Forestry and Tourism.

Mining licence application submitted to MIME

Haib project technical studies show the Haib project is feasible for development and, based on this, a mining licence application has been submitted to convert the EPL to an ML. The application was submitted to the ministry with a technical study update, guidance on the project development time frame and Koryx's strategy of financing the mine development.

One of the conditions for granting of the mining licence will be an ECC for the mine development. The Koryx team and specialist consultants are in the process of completing the required environmental and social impact assessment for submission to MEFT in second quarter 2026. This is one of the conditions to the granting of a mining licence ECC. In parallel, the MIME is expected to take at least six months to evaluate the application, and, during the current prefeasibility study, the Koryx team will continue to engage the ministry on technical updates and key project milestones.

Having initiated the ML application, Koryx has strengthened its legal tenure to the mineral rights of the Haib project. This transition is a necessary step to establish the legal basis for mining operations, and demonstrates the ability and intent of the company to progress the Haib project to the next level of development.

Quality control

All drill core was 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 testwork. Thirty-three elements are analyzed by induced coupled plasma (ICP) utilizing a four-acid digestion, and gold is assayed for using a 30-gram 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. The QA/QC frequency is one in 20 for each of blanks, duplicates and standards.

Qualified person

Dean Richards, PrSciNat, MGSSA, BSc (honours) in geology, is the qualified person for the Haib copper project, 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 (PrSciNat 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 Inc.

Koryx Copper is a Canadian copper development company focused on advancing the 100-per-cent-owned Haib copper project in Namibia whilst also building a portfolio of copper exploration licences in Zambia. Haib is a large, advanced (preliminary economic assessment-stage) copper/molybdenum porphyry deposit in southern Namibia with a long history of exploration and project development by multiple operators. More than 80,000 metres of drilling has been conducted at Haib since the 1970s with significant exploration programs led by companies including Falconbridge (1964), Rio Tinto (1975) and Teck (2014). Extensive metallurgical testing and various technical studies have also been completed at Haib to date.

Additional studies are under way aiming to demonstrate Haib as a future long-life, low-cost, low-risk, open-pit, sulphide flotation copper project with the potential for additional copper production from heap leaching. Haib has a current mineral resource of 414 million tonnes of 0.35 per cent Cu for 1,459 Mt of contained copper in the indicated category and 345 Mt of 0.33 per cent Cu for 1,136 Mt of contained copper in the inferred category (0.25-per-cent-copper cut-off).

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

Further details of the Haib copper project are available in the corresponding technical report titled "NI 43-101 Technical Report -- August, 2024, Mineral Resource Estimate for the Haib Copper Project, Namibia," dated effective Aug. 31, 2024. The technical report and other information are available on the company's website and under the company's profile on SEDAR+.

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