Mr. Heye Daun reports

KORYX COPPER ANNOUNCES FURTHER POSITIVE DRILL RESULTS AT THE HAIB COPPER PROJECT, SOUTHERN NAMIBIA

Koryx Copper Inc. has released assay results from nine drill holes (4,007 metres) received as part of the phase 2 and phase 3 drill program for its 2025 exploration and project development strategy on the wholly owned Haib copper project in southern Namibia.

Highlights:

• Assays reported for a further nine drill holes for 4,007 metres of diamond drilling; consistent drill results with excellent localized higher-grade zones providing a potential opportunity for higher-grade mine scheduling within the wider mineral resource envelope; notable drill intercepts from the holes include:
  • HM103: 74 m at 0.36 per cent Cu (66 to 140 m), including 16 m at 0.56 per cent Cu (106 to 122 m);
  • HM102: 19 m at 0.64 per cent Cu (204 to 223 m);
  • HM107: 18 m at 0.45 per cent Cu (12 to 30 m);
  • HM104: 26 m at 0.36 per cent Cu (220 to 246 m) and 214 m at 0.34 per cent Cu (272 to 486 m);
  • HM101: 62 m at 0.31 per cent Cu (zero to 62 m) and 66 m at 0.37 per cent Cu (254 to 320 m);
  • HM97: 22 m at 0.31 per cent Cu (264 to 376 m);
  • HM98: 56 m at 0.33 per cent Cu (38 to 94 m);
  • HM105: 66 m at 0.32 per cent Cu (428 to 494 m) and 16 m at 0.39 per cent Cu (540 to 556 m);
• Two additional drill rigs recently arrived on site for a total of 12 active drill rigs on site presently; significant progress with PFS (prefeasibility study) preparation drilling (pit and civil geotechnical) in addition to continuing infill and expansion drilling; geological modelling and mineral resource estimation work continuing, with the aim of publishing an updated mineral resource estimate (MRE) before the end of January, 2026; engineering and metallurgical studies (power and water, infrastructure, and transport logistics) and permitting activities (environmental, mining and land access) continuing.

Haib is an advanced-stage, open-pit porphyry copper/molybdenum/gold project that is envisaged to produce a copper concentrate through conventional crushing/milling/flotation, with the potential for additional copper production through heap leaching. What sets it apart are its world-class geological scale, technical simplicity with no fatal flaws, scalability and predictable permitting environment in Namibia.

Heye Daun, Koryx Copper's president and chief executive officer, commented: "The latest drill results reinforce the strong fundamentals of the Haib copper project, confirming consistent grades over wide intercepts like 214 m at 0.34 per cent Cu in HM104 and delivering localized higher-grade intercepts such as 19 m at 0.64 per cent Cu in HM102. These results provide confidence in the consistency of the metal content as well as opportunities to enhance the grade profile during the mine scheduling process. The team continues to fast-track the drill programs, with 12 rigs now operating on site and undertaking varied programs, focused on resource conversion as well as advancing pit wall stability and civil construction geotechnical drilling in preparation for the PFS study, which has been initiated. Also, we are fully engaged in completing the updated mineral resource estimate, which, for the first time, will include gold and molybdenum byproduct credits plus a substantially enhanced geological interpretation and improved understanding of the geological controls of the Haib deposit."

Discussion of drill results

Nine drill holes are reported across the main mineralized zone at Haib, including one in Target 1, two in Target 2, four in Target 3 and two in Target 4. Approximately half are infill holes, while the remainder tested extensions of mineralization around the periphery of known higher-grade zones. Most peripheral holes returned positive results, suggesting potential for localized increases in resource tonnage. Another encouraging observation is the presence of broad, gold-enriched intervals (greater than 0.1 gram per tonne), particularly in the northern parts of targets 2 and 3, although their overall significance is not yet fully understood.

Target 1 results

HM102 was collared just south of the Volstruis River in the northwest of Target 1 to test the downdip extension of shallow higher-grade mineralization. Copper mineralization begins at 204 m, slightly deeper than predicted, and continues to end of hole. Based on nearby drilling, this depth difference is more likely related to faulting near the Volstruis River than to a change in dip. Molybdenum and gold are generally absent, except for a six-metre interval between 206 and 212 m averaging 0.13 g/t Au and 1.18 per cent Cu.

Target 2 results

HM98 was drilled northward from the centre of Target 2 to better define the northern limit of copper mineralization. Results align closely with expectations with mineralization ending at 358 m (predicted at 360 m). Within the broad mineralized zones, copper grades remain consistently between 0.30 and 0.35 per cent, with higher grades restricted to isolated samples. Molybdenum is not present in significant amounts and gold is low over all, except for a short interval between 62 and 70 m, where it averages just below 0.1 g/t.

HM105 was collared southwest of Target 2 to test the westward extension of newly identified northwest-southeast-trending copper mineralization along the southwestern margin of the target. A secondary objective was to determine whether copper mineralization intersected historically by RTZ hole HB012, located 145 m to the south, extended north-eastward. As no mineralization had previously been modelled in this area, the positive copper intersections represent new resource tonnage and potentially a new copper zone. Molybdenum is largely absent, except between 40 and 114 m, where it averages 0.02 per cent (including three samples greater than 0.1 per cent). Gold remains at or near the detection limit (0.005 g/t).

Target 3 results

HM97 was collared in the north of Target 4 and drilled northward into the main Target 3 system. As expected, copper grades are initially low and continue down to 230 m, which is deeper than the current resource model. Although this suggests potential localized tonnage loss, the mineralized interval at depth is significantly wider, offsetting this. Molybdenum increases between 198 and 338 m, averaging 0.03 per cent, including two samples greater than 0.1 per cent and one at 0.43 per cent. Gold is mostly absent, except for a substantial 76-metre interval between 590 and 660 m averaging 0.17 g/t, including multiple samples exceeding 0.2 to 0.4 g/t and a maximum of 0.55 g/t.

HM104 was also collared in northern Target 4 and drilled northward. It intersects shallow higher-grade mineralization consistent with holes to the south, confirming that this zone reaches surface just north of the collar. Multiple narrower copper intervals (six and 26 m wide) occur to 246 m, after which the hole enters the main Target 3 mineralization for a 214-metre intersection width from 272 m depth. These results represent significant local tonnage gains, both within the deeper Target 3 and in the volume between targets 4 and 3.

HM106 was drilled in the northeastern part of Target 3 and positioned to tighten hole spacing near the shear zone that bounds the northern extent of mineralization. Here, copper occurs in several moderately steep, parallel zones separated by low-grade intervals. This is reflected in HM106, where an upper barren interval is followed by copper mineralization between 70 and 120 m with multiple narrower higher-grade zones, including a peak grade of 2.2 per cent copper with 0.16 g/t Au. Below 120 m, copper grades decrease but remain above 0.1 per cent, suggesting the hole did not intersect the shear zone. Molybdenum remains low throughout.

HM107 was drilled 80 m north of HM106 on the same section and encountered copper mineralization near surface, including 12 m at 0.9 g/t Au. This correlates well with HM106 and supports a southwest-dipping mineralized geometry. From 34 m downward, copper drops below 0.1 per cent for the remainder of the hole, indicating intersection of the main shear zone. Molybdenum is absent; however, between 92 and 104 m, gold averages 0.1 g/t, and the final 2.8-metre sample returned 0.51 g/t Au.

Target 4 results

HM101 was collared in the northwest of Target 4 and drilled toward Target 3. It unexpectedly intersected a relatively broad, well-mineralized copper zone from surface to 62 m, despite the resource model predicting little to no shallow copper here. Additional higher-grade intervals extend to 106 m. A 66-metre intersection averaging 0.37 per cent copper from 254 m lies outside the existing higher-grade domain and, together with upper mineralization, should contribute positively to local resource tonnage. Molybdenum is elevated between 142 and 204 m (approximately 0.02 per cent) and largely absent elsewhere. Gold remains at detection limit.

HM103 was collared west of HM101 and drilled toward Target 3. It also contrasts with the resource model prediction by intersecting a well-developed higher-grade copper zone between 66 and 144 m, followed by three further high-grade intervals down to 436 m. At 478 m, the hole enters the main Target 3 mineralization, remaining in it to 498 m. Molybdenum is sporadic and low grade, becoming absent below 466 m. Gold remains at detection limit throughout.

Resource modelling update

The early phase 2 drill programs completed in the first half of 2025 successfully targeted areas of localized higher grade in the core of the system. The subsequent phase 3 and phase 4 drill programs focused on stepping back from the central areas of the deposit to begin extension as well as resource conversion drilling. To this end, the new drill hole results locally extend mineralization while infill drilling is broadly in line with expectations and supports the average grade of the resource, confirming the metal content while converting material from indicated to inferred category.

Encouragingly, localized areas of higher-grade material are still being intersected away from the centralized trend, for example, HM102 (19 m at 0.64 per cent Cu). This provides opportunities for localized improvements to the grade model and mine scheduling opportunities.

Work on the updated MRE is continuing, and the modelling continues to be informed by new geological insights into the controls on mineralization. The team has recently generated models on fault zones, which are being incorporated as an additional control. Work is near finalization on the new MRE, which will incorporate molybdenum and gold assay results from the most recent drilling campaign, which successfully expanded the known mineralized zones and confirmed continuity in several key areas of the deposit.

It is anticipated that the updated MRE will be published before the end of January, 2026.

Drill program update

The drill program on site has progressed steadily as additional rigs continue to be mobilized to site in line with the team's capacity to log and process the core as well as balance the increasing need to gain access to further drill sites as the drilling program footprint expands into logistically more difficult terrain.

Since the previous drill update in October with 10 rigs, two additional rigs have been added and currently there are 12 diamond core machines operating. As the drill requirements become more dynamic, the team is now managing and resourcing multiple programs, meaning that, while nine rigs continue on the resource conversion program, one rig is drilling pit geotechnical holes and two rigs are drilling civil geotechnical holes in preparation for the PFS.

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 (South African National Accreditation System) 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. 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 (QA/QC). The QA/QC frequency is one in 20 for each of blanks, duplicates and standards.

Qualified person

Dean Richards, PrSciNat, MGSSA, BSc (honours) (geology), 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 (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 m of drilling have 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 511 million tonnes at 0.33 per cent copper and 51 parts per million molybdenum for 1,668,000 tonnes of contained copper and 25,900 tonnes contained molybdenum in the indicated category and 308.9 million tonnes at 0.31 per cent copper and 40 parts per million molybdenum for 949 million tonnes of contained copper and 12,400 tonnes contained molybdenum in the inferred category (0.15-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 "Preliminary Economic Assessment of the Haib Copper Project, Namibia, National Instrument 43-101 Technical Report," dated effective Oct. 8, 2025. 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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