10:52 AM EST, 01/22/2025 (MT Newswires) -- Koryx Copper ( KRYXF ) was up near 3% at last look on Wednesday after it provided its 2025 exploration and project development strategy for its advanced-stage, large-scale and long-life open-pit Haib Copper Project located in southern Namibia.

According to a statement, Koryx's 2025 technical strategy comprises an intensive drill and study program, including more than 55,000m of growth and quality improvement drilling, aiming to increase the size and grade of the Haib Mineral Resource Estimate as well as multiple technical, environmental and metallurgical studies.

The company expects to publish an updated Preliminary Economic Assessment and Pre-Feasibility Study for Haib before the end of this year, which will put the project in a strong position to execute the Definitive Feasibility Study in 2026 and progress to Front End Engineering and Design in conjunction with project financing in 2027.

Heye Daun, President and CEO, noted the company ended 2024 with a strong treasury of more than C$17 million in cash, no liabilities and a clean share structure. He said: "Owing to its low altitude, its proximity to world-class infrastructure, and the very favorable permitting and mining-friendly jurisdiction of Namibia, Haib has the genuine potential to become a high quality, low-risk global copper development project. Given our track record of execution and value creation in mining in Namibia, in addition to our blue-chip shareholder base, we believe we are perfectly placed to achieve this during 2025 and beyond."

Koryx plans to extend and further target the structurally controlled, higher grade mineralisation which was identified and drilled during the 2024 Phase 1 drill program; drill and assay for by-products; and refine the geological model wireframes in the first quarter.

Planning for the follow-on Phase 3 drill program has been completed, and drilling will commence after the completion of the Phase 2 program late in Q1. Phase 3 and 4 drilling is expected to be completed in half a year and by the end of 2025, respectively.

In regard to metallurgical test work, the company expects to collect about 2 tonnes of low-grade samples (containing 0.15% to 0.35% Cu) in the first quarter for hydrometallurgical variability tests, which are likely to take place at multiple laboratories still to be selected.

The budgeting process is ongoing and is expected to be concluded before the end of January and is anticipated that this work program will cost up to $20 million. This amount is expected to be covered with its current treasury plus expected warrant exercises between now and the end of the year.

Price: 1.05, Change: +0.03, Percent Change: +2.94