- Maiden 2,500m diamond drill program at Luanshya West scheduled to commence during the week of 21 September, with completion expected by end-of-year
- Drilling will test up to four priority targets, targeting vertical depths of 100-250m
-
asserted
Drilling → schedule → m
Further exploration underway at Mpongwe to refine existing and new targets, with approximately 3,000 soil samples planned to be collected by end of year
asserted
samples → refine → year
- Agreement to increase Koryx’ ownership from 51% to 80%, with no remaining contractual expenditure commitments to complete earn-in
LUXEMBOURG, Sept. 18, 2026 (GLOBE NEWSWIRE) — Koryx Copper S.A. (TSX:KRY.V) (NSX:KYX) (OTCQX:KRYXF) (“Koryx” or the “Company”) is pleased to announce it has entered into an amended and restated option agreement (the “A&R Option Agreement”) with World Class Mineral Ventures Limited (“WCMV”).
asserted
it → increase → Limited
Pursuant to the A&R Option Agreement, Koryx, through its wholly owned subsidiary, Koryx Copper Mauritius, will increase its ownership interest in Koryx Copper Zambia Ltd (“KCZ”) from 51% to 80% (the “Transaction”).
asserted
Koryx → own → %
KCZ holds 100% of two large-scale exploration licenses at the Luanshya West Project (LEL 23246) and the Mpongwe Project (LEL 23248) located in the Zambian Copperbelt (the “Licenses”).
asserted
KCZ → hold → Copperbelt
Heye Daun, Koryx Copper’s President & CEO commented: “While the Haib project in Namibia remains our primary focus, our Zambian exploration programs have made significant progress since Koryx’ management transition.
asserted
programs → comment → transition
Detailed magnetic surveying, soil sampling, and pitting at Luanshya West have helped identify and prioritise four targets which we will begin drilling this month, while regional sampling and our reassessment of exploration data at Mpongwe have confirmed new targets for infill sampling to be completed later this year.
asserted
sampling → help → targets
We continue to be encouraged by the exploration progress and resource potential in Zambia and have therefore decided to accelerate our ownership in Koryx Copper Zambia Ltd which holds both Luanshya West and Mpongwe.
asserted
which → continue → West
This gives us greater flexibility to assess our strategic options to monetize the Zambian Projects, while continuing to retain our operational and financial emphasis on the advancement of Haib.
asserted
This → give → Haib
Amended and Restated Option Agreement
The A&R Option Agreement amends and restates Koryx’ 2022 earn-in agreement with WCMV (the “Initial Agreement”).
asserted
Agreement → amend → WCMV
Under the Initial Agreement, Koryx could earn an interest of up to 80% in three large-scale exploration licenses held by WCMV (LEL 23246, LEL 23247 and LEL 23248, collectively, the “Initial Licenses”).
uncertain
Koryx → earn → WCMV
Koryx had acquired a 51% interest in the Initial Licenses by way of earn-in.
asserted
Koryx → acquire → in
Increasing Koryx’ interest from 51% to 80% originally required a further US$3 million in exploration expenditure over three years, with approximately US$1.1 million spent to date, together with US$90,000 in cash and additional share payments.
asserted
Increasing → increase → cash
The Company had already relinquished LEL 23247, leaving Luanshya West and Mpongwe as the two projects covered by the amended agreement.
asserted
Company → relinquish → agreement
On closing, the A&R Option Agreement will increase Koryx’ interest in these two projects to an effective 80%, indirectly through its 80% ownership of KCZ, and eliminate the remaining contractual earn-in expenditure commitments.
asserted
Agreement → increase → commitments
The aggregate consideration payable by Koryx at closing of the Transaction is: (a) US$200,000 in cash; and (b) 80,000 common shares in the capital of Koryx (the “Common Shares”) at a deemed price of C$3.50 per Common Share, subject to any adjustment required by the TSX Venture Exchange (the “Exchange”).
asserted
consideration → require → Exchange
The amended agreement also provides a conditional right for Koryx to acquire the remaining 20% interest for US$400,000 if WCMV elects not to contribute its share of future project funding.
asserted
WCMV → amend → funding
The Transaction constitutes an “Expedited Acquisition” in accordance with Exchange policies.
asserted
Transaction → constitute → policies
Closing of the Transaction is subject to customary closing conditions, including acceptance by the Exchange, and is expected to occur no later than the outside date of September 30, 2026.
asserted
Closing → include → September
The Company is pleased to provide an update on exploration activities in Zambia, where fieldwork has commenced on both the Luanshya West (license 23246-HQ-LEL) and Mpongwe (23248-HQ-LEL) projects.
asserted
fieldwork → provide → projects
At Luanshya West an initial diamond drill program will commence before the end of September 2026 aimed at testing three or four targets with 2,500m of drilling (see Figure 1 below).
asserted
program → commence → Figure
Drill holes will be inclined and test surface geochemistry anomalies, induced polarization (IP) chargeability and resistivity features and structural targets to a vertical depth of 100m to 250m.
asserted
holes → incline → m.
The drill program is expected to be completed by mid-December this year.
asserted
program → expect → -
At the Mpongwe project, follow up and in-fill soil sampling will be completed on targets identified during 2025 sampling programs (at Lwabufubu, MP1 and MP2 targets), as well as completing regional soil sampling in the western parts of the license which could not be sampled in 2025.
uncertain
which → complete → 2025
The sampling is expected to be completed in early November and will total about 3,000 samples.
asserted
sampling → expect → samples
Results and possible early onset of the rainy season will determine whether follow up shallow drilling will be carried out in late 2026 or be delayed until 2027.
asserted
drilling → determine → 2027
Figure 1: Luanshya West license with four targets to be drill tested (highlighted as black boxes)
Quality Assurance / Quality Control
All drill core is HQ sized at collar and reduced to NQ size in fresh rock.
asserted
core → test → rock
The core was all logged, photographed, and cut in half with a diamond saw.
asserted
core → log → 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 test work.
asserted
quarter → bag → work
33 elements are analyzed by Inductively Coupled Plasma (ICP) utilizing a 4-acid digestion and gold is assayed for using a 30g fire assay method.
asserted
gold → analyze → 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”)
asserted
samples → certify → QC
Qualified Persons
Mr. Dean Richards, BSc. (Hons) Geology, Pr.Sci.Nat., MGSSA – 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 (Pr.Sci.Nat. No. 400190/08).
asserted
Richards → review → Professions
About Koryx Copper S.A.
Koryx Copper S.A. is a Luxembourg domiciled copper development Company focused on advancing its 100% owned Haib Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia.
asserted
S.A. → domicile → Zambia
More than 155,000m of drilling has been conducted at Haib since the 1970’s with significant exploration programs led by companies including Falconbridge (1964), Rio Tinto (1975), Teck (2014) and Koryx Copper (2021-2026).
asserted
programs → conduct → Falconbridge
Extensive further drilling, metallurgical testing and various technical studies have been completed at Haib.
asserted
drilling → complete → Haib
Additional studies are underway aiming to demonstrate Haib as a future long-life, low-cost, low-risk open pit, sulphide milling and flotation copper project with additional heap leach potential.
asserted
studies → aim → potential
Due to its age, the deposit has been subjected to multiple metamorphic and deformation events but still retains many of the classic mineralisation and alteration features typical of these deposits.
asserted
deposit → subject → deposits
Further details of the Haib Copper Project are available in the technical report titled “March 2026 Mineral Resource Estimate Haib Copper Project, Namibia, National Instrument 43-101 Technical Report” dated effective March 16, 2026.
asserted
details → title → March
Additional information is also available by contacting the Company:
Aideen McDermott
Investor Relations
+1-416-837-7680
asserted
information → contact → Company
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
asserted
term → define → release
…and 9 more, not listed.
The Aporia
