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Koryx Copper is focused on advancing the Haib copper project in southern Namibia. This is historically known, large, low-grade porphyry system with prior work from Rio Tinto and Teck, now under a renewed technical and strategic framework. This conversation with CEO Heye Daun covers everything from his personal and professional alignment with the asset, to the company’s business strategy, permitting risks, capital plans, metallurgy, and challenges in grade variability.
TL;DR
- 1. Koryx Copper is advancing the Haib project in Namibia, a large, low-grade porphyry copper deposit.
- 2. The company’s strategy is to improve grade, confirm metallurgical viability through conventional flotation, and position the project for a strategic sale.
- 3. While internal modeling suggests the project is viable at 0.35% copper, the company is actively drilling and remodeling to potentially boost grade and confidence.
- 4. Permitting, water, and power logistics are being managed within Namibia’s relatively stable regulatory framework, though political noise around resource nationalism is noted.
- 5. Financing will remain equity-driven in the near term, with a PEA or PFS planned to reprice the project and support future capital raises.
Is Heye Daun the Right CEO for Koryx Copper?
Heye Daun, a Namibian-born mining engineer with 30 years of industry experience, cites his past exits as evidence of capability. These include deals with B2Gold, Rosita, and a $400 million transaction involving Osino Resources. “I’m real. What you see is what you get,” he says.
Daun lives in Cape Town but emphasizes long-standing personal ties to Namibia. His background spans operations, project finance, and capital markets.
Has the Technical Team Worked in Similar Geology Before?
Daun claims Koryx’s technical team is experienced and complementary, with prior collaboration at Osino. He describes their work as thorough and standards-driven: “We did things better than the majors.”
The stated focus is on discovering, de-risking, and selling assets – not building and operating mines.
How Did the CEO Get His Shares?
Daun states he acquired shares through market financings and RSU grants, with no founder shares issued. He reports participating with approximately $2 million in the October raise. “I want to become the biggest shareholder in this company,” he says.
Will the CEO Be Buying Shares in the Market?
Daun intends to continue buying shares, citing confidence in execution: “My best investments have been in myself.”
Does Management Own Any of the Royalties?
Daun says no insider owns a royalty or stream on the Haib project. Teck holds a legacy stream. Royalties are difficult to enforce under Namibian law, making streams the more common structure.
How Is Executive Compensation Determined?
Koryx has a compensation committee and engages third-party advisors. Daun says salaries are kept below market and balanced with RSUs. He has not yet taken a salary.
What’s the History of the Haib Copper Project?
Haib has seen sporadic work since the 1800s.
Rio Tinto and later Teck held it but didn’t advance it significantly. The license was revoked in 2021 under Deep-South Resources for inactivity, but it was later granted back.
Heye calls the project “a broken situation” with latent potential.
What’s the Business Strategy for Koryx?
Daun summarizes the strategy as “right-size and optimize.”
This includes drilling to improve grade, transitioning to conventional flotation processing, and developing a mid-size operation.
Would Canada Allow a Strategic Deal?
Due to the Investment Canada Act, Daun confirms Koryx is considering redomiciling to avoid restrictions on foreign ownership, particularly from China. He acknowledges regulatory sensitivities.
Do They Have Change of Control Fees?
No such provisions exist currently, but Daun says reasonable protections for key management will be introduced. “We will have change of control payments but they’ll be reasonable.”
How Quickly Do They Have to Move the Project?
The license has been renewed multiple times under ministerial discretion. Koryx plans to file for a mining license within months, which would provide stronger tenure.
Will They Have to Raise Money Again?
Yes.
Daun expects additional financing in the second half of 2025, depending on market conditions and technical program needs.
Equity remains the preferred method.
A PEA or PFS is expected to support the next raise. The company is still determining which study to prioritize.
What if the Grade Doesn’t Improve?
Heye says the project can be economic at 0.35% copper, but higher grade would strengthen the case. Grade improvement efforts include targeting higher zones, modeling, and including byproducts.
Haib is a primary sulfide system lacking supergene enrichment. Daun points to Palabora as an example of a low-grade mine that worked. He argues jurisdictional and cost advantages compensate for the lower grade.
What Controls the Higher Grades in This System?
The company is re-logging historic core under guidance from porphyry specialist Warren Pratt. Structural and lithological modeling is underway but incomplete.
Is the Metallurgy Challenging?
Historical and current tests support conventional flotation with high recovery and clean concentrate. Optimization work continues, and no significant metallurgical issues have been identified.
How Predictable Is This Deposit?
Copper mineralization appears consistent.
Molybdenum and gold are more variable, complicating byproduct recovery. Daun says, “Molly is in some areas correlated and other areas non-correlated.”
Will It Be a Single-Pit Operation?
Yes. A single large pit is planned, expected to span more than 1.5 km in length. The current strip ratio is low, around 1.5:1.
Is the Topography Challenging?
Drilling has been slow due to terrain. Heap leach pads may need to be placed off-site. These challenges are acknowledged but not considered critical.
Will the Strip Ratio Improve with the New Resource?
Potentially.
Additional drilling could deepen and extend the resource, but Daun warns life-of-mine extensions add little to NPV due to discounting.
What Does the Permitting Process Look Like?
Mining licenses in Namibia take 18–24 months. The main concern is political shifts toward resource nationalism. Daun expects this will be negotiated, possibly offset by tax code adjustments.
How Is Water Dealt With in Namibia?
Water is expected to come from the Orange River or a nearby dam. Heye says enough water is available, and engineering trade-offs are being studied.
What Are Communities Asking?
Daun says community members consistently ask for jobs. Public support for the project appears high, though expectation management remains important.
How Is the Availability of Power?
The Haib project would require 120–150 MW, roughly 15% of Namibia’s grid.
Power is available via a substation 40 km away. A new transmission line will be needed.
What’s Happening at the Projects in Zambia?
The Zambian licenses are non-core.
Around $1 million will be spent in 2025. Daun suggests a spinout or JV may be pursued within 12 months.
What Are Their Marketing Plans?
Marketing was minimal due to redomiciling concerns. Activity will increase via roadshows and conferences. The COO will lead these efforts, according to Heye.
Will They Have More News Releases in 2025?
Yes.
Daun acknowledges the lack of communication and promises updates on drilling, metallurgy, and technical studies. A PEA or PFS is expected later in the year.
Will Their G&A Go Up in 2025?
G&A may increase slightly with activity, but Daun says most costs are tied to legitimate operational needs. He differentiates between “good G&A” and promotional excess.
What Keeps Heye Daun Up at Night?
“Honestly, nothing,” he says. Political uncertainty is flagged as a risk, but Daun claims confidence in the project’s fundamentals and long-term viability.
Koryx Copper interview with CEO, Heye Daun
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