Key Macroeconomic Indicators for Base Metal Prices (2017-5-25)

Koryx Copper has completed its infill and expansion drilling programme at the wholly owned Haib Copper Project in southern Namibia, advancing the project toward an updated Mineral Resource Estimate (MRE) and Pre-Feasibility Study (PFS) targeted for publication before the end of 2026.​ The company reported assay results from a further 18 drill holes totalling 7,074 metres. Among the latest results, hole HM199 returned 438 metres grading 0.40% copper equivalent (CuEq), including 224 metres at 0.51% CuEq. Hole HM193 returned 681 metres at 0.34% CuEq, including 22 metres at 0.71% CuEq and 169 metres at 0.40% CuEq.​ Koryx said the results continued to demonstrate wide mineralised intercepts across the Haib deposit, together with higher-grade zones closer to surface in some areas. The company said the results broadly correlate with its existing geological model, while the completed drilling programme will feed into geological modelling and estimation work for the updated resource estimate and PFS.​ Haib is a large disseminated porphyry copper-molybdenum-gold deposit. Koryx currently envisages developing the project as a large-scale open-pit operation using conventional sulphide milling and flotation to produce copper and molybdenum concentrates.​ The latest drilling follows Koryx's March 2026 Mineral Resource Estimate, which reported 744 million mt of Indicated material grading 0.28% copper, containing approximately 2.09 million mt of copper, and 579 million mt of Inferred material grading 0.24% copper, containing approximately 1.39 million mt of copper, using a 0.15% copper cut-off. Koryx said the updated MRE and PFS remain on track for publication before the end of 2026.​ Completion of the PFS drilling programme marks another step in Koryx Copper's advancement of Haib toward a potential large-scale copper development. The latest drilling continues to show broad mineralised intervals, while the upcoming updated resource estimate will provide greater clarity on whether recent infill and expansion drilling has materially changed the project's resource base. Attention will now turn to the updated MRE and PFS expected before year-end, which should provide further detail on the proposed mine configuration, processing strategy, production profile and project economics.

Konkola Copper Mines (KCM) has restarted mining operations at its Chingola B Mine in Zambia, bringing the previously dormant operation back into production as part of the company's wider expansion programme across its Nchanga and Konkola operations.​ Chingola B, which forms part of the Nchanga mining complex, is projected to produce more than 200,000 mt of ore per month, compared with around 60,000 mt/month before its closure. The additional mine output is expected to increase ore feed available to KCM's processing operations.​ KCM Group Chief Executive Officer Deshnee Naidoo said the restart forms part of the company's broader programme to increase production across its operations and will add production at Nchanga underground. According to Naidoo, Chingola B is expected to contribute another 200,000 mt/month of ore as the company rebuilds its mining operations.​ The restart comes as KCM targets annual copper production of 300,000 mt by 2030. The company said its expansion programme is supported by more than US$1 billion of investment from Vedanta Resources across its operations.​ The development also comes amid Zambia's broader target of increasing national copper production to 3 million mt/year by 2031. KCM said the reactivation of dormant assets such as Chingola B is expected to contribute to efforts to increase domestic mine supply.​ The restart of Chingola B could strengthen ore availability across KCM's Nchanga operations, with planned output of more than 200,000 mt/month representing a substantial increase from the approximately 60,000 mt/month reported before closure. The additional mine feed is particularly relevant following KCM's recent rehabilitation and restart of the Nchanga Smelter. However, the 200,000 mt/month figure refers to ore production rather than contained or refined copper output, meaning the ultimate contribution to KCM's copper production will depend on ore grades, recoveries and processing performance. Progress at Chingola B will therefore be an important component of KCM's wider target of reaching 300,000 mt/year of copper production by 2030.