Rate hike expectations pressure copper prices; LME copper edged lower overnight [SMM Copper Morning Comment]

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.