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Koryx Copper: Haib Project Growth & Path to PFS | RCTV Beaver Creek 2025
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Joining me now is Trevor Faber. He is
the CEO of Corex Copper. Great to see you.
you.
>> Good afternoon, Mark. Great to be here.
Thank you for having us on your show.
>> Absolutely. Glad you're here. Uh let's
get into it. We we've talked to Corex
Copper a few times over the years. You
joined about eight months ago or so, and
there's a new management team. So, uh
let let's get everybody uh a refresher
and a reminder of the the Hib Copper
project. a big low tonnage in in
Namibia. Uh and you're fasttracking that
towards a PFS. So a little snapshot
there if you could.
>> Yeah, absolutely. So we we we we're
thrilled to have got control of this
asset in southern Namibia. It's an
enormous copper project. In terms of the
scale, we got 2.6 million tons of of
copper in the ground. So as you
correctly pointed out, very large
tonnages involved in in this in this
game and it is in that advanced stage.
So we took it over. it was at pea stage.
The previous management team had
advanced to pea stage. We had a look at
that and we've in fact enhanced that um
pea study that was done and and come up
with a new pea study which we released
last week. So this uh PA study envisages
a a 28 million ton peranom operation
over a life of mine of 23 years um to
produce 90,000 tons of copper contained
in concentrate peranom. So anywhere in
the world that's a that's a large very
large copper project and it's not owned
by or controlled by a major mining
company. It's 100% owned by Corx Copper
and we are an independent uh copper developer.
developer.
>> Those are those are big numbers and and
the numbers could get bigger. I know you
everybody's the team's trying to expand
the resource. You've got a threephase
drilling program, multiple rigs. So can
you get us up to speed on that?
>> Yeah, absolutely. So, we've been running
for the last year with six drill rigs uh
on site. We've drilled so far 21,000
mters of drilling this year. We'll get
to about 32,000 mters for the year. Um
and and that's with the six drill rigs.
We got another four drill rigs which
have arrived in country today in fact.
So, we're excited to see them on site
probably towards the end of this month
and by the 1st of October we'll have 10
drill rigs turning out there. We have a
multiplephase drilling program. Uh
55,000 meters in total is what we
budgeted as part of our um PAFS study.
And in fact, we've upsized that. We're
going to add another 20,000 onto that.
So in total, we as corex will drill
75,000 mters at at the project. Prior to
us taking control of this project, there
was 80,000 mters already drilled. So um
our re mineral resource estimate will be
informed by approximately 150,000 mters
of drilling. So it will be extensively drilled
drilled
>> and then can you take it out take us out
to the construction decision and then
and and and go backwards to PFS DFS the
timeline. What does that look like?
>> Yeah, absolutely. So we would we would
like to advance this to a to be
construction ready in 2027. Um which
isn't a long long long way away from
where we are now. Um so working
backwards from there we've already
started the the the licensing process.
So we've submitted a mining license
application and we have started the
process for environmental clearance
certificate in Namibia. this it's a very
stable and and um reliable country from
a point of view of getting projects
licensed and in in our experience that
takes about 18 months 12 to 18 months to
secure the two key licenses being
environmental uh license and mining
license. So working back from 2027 gets
us to now we we're at PA stage. We're
advancing to PFS. We've released our
engineers to to commence the engineering
work on the PFS and approximately this
time next year we should be uh
publishing a a PFS uh which will be
based on a on an updated mineral
resource estimate. As we mentioned in
the previous snippet uh we're going to
upsize this resource uh from you know
currently the 2.6 6 million tons of
copper in the ground. We feel we're
going to get an increase in the volume
of copper and uh our geologists have
done an incredible job in in identifying
higher grade zones. Um our geologists
tech geologists uh have have identified
these and we're going to upgrade this in
terms of the the grade will also
improve. So we'll get an improvement in
the grade and we'll get an improvement
uh in the tonnage.
>> Now uh Trevor Corex recently raised
about 25 million. Redcloud was part of
that syndicate. You've got Ross Bey in
there, Tech Resources. You have
institutional support. Um, uh, private
investor support as well. So, how would
you characterize the shareholder base or
the the demand and the interest in in
the story?
>> I'd characterize them as blue chip
individuals. You know, we've really had
incredibly supportive shareholders and
we're really grateful to those
shareholders. They understand the
challenges that a junior miner faces and
we've been blessed to have shareholders
that have patient capital. They're
willing to invest for the long term and
they're willing to back a management
team that has a proven track record,
knows what it wants to do, when it wants
to do it, and we've been fortunate to
raise that $25 million mark, which will
get us through until the the end of next
year. So, it will take us through our
prefeasibility study status. So, you
know, those shareholders have just been
magnificent for us. uh we've given them
our plans, we've executed on our plans
to date and they've rewarded us by by
giving us more money to execute on on
the next phase which is which will get
us to the PFS by the end of next year.
>> And the team has a lot of experience in
Namibia and a track record of creating
value and delivering returns to
shareholders. So can you sort of wrap it
up for us and summarize your thoughts
with the investment case and how corate
copper really stands out from peers?
>> Oh absolutely. So it stands out on a
number of fronts. So first and foremost
is is the asset. So it's the quality and
the size of hybrid asset. Then I
reiterate there not many of these uh
that are available uh anywhere in the
world. That's the first thing. The
second thing is the quality of the
management team and its track record. So
this is a management team that has 15
years of of multiple exits in Namibia.
Uh so that carries through and and and
and that is important uh for the
investment case. The third thing is the
jurisdiction where we operate. Namibia
is an incredible place, politically
stable. Um it's it's probably one of the
best places in Africa to do business
because of the nature of the
infrastructure. It's infrastructurally
rich, great roads, ports, power, um
stable power generation. There is water,
access to water and um there's access to
electrical power. These are the things
that mines need. Uh the fourth point is
that we we believe that we have a low
valuation. And so uh to our compared to
our our peers on an equity valuation
basis we believe that we are have a we
are trading at a significant discount
and that provides shareholders current
and potential shareholders with a
certain downside protection. We believe
that a rerating is in order for us. Uh
and and then the last thing is there's
growth potential out here. So we are
we're drilling not only in and around
our pit. There are other satellite um
call it areas that we've identified that
that show potential and we believe that
you know in the fullness of time over
the next two years we will uh bring some
of those additional resources into play.
So in a summary that's that's the
investment case for Corex. Mark
>> that was great. Yeah four bullet points
there for us. Uh great update. Thanks
very much.
>> It's an absolute pleasure and thank you
for having me
>> for sure. Thank you Trevor. Trevor
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