Unlocking a Tier-One Copper Asset at 0.10x NAV
Koryx Copper (KRY) - Initiation of coverage report
By Jeremie | Aurelion Research
In collaboration with Case Resources
Current Price: C$1.63 | Market Cap: C$163M
Introduction to the Story
Koryx Copper owns one of the most advanced undeveloped copper projects in southern Africa. The Haib Copper Project in Namibia is a large deposit with strong production potential and a long mine life.
A recent study estimated an after-tax value (NPV8) of $1.35B and an estimated internal rate of return (IRR) of 20% at a copper price ~$4.31 per pound.
At a share price of C$1.63 and a market value of ~C$163M, it trades at only 0.13x its estimated project value, one of the steepest discounts among copper developers. KRY is now moving into an important phase as it works on engineering studies, permitting, and potential partnerships through 2026.
Namibia offers a mining-friendly environment with clear regulations, modern infrastructure, and political stability. These factors create a solid base for future development and investor confidence. We see Koryx as one of the most compelling ways to gain leverage to a tightening copper market, with clear value creation potential as the project advances.
2. Investment Thesis
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