Americas Gold and Silver Corporation press release

Koryx Announces Updated PEA Results for the Haib Copper Project, Southern Namibia

2025-09-04

TSX - Toronto Stock Exchange · Silver · Lead · Copper · Antimony · Zinc · Gold · Canada

92,000MT ANNUAL PAYABLE CU PRODUCTION (1 st 10 Years)

$1.81/lb C1 COST and $2.05/lb AISC (1st 10 Years)

US$1.351bn AFTER-TAX NPV 8%

20.1% AFTER-TAX IRR

23 YEAR MINE LIFE

The Haib project is a simple, scalable, advanced-stage, open pit sulphide Cu/Mo project located at low altitude in an ideal, infrastructure-rich area of southern Namibia close to the South African border. It was formerly owned by Rio Tinto and Teck, and since the end of 2024 is under credible, new Namibian leadership & management with (i) the stated aim of optimizing, right-sizing and de-risking the project towards an investment decision and/or asset/equity sale, and (ii) a fifteen (15) year track record of successful Namibian mine development and project exits.

The preliminary economic assessment (“ PEA ”) objective is to reset the project scope & reposition Haib as a credible, large-scale, long-life, low-risk and low-cost open pit milling & flotation mine plus supplemental heap leach production. The PEA is based on the 2024 Mineral Resource Estimate (“ MRE ”) block model that was used to report the 31 August 2024 MRE, with none of the drilling since then included in this PEA. All additional drilling and extensive geological re-modelling will be reflected in an updated MRE and technical study to be published in the second half 2026.

Significant further upside to be unlocked through ongoing drilling (potential size and grade improvements) and metallurgical and sorting testwork (scalability and potential cost reductions) which will be reflected in the next technical study.

PEA Highlights

NPV 8% of US$1.351bn (after-tax) and US$2.358bn (pre-tax) at LT analyst consensus Cu price of US$4.31/lb and realistic technical assumptions. US$1.559bn (incl. 10% contingency) upfront construction capital. US$543m LOM sustaining capital (including US$149m in HL construction capital in year 1 and 2 of production). 20.1% IRR (post-tax) and 25.2% IRR (pre-tax) with 3.9 year payback. 23 years Life of Mine with 92ktpa of annual payable Cu production (Average Years 1-10) US$1.81/lb C1 cash costs and US$2.05/lb AISC (Average Years 1 – 10). US$2.21/lb C1 cash costs and US$2.47/lb AISC (Average Life-of-Mine). Capital intensity of US$16,871/t of annual payable Cu production (Average Years 1 – 10). Capital intensity of US$17,702/t of annual payable Cu production (Average Life-of-Mine).

Production of Cu/Mo concentrate via a 28mtpa conventional crushing/milling/flotation (MF) process. Limited additional Cu cathode via 7mtpa of heap leaching (HL) and solvent extraction/electrowinning (SX/EW). There will also be Au credits in the Cu concentrate. 89% average recovery from Mill/Float (MF) and 74% recovery from Heap Leach (HL).

150MW of maximum power demand to be sourced through nearby Namibian grid, plus supplementary hybrid renewable power and battery energy storage. 20m m 3 of process water per year from a hybrid solution of Orange river water (30km distance) and potentially piped from Namibia’s Neckartal storage dam (260km distance). Permitting process underway with Namibian mining license application submitted and environmental & social impact assessment (ESIA) processes proceeding. Specialist environmental and social studies and public consultation process advancing with positive results. Public perception generally positive with interest in job creation, broader economic development opportunities and community and infrastructure development. All study and technical work directed by Koryx’s highly experienced in-house team working with world-class specialists, lead by DRA Global Limited (“DRA”) (overall co-ordinating consultant), Knight Piésold (“KP”), Qubeka Mining Consultants (“Qubeka”), the MSA Group (“MSA”), SRK Consulting (“SRK”) and MJO Ingeniería y Consultores en Metalurgia (“MJOI”). Live webinar to discuss the PEA results. Participants must register for the event beforehand using the link below. Date & Time: Friday, September 5, 2025 at 10:00am EST

Please join the Koryx team for the discussion & presentation followed by Q&A.

VANCOUVER, British Columbia, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Koryx Copper Inc. (“ Koryx ” or the " Company ") (TSX-V: KRY) is pleased to announce the results of the recently completed Preliminary Economic Assessment (“PEA”) of the Company’s 100%-owned, flagship Haib Copper Project (“ Haib ” or the “ Project ”) in southern Namibia.

Heye Daun, Koryx Copper’s President and CEO commented as follows: " We are highly encouraged with the very good results of this PEA, notwithstanding the fact that it is still based on the 2024 Mineral Resource model and does NOT yet reflect all of the excellent drill results produced since late 2024. The objective of this PEA was (i) to right-size and optimize the Haib project and reposition it as a credible, low-risk, large-scale, low-cost, high-return, open pit milling & flotation operation, and (ii) to demonstrate Koryx’s material undervaluation when compared to other Cu development equities.”

“With a Cu production rate of 92,000 tonnes per annum, a post-tax NPV 8% of +US$1.35n, upfront capital cost of US$1.56bn, low C1 cash cost of US$1.81/lb of Cu (AISC of US$2.05/lb of Cu during the first 10 years of production and a long mine life of 23 years, Haib stands out as an emerging, top-quality, near-term African copper development project.”

“What makes this project truly unique however are a few of its key attributes, namely its simplicity, scalability, low risk, ideal location at low altitude, close to water and power infrastructure, with low capital intensity, low operating costs, a predictable permitting environment and lack of any technical, environmental or social fatal flaws. This suggests that this project could be rendered shovel-ready, with an advanced feasibility study, secure water and power supply and most major permits in place within just a few years.

”Lead by a strong and motivated technical team that has the drive and in-country experience of having recently advanced and permitted a major gold mine development in Namibia (Osino Resources’ Twin Hills gold project which is presently in construction), we look forward to successfully delivering another excellent large-scale mine development project in Namibia (now our 3 rd one in the past 15 years).”

Property Description and Ownership

Haib is a porphyry copper exploration project located in the Karas Region of southern Namibia approximately six kilometres north of the border with South Africa and between 12km and 15km east of the tarred B1 highway that connects Namibia with South Africa. Koryx Copper Inc. has a 100% interest in Deep South Mining Company (Pty) Ltd., a Namibian subsidiary which in turn has a 100% interest in Haib Minerals (Pty) Ltd (“Haib Minerals”) which holds the exploration rights to the Haib Project. Exclusive Prospecting Licence 3140 (“EPL 3140”) allows for the exploration of base, rare and precious metals over an area of 36,589 hectares.

Results of PEA Financial Evaluation

A PEA financial model was developed from the updated studies with the following techno-economic results.

| Table 1: PEA Financial Valuation Results | | | | | | | | | US$9,500/t | US$10,000/t | | | | | Units | Pre-Tax | Post-Tax | Pre-Tax | Post-Tax | | NPV 8% | US$m | 2,358 | 1,351 | 2,986 | 1,742 | | IRR | % | 25.2% | 20.1% | 28.9% | 23.0% | | Payback Period | years | 3.8 | 3.9 | 3.4 | 3.6 | | LOM Cashflow | US$m | 6,557 | 4,084 | 7,948 | 4,944 | | Upfront Capex 3 | US$m | 1,557 | | | | | Sustaining Capex 4 | US$m | 543 | | | | | Ave Annual Payable Cu Production | ktpa | 88 | LOM | | | | C1 Cash Costs (Avg Years 1-10) 1 | US$/lb | 1.81 | Years 1 - 10 | | | | AISC Costs (Avg Years 1-10) 2 | US$/lb | 2.05 | Years 1 - 10 | | | | Capital Intensity | US$/t | 16,057 | Years 1 - 10 | | | | Capital Intensity | US$/t | 16,740 | LOM | | |

| Table 2: Key Assumptions & Parameters | | | | | | | | | | | | Mill/Float | | Heap Leach | | | | Item | Units | Total | | M/F | | H/L | | | Life of Mine | Years | 23 | | | | | | | Copper price (base case) | US$/t | 9,500 | | | | | | | Copper Recovery total | % | 84.2% | | | | | | | Copper Recovery M/F | % | 88.8% | | 88.8% | | | | | Copper Recovery H/L | % | 77.7% | | | 77.7% | | | | Government Royalty (tax-deductable) | % | 3.0% | | | | | | | Export Levy | % | 1.0% | | | | | | | | | | | | | | | | Table 3: LOM Production Parameters | | | | | | | | | | | Total | | M/F | | H/L | | | Mineralised Material Tonnes Mined | Mt | 779 | | | | | | | Mineralised Material Cu Grade Mined | % Cu | 0.309% | | | | | | | Contained Copper Metal | kt | 2,405 | | | | | | | Waste Tonnes Mined | Mt | 1,400 | | | | | | | Strip Ratio | x | 1.80 | | | | | | | Concentrate grade | % Cu | 21% | | | | | | | LOM Copper in conc (Mill float) | kt | 1,842 | | 1,842 | | | | | LOM Copper cathode (Heap Leach) | kt | 257 | | | 257 | | | | LOM Payable Copper Production total | kt | 2,026 | | | | | | | Avg payable Cu Production pa (first 10 years) | ktpa | 92 | | Years 1 - 10 | | | | | Avg payable Cu Production pa (LOM) | ktpa | 88 | | LOM | | | | | | | | | | | | | | Table 4: Capital Cost Estimates | | | | | | | | | Capital Costs | | Total | | M/F | | H/L | | | Construction Capital (DRA Estimate) 3 | US$m | 968 | | 808 | | 159 | | | Capitalised Pre-strip | US$m | 33 | | | | | | | Rail siding | US$m | 4 | | | | | | | Mining capex | US$m | 29 | | | | | | | Owners cost | US$m | 31 | | | | | | | Surface infrastructure | US$m | 301 | | | | | | | Site infrastructure | US$m | 52 | | | | | | | Contingency | US$m | 139 | | | | | | | Total Project Capital (incl. contingency) | US$m | 1,557 | | | | | | | Sustaining Capital (LOM) 4 | US$m | 543 | | 362 | | 181 | | | | | | | | | | | | Table 5: Unit Costs | | | | | | | | | Unit Costs per Tonne Mined/Processed | | Total | | M/F | | H/L | | | Mining Cost (per tonne mined) | US$/t | 2.15 | | 2.15 | | 2.15 | | | Variable Processing Cost (per t processed) | US$/t | 5.85 | | 6.14 | | 4.64 | | | Fixed Processing Cost (G&A) | US$m | 9.55 | | 6.21 | | 3.34 | | | | | | | | | | | | Unit Costs per ton Payable Cu Produced | | Total | | M/F | | H/L | | | C1 Cash Costs (Avg Years 1-10) 1 | US$/t | 3,980 | | 4,161 | | 2,843 | | | C1 Cash Costs (Avg LOM) 1 | US$/t | 4,841 | | 5,045 | | 3,438 | | | All-in Sustaining Costs (Avg Years 1-10) 2 | US$/t | 4,519 | | 4,708 | | 3,332 | | | All-in Sustaining Costs (Avg LOM) 2 | US$/t | 5,415 | | 5,629 | | 3,944 | | | | | | | | | | | | Unit Costs per lb Payable Cu Produced | | Total | | M/F | | H/L | | | C1 Cash Costs (Avg Years 1-10) 1 | US$/lb | 1.81 | | 1.89 | | 1.29 | | | C1 Cash Costs (Avg LOM) 1 | US$/lb | 2.20 | | 2.29 | | 1.56 | | | All-in Sustaining Cost (Avg Years 1-10) 2 | US$/lb | 2.05 | | 2.14 | | 1.51 | | | All-in Sustaining Costs (Avg LOM) 2 | US$/lb | 2.46 | | 2.55 | | 1.79 | | | | | | | | | | | | Notes: | | | | | | | | | 1. C1 = Mining, processing plus on-site G&A and selling costs less by-product credits | | | | | | | | | 2. AISC = C1 costs plus royalties & levies and sustaining capex (excluding closure costs & reclamation value) | | | | | | | | | 3. Project Capital includes US$126m of EPCM costs | | | | | | | | | 4. Sustaining capital includes deferred capital for the TSF and HL/SX/EW plant, plus 0.75% of other project capital costs + US$50m in estimated closure costs - estimated salvage value | | | | | | | | | | | | | | | | |

Capital and Operating Cost Estimates

The capital cost estimate for the project was compiled by DRA, with inputs from Koryx and supporting specialist consultants KP and Qubeka.

The estimate for the main crushing, milling and flotation plant for higher grade (“ HG ”) mineralization was developed by DRA for a plant designed to process 28 Mtpa of ROM, with about 4 Mtpa of >150µm barren coarse particle flotation tailings being rejected ahead of conventional flotation of 24 Mtpa at a target grind of about 80% < 150µm.

The capital cost estimate for the 7 Mtpa low grade (“ LG ”) heap leach, copper solvent extraction and electrowinning and iron removal circuit was based on the estimates prepared by METS for the previous PEA of this project, updated by Koryx with input from DRA.

KP developed the capital cost estimates for the Tailings Storage Facility (“ TSF ”), access roads, water and bulk power supply, stormwater management, housing and site accommodation. DRA and Qubeka prepared estimates for infrastructure directly associated respectively with the process plants and contract mining area.

Each consultant submitted estimates of engineering, project and construction management (“ EPCM ”) services costs associated with their scope of work. This was supplemented by a detailed estimate by Koryx of Owner’s costs during project implementation.

The cost estimate for pre-strip of waste rock before commencing production mining operations was an outcome of Qubeka’s detailed mining schedules.

Significant portions of the heap leach/SX/EW, TSF and other infrastructure costs will only be incurred in the first or second year of operation, hence these were recorded as sustaining capital in the table below. Other sustaining capital costs in subsequent years of operation were estimated by DRA and KP.

Table 6: Project Capital Cost Breakdown (US$m)

| Item Description | Upfront Construction Capex | Heap Leach Capex (Y1 + Y2) | Sustaining Capex | Total Capex | | | Mill float capital cost estimate | 737 | 0 | 89 | 826 | | | HL/SX/EW capital cost estimate Y1 | 145 | 137 | 31 | 313 | | | Tailings Facility | 30 | 0 | 200 | 230 | | | Mining capex | 29 | 0 | 11 | 41 | | | Owners cost | 31 | 0 | 0 | 31 | | | Surface Infrastructure | 246 | 0 | 32 | 278 | | | Site infrastructure | 50 | 0 | 0 | 50 | | | EPCM Costs | 116 | 14 | 30 | 159 | | | Total Capital Cost (excl. Contingency) | 1,385 | 151 | 393 | 1,929 | | | Estimated 10% Contingency | 139 | 0 | 0 | 139 | | | Capitalized Pre strip Mining | 35 | 0 | 0 | 35 | | | Capex Total | 1,559 | 151 | 393 | 2,102 | | | | | | | | |

Process plant operating cost estimates for the 28 Mtpa HG and 7 Mtpa LG plants were developed by DRA and Koryx, with associated labour rates and complements being prepared by Koryx. KP provided minor operating cost estimates for the related infrastructure. The process plants are expected to operate for 24 hours per day, 365 days per year.

Table 7: Project Operating Costs (US$/t processed)

| Cost Centre | | 28 Mtpa High Grade Milling and Flotation Plant | 7 Mtpa Low Grade Heap Leach / SX EW Plant | | | | | | | US$/t processed | US$m /year | US$/t processed | US$m /year | | | Material Handling Including Grade Control | | 0.45 | 12.6 | 0.95 | 6.65 | | | Operating and Maintenance Labor | | 0.44 | 12.32 | 0.53 | 3.71 | | | Power | | 2.33 | 65.24 | 1.49 | 10.43 | | | Consumables and Reagents Including Water | | 1.96 | 54.88 | 1.29 | 9.03 | | | Maintenance | | 0.66 | 18.48 | 0.33 | 2.31 | | | Laboratory Analyses | | 0.11 | 3.08 | 0.05 | 0.35 | | | Tailings Storage Facility | | 0.19 | 5.32 | | | | | MF Plant G&A Expenses | | 0.22 | 6.16 | 0.48 | 3.34 | | | Total Variable and Fixed Processing Costs | | 6.36 | 178.08 | 5.12 | 35.82 | | | | | | | | | |

Mining operating costs were estimated by Qubeka based on the envisaged mining contractor’s selected equipment fleet and organisational structure. The estimate was done from first principles, using the original equipment manufacturers (“OEM”) hourly life cycle cost estimates with the simulated production rates for the primary mining equipment.

Site administration (G&A) costs were estimated by Koryx, based on other similar sized copper operations. The unit operating cost estimates thus derived are summarized in the table below:

Table 8: Total Operating Cost Estimate

Financial Sensitivity Analysis

Figure 1: Financial Sensitivity Spider Diagram

Table 9: IRR Sensitivity to Copper Price (Post-Tax)

Table 10: NPV 8% Sensitivity Table (Post-Tax)

Geology and Mineralization

Haib is hosted within the coeval, Paleoproterozoic Orange River Group volcanic and Vioolsdrif Intrusive Suite of plutonic rocks of the Richtersveld Sub province of the Namaqua-Natal Province. The Orange River Group consists of several northwest trending felsic to mafic volcanic belts. The Vioolsdrif Intrusive Suite intrudes the Orange River Group and is composed of felsic to mafic batholiths dominantly composed of granodiorite.

At Haib the Vioolsdrif Intrusive Suite is made up of several phases of porphyritic intrusive rocks, including the main mineralized host rocks, termed the Quartz Feldspar Porphyry (QFP) and the Feldspar Porphyry (FP).

Figure 2: Haib Cu Project Geology & Drill Plan

The entire region has undergone two phases of greenschist facies metamorphism, which have mainly produced a metamorphic assemblage of chlorite-calcite-epidote-green biotite without significant deformation. Most of the rock exhibits typical porphyry copper type alteration zones associated with mineralization.

The higher-grade copper mineralization is controlled by a fracture / vein set that parallels a regional structural trend and strikes approximately northwest and dips steeply (-70°) to the southwest. This high-grade zone also appears to plunge at 30° to 40° towards the south-east.

Broad zones of copper mineralization occur over a strike length of approximately two kilometers that are commonly several hundreds of meters wide. Mineralization has been intersected by diamond drilling to a maximum depth of 790 m below the topographic surface. Copper mineralization is predominantly as chalcopyrite in both disseminated and vein form, however pyrite, minor bornite, chalcocite and molybdenite also occur.

Mineral Resource Estimate

The Haib Mineral Resource estimate included information obtained from diamond drillholes completed between 1963 and 2024 with drilling comprising a total length of 78,934 m. In addition, one underground adit was channel sampled over a length of 126 m. The historical data was extensively validated, and all data collected by Rio Tinto Zinc (120 drillholes from 1972 to 1975), Great Fitzroy Mines (13 drillholes from 1995 to 1999) and Teck (32 drillholes in 2010) were accepted for use in the Mineral Resource estimate.

A summary of the Mineral Resource estimate is presented in the Table below.

Table 11: Mineral Resource Estimate for Haib (as at 01 September 2025 at a 0.15% Cu cut-off)

| Category | Type | Tonnes

(Mt) | Cu Grade

(%) | Mo Grade (ppm) | Cu Content (Mlbs) | Mo Content (Mlbs) | Cu Content (kt) | Mo Content (kt) | | Measured | Oxide & Transitional (>0.15% Cu) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | Low Grade (0.15 to 0.225% Cu) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | | High grade (>0.225 % Cu) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | | Total | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | | Indicated | Oxide & Transitional (>0.15% Cu) | 23.5 | 0.31 | 16 | 159 | 0.8 | 72 | 0.4 | | Low Grade (0.15 to 0.225 % Cu) | 45.3 | 0.21 | 46 | 211 | 4.6 | 96 | 2.1 | | | High grade (>0.225 % Cu) | 442.3 | 0.34 | 53 | 3307 | 51.7 | 1500 | 23.5 | | | Total | 511.0 | 0.33 | 51 | 3678 | 57.1 | 1668 | 25.9 | | | Measured & Indicated | Oxide & Transitional (>0.15% Cu) | 23.5 | 0.31 | 16 | 159 | 0.8 | 72 | 0.4 | | Low Grade (0.15 to 0.225 % Cu) | 45.3 | 0.21 | 46 | 211 | 4.6 | 96 | 2.1 | | | High grade (>0.225 % Cu) | 442.3 | 0.34 | 53 | 3307 | 51.7 | 1500 | 23.5 | | | Total | 511.0 | 0.33 | 51 | 3678 | 57.1 | 1668 | 25.9 | | | Inferred | Oxide & Transitional (>0.15% Cu) | 16.3 | 0.28 | 16 | 102 | 0.6 | 46 | 0.3 | | Low Grade (0.15 to 0.225 % Cu) | 37.7 | 0.21 | 45 | 175 | 3.8 | 79 | 1.7 | | | High grade (>0.225 % Cu) | 254.8 | 0.32 | 41 | 1816 | 23.0 | 824 | 10.5 | | | Total | 308.9 | 0.31 | 40 | 2093 | 27.4 | 949 | 12.4 | |