Mr. Heye Daun reports

KORYX COPPER ANNOUNCES $25 MILLION BOUGHT DEAL FINANCING

Koryx Copper Inc. has entered into an agreement with Stifel Canada, pursuant to which Stifel Canada will act as sole bookrunner, together with a syndicate of underwriters, in connection with a bought deal private placement offering of 10,205,000 common shares of the company at a price of $2.45 per common share for aggregate gross proceeds of $25,002,250, with the common shares to be offered and sold pursuant to the listed issuer financing exemption (as defined herein).

The company has granted the underwriters an option to purchase (or arrange for substituted purchasers to purchase) up to an additional 1,530,750 common shares at the issue price on the same terms and conditions as the offering. The underwriters' option will be exercisable, in whole or in part, at any time up until 48 hours prior to the closing of the offering.

The company intends to use the net proceeds to advance technical studies on the Haib copper project and continue exploration on the property, working capital and general corporate purposes. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the common shares will be offered for sale to purchasers resident in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. As the offering is being completed pursuant to the listed issuer financing exemption, the common shares issued pursuant to the offering will not be subject to a statutory hold period pursuant to applicable Canadian securities laws. The common shares may also be offered in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

There is an offering document related to the offering that can be accessed under the company's issuer profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

The offering is expected to close on or about Jan. 20, 2026, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.

A cash commission equal to 6 per cent on the gross proceeds of the offering and compensation warrants equal to 3 per cetn of the number of common shares of the company sold under the offering shall be paid to the underwriters, subject to the policies of the TSX Venture Exchange and applicable securities laws. Each compensation warrant entitles the holder to acquire a common share of the company at a price equal to $2.45 for a period of 24 months from the date of issue thereof.

About Koryx Copper Inc.

Koryx Copper is a Canadian copper development Company focused on advancing the 100-pepr-cent-owned Haib copper project in Namibia while also progressing its two copper exploration licences on the Zambian copper belt. Haib is a large, advanced (PEA-stage) copper/molybdenum porphyry deposit in southern Namibia with a long history of exploration and project development by multiple operators. More than 80,000 metres of drilling has been conducted at Haib since the 1970s with significant exploration programs led by companies including Falconbridge (1964), Rio Tinto (1975) and Teck (2014). Extensive metallurgical testing and various technical studies have also been completed at Haib to date.

Additional studies are under way aiming to demonstrate Haib as a future long-life, low-cost, low-risk open-pit, sulphide flotation copper project with the potential for additional copper production from heap leaching. Haib has a current mineral resource of 414 million tonnes at 0.35 per cent copper (Cu) for 1,459 million tonnes of contained copper in the indicated category and 345 million tonnes at 0.33 per cent Cu for 1,136 million tonnes of contained copper in the inferred category (0.25 per cent Cu cut-off).

Mineralization at Haib is typical of a porphyry copper deposit and it is one of only a few examples of a Paleoproterozoic porphyry copper deposit in the world and one of only two in southern Africa (both in Namibia). Due to its age, the deposit has been subjected to multiple metamorphic and deformation events but still retains many of the classic mineralization and alteration features typical of these deposits. The mineralization is dominantly chalcopyrite with minor bornite and chalcocite present and only minor secondary copper minerals at surface due to the arid environment.

Further details of the Haib copper project are available in the corresponding technical report, titled "NI 43-101 Technical Report -- August 2024 Mineral Resource Estimate for the Haib Copper Project, Namibia," dated effective Aug. 31, 2024. The technical report and other information is available on the company's website and under the company's profile on SEDAR+.

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