Koryx is managed by Heye Daun. I came across Heye whilst he was CEO of Osino Resources and he built the asset up, put it through a PFS, got it permitted, and then proceded to sell for $1.90 cash to the Chinese. Was quite the story, especially for a pre-revenue junior in a terrible tape for the gold market. Now he is back with a new vehicle, and in the same country where he resides and where he built Osino, Namibia. Heye is an engineer, he isnt a geol and his aim isnt exploration. Rather its to take an unloved and miss-engineered project and re-engineer it to be an economical resource. He has done this play book several times in his career already and even has a fond admirer in Ross Beatty backing him. Ross barely backs people except himself, so its a strong endorsement.
Heye is also the same as Ross, he prefers to back himself rather than others, and you cant blame him given the record he has vs the industry as a whole. I barely look at pre-revenue companies, so the fact I am considering investing in this is testament to Heye. He is very shareholder friendly, very smart, and very hard working. I know if the company goes poof it wont be from a lack of trying and brains on Heye's part.
Koryx has a big resource, and it'll be one big open pit. The issue was grade, but Heye may of solved that recerntly with a 0.7% drill hole. Quite the difference from 0.3%. Heye is also re-designing the project to have higher initial capex, but lower on the sustaining side.
Essentially, this could be a story where you get a 2-5x. A decent resource backs the story as downside and in a relatively good African jurisidiction. Heye buys on the open market constantly, continiuously backing himself and having more and more skin in the game, not to mention his families money at stake. To be continued