Construction officially begins at Kombat Mine as New Horizon Copper advances Namibia’s copper revival

New Horizon Copper (Pty.) Ltd. (“NHC” or the “Company”) is pleased to announce that a construction commencement ceremony held 6 February 2026 at the Kombat Mine has officially marked the start of construction activities at the operation, ushering in a new chapter for this historic asset and a strategic Namibian investment by Horizon Corporation.

Officiated by NHC’s senior leadership team and attended by honoured Namibian Government representatives, senior leadership from Horizon and NHC, and local community stakeholders, the ceremony celebrated the strong partnership and unwavering support from Horizon in securing the critical funding that has brought the project to this point. The occasion also served as a platform to provide an update on the project’s progress and forward plans.

With operations expected to commence in the fourth quarter of 2026, a phased development approach is planned, ultimately enabling the Company to double previous throughput levels to 60,000 tonnes per month.

Commenting on the milestone, NHC Chief Executive Officer, Mr Rennie Morkel, said the official ceremony marked “a pivotal moment for the people and communities of Kombat, and the wider Otjozondjupa Region. After years of operational interruptions, this represents a break from the past, as we now rebuild together for the future. We are confident that this substantial investment into Namibian mining, together with a renewed operational approach, will bring much-needed stability to this operation.”

Mr Morkel further noted that a targeted strategy to safely develop and expand the areas around Kombat’s Asis West Shaft, together with processing innovations - including the installation of sensor-based technology - is expected to deliver long-term operational stability, strong fiscal contributions to the national economy, and attractive returns for all partners.

At the same event, Mr Mr. Darius Ghesmati, CO Chief Executive Officer at Horizon Corporation, confirming their strong commitment to investing into Namibia said “From the outset, we have believed strongly in the potential of this asset, not simply to restart, but to grow into a long-life, sustainable copper producer. Today marks an important milestone, a reflection of our confidence in our partners NHC, and the beginning of the next phase as we build a safe, scalable Namibian operation designed to endure”.

This transaction confirms the UK-based Horizon Corporation Ltd. as the majority shareholder following the purchase of Trigon’s entire interest. Under Horizon, who plans an equity investment of over US$24 million (N$390m) at Kombat, US$4.5 million has already been used to fund the mine during the temporary closure phase.

In addition to progressing an operation designed to double capacity, the project has already recorded several notable achievements, including 31,421 lost-time-injury-free shifts, the implementation of a robust dewatering strategy, and the commencement of key civil works. These milestones underscore the momentum, confidence, and collaborative approach underpinning NHC’s development plans as construction advances.

About NHC

New Horizon Copper (Pty.) Ltd. or NHC is a responsible mining company focused on leveraging large high-grade copper resources at its 80%-owned Kombat Copper Mine. Located in the Otjozondjupa Region in central-north Namibia, the project is set to receive a total investment of over US$24 million (N$390m) from UK-based Horizon Corporation to restart operations and to expand operational capacity. At steady state, the mine is expected to process up to 60,000 tonnes of ore per month in pursuit of saleable copper concentrate. To date, US$4.5 million has already been used to fund the mine during the pause phase. The remaining 20% share of Kombat Mine is held by Namibian partners.

Caution regarding forward-looking information:

This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements regarding the Company’s plans, intentions, beliefs and current expectations with respect to the Kombat Mine, as well as the Company’s future business activities, development plans and operating performance.

Forward-looking information is often identified by words such as “may”, “will”, “would”, “could”, “should”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Such information includes, without limitation, statements relating to production forecasts, waste material, all-in sustaining costs, capital expenditures, cost savings, project economics (including pre-tax NPV and after-tax cash flows), estimates of mineral resources and mineral reserves, the realisation of such estimates, future commodity prices for copper, lead and silver, the timing and amount of future production, development and processing activities, requirements for additional capital, regulatory approvals, environmental and community considerations, and the anticipated timing of the filing of the updated Definitive Feasibility Study in accordance with NI 43-101.

Forward-looking information is not based on historical facts but reflects NHC management’s expectations, estimates and projections as of the date of this press release, based on assumptions considered reasonable at the time. These assumptions include, among others: the absence of material disruptions to operations; permitting, development and production progressing in line with expectations; stable political and legal conditions in Namibia; commodity prices and key input costs remaining broadly consistent with current assumptions; the accuracy of mineral resource and mineral reserve estimates; and the timely receipt of environmental approvals and ongoing community engagement.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. As a result, undue reliance should not be placed on forward-looking information. Readers are cautioned that there may be additional risks and uncertainties not currently known to the Company or that are deemed immaterial that could also cause actual results to differ materially.

The Company does not undertake any obligation to update or revise any forward-looking information, except as required by applicable law.

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