Kincora Copper Limited (the “Company” or “Kincora”) is an active explorer and project generator focused on world-class copper-gold discoveries. Kincora’s portfolio includes district scale landholdings and scale-able drill ready targets in both Australia and Mongolia’s leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively, and the historical Condobolin mining field in the southern section of the Cobar superbasin NSW.

The Company has twelve licenses in Australia and two in Mongolia (the latter including one mining license), in total covering ~3,500km², which make up seven major project portfolios.

In the last 12-24 months, Kincora has shifted its funding model towards a prospector generator seeking asset level technical and funding partners for its large-scale earlier stage and/or non-core porphyry copper projects.

Kincora’s asset level partner model for our wholly owned large scale exploration stage porphyry projects, commonly referred to a project generator model in the North American markets, has executed six deals unlocking over $110 million of potential partner funding for eight earlier stage and/or non-core porphyry licenses covering four major project portfolios  (at the time of writing April 2025).

Existing partners include:

• AngloGold Ashanti (NYSE: AU) is the worlds fourth largest gold miner by production and is partner for the NJNB project portfolio, including 5 licenses across two joint venture arrangements in the Northern Junee-Narromine Belt (NJNB);
• Fleet Space Technologies Pty Ltd (“Fleet Space”, private) is Australia’s fastest growing company, widely recognised as Australia’s leading space exploration company, which in December 2024 raised $150m in a Series D financing, is Kincora’s partner for the Wongarbon project and recently completed its maiden integrated Ambient Noise Tomography and gravity geophysical survey at the Nyngan project;
• Earth AI Pty Ltd (“Earth AI”, private) is Artificial Intelligence and Machine Learning explorer, which in January 2025 raised $20m in a Series B financing and is partner and operator for the Cundumbul project; and,
• Orbminco Limited (ASX: “OB1”, formerly Woomera Mining) is a Mongolian focused explorer and is partner and operator for the Bronze Fox project.

Kincora is the current operator of the NJNB project portfolio with AngloGold Ashanti and receives a 10% management fee of expenditure.

Discussions are ongoing for further agreements for the Company’s remaining four (and generally significantly more advanced and/or proximal to existing world-class mines) porphyry projects in NSW, including Fairholme, Jemalong, Trundle and Nyngan West.

The Company plans to retain its Condobolin project, which hosts the historical Condobolin high grade open cut gold and base metals mining field situated within trucking distance to the Mineral Hill mine (which has capacity for, and is seeking, third party ore) and within the southern section of the emerging Cobar Superbasin. The timeline and capital needs to significantly add value and advance the Condobolin project is materially less than the Company’s porphyry projects.

Kincora’s ambition is to be the operator for exploration budgets of over $10 million per annum for the porphyry portfolio providing sufficient project management fees for the Company to be self funding (covering corporate costs and maintenance of remaining wholly owned projects) and have partnerships with a diversified portfolio of industry leading producers/explorers.