CORPORATE STRATEGY

Dear Shareholders, Stakeholders, Friends, and Colleagues,

The past year has been transformative for Kincora Copper Limited (the “Company or “Kincora”). Our team has executed a strategic pivot, repositioning Kincora as a leading institutional-grade explorer and hybrid project generator with a scalable, low-dilution funding model.

This shift has unlocked meaningful multi-year exploration activity, seen significant scale drilling resume, increased our project portfolio, expanded our tier-one partners, strengthened our balance sheet, and materially improved the Company’s market positioning. However, Kincora is still only in the early stages of executing on our strategy with material value expected to be unlocked from both exploration and corporate catalysts.

This repositioning comes with a positive macro backdrop, including a tailwind of increased and at/near record gold and copper prices, improving capital markets for the resource sector and the industry majors returning to growth, including via partnerships with exploration groups with big targets, robust exploration concepts, reputable teams active in attractive jurisdictions.

The structural outlook for copper remains compelling with pending deficits driven by supply side challenges and lead times, and, continually growing annual demand, underpinned by the clean energy transition, global electrification and infrastructure development, supporting industry majors to further prioritize copper as a key element of their growth strategies.

People, Strategy and Funding Model

Our renewed strategy is built on a portfolio-based approach designed to maximize value creation while reducing single-asset risk. Kincora now has eight active projects with clear value catalysts including 7 different licenses being drilled in a 12-month horizon — one of the strongest and broadest pipelines in the copper-gold exploration space.

This rapid progress has been enabled by a highly experienced technical team credited with multiple Tier-1 discoveries, complemented by a strengthened board and a management group with substantial insider ownership and “skin in the game”.

The Company’s ambition is clear: to be an active explorer and hybrid project generator focused on the next generation of world-class copper-gold discoveries.

In 2025, we addressed the missing piece required to unlock this ambition: a sustainable funding model that reduces dilution while increasing drilling momentum, scale and optionality.

Major Progress with a Partnership-Driven Funding Strategy

We have strategically shifted from a shareholder-funded exploration to a predominately partner-funded model and secured our second significant earn-in partnership with AngloGold Ashanti in April 2025.

We now have five asset–level partnerships across three major project groups, representing more than $100 million in potential multi-year partner-funded investment.

Since fieldwork resumed in late 2024, partners have funded (until September 30^th, 2025):

• Over 16,000 metres of drilling, and
• Over $7 million in exploration investment,
• Alongside ~$450,000 in management fee income to Kincora across two earn-ins.

These partnerships provide third-party validation of our portfolio’s quality, exploration strategy and results to date.

We expect to further grow the scale of our portfolio, drilling activity, management fee income, and the number of partnerships over the coming year.

Expanding the Portfolio: New Licenses & Increased Scale

Leveraging our team’s expertise and market insight, Kincora has doubled its NSW tenement position, with two additional license applications just granted.

Notably:

• Three of four new licenses secured in 2024 already have asset-level partners.
• One project has been drilled with strong early encouragement (Nevertire South, results pending) and reaffirming Kincora’s view that the Nevertire Magmatic Complex is the most advanced and geologically prospective new porphyry system opportunity in the covered extensions of the Macquarie Arc.
• A second has just been drilled (Wongarbon, results pending) with net shareholder cost of under US$100,000, compared to >US$1 million typical costs in the Americas for similar projects.

Our remaining 100%-owned Northparkes and Cowal block portfolios (including the Trundle, Fairholme and Jemalong licenses) are strategically located near major mining operations within camps hosting 20+ million ounces of gold equivalent resources.

Active discussions continue with multiple parties to secure further earn-in partnerships on a management-fee basis — catalysts to achieving a self-funding model (eg an income stream covering corporate and license holding costs).

Strengthening Capital Structure and Market Position

In July, our strategy received strong validation through an oversubscribed C$4 million non-brokered private placement, cornerstoned by well-respected natural-resource investors including Rick Rule and Jeff Phillips.

Key features:

• 12-month hold period and warrant accelerator (at the lead investors’ request)
• Share consolidation resulting in ~43 million shares outstanding
• Free float below 40%, evenly split between the ASX and TSXV
• Significantly improved liquidity in both markets

In September these transactions closed, resulting in a strengthened capital structure amplifying the impact of our partnerships, portfolio scale, and drilling results.

With new capital in place, we are now undertaking selective sole-funded exploration at the Condobolin, Wongarbon, Mongolian projects and have the capacity to continue to opportunistically secure further value accretive projects consistent with Kincora’s teams’ skill sets.

New Advisory Board: Deepening Expertise and Reach

In October, we established a high-calibre Advisory Board to support our exploration strategy, partnership development and corporate initiatives.

The group includes Brent Cook, Jeff Phillips, Laurie Thomas, Kerry Stevenson, and Michelle Borromeo. Their expertise expands our technical, financial, and capital-markets capabilities as we scale up.

Positioning Kincora as an Institutional-Grade Explorer

The public exploration sector has faced high capital costs and cyclical challenges. Investors have increasingly avoided explorers due to:

• High valuation dependence and the relatively binary risk/return profile relying on one or two flagship projects; and,
• Dilution risk due to limited internal funding sources.

Kincora’s model addresses these structural issues.

1. Portfolio-Based Approach

We are drill-testing multiple high-quality targets across several projects with corporate catalysts at other projects. Any single discovery or material new partnership offers substantial upside, while the breadth of the portfolio reduces downside risk.

This approach supports multiple shots on goal, is being predominantly funded by our asset level partners and offers an asymmetric return profile.

Partner spending provides a transparent metric of confidence, with continued investment validating results.

2. Income Stream and Self-Funding Model

Management fees from existing earn-ins are already offsetting a material portion of corporate costs. Discussions are underway to secure additional fee-generating partnerships for our flagship 100%-owned projects. Combined with:

• the C$4 million placement, and
• in-the-money warrants representing up to C$6.65 million

Kincora is structurally positioned to reduce dilution and maintain financial flexibility.

3. Further Deals supported by a Major Industry Trend

The world’s largest mining companies and a new generation of privately funded new technology explorers are returning to earlier-stage exploration and increasingly “outsourcing” and/or partnering for large-scale discovery opportunities through earn-in and joint venture models.

Kincora’s track record, team and portfolio position is to benefit materially from this trend.

We believe it is not a question of if, but when, our remaining flagship projects secure the right partners.

 

Looking Ahead to 2026: A Strong Catalyst Pipeline

Across all aspects of the business, Kincora remains committed to:

• The safety and wellbeing of our team
• Responsible stakeholder engagement
• Disciplined and creative value creation for shareholders

 

During 2025 we strengthened our portfolio, reinstated scalable exploration, initiated a meaningful income stream, enhanced our capital structure, and re-engaged North American capital markets.

These achievements have already contributed to a significant re-rating of our share price.

With multiple drilling programs, active partnership discussions, and a pipeline of corporate developments, 2026 is set to deliver multiple high-impact catalysts.

We look forward to keeping you up to date with our progress as we accelerate execution of our exploration and corporate strategies.

 

Cameron McRae                                           Sam Spring

Chairman of the Board                               President and CEO