Dear shareholders and stakeholders,

During 2023, Kincora has made three major shifts in corporate strategy to lay the foundations to create and realise value from our two district-scale porphyry project portfolios.

These portfolios are situated in highly strategic locations within world-class geological terrains, the Southern Gobi in Mongolia and Macquarie Arc in Australia, resulting in very different perceived jurisdictional risk profiles but both portfolios having Tier 1 scale copper-gold potential and drill targets.

The first step taken by Kincora was the strategic review process for the wholly owned Mongolian portfolio. This culminated in a confidential and incomplete offer. This offer includes a non-refundable deposit (received) to enable the completion of definitive legal agreements (pending at the time of writing).

The binding offer marks a part cash, part scrip divestment of Kincora’s Mongolian assets supporting a recycling of capital and streamlining of focus to the Australian operations, whilst retaining upside exposure to exploration success from planned 2024 drilling by the new investor.

In July, a second major shift in strategy was announced with Kincora securing 100% ownership across all of the Australian projects, concurrent with a $2 million capital raising.

Consolidating the project ownership and removing the prior carried interests increases the strategic value and attractiveness of the projects and Australian project portfolio. This portfolio already attracted interest from mid-tier and industry majors.

Importantly this development enables a third leg to Kincora’s action plan, providing for a potential pivot in funding strategy and investors at the asset level, not solely at the listed company level. It is also a catalyst for on-going discussions and negotiations. The fundamental motivator is unlocking and providing a path for realising value for shareholders (with different potential structures for each project).

Drilling during 2023 at Trundle, and our maiden program the Condobolin project, provided significant encouragement, strongly supporting follow up drill programs. All Australian projects have designed high impact drill programs.

Our Exploration Alliance partner, Earth AI, is to shortly commence a maiden drilling program at the Cundumbul project (at its cost). This program will test the porphyry potential associated with anomalous copper geochemistry from outcropping hydrothermal breccias and skarns. The success-based exploration alliance seeks to leverage Earth AI’s proprietary artificial intelligence and machine learning technology for generating, funding and drill testing targets, with Kincora retaining 100% ownership of the project.

The Company remains extremely bullish on the medium to longer-term fundamental outlook for copper.

We have already seen multiple billion dollar M&A in our districts in NSW during 2023, from the exploration stages (eg AngloGold Ashanti’s earn-in with Inflection Resources adjacent to Kincora’s Northern Junee-Narromine Belt project) to producing mines (eg Evolution Mining’s acquisition of 80% of Northparkes for up to A$720m, A$1.3b sale of the CSA mine, and, Newmont’s acquisition of Newcrest and earn-in agreement with Legacy Minerals).

We believe the steps taken by Kincora during 2023 provide the foundations to support the metres needed to test and generate significant value from the existing portfolios of highly prospective copper-gold targets, with execution of various milestones for this strategy in 2024 to generate step changes in value.

We note a recent in-depth feature article that provides further background and commentary, available at:

Further project level summaries and presentations are available at under the projects tab.

In all aspects of our business, the Company retains our focus on the safety and wellbeing of our staff, engaging with stakeholders and creating shareholder value.

Thank you for your support and we look forward to advising of further positive and value enhancing developments. In the mean time please have a safe and enjoyable holiday season.

Cameron McRae                                Sam Spring

Chairman of the Board                     President and CEO